A corporate fad of “tokenmaxxing” on artificial intelligence technology is hitting its limits as workplaces throwing AI at everything are seeing the costs rise without a similar spike in productivity. What started as tech industry-fueled springtime hype over squeezing as much AI-generated work as po
HONG KONG, July 28 (Reuters) – Citigroup has appointed three senior traders to its foreign exchange options desk in Singapore as it seeks to boost its regional market-making and risk management capabilities, according to a company statement on Tuesday. The Wall Street lender appointed Eric Poon as d
A look at the day ahead in European and global markets from Tom Westbrook Chip stocks tanked across Asia on Tuesday, spooked by the twin threats of rising Chinese competition and mounting questions about the funding and longevity of the AI infrastructure boom. South Korea’s KOSPI fell nearly 10% and
By Rollo Ross LOS ANGELES, July 27 (Reuters) – Apple’s incoming CEO, hardware chief John Ternus, said he was committed to building on the company’s momentum in the entertainment business when he takes the helm of the iPhone maker in September. The technology giant began offering original TV series a
By Tom Westbrook and Ankur Banerjee SINGAPORE, July 28 (Reuters) – Chip stocks tanked across Asia on Tuesday, rattled by the threat of Chinese competition and worries about who’s paying for the AI boom, while sliding oil prices did little to allay nerves about U.S. rate hikes potentially starting as
By Ishaan Arora and Siyi Liu July 28 (Reuters) – Oil prices edged lower on Tuesday, hovering around one-week lows amid hopes for a resolution in the U.S.-Iran war, while subdued flow through the Strait of Hormuz and further supply disruption risks underpinned the market. Brent crude futures were dow
By Satoshi Sugiyama TOKYO, July 28 (Reuters) – The U.S. dollar held at a one-month high on Tuesday as traders weighed a slim but lingering chance of a rate hike at the Federal Reserve’s upcoming meeting, even as falling oil prices eased some concerns over inflation. The dollar index, which measures
SAO PAULO, July 27 (Reuters) – Brazil has requested consultations with the U.S. under the World Trade Organization’s dispute settlement system over tariffs announced by the Trump administration this month, the Brazilian Foreign Relations Ministry said in a statement on Monday. The request is related
By Dan Catchpole SEATTLE, July 27 (Reuters) – The U.S. Federal Aviation Administration said on Monday that seats on hundreds of Boeing 737 MAX jets registered in the U.S. may require inspections in case they were incorrectly installed and needed to be fixed. If not corrected, the seats could injure
By David Lawder July 27 (Reuters) – U.S. Trade Representative Jamieson Greer said on Monday President Donald Trump’s new tariffs on 60 trading partners over their alleged lax enforcement of forced labor bans will likely not have an economic impact in part because the rates of 10% or 12.5% are simila
BUENOS AIRES, Argentina (AP) — International Monetary Fund Managing Director Kristalina Georgieva praised Argentine President Javier Milei’s austerity policies and reform agenda Monday, saying they have restored market confidence in a country long regarded as a serial defaulter on its sovereign debt
By Dietrich Knauth NEW YORK, July 27 (Reuters) – Johnson & Johnson said on Monday it would pay an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging its baby powder and other talc products cause ovarian cancer, in a landmark deal that could end a contentious legal battle that h
WASHINGTON, July 27 (Reuters) – Lawmakers, Native American tribes, consumer advocates and others are voicing strong opposition to the Trump administration’s plans to regulate sports and other wagering in the booming prediction market industry, according to a review of public comments available on Mo
By David Shepardson WASHINGTON, July 27 (Reuters) – The Federal Aviation Administration said on Monday it was slowing flights into three New York City area airports and Philadelphia International Airport due to severe weather and air traffic staffing shortages. Staffing issues at the New York Air Ro
U.S. Immigration and Customs Enforcement plans to keep one of its largest and most expensive detention facilities open for at least another year despite calls to close it over reported human rights abuses, according to a notice published last week. ICE plans to extend the no-bid contract of the firm
BRASILIA, July 27 (Reuters) – Brazil and South Korea agreed to accelerate talks on a potential trade deal between the Asian nation and the South American bloc Mercosur, their presidents said on Monday during a ceremony in Brasilia. Brazil has been seeking to expand deals — alone or through Mercosur,
By Jonathan Stempel NEW YORK, July 27 (Reuters) – The former JPMorgan Chase banker whose lurid sexual harassment lawsuit went viral added new claims and defendants on Monday, saying the largest U.S. bank’s acceptance of racism and sexual coercion irreparably destroyed his career. Chirayu Rana said r
July 27 (Reuters) – Banca Monte dei Paschi di Siena and Banco BPM advisers are exploring a merger that would mix cash and shares as a possible alternative to Intesa Sanpaolo’s offer for Monte Paschi, Bloomberg News reported on Monday. The advisers are working on a structure that would leave sharehol
By Doyinsola Oladipo NEW YORK, July 27 (Reuters) – JetBlue Airways said on Monday it is overhauling its fare options, giving customers more flexibility to choose seats, as well as change and refundability options, as airlines rely increasingly on segmented pricing to boost revenue and offset higher
By Vallari Srivastava and Sumit Saha July 27 (Reuters) – Baker Hughes said on Monday it expects annual global spending by oil and gas producers to decline modestly this year, with growth in Latin America, offshore Africa, and North America land offset by lower spending in Europe and the Middle East.
Cracker Barrel’s CEO is stepping down nearly a year after an attempted rebrand of the chain led to a fierce customer backlash. Cracker Barrel said Monday that CEO Julie Masino will step down next month but remain with the company until Oct. 9 in an advisory capacity. David Deno will succeed Masino o
WASHINGTON, July 27 (Reuters) – OpenAI CEO Sam Altman will meet with Democratic Senator Mark Warner in Washington this week, Warner’s spokesperson said, in the wake of OpenAI’s disclosure that one of its AI systems had gone rogue during testing. Warner is the top Democrat on the Senate Intelligence
By Dominique Patton PARIS, July 27 (Reuters) – Sales at luxury giant LVMH edged higher in the second quarter as strong demand from affluent U.S. shoppers helped offset weaker spending in Europe, where tourism has been hit by the Iran war. Sales at the owner of Louis Vuitton, Dior and Moet & Chandon
By Sumit Saha July 27 (Reuters) – Expand Energy said on Monday it would buy privately held natural gas marketer Twin Eagle Holdings from Five Point Infrastructure for $1.25 billion to expand its marketing business across North America. With U.S. natural gas demand expected to grow, producers are inc
July 27 (Reuters) – Apollo Global Management will invest $1.5 billion in Singapore-based Keppel’s new private fund that will hold six operational oil rigs, the two companies said on Monday. The deal will help Keppel monetise its non-core assets and unlock capital for re-investment, while allowing Ap
(SRN NEWS) – President Donald Trump returns to Michigan today with a message that helped power his political comeback: putting American manufacturing first. The president is visiting General Motors’ Milford Proving Ground in suburban Detroit, where he is expected to highlight what the White House sa
July 27 (Reuters) – Wall Street’s main indexes opened higher on Monday after the United States and Iran paused hostilities, boosting risk appetite ahead of a week of major earnings, economic data and an interest rate decision. The Dow Jones Industrial Average rose 226.2 points, or 0.44%, at the open
By Dominique Patton PARIS, July 27 (Reuters) – Bernard Arnault, the billionaire chairman of French luxury group LVMH, has dismissed media reports of a bitter succession battle among his five children, insisting in rare public comments about his family that it remains united. Investors have long soug
WASHINGTON, July 27 (Reuters) – New orders for key U.S.-manufactured capital goods increased strongly in June while shipments surged, pointing to a fairly solid pace of economic growth in the second quarter. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business sp
By Rachel More and Ilona Wissenbach BERLIN, July 27 (Reuters) – German luxury carmaker Porsche will cut around one in five jobs by 2035, with 9,000 positions to be axed in total, as parent Volkswagen and its brands restructure in the face of weak demand and stiff competition. In a deal announced on
