Chinese ride-hailing giant Didi said Friday that it will start delisting from the New York Stock Exchange, and make plans to list in Hong Kong instead. Didi said it reached that decision after careful consideration. Shares of Didi plunged last week after reports that Chinese regulators have asked the firm’s executives to formulate a plan […]
The Federal Trade Commission on Thursday sued to block Nvidia’s $40 billion acquisition of Arm from SoftBank on antitrust grounds. The deal has faced scrutiny from regulators since it was announced last year. The U.S. action is the biggest hurdle it has faced yet, and threatens whether the deal will be completed. “The proposed vertical […]
El Salvador’s pro-crypto president commented on a report on the U.S. Fed’s response to escalating economic and financial woes. On Dec. 1, the outspoken Nayib Bukele responded to a Bloomberg report detailing Federal Reserve chair Jerome Powell’s comments on inflation. Interestingly, El Salvador’s president asked the Fed chief to stop printing so much money out […]
LONDON (Reuters) – Manufacturing growth in the euro zone accelerated slightly last month but supply chain bottlenecks worsened, putting a cap on output and driving the cost of raw materials up at the fastest rate in over two decades, a survey showed. Disruptions caused by the coronavirus pandemic, alongside a shortage of heavy goods vehicle […]
Capital One says it is eliminating all overdraft fees for retail banking customers. It’s the largest U.S. bank yet to end the industry practice of charging customers a hefty fee, typically $25 to $35 in each instance, for allowing transactions that exceed a customer’s balance, according to the McLean, Virginia-based lender. The move will cost […]
Toys R Us is taking another shot at opening up a store in the United States after its comeback plans were thwarted earlier this year due to the coronavirus pandemic. The toy retailer’s parent company, WHP Global, said Wednesday that it will open a two-level, 20,000-square-foot Toys R Us location at the American Dream megamall […]
The nation’s economic steward said it will back off of using the word “transitory” to describe the fast pace of price increases, as Federal Reserve policymakers acknowledge the increasing risk of more persistent inflation. “We tend to use [the word transitory] to mean that it won’t leave a permanent mark in the form of higher […]
Salesforce reported fiscal third-quarter earnings on Tuesday for the period ending Oct. 31, beating Wall Street expectations on earnings and sales. But shares fell over 6% in extended trading after earnings guidance for the fourth quarter fell short of expectations. Salesforce also named current President and COO Bret Taylor to be co-CEO alongside current CEO Marc Benioff. Benioff […]
When Jack Dorsey abruptly stepped down as Twitter CEO on Monday, he handed the reins to Parag Agrawal, a software engineer who has become one of Dorsey’s closest allies in shaping the social media company’s future. Dorsey’s trust in Agrawal as CEO “is bone deep,” the outgoing chief told employees in an email on Monday. […]
Cyber Monday sales were down 1.4 percent year over year, according to a report from Adobe Analytics. Shoppers spent $10.7 billion this year, $100 million less than the $10.8 billion consumers spent in 2020. Amazon’s holiday shopping report only backs Adobe’s claims that Cyber Monday sales took a dip — the commerce giant didn’t report […]
Lululemon on Monday filed an anticipated patent lawsuit against Peloton, in a growing feud over the designs of its sports bras and leggings. In the suit, filed in the Central District of California, Lululemon said it is seeking injunction against Peloton’s infringement of its intellectual property rights. It’s also asking for damages and other monetary […]
As more and more automakers have turned their attention to electric vehicles, one-time leader Nissan finds itself playing a game of catch-up. In an attempt to make up for lost time, the company announced on Monday that it will invest $17.6 billion over the next five years “to accelerate the electrification of its vehicle lineup […]
