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SME story: How STP Partners leverages tech in its financial solutions

Tony Hallside, CEO of STP Partners, a full-service DIFC-based prime broker, discusses the firm's innovative prime brokerage services, strategic successes, and future plans in the dynamic financial landscape

2024-07-26T09:04:12Z

Bankrupt Steward Health to close two Massachusetts hospitals

By Dietrich Knauth NEW YORK (Reuters) - Bankrupt hospital owner Steward Health Care will close two locations in Massachusetts after failing to find a buyer for them, the company said Friday. Steward filed for bankruptcy in May, putting all of its 31 hospitals up for sale in an effort to address its $9 billion debt. Steward has lined up buyers for some of its properties, but it received no bids

2024-07-26T19:35:06Z

Airbus and Boeing supremacy secure despite turbulence

Boeing's safety troubles and the Airbus scramble to ramp up production should have left a gap for smaller rivals to challenge their dominatiion of the commercial airliner market. Airbus and Boeing still expect COMAC to become a rival.

2024-07-26T19:57:32Z

Oil headed for third straight weekly loss on demand concerns in China

Oil prices were steady on Friday on expectations of stronger demand in the US but are headed for a third weekly loss amid demand concerns in China, one of the top consumers of oil in the world. Brent, the benchmark for two thirds of the world’s oil, was trading 0.02 per cent lower at $82.35 a barrel at 11.17am UAE time while West Texas Intermediate...

2024-07-26T08:19:01Z

Dubai Taxi Company revenue up 14% as it completes 23 million trips

DTC said its taxi segment benefited from higher tariffs, and an increased number of dedicated airport taxis, in the reporting period

2024-07-26T07:12:24Z

Abbott Loses $500 Million Infant Formula Verdict, Lawyers Say

Abbott Laboratories was ordered by a jury to pay almost $500 million over allegations that it hid the risk that its premature-infant formula can cause a potentially fatal bowel disease, according to lawyers for the mother who won the first case against the company to go to trial.

2024-07-27T02:10:33Z

Most luxury companies are struggling in China — except one

Hermès defied China's luxury slump, with uptick in sales in Asia. Its chairman said Chinese shoppers are buying at home and in Europe.

2024-07-26T08:43:03Z

You won't find any ping-pong tables at Google's newly opened NYC office

Unlike its Silicon Valley HQ, Google's latest New York office doesn't have any of its classic ping-pong tables.

2024-07-26T17:04:26Z

US judge blocks latest version of labor department's fiduciary rule

By Tom Hals WILMINGTON, Delaware (Reuters) - A U.S. judge has blocked a Department of Labor rule from taking effect that would have expanded the types of retirement advisers who are considered fiduciaries, finding the rule was arbitrary and conflicted with a law that governs retirement plans. The rule, unveiled in April as the "Retirement Security Rule," was challenged by insurance groups who

2024-07-26T16:59:44Z

Keep global tax negotiations at OECD, not UN, Yellen says

By David Lawder RIO DE JANEIRO (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that she opposes shifting the negotiations for a global tax deal to the United Nations from the Organisation for Economic Cooperation and Development, pushing back against the desires of some developing countries and non-profit groups. Yellen told Reuters on the sidelines of a Group of 20 finance

2024-07-26T18:54:42Z

Why your spending must align with your values

Do well in school. Go to university. Get a high-paying job. Get married. Start a family. Work hard to support your family and save for retirement. Retire early. Spend your retirement with your grandchildren. This is a traditional life path. A life ladder. And it can be exciting to climb. The problem is nobody tells you where the next rung is. This ...

2024-07-26T04:03:05Z

PepsiCo is using robotics and AI-powered crop planning to transform its supply chain

PepsiCo uses robotics, satellites, and sensors to optimize its supply chain, from the farm to the factory line where soda bottles are filled.

2024-07-26T20:10:00Z

Terry Smith's Car Collection Is Moving Tax-Free to Mauritius

The fund manager has long lived on the Indian Ocean island

2024-07-26T09:48:17Z

US money talks, but does it make foreign companies walk?

It’s the job of government ministers to attract foreign investment by talking up their national economies. The US is no exception. Secretary of State Antony Blinken’s pitch to investors at last month’s SelectUSA Investment Summit was crystal clear: “There is no better place in the world to invest than the United States and no better time to do it t...

2024-07-26T03:02:58Z

Six banks settle European bond price fixing litigation in New York

By Jonathan Stempel NEW YORK (Reuters) - Six banks including Bank of America and Citigroup agreed to pay $80 million to settle antitrust litigation in New York accusing them of conspiring to rig prices of European government bonds. A preliminary settlement with Bank of America, Citigroup, Jefferies, NatWest, Nomura and UBS was filed late Friday in Manhattan federal court, and requires a judge's

2024-07-26T23:50:40Z

Masdar to acquire 49.99% stake in 2.5GW Spanish renewable energy portfolio

Masdar will invest EUR817m in the transaction, which values the portfolio at EUR1.7bn, making it one of Spain’s largest renewable energy deals

2024-07-26T06:27:19Z

Bernard Arnault Confirms He Owns ‘Very Minor Stake’ in Richemont

Bernard Arnault confirmed he bought a small stake in Cartier owner Richemont, as the chief executive officer of rival luxury conglomerate LVMH seeks to cool speculation about his intentions.

2024-07-26T13:44:12Z

Japan touts G20 reaffirmation of forex commitments as key achievement

By Makiko Yamazaki RIO DE JANEIRO (Reuters) -Japan sees the reaffirmation in the latest G20 joint communique of existing commitments against excessive foreign exchange volatility as one of the major achievements, Finance Minister Shunichi Suzuki said on Friday. "We believe there were major achievements at G20, such as the inclusion of the reaffirmed foreign exchange commitments in the joint

2024-07-26T23:50:12Z

BancTrust Plans Bond Investor Trip to Venezuela After Election

Investment bank BancTrust & Co. is organizing a rare trip to Venezuela for investors who hold some of the nation’s $60 billion in defaulted debt, according to people familiar with the matter.

2024-07-26T16:32:47Z

Ray-Ban Maker EssilorLuxottica Says Meta Interested in Stake

EssilorLuxottica SA said Meta Platforms Inc. is planning to buy a stake in the world’s biggest eye-wear maker, a deal which would see the US tech giant stepping up its push into smart glasses.

2024-07-25T18:26:02Z

Japan nuclear watchdog panel decides against restarting Tsuruga reactor

TOKYO (Reuters) -A panel of Japan's nuclear watchdog decided on Friday against restarting a reactor at the Tsuruga nuclear power plant citing seismic risks, paving the way for the regulator to keep the Japan Atomic Power plant shut. The panel said it was difficult to determine the safety of the reactor, noting the proximity of a seismic faultline. Consequently, it said, the reactor was not deemed

2024-07-26T17:59:45Z

Sam Altman, under fire from Elon Musk, has now offered his own vision of open-source AI

Altman said that "making sure open-sourced models are readily available to developers" will strengthen America's lead in AI.

2024-07-26T04:16:48Z

IHC’s Emirates Stallions Group reports 128% growth in operational profit

ESG reported a substantial revenue increase to Dhs640m, representing an impressive 140 per cent year-on-year increase

2024-07-26T07:27:26Z

Money & Me: ‘You should fear small incomes - not large expenses’

As a child, Dmitriy Starovoitov had a strong desire for financial success. He worked hard and became an entrepreneur, and now has nearly two decades of experience in real estate development, information technology and investment. The Ukrainian national, 41, has been living in the UAE for two years and is the founder of Almal Real Estate Development...

2024-07-26T18:05:50Z

G20 financial chiefs flag global economic 'soft landing', warn of risks from war

By Marcela Ayres and Bernardo Caram RIO DE JANEIRO (Reuters) -G20 financial leaders said on Friday the global economy was likely heading for a "soft landing", but warned wars and escalating conflicts could endanger this outlook, while more global cooperation could make growth stronger. In a joint communique after a two-day meeting in Brazil, finance ministers and central bankers from the Group

2024-07-26T21:44:58Z

Masdar buys solar assets portfolio worth $887m from Spain's Endesa

Masdar has invested €817 million ($887 million) to acquire a nearly 50 per cent stake in Spanish utility Endesa's solar energy assets as the Abu Dhabi clean energy company continues to expand its presence in Europe. Under the deal, which has an enterprise value of €1.7 billion, Masdar will become a partner for 2.5 gigawatts of renewable energy asse...

2024-07-26T04:48:24Z

Lululemon just released new leggings. Shoppers and shareholders are mad.

Some shoppers called the back of the new leggings a "whale tail." Lululemon's shares ended Thursday at their lowest level since May 2020.

2024-07-26T06:37:00Z

Nissan Global Production Cuts Imperil CEO’s Recovery Plan

Four months into a three-year plan meant to reinvigorate Nissan Motor Co., Chief Executive Officer Makoto Uchida is already struggling.

2024-07-26T01:37:09Z

McDonald’s $5 Value Meal Is Slowly Bringing Diners Back

The promotion is helping the burger giant keep customers from defecting to competitors, but it’s not a gamechanger yet.

2024-07-26T09:28:17Z

China’s Baosteel doubles investment in Aramco, PIF steel venture to $1bn

The steel manufacturing facility has an annual production capacity of 2.5 million tonnes of direct reduced iron and nearly 1.7 million tonnes of steel

2024-07-26T07:33:56Z

Exclusive-Boeing asks suppliers for decade-long titanium paper trail as check for forgeries widens

By Allison Lampert and David Shepardson WASHINGTON (Reuters) - Boeing is asking suppliers to disclose records on Chinese titanium since 2014, according to a letter seen by Reuters, as the U.S. planemaker widens checks for false paperwork used to authenticate the metal used in commercial jets. Regulators said in June they were investigating whether false or incorrect documents were used to

2024-07-26T18:13:18Z

Boeing’s Pope Makes Mark at Aviation Show as CEO Search Heats Up

The top internal candidate to become Boeing Co.’s next chief executive officer made the rounds at the Farnborough International Airshow this week, raising her profile at the embattled planemaker as its board weighs a pivotal leadership decision.

2024-07-26T05:22:05Z

Union Pacific interfered in federal safety audit -- senator

(Reuters) - U.S. railroad Union Pacific interfered in a federal safety audit after employees were coached in how to respond, prompting the rail agency to end the review, the chair of the Senate Commerce Committee said Friday. Senator Maria Cantwell said she wants answers about Union Pacific's actions after the Federal Railroad Administration told the committee this month it had been was forced to

2024-07-26T15:44:13Z

Apple joins US programme for AI safety in lead-up to its Gen AI platform launch

Apple has agreed to abide by a wide-ranging set of voluntary commitments set out by the US aimed at ensuring the responsible use of artificial intelligence as it gears up to launch its own generative AI platform. The iPhone-maker joins fellow Big Tech companies Amazon, Google, Facebook parent Meta Platforms and Microsoft, as well as AI majors Anthr...

2024-07-26T11:49:38Z

Japan touts G20 reaffirmation of forex commitments as key achievement

RIO DE JANEIRO (Reuters) - Japan sees the reaffirmation in the latest G20 joint statement of existing commitments against excessive foreign exchange volatility as one of the major achievements, Finance Minister Shunichi Suzuki said on Friday. "The inclusion of the reaffirmed commitments in the joint statement is among major achievements," Suzuki said, speaking at a press conference after the

2024-07-26T23:00:07Z

Citron's Andrew Left faces US criminal charges over alleged fraud

By Chris Prentice (Reuters) -U.S. authorities charged prominent activist short seller Andrew Left and his fund Citron Capital, alleging he had for years manipulated the market and defrauded investors with misleading claims about his positions in multiple stocks, including Nvidia and Tesla. The Justice Department and Securities and Exchange Commission said on Friday that Left used his social

2024-07-26T20:30:15Z

A Louis Vuitton x SpaceX rocket could be coming to a sky near you

Elon Musk and Bernard Arnault have formed an unexpected friendship, the LVMH chief said. And they've even discussed a Louis Vuitton-SpaceX tie-up.

2024-07-26T19:14:36Z

Microsoft's LinkedIn settles advertisers' lawsuit over alleged overcharges

By Jonathan Stempel (Reuters) -LinkedIn agreed to pay $6.625 million to settle a proposed class action accusing the Microsoft unit of overcharging advertisers by inflating how many people watched video ads on its platform. A preliminary settlement was filed late on Thursday in San Jose, California federal court, and requires approval by U.S. Magistrate Judge Susan van Keulen in San Jose,

2024-07-26T17:09:27Z

Here's what Cracker Barrel's CEO is doing to help the chain become 'relevant' again

From a redesign of its restaurants to testing new menu items, Cracker Barrel is considering some big changes under CEO Julie Masino.

2024-07-26T16:39:49Z

Texas Earthquakes Prompt Oil Regulator to Inspect Disposal Wells

The Texas oil regulator said it’s investigating after several earthquakes hit the Permian Basin this week.

2024-07-26T19:33:15Z

US, Brazil to work together on climate partnership, says Yellen

By David Lawder and Marcela Ayres RIO DE JANEIRO (Reuters) - The U.S. and Brazilian governments announced a climate partnership agenda on Friday, seeking to deepen ties on an issue they seen as key but treated as secondary by opposition in both countries. Speaking on the sidelines of a G20 finance leaders meeting in Rio de Janeiro, U.S. Treasury Secretary Janet Yellen said that "advancing work

2024-07-26T18:14:39Z

Analysis-BNP Paribas aims at 'usual suspect' status in hard-to-crack UK market

By Mathieu Rosemain LONDON (Reuters) - When acquisitive Czech billionaire Daniel Kretinsky set his eyes earlier this year on one of Britain's most iconic companies, the Royal Mail, he chose BNP Paribas along with two Wall Street giants to advise him. The 3.57 billion pound ($4.63 billion) takeover of Royal Mail's owner still needs UK government approval, but the mandate shows the French bank's

2024-07-26T16:49:30Z

Casey's to expand Texas footprint with $1.15 billion purchase of CEFCO owner

By Juveria Tabassum (Reuters) -Casey's General Stores said on Friday it would acquire Fikes Wholesale, the owner of CEFCO convenience stores, in an all-cash transaction for $1.15 billion in a bid to strengthen its presence in Texas. The company's shares, which have risen about 35% so far this year as of last close, gained as much as 6.3% to a record high of $396.26 in early trade. The

2024-07-26T17:18:06Z

Union Pacific railway interfered in federal safety audit, agency says

By David Shepardson (Reuters) -U.S. railroad Union Pacific interfered in a federal safety audit after employees were coached how to respond, prompting the federal rail agency to end the review, the agency and the chair of the Senate Commerce Committee said on Friday. Senator Maria Cantwell said she was opening a probe into Union Pacific's actions after the Federal Railroad Administration told

2024-07-26T21:35:12Z

Exclusive-Boeing asks suppliers for decade-long titanium paper trail as check for forgeries widens

By Allison Lampert and David Shepardson WASHINGTON (Reuters) -Boeing is asking suppliers to disclose records on Chinese titanium since 2014, according to a letter seen by Reuters, as the U.S. planemaker widens checks for false paperwork used to authenticate the metal used in commercial jets. Regulators said in June they were investigating whether false or incorrect documents were used to

2024-07-26T19:03:22Z

Union Pacific interfered in federal safety audit -- senator

(Reuters) - U.S. railroad Union Pacific interfered in a federal safety audit after employees were coached in how to respond, prompting the rail agency to end the review, the chair of the Senate Commerce Committee said Friday. Senator Maria Cantwell said she wants answers about Union Pacific's actions after the Federal Railroad Administration told the committee this month it had been was forced to

2024-07-26T15:34:12Z

Netflix's ex-film head Stuber ties with Amazon MGM to revive United Artists

(Reuters) - Amazon MGM Studios has entered a multi-year film partnership with Scott Stuber, the former longtime head of films at Netflix, to finance and release movies from his new production company, it said on Friday. Stuber, who left Netflix in March to start his media company, will produce several films annually under United Artists (UA), a relaunched label that once operated under MGM. The

2024-07-26T17:18:14Z

We want them to return to their former glory: flydubai CEO Ghaith Al Ghaith on Boeing

The Farnborough Airshow was overshadowed by the negative impact on the overall industry due to Boeing's recent difficulties

2024-07-26T05:42:09Z

Qatar Airways CEO says complaining about Boeing delays would be 'crying over spilled milk' as airline expands 777X order

Badr Mohammed Al-Meer said Qatar Airways is expecting its first Boeing 777X in 2026. The new widebody jets will feature the QSuite Next Gen.

2024-07-26T10:43:24Z

Turkey unveils $30bn incentives package to bring tech sector to global stage

Turkey has unveiled a $30 billion economic incentives package aimed at boosting investment in its advanced technology sectors, with President Recep Tayyip Erdogan pledging to bring them to the global stage. The programme includes a goal of attracting at least $20 billion in private sector investment, Mr Erdogan said at the unveiling of the High Tec...

2024-07-26T15:05:00Z