Category: Business
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Wall Street ends down as US retail sales data crimps rate cut bets
By Noel Randewich and Johann M Cherian (Reuters) -Wall Street stocks finished lower on Wednesday after upbeat December U.S. retail sales data eroded expectations the Federal Reserve will kick off its rate-cut campaign as early as March. The benchmark S&P 500 fell to its lowest in over a week. Amazon, Nvidia and Alphabet dipped between…
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Trump-linked SPAC may raise up to $50 million via convertible notes, warrants
(Reuters) – Digital World Acquisition, the blank-check firm set to merge with former U.S. President Donald Trump’s media company, said in a filing it could raise up to $50 million by issuing convertible notes or warrants. Digital World’s shares fell 9.2% to $20.30 on Wednesday. A special purpose acquisition company, or SPAC, is a publicly…
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Wall Street ends down as Apple weighs
By Noel Randewich and Johann M Cherian (Reuters) – U.S. stocks ended lower on Tuesday after mixed earnings from Morgan Stanley and Goldman Sachs pressured banks, and as sell-offs in Boeing and Apple weighed on the S&P 500. Morgan Stanley tumbled 4.2% to a more than one-month low after it posted a lower quarterly profit,…
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Nvidia, AMD shares jump as AI optimism spurs analyst price target hikes
By Chibuike Oguh NEW YORK (Reuters) -Shares of Nvidia and Advanced Micro Devices (AMD) jumped on Tuesday as investor optimism over the prospects of higher demand for artificial intelligence (AI)-powered chips prompted Wall Street analysts to hike their price targets for the semiconductor giants. Nvidia currently has a dominant position in the market for advanced…
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Shell to exit Nigeria’s troubled onshore oil after nearly a century
By Ron Bousso LONDON (Reuters) -Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s.…
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Microsoft CEO ‘comfortable’ with OpenAI non-profit despite Altman ouster
By Jeffrey Dastin DAVOS, Switzerland (Reuters) -Microsoft CEO Satya Nadella on Tuesday said he had no issue with partner OpenAI’s governance structure, two months after the startup’s non-profit board temporarily ousted its chief executive without regard to investors’ interests. The surprise November dismissal of OpenAI’s CEO Sam Altman over an alleged communication breakdown triggered a…
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Google lays off hundreds of employees in advertising sales team
(Reuters) -Google is laying off hundreds of employees in its advertising sales team, the Alphabet-owned company said on Tuesday, marking the latest cuts at the search giant. The move adds to signs that job cuts will continue this year, as companies look to adopt artificial intelligence software and automation to lighten workloads. Last week, Google…
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Honeywell’s quantum computing firm valued at $5 billion after latest fundraise
(Reuters) – Honeywell International said on Tuesday its quantum computing company, Quantinuum, was valued at $5 billion after a $300 million equity funding round, anchored by JPMorgan Chase. Mitsui & Co and Amgen also participated in the latest round, which took the total capital raised by Quantinuum since inception to about $625 million. Companies are…
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Rental giant Hertz dumps EVs, including Teslas, for gas cars
By Nathan Gomes and Joseph White (Reuters) -Rental firm Hertz Global Holdings is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled. Hertz will instead opt for gas-powered vehicles, it…
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US FAA launches probe of Boeing 737 MAX 9 after mid-air panel incident
By David Shepardson WASHINGTON (Reuters) -The U.S. Federal Aviation Administration is launching a formal investigation into the Boeing 737 MAX 9 after a cabin panel blew off an Alaska Airlines flight last week in mid-air, forcing an emergency landing, the regulator said on Thursday. The FAA on Saturday grounded 171 Boeing MAX jets with the…