Credit Suisse job cuts must be frozen, bank employees leader says
Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees’ Association (SBPV) said on Tuesday, in ...
UK retailers report Mother’s Day boost in March
British retailers reported a boost in spending from Mother’s Day purchases in March, during an otherwise downbeat sales period when cost of living pressures and unusually wet weather kept ...
Egypt’s headline inflation rate increased to 32.7 per cent in March
Egypt’s annual urban consumer inflation rate in March climbed to 32.7 per cent year-on-year, just shy of an all-time record, from 31.9 per cent in February, data from the country’s ...
The credit crunch the Fed fears may already be taking shape
Jeffrey Haley, the CEO of American National Bank and Trust Company, saw the crunch coming at the start of 2023.
Rising interest rates and a slowing economy to him meant that ...
Global PC shipments slide in first quarter, Apple takes biggest hit
Global shipments of personal computers (PCs) fell by 29 per cent in the first quarter of 2023 due to weak demand, excess inventory and a deteriorating macroeconomic climate, with Apple Inc taking ...
InPics: Hainan well prepared for forthcoming China consumer products expo
The third China International Consumer Products Expo (CICPE) will be held from April 10 to 15 in Haikou, capital of the southern tropical province of Hainan. All the preparations for the event ...
Corona beer maker Constellation sees 2024 profit above estimates on price hikes
Constellation Brands Inc (STZ.N) forecast its full-year profit above Wall Street estimates, benefiting from price increases aimed at combating elevated costs and strong demand for its high-end beer brands.
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Oil steady as investors weigh tighter supply against growth outlook
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel ...
Short sellers play heroes and villains in the US bank crisis
As First Republic Bank’s share price fell by double-digits in the aftermath of the collapse of Silicon Valley Bank last month, some people close to the San Francisco-based lender ...
L’Oreal buys luxury brand Aesop
France’s L’Oreal (OREP.PA) has agreed to buy Australian luxury brand Aesop from Natura & Co (NTCO3.SA) for an enterprise value of $2.53 billion, growing its presence in ...
Wages, inflation, and automatic cost of living adjustments
By Ioannis Tirkides
Economists have no great answers to the question of how wages should change with inflation, and certainly the automatic cost-of-living adjustment mechanism is highly controversial. But there ...
Meta releases AI model that can identify items within images
Facebook-owner Meta (META.O) published an artificial intelligence model on Wednesday that can pick out individual objects from within an image, along with a dataset of image annotations that it ...
Counting male chickens before they hatch means good news for ethical farming
By identifying the gender of chicks in their eggs, EU-funded technologies could help prevent the killing of millions of the birds every year.
By Pieter Devuyst
Wil Stutterheim is on ...
Tesla workers shared sensitive images recorded by customer cars
Tesla Inc assures its millions of electric car owners that their privacy “is and will always be enormously important to us.” The cameras it builds into vehicles to assist driving, ...
US IRS to hire nearly 30,000 staff over two years with $80 bln in new funds
The US Internal Revenue Service plans to hire nearly 30,000 new employees and deploy new technology over the next two years as it ramps up an $80 billion investment plan to improve ...
Tesla cuts US prices for fifth time since January
Tesla (TSLA.O) cut prices in the United States between 2 per cent and nearly 6 per cent, its website showed on Thursday, as the company extends a discount drive on its ...
US job growth expected to moderate but remain at brisk pace in March
The US economy likely continued to churn out jobs at a brisk clip in March even though the labor market is losing its luster as Federal Reserve interest rate hikes ...
Egypt inflation seen hitting all-time high in March
Egypt’s headline inflation rate is set to hit an all-time high in March, a Reuters poll showed on Thursday, following a continued shortage of foreign currency after more than ...
Economic growth in GCC to more than halve in 2023
The World Bank has revised its 2023 economic growth projection for the oil exporters of the six-member Gulf Cooperation Council (GCC) downwards to 3.2 per cent in its latest update released on ...
US, Microsoft reach settlement over tech firm’s sanctions violations
The United States and Microsoft Corp (MSFT.O) reached a settlement on Thursday over the tech firm’s apparent violations of sanctions and export controls, which it disclosed voluntarily, the ...
Airbnb shares fall after probe into unpleasant customer experiences
Shares of Airbnb Inc (ABNB.O) fell as much as 6 per cent on Thursday after an online independent publication released a report that probed unpleasant experiences that customers had during ...
Collapse of FTX deprives academics of grants, stokes fears of forced repayment
The collapse of crypto exchange FTX and its grant-making body, the FTX Future Fund, has left some researchers at top universities without the funds they were promised and others trying ...
Russia’s Sibur exports LPG to Africa, Middle East and Asia as EU cuts buying
Sibur, the largest producer and exporter of liquefied petroleum gas (LPG) in Russia, redirected exports to Africa, the Middle East and Asia in the past three months, industry sources said.
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Moscow approves sale of Inditex’s Russian business to UAE-based buyer
The Russian government on Wednesday said it had approved a deal for Spain’s Inditex (ITX.MC) to sell its Russian business to a UAE-based buyer, with some of its ...