TSMC Fires Employees Over Alleged Chip Secrets Leak

In the latest business news, Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest chip manufacturer, has taken action against several of its employees over an alleged leak of trade secrets related to its advanced chipmaking techniques. According to reports, TSMC conducted an internal investigation and identified the issue early, subsequently terminating the employment of the staff responsible for attempting to obtain critical proprietary information on its 2-nanometer chip development, which is expected to enter mass production later this year.

Elsewhere, Saudi Aramco, the world's largest oil company, has reported a profit decline for the 10th straight quarter as lower oil prices outweighed higher production. The drop in oil prices was attributed to a shift in OPEC+ policy, uncertainty over tariffs, and escalating tensions in the Middle East. As a result, Saudi Aramco's free cash flow fell by 20% in the second quarter. However, the company's CEO remains confident that oil demand will grow, anticipating a more than 2 million barrels per day increase in the second half of 2020-25 compared to the first half.

Finally, the drinks maker Diageo has announced more cost-cutting measures, now expecting to save around $625 million, up from the previously expected $500 million. This is part of Diageo's "Accelerate" program, which includes lower advertising and promotional spending, as well as supply chain efficiencies. Despite these efforts, the company is forecasting flat sales for the fiscal year 2026 due to the impact of tariffs, which are expected to result in a $200 million hit to its operating profit. Diageo is also searching for a new leader after its CEO stepped down last month.