BUSINESS

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Bank of America has been thrust into the legal and political limelight. The institution stands accused of "de-banking" individuals based on their political and religious affiliations—a practice that involves denying services or closing accounts. This issue was spotlighted by the case of John Eastman, a lawyer who advised former President Donald Trump, whose accounts were terminated by Bank of America and USAA amidst the fallout from his role in the 2020 election.

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According to IDC, a research firm, global smartphone shipments dropped by 10% in the first quarter of 2024 due to increasing competition among Android smartphone makers. However, the total number of global smartphone shipments still increased by 7.8% to 289.4 million units from January to March. Samsung emerged as the top phone maker, with a 20.8% market share, pushing Apple to second place with a 17.3% market share.

The valuation of generative AI (GenAI) has been a topic of considerable interest in the tech industry, with recent estimates placing its market value at an impressive $60 billion. This figure is drawn from a comprehensive analysis by McKinsey, which highlights the significant economic potential of GenAI across various industries. 

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Chinese smartphone manufacturer Xiaomi has entered the electric vehicle (EV) market by launching its first EV and accepting orders. At the launch event, Xiaomi's CEO Lei Jun announced that the standard SU7 model will be priced at 215,900 yuan ($29,872; £23,663), while the Max version will cost 299,900 yuan. The company received more than 50,000 orders within the first 27 minutes of sales. Xiaomi's entry into the EV market comes amid a slowdown in sales growth globally, resulting in a price war.