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McDonald's is testing strawless lids in the US after uproar over paper straws in UK

Select US markets are using strawless lids. The move comes after McDonald's faced recycling issues with UK paper straws.


Bloomberg plans to hire 1,000 employees amid Big Tech layoffs

Bloomberg, the US media group that is one of the largest worldwide providers of financial news, data, analytics and information, plans to hire 1,000 new employees in 2023 even as Big Tech and finance companies lay off thousands of people, according to an internal memo from the company posted on the career website Blind. The post cited a memo distri...


Italian Prime Minister prepares for Libya trip to sign oil and gas deals

Italian Prime Minister Giorgia Meloni is preparing for a visit to Libya as part of efforts to secure more oil and gas supplies from North Africa. Ms Meloni may go to the capital Tripoli as early as Saturday, Bloomberg reported. The trip is not confirmed and might be delayed or cancelled because of security concerns, the news agency reported sources...


Norway finds 'substantial' mineral resources on its seabed

By Nerijus Adomaitis OSLO (Reuters) - A Norwegian study has found a "substantial" amount metals and minerals ranging from copper to rare earth metals on the seabed of its extended continental shelf, authorities said on Friday in their first official estimates. The Nordic country, a major oil and gas exporter, is considering whether to open its offshore areas to deep-sea mining, a process that


AmEx Surges Most in Over Two Years on Profit, Revenue Forecast

American Express Co. jumped the most in more than two years after the credit-card giant predicted that revenue and earnings for this year will surge well above what analysts estimated.


Mubadala Health and G42 Healthcare showcase AI-powered solutions at Arab Health

Experts to focus on the emerging technology trends in healthcare in deliberations and panels


U.S. Senator Warren urges FTC to stop L3Harris deal to buy Aerojet

WASHINGTON (Reuters) -U.S. Senator Elizabeth Warren, who has expressed concern about a broad range of corporate consolidation, wrote to the U.S. Federal Trade Commission to urge it to oppose U.S. defense contractor L3Harris Technologies' deal to buy Aerojet Rocketdyne Holdings Inc, her office said. L3Harris had announced the planned acquisition in mid-December, saying it would buy Aerojet for


Salesforce Appoints New Directors as It Faces Pressure From Activist Investors

Salesforce Inc. is appointing three new independent directors to its board as it seeks to stave off pressure from activist investors.


Nestle unveils $100 million Colombia investment to grow capacity

BOGOTA (Reuters) -Global food giant Nestle is set to invest $100 million over the next three years in its Colombian operations, President Gustavo Petro said on Friday, part of his push to boost industrialization. The Colombian leader outlined the announcement in a post on Twitter late Friday. The new investment plan builds on $13 million already spent by the world's largest food and beverage


Salesforce appoints new board directors amid activist investor pressure

By Svea Herbst-Bayliss (Reuters) - Salesforce Inc on Friday named three new board directors, including the chief of hedge fund ValueAct Capital, amid pressure from activist investors for better cost control and a management shakeup at the cloud-based software firm. The company appointed the chief executive of hedge fund ValueAct Capital, Mason Morfit, Mastercard finance chief Sachin Mehra and


Bankman-Fried Sought to Influence Witness, Prosecutors Say

FTX co-founder Samuel Bankman-Fried sought to influence a witness in the US government’s criminal fraud case against him, prosecutors said in a filing, asking a judge to stop him from contacting former employees at the bankrupt cryptocurrency exchange.


Bed Bath & Beyond's founders admit their biggest mistake: 'We missed the boat on the internet'

The founders of embattled Bed Bath & Beyond, Warren Eisenberg and Leonard Feinstein, told the Wall Street Journal they didn't adapt to e-commerce.


Stocks take breather after January surge, Adani plunges in India

MSCI’s all-country index held onto modest gains and headed for 6-day winning streak


A&W Restaurants CEO expects milder cost increase this year

By Hilary Russ NEW YORK (Reuters) - A&W Restaurants expects the total costs its franchisees pay for paper, burger patties, ice cream and other goods to rise much more slowly in 2023 than they did in 2022, a year of record inflation. Profit margins at most restaurants have been squeezed by higher costs for everything from kitchen equipment to chicken wings. Major chains including McDonald's Corp


U.S. seeks tighter bail for FTX founder Bankman-Fried to prevent tampering

By Jonathan Stempel NEW YORK (Reuters) - U.S. prosecutors on Friday asked a Manhattan judge to impose tougher bail conditions on Sam Bankman-Fried, expressing concern that the founder of the FTX cryptocurrency exchange might tamper with witnesses or destroy evidence in his criminal case. Citing Bankman-Fried's "recent attempts to contact prospective witnesses," prosecutors asked U.S. District


Federal Election Commission Asks Santos Campaign, ‘Who’s the Boss?’

The Federal Election Commission is asking a man who says he’s not responsible for handling Representative George Santos’s campaign funds why the agency has received paperwork saying otherwise.


Stocks, dollar edge up as data keeps Fed on track

US consumer spending fell for a second straight month in December


Goldman Sachs cut CEO David Solomon's pay by 30% in 2022. He made only $25 million.

Solomon's salary is made up of a $2 million annual base salary, and $23 million in annual variable compensation. He made $35 million in 2021.


Bed Bath & Beyond's efforts to find buyer stalled - Bloomberg News

(Reuters) - Bed Bath & Beyond Inc's efforts to find a buyer ahead of a likely bankruptcy filing have stalled, Bloomberg News reported on Friday, citing people with knowledge of the matter. The troubled home goods retailer is preparing to file for Chapter 11 bankruptcy protection imminently, likely without a bidder in place for its assets including the valuable buybuy Baby chain, the report added.


Kroger workers say grocery chain is pocketing their paychecks in new lawsuit: 'This is wage theft, plain and simple'

Kroger staffers claim the grocery giant has garnished paychecks and failed to pay wages since a new payroll system was implemented last year.


Danube Properties unveils Dh14b project in JLT, Dubai

Viewz will deliver apartments with Aston Martin furnished interiors and Sky Villas in 2026


Goldman Sachs slashes CEO Solomon's pay 29% to $25 million

By Lananh Nguyen NEW YORK (Reuters) -Goldman Sachs Group Inc. slashed compensation for its Chief Executive Officer David Solomon by 29% to $25 million for 2022, the bank said in a filing Friday. Solomon's pay comprises a $2 million base salary, $6.9 million cash bonus and $16.1 million in restricted stock. He was paid $35 million for 2021. The bank's compensation committee cited the "


Winklevoss Twins’ Gemini Gets New Head of Finance as Crypto Exchange Faces Turmoil

Gemini Trust, the crypto exchange run by the Winklevoss brothers, hired a fintech veteran as new head of finance even as it undergoes another round of layoffs and deals with uncertainty over whether users of its Earn program will get their money back.


Real estate transactions in Dubai continued to grow robustly in 2022

Emirate’s safe-haven status exemplified as investors flock to the UAE


Build-to-rent property fund raises $212 million from US, European and local Dubai investors

Build-to-rent investment portfolio in prime location in Dubai


H&M in the red after Russia exit, soaring costs

The withdrawal from Russia and a cost-cutting programme cost H&M almost 2.6 billion Swedish kronor


India's top banks say Adani exposure within RBI limits but remain watchful

By Nupur Anand and Siddhi Nayak MUMBAI (Reuters) - Some of India's leading public sector banks said on Friday their exposure to the Adani Group was within the limits prescribed by the central bank, assuaging fears of default risks from their exposure to the conglomerate. The ports-to-energy conglomerate, helmed by Gautam Adani - one of the world's richest men, has come under attack from U.S.


UAE holds roundtable to boost collaboration in combatting financial crime

The UAE’s executive office of Anti-Money Laundering and Countering the Financing of Terrorism has held a roundtable discussion on public-private partnerships and ways to boost collaboration to combat financial crime. Conducted in partnership with the Royal United Services Institute's Future of Financial Intelligence Sharing programme in the UK, rou...


Oil set to end the week higher on China recovery hopes and stronger US economic growth

Oil prices traded higher on Friday and were on track to end the week with a slight gain amid hopes of a swift fuel demand recovery in China and stronger-than-expected economic growth in the US. Brent, the benchmark for two thirds of the world’s oil, was 1.07 per cent higher at $88.41 a barrel at 8.50pm UAE time. West Texas Intermediate, the gauge t...


US consumer spending dips for second straight month as inflation cools

A key measurement for US inflation released on Friday showed that prices continued to cool in December as consumer spending dipped, clearing the way for the Federal Reserve to issue a smaller interest rate increase when it meets next week. The personal consumption expenditures (PCE) price index, the Fed's preferred inflation metric, rose by 5 per c...


Adani shares plunge another 20% after Hindenburg report

Shares of India's Adani Enterprises sank nearly 20 per cent on Friday as a scathing report by a US short seller triggered a rout in the conglomerate's listed companies, casting doubts on how investors will respond to the company's record $2.45 billion secondary sale. Seven listed companies of the Adani conglomerate — controlled by one of the world'...


Abu Dhabi's IHC 'still evaluating' Adani Enterprises FPO stake

International Holding Company (IHC), the UAE's most valuable listed company, is "still evaluating the opportunity" to bid for Indian conglomerate Adani Enterprises' 200 billion rupees ($2.45 billion) follow-on sale of shares that began this week. "We are still evaluating the opportunity, just like any other business case," Ahmad Ibrahim of IHC told...


U.S. Senator Warren urges FTC to stop L3Harris deal to buy Aerojet

By Diane Bartz WASHINGTON (Reuters) -U.S. Senator Elizabeth Warren, who has expressed concern about a broad range of corporate consolidation, wrote to the U.S. Federal Trade Commission to urge it to oppose U.S. defense contractor L3Harris Technologies' deal to buy Aerojet Rocketdyne Holdings Inc, her office said. L3Harris had announced the planned acquisition in mid-December, saying it would buy


Ford recalls 462,000 vehicles for rear camera display failure

By David Shepardson WASHINGTON (Reuters) -Ford Motor Co said Friday it is recalling 462,000 vehicles worldwide because video output may fail, preventing the rearview camera image from displaying. The U.S. automaker said the recall covers some 2020-2023 model year Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair vehicles equipped with 360-degree cameras and includes 382,000 in the United


U.S. seeks tighter bail for FTX founder Bankman-Fried to prevent tampering

By Jonathan Stempel NEW YORK (Reuters) - U.S. prosecutors on Friday asked a Manhattan judge to impose tougher bail conditions on Sam Bankman-Fried, expressing concern that the founder of the FTX cryptocurrency exchange might tamper with witnesses or destroy evidence in his criminal case. Citing Bankman-Fried's "recent attempts to contact prospective witnesses," prosecutors asked U.S. District


Elon Musk says his Twitter misadventure has only helped Tesla. Wall Street isn't so sure.

Elon Musk tried to spin his Twitter dalliances as a good marketing strategy for Tesla, but analysts say it's a costly distraction.


Why the US Justice Department is suing Google

The US Department of Justice and eight states filed an anti-trust lawsuit this week against Google, alleging it monopolised the country's $279 billion digital advertising market to stifle competition and boost its profit. The lawsuit, which was filed on Tuesday, aims to break up Google’s online advertising business and unwind its acquisitions of ad...


Danone Puts Lagging US Brands Including Wallaby Up for Sale

Danone is putting US yogurt brands Wallaby and Horizon Organic under strategic review as part of new Chief Executive Antoine de Saint-Affrique’s turnaround plan for the Paris-listed dairy giant.


Ford recalls 382,000 U.S. vehicles for rear camera display failure

WASHINGTON (Reuters) - Ford Motor Co said Friday it is recalling 382,000 vehicles in the United States because video output may fail, preventing the rearview camera image from displaying. The U.S. automaker said the recall covers some 2020-2023 model year Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair vehicles equipped with 360-degree cameras. Ford said it has reports of 17 minor


Pakistani rupee's fall slows as PM Sharif's hopes for IMF funds

Rupee plunged after exchange rate cap removed as central bank's forex reserves down to critical level


Intel Shares Fall Most Since July After Forecasting Surprise Loss

Intel Corp. fell the most since July after giving one of the gloomiest quarterly forecasts in its history.


MSCI seeks feedback on Adani Group over Hindenburg report

(Reuters) - Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was aware of a report issued by short-seller Hindenburg Research. Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market value and U.S. bonds of Adani firms have fallen since


A Googler says he was laid off while caring for his terminally-ill mom — but would take another job at the company 'in a heartbeat'

Paul Baker, a video producer, told Insider he was partway through a month of paid carers' leave when his termination email arrived.


Salesforce appoints new board directors amid activist investor pressure

(Reuters) - Salesforce Inc on Friday named three new board directors, including the chief of hedge fund ValueAct Capital, amid pressure from activist investors for better cost control and a management shakeup at the cloud-based software firm. The company appointed chief executive of hedge fund ValueAct Capital Mason Morfit, Mastercard finance chief Sachin Mehra and former chief executive of


Amazon beats claim that warehouse quotas are biased against older workers

By Daniel Wiessner (Reuters) -Amazon.com Inc on Friday won its bid to dismiss a proposed class action claiming its strict production quotas for warehouse workers discriminate against older employees. U.S. Magistrate Judge Kandis Westmore in Oakland said the 2021 lawsuit, which alleges the online retailer's hourly quotas place older workers at a higher risk of injury, was too vague and failed to


India's Adani slammed by $48b stock rout, clouding record share sale

Shares tank 20% as US short-seller report sparks selloff


Breakbulk Middle East 2023 builds the next generation of industry leaders

BBME connects students from leading universities and academies with working professionals to encourage careers in maritime, project cargo, and logistics


India plans to classify clean activities, technologies

Last week, India sold its first sovereign green bonds worth a total of Rs80 billion


Amazon will start charging Prime members up to $10 in delivery fees on grocery orders under $150

Delivery charges range from $3.95 to $9.95, depending on the size of the order, and go into effect February 28, Amazon announced Friday.


Goldman Sachs Slashes CEO Solomon’s Pay About 30% to $25 Million

Goldman Sachs Group Inc. cut Chief Executive Officer David Solomon’s compensation by about 30% to $25 million for 2022, a year in which the share price and profit tumbled and the firm retreated from a highly public effort to create a consumer bank.