Gautam Adani loses Asia’s richest crown as stock rout worsens to $84bn

Gautam Adani loses Asia’s richest crown as stock rout worsens to bn

BENGALURU, Feb 1 (Reuters) – Indian tycoon Gautam Adani lost his title as Asia’s richest person on Wednesday as the rout of his conglomerate’s biggest companies worsened to $84 billion following a a report on short sellers. A Hindenburg Research report last week alleged the group’s misuse of offshore tax havens and stock manipulation, as … Read more

Russia continues its Donetsk campaign; Ukraine wants fighter jets

Russia continues its Donetsk campaign;  Ukraine wants fighter jets

The city of Bakhmut comes under new fire – The Ukrainian army Zelenskiy talks to senior defense officials US prepares $2.2 billion arms package for Ukraine KYIV, Feb 1 (Reuters) – Russian forces are gradually gaining ground in eastern Ukraine’s Donetsk province, focusing on the town of Bakhmut, north of the regional capital. After finally … Read more

Intel cuts employee and executive salaries amid slowing PC market

Intel cuts employee and executive salaries amid slowing PC market

Jan 31 (Reuters) – Intel Corp (INTC.O) said on Tuesday it had made sweeping pay cuts for employees and executives, a week after the company released lower-than-expected sales guidance in due to a loss of market share to rivals and a slowdown in the PC market. The cuts will range from 5% of base pay … Read more

AMD revenue beats targets, Wall St relieved after Intel’s bleak outlook

AMD revenue beats targets, Wall St relieved after Intel’s bleak outlook

Jan 31 (Reuters) – U.S. chipmaker Advanced Micro Devices Inc (AMD.O) reported revenue above Wall Street targets on Tuesday and said it expected business to improve in the second half, giving excitement investors who saw the company win over rival Intel. The shares rose about 1.5% after hours trading. Although AMD’s predictions lagged behind expectations, … Read more

Exxon smashes the profits of Western oil majors with $56 billion in 2022

Exxon smashes the profits of Western oil majors with  billion in 2022

HOUSTON, Jan 31 (Reuters) – Exxon Mobil Corp (XOM.N) posted net profit of $56 billion for 2022, the company said on Tuesday, grossing around $6.3 million per hour last year and setting not just a corporate record, but a historical record for the Western oil industry. The oil majors are expected to break their own … Read more

US stops granting export licenses to Chinese Huawei – sources

US stops granting export licenses to Chinese Huawei – sources

Jan 30 (Reuters) – The Biden administration has stopped approving licenses allowing U.S. companies to export most items to China’s Huawei, according to three people familiar with the matter. Huawei has faced U.S. export restrictions on items for 5G and other technologies for several years, but U.S. Commerce Department officials have granted licenses to some … Read more

US seeks Tesla driver assistance documents; the company increases its investment forecast

US seeks Tesla driver assistance documents;  the company increases its investment forecast

WASHINGTON, Jan 31 (Reuters) – Tesla Inc (TSLA.O) said on Tuesday it has received requests from the U.S. Department of Justice for documents related to its fully autonomous driving assistance systems and Autopilot as the regulatory scrutiny intensifies. Reuters reported in October that Tesla was under criminal investigation over allegations that the company’s electric vehicles … Read more

Norwegian fund posts record loss of $164 billion

Norwegian fund posts record loss of 4 billion

The loss in 2022 exceeds the previous record of 2008 Inflation and geopolitical tensions remain risk factors Oil and gas industry record silver entry OSLO, Jan 31 (Reuters) – Norway’s wealth fund, one of the world’s biggest investors, posted a record 2022 loss of 1.64 trillion kroner ($164.4 billion), ending a three-year streak of skyrocketing … Read more

Turkey’s push into Iraq risks aggravating the conflict

Turkey’s push into Iraq risks aggravating the conflict

SARARO, Iraq, Jan 31 (Reuters) – Overlooking the deserted village of Sararo in northern Iraq, three Turkish military outposts shatter the skyline, part of an incursion that has forced residents to flee the year after days of shelling. The outposts are just some of dozens of new military bases Turkey has established on Iraqi soil … Read more

Crucial sale of Adani shares 85% subscribed as institutions inject funds

Crucial sale of Adani shares 85% subscribed as institutions inject funds

MUMBAI, Jan 31 (Reuters) – Indian billionaire Gautam Adani’s $2.5 billion share sale edged closer to full subscription on Tuesday as investors pumped in after a tumultuous week for his group in during which its shares were ravaged by a scathing report on short sellers. The secondary sale of shares in flagship Adani Enterprises (ADEL.NS) … Read more