Business and Tech News - 4.18.24

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Skool Projekt Staff
April 18, 2024

Apple Might Start Making iPhones in Indonesia

Apple CEO Tim Cook is exploring potential manufacturing opportunities in Indonesia following discussions with President Joko Widodo, aiming to reduce the company's dependency on China. The diversification efforts have been accelerated by Covid-19 disruptions, leading to significant manufacturing growth in Vietnam and India. Currently, Vietnam is a major hub for Apple outside China, and India now manufactures 14% of its iPhones.

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Chevron Launches a $500 Million Tech Fund

Chevron Technology Ventures has introduced its largest fund to date, a $500 million initiative aimed at advancing climate-friendly technologies such as low carbon fuels and industrial decarbonization. The fund will make initial investments ranging from $1 million to $5 million in early to mid-stage companies, supporting Chevron's strategic diversification into areas like carbon capture, hydrogen, and other emerging technologies. Previous investments from Chevron's funds have included projects like Carbon Clean, the fusion startup Zap, and ChargePoint, a leader in EV charging solutions.

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Take-Two Interactive To Layoff 5% of Its Workforce

Take-Two Interactive is set to lay off approximately 579 employees, 5% of its workforce, and cancel several development projects as part of a $200 million cost-cutting initiative aimed at saving over $165 million annually. The company expects to complete these reductions and layoffs by the end of 2024. Despite these cuts, the highly anticipated Grand Theft Auto VI remains on schedule for a launch next year.

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Biden Wants To Triple Tariffs on Chinese Steel and Aluminum Imports

President Biden is calling for a tripling of the tariff rate on Chinese steel and aluminum imports to combat China's alleged overcapacity and unfair trade practices highlighted by Treasury Secretary Janet Yellen. Despite denials from Chinese officials, the U.S. is steadfast in its trade stance, underscoring its commitment to addressing these issues. Amidst these trade adjustments, Biden is simultaneously navigating the complexities of maintaining diplomatic relations and ensuring economic stability.

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Boeing Whistleblower Urges Halt of Boeing 787 Production

Boeing whistleblower Sam Salehpour claims that the 787 Dreamliner has critical assembly flaws that could lead to catastrophic failures, prompting him to testify before a Senate subcommittee and state he wouldn't fly his family on the aircraft. Despite these allegations, Boeing maintains confidence in the 787's structural integrity, backed by FAA oversight, and reports finding no fatigue issues upon inspecting 689 of the more than 1,100 aircraft in service. Salehpour's concerns, which he reported to the FAA, led to his reassignment within Boeing, further intensifying scrutiny of the company's manufacturing processes.

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