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Milei’s Former Billionaire Boss Praises His Argentina Contender

Eduardo Eurnekian, an Argentine billionaire and former boss of presidential frontrunner Javier Milei, praised contender Patricia Bullrich while stopping short of offering his explicit backing ahead of the country’s general election in October.

2023-09-21T01:25:04Z

AI the single most exciting period in tech, Oracle chief says

The current momentum of artificial intelligence has created "the single most exciting period in technology in decades", the chief executive of US technology major Oracle has said. Consequently, companies that will be able to properly leverage AI's benefits are placing themselves in a "perfect position" to prosper going into the future economy, Safr...

2023-09-21T03:39:05Z

Ford reaches Canadian labor deal as US auto strike enters 6th day

The Canadian auto workers union has reached a tentative agreement with Ford, averting a strike as the labor group's US counterpart eyes expanding its ongoing stoppage to more plants. Unifor, which represents Canadian auto workers, said late Tuesday the agreement pertained to more than 5,600 Canadian Ford workers who stood poised for a potential walkout.

2023-09-20T15:09:33Z

UAE and Philippines seek to boost investment ties with a focus on Islamic finance

The UAE and the Philippines are seeking to boost investment and financial ties, with the Asian country looking to Islamic finance as a sector of focus. Senior officials from both sides – including Mohamed Al Husseini, UAE Minister of State for Financial Affairs, and Benjamin Diokno, the Philippines' Secretary of Finance – met to discuss ways to enh...

2023-09-20T18:38:30Z

Amazon Scraps Planned Merchant Fee With Antitrust Suit Looming

Amazon.com Inc. is scrapping a planned fee on merchants that don’t use its shipping services, according to documents reviewed by Bloomberg.

2023-09-20T18:49:34Z

Global debt pile hits record $307 trillion in second quarter

Increase in debt ratio caused by slower growth combined with a slowdown in price rises, IFF says

2023-09-20T14:28:56Z

Indonesia central bank holds rates, keeps focus on rupiah

By Gayatri Suroyo and Stefanno Sulaiman JAKARTA (Reuters) - Indonesia's central bank left interest rates unchanged for an eighth straight month on Thursday, keeping its focus on making sure the rupiah remains stable and as inflation has stayed within target. Bank Indonesia (BI) held the seven-day reverse repurchase rate steady at 5.75%, where it has been since January, as widely expected by 31

2023-09-21T09:42:11Z

Philippine cbank keeps rates steady but sends hawkish signal

By Neil Jerome Morales and Mikhail Flores MANILA (Reuters) - The Philippine central bank kept its key interest rate steady at 6.25% on Thursday, as expected, but signaled its readiness to tighten monetary policy at its next meeting in November if inflation pressures persist. "A rate hike is on the table for November. How big it would be would depend on the data," Bangko Sentral ng Pilipinas (BSP

2023-09-21T08:32:08Z

EU antitrust regulators set Oct. 23 deadline for Arcelik, Whirlpool deal

BRUSSELS (Reuters) - EU antitrust regulators will decide by Oct. 23 whether to clear Turkish domestic appliances maker Arcelik's proposed purchase of Whirlpool's European domestic appliances business, an European Commission filing showed on Thursday. Under the deal announced in January, the companies will set up a new entity made up of Arcelik's European units such as major domestic appliances,

2023-09-21T10:57:29Z

Detroit Three under pressure to progress UAW talks, avoid wider auto strikes

By Hyunjoo Jin (Reuters) - The United Auto Workers (UAW) and the Detroit Three automakers on Thursday have a final full day to make significant progress on a new contract before the union plans to otherwise announce an expansion of its U.S. strikes. The standoff is fueling worries about prolonged industrial action that could disrupt production and ripple through the supply chain and dent U.S.

2023-09-21T10:07:24Z

Oracle likely to boost its cloud offering in the UAE and Saudi Arabia

Oracle has plans to add more cloud regions in Europe, the Middle East and Africa, with the UAE and Saudi Arabia leading contenders thanks to their high adoption rates of the technology, according to the company's top regional executive. The Arab world's two biggest economies also stand out because their governments have been championing innovation,...

2023-09-21T09:24:56Z

Ford reaches Canadian labor deal as US auto strike enters 6th day

The Canadian auto workers union has reached a tentative agreement with Ford, averting a strike as negotiations continued Wednesday in Detroit where US labor leaders have threatened to expand a stoppage at three major automakers. "We will continue to bargain in good faith with the union to reach an agreement as quickly as possible."

2023-09-20T21:24:59Z

Insider Today: Ex-Goldman partners dish

Partner status at Goldman Sachs is considered by some to be the pinnacle of Wall Street. Former partners explain why they walked away.

2023-09-20T13:35:00Z

Internal Google emails removed from web as US Department of Justice caves to pressure

The US Department of Justice has removed public access to emails, charts and internal presentations from Alphabet’s Google that had come out as evidence in its antitrust case against the tech titan. Google had challenged the government’s posting of the documents online, and the court was sympathetic to its concerns. The result is a trial that will ...

2023-09-21T05:24:19Z

UAE small businesses eye global expansion as key to growth, Visa study finds

As digital payments go from being an option to a way of life, new research reveals what’s next: cross-border sales

2023-09-20T14:58:56Z

Amazon sellers are raiding dollar stores for products like glow sticks and Twinkies to resell online

Amazon sellers are raiding Dollar Tree and Dollar General stores for products they can resell for a profit through retail arbitrage.

2023-09-20T20:35:19Z

EU's carbon mechanism to fuel large rise in steel import costs, says WoodMac

By Pratima Desai LONDON (Reuters) - The EU's carbon emissions scheme is likely to significantly raise the costs of steel imports from India and China once it is fully implemented in 2034, while higher-emissions steel will probably go elsewhere, consultancy Wood Mackenzie said. The first mechanism of its kind anywhere in the world, the carbon border adjustment mechanism (CBAM) will be introduced

2023-09-21T10:10:44Z

European gas prices set to fall 20% by mid-2024 amid drop in demand

European gas prices are set to fall 20 per cent by mid-2024 on dropping demand for power generation and high storage levels, according to Wood Mackenzie. Factors such as storage nearing 96 per cent capacity by October's end and reduced power sector gas demand could lead to a potential price drop of $4 per million British thermal units (mmBtu) by ne...

2023-09-21T04:39:11Z

Google Can’t Claim Bias by DOJ’s Kanter in Ad Case

Alphabet Inc.’s Google can’t invoke claims of bias by a top US Justice Department official in defending itself against a government lawsuit claiming the company maintains a monopoly in the market for online advertising technology, a federal judge ruled.

2023-09-16T00:04:28Z

Juror Who Made Race Comments Removed From $1.3 Billion Tax Case

A trial threatened to descend into chaos after 12 jurors clashed over race and class while weighing charges against a wealthy developer and two others accused of arranging $1.3 billion in phony tax deductions.

2023-09-20T13:24:11Z

T-Mobile Glitch Showed Customer Data to Wrong Account Holders

Some T-Mobile US Inc. customers logged into their accounts Wednesday to a surprise: Another subscriber’s billing and account information was being shown on their online dashboards.

2023-09-20T18:54:34Z

High-income women playing bigger role in Mena economies

Wealth management industry must understand and meet women’s priorities as clients, FAB report urges

2023-09-20T14:43:57Z

Salesforce gave former employees stuffed toys wearing boomerang shirts as the company seeks to bring back ex-staff amid a hiring drive

Salesforce held an alumni event with 50 former executives last week who were gifted with stuffed animals and greeted by current executives.

2023-09-20T14:24:52Z

'Be a disciplined company.' How Klaviyo broke the IPO dry spell, according to its CEO.

Klaviyo CEO Andrew Bialecki says his company's $576 million IPO disproves the myth that startups have to prioritize growth over efficiency.

2023-09-20T17:30:08Z

Zelenskiy Meets With Ken Griffin, Bill Ackman in Bid for Funds to Rebuild Ukraine

Ukraine President Volodymyr Zelenskiy met Wednesday with US financial leaders including Ken Griffin and Bill Ackman to discuss using private-sector funds to help rebuild his country, according to people briefed on the meeting.

2023-09-20T21:24:44Z

Saudi oil minister deflects blame for rising prices

Cuts will have removed a total of 125 million barrels of crude

2023-09-20T16:14:01Z

UK inflation fall throws BoE a curveball before rates decision

Consumer price index rises 6.7% in August vs poll of a 7.0% rise

2023-09-20T15:59:02Z

Sam Bankman-Fried's dad emailed his son that he didn't know 'what to say' after finding he'd be paid $200,000 instead of $1 million by FTX — then looped in SBF's mom, lawsuit claims

"Gee, Sam I don't know what to say here," Joseph Bankman said in an email to his son about his salary from the now-bankrupt crypto exchange.

2023-09-20T13:29:45Z

PIF-backed Ades raises $76.5m from institutional investors in oversubscribed offering

Ades Holding, an oil and gas drilling company backed by Saudi Arabia's Public Investment Fund, has raised approximately 286,853 million Saudi riyals ($76.5 million) from institutional investors for its initial public offering. The IPO, which seeks to raise 4.57 billion riyals, drew strong demand from institutional investors and was more than 62.7 t...

2023-09-20T16:53:18Z

Turkey's central bank increases interest rate to 30% as country tries to tackle inflation

Turkey’s central bank delivered another significant interest rate hike on Thursday, a reflection of the urgency among officials to counter rampant inflation and win back the trust of markets. The Monetary Policy Committee led by governor Hafize Gaye Erkan raised the benchmark rate to 30 per cent from 25 per cent, in line with the forecasts of most ...

2023-09-21T11:54:48Z

Travel boom not enough to drive profits at US budget airlines Frontier, Spirit

By Rajesh Kumar Singh CHICAGO (Reuters) - Travel boom has delivered bumper earnings for U.S. carriers, but no-frills airlines such as Frontier and Spirit are struggling to return to sustainable profitability. That has made some of them weigh premium-price offerings, including first-class seats, customer lounges and branded foods even as they expect fares to remain the primary driver for bookings

2023-09-21T10:57:32Z

Shopify-Backed Klaviyo Falls From Opening Jump to Close Up 9.2% in Third Big US IPO in a Week

Marketing and data automation provider Klaviyo Inc. climbed 9.2% in its trading debut after topping its goal to raise $576 million in an initial public offering that could set the pace for listings by other startups.

2023-09-20T15:09:18Z

Bank of England holds interest rate at 5.25 per cent

The Bank of England has left interest rates unchanged at 5.25 per cent, bringing to an end a cycle of 14 straight increases in the cost of borrowing. The Monetary Policy Committee had been widely expected to raise rates for the 15th successive time but market sentiment shifted when data showed a surprise fall in the rate of inflation on Wednesday. ...

2023-09-21T11:09:48Z

Klaviyo IPO Mints $3.2 Billion Fortune for Harvard Physicist

The seemingly low-stakes world of text and email customer messaging revealed some big fortunes Wednesday, as marketing technology firm Klaviyo Inc. began trading in New York.

2023-09-20T13:39:12Z

Novo’s Rybelsus Plant Had Bacteria Contamination, FDA Says

US regulators said Novo Nordisk A/S failed to properly investigate bacterial contamination earlier this year at a plant that makes one of its best-selling diabetes drugs.

2023-09-20T23:04:52Z

Lawyers who sued Tesla board for excess pay want $10,000 an hour

By Tom Hals WILMINGTON, Delaware (Reuters) - A legal team that forced Tesla's directors to agree in July to return more than $700 million in compensation to the automaker for allegedly overpaying themselves are now seeking a huge payday of their own. The lawyers want a judge to approve $229 million in fees, or $10,690 an hour, according to a Sept. 8 filing in Delaware's Court of Chancery. The

2023-09-21T11:47:31Z

Oil prices fall on expected US rate increases despite tightening supply

Oil prices fell on Thursday despite tightening supply on expectations of US interest rate increases later this year that could limit economic growth and hit overall fuel demand. The US Federal Reserve on Wednesday hit pause on raising interest rates following the Federal Open Market Committee meeting, but signalled that there could be another rate ...

2023-09-21T08:39:59Z

Jordan's Abdali considering an IPO as it helps put kingdom on a path to stronger growth

Jordan's Abdali Investment and Development company, the kingdom's largest real estate development project, is considering an initial public offering in the future, its chairman said. Abdali is a 50-50 joint venture between Jordan’s largest property investment firm, state-owned Mawared, and Horizon International for Development, a real estate holdin...

2023-09-21T03:09:22Z

UAW Negotiator Says New Stellantis Offer Doesn’t Look Good

Stellantis NV’s new contract offer to the United Auto Workers lacks the job security guarantees the union wants, a negotiator said, suggesting workers will reject it days before a deadline to expand their historic strike.

2023-09-20T14:29:22Z

Hollywood Studios, Writers Inch Closer to Deal to End Strike

The Writers Guild of America and the group representing major Hollywood studios said they would meet for a second day, an encouraging sign that talks are progressing in a labor standoff that has lasted for months.

2023-09-21T01:45:07Z

Ford reaches Canadian labor deal as US auto strike enters 6th day

The Canadian auto workers union has reached a tentative agreement with Ford, averting a strike as negotiations continued Wednesday in Detroit where US labor leaders have threatened to expand a stoppage at three major automakers. "We will continue to bargain in good faith with the union to reach an agreement as quickly as possible."

2023-09-20T17:39:42Z

A taco chain made servers share their tips with kitchen staff and other workers, the Labor Department says. It could be ordered to pay staff $823,000.

The DOL filed a lawsuit against three Barrio Taco restaurant in Michigan, seeking $823,000 in back wages and damages.

2023-09-21T12:21:31Z

Indonesia central bank holds rates as inflation within target

By Gayatri Suroyo and Stefanno Sulaiman JAKARTA (Reuters) - Indonesia's central bank left interest rates unchanged for an eighth straight month on Thursday, as inflation has remained within its target range while it continues to stabilise the rupiah. Bank Indonesia (BI) held the seven-day reverse repurchase rate steady at 5.75%, where it has been since January, as widely expected by 31

2023-09-21T08:32:10Z

These retailers are bucking the trend and opening stores in San Francisco despite the city's 'doom loop'

A number of high-profile retailers shut up shop in San Francisco recently, but others are opening new branches.

2023-09-21T07:01:15Z

Ford reaches Canadian labor deal as US auto strike enters 6th day

The Canadian auto workers union has reached a tentative agreement with Ford, averting a strike as the labor group's US counterpart eyes expanding its ongoing stoppage to more plants. Unifor, which represents Canadian auto workers, said late Tuesday the agreement pertained to more than 5,600 Canadian Ford workers who stood poised for a potential walkout.

2023-09-20T15:02:48Z

Detroit Three under pressure to progress UAW talks, avoid wider auto strikes

By Hyunjoo Jin (Reuters) - The United Auto Workers (UAW) and the Detroit Three automakers on Thursday have a final full day to make significant progress on a new contract before the union plans to otherwise announce an expansion of its U.S. strikes. The standoff is fueling worries about prolonged industrial action that could disrupt production and ripple through the supply chain and dent U.S.

2023-09-21T10:23:06Z

China has issued some export licences for gallium and germanium

BEIJING (Reuters) - Some Chinese companies have obtained export licences for gallium and germanium products, the commerce ministry said on Thursday, after Beijing introduced new conditions for exports on Aug. 1. The Ministry of Commerce has approved applications from some companies that meet relevant requirements, spokesman He Yadong said at a regular press briefing. (Reporting by Joe Cash,

2023-09-21T07:52:13Z

Oracle set to launch generative AI services but not at the expense of jobs

Artificial intelligence is not a threat that will take away jobs from humans, a senior Oracle executive has said, as the US technology company prepares to introduce its first generative AI services. The technology, vastly improved with the advent of generative AI, should not be viewed as a danger but an enabler for people to become more productive,...

2023-09-21T07:39:31Z

Amazon Executives Accused by FTC of Helping Deceive Prime Users

Three Amazon.com Inc. executives were accused by the US Federal Trade Commission of participating in an alleged plan to make it difficult for customers to cancel subscriptions to the company’s Prime membership service.

2023-09-20T19:34:38Z

Oil companies cautious about drilling as energy transition looms

Slowing production growth could accelerate a move to renewable energy

2023-09-21T11:15:28Z