Asian Markets Mixed As Focus Turns To US Inflation Data
After a painful collapse fueled by a big miss on US jobs creation, equities managed to bounce back over the following days and ended Friday on a healthy note.
Apple Makes Changes To App Store After EU Warning
The EU said the App Store terms prevented app developers from freely steering consumers to alternative ways to pay, making Apple the first ever tech firm to face accusations of breaching a new law known as the Digital Markets Act (DMA).
US Orders FTX, Alameda To Pay $12.7 Bn To Victims
A US court in New York ordered the payments in the wake of a massive fraud scheme perpetrated by ex-FTX leader Sam Bankman-Fried, said the Commodity Futures Trading Commission, which called the sum its largest ever recovery.
China Launches Appeal At WTO Over EU Electric Vehicle Tariffs
In July, the EU slapped extra provisional duties of up to 38 percent on Chinese EVs after its executive arm concluded in an investigation that they were unfairly undermining European rivals.
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Elon Musk's X Sues Advertisers Over Boycott
The antitrust suit, filed in a federal court in Texas, targets the World Federation of Advertisers (WFA), Unilever, Mars, CVS Health and Orsted, a Danish energy company.
Swiss Mining Giant Glencore Drops Plan To Exit Coal
Swiss commodities giant Glencore announced Wednesday that it had decided against spinning off its coal business for now after consulting shareholders who view the polluting fossil fuel as a cash-generating activity.
Music And Gaming Help Sony Hike Net Profit Forecast
The yen's weakness against the dollar in recent months has boosted takings for the Japanese electronics and entertainment conglomerate.
US Judge Rules Google Is Monopoly In Key Anti-trust Case
District Court Judge Amit Mehta found that Google had a monopoly for search and for text ads through exclusive distribution agreements that made it the "default" option that people were likely to use on devices.
Hearing To Probe Alaska Airlines Emergency On Boeing Jet
Video of the episode showed oxygen masks hanging in front of a gaping airplane space from a panel that blew out shortly after takeoff, leaving passengers exposed to open air at an altitude of about 16,000 feet.
X's AI Chatbot Spread Election Misinformation, US Officials Say
The letter comes as researchers express concern that the influential site, formerly named Twitter, is a hotbed of political misinformation.
Saudi Aramco Q2 Profit Dips 3% As Output Stays Low
Saudi Arabia, the world's biggest crude exporter, is currently producing roughly nine million barrels per day (bpd), well below its capacity of 12 million bpd.
Tokyo's Nikkei Index Closes Up 10.2% After Previous Day's Record Fall
The benchmark Nikkei 225 index jumped 10.23 percent, or 3,217.04 points, to end at 34,675.46, while the broader Topix index added 9.30 percent, or 207.06 points, to 2,434.21.
TikTok, Bowing To EU, Withdraws Rewards Programme
TikTok Lite arrived in France and Spain -- the only EU countries where it is available -- in April this year. Users aged 18 and over can earn points to exchange for goods like vouchers or gift cards through the app's rewards program.
EV Transition Worries French Car Industry Workers
While there is plenty of optimism in certain regions of France, in particular in the north of the country where a "Battery Valley" is emerging, workers at parts suppliers elsewhere are pessimistic.
ExxonMobil Profits Up On Higher Output After Pioneer Deal
The petroleum heavyweight pointed to a lift in output from the Permian Basin in the United States following the Pioneer deal, which has also put the company on track for higher capital spending this year.
AI And Cloud In Spotlight As Big Tech Earnings Roll Out
While it is important to stay on the cutting edge by investing in AI, the market wants financial engines of tech firms going strong to pay for it, according to analysts.
Intel Says It Will Slash Workforce To Cut Costs
The plan to cut approximately $20 billion in expenses this year came as Intel reported a loss of $1.6 billion in the recently ended quarter.
Snapchat Gains Users But Continues To Lose Money
California-based Snap said its loss in the recently-ended quarter shrank to $249 million from $377 million in the same period a year earlier, while revenue grew to $1.2 billion from $1 billion.
Nintendo First-quarter Net Profit Sinks As Switch Sales Slow
The Japanese video game giant left its downbeat annual net profit forecast unchanged, even as the relative weakness of the yen continues to boost its earnings.
Bank Of England To Finally Cut Interest Rate?
The Bank of England announces its latest interest-rate decision Thursday, with analysts split on whether it will cut for the first time since the Covid pandemic after inflation's retreat.
Weak Yen Helps Toyota Compensate For Japan Problems
The world's largest automaker by sales also kept unchanged its full-year forecasts, predicting net profit of 3.57 trillion yen, marking a drop of 27.8 percent, on sales of 46 trillion yen, which would be a gain of 2.0 percent.
South Korea Union Pickets Outside Samsung Chairman's House
Thousands of union members stopped working on July 8 for what was initially meant to be a three-day strike, part of a long-running battle over pay and benefits. The union subsequently extended the work stoppage "indefinitely".
Olympics Tech Partner Atos Posts Huge Loss
Atos, which also runs supercomputers for France's nuclear deterrent and was an IT provider for the Euro 2024 football tournament, has a debt pile of almost five billion euros.
Starbucks Profits Fall Again But CEO Says Turnaround Underway
The results came on the heels of a bruising April earnings report that drew a tough response on Wall Street, prompting Chief Executive Laxman Narasimhan to promise a reset.
Samsung Electronics Q2 Shows Fastest Growth In Over A Decade
The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in Asia's fourth-largest economy.
European Airport Traffic Returns To Pre-Covid Levels
Overall, passenger traffic rose nine percent in the first six months of 2024 compared to the same period last year, according to Airports Council International Europe.
US Fed Expected To Pause Again And Hint At September Rate Cut
The US central bank's key lending rate has been at a two-decade high between 5.25 and 5.50 percent for the past year, with policymakers seeking to bring inflation back down toward the bank's long-term target of two percent.
Bank Of Japan Raises Interest Rate For Second Time In 17 Years
Long-standing ultra-loose policies have made the BoJ an outlier among central banks in recent years and driven down the value of the yen.
HSBC Records $21.6 Billion Pre-tax Profit In First Half 2024
The bank generates most of its revenue in Asia and has spent several years pivoting to the region, vowing to develop its wealth business and target fast-growing markets.
World Bank Approves $1.5 Billion Ethiopia Rescue Package
The decision comes after the Horn of Africa country broke with decades of managing the birr, a move that unlocked long-negotiated funding with international lenders including the International Monetary Fund.
Eurozone Inflation Unexpectedly Rises In July
Consumer price increases in the single currency area reached 2.6 percent in July, up from a 2.5-percent rate in June, the EU's statistics agency said, higher than experts' forecast.
Markets Mixed In Cautious Trade Ahead Of Central Bank Decisions
Equity markets were mixed Tuesday as investors jockey ahead of a slew of central bank decisions, key economic data and earnings from tech titans this week.
Oil Giant BP Reports Tumbling Profits In First Half
BP on Tuesday announced tumbling profits for the first half, with the British oil and gas giant hit by depreciation of assets and falling revenue.
Finance Minister To Reveal Fiscal Audit Of 'Broke' Britain
Reeves, appointed to the role following the center-left Labour party's landslide election victory on July 4, will tell MPs the previous Conservative government "overspent this year's budgets by billions of pounds".
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