Business
Kaspersky Labs Leaving US
Kaspersky Labs, the Russian antivirus firm, has announced its decision to leave the US following a ban imposed by the Biden administration on the sale and distribution of its software. The company described the move as a “sad and difficult decision,” citing the lack of viable business opportunities in the country.
After operating in the US for two decades, Kaspersky emphasized that it had been left with no choice but to wind down its operations and eliminate US-based positions starting from July 20, 2024. Its US website has already ceased selling antivirus and cybersecurity tools to American customers.
The Biden administration’s decision, led by Commerce Secretary Gina Raimondo, pointed to concerns over Moscow’s influence on Kaspersky, citing risks to US infrastructure and services. Kaspersky has consistently denied these allegations and expressed its intention to explore legal options to challenge the ban.
Despite being headquartered in Moscow, Kaspersky operates globally with offices in 31 countries, serving over 400 million users and 270,000 corporate clients worldwide. The company reiterated its commitment to cybersecurity and emphasized that it has never engaged in activities that threaten US security.
The ban, implemented using powers created during the Trump administration to restrict transactions with technology firms from adversarial nations like Russia and China, effectively prevents further sales, updates, and licensing of Kaspersky products within the US.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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