Chinese tech giants slash prices of language models used to power AI chatbots
By Liam Mo and Eduardo Baptista BEIJING (Reuters) - Chinese tech giants Alibaba and Baidu slashed prices on Tuesday of large-language models (LLMs) used to power generative artificial intelligence products, as a price war in the cloud computing sec...
6h ago
Exclusive-Conservative investor pulls JPMorgan resolution, cites changes addressing 'politicized finance'
By Ross Kerber (Reuters) - A conservative shareholder has withdrawn a resolution filed for a vote at Tuesday's annual meeting of JPMorgan, according to the investor's representative, who said the move reflects changes the Wall Street bank has made ...
7h ago
Canadian banks' quarterly profits seen pressured by higher bad-debt provisions
By Nivedita Balu TORONTO (Reuters) - Canadian banks are expected to set aside money for challenging days, which will hurt quarterly earnings, as investors await commentary on how the lenders will navigate a prolonged high interest-rate environment ...
7h ago
China's JD.com aims to raise $1.5 billion in convertible bond deal
By Scott Murdoch SYDNEY (Reuters) -Chinese online retailer JD.com is raising $1.5 billion via a convertible bond sale, according to the company's regulatory filings on Tuesday. The five-year put-three deal was launched after the Hong Kong trading sessi...
7h ago
UK manufacturing orders dry up in May: CBI
(Reuters) - British manufacturing orders contracted this month at the fastest rate since November and expectations for future price hikes abated, a survey showed on Tuesday. The Confederation of British Industry's monthly gauge of industrial orders...
7h ago
California court to weigh fate of law treating app-based drivers as contractors
By Daniel Wiessner (Reuters) - California's top state court on Tuesday will consider a labor union's challenge to a ballot measure allowing app-based services such as Uber and Lyft to classify drivers in the state as independent contractors rather ...
7h ago
Morning bid: Calm markets hover near highs, metals step back
A look at the day ahead in U.S. and global markets from Mike Dolan Partly due to the absence of top-tier economic news this week, world markets have found a relatively calm plateau with stocks near their latest records - and even fizzing metals prices ...
7h ago
Lowe's posts lower-than-expected drop in sales on demand for small-scale repairs
(Reuters) - Lowe's Cos reported a lower-than-expected drop in quarterly sales on Tuesday, helped by more small-scale repairs undertaken by inflation-hit Americans, who have otherwise cut back on big-ticket discretionary home improvement projects. T...
7h ago
Yellen says US, Europe must respond jointly to China's industrial overcapacity
By David Lawder FRANKFURT (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe needed to respond to China's industrial policies in a "strategic and united way" to keep manufacturers viable on both sides...
8h ago
S&P expects slower recovery for Israel's economy despite Q1 rebound
JERUSALEM (Reuters) - Ratings agency S&P Global on Tuesday said it expects Israel's economy to recover at a more moderate pace than previous downturns despite an economic bounce-back in the first quarter. The Israeli economy rebounded in the first ...
8h ago
VinFast sued in the US for not paying rent for showroom
HANOI (Reuters) - Vietnam's electric vehicle maker VinFast is being sued in a California court for not having paid rent for a store, according to a complaint filed by real estate services firm SPG Center LLC, which VinFast said was inaccurate. SPG ...
8h ago
New Thai finance minister has chance to improve strained central bank ties, says ex-Finance Minister
By Anisha Sircar and Divya Chowdhury BENGALURU (Reuters) - Thailand's new finance minister has refrained from pressuring the central bank and has a chance to improve relations amid a longstanding disagreement on interest rates, former finance minis...
8h ago
Explainer: With inflation falling fast, will the BoE quickly cut rates?
LONDON (Reuters) - Britain's once towering inflation rate looks set to fall close to the Bank of England's 2% target on Wednesday, but it may be other figures in the data that influence the BoE's decision on when to cut interest rates for the first...
8h ago
European stocks dip as rate uncertainty weighs
(Reuters) - European stocks inched lower on Tuesday, following losses in Asian equities as U.S. Federal Reserve officials tempered investor enthusiasm about potential interest rate cuts as they called for policy caution. The pan-European STOXX 600 ...
9h ago
Eli Lilly's diabetes drug tirzepatide gets approval in China
SHANGHAI (Reuters) - Eli Lilly said on Tuesday its diabetes drug tirzepatide has received approval from Chinese regulators, setting up intensifying competition with its Danish rival Novo Nordisk in the key Asian market. Novo Nordisk's popular diabe...
10h ago
IBM makes more AI models open source and lands Saudi Arabia deal
By Stephen Nellis (Reuters) - International Business Machines on Tuesday said that it will release a family of artificial intelligence models as open-source software, and that it will help Saudi Arabia train an AI system in Arabic. The Armonk, New ...
10h ago
Cartier, LVMH look to stores outside Paris for Olympic retail boost
By Mimosa Spencer and Elisa Anzolin PARIS/MILAN (Reuters) - Luxury retailers in European cities outside France are jockeying for business from deep pocketed tourists this summer, betting on a surge in visitors avoiding crowds and street closures in...
10h ago
Analysis-Tourism a boon for Spain's economy but a bane for some locals
By Belén Carreño and Corina Pons MADRID (Reuters) - Fresh from a tour of Real Madrid's glittering Santiago Bernabeu stadium in the Spanish capital, Guadalupe Rebollo says a holiday in Spain with her 15-year-old daughter is a better deal than one on...
11h ago
Britain seeks to rein in Mastercard and Visa fees on retailers
By Huw Jones LONDON (Reuters) - There is little evidence that big hikes in fees by Visa and Mastercard on retailers who use their cards have also led to major improvement in service, Britain's Payment Systems Regulator said in provisional findings ...
11h ago
BHP shares hit 3-month high as deadline for formal Anglo bid looms
By Melanie Burton and Lewis Jackson PERTH (Reuters) -Shares of BHP Group touched a three-month high on Tuesday about 36 hours ahead of a deadline to lodge a formal bid for rival miner Anglo American, which last week rejected a sweetened $43 billion tak...
11h ago
German producer prices fall more than expected in April
(Reuters) - German producer prices fell more than expected in April due mainly to lower energy prices, the federal statistics office reported on Tuesday. Producer prices decreased by 3.3% on the year. Analysts polled by Reuters had expected a 3.1% ...
11h ago
Dollar steady; ether fuels crypto rally
By Rae Wee SINGAPORE (Reuters) - The dollar was firm on Tuesday while the yen struggled on the weaker side of the 156 level, though trade was mostly rangebound as investors generally stuck to their views of the expected timing and extent of Federal...
12h ago
Germany property trough worsens as foreign investors scale back
By Tom Sims and John O'Donnell FRANKFURT (Reuters) - International investors are skirting German property deals as they dial back on a market in its worst crisis in a generation, potentially deepening the scars on Europe's biggest economy. Foreign ...
12h ago
Nvidia earnings could spark $200 billion swing in shares, options show
By Saqib Iqbal Ahmed NEW YORK (Reuters) - Traders are pricing in a big move for Nvidia's shares after the chipmaker reports earnings on Wednesday, though expectations for volatility are more muted than in the past, U.S. options markets show. Nvidia...
12h ago
European labs led by imec to receive $2.7 billion in Chips Act funding
By Toby Sterling ANTWERP, Belgium (Reuters) - Leading European research labs will receive 2.5 billion euros ($2.72 billion) in funding under the European Chips Act to set up a pilot line to develop and test future generations of advanced computer ...
12h ago