ASML surpassed second-quarter earnings forecasts, driven by strong sales and increased AI-driven orders. Despite geopolitical tensions, ASML’s strategic positioning in the semiconductor industry remains robust.
Huawei faces severe challenges due to US trade restrictions, leading to a significant drop in smartphone shipments. The company is now focusing on domestic chip production and research to overcome these hurdles.
Elon Musk announced plans to move SpaceX’s headquarters to Starbase, Texas, and X’s headquarters to Austin, Texas. This decision follows regulatory and social issues in California, prompting the relocation.
Kaspersky Lab will cease its US operations following a ban by the Department of Commerce. This move, prompted by national security concerns, ends nearly 20 years of Kaspersky’s presence in the US.
British inflation remained at 2.0% last month, contrary to expectations of a slight decrease. Services inflation stayed high at 5.7%, driven by wage growth in a tight labor market.
Xiaomi informs the Indian government that heightened scrutiny of Chinese companies has made smartphone component suppliers hesitant to establish operations in India.
Key groups of lawmakers at the European Parliament have ratified a provisional agreement on groundbreaking artificial intelligence rules, setting the stage for the world’s first legislation on AI, with a legislative assembly vote scheduled for April.
A Bank of America survey reveals that global investors are at their most optimistic in two years, dispelling recession fears and expressing confidence in the resilience of the world economy.
Billionaire Peter Thiel’s venture capital firm, Founders Fund, is reentering the cryptocurrency market by investing in bitcoin and ether, signaling renewed interest from Silicon Valley.
India has significantly closed the gap with China in MSCI’s Global Standard index, reaching an all-time high weightage of 18.2%, indicating a positive trend for emerging market stocks.
Over 45% of global CEOs express skepticism about their businesses’ long-term survival, citing concerns over generative AI and climate disruption, according to a PwC pre-Davos survey. Around 75% anticipate significant operational changes due to AI advancements. PwC Chairman Bob Moritz urges radical change in the face of evolving landscapes. Despite optimism in global growth, executives are cautious about revenue growth, with only 37% confident for the next year. The survey also emphasizes environmental concerns affecting profit margins. Britain leads in investment, but China’s CEOs rank it lower in strategic importance, reflecting a shifting business landscape.
Saudi Arabia’s inflation eases to 1.5% in December 2023, down from 1.7% the previous month. Key contributors include a 0.3% drop in food prices and a 0.4% decrease in transportation costs. Housing and fuel expenses, however, see a 0.7% increase. Rents surge by 9%, impacting the headline figure. On an annual basis, food prices rise by 1.2%, and expenses for restaurants and hotels increase by 2.5%. Additionally, GASTAT reports a 3% rise in the Wholesale Price Index (WPI) driven by increased prices of basic chemicals and dairy products.
Japan’s Nippon Steel (5401.T) announces the acquisition of U.S. Steel (X.N) in a $14.9 billion deal, viewing the U.S. as a growth market to counteract declining demand in Japan. The $55 per-share offer represents a 40% premium to U.S. Steel’s Friday close, and Nippon aims to reach 100 million tonnes of global crude steel capacity through this strategic move.
Siberia experiences bone-chilling temperatures of minus 50 degrees Celsius (minus 58 degrees Fahrenheit), while Moscow sees record snowfall and flight disruptions due to blizzards.
Sam Altman will not return as CEO of OpenAI, triggering discussions about a potential comeback while exploring a new AI venture. The decision has stirred discontent among current and former employees, with concerns looming over an upcoming $86 billion share sale.
Citigroup (C.N) employees anticipate a significant shakeup as the bank prepares to announce layoffs and senior management changes on Monday. Thousands of staff may be affected, marking the most extensive reorganization in decades.
Post the September earthquake, Moroccans find themselves living in tents and uncertainty as the nation grapples with the challenge of preserving cultural and architectural heritage while simultaneously reconstructing from the seismic aftermath.
Sony, Apple, and other major advertisers hit pause on their spending on X following Elon Musk’s endorsement of an antisemitic conspiracy theory, raising concerns and sparking a conversation about responsible endorsements.
Bitcoin, the original crypto rebel, is racing into the heart of the financial establishment with an exchange-traded fund that tracks its price. But will it strike gold? The world’s biggest cryptocurrency has leaped 28% in October, with investors betting U.S. regulators will give the green light for a spot bitcoin ETF and thereby unleash a new wave of demand.
China’s state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. The deal saw China Integrated Circuit Industry Investment Fund, also known as the “Big Fund,” contribute to 33.15% of the total registered capital of Changxin Xinqiao, according to an update dated Oct. 26 to the company’s registration information on the National Enterprise Credit Information Publicity System (NECIPS).
The Bank of Japan further loosened its grip on long-term interest rates by tweaking its bond yield control policy again on Tuesday, taking another small step towards dismantling the controversial monetary stimulus of the past decade. The bank’s nine-member board also revised up its price forecasts to project inflation well exceeding its 2% target this year and next, underscoring a growing conviction that conditions for phasing out ultra-loose monetary policy are falling into place.
The International Energy Agency predicts a decline in fossil fuel demand due to the rise of electric cars and China’s cleaner energy focus.
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is facing fraud charges, marking a significant development in the world of cryptocurrencies. The allegations against him have raised concerns about the regulatory environment and governance of cryptocurrency platforms.
Nigeria’s President Tinubu has approved wage increases as a preemptive measure to address mounting tensions and the threat of a national strike. The move comes as various labor unions have called for industrial action to protest deteriorating living conditions and economic challenges. The wage hike is an attempt to alleviate some of these concerns and mitigate the potential impact of the strike on the country’s economy and public services.
The intensifying rivalry between the United States and China has sparked increased investment in space technology. Both nations are pouring resources into their respective space programs, aiming to assert dominance in space exploration, satellite technology, and military applications. This competition is reshaping the global space industry and has significant implications for the future of space exploration and security.
Britain has awarded a £4 billion ($4.9 billion) contract to BAE Systems, the country’s largest defense company, as part of the AUKUS pact with Australia and the United States. This agreement, formed in March, aims to supply Australia with nuclear-powered submarines by the late 2030s to counter China’s influence in the Indo-Pacific region. The funding will support development work on these submarines until 2028.
The World Bank has revised its growth forecast for China in 2024 from 4.8% to 4.4%, citing concerns over the country’s elevated debt levels and a stagnant property sector. This downward revision has also prompted a reduction in growth projections for emerging economies in East Asia, now pegged at 4.5%, down from the earlier estimate of 4.8%. The bank emphasizes the need for service-sector reforms to address these challenges and sustain economic growth.
China’s colossal banking system, the world’s largest, is under mounting pressure due to the country’s escalating property crisis. With nearly 40 percent of all bank loans tied to the real estate sector, the government may be compelled to spend substantial sums to bail out banks in the face of soaring debt levels, an oversupply of apartments, and consumer hesitancy in property investment. This crisis has been exacerbated by the default and missed payments on overseas bonds by numerous real estate developers, including China Evergrande, the world’s most indebted developer.
A top official in Beijing has stated that the China-EU relationship is at a critical juncture. This comment highlights the evolving dynamics between the two major global players in the current geopolitical landscape. 🌍
China’s property stocks took a hit as Evergrande’s shares dropped by 25% due to difficulties in debt restructuring. This development has raised concerns about the broader Chinese property market. 💸
Saudi Arabia’s auto rental company, Lumi, experienced a remarkable 30% surge in its stock market debut. The strong response highlights growing interest in innovative mobility solutions in the region. 📊
Goldman Sachs expects robust growth in three Indian banking stocks, projecting nearly 50% upside potential. This optimism reflects the positive outlook for India’s financial sector. 💰
Amazon plans to invest as much as $4 billion in Anthropic, a competitor to OpenAI, the developer behind ChatGPT. This move underscores Amazon’s commitment to advancing artificial intelligence technologies. 🤖
Investigators have seized three artworks by the painter Egon Schiele, suspected to have been stolen from a Jewish art collector who perished during the Holocaust, from American museums.
Shares of Arm, a British chip designer, saw a substantial 25 percent increase in value as they began trading on the Nasdaq stock exchange. This marks one of the year’s biggest initial public offerings.
Spanish women’s soccer players have called off their strike after reaching an agreement regarding minimum pay, marking a significant development for gender equality in sports.
A US Senate committee has passed a bill aiming to eliminate double taxation between the United States and Taiwan, potentially easing tax burdens for individuals and businesses operating in both regions.
The Darién Gap serves as the sole land route from South America to the United States, and it has become a lucrative route for politicians and businessmen who charge migrants for passage.
is set for a twist, with the IMF forecasting a 1.2% deficit for 2023. This comes despite Riyadh’s optimism about recording a second successive surplus, albeit slimmer. Fueling the kingdom’s economy was an 8.7% growth in 2022, thanks to soaring oil prices – the first budget surplus in nearly 10 years.
Commodity markets witnessed fluctuations as oil prices climbed on increasing demand forecasts, while agricultural commodities faced pressure from weather-related challenges, impacting supply dynamics and pricing trends.
Ongoing supply chain disruptions due to logistics challenges and semiconductor shortages continued to impact industries like automotive and electronics, leading to potential production delays and higher prices.
Major companies across various sectors reported robust quarterly earnings, reflecting strong consumer spending and economic recovery, while corporate guidance provided insights into future growth prospects.
Leading cryptocurrencies experienced another surge in value, with Bitcoin reaching a new all-time high and altcoins following suit, as institutional and retail interest in digital assets remained strong.
Global stock markets showed initial volatility in response to the Federal Reserve’s announcement of possible future interest rate hikes, prompting investors to assess potential impacts on equities and fixed-income securities.
two months earlier than previously flagged as reputational turbulence engulfs Australia’s flagship carrier. The accelerated departure comes after Qantas on Monday apologized for its service standards falling short and acknowledged it was suffering reputational damage, less than two weeks after it reported record annual earnings underpinned by strong travel demand.
The Public Investment Fund will acquire Saudi Iron & Steel Company from Sabic, as the chemicals firm is known. In a separate deal, Hadeed, Sabic’s steel unit, will acquire AlRajhi Steel Industries Co. in exchange for stock, according to a statement. The deal is expected to close before the end of the first quarter of 2024.
as it eyes expansion into countries looking to boost exposure to renewable technologies, Chief Executive Officer Marco Piero Arcelli said in an interview. The Riyadh-based water and power services specialist is setting up the move as part of a global expansion plan running through 2030, the CEO said at the Ambrosetti business forum in Cernobbio, Italy, over the weekend.
China’s economic bounce back gets an upbeat nod, but the property market provides a twist. Latest stats show promising growth in industrial output and retail sales for July, while China navigates a property market hiccup. Challenges aside, China’s spirited economy remains a vibrant global player.
Lulu Group International, the Middle East’s hypermarket giant, is gearing up with a remarkable 10 billion dirhams ($2.72 billion) for potential financial rejuvenation ahead of a potential IPO. The group is partnering with major banks, including Abu Dhabi Commercial Bank PJSC and Emirates NBD Bank PJSC, aiming for a decade-long boost.
The US economy is on a steady course under the Federal Reserve’s watchful eye. Economists predict recession avoidance, while Fed Chair Jerome Powell orchestrates a growth melody with gentle inflation descent. The performance is set for resilience, as the US charts its way forward.
Mastercard Inc. is taking a $5.2 billion stride into Africa’s fintech landscape, joining forces with MTN Group Ltd. The final investment agreements are on the horizon, painting an exciting picture for both players.
China’s economic bounceback gets an upbeat nod, but the property market provides a twist. Latest stats show promising growth in industrial output and retail sales for July, while China navigates a property market hiccup. Challenges aside, China’s spirited economy remains a vibrant global player.
Lulu Group International, the Middle East’s hypermarket giant, is gearing up with a remarkable 10 billion dirhams ($2.72 billion) for potential financial rejuvenation ahead of a potential IPO. The group is partnering with major banks, including Abu Dhabi Commercial Bank PJSC and Emirates NBD Bank PJSC, aiming for a decade-long boost.
Keeping prices around the same level three years in a row as it seeks to challenge Apple’s dominance in the premium market. The world’s largest smartphone maker pioneered the segment in 2019, betting it would appeal to consumers looking for a bigger screen to consume content, while its foldable displays keep the phone’s overall size compact.
it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets. Ma’aden, through Manara, its joint venture established with the Public Investment Fund, signed a binding agreement on Thursday to acquire the 10 percent stake in Vale Base Metals, based on an enterprise value of $26 billion.
even as traders expected more rate hikes from US and European central banks.
Brent crude futures were up 45 cents, or 0.6 percent, at $81.52 a barrel by 1228 GMT. US West Texas Intermediate (WTI) crude was at $77.55 a barrel, also up 48 cents, or 0.6 percent.
TSMC, the world’s largest chipmaker, says it plans to invest nearly 90 billion New Taiwan dollars ($2.9 billion) to build an advanced chip plant in Taiwan, as it expands production to meet booming demand for artificial intelligence (AI) products. Last week, CEO C.C. Wei told analysts the company plans to roughly double its capacity for advanced packaging capacity in 2024 compared to 2023, in order to meet “strong demand” for AI chips from its customers, which include Nvidia (NVDA) and AMD (DOX).
Qatari telecom operator Ooredoo QPSC is in talks with two other regional firms to combine their portfolio of about 30,000 cellular towers into a jointly-owned company that’s set to be the largest firm of its kind in the Middle East and North Africa. Ooredoo’s talks with Kuwait’s Zain Group and United Arab Emirate-based TASC Towers Holding include their tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan. The company expects to sign definitive agreements by the end of the third quarter, it said in a statement late on Monday.
Twitter owner Elon Musk said the social media company will change its logo soon, getting rid of the bluebird that’s long been its signature. “If a good enough X logo is posted tonight, we’ll make go live worldwide tomorrow,” Musk tweeted late Saturday. Roughly six months after he acquired Twitter for $44 billion, he merged the company into an entity called X Corp., saying Twitter is an accelerant to building an everything-app called X. An interim X logo is coming on Sunday, he said in a later message.
OpenAI chief executive Sam Altman and two co-founders launched the Worldcoin crypto project on Monday, saying they aim to grant users a verified digital identity and access to a financial network. “The Worldcoin Foundation today announced that Worldcoin, a project co-founded by Sam Altman, Alex Blania and Max Novendstern, is now live”.
Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from US and European central banks. Brent crude futures were up 45 cents, or 0.6 percent, at $81.52 a barrel by 1228 GMT. US West Texas Intermediate (WTI) crude was at $77.55 a barrel, also up 48 cents, or 0.6 percent.
In a surprise move, Saudi Arabia offered Tunisia $500 million in financial aid, providing some respite to the North African country as it strives to secure a bailout from the International Monetary Fund (IMF). The generous package includes a $400 million soft loan and a $100 million donation. The offer was presented by Saudi Finance Minister Mohammed Aljadaan during his visit to Tunis, as reported by state news agency TAP.
China is witnessing a surge in oil imports, reaching record levels despite facing economic headwinds. The country is capitalizing on affordable Russian crude to build stockpiles and expand exports of refined products. This move comes amid a sluggish recovery in the world’s second-largest economy. Notably, China imported 11.4 million barrels per day of crude oil during the first half of 2023, representing an 11.7% year-on-year increase and a remarkable 15.3% jump compared to pre-Covid levels, according to Financial Times calculations based on customs data.
Oil prices faced a decline of more than 1% on Monday, primarily driven by weaker-than-expected economic growth in China, the world’s second-largest oil consumer. The country’s gross domestic product (GDP) grew by 6.3% year on year in the second quarter, significantly below the forecasted 7.3%, signalling concerns over faltering post-pandemic recovery amidst weakening domestic and international demand. Additionally, a partial restart of Libyan output added further pressure on oil prices.
India’s prominent conglomerate, Tata, announced its plans to construct an electric vehicle battery manufacturing facility in Britain, offering a significant boost to the UK’s car industry and its ambition to secure domestic battery production for its long-term sustainability. The substantial £4 billion investment aims to strengthen the nation’s position in the electric vehicle market. While specific details about the government’s support for the project remain undisclosed, the collaboration promises a promising future for the UK’s electric vehicle ecosystem.
Global stock markets experienced a lack of direction as investors digested corporate earnings reports and observed encouraging signs of economic resilience in both the US and UK. These positive indicators may bolster the case for further interest-rate increases. However, technology shares faced a setback, particularly for Europe’s worst-performing sector on Friday, as SAP SE’s sales for its crucial cloud unit fell short of analyst estimates, triggering concerns among investors.
Goldman Sachs has released a report predicting that India will overtake the US as the second-largest economy by 2075. This is a long-term forecast, but it is based on the assumption that India will continue to grow rapidly. If this forecast is correct, it would have major implications for the global economy.
Asian shares were mixed on Monday, with some markets rising and others falling. The Nikkei 225 in Japan rose 0.4%, while the Hang Seng Index in Hong Kong fell 0.3%. Investors are looking for signs that the global economy is still growing, but there are concerns about inflation and the war in Ukraine.
On Friday, Ant Group, the financial technology company founded by Jack Ma, was fined $985 million by Chinese regulators. The fine was for violating regulations related to corporate governance, financial consumer protection, and anti-money laundering. The fine is a sign that China is still cracking down on the tech sector, but it also suggests that the worst of the regulatory uncertainty is over for Ant Group.
Apple will only make around 400,000 Vision Pro headsets in 2024, down from an expected million units per year. This is due to manufacturing issues arising from the headset’s complex design. According to the report, plans for a more affordable second-generation headset have also been delayed.
Tesla, under the leadership of Elon Musk, surpassed Wall Street expectations by delivering 466,140 vehicles worldwide. Meanwhile, China’s top-selling car brand, BYD, had its most successful quarter ever, selling a total of 700,244 fully electric and plug-in hybrid vehicles.
The currency had weakened due to domestic political concerns, but it showed slight improvement. However, a recent Reuters poll suggests that the ruble is not expected to strengthen significantly in the next year. Analysts and economists anticipate the Bank of Russia to raise interest rates in July and later in the year due to increasing inflationary pressures.
The currency had weakened due to domestic political concerns, but it showed slight improvement. However, a recent Reuters poll suggests that the ruble is not expected to strengthen significantly in the next year. Analysts and economists anticipate the Bank of Russia to raise interest rates in July and later in the year due to increasing inflationary pressures.
The investment by way of a capital increase and subscription for new shares is expected to accelerate the company’s plan to expand into other countries in the Gulf region.
According to the group, Eddie Wu, the present chairman of Alibaba’s e-commerce platform Taobao and Tmall Group, will succeed Daniel Zhang as Chief Executive Officer (CEO)
The currency had weakened due to domestic political concerns, but it showed slight improvement. However, a recent Reuters poll suggests that the ruble is not expected to strengthen significantly in the next year. Analysts and economists anticipate the Bank of Russia to raise interest rates in July and later in the year due to increasing inflationary pressures.
The yield on the 10-year Treasury note rose 6 basis points to 3.21%. The Federal Reserve is expected to raise interest rates several times this year in an effort to combat inflation.
Brent crude oil futures rose 1.2% to $118.15 a barrel, while West Texas Intermediate crude oil futures rose 1.1% to $115.75 a barrel. The war in Ukraine has disrupted global energy supplies, and traders are concerned that the situation could worsen if Russia further restricts exports.
The dollar index, which measures the value of the US dollar against a basket of other currencies, rose 0.4% to 104.60. The US dollar is seen as a safe haven currency, and investors are increasingly buying it as they worry about the global economic outlook.
The IMF now expects global growth to slow to 3.6% in 2023, down from its previous forecast of 4.4%. The IMF also warned that the war in Ukraine could have a significant impact on global food and energy prices, and could lead to a sharp slowdown in economic growth in some countries.
The S&P 500 fell 0.3% to 3,900.11, the Nasdaq Composite fell 0.7% to 11,340.02, and the Dow Jones Industrial Average fell 0.2% to 31,261.94. Investors were concerned about the possibility of a recession, as well as rising inflation and interest rates.
The Bank of England raised interest rates by 0.25 percentage points on Thursday, as it continues to battle rising inflation. The BoE’s base rate is now at 1.25%, its highest level since January 2009.
China’s economy grew at its slowest pace in 27 years in the second quarter, as the country’s zero-COVID policy weighed on activity. The economy grew by 0.4% in the second quarter from a year earlier, down from 4.8% in the first quarter.
The euro fell to a 20-year low against the dollar on Thursday as investors worried about the impact of a possible recession in the eurozone. The euro was trading at $1.0262, its lowest level since December 2002.
Oil prices rose on Thursday as concerns about tight global supplies outweighed fears of a recession. Brent crude oil futures rose 1.1% to $114.23 a barrel, while US West Texas Intermediate crude oil futures rose 1% to $107.65 a barrel.
The S&P 500 and Dow Jones Industrial Average opened lower on Thursday as investors assessed a mixed bag of economic data. The Labor Department reported that weekly jobless claims fell to a 52-year low, while the Commerce Department said that retail sales rose less than expected in May.
Global stocks are on track for their best week in over a month, as investors cheered signs of progress in the US-China trade war and positive economic data from China. The MSCI World index is up over 2% this week, while the S&P 500 is up over 3%.
France is making a high-profile push to become the AI hub of Europe, with the government announcing a series of measures to boost investment in the sector. The measures include tax breaks for AI start-ups and the creation of a new AI research institute.
AstraZeneca, the British-Swedish pharmaceutical company, is planning to spin off its China business in a bid to boost growth. The company said that the spin-off would create a “standalone, China-focused business” that would be better able to compete in the country’s fast-growing pharmaceutical market.
Goldman Sachs and other major banks have downgraded their growth outlook for China, citing a number of factors, including the country’s zero-COVID policy, the property market slowdown, and the ongoing trade war with the United States.
that experts say would be a significant competitor to Nvidia Corp, whose processors dominate the fast-growing artificial intelligence sector.
AMD CEO Lisa Su will deliver the keynote talk at a San Francisco event on the company’s data centre and AI plans.
Experts anticipate more information regarding the MI300, AMD’s most sophisticated graphics processing unit (GPU), which firms like OpenAI utilise to produce products like ChatGPT.
Stocks rose Tuesday after new inflation data showed price pressures slowed again in May, adding to investor optimism that the Federal Reserve could skip a rate hike when it next decides on policy this week. The Dow Jones Industrial Average traded 160 points higher, or 0.5%. The S&P 500 climbed 0.7%, and the Nasdaq Composite advanced 0.7%. The S&P 500 and Nasdaq Composite each notched their highest closes since April 2022 on Monday.
France is making a high-profile push to become the AI hub of Europe, with the government announcing a series of measures to boost investment in the sector. The measures include tax breaks for AI start-ups and the creation of a new AI research institute.
Global stocks are on track for their best week in over a month, as investors cheered signs of progress in the US-China trade war and positive economic data from China. The MSCI World index is up over 2% this week, while the S&P 500 is up over 3%.
AstraZeneca, the British-Swedish pharmaceutical company, is planning to spin off its China business in a bid to boost growth. The company said that the spin-off would create a “standalone, China-focused business” that would be better able to compete in the country’s fast-growing pharmaceutical market.
Goldman Sachs and other major banks have downgraded their growth outlook for China, citing a number of factors, including the country’s zero-COVID policy, the property market slowdown, and the ongoing trade war with the United States.
experienced a decline following a report that Amazon.com was in discussions with these US telecom firms. The purpose of these talks was to potentially provide low-cost wireless services to Amazon Prime members. According to Bloomberg News, Amazon was aiming to secure the most favorable wholesale prices, potentially enabling it to offer wireless plans for $10 a month or even lower to its Prime members. The report also mentioned the possibility of a partnership with Dish Network.
marking a shift from its previous tax-free status. The introduction of this tax aims to enhance non-oil revenue and maintain the UAE’s position as a regional commercial center. Small businesses are expected to receive relief, while certain export-oriented activities within free zones may be exempted. This business tax follows the earlier introduction of a 5 percent value-added tax (VAT) in 2018. The UAE’s tax-free status had contributed to its reputation as a global hub for trade, tourism, and attracting high-net-worth individuals.
with an estimated 4.35 billion passengers expected to fly this year, nearing the record levels seen in 2019, according to the International Air Transport Association (IATA). Additionally, the industry is predicted to return to profitability, with net profits projected to reach $9.8 billion in 2023, double the previous estimates. The positive outlook is attributed to the easing of COVID-19 restrictions in China, among other factors. Furthermore, the IATA revised its 2022 losses to $3.6 billion, which is half the previously estimated amount.
Saudi Energy Minister Prince Abdulaziz bin Salman stated that Saudi Arabia’s decision to implement additional voluntary oil supply cuts was a precautionary measure aimed at ensuring market stability. The announcement came after an OPEC+ meeting where it was revealed that Saudi Arabia would reduce production by 1 million barrels per day (bpd) in July. Prince Abdulaziz mentioned that the cuts could be extended beyond July if deemed necessary.
aligning with Vision 2030 objectives to enhance the Kingdom’s sports sector. The official Saudi Press Agency (SPA) announced the project’s launch after completing the initial implementation stage. By involving the private sector, Saudi Arabia aims to foster growth and development in its sports industry, which has already witnessed significant advancements through various sporting events.
India’s railway minister attributes the country’s deadliest rail crash of the century to a fault in the electronic signal system. The collision in Odisha resulted in over 275 deaths and more than 800 injuries. Prime Minister Narendra Modi vows strict punishment for those responsible.
After the expiration of a ceasefire that began on May 22nd, clashes resumed between Sudan’s army and the paramilitary Rapid Support Forces in Khartoum. Peace negotiations in Saudi Arabia broke down, with talks set to resume only when both sides demonstrate a sincere commitment to fulfilling conditions.
Oil prices saw an increase after Saudi Arabia declared a reduction in production by 1 million barrels per day. This decision follows the extension of production cuts by OPEC+ (including Russia). Brent crude, an international benchmark, experienced a 2% surge during early trading.
Hong Kong authorities detained over 20 individuals commemorating the 1989 Tiananmen Square massacre. Candles were carried and references were made to “May 35th,” as mentioning “June 4th” is now prohibited. Hong Kong’s tolerance for such memorials has diminished in recent times.
A Chinese warship and an American destroyer came dangerously close to colliding during a joint US-Canadian naval exercise in the Taiwan Strait. The Pentagon deems the Chinese ship’s manoeuvres as “unsafe” and in violation of international maritime rules, while China accuses the US and Canada of deliberate provocation.
Russia’s defense ministry alleges the successful prevention of a “large-scale” offensive by Ukraine, resulting in the reported death of 250 Ukrainian troops. The claims remain unverified, and Ukraine has not commented on the matter.
compared with the previous three months, thereby entering a recession, data from the statistics office showed on Thursday. Gross domestic product fell by 0.3 per cent for the quarter when adjusted for price and calendar effects, the data showed. This follows a decline of 0.5 per cent in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction.
after the company hired consultants led by McKinsey & Co. to advise on streamlining its operations, The Times reported. Part of the turnaround plan will see the combination of non-manufacturing departments in each of the company’s civil aerospace, defense and power systems divisions, the newspaper said, citing an unidentified consultancy source. As a result, 10 percent of around 30,000 jobs in these departments could be eliminated.
in an apparent sign the kingdom hasn’t yet used last year’s $326 billion oil windfall to top up the central bank’s holdings. Net foreign assets fell to 1.538 trillion riyals ($410 billion) last month, according to the central bank’s monthly report published on Sunday, declining for a fifth month in the longest falling streak since early 2019. Reserves are down more than 44% since peaking in August 2014.
extending his time as the nation’s longest-serving leader in a tenure that has increasingly alienated foreign investors. stocks rose and dollar bonds were mixed at the open as investors awaited the appointment of a new economic team that he promised would have “international credibility,” hinting at a potential turn away from an unorthodox policy mixed based on ultra-low interest rates and heavy state intervention in markets.
($1.3 billion) European Union privacy fine and given a deadline to stop shipping users’ data to the US after regulators said it failed to protect personal information from the prying eyes of American security services.
extending gains spurred by an Indian court panel’s report that found no conclusive evidence of stock-price manipulation as alleged by US short seller Hindenburg Research. The 10 Adani stocks have added more than $10 billion to their market value in today’s session so far, poised to be the biggest increase since Hindenburg’s scathing report in January.
regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion. The company also said it concluded a $6.7 billion agreement with Air Products for the plant’s engineering, procurement and construction (EPC).
Republican House Leader Kevin McCarthy said in a TV interview that negotiations with the administration of US President Joe Biden over the US debt ceiling will resume this evening after a temporary pause earlier in the day rattled financial markets. The two sides have little time to agree on a deal to raise the federal government’s $31.4 trillion borrowing limit or risk a catastrophic default.
the ruling center-right New Democracy party was unable to gain a legislative majority. Unexpectedly negatively, the left-wing Syriza party did well. With the aid of bonus seats allocated under a new electoral system, ND’s leader and prime minister Kyriakos Mitsotakis is certain to secure a majority after a second election in June.
On the Ukrainian city of Dnipro, Russia conducted numerous airstrikes.
20 drones and four missiles were allegedly shot down by the Ukrainian air force. In recent weeks, Russia has stepped up its aircraft assaults in preparation for a Ukrainian counteroffensive. However, according to Ukrainian officials, their men were still manning several locations in the eastern town despite Russian forces’ claims to have captured Bakhmut.
Ryanair reported a better-than-expected profit of €1.4 billion ($1.5 billion) for the fiscal year that ended in March. By 2034, the Irish low-cost carrier wants to increase its annual passenger volume to 300 million. The airline’s blunt CEO, Michael O’Leary, declared in an interview with the Financial Times that “We will continue to wipe the floor with every other airline in Europe.”
The Idaho-based corporation was deemed to pose “significant security risks” by China’s internet police, the Cyberspace Administration of China. The United States stated that the restriction “had no basis in fact” and has plans to ask Chinese authorities for more information. In response, shares of Chinese chipmakers increased.
announced that he and President Joe Biden would continue their discussion about lifting the nation’s debt ceiling on Monday. After calling Republican demands, which include significant expenditure cutbacks, “unacceptable” at a news conference at the conclusion of the G7 summit, the two spoke on the phone. In recent days, the negotiations have heated up considerably.
London was announced. With combined sales of $3.4 billion, the merger, which still needs the approval of partners at both companies, would become one of the largest legal practices in the world. A&O Shearman will be the name of the new organization.
A new Chinese tech monster called the “Baby Baba” has been born, and investors are thrilled about it. The possibility of numerous large initial public offerings has intrigued bankers and portfolio managers ever since Alibaba, an e-commerce behemoth, announced in March that it will divide itself into six subsidiaries.
t is only surpassed by a $43 million copy of the American Constitution as the second-highest price paid at auction for a historical document. Alfred Moses, an American lawyer who purchased the manuscript known as the Codex Sassoon, will gift it to the ANU-Museum of the Jewish People in Israel.
was extended by two months, according to Recep Tayyip Erdogan, president of Turkey. Thursday was the deadline for the accord, which was mediated by Turkey and the UN and permits Ukraine to export produce from its southern ports. Erdogan, who will contest for reelection on May 28th, has scored a diplomatic victory.
by keeping Jeffrey Epstein as a client have been resolved with a $75 million payment from the bank. The compensation is reportedly “the largest sex-trafficking settlement involving a banking institution in American history,” according to attorneys. It was claimed that Epstein’s network of sex traffickers was made possible by the German bank. A statement on the settlement was not given by Deutsche Bank right away.
and shed millions of jobs unless Republicans agree to raise the country’s $31.4 trillion debt ceiling before a fast-approaching deadline. The Biden administration and congressional Republicans have struggled to find common ground on raising or suspending the debt ceiling in order to prevent the US from defaulting on its debt within weeks.
The Bank of England has raised interest rates to their highest level since late 2008
as it continues to combat stubbornly high inflation in the United Kingdom. The Bank of England started raising interest rates in late 2021 from a low of 0.1 percent in order to keep a lid on price rises that were first largely stoked by bottlenecks resulting from the lifting of coronavirus lockdown restrictions and subsequently by the war in Ukraine.
central bank and government data showed on Friday. Gross domestic product rose 5.6 percent, according to Bank Negara Malaysia (BNM) and the Statistics Department, faster than the 4.8 percent annual expansion forecast by analysts in a Reuters news agency poll. In the fourth quarter of 2022, the economy had grown 7.1 percent, revised up from a previously announced 7.0 percent.
current chief executive Elon Musk says in a tweet, as the social media platform seeks to reverse a plunge in advertisement revenues. Since Musk acquired Twitter in October, advertisers have fled the platform, worried that their ads could appear next to inappropriate content after the company lost nearly 80 percent of its staff. Musk this year acknowledged that Twitter suffered a massive decline in advertisement revenue.
Under a “huge” deal, a source with knowledge of the negotiations told AFP on Tuesday.“Messi is a done deal. He will play in Saudi Arabia next season,” said the source, speaking on condition of anonymity and without naming the club.
as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. The stronger-than-expected profits followed a string of forecast-beating results from rivals including BP and Exxon Mobil as the sector continues to benefit from strong demand and price volatility.
LinkedIn, the social media platform for professional connections, has announced plans to cut more than 700 jobs and close its app for those seeking jobs in China. In a letter to employees on Monday, LinkedIn Chief Executive Ryan Roslansky said the company would shed 716 jobs and scrap its job-hunting app in China in response to slowing revenue growth and changing customer behaviour.
Aramco will introduce an additional dividend, potentially boosting payouts for Saudi Arabia’s government by billions of dollars just as weaker oil prices edge the state’s budget into a deficit.
a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism. Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by about 1.16 million barrels per day, while US crude climbed $4.17 to $79.84.
Stock exchange owner and operator Saudi Tadawul Group on Sunday reported a 35 percent decline in first-quarter profit after trading values halved and costs rose. Net profit in the three months to March 31 fell to 90.8 million Saudi riyals ($24.2 million) from 140.6 million riyals a year earlier, the region’s largest bourse said in a stock market filing.
official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post COVID-19 lift-off amid subdued global demand and persistent property weakness. The official manufacturing purchasing managers’ index (PMI) declined to 49.2 from 51.9 in March, according to data from the National Bureau of Statistics, below the 50-point mark that separates expansion and contraction in activity on a monthly basis.
after rescue efforts failed to undo the damage from wrong-way investments and depositor runs that have roiled regional lenders. The California regulator appointed the Federal Deposit Insurance Corp. as receiver of the San Francisco-based bank. “Deposits are federally insured by the FDIC subject to applicable limits,” the DFPI said in its statement.
It is exports have fallen for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand. The country posted a trade deficit of $2.62bn in April.
party’s candidate for prime minister of Finland, will start coalition negotiations with three parties, including the hard-right Finns, the following week. In the most recent parliamentary elections, the Euroskeptic, anti-immigrant Finns came in second place with two less seats than the NCP. Immigration will certainly be a contentious issue because the NCP advocated for increased immigration to support the labor market.
year over year to $127.4 billion, its stock price soared in after-hours trade. $3.2 billion in net income was over 50% more than expected. increasing profitability Thousands of employees have been laid off by Amazon, which has also stopped progress on its second headquarters near Washington, DC.
experienced less GDP growth than anticipated due to increased interest rates. Compared to the consensus prediction of 2%, preliminary data revealed growth of 1.1% in annualized terms. Next week, the Federal Reserve is anticipated to increase rates once more.
Officials stated that at least nine individuals died, while the entire amount of the destruction is still unknown. This attack, the first of its kind in months, occurs just one day after Russia declared that it would welcome any move toward greater peace. The Kremlin was alluding to a discussion this week between Volodymyr Zelensky, the president of Ukraine, and Xi Jinping, the president of China.
China’s industrial capacity utilization rate fell by 1.5 per cent from the same time in 2022 to 74.3 per cent in the first quarter of 2023. The statistic also showed a decline of 1.4 per cent from the last quarter of 2022, according to figures from China’s National Statistics Authority.
The amount of remuneration paid to CEO Sundar Pichai by Google parent Alphabet for the previous year was revealed on Friday. Approximately $226 million was paid to Pichai in 2022. Pichai received nearly $218 million in stock awards out of his overall remuneration of about $226 million. That, according to the SEC filing, was in addition to his $2 million salary and over $5.95 million in “all other compensation.”
Following the release of First Republic Bank’s first-quarter financial report, shares of the regional bank fell in after-hours trading. The report indicated that the firm’s deposits fell by 40% amid the crisis that engulfed local institutions in the wake of Silicon Valley firm’s (SVB) collapse. According to First Republic, at the end of March, deposits were at $104.5 billion, which is a decrease of 40.8% from December 31, 2022 and 35.5% from the previous year.
even as its iconic short video tool TikTok faces a possible ban. An alternative to TikTok isn’t the greatest option, yet it may be a component of ByteDance’s business strategy. As a possible competitor to TikTok, it appears like ByteDance is promoting Lemon8.
Despite this, the bank insisted that its clients may turn to it as a “source of stability” in times of extreme turbulence. According to UBS, first-quarter net profit was $1.03 billion, far less than analysts’ forecasts of a net profit of around $1.75 billion.
In February, the U.K. government unveiled proposed regulations for crypto assets and invited feedback. The consultation period closes on April 30. In an interview on Monday, Andrew Griffith, the economic secretary to the U.K. Treasury, said that specific cryptocurrency legislation would take effect in about a year. Former finance minister and current prime minister Rishi Sunak declared last year that he wanted to turn Britain into a “global hub for cryptoasset technology.”
while global peers face slowing growth as central banks hike rates to tame inflation. GDP grew by 4.5% in the first quarter, China’s National Bureau of Statistics said Tuesday. That marks the highest growth since the first quarter of last year — when China’s economy grew by 4.8% — and better than the 4% forecast in a Reuters poll. Quarter-on-quarter, the economy grew 2.2%.
Despite a bombardment of Western sanctions, Russia’s oil exports have recovered to levels last seen before its invasion of Ukraine. The International Energy Agency (IEA) reported Friday that Moscow’s crude oil and oil product exports increased in March to their highest level since April 2020, increasing by 600,000 barrels per day. Russia’s expected oil export earnings increased last month, reaching $12.7 billion thanks to the increase. The IEA said that because Russia is compelled to sell its barrels to a smaller group of buyers who may demand higher discounts, the income is still down 43% from a year earlier.
“AI is more dangerous than, say, poorly managed aircraft design, factory maintenance, or subpar vehicle manufacture, in that it has the potential to destroy civilizations, however remote that possibility may seem. In light of the recent explosion of AI products for broad consumer usage, including those from industry titans like Google and Microsoft, Musk has recently issued many warnings about the risks associated with AI. Musk last month also signed an open letter, along with a number of other tech luminaries, calling for a six-month halt to the “out of control” race for AI research.
saying crooks have managed to hijack public chargers that can infect devices with malware, or software that can give hackers access to your phone, tablet or computer. Consumer devices with compromised USB cables can be hijacked through software that can then siphon off usernames and passwords, the FCC warned at the time.
to cool the economy and could worsen inflation in the United States, economists say. Energy prices across the globe surged last year when Russia invaded Ukraine, fueling global inflation just as the world’s major economies were beginning to rebalance after the pandemic.
or the Middle East amid a push by the Saudi government to position itself as a regional business hub and growing diplomatic and business ties with China, according to people familiar with the matter. A final decision hasn’t yet been made by Huawei, the people said. A spokesman for Huawei declined to comment.
Chinese state media outlet Xinhua reported on Sunday. Elon Musk’s automaker will break ground on the plant in the third quarter and start production in the second quarter of 2024, Xinhua reported from a signing ceremony in Shanghai. The company began producing Model 3 cars in Shanghai in 2019 and now is capable of producing 22,000 units of cars per week.
edging closer to the 80 mark, hampered by a seasonal drop in foreign currency supply from exporters, in spite of this week’s jump in oil prices. Against the euro, it was down 1.1 percent at 86.85, its weakest since April 15, 2022, and it was 1 percent weaker against the yuan at 11.55, an April 25, 2022, low.
The New York Times will not pay a monthly fee to get verified check mark status on Twitter, a spokesperson for the newspaper said hours after it lost the verified badge on the social media plat-form. Twitter has started removing verification badges from accounts which already had a blue tick, after announcing they would be part of a paid subscription from 1 April.
after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut 85 percent of its staff. The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware.
aligning its technology trade controls with a US push to curb China’s ability to make advanced chips. Tokyo’s decision, nonetheless, comes after the US in October imposed sweeping restrictions on chipmaking tool exports to China.
a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism. Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by about 1.16 million barrels per day, while US crude climbed $4.17 to $79.84.
However, investors looking to increase their bets face an unsettling obstacle: a shortage of liquidity, which could lead to wild price swings.
on the deployment of more service stations for electric and alternative fuel vehicles as the bloc tries to reduce the carbon footprint of its transportation sector.
covering e-commerce, media, and the cloud, according to the company, adding that each of the units will look into fundraising or initial public offerings. Alibaba’s US-listed shares gained 3.5% in pre-market trading.
with the amount increasing in recent years as more have struggled to repay loans spent building “Belt & Road” infrastructure. Between 2016 and 2021, nearly 80% of all rescue lending was issued.
over the next five years, falling short of 2027 goals and putting an end to a long-standing goal to compete with Saudi Arabia’s output, the top OPEC producer.
after a trip abroad that lasted more than a year and was seen by the business community as reflecting the gloomy state of China’s private enterprises.
and the social media site, which is controlled by billionaire Elon Musk, is looking for information on the perpetrator.
creating PowerPoint presentations and summarizing financial statements, among other business-focused functions.
by concerns of systemic bank stress and a credit crunch, a buyer for Silicon Valley Bank’s deposits and loans helped shares in European lenders make a partial recovery. First Citizens consented to buy the unsuccessful SVB.
by millions of commuters and travellers as a result of one of the largest walkouts in decades in the biggest economy in Europe, Germany’s airports, bus terminals, and train stations.
on Monday, driven down by concern that risks in the global banking sector and a potential increase to US interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell 87 cents, or 1.2 percent, to $72.10 a barrel by 1211 GMT. The US West Texas Intermediate crude contract for April was down 85 cents, or 1.3 percent, at $65.89 before its expiry on Tuesday
Russian state oil giant Rosneft posted a sharp drop in its annual profit on Monday in the wake of Western sanctions against the country. The company announced a net profit of 813 billion roubles ($10.5 billion) for last year, down 7.9 percent from 2021. Rosneft said “non-monetary factors played a large role in determining the dynamics” of its earnings.
for 3 billion Swiss francs ($3.24bn), officials from the banks have said, in a deal designed to contain a widening crisis of confidence in global finance. The agreement announced late on Sunday, includes 100 billion francs ($108bn) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank.
State regulators closed New York-based Signature Bank (SBNY.O) on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank (SIVB.O) in a collapse that stranded billions in deposits.
to bolster the capacity of the banking system in the wake of the collapse of Silicon Valley Bank. The program will help assure banks have the ability to meet the needs of all their depositors. Federal regulators said Sunday that it was taking emergency measures to prevent contagion at other small and regional banks in the wake of Silicon Valley Bank’s sudden implosion.
Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the year earlier, on higher energy prices, increased volumes sold and improved margins for refined products. The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and Chevron which have mostly posted record profits for last year
Meta’s app will be based on a similar framework that powers Mastodon, a Twitter-like service that was launched in 2016. A Twitter-like app would allow Meta to take advantage of the current chaos at the Elon Musk-led company, where cost-cutting has been rampant
The US economy added jobs at a solid clip in February, likely ensuring that the Federal Reserve will raise interest rates for longer, though wage inflation showed signs of cooling. The February jobs report offered Wall Street reasons for optimism, but investors have been spooked by the collapse of a Silicon Valley Bank.
marking the largest bank failure since Washington Mutual at the height of the 2008 financial crisis. SVB was heavily exposed to the tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago.
Speaking at a business summit in Sydney, Australia, Moynihan said the US economy is on track for a mild technical recession -defined as two consecutive quarters of negative growth — in the third quarter.
The US services sector grew at a steady clip in February, with new orders and employment rising to more than one-year highs, suggesting the economy continued to expand in the first quarter.
on a new plant in India to ramp up local production, people familiar with the matter said, underscoring an accelerating shift of manufacturing away from China as Washington-Beijing tensions grow.
in both revenue and adjusted earnings for the month of December, the Wall Street Journal reported on Friday citing people familiar with the matter.
to roughly 1.55 trillion yuan ($224 billion) in a draft budget report released Sunday morning. The spending increase marks the second year in a row that the annual hike in military spending has exceeded 7% and tops last year’s 7.1% growth, amid rising geopolitical tensions and a regional arms race.
US stocks plunged on Tuesday after fourth-quarter earnings and forecasts from mega-retailers like Walmart and Home Depot raised concerns about the strength of the US consumer. Recent economic data has been strong. But sticky inflation and, now, warnings from bellwether retail companies.
The automaker’s incoming president Koji Sato said the decision to accept the union’s demands in full at the first round of talks was meant not just for Toyota but “also for the industry as a whole, and in the hope that it will lead to frank discussions between labour and management at each company.”
Russia’s economic output duly contracted by 2.1% last year, according to a preliminary estimate from the government. But the hit was more limited than forecasters initially expected. When sanctions were first imposed, some economists predicted a contraction of 10% or 15%.
The company said Wednesday it is bringing the new AI technology to its Bing smartphone app, as well as the app for its Edge internet browser, though it is still requiring people to sign up for a waitlist before using it.
investors snapped up all of the shares on offer in Abu Dhabi National Oil Co.’s natural gas business within hours after the initial public offering kicked off, showing that demand for Middle East share sales continues to remain strong.
Abu Dhabi National Oil Company (ADNOC) will sell 4% of its gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday. Shares are expected to begin trading on March 13. No unit target price has been set for the 3.07 billion shares that will make up the sale.
It fell about 2 per cent on Friday and was heading for a weekly decline, pressured by concerns of more US Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply.
A 24-hour strike at seven German airports, including Frankfurt and Munich, was set to affect nearly 300,000 passengers on Friday, as unionized workers pressed for higher wages and threatened a summer of “chaos” if their demands were not met.
Tesla to recall 362,000 US vehicles on full self-driving software
to update its Full Self-Driving (FSD) Beta software after US regulators said the driver assistance system did not adequately adhere to traffic safety laws and could cause crashes. Tesla shares were down 1.6 percent at $210.76 on Thursday afternoon.
The PIF now holds 8.26% of the stock in the video game maker Nintendo, making it the largest outside investor in the Japanese gaming company, a company filing said Friday. Nintendo stock closed slight down Friday on the Tokyo Stock Exchange at $40.50 a share.
for the Gulf Arab country’s military medical command, for an estimated cost of $250 million, the Pentagon said on Tuesday. The principal contractor will be healthcare IT company Cerner Corporation, which is owned by tech firm Oracle Corp (ORCL.N).
Virgil Abloh, who passed away in 2021 and was the first African-American to head a major label at a European luxury fashion firm, will be replaced by Mr Williams. The flagship brand of LVMH, the largest firm by market capitalization in Europe and owned by Bernard Arnault, is Louis Vuitton.
An Indian firm named Tata acquired the long-delayed basket-case airline Air India last year. The agreement, which was apparently reached after months of private negotiations in London, was praised by the presidents of France and the United States.
Mr. Erdogan said that the earthquakes had injured more than 105,000 people. On Tuesday, ten people were recovered in Turkey, including a 77-year-old woman who was extricated from an apartment building’s wreckage. 41,000 people have already died in Turkey and Syria combined.
for the Gulf Arab country’s military medical command, for an estimated cost of $250 million, the Pentagon said on Tuesday. The principal contractor will be healthcare IT company Cerner Corporation, which is owned by tech firm Oracle Corp (ORCL.N).
Virgil Abloh, who passed away in 2021 and was the first African-American to head a major label at a European luxury fashion firm, will be replaced by Mr Williams. The flagship brand of LVMH, the largest firm by market capitalization in Europe and owned by Bernard Arnault, is Louis Vuitton.
An Indian firm named Tata acquired the long-delayed basket-case airline Air India last year. The agreement, which was apparently reached after months of private negotiations in London, was praised by the presidents of France and the United States.
Mr. Erdogan said that the earthquakes had injured more than 105,000 people. On Tuesday, ten people were recovered in Turkey, including a 77-year-old woman who was extricated from an apartment building’s wreckage. 41,000 people have already died in Turkey and Syria combined.
Ayman Alsayari replaced Fahad Al Mubarak, a former Morgan Stanley banker who will become an adviser to the Royal Court. In his previous role, Alsayari had been involved in local and international debt sales as the kingdom tapped bond markets for the first time.
The State Council’s Hong Kong and Macao Affairs Office said on Friday that all remaining restrictions would be dropped starting from midnight on February 6, with group tours allowed to restart.
The hike in the Fed’s benchmark rate is the smallest since last March, and signals that policymakers are shifting to a more cautious approach, after spending much of last year playing catch-up and boosting borrowing costs at the fastest pace in decades.
Plaintiffs have claimed billions in damages and the decision also had been seen as important for Musk himself, who has aggressively fought any charges of guilt and defended himself by tweeting widely.
The Indian unit of Jabil Inc. has begun shipping AirPods enclosures, or plastic bodies, to China and Vietnam, where the wireless earphones are assembled, people familiar with the matter said, asking not to be named as the move isn’t public.
The agreements were signed at the seventh annual IKTVA forum in Dhahran. The Saudi state oil company intends to help advance a sustainable, diverse, and globally competitive industrial ecosystem
saying it was confident in Indian billionaire Gautam Adani’s business empire even after almost $70 billion was wiped off its market value.
Germany’s economy shrank 0.2% at the end of last year — a worse outcome than previously flagged and one that makes a recession on the back of rising energy bills more likely after all.
Most Adani Group shares fell sharply on Monday as the Indian conglomerate’s rebuttal of a US short seller’s criticism failed to pacify investors, deepening a market rout that has now led to losses of $65bn in the group’s stock values.
multi-billion dollar investment in OpenAI in an attempt to better tackle competitors ranging from Amazon to Google. The announcement also follows the company’s decision to cut some 10,000 jobs as it contends with a slowdown in cloud growth and PC sales.
Gautam Adani plans to sell shares to the public in at least five companies between 2026 and 2028, helping the port-to-power conglomerate improve debt ratios and broaden its investor base.
In a week marked by fresh recession angst from Wall Street to Davos, JPMorgan Chase & Co. finds the odds of an economic downturn priced into financial markets have actually fallen sharply from their 2022 highs.
Abraj Energy Services SAOC in an initial public offering, kick-starting the sultanate’s push to join a listings boom sweeping through the Middle East.
as the technology sector reels from layoffs and companies stake their futures on artificial intelligence (AI). The cuts came at a delicate moment for the US company, which has long been the leader in key areas of AI research.
Nissan’s independent directors have agreed to proceed with a deal to rebalance the carmaker’s two-decade alliance with Renault, a person familiar with the situation said. Final talks are underway for Renault to reduce its stake in the Japanese carmaker over time to 15%, said the people, who asked not to be identified as the talks aren’t public. Nissan’s full board, including representatives from Renault, is expected to meet later this month to make a decision.
China’s economy grew 3 per cent in 2022, one of the weakest performances in the country’s modern history, according to government data.
The Chinese economy expanded 2.9 percent during the final quarter, slowing from 3.9 per cent growth during the July-September period, National Bureau of Statistics figures showed on Tuesday.
The move has encouraged crypto investors who have been shaken by the collapse of several high-profile crypto companies, including cryptocurrency exchange FTX. This is the first time since Nov. 8, 2022, that Bitcoin BTCUSD, -0.17% has crossed $20,000 and follows 11 days of gains.
Saudi Arabia saw the strongest increase in employment in almost five years as business conditions in its non-oil economy – the engine of job creation for the kingdom – improved at a slightly slower pace at the end of last year following a surge.
The tally includes only the population of mainland China, excluding Hong Kong and Macao as well as foreign residents. That left a total of 1.41 billion people, with 9.56 million births against 10.41 million deaths, the bureau said at a briefing on Tuesday. The drop was the first since the early 1960s, Mainland China’s population
Republican lawmakers announced late Thursday the Subcommittee on Digital Assets, Financial Technology, and Inclusion underneath the House Financial Services Committee. The SEC has stepped up its level of activity since FTX spiraled into bankruptcy. The commission charged crypto lender Genesis and crypto exchange Gemini with the unregistered sale and offering of securities on Thursday, the same day that Hill announced the subcommittee.
Chinese tech giant Tencent said Monday it had fired more than a hundred employees for violating company policies, with some referred to police and later found guilty of bribery and embezzlement. A number of those fired and accused of corruption were part of the company’s PCG arm, which oversees its mammoth content output from news to sports and movies.
The firm faces a difficult global economic outlook and increased competition from other carmakers. The price cuts are in the range of 10% to 13% in the UK, but run as high as 20% on some US models. Tesla has reduced prices twice in China in the last six months and they are now 13% to 24% below September levels.
The technology giant says Mr. Cook requested the cut after criticism from shareholders. Apple’s compensation committee awarded him a total “target compensation” of $49M for 2023. Cook, 62, who became CEO after the co-founder Steve Jobs stepped down before his death in 2011, was paid $99.4M in 2022 and $98.8M in 2021.
The Public Investment Fund (PIF) acquired a 5.01% share in the Kyoto-based game company in May last year. Both moves were made for investment purposes, according to the filings.
Govt. forecast. Gross domestic product (GDP) will likely rise 7 per cent this fiscal year, compared with 8.7 per cent the previous year, the Ministry of Statistics said in its first estimate for the period that put manufacturing growth at just 1.6 per cent. India’s economy rebounded after COVID-19 restrictions were eased around mid-2022, but the war in Ukraine has spurred inflationary pressures, prompting the central bank to reverse the ultra-loose monetary policy it adopted during the pandemic.
China has abruptly dropped ultra-strict curbs on travel and activity, unleashing the virus on the nation’s 1.4 billion people. Many funeral homes and hospitals say they are overwhelmed, but investors hope that once the infection waves pass, life and spending can return to normal and are looking beyond the most immediate difficulties.
South Korean tech giant blames weak demand for memory chips for sharp decline in profits. Profits are estimated to have plunged by 69 per cent to 4.3 trillion won ($3.4 billion) during the October-December period, the South Korean tech giant stated that the rising global interest rates and cost of living have dampened demand for Samsung’s smartphones as well as the semiconductors it supplies to rivals such as Apple.
The bank’s three key interest rates were each bumped by three-quarters of a percentage point, the same as they did in September. The central bank’s interest rates have a cascading effect across the eurozone and directly influence the rates that commercial banks offer to households and businesses. Mortgages, car loans, and credit cards will become more expensive and less attractive as a result. Governments will have to make higher payments for their national debt, worsening their public deficits.
According to an investor in both companies, to the extent that Musk remains involved with the social media platform, it should be with the underlying technology rather than as the “front-facing CEO,” Ross Gerber, head of Gerber Kawasaki Wealth Management, said in an interview with Bloomberg TV on Wednesday.
Revised figures show The economy contracted by 0.3%, compared with a previous estimate of 0.2%, as business investment performed worse than first thought, the Office for National Statistics (ONS) said. Growth figures for the first half of 2022 have also been revised down. The UK is forecast to fall into recession in the final three months of the year as soaring prices hit growth.
The World Health Organization (WHO) says. China figures show no one died of Covid on Wednesday but there is skepticism about the disease’s real impact. In recent days hospitals in Beijing and other cities have been filling up as the latest Covid surge hits China. Since 2020, China has imposed strict health restrictions as part of its zero Covid policy. But the government ended most of those measures two weeks ago after landmark protests the strict controls.
As part of the group’s expansion plan in international markets. The company is acquiring Abu Dhabi state fund Mubadala’s entire OMV stake. The transaction comes after Mubadala Petroleum rebranded to Mubadala Energy in September to pursue new energy sectors, including blue hydrogen and carbon capture, and as Abu Dhabi’s ADNOC looks to increase its presence internationally through mergers and acquisitions.
He is expected to appear in a federal court in New York City on Thursday. Meanwhile, two of Sam Bankman-Fried’s top associates secretly pleaded guilty to criminal charges in the collapse of the cryptocurrency exchange FTX and are cooperating with investigators, a federal prosecutor announced Wednesday as the digital coin entrepreneur was being flown in FBI custody to the U.S. from the Bahamas.