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Australian airline Rex enters administration as finances sag
Australian airline Rex enters administration as finances sag

The Australian regional airline Rex cancelled flights as it entered voluntary administration Wednesday, leaving the fate of the country's third-largest carrier in serious doubt. Australia's second-largest airline, Virgin, offered to assist Rex customers hit by flight cancellations, the administrators said.

Samsung Electronics says Q2 operating profits soar to $7.5 billion
Samsung Electronics says Q2 operating profits soar to $7.5 billion

Samsung Electronics said Wednesday that its operating profits soared fifteen-fold to $7.5 billion for the second quarter, as chip prices bounce back and demand for generative AI continues to grow. And demand for the advanced chips that power AI systems has skyrocketed thanks to the success of ChatGPT and other generative AI products.

Starbucks profits fall again but CEO says turnaround underway
Starbucks profits fall again but CEO says turnaround underway

Starbucks reported lower profits Tuesday behind broad-based sales declines, but shares rose as the company said a turnaround was on track. The company also faces pressure from activist fund Elliott Investment Management, which took a stake in the chain and is pushing for ways to boost its share price, US media have reported.