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France’s TotalEnergies and EDF to help build $4.5bn hydroelectric dam in Mozambique

Mozambique selected a consortium including TotalEnergies and Electricite de France in a $4.5 billion hydroelectric project in the south-east African nation as investment in clean energy continues to climb. The 1,500-megawatt Mphanda Nkuwa dam and an associated transmission line is aimed at easing the power crisis in the region, Bloomberg reported o...

2023-05-27T08:48:08Z

Hybrid-electric aircraft manufacturer Odys Aviation joins UAE's NextGen FDI Programme

Odys Aviation, a US-based hybrid electric aircraft manufacturer, has joined the UAE's NextGen FDI programme and plans to open its regional headquarters in Abu Dhabi, coupled with a high-volume assembly and maintenance plant to expand its operations. The move will create more than 2,000 direct and indirect jobs in the UAE and will result in the expo...

2023-05-27T12:48:12Z

China industrial profits tumble 18% in April as demand sputters

BEIJING (Reuters) -Profits at China's industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery. Profits fell 20.6% in January-April from a year earlier, compared with a 21.4% decline in the first three months, according to data from the National Bureau of

2023-05-27T03:23:55Z

Germany to remove over 100 of its employees working in Russia - source

FRANKFURT (Reuters) - Germany will remove more than 100 government employees working in Russia after Moscow imposed limits on the numbers allowed to work at German diplomatic missions in the country, a source with the German foreign ministry said on Saturday. "This limit, set by Russia for the beginning of June, requires a major cut in all areas of our presence in Russia," the source said. Those

2023-05-27T12:35:06Z

Elon Musk's social security number was found in the 'Tesla files' leaked by a whistleblower, report says

German newspaper Handelsblatt said it received a huge tranche of data about the EV maker including private details of customers and staff.

2023-05-27T10:40:53Z

US bank lending and deposits rise amid signs of stable credit

US bank lending increased last week, suggesting some stabilisation in credit conditions despite tighter loan standards and high borrowing costs as interest rates continued to climb in the country. Commercial bank lending rose $10.4 billion in the week ending May 17 to a three-week high, according to seasonally adjusted data from the Federal Reserve...

2023-05-27T07:03:01Z

Amazon, Target, and Walmart will be the biggest winners from Bed Bath & Beyond's demise

Over two-thirds of Bed Bath & Beyond shoppers surveyed said they'd shift their spend to Amazon, while Target led the lists for specific categories.

2023-05-02T17:09:59Z

The retail apocalypse left dead malls and shuttered big-box stores scattered across the US — now, pickleball is coming to the rescue

Abandoned mall anchor stores, like Macy's, and shuttered big-box stores are perfect venues for pickleball, since they're often just big, empty shells.

2023-05-27T09:31:00Z

Biden 'hopeful' of imminent US debt deal

US president: 'I'm hopeful we'll know by tonight whether we're going to be able to have a deal'

2023-05-27T05:57:14Z

Jeff Bezos is ripped now. Here's how the Amazon founder went from scrawny to brawny.

Jeff Bezos used to eat biscuits for breakfast, but now trains with celebrity PT Wes Okerson, who's also worked with Tom Cruise and Gerard Butler.

2023-05-27T14:16:04Z

Yellen updates US default date to June 5 as 'major issues remain' in debt ceiling talks

US Treasury Secretary Janet Yellen on Friday said that the country would default on its debt on June 5, setting the X Date later than expected and giving negotiators more time to reach a deal on the debt ceiling. “Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obli...

2023-05-26T12:17:41Z

Store closures are hitting San Francisco as office vacancies and fears of crime are on the rise. Here's the full list of retailers pulling out of the city's downtown neighborhood.

Old Navy is the latest retailer to leave downtown San Francisco as reports of crime, drug use, and other dangers cause safety concerns.

2023-05-05T09:03:50Z

Germany to remove over 100 of its employees working in Russia

FRANKFURT (Reuters) - Germany will remove more than 100 government employees working in Russia after Moscow imposed limits on the numbers allowed to work at German diplomatic missions in the country, a source with the German foreign ministry said on Saturday. "This limit, set by Russia for the beginning of June, requires a major cut in all areas of our presence in Russia," the source said. Those

2023-05-27T13:25:04Z

Uber drivers lay out 4 reasons they think tipping has been getting worse — and why events like Taylor Swift concerts seem to make riders more generous

One driver from Dallas blames TikTok trends and business travelers for tips that have dwindled every year since the peak of the pandemic.

2023-04-23T11:01:49Z

2 Wendy's superfans had red-dye makeovers to get free chicken nuggets for a year

Natalie McMillan dyed her hair, while Chris Watts dyed his beard to mark World Redhead Day in a promotion run by the fast-food chain in the UK.

2023-05-27T15:01:11Z

Higher yields attract $756bn investment into cash funds so far this year

Investors have poured $756 billion into cash funds this year, attracted by juicy yields and driven by concerns about banks, Bank of America said in a note on Friday. The rush into money market funds continued in the week to Wednesday, with $23.1 billion flowing into the cash-like instruments, according to BofA, which cited figures from financial da...

2023-05-27T03:33:20Z

Motor racing-Honda's F1 return shows combustion engines are not dead, says Horner

By Alan Baldwin MONACO (Reuters) - Honda's move to provide Formula One power units to Aston Martin in a works partnership from 2026 is proof that the combustion engine still has a future, according to Red Bull team boss Christian Horner. The Japanese manufacturer has performed a U-turn, thanks also to a change of top management, since announcing in 2020 its departure from the sport as an engine

2023-05-27T10:25:34Z

JPMorgan entitled to Manhattan DA records in Epstein case, judge rules

By Luc Cohen NEW YORK (Reuters) -The Manhattan District Attorney's office must give JPMorgan Chase & Co statements made to one of its prosecutors by a woman who is suing the largest U.S. bank seeking monetary damages over its ties to late sex offender Jeffrey Epstein, a judge ruled on Friday. The privileges and laws invoked by District Attorney Alvin Bragg's office to try to block JPMorgan from

2023-05-27T00:10:33Z

JPMorgan's Dimon never met or communicated with Epstein -bank

By Luc Cohen NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said in a deposition on Friday that he had never met or communicated with late sex offender and former bank client Jeffrey Epstein, the bank said. The largest U.S. bank faces lawsuits seeking damages by women who claim that Epstein sexually abused them, and by the U.S. Virgin Islands, where the late financier had a

2023-05-27T00:38:08Z

US Trade Rep Tai exchanges objections with China's commerce minister in Detroit meeting

By David Lawder DETROIT (Reuters) -U.S. Trade Representative Katherine Tai raised complaints about China's state-led economic policies during a meeting on Friday with Chinese Commerce Minister Wang Wentao, who objected to U.S. tariffs and trade policies, their offices said. But statements from the U.S. Trade Representative's office and China's Commerce Ministry both emphasized the need for

2023-05-26T23:08:01Z

OpenAI chief says technology will not destroy job market

The boss of OpenAI, the firm behind the massively popular ChatGPT bot, said on Friday that his firm's technology would not destroy the job market as he sought to calm fears about the march of artificial intelligence. Sam Altman, on a global tour to charm national leaders and power brokers, said in Paris that AI would not, as some have warned, wipe ...

2023-05-27T11:33:30Z

How to avoid the hype when investing in AI

Experienced tech investors are hunting for undervalued opportunities in an overvalued space. At stake is how best to invest in the potential of artificial intelligence, which took a leap forward in November when Microsoft-backed OpenAI released its ChatGPT bot, without buying into a bubble. Shares in Nvidia, which makes computer chips that train AI...

2023-05-27T03:03:03Z

Hyundai Motor partners with LG Energy to build EV battery plant in US

South Korea's Hyundai Motor and LG Energy Solution on Friday said they are going to build a $4.3 billion electric vehicle battery plant in the US, amid a push to take advantage of tax credits. Manufacturers must adhere to new US sourcing requirements for EV battery components and critical minerals so that buyers of their vehicles can qualify for up...

2023-05-27T04:03:16Z