By Dietrich Knauth and Diana Novak Jones Oct 22 (Reuters) – Meta Platforms has a strong basis for arguing that the $25 billion penalty New Mexico secured this week in a case stemming from allegations the firm mishandled user data should be reduced on appeal, legal experts said. The judgment was one
Oct 22 (Reuters) – Spotify forecast fourth-quarter profit above Wall Street estimates on Thursday, as the Swedish music streaming company bets on its AI-powered features to drive user growth in the crucial holiday season. The company expects operating income of €820 million ($920.53 million), compar
By Lewis Krauskopf NEW YORK, Oct 22 (Reuters) – Public opposition to data centers may jolt the AI trade as the US midterm elections approach, with a strong Democratic showing potentially hampering the buildout that has lifted stocks. AI has driven the US stock bull market that just marked its fourth
By Tharuniyaa Lakshmi and Ragini Mathur Oct 22 (Reuters) – Nasdaq futures fell nearly 2% on Thursday as growth stocks came under renewed pressure after earnings from mega-caps Tesla and Meta did little to dispel doubts about the AI outlook, while a rebound in oil prices added to market jitters. The
By Vera Dvorakova and Jesus Calero Oct 22 (Reuters) – Essity is seeing greater weakness among the US restaurants it supplies than the European ones, the CEO of the Swedish hygiene products maker said on Thursday, as rising prices and a slowing jobs market put pressure on American household budgets.
(Corrects Zhang’s former role (CEO of Chery brand overseas, not group) BERLIN, Oct 22 (Reuters) – Volkswagen’s premium subsidiary Audi announced a shake-up in its China leadership on Thursday amid tough competition and falling sales in the world’s largest auto market. • Jeff Zhang, who most recently
LONDON, Oct 22 (Reuters) – Barclays said on Thursday it was cutting around 5,000 jobs, or 5% of its workforce, this year, as it uses technology such as AI to reduce fixed costs and improve overall returns. One thousand of the cuts are already done and 4,000 more will come by the end of the fourth qu
SEOUL, Oct 22 (Reuters) – South Korea’s Samsung Electro-Mechanics will receive investment valued at 3.7 trillion won ($2.8 billion) from Tesla and Nvidia to build facilities making advanced chip substrates, known as FC-BGA for AI semiconductors, the Maeil Business Newspapera reported on Thursday. Te
By Summer Zhen and Selena Li HONG KONG, Oct 22 (Reuters) – Beijing-based quant fund Lingjun Investment’s offshore arm has attracted at least $300 million from US and Southeast Asian investors, a top executive said, as it resumes fundraising two years after facing trading restrictions by Chinese regu
By Alexander Marrow LONDON, Oct 22 (Reuters) – Nestle reported better-than-expected organic sales growth for the third quarter on Thursday and said it had excluded its Russian unit from consolidated financial accounts after Moscow seized the business. President Vladimir Putin ordered the temporary s
By Christine Chen SYDNEY, Oct 22 (Reuters) – A probe into KPMG Australia has found it mishandled whistleblower allegations of client data leaks and let cultural and governance weaknesses persist for years, but stopped short of recommending a permanent ban on the firm from federal government work. Th
By Jiaxing Li HONG KONG, Oct 22 (Reuters) – A look at the day ahead in European and global markets from Jiaxing Li. French bonds remain in hot water. After the benchmark 10-year yield topped 5% for the first time since 2002, it has continued to creep higher as investors assess France’s ability to re
By Jiaxing Li HONG KONG, Oct 22 (Reuters) – Asian stocks retreated on Thursday as technology shares led a broad selloff, with Wall Street earnings failing to quell worries over soaring AI investment costs, while escalating Gulf tensions boosted oil and weighed on risk sentiment. MSCI’s broadest inde
SINGAPORE, Oct 22 (Reuters) – The yen jumped on Thursday as the latest beneficiary of a pullback in bets on the dollar, ahead of a slew of central bank meetings next week where hawkish holds are expected on rates. The currency market has been long the dollar on the assumption the AI boom keeps the U
By Carlos Méndez Oct 21 (Reuters) – Meta Platforms has struck a deal with Mark Zuckerberg to keep him living in California after the CEO warned he was considering leaving the state that houses the company’s headquarters if voters pass a wealth tax proposal next month. Under the deal, Zuckerberg will
By Abhirup Roy SAN FRANCISCO, Oct 21 (Reuters) – Tesla is aiming to start selling its Cybercab robotaxis to the public by the end of this year, its engineering chief said on Wednesday, even as the US auto safety agency probes the vehicles that come without manual controls which federal regulations t
By Siyi Liu SINGAPORE, Oct 22 (Reuters) – Oil prices rallied over $2 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude supplies from the world’s key exporting region. Brent crude futures climbed $2.82
By Scott Murdoch SYDNEY, Oct 22 (Reuters) – The Australian Securities Exchange’s chair said on Thursday the company had reached a turning point in addressing its regulatory troubles, and maintained its lower dividend payout ratio and higher cost guidance for the year ahead. The ASX has faced a numbe
By Seher Dareen and Anushree Mukherjee LONDON, Oct 22 (Reuters) – The shock of oil prices at a five-month high of $110 a barrel and gas prices in Asia and Europe hitting their highest levels since December 2022 is making its mark on household budgets. As well as raising the costs of transport and he
By Rajasik Mukherjee and Nikita Maria Jino Oct 22 (Reuters) – Santos lowered the upper end of its annual production and sales volume forecasts on Thursday after disruptions at its Pikka oil project in Alaska delayed output growth, sending its shares towards their weakest session in three weeks. The
Oct 22 (Reuters) – Australia must pay close attention to tax incentives and business-friendly measures offered by countries such as Canada if it wants to compete more effectively for global investment, BHP Chair Ross McEwan said on Thursday. Speaking at BHP’s annual general meeting, McEwan said, “Ma
Oct 21 (Reuters) – Comcast Corp is planning a significant number of job cuts as part of a restructuring of its cable-TV, broadband and wireless businesses, Bloomberg News reported on Wednesday, citing people familiar with the plan. • The cuts, aimed at creating a nimble workforce and freeing up cash
By Varun Sahay Oct 21 (Reuters) – US pipeline operator Kinder Morgan said on Wednesday it has approved a total of $4.7 billion as its share of investments in two major natural gas pipeline joint ventures, citing rising demand from power plants, data centers and LNG exporters. The projects helped lif
MELBOURNE, Oct 22 (Reuters) – Australia’s Fortescue warned on Thursday its operations could be hit if talks with China’s state-backed buyer did not conclude by year-end, as the world’s fourth-largest iron ore miner released results that showed sales lagging shipments. Fortescue has been locked in ne
NEW YORK, Oct 21 (Reuters) – Bank of America announced two new board members on Wednesday, appointing Jim Fitterling, 65, and Bill Thomas, 58, effective immediately. Both were previously CEOs of large companies: Fitterling led Dow, where he is still executive chairman, and Thomas has been KPMG’s cha
Oct 21 (Reuters) – Mattel said on Wednesday it has added a top executive of its largest shareholder, EdgePoint Investment Group, to its board of directors as the toymaker grapples with weak performance and leadership upheaval. The company has faced pressure from some investors asking the company to
By David French and Sheila Dang NEW YORK/HOUSTON, Oct 21 (Reuters) – Chevron is exploring the sale of some of its older oil and gas assets in the US Gulf, the company confirmed to Reuters, part of an effort to focus on high-growth developments in the region. The energy producer is in the early stage
By Rajesh Kumar Singh and Nandan Mandayam Chicago, Oct 21 (Reuters) – Southwest Airlines sharply cut its annual profit forecast on Wednesday, as surging fuel costs overshadowed gains from higher airfares and a business overhaul. The Dallas-based carrier expects adjusted earnings of $2.60 to $2.85 pe
By Akash Sriram and Abhirup Roy Oct 21 (Reuters) – Tesla cut its annual capital expenditure forecast by a fifth and posted surprise positive free cash flow in the third quarter on Wednesday, after investing far less in its AI and robotics ambitions than Wall Street had expected. The unexpected cash
Oct 21 (Reuters) – Meta on Wednesday raised the lower end of its annual spending forecast and said it would introduce new non-voting shares, in a move that would help fund its costly AI expansion. Meta has been pouring money into chips and data centers to compete more aggressively with OpenAI and An
