By Mathieu Rosemain PARIS (Reuters) – BNP Paribas is in exclusive talks with French insurer AXA to buy 100% of its AXA Investment Managers arm at an agreed price of 5.1 billion euros ($5.50 billion), the euro zone’s biggest bank said on Thursday. For BNP, such an acquisition would significantly boost its asset management arm…
(Reuters) – Global mega tech companies’ market capitalisation dropped sharply in July, in response to disappointing quarterly results and concerns over high valuations, prompting investors to shift their focus away from the AI sector. In the first half of 2024, investors pushed tech stocks higher on expectations that AI advancements would boost earnings. But the…
By Shivansh Tiwary and Rajesh Kumar Singh (Reuters) -Spirit Airlines on Thursday warned of a steeper loss in the current quarter, citing an “intense competitive battle” for the price-sensitive leisure travelers as well as an oversupply of airline seats in the domestic market. The airline has failed to report a profit in the last five…
(Reuters) -The U.S. is considering unilateral restrictions on China’s access to AI memory chips such as those made by Micron Technology and SK Hynix and equipment capable of making such semiconductors, as soon as next month, Bloomberg News reported on Wednesday. The measures are meant to prevent Micron, and South Korea’s SK Hynix and Samsung…
By Niket Nishant and Manya Saini (Reuters) -As PayPal embarks on an ambitious turnaround strategy to revitalize growth after a post-pandemic slump, Wall Street analysts expressed some caution over competition from Big Tech and beyond. The concerns highlight the challenges to the profit margins of the company, which for years enjoyed the first-mover advantage in…
(Reuters) – Pershing Square USA said on Wednesday it was withdrawing its initial public offering, a day after hedge fund manager Bill Ackman’s new portfolio in the United States disclosed it would raise roughly $2 billion in capital. Ackman said on Wednesday he would revisit the IPO once he is ready to launch a revised…
By Hyunjoo Jin SAN FRANCISCO (Reuters) – A Tesla Model S car was in “Full Self-Driving” mode when it hit and killed a 28-year-old motorcyclist in the Seattle area in April, police said, making it at least the second accident involving the technology on which Tesla CEO Elon Musk is pinning his hopes. The 56-year-old…
(Reuters) – The World Bank said on Tuesday its board had approved a $1 billion credit for Ethiopia, as the Horn of Africa country tries to push ahead with a long-running debt restructuring. Africa’s second-most populous country after Nigeria secured a four-year, $3.4 billion programme from the International Monetary Fund on Monday, hours after the…
By Jarrett Renshaw and Nandita Bose (Reuters) -Vice President Kamala Harris will tour battleground states next week with her vice presidential candidate, two sources familiar with the planning said on Tuesday, a sign the selection process for her running mate is coming to a close. The high-stakes decision on who will run with Harris has…
DETROIT (Reuters) – Jeep-maker Stellantis said on Tuesday it is offering a new round of voluntary buyouts to its U.S. salaried workers, the latest in a series of cost-cutting measures CEO Carlos Tavares is placing on its American operations. The Netherlands-based automaker laid off 400 U.S. salaried workers in March and last year twice offered…
