Good morning! Here’s what you need to know.
Foxconn shares are suspended. The Taiwan Stock Exchange said that shares in Hon Hai Precision Industry Co (Foxconn) will be suspended from trade on Wednesday due to a “major announcement.”
Total sends its supercomputer into overdrive. Total has tripled the power of its Pangea supercomputer, to 6.7 petaflops from 2.3 previously, making it one of the world’s most powerful and helping the French oil and gas company to speed up exploration studies and cut costs amid low oil prices.
Telefonica’s chief stepped down. Spain’s Telefonica chairman Cesar Alierta will step down after 16 years and be replaced by his deputy Jose Maria Alvarez-Pallete, the company said, seeking to open a new era of digital growth.
China forges links with the Czech Republic. China’s President Xi Jinping and his Czech counterpart Milos Zeman signed an agreement on a strategic partnership on Tuesday, meant to step up business ties and investments.
Banks line up for Russian privatizations. Swiss banks UBS and Credit Suisse are interested in advising the Russian government on several privatizations as long as the deals do not violate sanctions, three banking sources told Reuters.
SunEdison might go bust. US solar company SunEdison, whose aggressive acquisition strategy has saddled it with more than $11 billion of debt, is at “substantial risk” of bankruptcy, one of its two publicly listed units warned on Tuesday.
NBC sold a lot of ads for the Rio Olympics. NBC, a unit of Comcast, said it had sold $1 billion in national ad sales for the Summer Olympics in Rio de Janeiro, as the network prepares to broadcast a rare Games where some of the most high-profile contests will air live in prime time for US audiences.
Georgia’s former prime minister took a tree. Georgian billionaire, former premier Bidzina Ivanishvili, has come under fire from environmentalists for uprooting a rare giant tree and transporting it by boat to his private park.
The US is suing VW for misleading advertising. The US government filed suit against Volkswagen, charging the German automaker deceived American consumers by promoting supposedly “clean diesel” vehicles that were actually fitted with illegal pollution-cheating devices.
Japan pushes ahead with tax. Prime Minister Shinzo Abe he still plans to raise the consumption tax next year, denying speculation the planned increase would be postponed out of concern that Japan’s economy won’t be able to handle it.