US government to charge Ericsson $1 billion for corruption
The United States Department of Justice has been conducting investigations into Swedish telecom company Ericsson's practices in the country, which has revealed incidences of bribery of government officials by employees working for the company. Ericsson has admitted to the charges and agreed to pay over 1 billion USD in fines, hoping to negotiate waivers that will enable it to continue operating in the country.
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Microsoft acquires Metaswitch Networks
Tech giant Microsoft announced the acquisition of Metaswitch Networks, a company with software that telecommunications companies can use to deliver voice and data services to their customers. Telecommunication giants like British Telecom and Sprint are customers of Metaswitch. Corporate Vice President of Microsoft, Yousef Khalidi announced in a blog post. Terms of the deal weren’t disclosed
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CNBC
3M CEO tells Trump mask demand too great
Mike Roman, the CEO of US-based mask and worker safety equipment manufacturing company 3M, has stated amid US President Donald Trump's invocation of the Defense Production Act that his company cannot meet the demand for masks in the country. Roman revealed that the industry only has the capacity to make 50 million N95 masks each month, while healthcare workers need 300 million to fight the coronavirus pandemic.
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Marketwatch
Dow Jones plunges again
Dow Jones plunges again
Stocks in US markets today continued to plunge due to the coronavirus crisis coupled with the Saudi-Russian oil price war, with the Dow Jones industrial average dipped below the 22,000 level after suffering its worst first quarter in the institution's entire 135-year history. Major financial institutions like Goldman Sachs and JP Morgan predict an unprecedented first-quarter contraction in the US economy of between 25 to 34 percent.
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BusinessInsider
Starbucks closes most locations due to coronavirus pandemic
The largest coffeehouse chain in the world, Starbucks has announced that it is closing down most of its locations in the United States and Canada for a two-week period due to the COVID-19 pandemic, with the exceptions being its franchises in or near hospitals that serve healthcare personnel and emergency responders. Most locations will also still offer drive-through and delivery services.
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CNN