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

Outlook for Microsoft’s cloud business slightly behind expectations

Jan 24 (Reuters) – Microsoft Corp (MSFT.O) expects cloud revenue for the current quarter to be just below Wall Street expectations, dampening some enthusiasm for its pace of quarterly profit growth earlier on Tuesday. The shares initially rose sharply in after-hours trading, but lost steam after the company’s cloudy forecast. Microsoft said its smart cloud … Read more

SLB wins business in Russia as oil rivals pull out after Ukraine invasion

Jan 19 (Reuters) – Following Moscow’s invasion of Ukraine, the world’s largest oil company SLB (SLB.N) has boosted its business in Russia by selecting service and equipment contracts for rivals who are gone, according to company documents and people familiar with its operations. While SLB’s continued embrace of Russia has drawn heavy criticism, interviews with … Read more

Analysis: Small and medium-sized enterprises are expected to drive the rebound in business travel in 2023

Jan 18 (Reuters) – New York excavation contractor Brian Dietz does not see higher airfares as a deciding factor for flying and airlines are increasingly seeing small and medium-sized businesses as the hers to fuel a rebound in business travel in 2023. Family business co-owner Bob Dietz & Sons isn’t thrilled with the higher fares, … 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

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