Dollar treads water ahead of US payrolls data
NEW YORK :The dollar was little changed against most majors on Thursday in choppy trading after economic data offered some relief over the health of the U.S. economy to a market looking for clues about the path of the Federal Reserve rate cuts.U.S. services sector activity was steady in August, but ...
OpenAI considers pricier subscriptions to its Chatbot AI, The Information reports
OPENAI executives have discussed higher-priced subscriptions for upcoming large language models, such as its reasoning-focused Strawberry and a new flagship LLM dubbed Orion, the Information reported on Thursday (Sep 5).
Global equities falter with economic data in focus; oil rebounds
NEW YORK/ LONDON :MSCI's global equities index edged down on Thursday as investors assessed weak jobs data and steady services activity while oil prices bounced back due to a possible delay to output increases and a decline in U.S. inventories.U.S. Treasury yields fell and interest rate sensiti ...
Nomura Asset Management CIO says further sharp yen gains unlikely
LONDON : A recent surge in the yen means profit growth at Japanese companies may disappoint, while a further sharp appreciation in the currency is unlikely, said Nomura Asset Management's CIO.The yen has strengthened more than 10 per cent to around 144 per dollar since hitting 38-year lows in J ...
Big Four accounting firm PwC UK orders staff back to the office
PRICEWATERHOUSECOOPERS, one of the Big Four accounting firms, is clamping down on remote working in the UK, bringing in tighter rules that require employees to spend more time in the office.
Verizon to buy Frontier in US$20 billion deal to boost fibre network in US
VERIZON said on Thursday (Sep 5) it will buy fibre-optic Internet provider Frontier Communications in an all-cash deal worth US$20 billion, as the US wireless carrier looks to grow its subscriber base.
Senate panel to question US semiconductor firms on Russian weapons
WASHINGTON : The U.S. Senate Permanent Subcommittee on Investigations said Thursday it will hold a hearing with four major semiconductor companies on the use American-manufactured semiconductors in Russian weapons deployed in the war in Ukraine.Senator Richard Blumenthal, who chairs the panel, annou ...
Tesla shares gain on plans to launch Full Self-Driving in Europe, China
TESLA shares rose more than 6 per cent on Thursday (Sep 5) after the electric automaker stuck to its plans to launch the Full Self-Driving (FSD) advanced driver assistance software in China and Europe pending approval from regulators.
Seeing Is believing
Chew Sutat - Two decades ago, while at Standard Chartered Bank, our flagship corporate social responsibility programme was “The Greatest Race on Earth,” which included marathons in Singapore, Hong Kong, Mumbai and Nairobi. Some colleagues even took leave to run all four legs in a year. When we acquired Union ...
Snap sued by New Mexico over failure to protect children from sexual exploitation
New Mexico said on Thursday it filed a lawsuit against Snapchat owner Snap Inc, alleging that the messaging app's policies and design features facilitate the sharing of child sexual exploitation material. The lawsuit brought by New Mexico Attorney General Raul Torrez said a months-long investig ...
US bank profits jump 11% in second quarter of 2024 as expenses shrink
THE US banking industry recorded profits of US$71.5 billion in the second quarter of 2024, up 11.4 per cent on the prior quarter, the Federal Deposit Insurance Corporation (Fdic) reported on Thursday (Sep 5).
US bank profits jump but watchdog warns of stress
THE US banking industry recorded higher profits in the second quarter of 2024, but the Federal Deposit Insurance Corporation (FDIC) on Thursday (Sep 5) identified several lingering areas of concern including commercial real estate and credit cards.
Investor pressure on Nike builds over garment workers' rights
LONDON/NEW YORK : Investor pressure on Nike is building ahead of Tuesday's annual shareholder meeting, with Norway's sovereign wealth fund pledging to back a resolution demanding the company consider ways it can improve working conditions at garment factories. Nike is struggling with slidi ...
OPEC+ agrees to delay October output hike for two months, sources say
LONDON/MOSCOW : OPEC+ has agreed to delay a planned October oil output increase for October and November after crude prices hit their lowest in nine months, two sources from the producers group told Reuters on Thursday.
Sky’s the limit as Sats goes global
Douglas Toh - On Aug 23, Sats’ CEO Kerry Mok met with regional media in Tokyo to showcase the group’s culinary delights following its partnership with Mitsui. In July, Sats had entered into a strategic partnership with Japanese conglomer- ate Mitsui through its subsidiary Sats TFK. Mitsui acquired a 15% stake ...
OpenAI hits more than 1 million paid business users
:OpenAI said on Thursday it has more than 1 million paying users across its business products, ChatGPT Enterprise, Team and Edu, as the AI firm's chatbot continues to see strong adoption owing to its advanced large language model. The figure is a rise from the 600,000 users it had in April, ind ...
China's central bank sees room to cut reserve buffers to boost growth
BEIJING: China still has room to lower the amount of cash banks must hold as reserves while it faces some constraints in cutting interest rates, a central bank official said on Thursday (Sep 5), as it seeks to bolster the country's flagging economic recovery. The People's Bank of China, wh ...
Applied Digital surges 65% on funding deal with investors, including Nvidia
:Applied Digital shares soared nearly 65 per cent to hit their highest level in more than a month on Thursday, after the data center operator said it would receive $160 million in financing from a group of investors, including chip giant Nvidia.Investors in the deal would also include privately owne ...
Applied Digital surges on funding deal with investors, including Nvidia
:Applied Digital shares soared nearly 65 per cent to hit their highest level in more than a month on Thursday, after the data center operator said it would receive $160 million in financing from a group of investors, including chip giant Nvidia.Investors in the deal would also include privately owne ...
Deutsche Bank settles longest-running claim over Postbank
DEUTSCHE Bank has reached a settlement in its longest-running litigation over its 2008 takeover of Postbank, it said on Thursday (Sep 5).
US: S&P 500, Dow open muted after mixed labour market data
THE S&P 500 and the Dow were subdued at the open on Thursday (Sep 5) as investors parsed through mixed labour market data to gauge the size of the Federal Reserve’s interest rate cut that is expected later this month.
UK retailer John Lewis to bring back 100-year-old price pledge
BRITISH department store John Lewis is reintroducing its 100-year-old “Never Knowingly Undersold” promise to customers on Monday (Sep 9), two years after it dropped it, hoping a revamped version of the price guarantee will help drive growth.
Eli Lilly signs research deal with AI-focused Genetic Leap
Eli Lilly has entered into a research deal with artificial intelligence-focused firm Genetic Leap for up to $409 million to develop genetic medicines, the latter said on Thursday.
Eli Lilly partners with AI-focused Genetic Leap to develop RNA-based drugs
:U.S. drugmaker Eli Lilly has signed a research deal with privately held AI-focused firm Genetic Leap to develop genetic medicines, the latter said on Thursday.WHY IT'S IMPORTANTMajor drugmakers have been experimenting with artificial intelligence to discover new drugs, find patients for clinic ...
US implements new controls on advanced technology alongside international partners
The United States on Thursday published new controls on advanced technology, including quantum computing, in line with restrictions imposed by international partners.Besides quantum computing, the controls affect technology for producing advanced semiconductors, additive manufacturing items and gate ...
The Edge Singapore scores hat trick — again — at SGX Orb Awards 2024
The Edge Singapore - The Edge Singapore has won three awards at the seventh annual SGX Orb Awards, including the top award of Story of the Year. The Edge Singapore last scored a hat trick at the annual awards back in 2021. Senior writer Nicole Lim’s cover story from November 2023 — “Creator economy: The new king ...
Part of Airbus A350 fleet faces inspection, regulator says
AT LEAST part of Airbus’s A350 fleet will be inspected as a precautionary measure, Europe’s aviation safety regulator said on Thursday (Sep 5), after an engine part failed during the flight of a Cathay Pacific A350-1000 passenger plane.
Blackstone seeks A$5.5 billion loan for AirTrunk acquisition, sources say
HONG KONG/SYDNEY : A Blackstone-led consortium is taking out an around $A5.5 billion ($3.7 billion) loan package to help fund the A$24 billion AirTrunk buyout, two sources with direct knowledge of the matter said, as the U.S. firm increases its Asian exposore.Blackstone said on Wednesday it had part ...
OPEC+ agrees to delay October oil output hike for two months: sources
OPEC+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, three sources from the producers’ group told Reuters on Thursday (Sep 5).
Opec+ nearing agreement to delay oil output hike, sources say
OPEC+ is nearing an agreement to delay a planned October oil output increase after crude prices hit their lowest in nine months, two sources from the producers group told Reuters on Thursday (Sep 5).
Leaked Disney data reveals financial and strategy secrets, WSJ reports
Data from Walt Disney that was leaked online this summer included financial and strategy information, as well as personally identifiable information of some staff and customers, the Wall Street Journal reported on Thursday.The company had said in August that it was investigating an unauthorized rele ...
BT’s Ang Guangzheng wins Experiential Treat prize at SGX Orb Awards
Tessa Oh - THE Business Times’ Ang Guangzheng took home the Experiential Treat award on Thursday (Sep 5) at this year’s Singapore Exchange (SGX) Orb Awards, which recognise excellence in financial news and content.
Bangladesh lifts import duties on onions to cool prices
DHAKA : Bangladesh's tax authority said on Thursday it had withdrawn a 5 per cent regulatory duty on onion imports and had reduced import duties on potatoes and pesticides in an effort to alleviate price pressures.The move comes in response to soaring prices following recent floods and disrupti ...
BNY to buy Archer to boost managed account services in asset, wealth managers
NEW YORK : BNY has agreed to buy Archer, a technology and operations provider that will help the U.S. bank expand its services to asset and wealth managers, the companies said on Thursday.BNY and Archer did not disclose the deal value. The transaction is expected close in the fourth quarter if appro ...
