Global smartphone shipments fell 11 percent on-year in the second quarter, a report showed, as the market continued to face headwinds of slower consumer demand amid macroeconomic uncertainties. Market research firm Canalys said the continued market slump impacted market leaders, like Samsung Electronics and Apple, which had to reduce their sell-in, or shipments to retailers. Samsung led the market with a 21 percent market share, followed by Apple at 17 percent, Xiaomi at 13 percent and Oppo at 1

SAN FRANCISCO -- Elon Musk killed off the Twitter logo on Monday, replacing the world-recognized blue bird with a white X as the tycoon accelerates his efforts to transform the floundering social media giant. The Twitter owner and the company's new chief executive Linda Yaccarino announced the rebranding Sunday, scrapping one of technology's most iconic logos in the latest shock move since the tycoon took over Twitter nine months ago. Musk said that under the site's new identity,

WELLINGTON, New Zealand (AP) — Britain on Sunday officially joined an Asia-Pacific trade group that includes Japan and 10 other nations during a meeting in New Zealand. The trade bloc covers more than 500 million people and 15% of the world’s economy. For Britain, it represents the largest trade deal it has struck since leaving the European Union more than three years ago. Britain first announced in March it had reached an agreement to join the bloc, which was created in 2018, after

Twitter has lost roughly half of its advertising revenue, according to owner Elon Musk, since he bought the social media platform for $44 billion last October. Musk, who has been outspoken about the difficulties facing the company, broke the figures in a tweet response to a user who was giving suggestions on financing for the platform. "We're still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load," the billionaire tweeted Saturday. "Need to rea

The US economy grew at a 2 percent annual pace from January through March as consumers spent at the fastest pace in nearly two years, the government said Thursday in a sharp upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 1.3 percent annual rate last quarter. The Commerce Department's third and final report on January-March economic growth pointed to surprising resilience but still marked a deceleration from the 2.6 percent annual r

  Global airlines more than doubled their 2023 industry profit forecast to $9.8 billion from $4.7 billion, spurred on by strong travel demand as the sector recovers from the COVID-19 pandemic. “The pandemic years are behind us and borders are open as normal,” Director General Willie Walsh of the International Air Transport Association said. But profit margins, clocking in at 1.2 percent, were still too thin to ensure the industry’s long-term financial robustness, he added

Tesla CEO Elon Musk has reclaimed the title of the world’s wealthiest person, surpassing LVMH Chairman and CEO Bernard Arnault. Musk and the luxury tycoon have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest people. LVMH shares have tumbled about 10 percent since April, at one point wiping $11 billion from Arnault’s net worth in a single day. Musk’s rise in the position was due to the shares of Tesla

ISTANBUL (AFP) -- Turkish President Recep Tayyip Erdogan appointed former Wall Street executive Hafize Gaye Erkan as central bank governor on Friday, signalling a possible shift from his unconventional policies to fight soaring inflation. Erkan -- a former chief executive of US real estate finance firm Greystone, co-CEO of First Republic Bank and managing director at Goldman Sachs -- will be the first woman to head the central bank. She takes over from Sahap Kavcioglu, who lowered rates even tho

UBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Switzerland's biggest bank is in advanced discussions to keep dozens of Credit Suisse's senior dealmakers in countries including South Korea, Thailand, Vietnam and India following its planned takeover, the source told Reuters on Monday, requesting

Almost half of US adults say they’re worried about the safety of their deposits in banks and other financial institutions — levels of concern that are as high or higher than they were during the 2008 financial crisis. A Gallup poll shows 48 percent of Americans are very or moderately worried about their money following the worst spate of bank failures in 15 years. Only 20 percent say they’re not worried at all. Levels of concern break somewhat among party lines, with 55 percent

Shipments of Apple Macs plunged during the first quarter of this year as the global personal computer market suffered due to tough economic conditions, a market research report said. Weak demand, excess inventory and a worsening macroeconomic climate contributed to a “precipitous drop in shipments of traditional PCs” in the first three months of this year, according to the report from IDC. PC shipments globally tallied 56.9 million, some 29 percent less than the same period a year ea

Ukraine’s gross domestic product fell by 29.1 percent in 2022 as Russia’s full-scale invasion battered the economy, the state statistics service said. The final 2022 GDP figure was slightly better than the 30 percent drop previously forecast by the government. Russia’s economy contracted by 2.1 percent last year, shrinking less than expected despite sanctions imposed by European nations and the United States. Moscow’s February 2022 invasion has killed tens of thousands, u

The demise of the 16th-largest bank in the US, Silicon Valley Bank, on March 10, followed by that of Signature Bank two days later, sent global banking stocks on a roller-coaster ride as investors feared another Lehman Brothers moment, the Wall Street giant whose failure triggered the global financial crisis more than a decade ago. Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, a

Global smartphone shipments suffered their worst quarterly drop on record in a clear sign of cooling consumer demand that signals more pain for manufacturing hubs like South Korea and Vietnam. Shipments declined 18.3 percent in the December quarter compared to a year earlier, to a little over 300 million units, Needham, a Massachusetts-based IDC said. For the year, shipments fell 11.3 percent and marked the lowest total for a decade, the researchers said. Turmoil in Apple’s main Chinese pr

South Koreans consumed the most luxury goods in the world last year, according to a report. Morgan Stanley estimated that total spending on luxury goods by Koreans on-year grew around 24 percent to $16.8 billion, or $325 per capita, which is much more than the $55 and $280 on luxury goods spent per capita by Chinese and Americans, respectively. Moncler said sales in Korea more than doubled in the second quarter of last year compared to before the COVID-19 pandemic. Cartier owner Richemont Group

Global semiconductor revenue grew only around 1 percent on-year last year, a recent report showed, with the memory chip sector suffering the most. According to tech research firm Gartner, worldwide chip revenue is estimated to have risen 1.1 percent to $601.7 billion in 2022, a significant drop from a 26.3 percent annual growth seen the previous year. While 2022 got off to a relatively good start due to lingering chip shortages, Gartner said “by the second half of 2022, the global economy

SAN FRANCISCO -- Elon Musk said Tuesday that he plans on remaining as Twitter's CEO until he can find someone willing to replace him in the job. Musk's announcement came after millions of Twitter users asked him to step down in an unscientific poll the billionaire himself created and promised to abide by. "I will resign as CEO as soon as I find someone foolish enough to take the job!" Musk tweeted. "After that, I will just run the software & servers teams."

WASHINGTON -- Twitter's owner Elon Musk has pledged the platform will not become a "hellscape," but experts fear a staff exodus following mass layoffs may have devastated its ability to combat misinformation, impersonation and data theft. Twitter devolved into what campaigners described as a cesspit of falsehoods and hate speech after recent layoffs cut half the company's 7,500 staff and fake accounts proliferated following its botched rollout of a paid verification system. Further thr

　Qatar Airways was named the world’s best airline at the Skytrax World Airline Awards 2022, while Singapore Airlines and Emirates landed in the second and third spots respectively. 　In a strong showing for Asia-Pacific carriers, Japan’s All Nippon Airways and Australia’s Qantas Airways rounded out the top five. Korean Air, South Korea’s largest air carrier, was named the world’s ninth best air carrier. 　The World Airline Awards were determined by an online custom

　SK Telecom, South Korea’s largest wireless carrier, ranks No. 1 in terms of download speed of 5G networks, an industry report showed. 　According to global mobile industry tracker Opensignal, the average download speed using SK Telecom’s 5G network was recorded at 469.6 megabits per second (Mbps), 2.55 times faster than the 184.2 Mbps average among global mobile carriers. 　LG Uplus, the country's third-largest mobile carrier, ranked second, with 429.6 Mbps, followed by Bulgaria&rs