Business

Trending:

Blackstone set to clinch Hipgnosis Songs as Concord sticks with lower bid

(Reuters) -Blackstone looked set to clinch its $1.57 billion deal for Hipgnosis Songs Fund after Apollo-backed Concord said on Thursday it would stick with its lower bid for the music rights owner of artists such as Shakira and Red Hot Chili Peppers. Shares in Hipgnosis, which also owns rights to songs by The Chainsmokers, were down 2.1% at 1.024 pounds ($1.28) in morning trade. They have soared

2024-05-09T19:23:03Z

CEO Dara Khosrowshahi says remote work took away some of Uber's best customers, but commuters are starting to come back

"There is an audience who kind of stopped using us as frequently as they used to," Dara Khosrowshahi said.

2024-05-09T11:22:36Z

Philippines says U.S., China eyeing mining opportunities, especially in nickel

MANILA (Reuters) - Numerous countries including the United States and China have expressed interest in collaborating with the Philippines for mining opportunities particularly in nickel, its environment minister said on Friday. Maria Antonia Yulo-Loyzaga in a speech said the Philippines should enhance its nickel processing capacity, a key component for the production of batteries in electric

2024-05-10T02:24:45Z

Video shows the scary moment a Boeing cargo plane skidded and threw up sparks when its landing gear failed to deploy properly

Smoke and sparks are seen coming from the Boeing jet as the nose scrapes along the tarmac at Istanbul Airport.

2024-05-09T10:22:49Z

Exclusive-China's Zeekr prices US IPO at top of range to raise $441 million, source says

By Echo Wang NEW YORK (Reuters) -Chinese electric vehicle maker Zeekr Intelligent Technology priced its U.S. initial public offering (IPO) at the top of its indicated range on Thursday, raising $441 million, a person familiar with the matter said. Zeekr, which is the premium brand of Chinese automaker Geely, upsized its IPO to sell 21 million American Depositary Shares at $21 per share, the

2024-05-10T05:49:58Z

OCBC posts record Q1 profit, makes $1 billion bid to take Great Eastern private

By Yantoultra Ngui and Poonam Behura SINGAPORE (Reuters) -Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and made a S$1.4 billion ($1.04 billion) offer to take its insurer arm Great Eastern private. OCBC, Great Eastern's biggest shareholder, offered a 37% premium over Great Eastern's last traded shares

2024-05-10T01:34:49Z

Exclusive-Chinese EV maker Zeekr prices US IPO at top of range to raise $441 million, source says

By Echo Wang NEW YORK (Reuters) -Chinese electric vehicle maker Zeekr Intelligent Technology priced its U.S. initial public offering (IPO) at the top of its indicated range on Thursday, raising $441 million, a person familiar with the matter said. Zeekr, which is the premium brand of Chinese automaker Geely, upsized its IPO to sell 21 million American Depositary Shares at $21 per share, the

2024-05-09T19:53:02Z

Japan's consumer spending extends declines as outlook weakens

By Satoshi Sugiyama and Tetsushi Kajimoto TOKYO (Reuters) - Japan's consumer spending fell for the 13th straight month in March, creating challenges for policymakers who are seeking to drive stronger real wage growth, a prerequisite for additional central bank rate hikes. Household spending fell 1.2% in March from a year earlier, official data released on Friday showed, against economists'

2024-05-10T04:59:46Z

Maduro's lawmaker son says Venezuela open to paying $10 billion debt to China

By Deisy Buitrago CARACAS (Reuters) -Venezuela is open to paying its $10 billion debt to China, lawmaker Nicolas Maduro Guerra, son of President Nicolas Maduro, told Reuters in an interview on Thursday. Venezuela's relationship with China is "foolproof and weatherproof," Maduro Guerra said, adding that Chinese companies are open to investing in the South American country. China is a major

2024-05-09T20:14:13Z

Tesla interfered with union organizing at New York plant, US agency claims

By Daniel Wiessner (Reuters) -Tesla has been accused by a U.S. labor agency of discouraging workers at a Buffalo, New York, assembly plant from union organizing by barring them from using phones and other devices, an agency spokeswoman said on Thursday. A National Labor Relations Board (NLRB) official issued a complaint late Wednesday claiming Tesla's workplace rule banning personal technology

2024-05-09T19:34:22Z

Jury chosen for Bill Hwang's trial over Archegos collapse

By Brendan Pierson NEW YORK (Reuters) - A jury was chosen on Thursday in the criminal racketeering trial of Sung Kook "Bill" Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week. The seven women and five men include a neuroscientist, a teacher and a utility company employee. The trial before

2024-05-09T23:09:37Z

Japan's consumer spending extends declines, clouding outlook for BOJ rate hikes

By Satoshi Sugiyama and Tetsushi Kajimoto TOKYO (Reuters) - Japan's consumer spending fell for the 13th straight month in March, creating challenges for policymakers who are seeking to drive stronger real wage growth, a prerequisite for additional central bank rate hikes. Household spending fell 1.2% in March from a year earlier, official data released on Friday showed, against economists'

2024-05-10T05:45:13Z

BA owner IAG's Q1 operating profit beats expectations

By Joanna Plucinska LONDON (Reuters) - British Airways owner IAG on Friday reported better than expected first-quarter earnings, with an operating profit of 68 million euros ($73 million), as the group saw strong bookings and projected a busy and profitable summer. The first quarter is often loss-making for airlines, with fewer bookings at the start of the year. "Our transformation initiatives

2024-05-10T06:44:03Z

Arm Slides as Tepid Outlook Fuels Concerns Over AI Slowdown

Arm Holdings Plc shares tumbled after the chip designer gave a lukewarm revenue forecast for the fiscal year, raising concerns that the tech industry’s artificial intelligence spending spree is slowing.

2024-05-08T20:46:06Z

Tesla executive says he's resigned as recent layoffs hurt morale and throw the company 'out of balance'

Tesla's former head of product launches, Rich Otto, said layoffs are "rocking the company and its morale."

2024-05-09T15:28:03Z

Spinneys to expand presence in UAE and Saudi Arabia

We see a large whitespace opportunity in both the UAE and Saudi Arabia, an important factor in our plans for continued expansion of our store network: Sunil Kumar

2024-05-09T18:56:22Z

SoftBank in talks with Naver over control of Line operator LY

By Anton Bridge and Joyce Lee TOKYO/SEOUL (Reuters) - SoftBank CEO Junichi Miyakawa said on Thursday that the Japanese telecommunications firm is in talks with South Korea's Naver over control of LY Corp, which operates the popular messaging app Line. Naver said last week that "very unusual" administrative guidance from the Japanese government over a data leak last year required it to reduce its

2024-05-10T01:34:52Z

Too many tractors: As boom times fade, farm equipment piles up

By Bianca Flowers and Renee Hickman DEKALB, Illinois (Reuters) - Falling crop prices are leaving agriculture equipment sellers with an excess of unsold tractors and combines. To cope with the surplus, dealers are discounting machines, suspending new orders, and even auctioning off equipment at reduced prices. The slower equipment sales are a knock-on effect of corn and soy prices dropping to

2024-05-09T19:04:22Z

Japan's consumer spending fell for 13th straight month in March

TOKYO (Reuters) - Japan's consumer spending kept shrinking for a 13th straight month in March, government data showed on Friday, creating challenges for policymakers seeking to engineer self-sustaining economic growth and normalise monetary policy. Household spending fell 1.2% in March from a year earlier, the data showed, against economists' median forecast for a 2.4% drop and following a 0.5%

2024-05-10T00:24:25Z

UK emerges from recession after 0.6% growth

The UK has exited the shallow recession it fell into at the end of last year, according to the Office for National Statistics. Following two quarters of negative growth up to the end of December 2023, the latest data shows that the British economy grew by 0.6 per cent in the first quarter of this year, beating economists' forecasts. The services se...

2024-05-10T06:44:57Z

Buoyant investor demand to drive Dubai’s housing delivery to 35,000 units in 2024

Around 10,000 units were delivered in Dubai and 1,600 in Abu Dhabi in Q1, demonstrating strong growth in the UAE’s residential sector

2024-05-09T19:11:13Z

Pfizer Agrees to Settle More than 10,000 Zantac Cancer Suits

Pfizer Inc. has agreed to settle more than 10,000 cases accusing it of hiding the cancer risks of its Zantac heartburn drug, according to people familiar with the deal, the biggest of the litigation.

2024-05-08T14:19:57Z

Australian regulator says Musk's X should not set limits of internet law

By Byron Kaye SYDNEY (Reuters) - Elon Musk's X has policies to take down harmful content when it chooses but should not be allowed to overrule Australian law in deciding what can be viewed there, a lawyer for the cyber regulator told a hearing into video of a bishop being stabbed. X, formerly Twitter, is fighting an order by the e-Safety Commissioner to remove 65 posts showing video of an

2024-05-10T04:05:01Z

Pro-Palestinian NYU alumni look to create 'ripple effect' by withholding donations

Live updates: Follow the latest news on Israel-Gaza As the academic year at New York University comes to a close, a group of alumni is aiming to put financial pressure on the institution to protect pro-Palestinian students by withholding donations. The group, NYU Alumni for Justice in Palestine, hopes its grass-roots efforts will convince the unive...

2024-05-09T15:44:31Z

Porch sues China Construction Bank in US over reinsurance fraud losses

(Reuters) - U.S. insurance and home inspection software provider Porch Group is suing China Construction Bank Corp (CCB), the country's third-biggest lender by assets, for allegedly enabling a "massive fraud" that caused "monumental losses" for Porch. Porch and its units accused the Chinese lender of conspiring with employees of the now bankrupt Israeli insurance firm Vesttoo to issue dozens of

2024-05-10T09:05:20Z

BHP-Anglo American deal raises alarm in Japan's steel industry

By Melanie Burton and Yuka Obayashi MELBOURNE/TOKYO (Reuters) -Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American. Australia is the world's biggest exporter of coking coal and top supplier to Japan, making up around 60% of its imports, with most of

2024-05-09T22:19:37Z

Japan's consumer spending extends declines as outlook weakens

By Satoshi Sugiyama and Tetsushi Kajimoto TOKYO (Reuters) -Japan's consumer spending fell for the 13th straight month in March, creating challenges for policymakers who are seeking to drive stronger real wage growth, a prerequisite for additional central bank rate hikes. Household spending fell 1.2% in March from a year earlier, official data released on Friday showed, against economists' median

2024-05-10T02:04:34Z

Japan's consumer spending fell for 13th straight month in March

TOKYO (Reuters) - Japan's consumer spending kept shrinking for a 13th straight month in March, government data showed on Friday, creating challenges for policymakers seeking to engineer self-sustaining economic growth and normalise monetary policy. Household spending fell 1.2% in March from a year earlier, the data showed, against economists' median forecast for a 2.4% drop and following a 0.5%

2024-05-09T23:59:26Z

BA-owner IAG's Q1 operating profit beats expectations

By Joanna Plucinska LONDON (Reuters) - British Airways owner IAG on Friday reported better than expected first-quarter earnings, with an operating profit of 68 million euros ($73 million), as the group saw strong bookings and projected a busy and profitable summer. The first quarter is often loss-making for airlines, with fewer bookings at the start of the year. "Our transformation initiatives

2024-05-10T06:29:01Z

Colleen Barrett, ‘Heart and Soul’ of Southwest Air, Dies at 79

The heart and soul of Southwest Airlines Co. has died.

2024-05-09T20:09:42Z

Honda to Boost Buybacks, Sees Another Record Profit on Hybrids

Honda Motor Co. forecast another year of record profit on solid demand for hybrids in the US and two wheelers in Asia.

2024-05-10T08:55:11Z

Singapore's OCBC posts record Q1 profit, lifts margin guidance for 2024

By Yantoultra Ngui SINGAPORE (Reuters) -Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and forecast its net interest margin at the higher end of a 2.20% to 2.25% range for the full year. Net interest margin, a key profitability gauge for banks, declined slightly to 2.27% during the quarter from 2.30% a

2024-05-10T00:44:50Z

Amazon’s New Fees on Sellers Likened to 'Kick in the Gut'

Revised fee structure has shifted more of the cost of running online store onto merchants even as consumers trade down.

2024-05-09T16:49:31Z

Philippines eyes boost to nickel processing capacity

By Mikhail Flores and Karen Lema MANILA (Reuters) -The Philippines said on Friday it aimed to add three more processing plants in the effort to develop a downstream industry for its abundant nickel resources, after nations such as China and the United States expressed interest in the mining sector. The Southeast Asian nation is looking to follow neighbouring Indonesia, which lured major

2024-05-10T07:25:10Z

Jurors to be chosen in Bill Hwang's trial over Archegos collapse

By Brendan Pierson NEW YORK (Reuters) -Jury selection is expected to wrap up Thursday in the criminal racketeering trial of Sung Kook "Bill" Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week. U.S. District Judge Alvin Hellerstein in Manhattan and legal teams for prosecutors and the defendants

2024-05-09T20:29:27Z

Jury chosen for Bill Hwang's trial over Archegos collapse

By Brendan Pierson NEW YORK (Reuters) -A jury was chosen on Thursday in the criminal racketeering trial of Sung Kook "Bill" Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week. The seven women and five men include a neuroscientist, a speech therapist and a utility company employee. The trial

2024-05-09T21:54:59Z

2 OpenAI researchers working on safety and governance have quit

Daniel Kokotajlo and William Saunders departed OpenAI, the company behind ChatGPT, in April and February, respectively.

2024-05-09T10:42:25Z

Alphabet Progressing in Talks to Buy HubSpot, Sources Say

Google parent Alphabet Inc. has been progressing in talks to acquire marketing software provider HubSpot Inc., according to people familiar with the matter.

2024-05-09T11:43:44Z

The bundle is making a comeback

Disney and Warner Bros. Discovery announced on Wednesday that Disney+, Hulu, and Max will all be bundled and available this summer.

2024-05-09T16:23:50Z

Why a failed video game cost Warner Bros. $200 million

The failure of "Suicide Squad: Kill the Justice League" shows how similar the video-game business is to Hollywood: big bets, big penalties for losing.

2024-05-09T14:28:07Z

Bezos, Zuckerberg Lead Magnificent Seven Insider Stock Sales

Insiders at the Magnificent Seven tech companies are following Jeff Bezos and Mark Zuckerberg in realizing gains from the stocks that have largely powered the boom in US equity markets.

2024-05-09T12:34:13Z

'Why would you eat a $10 burger out of a paper bag in your car?' Applebee's throws shade at fast food chains as it touts deals

The CEO of Applebee's said cash-strapped diners are being lured in by its value deals and are cutting back on high-priced items.

2024-05-09T12:53:25Z

BP looking to buy Tesla's Supercharger sites in US, Bloomberg News reports

(Reuters) - BP's electric charging unit is keen on buying Tesla's Supercharging sites in the United States, Bloomberg News reported on Thursday. BP "is aggressively looking to acquire real estate to scale our network, which is a heightened focus following the recent Tesla announcement," the report quoted Sujay Sharma, CEO of BP Pulse Americas, as saying in an interview. Tesla and BP did not

2024-05-09T18:39:17Z

OCBC posts record Q1 profit, makes $1 billion bid to take Great Eastern private

By Yantoultra Ngui and Poonam Behura SINGAPORE (Reuters) -Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and made a S$1.4 billion ($1.04 billion) offer to take its insurer arm Great Eastern private. OCBC, Great Eastern's biggest shareholder, offered a 37% premium over Great Eastern's last traded shares

2024-05-10T04:05:02Z

State Street CEO Yie-Hsin Hung bets on Middle East growth doubling resources

State Street Global Advisors, the fourth-largest asset manager in the world, is doubling its resources in the Africa and Middle East region, expanding its hubs in the UAE and Saudi Arabia to achieve the company’s growth ambitions in the broader region, its president Yie-Hsin Hung said. The company aims to further diversify its client base and build...

2024-05-10T03:15:10Z

Biden Prods Boeing to End Impasse With Firefighters Union

President Joe Biden weighed in on a labor dispute underway at Boeing Co., urging the planemaker to restart stalled contract talks with a union representing 160 of its firefighters.

2024-05-09T18:14:02Z

China says it firmly opposes US export control tools

BEIJING (Reuters) - China firmly opposes the abuse of export control tools such as the U.S. entity list, a foreign ministry spokesperson said on Friday, after the U.S. added 37 Chinese firms to a trade restriction list over national security concerns. Some of the entities were added to the list for making drones to be used by the Chinese military and others for shipping controlled items to Russia

2024-05-10T08:25:09Z

Maduro's lawmaker son says Venezuela is open to paying debts to China

By Deisy Buitrago CARACAS (Reuters) -Venezuela is open to paying its debt to China - which according to independent data amounts to some $10 billion - lawmaker Nicolas Maduro Guerra, son of President Nicolas Maduro, told Reuters in an interview on Thursday. Venezuela's relationship with China is "foolproof and weatherproof," Maduro Guerra said, adding that Chinese companies are keen to invest in

2024-05-09T21:19:18Z

Jack Dorsey said Twitter's board 'has always been a problem' and that he plotted his exit from the firm because of its activist investor

Before leaving Twitter in 2021, Dorsey faced pressure from Elliott Management, which wanted to replace him as CEO because he was also running Square.

2024-05-10T06:44:54Z

Airbnb Posts Biggest Decline in a Year on Weak Travel Outlook

Airbnb Inc. shares slid by the most in a year after the home-rental company gave lackluster guidance for a second straight quarter, indicating that growth in travel spending will slow ahead of the peak summer season.

2024-05-08T21:10:52Z