TuSimples CEO sacked by company’s board over his Chinese affiliations

TuSimples CEO sacked by company’s board over his Chinese affiliations
According to the latest citations, Xiaodi Hou, the CEO of a leading developer of automotive driving systems for trucks, TuSimple has been fired by the companys board after a report of the CEO having unauthorized ties with a Chinese startup surfaced during securities filing on Monday, October 31, 2022. The firing was initiated immediately after a report highlighting the simultaneous investigations led by the Federal Bureau of Investigation (FBI),

French court files case of deceit against Merck for thyroid drug

French court files case of deceit against Merck for thyroid drug
A French court has reportedly filed a case citing deceitful practices against the German Pharma giant Merck & Co. Inc for failing to inform patients about the side effects of its latest thyroid drug, Levothyrox. For those unaware, Levothyrox is a drug administered as a treatment option for a patient who has recently undergone a surgical procedure for thyroid cancer as well as for those who are suffering from underactive thyroids. Appar

Huawei’s attempts at reducing manpower, simmering hope for competitors

Huawei’s attempts at reducing manpower, simmering hope for competitors
As per the latest citations, Chinese multinational technology company Huawei Technology Co. Ltd has been overseeing a wave of repeated layoffs in India over the past few months, which has somehow worked its way into being a boon for many rivals of the company in the marketplace. Notably, nearly 6000 employees that include 4000 employees from the Bengaluru R&D center and 2000 employees from the Gurugram office have been let go from the firm i

U.S. FDA targets Eli Lilly factory again citing quality control issues

U.S. FDA targets Eli Lilly factory again citing quality control issues
U.S. Food and Drug Administration (FDA) has reportedly found new quality-control problems at an Eli Lilly & Co. unit in Branchburg, New Jersey, that is already under fire for manufacturing lapses by federal investigative officers. These findings documented by the U.S. FDA department were brought to the fore after a gap of nearly three years since the first batch of quality issues were reported at the same plant. Interestingly, in 2021, the

Pink diamond worth USD 21 Mn, sells for USD 50 Mn at Hong Kong auction

Pink diamond worth USD 21 Mn, sells for USD 50 Mn at Hong Kong auction
Originally estimated to be worth USD 21 million, the 11.15-carat Williamson Pink Star diamond was reportedly sold off for a whopping USD 49.9 million at a recently held auction at Hong Kongs Sothebys, one of the worlds biggest brokers of jewelry, fine art, and collectibles. For those unaware, the Williamson Pink Star Diamond gets its name from two of the most prominent pink diamonds of the modern era with one being a Williamson 3.60-carat diamon

Happiest Minds greenlights funding of USD 170 Mn via security issuance

Happiest Minds greenlights funding of USD 170 Mn via security issuance
IT consultancy and services company Happiest Minds Technologies Limited has reportedly received a nod of approval from its board to raise a sum of USD 170 million through security issuances. The whopping amount will be withdrawn only after obtaining the approval of shareholders through a postal ballot. The company issued a statement regarding the same at its regulatory filing claiming that it is currently seeking approval from its shareholders t

Xiaomi claims over 84% in seized funds were royalty paid to Qualcomm

Xiaomi claims over 84% in seized funds were royalty paid to Qualcomm
Chinese consumer electronics manufacturer Xiaomi Corporation has reportedly revealed that 84% of the funds seized by the Enforcement Directorate (ED) were a part of royalty payments to Qualcomm Inc. For those unaware, the ED had issued an order to seize a sum of USD 678 million worth of deposits from Xiaomi under the Foreign Exchange Management Act (FEMA). The ED has charged the Chinese phone manufacturer on the grounds of illegally transferrin

Private sector in US to direct USD 8 billion in funds to tackle hunger

Private sector in US to direct USD 8 billion in funds to tackle hunger
United States President Joe Biden has reportedly announced that the countrys private sector would direct a sum of USD 8 billion in order to fight the hunger crisis across the country. The pledge was reportedly a part of a White House Summit focused on Hunger, Nutrition, and Health, the first one to be held after a span of nearly 53 years. Notably, Biden plans to end hunger and mitigate the prevalence of diet-related diseases in many Americans b

EU outlines new rules to facilitate suing drone makers & AI systems

EU outlines new rules to facilitate suing drone makers & AI systems
The European Union (EU) has reportedly drafted a new set of rules that will aid companies and individuals to sue products with artificial intelligence (AI) systems like drone makers, robots, etc. in the event of suffering any harm from them. The AI Liability Directive, which is slated to be announced by the European Commission on Wednesday i.e., 28th September would focus on tapping into the escalating prevalence of AI-enabled products and servi