India’s Adani slammed by $48bn stock rout, putting stock selloff at risk

Shares of Indian billionaire Adani’s companies hit by debt problems 7 Adani Group companies have lost a total of $48 billion since Adani slips to 7th richest in the world, from third Forbes Bill Ackman says Hindenburg report ‘highly credible’ MUMBAI, Jan 27 (Reuters) – Shares of Indian firm Adani Enterprises (ADEL.NS) plunged on Friday … Read more

Goldman misses earnings estimates as deals slump and consumer business hits

Jan 17 (Reuters) – Goldman Sachs Group Inc (GS.N) reported a bigger-than-expected 69% drop in fourth-quarter profit on Tuesday as it battled a drop in deals, lower revenue from the asset and wealth management and recognized losses in its consumer business. Wall Street banks are making drastic staff cuts and streamlining operations as trading activity, … Read more

Banks dress for a business-casual recession

NEW YORK, Jan 13 (Reuters Breakingviews) – A recession is looming for U.S. banks, but they are wearing comfortable shoes. JPMorgan(JPM.N), Bank of America(BAC.N), Citigroup(CN) and Wells Fargo(WFC.N) all warned on Friday of a weakening economy. Nonetheless, lenders are quite optimistic that they and their borrowers can easily ride out a deeper downturn. The big … Read more

Exclusive: Shell’s energy transition sparked talks to sell Norway business

Shell and Harbor Energy held talks late last year The talks included Norway, Italy and some British assets Shell focuses on low-carbon renewables LONDON, Jan 10 (Reuters) – Shell (SHEL.L) held talks with Harbor Energy (HBR.L) to sell its Norwegian oil and gas fields last year but could not reach a deal in due to … Read more

AstraZeneca bolsters heart and kidney business with $1.8 billion deal with CinCor

AZN shares slip 1% on Monday Farxiga-baxdrostat combination could expand franchise – AZN exec Falling valuations of biotech companies could boost deal-making Jan 9 (Reuters) – AstraZeneca (AZN.L) said on Monday it has reached an agreement to buy U.S. drug developer CinCor Pharma Inc (CINC.O) for up to $1.8 billion to boost its stock of … Read more

Business insurance battle for Covid losses moves to high state courts

The fight is “definitely not over,” the polyholers’ attorney said. The California Supreme Court asked to weigh High Court Rulings So Far Favor Insurers 9 to 1 (Reuters) – So far, every federal appeals court hearing the issue has ruled that all-risk commercial property insurance policies do not cover lost revenue due to the Covid-19 … Read more

Exclusive: ChatGPT owner OpenAI predicts $1 billion in revenue by 2024

Dec 15 (Reuters) – ChatGPT, the new talk-about chatbot in Silicon Valley, can spit haikus, crack jokes in Italian and could soon be the bane of teachers around the world facing fake essays generated by the AI-powered technology. But one question he can’t fully answer is: how will OpenAI make money? The research body, co-founded … Read more

Stray Pet Businesses Will Find New Owners in 2023

TORONTO, Dec 28 (Reuters Breakingviews) – Like dogs looking for forever homes, stray animal businesses will find new owners in 2023. Splurging on furry and feathered friends has proven be inflation-proof, even as exuberant pandemic-fueled valuations have cooled. Large companies are the best candidates to recruit autonomous operators. Americans are constantly pampering their pit bulls, … Read more

The pace of the new climate, sustainable trade rules will not let up

LONDON, Dec 20 (Reuters) – The past year has been the busiest in history for climate and sustainability rule-making, with relentless expectations expected in 2023 as policymakers tighten the net around behavior unstable or fraudulent businesses. From Canada to South Africa, the rules proposed or implemented covered everything from promoting transparency in corporate supply chains … Read more

Analysis: Nature Accord Gets Funding, Companies Approve, But Barriers Remain

COP15 conference reaches historic agreement to protect nature Business and finance leaders now focus on national rules Concerns about the pace and scale of capital flows to nature MONTREAL, Dec 20 (Reuters) – A landmark agreement to protect nature will put biodiversity on the to-do list for businesses and financial firms – creating bureaucracy but … Read more