Death becomes a growing business in ageing, lonely South Korea
Busan, South Korea -- Rows of coffins line a university classroom in the South Korean port city of Busan, ready...
Geostrategy
Business
AI giants turn to massive debt to finance tech race
New York, United States -- Meta raised $30 billion in debt on Thursday, as tech giants flush with cash turn...
- Meta raised $30 billion in debt and demand for its bonds was reportedly four times greater than supply.
- The $30 billion in bonds scheduled to be repaid over the course of decades is intended to provide money to continue a breakneck pace of AI development.
Business
Amazon shares surge as AI boom drives cloud growth
San Francisco, United States - Amazon's share price skyrocketed by more than ten percent on Thursday after the online retail...
- The e-commerce giant's Amazon Web Services division, which recently suffered a global outage, saw revenues jump 20 percent to $33 billion in the third quarter
- Amazon's major rivals in the cloud computing space, Microsoft and Google, on Wednesday also reported sales increases in their cloud computing business
Business
TotalEnergies net profit soars despite lower oil prices
Paris, France -- French oil and gas giant TotalEnergies reported on Thursday a sharp increase in third-quarter net profit despite...
- The company said net income grew around 61 percent to $3.7 billion compared to the same period last year, even as oil prices fell by more than $10 per barrel year-on-year.
- TotalEnergies shares were down 1.4 percent in afternoon trading while the Paris stock exchange's blue-chip CAC 40 index was 0.7 lower.
Business
BYD Q3 profit down 33%
This was a 33% year-on-year decrease.
- The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3 percent year-on-year.
- China's EV industry is world-leading but a cutthroat domestic market has weighed on companies' profitability.
Business
AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
- By way of comparison, the level was greater than the GDP of France or Germany or higher than that of Tesla, Meta (Facebook), and Netflix combined.
- Microsoft and Apple, the two other largest global market capitalizations, only just exceed $4 trillion in valuation each.
Business
Microsoft holds 27% of OpenAI in revamped partnership
San Francisco, United States - Microsoft and OpenAI announced Tuesday a sweeping overhaul of their landmark artificial intelligence (AI) partnership,...
- OpenAI has also committed to purchasing $250 billion in Azure cloud services from the tech giant, though Microsoft no longer holds first refusal rights as OpenAI's compute provider
- The partnership began in 2019 when Microsoft invested $1 billion in what was then a small AI research organization founded in 2015 by tech luminaries including Elon Musk
Business
Nvidia to take stake in Nokia
Nvidia share price soars 20%.
- It said it would issue more than 166 million new shares, for which Nvidia would pay $6.01 per share.
- Under the partnership, Nokia "intends to increase its presence in the AI and cloud market with data center aligned networking solutions."
Business
Amazon to cut 30,000 office jobs: media reports
Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up...
- The reduction will represent nearly 10 percent of the approximately 350,000 office jobs at Amazon but is reported not to affect the distribution and warehouse workforce
- Amazon chief executive Andy Jassy has lauded the potential of AI to streamline workplace operations, from engaging with customers online to making offices more efficient
Geostrategy
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
- "We are more than doubling the barrels... to 1.4 million from 650,000," said Aliko Dangote, a Nigerian businessman who is Africa's richest person.
- The Dangote refinery has sparked monopoly fears as it becomes a powerful player itself.
Geostrategy
TotalEnergies approves restart of $20-bn Mozambique gas project
Paris, France -- France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in...
- The Mozambique LNG project, the largest private investment in Africa's energy infrastructure, is expected to generate thousands of jobs.
- Work was frozen after militants launched a deadly attack on the site of the project near the Tanzanian border in March 2021, resulting in around 800 deaths.
Company News
Kimberly-Clark to buy Kenvue
Business
Latest News
Musk kicks Kanye West off Twitter for ‘incitement to violence’
West has made a series of anti-Semitic comments recently, as the one-time titan of fashion and music appears to have...
Oman sees hospitality industry revenue fall 3.5%
The National Centre for Statistics and Information says domestic guest have supported the Oman's hotels.
Proof of Covid-19 vaccination, PCR test needed to enter Expo Dubai
Expo 2020 visitors will need a coronavirus vaccination or a negative PCR test to enter, organisers in Dubai has said....
Cyberattack hits hundreds of US businesses
A US IT company urges customers to shut down their servers after the attack UN Security Council members recently warned...
Saudi Arabia to generate $150 billion in investments from its new transport policy
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private...
TotalEnergies net profit soars despite lower oil prices
Paris, France -- French oil and gas giant TotalEnergies reported on Thursday a sharp increase in third-quarter net profit despite...
Business
AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
Business
Most Read
Business
Nvidia to take stake in Nokia
Nvidia share price soars 20%.
- It said it would issue more than 166 million new shares, for which Nvidia would pay $6.01 per share.
- Under the partnership, Nokia "intends to increase its presence in the AI and cloud market with data center aligned networking solutions."
Business
Amazon to cut 30,000 office jobs: media reports
Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up...
- The reduction will represent nearly 10 percent of the approximately 350,000 office jobs at Amazon but is reported not to affect the distribution and warehouse workforce
- Amazon chief executive Andy Jassy has lauded the potential of AI to streamline workplace operations, from engaging with customers online to making offices more efficient
Geostrategy
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
- "We are more than doubling the barrels... to 1.4 million from 650,000," said Aliko Dangote, a Nigerian businessman who is Africa's richest person.
- The Dangote refinery has sparked monopoly fears as it becomes a powerful player itself.