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‘Ratan Tata never jumped queues’: UAE business leaders share life lessons they learnt from the titan

'A man of few words, he never imposed his thoughts on his colleagues,' one said

2024-10-10T14:09:37Z

Polestar Seeks to Arrest Plunge by Selling Cars Via Dealers Too

Polestar Automotive Holding UK Plc’s new chief executive officer wants to turn around the struggling electric-car maker by selling more vehicles at dealerships, not just online, after a plunge in sales.

2024-10-11T11:48:12Z

Nippon Steel to sell Calvert JV to ArcelorMittal if U.S. Steel deal completed

By Kantaro Komiya and Katya Golubkova TOKYO (Reuters) -Nippon Steel said on Friday it will sell its entire 50% stake in a joint-venture steel plant it has in Calvert, Alabama, with ArcelorMittal, if the top Japanese steelmaker succeeds in a buyout bid for United States Steel. The world's fourth-largest steelmaker believes the move is needed to clear antitrust concerns and would hasten U.S.

2024-10-11T10:48:59Z

Russia calls on BRICS partners to create alternative to IMF

The only financial institution the BRICS countries have established so far is the New Development Bank, created to finance sustainable development projects

2024-10-11T05:43:07Z

23andMe users are worried about what might happen to their data. Here's what the company says.

23andMe faces uncertainty amid acquisition talks and board resignations, and users are worried about their data. Here's what the company says.

2024-10-11T10:18:05Z

Tesla's robotaxi event was long on Musk promises. Investors wanted more details.

By Chris Kirkham LOS ANGELES (Reuters) -For a businessman who perpetually struggles with broken promises, Elon Musk gave himself quite a to-do list Thursday night at Tesla's long-awaited Hollywood unveiling of its driverless robotaxis. After traversing the fake streets of the Warner Bros movie studio set in a sleek, silver two-door "Cybercab" prototype, Musk promised that the company's popular

2024-10-11T11:54:04Z

Saudi Crown Prince not attending Russia’s BRICS summit

Russia has invited Saudi Crown Prince Mohammed bin Salman to attend the summit, foreign minister Sergei Lavrov said last month

2024-10-11T11:58:14Z

Sanofi in talks to sell 50% stake in consumer health business to CD&R

PARIS (Reuters) -Sanofi has entered into talks to sell a controlling 50% stake in its consumer health business Opella to U.S. private equity firm Clayton Dubilier & Rice, the French pharmaceutical group said on Friday. The announcement confirms an earlier Reuters report that it was closing in on a sale estimated at around 15 billion euros ($16.41 billion). Sanofi did not disclose any financial

2024-10-11T13:27:03Z

Swedish court upholds ruling against Tesla in labour dispute

COPENHAGEN (Reuters) - A Swedish district court on Friday upheld a preliminary ruling that Sweden's postal service Postnord does not need to deliver licence plates to Tesla, which are being blocked by the postal workers as part of a wider labour union sympathy strike. The U.S. car maker faces pressure in the Nordic countries from powerful employee unions backing mechanics from Sweden's IF Metall

2024-10-11T11:54:09Z

Exclusive-Northvolt in talks for about 200 million euros in funding, sources say

By Anousha Sakoui, Christina Amann and Marie Mannes LONDON/BERLIN/STOCKHOLM (Reuters) - Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in short-term funding, three sources familiar with the matter said, as the Swedish maker of batteries for electric vehicles seeks to stabilise its finances. The talks have been taking place this week, one of the

2024-10-11T11:48:30Z

Morningstar DBRS cuts estimate for Milton insured losses to $30-60 billion

By Carolyn Cohn LONDON (Reuters) - Insured losses for Hurricane Milton are likely to range between $30 billion and $60 billion, Morningstar DBRS analyst Marcos Alvarez said on Friday, below the credit ratings agency's highest estimates before the hurricane hit. Hurricane Milton cut a destructive path across Florida this week, but the Tampa Bay area appeared to sidestep the storm surge.

2024-10-11T10:48:57Z

Indian rupee hits all-time low as currency drops past 84 against US dollar

The currency's decline past the 84 handle is significant as the Reserve Bank of India had been defending that level for over two months

2024-10-11T10:39:56Z

Ecopetrol Taps Sumitomo Loan After Postponing Dollar Bond Deal

Ecopetrol SA is using a loan with Sumitomo Mitsui Banking Corporation to pay down other debt after it postponed the sale of bonds in the international market this week.

2024-10-11T15:15:30Z

BlackRock, GIC to Invest in Hyundai Motor India IPO

BlackRock Inc., Singaporean sovereign wealth fund GIC Pte and Capital Group are among those that have made bids to buy stock in Hyundai Motor India Ltd.’s $3.3 billion initial public offering, according to people familiar with the matter.

2024-10-10T15:42:13Z

Dip Buyers Shun Samsung Shares Despite Record Discount to Peers

Samsung Electronics Co. is not what it used to be.

2024-10-11T02:22:27Z

Sanofi’s Hudson Nears Goal of Splitting Off Consumer Health Unit

Sanofi is nearing the sale of its consumer health business to Clayton Dubilier & Rice, a year after Chief Executive Officer Paul Hudson announced plans to split off the division to concentrate on developing innovative medicines.

2024-10-11T07:02:57Z

UAE's new international AI policy aims to prevent misuse of technology

The UAE has introduced an international policy on artificial intelligence to help prevent the misuse of the technology as it undergoes rapid growth among consumers and economies. The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, approved the five-point policy, which is centred on six principles – advancement...

2024-10-11T10:47:19Z

Tesla's robotaxi event was long on Musk promises. Investors wanted more details

By Chris Kirkham LOS ANGELES (Reuters) -For a businessman who perpetually struggles with broken promises, Elon Musk gave himself quite a to-do list Thursday night at Tesla's long-awaited Hollywood unveiling of its driverless robotaxis. After traversing the fake streets of the Warner Bros movie studio set in a sleek, silver two-door "Cybercab" prototype, Musk promised that the company's popular

2024-10-11T15:58:45Z

Kiran Khawaja recognised for contributions to real estate

Khawaja honoured in Gulf Achievers Awards as guest of honour

2024-10-10T17:39:37Z

Stellantis' top level shake-up fails to stem share slide

By Giulio Piovaccari MILAN/LONDON (Reuters) -Shares in French-Italian automaker Stellantis resumed their decline on Friday after the carmaker said CEO Carlos Tavares would retire in 2026 and announced wide management changes which failed to lift sentiment. The moves came after the owner of brands including Peugeot, Fiat, Jeep and Ram last week cut its 2024 profit forecast, with an estimated cash

2024-10-11T12:59:03Z

Bodies recovered after deadly Texas refinery incident, says Pemex CEO

MEXICO CITY (Reuters) -The two victims of a chemical leak at the Deer Park refinery in Texas have been recovered and an investigation into what may have caused the deadly incident launched, the top executive of Mexican national oil company Pemex said on Friday. Pemex owns and operates the 312,500-barrel-per-day (bpd) refinery located near Houston. Up to 35 people at the facility were provided

2024-10-11T14:24:11Z

Tesla shares plunge as robotaxi fails to impress investors

Tesla shares dropped almost 8 per cent on Friday after the company's long-anticipated robotaxi event, where Elon Musk showcased the new Cybercab autonomous concept vehicle, failed to impress investors. Billionaire businessman Mr Musk, co-founder and chief executive of Tesla, made a dramatic entrance at the Warner Bros studio event in California by ...

2024-10-11T04:32:14Z

Stellantis Shakeup Spotlights Tough Road Ahead for CEO

Stellantis NV Chief Executive Officer Carlos Tavares managed to survive a disastrous collapse in profit by jettisoning his chief financial officer as part of a sweeping overhaul of his leadership team.

2024-10-10T22:37:36Z

Tesla 'Cybercab' robotaxi: How much does it cost and when will it be released?

Elon Musk's newest toys have been unveiled – and the world's wealthiest person once again played the role of ultimate hype man. Tesla's Cybercab was finally introduced at an invitation-only glitzy party in Los Angeles on Thursday, giving a peek into a future the company's chief executive has been dreaming of. Mr Musk said in his presentation that t...

2024-10-11T09:33:03Z

Eni CEO says U.S. funds are showing confidence in group's strategy

MILAN (Reuters) - U.S. investment funds are showing confidence in Eni's strategy of spinning off growth businesses in order to attract financial resources, the Italian energy group's CEO Claudio Descalzi said on Friday. Under its so-called 'satellite' strategy, Eni has created several companies dedicated to low-carbon businesses and upstream assets and is currently in talks with U.S. fund KKR to

2024-10-11T16:04:11Z

OKX shakes up Dubai’s crypto scene with new exchange

The launch was announced at a gala event at the Museum of the Future, Dubai, on October 10, 2024. OKX also operates an office in the Dubai International Financial Centre (DIFC).

2024-10-11T11:28:15Z

Costco saw 'abnormal' shopping behavior due to Hurricane Helene and the US port strike

Costco shoppers stocking up on toilet paper, bottled water, and other supplies had a measurable impact on the wholesale club's monthly sales.

2024-10-10T21:06:39Z

Oil prices on track for second weekly gain on potential supply disruption amid Israel's threat to Iran

Oil prices declined on Friday, but were still on pace for a second straight weekly gain as investors remained wary of potential Israel strikes on Iran's crude facilities that could crude disrupt supplies to global markets from the Middle East. Brent, the benchmark for two thirds of the world's oil, was down 0.88 per cent to $78.70 a barrel at 5.07p...

2024-10-11T14:47:34Z

Nvidia H100 chip will help UAE tech sector become regional 'centre of gravity', Core42 says

Core42, a unit of Abu Dhabi's artificial intelligence and cloud company G42, sees the use of Nvidia's AI chips as vital to protecting the integrity of UAE technology, with such processors backed by US-mandated control, its executive vice president has said. The company on Wednesday announced it will be using Nvidia's H100 Tensor Core GPUs in the UA...

2024-10-10T17:16:57Z

US says FAA oversight of Boeing production 'not effective'

By David Shepardson WASHINGTON (Reuters) -A federal watchdog on Friday criticized the Federal Aviation Administration's oversight of Boeing airplane production, saying it does not have an effective system to oversee the planemaker's individual manufacturing facilities. The Transportation Department's Office of Inspector General said in a report the FAA's current audit processes "are not

2024-10-11T16:04:11Z

Crypto Startup Backed by OpenAI Founder to Launch Derivatives Exchange

Arkham Intelligence Inc., a blockchain data company backed by investors including OpenAI founder Sam Altman, is planning to launch a crypto derivatives exchange next month, according to a person familiar with the initiative.

2024-10-11T13:47:54Z

EU chief says China must 'adapt its behaviour' to solve trade row

China must "adapt its behaviour" to solve an escalating tariff row with Europe, EU chief Charles Michel told AFP Friday, warning of the dangers of the dispute escalating into a full-blown trade war. - Defend EU interests - With the global economy rattled by conflict in Ukraine and fresh turmoil in the Middle East, Michel said it was better for all to avoid a trade war.

2024-10-11T05:10:07Z

Elon Musk may knock on doors for Trump in Pennsylvania, report says

One of the richest men in the world, Elon Musk is so all-in on Trump that he might start knocking on doors in Pennsylvania himself.

2024-10-11T14:38:05Z

Elon Musk's robotaxi launch fails to wow Wall Street — and leaves Tesla analysts with more questions than answers

Wall Street analysts were disappointed that Elon Musk didn't show off a cheaper car, and remain skeptical about the promised timeframes.

2024-10-11T10:57:37Z

Can Europe’s unified bond compete with US Treasuries?

The idea of an EU bond, a common safe asset, has been gaining attention lately, particularly following calls for its introduction this month by former Italian prime minister Mario Draghi. Such a bond would represent a major step towards deeper financial integration within the eurozone, and may offer an alternative to US Treasury bonds as a global s...

2024-10-11T03:02:02Z

TD Bank to pay more than $3 bn to US in money-laundering case

Canada's TD Bank has agreed to pay more than $3 billion in penalties for failing to adequately monitor money laundering by drug cartels, US officials said Thursday. Between January 2014 and October 2023, TD Bank failed to monitor $18.3 trillion in customer activity, allowing three money laundering networks to transfer over $670 million through TD Bank accounts, US officials said.

2024-10-10T18:25:40Z

Exclusive-Germany working to thwart UniCredit's bid for Commerzbank, sources say

By John O'Donnell and Francesco Canepa LONDON/FRANKFURT (Reuters) -Germany is working to frustrate a possible takeover of one of its biggest banks by an Italian rival, a stance that pits Berlin against Rome and Europe's regulators, several people familiar with government and regulators' thinking told Reuters. Berlin was taken aback by UniCredit's swoop to build a large stake in state-backed

2024-10-11T16:04:18Z

Nordic Capital Explores Options for Payment Firm Trustly

Nordic Capital is exploring options for Swedish digital payments company Trustly Group AB including a potential sale or initial public offering, people familiar with the matter said.

2024-10-11T15:57:53Z

Noel Tata takes the reins at powerful charity arm of India's Tata group

By Aditya Kalra and Aditi Shah NEW DELHI (Reuters) - The half-brother of Ratan Tata was appointed on Friday as the head of the powerful and influential philanthropic arm of India's Tata group, giving him indirect control of the $165 billion conglomerate. Tata Trusts said Noel Tata, 67, will be its new chairman after the death this week of Ratan Tata, one of India's best-known corporate titans.

2024-10-11T11:19:41Z

Moody's cuts Volkswagen's outlook to 'negative' due to operating weakness

FRANKFURT (Reuters) - Rating agency Moody's has cut its outlook on Volkswagen to "negative" from "stable", citing a deteriorating operating performance at Europe's top carmaker and expected challenges to turn the situation around. "We expect VW's operating performance to be muted into 2025 driven by low volume growth globally including a weak domestic China and sluggish Western Europe, increasing

2024-10-11T12:59:02Z

Tesla's robotaxi event was long on Musk promises. Investors wanted more details

By Chris Kirkham LOS ANGELES (Reuters) -For a businessman who perpetually struggles with broken promises, Elon Musk gave himself quite a to-do list Thursday night at Tesla's long-awaited Hollywood unveiling of its driverless robotaxis. After traversing the fake streets of the Warner Bros movie studio set in a sleek, silver two-door "Cybercab" prototype, Musk promised that the company's popular

2024-10-11T13:48:38Z

US consumer prices rise on food; Hurricane Helene muddies labour market picture

Consumer price index increases 0.2% in September

2024-10-10T17:39:40Z

JPMorgan beats on earnings — but Jamie Dimon sounds the alarm on global threats

JPMorgan grew revenues and earnings per share in the third quarter, but CEO Jamie Dimon warned the global backdrop is "treacherous and getting worse."

2024-10-11T12:08:43Z

McDonald’s CEO Says Company Is Preparing for ‘Challenging’ 2025

McDonald’s Corp. expects that the wallets of their lower-income customers will remain stretched into next year, Chief Executive Officer Chris Kempczinski said Thursday.

2024-10-10T21:17:21Z

Upstream Bio Leads Life Sciences IPOs With Upsized Listing

Three US life-sciences companies have so far exceeded or met their goals in initial public offerings Thursday, showing investor appetite for their capital-intensive businesses after a busy stretch of fundraising by peers.

2024-10-11T01:02:42Z

Fastenal marginally beats quarterly profit estimates on demand for safety products

(Reuters) - Industrial supplies maker Fastenal on Friday posted a third-quarter profit that marginally surpassed analysts' estimates, benefiting from a sustained demand for its safety products. Shares of the company rose about 4.5% in premarket trading. The Winona, Minnesota-based company makes industrial supplies including fasteners - one of its biggest revenue generators - alongside other

2024-10-11T11:54:06Z

J&J’s Court-Shopping Win Highlights Irresistible Bankruptcy Tool

Johnson & Johnson’s successful use of a “court-shopping” legal tactic to advance its latest plan for resolving thousands of cancer claims spotlights a controversial bankruptcy maneuver corporations have long employed to avoid unfavorable rulings.

2024-10-10T22:57:06Z

Noel Tata takes the reins at powerful charity arm of India's Tata group

By Aditya Kalra and Aditi Shah NEW DELHI (Reuters) -The half-brother of Ratan Tata was appointed on Friday as the head of the powerful and influential philanthropic arm of India's Tata group, giving him indirect control of the $165 billion conglomerate. Tata Trusts said Noel Tata, 67, will be its new chairman after the death this week of Ratan Tata, one of India's best-known corporate titans.

2024-10-11T13:49:46Z

EV firm Polestar expects positive fourth-quarter gross margin despite slow demand

(Reuters) -Polestar said on Friday that it expected to achieve a positive gross profit margin in the fourth quarter despite its electric vehicle deliveries falling 14% in the third quarter. Shares of the Swedish company fell 3.8% in premarket trading. Polestar, which is majority owned by China's Geely, has been grappling with weakening demand for its vehicles owing to factors such as high

2024-10-11T11:54:02Z

Noel Tata appointed chairman of Tata Trusts, report says

Noel succeeded his half-brother Ratan, who built the Tata empire into a global conglomerate that spanned across industries

2024-10-11T08:54:51Z