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IBM partners with Japan’s Rapidus to manufacture advanced chips

IBM Corp and Rapidus, a newly formed chip maker backed by the Japanese government, on Tuesday announced a partnership that aims to manufacture the world’s most advanced chips in Japan by the second half of the decade. The agreement comes as US-China relations remain tense, especially over chips. Washington has restricted Beijing’s access advanced semiconductor […]

Woman, Adult, Female

US inflation may see ‘substantial’ reduction in 2023

US treasury secretary Janet Yellen on Sunday forecast a substantial reduction in US inflation in 2023, barring an unexpected shock. “I believe by the end of next year you will see much lower inflation if there’s not … an unanticipated shock,” she told CBS’ “60 Minutes” in an interview released Sunday. Asked about the likelihood […]

Text, Sunglasses, Accessories

Twitter to hike Blue pricing to $11 for iPhone app users

Twitter Inc plans to change the pricing of its Twitter Blue subscription product to $11, from $7.99, if paid for through its iPhone app and to $7 if paid for on the website, the Information reported on Wednesday, citing a person briefed on the plans. The move was likely a pushback against Apple Inc’s 30 […]

UK-based activist investor seeks ouster of BlackRock CEO

Tiny activist investor Bluebell Capital Partners is taking aim at BlackRock and wants to replace longtime CEO Larry Fink, criticising the world’s largest asset manager as being inconsistent in its focus on environmental, social and corporate governance (ESG) issues. Bluebell, with roughly $250 million in assets, said BlackRock, which invests over $8 trillion, and Fink […]

Blackstone says the REIT relied on a long-term fixed rate debt structure, making it resilient

Blackstone curbs redemptions in $69bn unlisted REIT

Blackstone Inc limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. The curbs came because redemptions hit pre-set limits, rather than Blackstone setting the limits on the day. Nonetheless, […]

Diriyah Saudi

Global hotel brands rush to be part of Saudi tourism push

International hotel brands are flooding into Saudi Arabia as the transformation of Diriyah, the birthplace of Saudi Arabia, gathers pace. Diriyah Gate Development Authority (DGDA), responsible for the Diriyah project, has announced the addition of 16 new global hotel brands to its hospitality portfolio.  This brings the total of hotel management agreements to 32, with […]

Venture capitalists flock to fund DeFi and Web3 startups

Decentralised finance (DeFi) and Web3 were the primary targets of early-stage startup funding from some of the top private investors in the third quarter, research firm Pitchbook said on Tuesday, even as overall venture capital investments declined. Web3 – a term used to describe a potential next phase of the internet – firms that were […]

Symbol, Text, Number

US ‘Black Friday’ online sales hit record $9bn despite high inflation

US shoppers spent a record $9.12 billion online this Black Friday, a report showed on Saturday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys. Online spending rose 2.3 percent on Black Friday, Adobe Inc’s data and insights arm Adobe Analytics said, thanks to consumers holding […]

Shares in Twitter plunged after Musk pulled out of the deal to buy the social network

Twitter CEO Elon Musk says user signups at all-time high

Twitter Inc chief executive Elon Musk says new user signups to the social media platform are at an “all-time high”, as he struggles with a mass exodus of advertisers and users fleeing to other platforms over concerns about verification and hate speech. Signups were averaging over two million per day in the last seven days […]

Talent-starved technology firms woo ex-Twitter staff

Put off by Elon Musk’s muscular management style? Move to us! That’s the pitch being used by talent-starved technology firms trying to lure thousands of former Twitter Inc employees laid off by the social media company under its new owner. Twitter has fired top executives and enforced steep job cuts with little warning following Musk’s […]

Elon Musk's plans for Twitter include overhauling the blue verification system, leaving Dubai influencers planning their response

Elon Musk says he will find a new leader for Twitter

Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organisational restructuring this week. Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay […]

Binance pledges to create crypto industry recovery fund

Binance chief executive Changpeng Zhao said the cryptocurrency exchange plans to launch a fund to help crypto projects facing a liquidity crisis as the collapse of rival FTX ricochets through the industry. The recovery fund will help ‘reduce further cascading negative effects of FTX’, Zhao said in a tweet on Monday, targeting projects that are […]

Word, Alphabet, Text

PIF and BlackRock to explore Gulf infrastructure projects

Saudi’s sovereign wealth fund PIF and BlackRock, the world’s biggest fund manager, have signed an agreement to jointly explore infrastructure projects in the Middle East. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said its non-binding memorandum of understanding will serve as “the anchor for BlackRock’s Middle East infrastructure strategy”. […]

Walking, Person, Man

US may skirt recession in 2023 but Europe not so lucky

Britain and the euro zone economies are likely to tip into recession next year, Morgan Stanley said, but the US might make a narrow escape thanks to a resilient job market. At the same time, China’s expected reopening after almost three years of coronavirus curbs is set to lead a recovery in its own economy […]

World Bank chief says global debt levels rose ‘substantially’ in 2021

Debt levels among low- and middle-income countries rose sharply in 2021, with China accounting for 66 percent of lending by official bilateral creditors, World Bank President David Malpass said, underscoring the need to reduce the debt of poorer countries. The World Bank’s annual report on global debt statistics, due out next month, makes clear that […]

People, Person, Press Conference

Biden: US-Asean pact to address ‘biggest issues of our time’

Southeast Asian heads of government held talks on Saturday with visiting global leaders including US president Joe Biden, who hailed the launch of a new US-Asean pact as a critical step towards tackling “the biggest issues of our time”. In his first visit to Southeast Asia as president, Biden said the region was at the […]

World Bank tells rich countries to give more cash for climate

The World Bank is ready to step up financing of action to tackle climate change in the world’s poorest countries, but needs fresh funds from wealthy donor countries to do so, its managing director of operations told Reuters. Axel van Trotsenburg made his comments on the sidelines of the Cop27 climate talks in Sharm El-Sheikh. […]

Elon Musk warns of Twitter bankruptcy and ends remote work

Twitter Inc’s new owner Elon Musk on Thursday raised the possibility of the social media platform going bankrupt, capping a chaotic day that included a warning from a US privacy regulator and the exit of the company’s trust and safety leader. The billionaire on his first mass call with employees said that he could not […]