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The handbag wars have begun after the US sued to block the merger of Coach and Michael Kors

The FTC is attempting to block a merger between luxury brands Tapestry and Capri, claiming that the merger will make affordable luxury bags expensive.

2024-04-23T00:49:05Z

Tesla lays off its new marketing team months after launching it: report

Tesla scraps its marketing team just months after it began, continuing the company's workforce reduction.

2024-04-22T17:07:38Z

General Motors beats quarterly results targets, raises forecast

By Nora Eckert DETROIT (Reuters) -General Motors on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles, sending shares up 5%. The Michigan automaker upped its adjusted pre-tax profitprojection for the year to $12.5 billion to $14.5 billion, from its previous range of $12 billion to $14

2024-04-23T14:17:15Z

Dubai Chamber of Digital Economy attracted 9 MNCs with Dh304 billion combined value in 2023

Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies

2024-04-22T15:31:25Z

UAE and Oman join forces in $180m boost for regional tech

Abu Dhabi-based investment and holding company ADQ and the Oman Investment Authority have launched a new $180 million technology-focused fund, to support the technology momentum in the Middle East. The Jasoor Fund will focus on investment that will help advance the digital economy of Oman, as well as the wider Middle East and North Africa, ADQ said...

2024-04-23T12:56:28Z

Retail investors a key strength of Indian stock market

This continuous rise in investment is attributed to an emerging trend of financialisation of savings

2024-04-23T12:59:42Z

Sharjah Islamic Bank’s net profit before corporate tax up 22.5% for Q1 2024

SIB has continued to maintain a strong liquidity, amounting to Dh15.3 billion

2024-04-22T14:46:16Z

TikTok's time in the US could soon be on the clock, and that's not the app's only problem

ByteDance will undoubtedly put up a legal fight over the law, and will also have a year to find a suitor before getting the boot.

2024-04-23T13:56:08Z

Crypto.com Postpones Expansion Into South Korea Retail Market

Just six days before its planned retail expansion, the crypto exchange Crypto.com postponed its launch in South Korea so it can communicate further with regulators.

2024-04-23T12:51:22Z

Inside Palantir’s AI Sales Secret Weapon: Software Boot Camp

The company is averaging five boot camps a day this year to try to take advantage of the AI craze.

2024-04-23T11:46:41Z

A celebrity handbag maker is going to prison for importing bags made of protected python and caiman skin

Nancy Gonzalez oversaw a sprawling scheme to bring luxury bags made of rare animal skins into the US, netting her millions, the DOJ said.

2024-04-23T11:40:31Z

Boeing’s Spirit AeroSystems Talks Hit Snag Over Airbus Part

Boeing Co.’s plan to buy back supplier Spirit AeroSystems Holdings Inc. has become mired in protracted discussions over pricing for factories that make components for Airbus SE, complicating the US planemaker’s efforts to gain tighter control over manufacturing quality.

2024-04-23T14:06:33Z

Young Chinese are trading Shanghai for small cities. Brands like KFC are following them with thousands of stores.

Economic troubles in metros like Beijing and Shanghai are pushing people to move to smaller cities, where they have more disposable income.

2024-04-23T07:45:33Z

Williams-Sonoma is fined by US FTC over 'Made in USA' claims

By Jonathan Stempel (Reuters) - Williams-Sonoma will pay a $3.18 million civil fine to settle U.S. Federal Trade Commission charges it violated a July 2020 order by falsely claiming that some of its products were "Made in USA." An order describing the settlement was filed late Monday in the federal court in San Francisco, where the kitchenware and home furnishings retailer is based, and requires

2024-04-23T13:17:03Z

Lockheed Martin beats Q1 profit estimates on strong demand

By Shivansh Tiwary and Mike Stone (Reuters) - U.S. weapons maker Lockheed Martin beat Wall Street expectations for first-quarter sales and profit on Tuesday, as simmering geopolitical tensions prompted some countries to boost their defense spending, driving demand for new weapons. Shares of the company, which is considered a bellwether for the arms sector, rose nearly 2% in premarket trading.

2024-04-23T13:22:01Z

PepsiCo's first-quarter results beat as international demand drives growth

By Ananya Mariam Rajesh (Reuters) -PepsiCo beat Wall Street expectations for first-quarter revenue and profit on Tuesday as demand for its sodas and snacks like Cheetos and Doritos in international markets drove growth even as it witnessed a slowdown in the United States. Consumers across Europe, Asia Pacific and China shelled out money for PepsiCo's pricey sodas and chips, while customers in

2024-04-23T13:17:02Z

UPS Profit Tops Estimates as Efficiency Push Counters Costs

United Parcel Service Inc. reported profit higher than analysts’ estimates as the courier’s headcount management and restructuring of its delivery routes began to bear fruit.

2024-04-23T10:46:28Z

Japan's 7-Eleven convenience chain targets aggressive global growth

TOKYO (Reuters) - Japanese retail giant Seven & i Holdings said on Tuesday it wanted to see huge growth for its 7-Eleven convenience store chain globally, and would be accelerating its entry into Europe, Latin America, the Middle East and Africa. It is aiming to boost the global number of 7-Eleven stores 18% to about 100,000 by 2030 and for the chain to be in 30 countries and regions, up from 20

2024-04-23T13:17:02Z

Gold prices drop to two-and-a-half week low on easing Middle East conflict

Gold prices fell on Tuesday to their lowest levels in more than two weeks on easing concerns of an escalation in the Middle East crisis, and as investors booked profits while awaiting key US data for new clues on the Federal Reserve's rate trajectory. Spot gold was down by about 1 per cent at $2,304.99 an ounce as of 3.36am GMT. US gold futures fel...

2024-04-23T05:37:25Z

UK energy sector’s ticking time-bomb to hit net-zero targets

The UK's road to net zero needs to be paved with a fourfold increase in investment in electricity generation and infrastructure, a leading think tank has said. In a new report called Electric Dreams, the Resolution Foundation calculated that by 2035, about 40 per cent of the energy consumed in both our homes and in road transport will need to be el...

2024-04-22T16:35:42Z

Hong Kong Developer Weighs Stake Sale in London Office Skyscraper Project

Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project.

2024-04-23T13:36:29Z

Pan Asian cuisine set to witness exponential rise

One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z

2024-04-22T17:31:41Z

I'm a Finnish CEO. Here's what it's like running a company in the happiest country on earth.

Finland is the happiest place on earth. The CEO of a Helsinki business shares how he manages his company in line with Finnish culture.

2024-04-23T09:10:48Z

Chile steel plant reopens as tariffs imposed on Chinese imports

Chile's biggest steel plant has resumed activities after the government imposed a temporary tariff on Chinese imports. Then on Saturday, Chile's finance ministry imposed a temporary tariff ranging from 25 percent to 34 percent on Chinese steel imports.

2024-04-22T17:45:08Z

JetBlue Tumbles Most Since 2020 on Latin America Misstep

JetBlue Airways Corp.’s shares fell the most since the early days of the pandemic after the carrier forecast worse-than-expected sales this quarter, blaming excess flying capacity in the critical Latin America market.

2024-04-23T11:06:31Z

GM Boosts Guidance as Truck Sales Overshadow Slump in China

General Motors Co. expects better profit this year after a strong first quarter, as robust truck sales in the US led the automaker to raise 2024 guidance by $500 million.

2024-04-23T11:01:01Z

Silicon Valley and Hollywood worlds collide as David Ellison bids for Paramount

By Dawn Chmielewski (Reuters) - David Ellison, 41, would not be the first rich guy to arrive in Hollywood with a fat bank account and dreams of making movies, though the son of billionaire Oracle founder Larry Ellison boasts the rarest of attributes for a budding media mogul: a Silicon Valley pedigree. In an industry where many get their start fetching coffee or moving props, Ellison spent

2024-04-23T13:10:37Z

I visited Chanel's watches and fine jewelry boutique in NYC and saw why the brand is betting on in-person shopping

Chanel opened its watches and fine jewelry boutique on Fifth Avenue in New York City. The luxury store has gold decor and a signature scent.

2024-04-22T21:23:46Z

Transition to EVs may not be ‘consistent', IEA says as sales slow

The International Energy Agency expects global electric car sales to grow at a slower pace this year, while maintaining that the transition to electric vehicles (EVs) may not be consistent and will hinge on affordability. Electric car sales are projected to increase by about 21 per cent to 17 million this year, down from the 35 per cent expansion r...

2024-04-23T05:07:54Z

UPS profit tops expectations as cost-cuts deliver margin

(Reuters) - United Parcel Service reported better-than-expected quarterly profit on Tuesday as cost cuts offset still-soft demand for package delivery. The world's biggest parcel delivery firm also is grappling with higher labor costs tied to its new Teamsters contract. In January said it would cut 12,000 non-union jobs as part of a bid to slash $1 billion in costs this year. First-quarter

2024-04-23T13:17:03Z

JD Sports to buy US rival Hibbett in $1.08 billion sportswear retail deal

By Yadarisa Shabong (Reuters) -JD Sports Fashion has proposed to buy American athletic fashion retailer Hibbett Inc for about $1.08 billion, the companies said on Tuesday, as Britain's biggest sportswear retailer looks to expand across the southeastern U.S. The deal comes as shares in athletic clothing retailers come under pressure globally after weak outlooks from sports apparel makers such as

2024-04-23T13:17:02Z

Canadian competition bureau has major concerns about proposed Bunge-Viterra merger

OTTAWA (Reuters) -Canada's Competition Bureau on Tuesday said it had identified major competition concerns around the proposed merger between U.S. grains merchant Bunge and Glencore-backed Viterra. In a statement accompanying a formal report to Ottawa, the bureau said the deal was "likely to result in substantial anti-competitive effects and a significant loss of rivalry between Viterra and Bunge

2024-04-23T14:17:10Z

JetBlue lowers annual revenue forecast as Latin America oversupply bites

(Reuters) -JetBlue Airways trimmed its annual revenue forecast on Tuesday after reporting lukewarm first-quarter revenue due to bloated capacity in Latin America, sending its shares down more than 12% premarket. Struggling to return to profitability, JetBlue last month outlined plans to cut some of its routes and markets that were unprofitable, including Bogota in Colombia and Lima in Peru, and

2024-04-23T13:17:03Z

UAE’s trademark listing surge signals rising investor trust

The UAE registered trademarks totalling 4,610 in Q1

2024-04-22T17:46:44Z

UAE and Oman set up investment partnerships worth $35bn

The UAE and Oman have established investment partnerships worth Dh129 billion ($35.12 billion) across multiple sectors including renewable energy, railway, green metals and technology. The collaboration was announced following the state visit of Oman's Sultan Haitham to the UAE this week. The two countries will set up an industrial and energy mega ...

2024-04-23T13:08:36Z

Renault says new models to lift 2024 sales, confirms profit outlook

By Gilles Guillaume PARIS (Reuters) -Renault expects its sales growth to accelerate this year as it launches a number of new models, the French automaker said on Tuesday, as it confirmed its profit margin and cash flow forecasts for 2024 and pushes ahead with cost cuts. Renault posted a 1.8% rise in first-quarter revenue on Tuesday, with high interest rates lifting sales at its financing arm and

2024-04-23T13:17:02Z

My Abu Dhabi Salary: ‘I earn up to Dh18,000 a month as a business coach’

Monica Mahi Mathijs aims to make enough passive income from different sources to be able to pay large bills and quit her conventional job. The coach and trainer, who is the founder of Monica Mahi consulting firm, invests in stocks and property in the UK. The Briton, who lives in Abu Dhabi’s Mangrove Village with her husband, has worked in investmen...

2024-04-23T05:07:42Z

Japan is sending a 'sugar baby' to prison for 9 years for defrauding men out of $1M and selling a manual on how to do it

Japanese 'sugar baby' Mai Watanabe was sentenced to 9 years in prison for defrauding men on dating apps and selling a manual on how to do it.

2024-04-23T12:16:05Z

GCC economies to forge ahead despite geopolitical risks

Last week, the International Monetary Fund released its Spring World Economic Outlook report, as well as the Regional Economic Outlook for the Middle East and Central Asia. The global growth forecast was revised slightly higher to 3.2 per cent in 2024, from 3.1 per cent in the January WEO update, with the improvement largely due to greater resilien...

2024-04-23T03:06:56Z

Post-Brexit Food Checks Will Be ‘Light-Touch,’ UK Minister Says

The UK will enforce “light-touch” post-Brexit checks on food and plant products beginning later this month to avoid disrupting businesses trading with European Union nations, a government minister said.

2024-04-23T12:56:23Z

How UK's biggest water supplier sank into crisis

Thames Water, the UK's largest water supplier, has been ravaged since privatisation by soaring debts and chronic underinvestment, sinking into a deep financial crisis which has sparked bailout speculation. - Collapse threat - Thames Water's woes accelerated in early April when Kemble defaulted on a key interest payment on a debt of £400 million, sparking media speculation it was on the brink of collapse and renationalisation.

2024-04-23T12:10:10Z

Tesla earnings a 'moment of truth' for Musk after stumbles

Tesla CEO Elon Musk faces heightened pressure with Tuesday's earnings report to reassure investors that recent stumbles are simply unexpected speed bumps -- and not indications of a road to decline. Tuesday's earnings and conference call are a "moment of truth" for Tesla and Musk, constituting "one of the most important moments in the company's history in our view," said a note from Wedbush.

2024-04-23T01:39:31Z

Sandvik buys majority stake in China-based Suzhou Ahno

STOCKHOLM (Reuters) - Sweden's Sandvik said on Tuesday it has agreed to buy a majority stake in China-based Suzhou Ahno Precision Cutting Tool Technology. Sandvik, which already owns a 12.4% stake in the company, said in a statement it will through the deal raise its stake to 72.4%, and that the enterprise value for the acquired stake is 189 million euros ($202 million). The impact on Sandvik’s

2024-04-23T13:21:53Z

Spotify Surges on Swing to Profit, Boost in Paid Subscribers

Spotify Technology SA shares surged the most in almost two years after the the audio-streaming giant reported it swung to a profit in the first quarter, as the company boosted subscribers and added new features.

2024-04-23T11:21:38Z

SAP Rises Most Since January on Record Cloud Backlog Growth

SAP SE rose the most since January after posting record growth in expected revenue from its cloud services over the next year, boosted by the boom in artificial intelligence.

2024-04-22T20:34:27Z

Dar Global to partner with Aston Martin on $250m beachfront project in Ras Al Khaimah

Dar Global, the global arm of Saudi Arabia’s biggest developer Dar Al Arkan, has partnered with British luxury brand Aston Martin to develop a beachfront residential community on Al Marjan Island in Ras Al Khaimah. With a development value of $250 million, the project is expected to be officially announced next month with construction due to be com...

2024-04-22T16:35:39Z

This AI startup that helps stores catch shoplifters just bagged $1.5 million in pre-seed funding without using a pitch deck

MokSa.ai, which aims to help stores curb theft and employee fraud using AI-enabled security cameras, is gearing up for an expansion.

2024-04-22T17:03:35Z

Venezuela Hires Rothschild as Adviser on Defaulted Debt Pile

Venezuela’s government has hired Rothschild & Co. as a financial adviser to provide an overview of its foreign debt obligations, according to people familiar with the matter.

2024-04-23T13:23:30Z

Philip Morris Boosted by Demand for Smoke-Free Products

Philip Morris International Inc. raised its full-year outlook after strong sales of its heated tobacco and nicotine pouch products.

2024-04-23T12:11:15Z

FTC to Issue Non-Compete Ban as Chamber Lawsuit Looms

The US Federal Trade Commission is poised to vote Tuesday to adopt a near-total ban on non-compete provisions that prohibit workers from switching jobs within an industry, a rule the Chamber of Commerce vowed to immediately challenge in court.

2024-04-23T09:20:49Z