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.
...
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 ...
Oil heads for third weekly gain after shock OPEC+ cuts
Oil remained on track for weekly gains on Thurday, with further production cuts targeted by OPEC+ and a drop in US oil inventories overshadowing fears over global economic growth.
Brent ...
Global trade growth to slow to 1.7 pct in 2023: WTO report
Global trade growth in 2023 will slow to 1.7 per cent, the World Trade Organization (WTO) said in its annual trade statistics and outlook report, published on Wednesday.
The volume of world ...
Exxon says its decarbonization business could outgrow oil, in multi-trillion market
Exxon Mobil Corp’s (XOM.N) Low Carbon business has the potential to generate hundreds of billions of dollars in revenue and outperform the company’s traditional oil and gas ...
Walmart aims for 65 per cent of stores to be automation serviced by 2026
Walmart Inc (WMT.N) on Tuesday said it expects about 65 per cent of its stores to be serviced by automation by the end of its fiscal year 2026, just days after ...
Dogecoin jumps as Musk’s Twitter flips logo to Shiba Inu dog
Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social media company’s logo on Monday, helping the meme coin add as much as $4 billion to its ...
Europe’s banks ramp up bespoke loan trades to reduce risk
European banks are increasingly turning to bespoke deals with investors such as hedge funds to offload some of the risk on multi-billion euro loan portfolios and improve their financial strength, ...
Johnson & Johnson unit files for second bankruptcy to pursue $8.9 billion talc settlement
Johnson & Johnson (JNJ.N) has agreed to pay $8.9 billion to settle tens of thousands of lawsuits alleging that talc in its iconic Baby Powder and other products caused cancer, ...
Google says its AI supercomputer is faster, greener than Nvidia A100 chip
Alphabet Inc’s (GOOGL.O) Google released on Tuesday new details about the supercomputers it uses to train its artificial intelligence models, saying the systems are both faster and more ...