Business news - latest news and events

AI Impact on Jobs and Urgent Policy Measures

A recent study conducted by the International Monetary Fund (IMF) predicts that artificial intelligence (AI) is on track to impact almost 40% of the workforce. IMF's managing director, Kristalina Georgieva, asserts that in most scenarios, AI is likely to exacerbate overall inequality, emphasizing the need for policymakers to address this concerning trend to prevent further social te...

Bitcoin's Volatility Amid Shifting Fed Rate Expectations

The recent employment report on Friday is likely to influence the Federal Reserve's future policy decisions, according to an analyst. On Monday, Bitcoin (BTC) experienced modest losses, particularly as Asian stocks faced a more significant downturn. This decline followed the release of positive U.S. nonfarm payrolls (NFP) data on Friday, which tempered expectations fo...

New Year's Day Openings and Closures

The start of the new year is here, and if you're planning to tackle some tasks, indulge in a shopping spree, or grab a quick meal, there are plenty of options available for 15-year-olds and above on New Year's Day. Unfortunately, for those thinking of making a bank visit or sending mail, January 1st is not the day for it. The majority of major banks, post offices...

China's Gaming Regulations: Impact on Developers and Online Ads

China's potential gaming regulations are anticipated to disproportionately affect smaller game developers, placing a heavier burden on them compared to larger industry players, and simultaneously leading to an overall decline in online advertising revenue, as indicated by UBS. Shares of major gaming companies such as Tencent, NetEase, and Bilibili experienced a signif...

Grail Divestment: Illumina's Antitrust Saga

On December 17, Illumina, a company specializing in gene sequencing, announced its decision to separate from Grail, a cancer diagnostic test maker. This move follows more than two years of legal battles with U.S. and European antitrust enforcers and strong opposition from activist investor Carl Icahn. Illumina, based in San Diego, disclosed that the divestiture would occur...

Elon musk's Innovative AI chatbot on X Premium Plus Platform

"Grok" comes at a monthly cost of $16 on the X Premium Plus platform, but currently, it's available to a limited group of users in the United States. Elon Musk, alongside his artificial intelligence startup xAI, has introduced "Grok," an AI chatbot claiming to surpass OpenAI's initial ChatGPT in various academic evaluations. ...

Rates unchanged amid inflation vigilance

The Federal Reserve is widely expected to announce on Wednesday, following its monetary policy meeting, that it will keep interest rates unchanged. These rates are currently at their highest level in 22 years, and this would mark the second consecutive meeting where the Fed maintains the status quo. However, it's important to note that this doesn't signify an...

FTX founder's trial. Defense amid alleged fraud

FTX founder Sam Bankman-Fried, who is currently on trial for alleged fraud, took the stand on Friday to defend himself. He acknowledged that a lot of people suffered when the cryptocurrency exchange collapsed last year, but he maintained that he did not engage in any fraudulent activities or steal billions of dollars from customers. During his first day of testimony, B...

The US economy's expansion surged in the third quarter

The US economy surprised everyone in the third quarter by growing faster than anticipated, marking its most rapid expansion in nearly two years. This is a clear signal of the country's economic strength, even in the face of elevated interest rates. Preliminary data from the Bureau of Economic Analysis, part of the commerce department, reveals that robust consumer...

MSFT's strong Q3. Exceeds projections with AI boost

Microsoft (MSFT) revealed its quarterly financial results on Tuesday after the stock market closed, and the numbers exceeded what experts had predicted for both revenue and earnings per share. In this quarter, the tech powerhouse raked in $56.5 billion in revenue, surpassing the anticipated $54.5 billion. When it comes to earnings per share (EPS), the adjusted figure r...

Ford Chairman Urges End to 32-Day Strike, Warns of Wider Impact

Bill Ford, the executive chairman of Ford (F.N), has called upon the United Auto Workers (UAW) union to put an end to their 32-day strike and reach a fresh labor agreement. He has also warned about the growing negative effects on both the car manufacturer and the U.S. economy due to this strike. Ford stressed the urgency of the situation, especially as the strike recen...

Airline Disruptions in Tel Aviv Amid Conflict

Major international airlines have either halted or scaled back their flights to Tel Aviv, the capital of Israel, due to the ongoing conflict with Hamas and the intensifying attacks on Gaza. On Sunday, nearly half of the scheduled flights at Tel Aviv's Ben Gurion airport were grounded, and by Monday evening, one-third had been canceled. Several p...

Middle East Conflict Spikes Financial Market Fluctuations

Tensions in the Middle East had several significant impacts on financial markets on Monday. Oil prices, gold, and government bonds, considered safe investments, saw increases, while global stocks and Israeli assets took a hit. This followed a strong U.S. jobs report in September that heightened concerns about inflation rates in the coming week. Israeli government bonds...

Middle East Violence Spurs Safe-Haven Asset Surge

The recent violence in Israel is causing investors to turn to safe-haven assets as they closely monitor developments in the Middle East to assess the geopolitical risks to financial markets. Over the weekend, gunmen affiliated with the Palestinian group Hamas carried out an unprecedented attack inside Israel. Leading Western nations, including the United States, have s...