Business

IKEA franchiser slashes 850 jobs in cost-cutting drive as consumer spending falls

Monday, May 18 by SRN News

By Helen Reid LONDON, May 18 (Reuters) - Inter IKEA, which franchises the Swedish budget home furniture brand in 63 countries, is laying off 850 workers in a cost-cutting drive as consumer demand falls and the blue big-box retailer works to become more efficient and... Read More.

Evergrande liquidators seek $8.4 billion from PwC, accusing it of negligent audits

Monday, May 18 by SRN News

By Clare Jim HONG KONG, May 18 (Reuters) - Liquidators for Evergrande Group, the failed Chinese property giant, are seeking 57 billion yuan ($8.4 billion) in damages from PwC, accusing it of being negligent in its auditing work, a Hong Kong court was told on... Read More.

White House gets small rare earth win, but China’s export regime is here to stay

Monday, May 18 by SRN News

By Laurie Chen and Lewis Jackson BEIJING, May 18 (Reuters) - China will address U.S. concerns about rare earth shortages, the White House said on Sunday in a recap of agreements struck at last week's leaders summit that fell short of calling for the removal... Read More.

Commonwealth Bank of Australia names Mary-Anne Williams as chief AI scientist

Monday, May 18 by SRN News

May 18 (Reuters) - Commonwealth Bank of Australia on Monday appointed Mary-Anne Williams as its chief AI scientist in what the bank said would be the first such role at an Australian lender. Williams would join from the University of New... Read More.

Global banks raise yuan forecasts, fuelled by China’s export strength and stable US ties

Monday, May 18 by SRN News

SHANGHAI, May 18 (Reuters) - Some global investment houses revised up their yuan forecasts, fuelled by China's export competitiveness and steady trade relations with the U.S., the world's biggest economy. The Chinese currency has been grinding higher this year, rising nearly 3% against the dollar... Read More.

Stocks fall and oil prices gain after Trump warns the Iran ‘clock is ticking’

Monday, May 18 by SRN News

HONG KONG (AP) - Asian stocks mostly retreated and oil prices jumped on Monday after U.S. President Donald Trump warned Tehran that the "clock is ticking" as U.S.-Iran negotiations over a permanent end to the war stall. U.S. futures fell more than 0.6%. Markets in Japan... Read More.

Morning Bid: Bonds get a taste of oil’s demand destruction

Monday, May 18 by SRN News

May 18 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. So, there's a limit to wishful thinking. Markets had assumed the U.S. and Iran were bound to see sense and strike a deal at any moment. Instead,... Read More.

Gina Rinehart’s Hancock Prospecting adds defence stocks to US portfolio

Monday, May 18 by SRN News

MELBOURNE, May 18 (Reuters) - Hancock Prospecting, owned by Australia's richest person, Gina Rinehart, has added defence, gold and rare-earths holdings to its $3.3 billion U.S. portfolio this year, filings showed on Monday. Hancock added CrowdStrike, L3Harris, Lockheed, Northrop Grumman and RTX as part... Read More.

Summer travelers who relied on Spirit Airlines may struggle to find budget alternatives

Monday, May 18 by SRN News

Days after Spirit Airlines shut down in the middle of the night, a lawyer for the defunct budget carrier stood before a bankruptcy judge and apologized to the price-conscious customers who might struggle to find affordable flights in its absence. "We apologize most specifically for... Read More.

Iran war saddles global companies with $25 billion bill – and counting

Monday, May 18 by SRN News

By Medha Singh, Deborah Mary Sophia and Bernadette Hogg May 18 (Reuters) - The U.S.-Israeli war with Iran has already cost companies around the world at least $25 billion - and the bill is climbing, according to a Reuters analysis. A review of corporate statements since... Read More.

Current Weather

IKEA franchiser slashes 850 jobs in cost-cutting drive as consumer spending falls

Evergrande liquidators seek $8.4 billion from PwC, accusing it of negligent audits

White House gets small rare earth win, but China’s export regime is here to stay

Commonwealth Bank of Australia names Mary-Anne Williams as chief AI scientist

Global banks raise yuan forecasts, fuelled by China’s export strength and stable US ties

Stocks fall and oil prices gain after Trump warns the Iran ‘clock is ticking’

Morning Bid: Bonds get a taste of oil’s demand destruction

Gina Rinehart’s Hancock Prospecting adds defence stocks to US portfolio

Summer travelers who relied on Spirit Airlines may struggle to find budget alternatives

Iran war saddles global companies with $25 billion bill – and counting

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