Ghana plans to buy oil with gold instead of US dollars
Ghana’s government is working on a new policy where gold rather than US dollar reserves will be used to buy oil products, Vice-President Mahamudu Bawumia said on Facebook on ...
Nestle to invest $1.86 bln in Saudi Arabia over 10 years
Nestle (NESN.S) will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the kingdom’s investment ministry said on Twitter on Wednesday.
The ministry added it signed a ...
Israeli carrier El Al moves to Q3 profit, revenue near pre-COVID level
El Al Israel Airlines (ELAL.TA) reported on Wednesday its second straight quarterly net profit, saying its revenue was almost on pace with pre-COVID pandemic levels.
Helped by a $38 million ...
Credit Suisse flags hefty loss as rich clients leave
Credit Suisse (CSGN.S) expects a pre-tax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter as it keeps bleeding cash, the Swiss bank said on Wednesday, ...
TikTok on ‘high alert’ in Malaysia as tensions rise over election wrangle
Short video platform TikTok said on Wednesday it was on high alert for content that violates its guidelines in Malaysia after authorities warned of a rise in ethnic tension on ...
Sony to expand Chinese game incubator in Microsoft head-to-head
Sony Group Corp (6758.T) said it plans to expand a programme to identify and incubate Chinese-made games, in a race with Microsoft Corp (MSFT.O) to tap China’s gaming ...
Elon Musk names South Korea among top candidates for EV investment
Tesla (TSLA.O) chief executive Elon Musk said on Wednesday that South Korea was among its top candidate locations for a factory it plans to build in Asia for making ...
FTX was run as ‘personal fiefdom,’ faces hacks, missing assets, attorneys say
FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such ...
Zoom shares down 90 per cent from peak as pandemic boom fades
Shares of Zoom Video Communications Inc (ZM.O) have tumbled about 90 per cent from their pandemic peak in October 2020 as the former investor darling struggles to adjust to a post-COVID ...
Live Nation, Ticketmaster may need breakup, some senators say
Ticketmaster and owner Live Nation Entertainment, the events ticketing giant behind the recently botched sale of Taylor Swift concert tickets, should be broken up by the Department of Justice if ...
Europe to be hit hardest in global slowdown
The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown, with Europe hit hardest, the OECD said, adding ...
Teva and Sandoz make major push to biosimilars
Generic drug makers Teva Pharmaceutical Industries and Sandoz say they are planning a significant ramp-up in production of biosimilars – copies of high-priced drugs used to treat illnesses such as rheumatoid ...
Will supply chains ever return to “normal?”
Considering the unprecedented economic environment created by years of COVID pandemic, it should hardly be surprising that organizations around the world continue to suffer from a disrupted supply chain. Yet, ...
UK government borrows less than expected in October, but worse to come
Britain’s government borrowed less than expected in October, data showed on Tuesday, although the budget deficit is likely to balloon in the months ahead thanks to energy bill support ...
Simon & Schuster’s owner to let sale to Penguin fall apart, sources say
Book-publishing powerhouse Simon & Schuster’s owner will let its $2.2 billion sale to Penguin Random House collapse on Monday, opening the door for a new suitor to try to clinch ...
‘It’s over’: Twitter France’s head quits amid layoffs
Twitter Inc’s head of French operations, Damien Viel, said he was quitting the social media platform, whose new owner Elon Musk recently fired top executives and enforced steep job ...
Taiwanese company to make advanced chips in the US
Taiwanese chipmaker TSMC is planning to produce chips with advanced 3-nanometre technology at its new factory in the US state of Arizona but the plans are not completely finalised yet, ...
German home prices to fall 3.5 per cent next year as buyers feel the pinch
German house prices will fall 3.5 per cent next year as the cost of living crisis and rising borrowing costs hits consumers, but the chances of an outright crash are low, ...
US banks to pounce on fintech deals as valuations plunge
Financial technology companies, long seen as a threat by the likes of JPMorgan Chase & Co (JPM.N), are increasingly becoming acquisition targets for traditional US banks as rising interest ...
Google sets rules for HQ guest speakers after row over Indian historian
Alphabet Inc’s (GOOGL.O) Google this week introduced rules for inviting guest speakers to its offices, days after it canceled a talk by an Indian historian who has disparaged ...
COP27 deal delivers landmark on ‘loss and damage’, but little else
Countries adopted a hard-fought final agreement at the COP27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does ...
Elizabeth Holmes sentenced to more than 11 years in prison for Theranos fraud
A federal judge sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood-testing startup that was once valued at $9 billion.
In ...
Next Generation EU: an underused facility?
By Maria Demertzis
The Recovery and Resilience Facility (RRF), the main component of the European Union’s post-COVID-19 Next Generation EU programme, was adopted two and a half years ago. ...
US retail sales rise solidly; fourth-quarter GDP estimates raised
U.S. retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early ...