WASHINGTON, June 05(ABC): The United States and European Union will announce a joint effort to avert a “subsidy race” as they scramble to boost production of scarce semiconductor chips, a senior Biden administration official said. The move will be unveiled at the second meeting of the US-EU Trade and Technology Council (TTC), taking place on Sunday and Monday in Paris. …

SEOUL, June 05(ABC): Samsung Group will invest 450 trillion won ($356 billion) in the next five years to accelerate growth in semiconductors, biopharmaceutical and other next-generation technologies, Samsung Electronics said. South Korea’s top conglomerate said on Tuesday the investments through 2026 are expected to help Samsung drive long-term growth in strategic areas such as the chip sector, while pledging aggressive …

SAN FRANCISCO, June 05(ABC): Tesla (TSLA.O) CEO Elon Musk has a “super bad feeling” about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters. A message sent to executives on Thursday laid out his concerns and told them to “pause all hiring worldwide.” The dire outlook came …

WEB DESK, June 05(ABC): More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021, the Federal Trade Commission (FTC) said in a report. Nearly half the people who reported losing digital currencies in a scam said it started with an ad, post or a message on a social media platform, according to the …

BERLIN, June 05(ABC): German carmaker Mercedes-Benz is recalling nearly one million older vehicles worldwide due to a potential problem with the braking system, the federal transport authority (KBA) said. The KBA said in a statement dated June 1 and reported late Saturday in German media that the recall affected cars built between 2004 and 2015, of the SUV series ML …

WEB DESK, June 05(ABC): The Gaming Spotlight 2022 report has revealed that mobile gaming represents 61% of the overall gaming market, which is set to hit $222 billion in 2022. Mobile gaming is set to surpass $136 billion in 2022 — growing 1.7x faster than the gaming market overall. Globally, users downloaded 45% more mobile games per week in Q1 …

ISLAMABAD, June 05(ABC): The federal cabinet on Saturday approved a 2.4 billion dollar loan from China. The federal cabinet approved the acquisition of the loan through a summary circulation. The loan from China will be for three years. The 2.4 billion dollar loan from China will be received at one percent margin. The loan will be received under the 2019 …

ISLAMABAD, June 05(ABC): The Annual Plan Coordination Committee (APCC) on Saturday recommended the allocation of Rs2,184 billion for the National Development Plan of the National Economic Council (NEC) in the next budget 2022-23, including a federal development outlay of Rs800 billion and provincial development plans of Rs1,384 billion. The Sindh and KP government ministers raised objections to the reduced allocation …

ISLAMABAD, June 04(ABC): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on June 2 for the combined consumption group, witnessed an increase of 2 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 178.12 points against 174.62 points registered in the previous week, …

ISTANBUL, June 04(ABC): Turkey’s annual inflation rate jumped to a 24-year high of 73.5% in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira — though the figure was slightly lower than economists had feared. Inflation has surged since last autumn, when the lira slumped after the central bank launched a 500 basis-point easing cycle …