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IBM profit jumps 16% but company will cut 3,900 jobs

IBM is cutting 3,900 jobs, about 1.5 per cent of its global workforce, as it reported a 16 per cent annual jump in fourth-quarter net profit driven by robust performance in the company's software and infrastructure units. Net income during the October-December period rose to more than $2.7 billion, from the year earlier, the company said on Wednesd...

2023-01-26T04:58:05Z

Adani Group exploring legal action over fraud claims

Hindenburg Research this week alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to “maintain the appearance of financial health and solvency” of its listed business units

2023-01-26T11:11:41Z

Elon Musk - now Mr Tweet - says Twitter has left him stuck with the name

The tech billionaire formerly known as Elon Musk is no more — at least for now. Long live Mr Tweet. Twitter's new owner changed his name on his personal account to Mr Tweet but appears to be having difficulty switching it back. "Changed my name to Mr Tweet, now Twitter won’t let me change it back," Mr Musk wrote on the platform, posting a laughing ...

2023-01-26T18:58:11Z

Danube Hospitality, AirOWater introduces a sustainable drinking water solution

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2023-01-26T12:56:05Z

A Google employee of 11 years says he and his wife stared at each other in 'disbelief' when they realized they'd both been laid off by the company

Ashish Kalsi wrote on LinkedIn he has a two-year-old daughter and was working at Google on an immigrant visa: "The dreaded H-1B countdown has begun."

2023-01-26T12:02:39Z

Buyers of mini cinnamon Fireball bottles thought they contained whisky — turns out they don't, lawsuit claims

The suit claims the 99-cent bottles, sold at gas stations and convenience stores, created the "overall misleading impression" it contains whisky."

2023-01-26T19:07:48Z

Sam's Club goes big with plans to open dozens of new US stores that are nearly 20% larger

The retailer hasn't opened a store since 2017, and new Sam's Club stores will be roughly 160,000 square feet, almost 20% larger than current stores.

2023-01-26T17:17:47Z

Your local Regal theater could be saved, as the company looks for a buyer amid bankruptcy

Cineworld is looking to sell its remaining US-based Regal theaters after announcing it would close more than three dozen locations.

2023-01-26T18:37:50Z

India's Adani Group says evaluating action against Hindenburg Research

BENGALURU (Reuters) - Adani Group said on Thursday it is evaluating "remedial and punitive action" under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens. Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the

2023-01-26T18:06:28Z

Morgan Stanley penalizes employees as much as $1 million for WhatsApp breaches - source

By Lananh Nguyen and Saeed Azhar NEW YORK (Reuters) -Morgan Stanley has imposed financial penalties on employees who used messaging platforms such as WhatsApp for company business, according to two sources familiar with the situation. The penalties ranged from several thousand dollars for some staff to more than $1 million for others. The amounts were determined by factors such as the number of

2023-01-26T18:06:30Z

McDonald's president who made $7.4 million last year says proposal to pay fast-food workers $22 an hour is 'costly and job-destroying'

McDonald's president calls AB 257, or the FAST Act, 'costly and job-destroying.' A coalition led by chains like McDonald's has secured a referendum vote in November 2024.

2023-01-26T19:38:04Z

Southwest Air Sees First-Quarter Loss After December Crisis

Southwest Airlines Co.’s operations meltdown last month will lead to a first-quarter loss as the fallout extends into 2023 from a fiasco that resulted in thousands of canceled flights and prompted a federal probe into its operations.

2023-01-26T13:11:42Z

U.S. Senator Warren 'particularly concerned' about Amgen, Indivior deals

WASHINGTON (Reuters) -Sen. Elizabeth Warren, an outspoken critic of corporate consolidation, wrote to the U.S. Federal Trade Commission to express concern about two pending pharmaceutical deals. In a letter dated Wednesday, Warren said that she was focused on Amgen's plan to buy Horizon Therapeutics, and addiction specialist Indivior's plan to buy Opiant for $145 million, which was announced in

2023-01-26T21:36:40Z

Emirates Islamic profit surges 51% to Dh1.24b

The bank’s total assets increased by 15 per cent to Dh75 billion while customer financing rose by 14 per cent to Dh48.4 billion

2023-01-26T13:41:34Z

American Air Sees Profit Above Estimates on Steady Demand

American Airlines Group Inc. expects profit this year to exceed estimates following a slow start, as steady demand for air travel keeps an industry recovery going into 2023.

2023-01-26T12:31:38Z

Meta to lift Donald Trump's Facebook and Instagram bans

Former US president Donald Trump will be allowed back on to Meta's social networks Facebook and Instagram after a long suspension, the company said on Wednesday. Mr Trump was indefinitely suspended for posts that were considered to be incendiary after a mob of his supporters stormed the US Capitol on January 6, 2021. Other popular social networks s...

2023-01-25T22:57:47Z

US economy ends 2022 with strong growth of 2.9%

The US economy slowed slightly in the final quarter of 2022, although it still grew at a faster-than-expected pace amid fears that the world's largest economy is heading towards a recession this year. The nation's gross domestic product grew at a 2.9 per cent rate from October to December, a report from the Bureau of Economic Analysis showed on Wed...

2023-01-26T13:58:03Z

ADM's earnings top forecasts on strong crush margins, buoyant demand

By Karl Plume CHICAGO (Reuters) -Archer-Daniels-Midland Co on Thursday said robust soy crushing margins and hefty global demand for crops had propelled the U.S. grains merchant to a record fourth-quarter profit and would keep driving strong results in 2023. The solid quarterly earnings highlighted how global crop merchants like ADM have weathered rising energy costs and supply chain disruptions

2023-01-26T19:16:30Z

US Filed Microsoft-Activision Suit to Head Off EU Settlement

The US Federal Trade Commission filed its lawsuit to block Microsoft Corp.’s $69 billion takeover of gaming company Activision Blizzard Inc. in December partly to get ahead of its European counterparts and dissuade them from accepting a settlement allowing the deal, according to people familiar with the investigations.

2023-01-26T00:10:50Z

Shareholders can sue McDonald's ex-executive in landmark ruling

By Tom Hals WILMINGTON, Del. (Reuters) - Shareholders can sue McDonald Corp's former global chief people officer for the damage they claim he caused to the restaurant chain by allegedly allowing a culture of sexual harassment to flourish, according to a groundbreaking legal ruling. The decision marks the first time the influential Delaware Court of Chancery has recognized that corporate officers

2023-01-26T18:06:27Z

Emirates NBD’s 2022 profit jumps 40% to Dh13 billion

The fourth-quarter profits soared 94 per cent to Dh3.9 billion year-on-year basis, reflecting improving margins and a lower cost of risk

2023-01-26T12:56:05Z

Toyota Names New CEO as Tesla-Led EV Shift Threatens Its Dominance

Toyota Motor Corp. will elevate the head of Lexus to replace long-time CEO Akio Toyoda, who steered his grandfather’s carmaker to the top of the automotive ranks while leaving a lane open for Tesla Inc. to lead in fully electric vehicles.

2023-01-26T07:36:03Z

Tesla reports record income; confirms Nevada truck expansion

The company confirmed it plans to produce high volumes of semi-trucks and make enough cell batteries for 2 million light-duty vehicles annually in Nevada

2023-01-26T11:26:01Z

ServiceNow Pledges ‘Absolutely No’ Job Cuts in 2023 While Stock Falls on Sales Miss

ServiceNow Inc. declined in extended trading after subscription sales fell short of analysts’ estimates. The software maker also pledged it wouldn’t cut jobs in 2023 despite workforce reductions at many technology companies.

2023-01-25T21:46:04Z

Chipotle wants to hire 15,000 restaurant workers as it plans double in size to 7,000 restaurants in the coming years

A new hiring campaign will feature six employees who have risen the ranks from restaurant crew member to management.

2023-01-26T13:07:29Z

IBM to Cut About 3,900 Workers, Still Hiring in ‘Higher Growth’ Areas

International Business Machines Corp. delivered an upbeat annual sales forecast while announcing it would eliminate about 1.5% of its global workforce, following similar job cuts the past few months by many of its technology peers.

2023-01-25T21:30:27Z

Amazon’s Moonshot Chief Lands at Seattle Venture Firm Madrona

Seattle’s largest venture capital firm has hired its second former Amazon.com Inc. executive in four months, deepening its ties with the e-commerce giant.

2023-01-26T20:47:30Z

Warren tells FTC she is "particularly concerned" about Amgen and Indivior deals

WASHINGTON (Reuters) - Sen. Elizabeth Warren, an outspoken critic of corporate consolidation, wrote to the U.S. Federal Trade Commission to express concern about two pending pharmaceutical deals. In a letter dated Wednesday, Warren said that she was focused on Amgen's plan to buy Horizon Therapeutics, and addiction specialist Indivior's plan to buy Opiant for $145 million, which was announced in

2023-01-26T18:06:31Z

U.S. Senate finance chair: Congress should hike tax on oil firms' stock buybacks

(Reuters) - U.S. Senate Finance Committee Chair Ron Wyden on Thursday said Congress must do more to raise taxes on oil companies' stock buybacks after Chevron Corp announced it would triple its budget for share buybacks to $75 billion. “There were a lot of people who had to cut back on things like food, medicine, and travel with family when oil companies jacked up prices at the pump while pulling

2023-01-26T19:16:32Z

SAP Plans to Sell Qualtrics Stake, Cut 3,000 Jobs

SAP SE is planning to cut about 3,000 jobs this year while exploring a sale of its remaining stake in Qualtrics International Inc. as the company looks for ways to boost profit.

2023-01-26T09:01:17Z

Toyota names Lexus chief Koji Sato CEO as Akio Toyoda takes chairman role

The issue of who would take over from Toyoda, the 66-year-old grandson of the company’s founder, had increasingly been a focus for investors

2023-01-26T10:56:01Z

Visa profit rises on resilient consumer spending

(Reuters) -Visa Inc reported a rise in first-quarter profit on Thursday, helped by a jump in payment volumes as consumer spending held up despite a slowing economy. Americans continued to spend on entertainment and international travel during the holiday quarter, as a stronger dollar helped offset the impact of inflation and rising interest rates. On a constant dollar basis, Visa's payment

2023-01-26T21:36:42Z

Al Seer Marine hits new high revenue record of Dh 1billion in 2022

Al Seer Marine is swiftly becoming a key player in the global maritime shipping sector as it continues to grow its tanker fleet

2023-01-26T13:26:04Z

Sharjah Islamic Bank achieves record net profit of Dh651 million

The bank also reports an increase in operating profits by 17.4 per cent, reaching Dh998.3 million in 2022 as against Dh850.7 million in the previous year

2023-01-26T12:26:03Z

Emirates NBD’s full-year profit surges 40% to $3.5bn on income boost

Emirates NBD, Dubai's biggest lender by assets, reported a 40 per cent annual surge in 2022 net profit on higher net interest income and lower impairment allowances. Net profit attributable to equity holders of the group for the full year climbed to Dh13 billion ($3.53 billion), the lender said in a statement on Thursday to the Dubai Financial Mark...

2023-01-26T05:27:40Z

Big surge in DLD licences reflects Dubai’s investor appeal

DLD issued a total of 9,047 real estate permits and 6,479 real estate licences in 2022, a growth of 46.6 per cent and 53 per cent, respectively, from 2021

2023-01-26T15:11:02Z

Intel's first-quarter forecast underwhelms, shares fall 7%

(Reuters) -Intel Corp forecast for first-quarter revenue fell way short of Wall Street targets on Thursday, as the chipmaker struggles with a worsening PC market and its data center clients delay purchases amid fears of a global recession. The company's shares fell 7% in trading after the bell as it also expects a surprise loss for the current quarter. The PC industry is struggling with a pile

2023-01-26T21:36:42Z

Dubai Investments acquires stake in Monument Bank

Monument Bank is focused on the overlooked ‘mass affluent’ segment in the UK

2023-01-26T13:11:04Z

Hasbro to cut 1,000 full-time jobs globally in 2023

(Reuters) -Hasbro Inc said on Thursday it would eliminate about 1,000 positions from its global workforce this year, or about 15% of full-time employees, as the toymaker looks to cut costs in a tough macroeconomic backdrop. Shares of Hasbro fell 4% to $61.30 in after-hours trading. The company estimated fourth-quarter revenue of about $1.68 billion, down 17% from a year earlier. Analysts on

2023-01-26T21:36:44Z

Amazon to Sell Bay Area Office Complex as Sales Growth Cools

Amazon.com Inc. is selling a vacant Bay Area office complex purchased about 16 months ago, the company’s latest effort to unwind a pandemic-era expansion that left it with a surfeit of warehouses and employees.

2023-01-26T19:22:10Z

Philippines economy grows 7.6% despite inflation threat

Gross domestic product expanded 7.6 per cent in 2022, the state statistics agency said in a briefing, faster than the pandemic-blighted 5.7 per cent output in 2021

2023-01-26T10:56:01Z

UAE’s Dana Gas raises foreign ownership of shares to 100%

Dana Gas, one of the largest private natural gas companies in the Middle East, has approved a proposal to raise the foreign ownership of its shares. “The directors approved recommendation to increase foreign ownership limit of 100 per cent and to be presented in the annual general assembly for approval, subject to the approval of the competent auth...

2023-01-26T05:27:40Z

Boeing pleads not guilty to fraud charge in 737 MAX arraignment

By Sheila Dang and David Shepardson FORT WORTH, Texas/WASHINGTON (Reuters) -Boeing Co pleaded not guilty on Thursday to a 737 MAX fraud conspiracy felony charge after families objected to a 2021 Justice Department agreement to resolve the investigation into the plane's flawed design. Boeing’s chief safety officer, Mike Delaney, entered the not-guilty plea on behalf of the planemaker at a

2023-01-26T19:16:36Z

Bloom Holding appoints main contractor for phase one of Bloom Living, Cordoba

Bloom Holding, one of the UAE’s foremost real estate development companies, has announced the appointment of Emirates Link Maltauro LLC as the main contractor to carry out the construction works for Cordoba, phase one of its fully integrated and all-inclusive residential community, Bloom Living. Scheduled for completion in Q4 2024, Cordoba, the fir...

2023-01-26T04:12:49Z

Oil prices steady on small rise in US crude stocks and weaker dollar

Oil prices were steady in Thursday morning trade after a smaller-than-expected rise in US crude stocks and a weaker dollar. Brent, the benchmark for two thirds of the world’s oil, was 0.72 per cent higher at $86.74 a barrel at 4.01pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.80 per cent at $80.79 a barrel. “Crude p...

2023-01-26T07:42:56Z

Pakistan seeks US help in unlocking $1.1b IMF loan

With interest rates already at 17 per cent, inflation hitting 24.5 per cent in December, and foreign reserves barely sufficient to cover three weeks of imports, the South Asian nation is in dire need of external financing

2023-01-26T11:11:29Z

Tesla's shares surge in after-hours trading as it reports record profit

Tesla, one of the world's most valuable car makers, has reported its largest quarterly net profit driven by record vehicle deliveries between October and December as revenue soared. The company’s net profit jumped 59 per cent annually to reach about $3.7 billion in the fourth quarter of 2022, from the same period a year earlier. This is the 14th st...

2023-01-25T23:28:08Z

FAB posts ‘historic-high’ profit of Dh13.4 billion in 2022

The bank’s fourth-quarter net profit dropped to Dh2.5 billion from Dh 2.9 million in Q3’22, reflecting prudent provisioning and conservative asset valuations

2023-01-26T13:56:03Z

BuzzFeed Shares Surge 120% on Plans to Embrace OpenAI

BuzzFeed Inc. shares surged by a record on news that the digital-media company plans to use OpenAI to bolster some of its content creation.

2023-01-26T20:02:10Z

Renault offers workers 7.5% salary budget raise in 2023 -sources

PARIS (Reuters) - French carmaker RenaultPA> is offering workers to increase its 2023 budget for salaries by 7.5% in 2023 to help cope with the rising cost of living, three sources familiar with the company's proposal said on Thursday. The budget increase would equate to a net salary increase of 110 euros per month for about two thirds of the workforce, the sources said. It would represent the

2023-01-26T20:26:33Z