By Granth Vanaik and Siddharth Cavale (Reuters) – Keith Gill, the meme stock trader “Roaring Kitty,” thrust Chewy Inc into the spotlight when he made a $245 million bet on the online pet products retailer on Monday. What is Chewy and why has it attracted Gill’s interest? WHAT’S THE BUSINESS? Chewy is an $11 billion…
By Anna Tong (Reuters) -OpenAI plans to announce its artificial intelligence-powered search product on Monday, according to two sources familiar with the matter, raising the stakes in its competition with search king Google. The announcement date, though subject to change, has not been previously reported. Bloomberg and the Information have reported that Microsoft-backed OpenAI is…
LONDON (Reuters) – Amazon is facing a one billion-pound ($1.3 billion) collective lawsuit from British retailers who allege that the online marketplace misused their data to boost its own market share and profits. The British Independent Retailers Association (BIRA), an umbrella body grouping numerous small traders, was due to file the lawsuit on behalf of…
NEW YORK (Reuters) -Futures on the federal funds rate, which measures the cost of unsecured overnight loans between banks, priced on Wednesday about 74 basis points of additional interest rate cuts by the Federal Reserve by the end of this year, LSEG calculations showed. This development followed a decision by the Fed earlier in the…
(Reuters) – Boeing said furloughs began on Friday for thousands of employees in Washington State and Oregon, after more than 32,000 workers went on strike last week, halting production of the U.S. planemaker’s best-selling 737 MAX and other jets. Striking workers with the International Association of Machinists and Aerospace Workers received their last paycheck this…
SEOUL (Reuters) -North Korea “most strongly denounces” the declaration at the recent NATO summit, KCNA said on Saturday, citing the country’s foreign ministry spokesperson. Leaders of NATO countries stressed a membership pledge for Ukraine and took a stronger stance on China’s support for Russia in a declaration this week at a summit in Washington. “The…
By Alexandra Valencia QUITO (Reuters) -Former Ecuadorean Vice President Jorge Glas is back in prison in the city of Guayaquil after being discharged from the hospital and is in acceptable health, the SNAI prisons agency said on Tuesday. Glas, already twice convicted of corruption and now facing fresh charges, was arrested on Friday after a…
(Reuters) – Apple will deliver some of its upcoming artificial intelligence features this year through data centers powered by its own in-house chips, Bloomberg News reported on Thursday, as the iPhone maker looks to integrate generative AI in its products. The company is putting its chips in cloud-computing servers capable of processing advanced AI tasks…
(Reuters) – Blackstone CEO Stephen Schwarzman will support Donald Trump as the former president looks to return to the White House, Axios reported on Friday. Schwarzman, one of the biggest political donors on Wall Street, plans to donate to Trump and various Republican Senate candidates, the report said, citing a statement from the CEO. Long…
(Reuters) -Levi Strauss fell short of market expectations for second-quarter revenue on Wednesday and maintained its annual earnings forecast, taking its shares down 11% in extended trading. Apparel makers such as Levi and peer Ralph Lauren have worked to prioritize higher margin products and increase penetration through their direct-to-consumer channels. An inventory glut last year…
