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☆ Whitney Wolfe Herd Is Stepping Down as Bumble’s C.E.O. After a Decade
▼ + stars: | 2023-11-06 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +1 min

Bumble, which requires women to make the first move, went public in 2021, briefly making Ms. Wolfe Herd one of the world’s few female billionaires, according to Bloomberg. As of June, the dating app had 2.5 million paying users, according to Bumble’s second-quarter earnings report. Bumble will report its third-quarter earnings on Tuesday. About a third of adults in the United States have used a dating app, according to a Pew Research Center survey conducted last year. The number of users paying for Tinder, fell 6 percent compared to the same period a year earlier, Match said.

Persons: Wolfe Herd, Bumble’s, Bumble, Morgan Stanley, Jones Organizations: Bloomberg, Pew Research Center, Match, Tinder, Salesforce, Microsoft, Wall Street Journal Locations: United States, Fish, Brazil

☆ Biden touts billions for northeast US rail corridor
▼ + stars: | 2023-11-06 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +2 min

REUTERS/Erin Scott/File Photo Acquire Licensing RightsNov 6 (Reuters) - U.S. President Joe Biden on Monday will announce the latest tranche of federal dollars to modernize key portions of the nation's busiest rail corridor that stretches from Boston to Washington DC. Biden is highlighting $16.4 billion in funding from the 2021 bipartisan infrastructure law for 25 passenger rail projects on Amtrak’s Northeast Corridor, which supports some 800,000 trips per day in a region that represents 20% of the nation's gross domestic product. "The bottom line is that for the over 200 million passengers who ride this rail corridor every year, these improvements are going to shorten travel times and improve reliability," U.S. Transportation Secretary Pete Buttigieg said in a statement. Monday's event marks at least the third time Biden has held an event to highlight funding the Northeast Corridor line, underscoring the president's personal connection with the corridor. He believes strongly in improving America's passenger rail and he knows the Northeast Corridor like no one else," White House infrastructure czar Mitch Landrieu said.

Persons: Joe Biden, Finnegan, Maisy, Erin Scott, Biden, Pete Buttigieg, Frederick Douglass, Mitch Landrieu, Jarrett Renshaw, Lincoln Organizations: REUTERS, Washington DC, U.S . Transportation, Amtrak, Thomson Locations: Philadelphia , Pennsylvania, U.S, Boston, Washington, New York, Hudson, New Jersey, Maryland, Wilmington, Amtrak's Wilmington

☆ Most Gulf markets end higher after US job market softens
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely. Saudi Arabia's benchmark index (.TASI) gained 0.8%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Lumi Rental Co (4262.SE) finishing 1.7% higher. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2% higher, led by a 2.1% rise in Commercial International Bank (COMI.CA). On Friday, the lender reported third-quarter net income of 8.35 billion Egyptian pounds ($270.66 million), up 89% year-on-year.

Persons: Joe Biden, Hamad I Mohammed, Detroit's, Jerome Powell, Ateeq, David Goodman, Sharon Singleton Organizations: Bahrain Bourse, U.S, REUTERS, Federal, United Auto Workers, UAW, Gulf Cooperation, U.S ., Saudi Aramco, Lumi, Reuters, Industries Qatar, Commercial International Bank, Thomson Locations: Bahrain, Manama, U.S, Gulf, UAE, Saudi, Ateeq Shariff, Bengaluru

☆ Actors’ Union Says It Receives ‘Last, Best and Final’ Offer From Studios
▼ + stars: | 2023-11-04 | by ( Nicole Sperling | More About Nicole Sperling | ) www.nytimes.com time to read: +1 min

The negotiating committee of the actors’ union, SAG-AFTRA, told its members on Saturday that it had received a “Last, Best and Final Offer” from the major entertainment studios as a strike that has brought much of Hollywood to a standstill continued for a 114th day. “We are reviewing it and considering our response within the context of the critical issues addressed in our proposals,” the negotiating committee said. They did not say when they would respond to the offer, which came after an hourlong video conference call that included top studio executives. The studios also offered the actors a new way to determine residuals for streaming programs based on performance metrics, and protections on artificial intelligence, including consent and compensation requirements. The studios also offered an increase to the pension and health funds.

Organizations: SAG Locations: Hollywood

☆ Indian economy regains its swagger as China stumbles
▼ + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.

Persons: Narendra Modi, ”, Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, ”, ’, China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington

As he did last month, Blinken will stress U.S. support for Israel and try to prevent a wider Mideast war as he visits Israel and Jordan starting on Friday. He'll push for the evacuation of more foreigners from Gaza and more humanitarian aid for the territory. President Joe Biden said Wednesday he thought there should be a humanitarian “pause” in the Israel-Hamas war in order to get “prisoners” out. Political Cartoons View All 1230 ImagesU.S. officials, including Biden and Blinken, have said repeatedly that they do not believe an Israeli re-occupation of Gaza is feasible, and Israel agrees. Miller said the U.S. shares Jordan's concerns about "the dire humanitarian situation in Gaza” and that Blinken will make that a priority on his trip.

Persons: —, Antony Blinken, Jordan, Biden, Israel, Joe Biden, Blinken, Matthew Miller, what’s, Miller, ”, “, ” Jordan, Netanyahu, Sissi, ” Biden Organizations: WASHINGTON, Israel, West Bank, Palestinian Authority, ”, Saudi, U.S, State Department Locations: East, Israel, Gaza, U.S, Blinken, Palestinian, Japan, South Korea, India, Ukraine, China, Jordan, Amman, Egypt, Turkey, Washington, Qatar

☆ Elon Musk and Britain’s PM Rishi Sunak discuss AI’s risks and rewards
▼ + stars: | 2023-11-02 | by ( Manav Tanneeru | Jennifer Korn | ) edition.cnn.com time to read: +7 min

“I’m glad to see at this point that people are taking AI seriously,” Musk said to Sunak on Thursday. Musk and world leadersMusk’s conversation with Sunak is one of numerous chats with world leaders the SpaceX and Tesla CEO has joined in the past few months. Musk met with Israeli Prime Minister Benjamin Netanyahu in September, weeks before the outbreak of the Israel-Hamas war. Other big names that recently made time for Musk in their schedule include Italian Prime Minister Giorgia Meloni in June, Indian Prime Minister Narendra Modi in June and Turkish President Recep Tayyip Erdogan in September. Sunak and Musk discussed how digital super-intelligence could affect the public and require regulation the same way industries such as aviation and cars require regulation.

Persons: CNN — Elon, Rishi Sunak, ” Musk, Musk, Kamala Harris, Sam Altman, “ I’m, Sunak, Goldman Sachs, Benjamin Netanyahu, Netanyahu, Emmanuel Macron, Giorgia Meloni, Narendra Modi, Recep Tayyip Erdogan, “, Communications Shlomo Karhi, ”, ” Karhi, Alexandria Ocasio, Cortez, Walter Isaacson’s, Elon Musk, Isaacson, , Luke McGee, Ivana Kottasová, Sean Lyngaas Organizations: CNN, British, Safety, Lancaster House, Allied Forces codebreaking, US, Winchester College , Oxford, Stanford, European Union, SpaceX, Tesla, Israeli, Twitter, Defamation League, Italian, Indian, Communications, Hamas, US Democratic Rep, Russian Locations: London, Bletchley, Israel, United States, China, Gaza, Alexandria, Cortez, Crimean, Ukrainian, Sevastopol, Russia, Crimea, Korea, France

Bank of Japan Governor Kazuo Ueda attends a press conference after its policy meeting in Tokyo, Japan October 31, 2023, in this photo taken by Kyodo. In addition, interest rate changes were asymmetric — Fed rate hikes following stock market recoveries were usually muted compared with the initial cuts. This was an explicit, open-ended policy to hold the currency at a set level and flood the Swiss economy and markets with oceans of liquidity, but essentially still a central bank put. As Marc Chandler at Bannockburn Global Forex points out, it is financial stability that is ultimately - and rightly - at the heart of the so-called central bank put. "There is a perception or myth that has built up around the central bank put.

Persons: Kazuo Ueda, Alan Greenspan, Louis, William Poole, Greenspan, Steven Englander, Marc Chandler, Chandler, Jonathan Oatis Organizations: Japan, Kyodo, REUTERS Acquire, Rights, Bank of Japan, Federal Reserve, Louis Fed, Swiss National Bank, Standard Chartered, National Bureau of Economic Research, Swiss, Reuters, Bannockburn Global, Thomson Locations: Tokyo, Japan, Rights ORLANDO , Florida, New York, Switzerland, Swiss, Bannockburn

But the deceleration of inflation has slowed, and solid economic growth could keep inflation elevated or even send it higher. As a result, Powell and other Fed officials aren't yet willing to take a final rate hike off the table. The surge in Treasury yields has caused the average 30-year fixed mortgage rate to reach nearly 8%. Market analysts say an array of factors have combined to force up Treasury yields. As a result, higher Treasury rates may be needed to attract more buyers.

Persons: Jerome Powell, Powell, Michael Arone, “, ” Powell, Christopher Waller Organizations: WASHINGTON, Federal, State Street Global Advisors, “, Fed, Treasury, Wall Locations: Wall

☆ Opinion: The shocking resurgence of antisemitism
▼ + stars: | 2023-11-01 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +10 min

She is a weekly opinion contributor to CNN, a contributing columnist to The Washington Post and a columnist for World Politics Review. Frida Ghitis CNNA few of the rioters carried Palestinian flags, underscoring the obvious link between the attack and the war between Israel and Hamas. In terrifying scenes, the rampaging crowd, some shouting “Allahu akbar,” surrounded passengers, pressuring them to prove they were not Jewish. Universities have become hotbeds of antisemitism, with Jewish students fearing for their safety. (Police have since arrested a Cornell student after he allegedly threatened to kill Jewish students.)

Persons: Frida Ghitis, “ Allahu akbar, ”, —, Christopher Wray, Michael Koplow, “, Simon Sebag Montefiore, Stalin, Hitler, “ I’m, Olaf Scholz, Biden, Israel, that’s, It’s, Vladimir Putin, Rabbi Alexander Boroa, — “ Hitler Organizations: CNN, Washington Post, Politics, Frida Ghitis CNN, Hamas, Makhachkala Uytash, United Nations General Assembly, Universities, Cornell University, Ivy League, Police, Cornell, The Cooper Union, Israel, Republican, Boston Marathon, Federation of Jewish Locations: Dagestan, Russian, Tel Aviv, Israel, Gaza, Egypt, Makhachkala, Russian Republic of Dagestan, Palestine, New York, menacingly, Austria, South Africa, Nicaragua, Germany, Venezuela, Milan, Hamburg, Berlin, Australia, Argentina, Russia, China, United States, Caucusus, Moscow, Ukraine, Washington

NAIROBI, Kenya (AP) — King Charles III has expressed “greatest sorrow and the deepest regret” for the “abhorrent and unjustifiable acts of violence” committed against Kenyans as they sought independence, during a speech on his first day of a four-day visit. The king and Queen Camilla touched down in the capital, Nairobi, late Monday. Another group of protesters briefly chanted anti-British songs and threw roses at the foot of a monument to Mau Mau veteran Dedan Kimathi in Nairobi's central business district on Tuesday. “Just because the king is in Kenya, police have denied us our constitutional right to protest peacefully,” Juliet Wanjira, one of the organizers, said. During his visit, Britain announced 4.5 million pounds ($5.5 million) in new funding to support education reforms in Kenya.

Persons: — King Charles III, ”, explicity, Charles, William Ruto, Ruto, ” Ruto, Buckingham, Kenya's, that's, Charles ’, Queen Elizabeth II, Queen Camilla, Koigi Wamwere, ” Salim David Nganga, Joel Kimutai Kimetto, “, Kelvin Kubai, Dedan Kimathi, ” Juliet Wanjira, Wanjira Mathai, Wangari Maathai, Prince Philip Organizations: Kenyans, Kenyan, AP, British, Britain, Commonwealth, Aberdare National Locations: NAIROBI, Kenya, Britain, Commonwealth, East, Nairobi, Mau Mau, Nairobi's, Africa, South Africa

☆ A Key Measure of Wages Grew at a Moderate Pace This Summer
▼ + stars: | 2023-10-31 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

A measure of pay and benefits that officials at the Federal Reserve have been watching closely as they try to gauge the heat of the labor market grew at a moderate pace over the summer. The Employment Cost Index, a quarterly inflation measure from the Labor Department that tracks changes in wages and benefits, climbed 1.1 percent in the third quarter of 2023 versus the prior three months. That pace of growth does mark a deceleration from a series of rapid quarterly gains in 2022. Still, the index averaged 2.2 percent yearly gains in the decade leading up to the pandemic, underscoring that today’s pace remains unusually quick. And it is notable that wage gains continue to come in strong at a time when economists had expected them to be returning to a more normal pace.

Organizations: Federal Reserve, Labor Department

☆ UK financial watchdog urges banks to link bonuses with duty to clients
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. The FCA said in a letter to chairs of banks' remuneration committees they should prioritise embedding the new Consumer Duty introduced in July, to ensure customers get fair value and appropriate products and services. "Senior managers and boards, especially those whose role is most relevant to the duty, are accountable for complying with the duty," the FCA said in the letter made public. Banks are currently deciding how to divide up the annual bonus pool as a cap limiting the size of bonuses, inherited from the European Union, expires. The watchdog said banks should ensure that there is a "clear, strong and evidenced link" between behaviours and overall pay, with "timely and transparent" adjustments when appropriate.

Persons: Toby Melville, Banks, Alasdair Steele, Huw Jones, Jan Harvey Organizations: FCA, Financial, Authority, REUTERS, Britain's, Consumer, European Union, CMS, Thomson Locations: London, Britain

☆ Hostages in mind, Israel moves slowly in Gaza ground offensive
▼ + stars: | 2023-10-30 | by ( Jonathan Saul | ) www.reuters.com time to read: +9 min

Troops freed an Israeli soldier from Hamas captivity during the ground operation in Gaza, the military said on Monday. An Israeli military spokesperson declined to comment on details of the offensive, citing sensitivity with the issue. Saying any lull in fighting would benefit Hamas, Israel rejected the calls, in the first public split between Israel and its allies since Oct. 7. ENCIRCLING GAZA CITYAfter amassing hundreds of thousands of soldiers, including reservists, on its border with Gaza, Israel made the first sustained ground incursions of the offensive on Friday. Israeli military forces are aware of the dangers with heavily built up areas in Gaza and the dangers of sending in broad forces.

Persons: Benjamin Netanyahu, Amos Yadlin, Israel, Benny Gantz, Yoav Gallant, Netanyahu, Daniel Hagari, Salah Al Deen, Abu Ahmad, Hagari, Omri Attar, I'm, Ben Milch, they're, Milch, Jonathan Saul, Nidal Al Mughrabi, Frank Jack Daniel Our Organizations: Hamas, Israeli Defence Forces, REUTERS Acquire, Rights, Reuters, Troops, ., Saturday, Forces, Islamic, Combat Engineering Corps, IDF, Thomson Locations: Israeli, Gaza, Israel, Palestinian, Hamas, GAZA, Gaza City, Jerusalem

☆ Panasonic cuts battery unit's profit outlook, warns on high-end EV sales
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla (TSLA.O) and other automakers to 115 billion yen ($769 million) from 135 billion yen. The battery unit's production in Japan suffered from slowing uptake for high-end EVs in North America, Panasonic said in the presentation material, as the U.S. Inflation Reduction Act spurred demand changes among consumers. Panasonic added its production at its North American operations remained steady, and it saw firm sales of vehicles eligible for tax credits. South Korean battery firm LG Energy Solution (373220.KS) last week warned of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for EV sales. General Motors (GM.N) is also slowing the launch of several EV models to cut their costs, and pulling back on EV product spending.

Persons: Steve Marcus, Tesla, Elon Musk, Daniel Leussink, Kim Coghill, Miral Organizations: Panasonic, REUTERS, Rights, Panasonic Holdings, Korean, LG Energy, EV, General Motors, Thomson Locations: Las Vegas , Nevada, U.S, Japan, China, Europe, North America, KS

☆ Inflation to dog world economy next year, postponing rate cuts: Reuters poll
▼ + stars: | 2023-10-27 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Despite broad success in bringing inflation down from its highs - the easier bit - prices are still rising faster than most central banks would prefer and hitting their inflation targets is likely to be tough. The Reserve Bank of New Zealand, which often leads the interest rate cycle, was also forecast to wait until July-September 2024 before cutting. The majority backing no cuts until the second half of 2024 has also grown stronger for the Reserve Bank of Australia, Bank Indonesia and the Reserve Bank of India. Even the Bank of Japan, the outlier sticking to ultra-loose policy through this entire round of inflation, is now expected to abandon negative interest rates next year. Crucially, most economists agree the first easing steps will not be the beginning of a rapid series of cuts.

Persons: Sarah Silbiger, Christine Lagarde, Douglas Porter, it's, Nathan Sheets, Hari Kishan, Ross Finley, Tomasz Janowski Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, U.S . Federal Reserve, European Central Bank, ECB, Fed, BMO, Reserve Bank of New, Reserve Bank of Australia, Bank, Reserve Bank of India, Bank of Japan, Citi, Thomson Locations: Mount Pleasant, Washington ,, BENGALURU, Reserve Bank of New Zealand, Bank Indonesia, Bengaluru, Buenos Aires, Cairo, Istanbul, Johannesburg, London, Shanghai, Tokyo

☆ Mark Zuckerberg's Meta has lost nearly $50 billion on the metaverse - more than Ford, Hershey, or Kraft Heinz are worth
▼ + stars: | 2023-10-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg's Meta has recorded nearly $50 billion of metaverse losses in under five years. "We expect our RL operating losses to increase meaningfully in 2024," they noted in Meta's third-quarter earnings. Meta's metaverse losses to date exceed the market capitalization of Ford ($45 billion), Keurig Dr. Pepper ($41 billion), Hershey ($39 billion), Kraft Heinz ($39 billion), and many other large companies. They could soon overtake Lululemon ($49 billion), Chipotle ($50 billion), Target ($51 billion), and Monster Beverage ($52 billion) in size. They would also be worth nearly half as much as Zuckerberg ($105 billion).

Persons: Mark Zuckerberg's Meta, Kraft Heinz, Nike's Phil Knight, Nvidia's Jensen Huang, Ken Griffin, —, Zuckerberg's Meta, Zuckerberg, Dr, Pepper, Phil Knight, Jensen Huang, Taylor Organizations: Ford, Hershey, Service, Reality Labs, Lululemon, Monster Beverage, Bloomberg, Nike, Nvidia, Citadel, Meta, NBA Locations: Meta's

☆ GOP Senators Propose Bill Splitting Off Israel Aid From Ukraine Funding
▼ + stars: | 2023-10-26 | by ( Lindsay Wise | ) www.wsj.com time to read: 1 min

Sen. Roger Marshall argues that separating Israel aid would prevent it from being bogged down in the House. Photo: Michael Brochstein/Zuma PressWASHINGTON—A group of Republican senators introduced a stand-alone bill that would send billions of dollars in aid to Israel but not Ukraine, underscoring the challenges facing a much larger $106 billion Biden administration proposal that includes more funding for Kyiv. The group of GOP senators argues that separating the Israel aid would prevent the assistance from being bogged down in the House, where the number of Republicans opposed to funding Ukraine aid is growing, and now makes up more than half the GOP conference.

Persons: Sen, Roger Marshall, Michael Brochstein, Zuma Press WASHINGTON Organizations: Zuma Press, Biden, Kyiv, GOP Locations: Israel, Ukraine

The logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Oct 26 (Reuters) - South Korea's SK Hynix (000660.KS) said a boom in artificial intelligence will drive chip profits after posting a sharply narrower third quarter loss than it did in the previous quarter. SK Hynix said it swung to a 1.8 trillion won ($1.33 billion) third-quarter operating loss from a profit of 1.7 trillion won a year earlier. It was its fourth consecutive quarterly loss, but improved from a trough of a 3.4 trillion won loss in the first quarter and a 2.9 trillion won loss in the second quarter. SK Hynix was ahead of rivals in developing HBM3 chips and securing AI-chip leader Nvidia (NVDA.O) as a client.

Persons: Kim Hong, chipmaker, SK Hynix, LSEG SmartEstimate, 1,351.6200, Joyce Lee, Heekyong Yang, Shri Navaratnam, Jamie Freed Organizations: SK Hynix, REUTERS, Rights, Korea's SK Hynix, SK, Revenue, Samsung Electronics, Analysts, SK Hynix's, Nvidia, Thomson Locations: Seongnam, South Korea, Rights SEOUL, KS

Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.

Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin

☆ Microsoft extends cloud lead over Alphabet with focus on OpenAI, big clients
▼ + stars: | 2023-10-25 | by ( Aditya Soni | ) www.reuters.com time to read: +4 min

In the battle to tap the next growth driver for the cloud business, Microsoft has focused on its core business clients that already use many of its software services, while Google has turned to startups. The results show cloud spending is coming from enterprise clients, whereas smaller businesses are reducing their expenditure, he said. Strong AI use was responsible for a 3 percentage point boost to the Microsoft's cloud business in the September quarter. "Unlike many others who are touting their AI story, Microsoft is capable of delivering meaningful AI products to their customers," brokerage D.A. Many analysts were also optimistic about strength in Alphabet's core search business, but they warned the weakness in the cloud business would continue.

Persons: Morningstar, Ali Mogharabi, Krishna Chintalapalli, Satya Nadella, Davidson, Bernstein, Sundar Pichai, Aditya Soni, Akash Sriram, Arun Koyyur Organizations: Microsoft, Google, Parnassus Investments, Fortune, Thomson Locations: Bengaluru

NEW YORK (AP) — Michael Cohen returned to the witness stand Wednesday in his ex-boss Donald Trump's civil business fraud trial as the former president's defense team tried to undermine the credibility and question the motives of his onetime personal attorney turned adversary. She tried to suggest that Cohen had angled unsuccessfully for a job in Trump’s White House — Cohen insisted he never sought one — and asked whether he had “significant animosity" toward Trump. Cohen is a key witness in New York Attorney General Letitia James’ civil case against Trump. Cohen is also expected to be an important prosecution witness in a criminal trial scheduled for next spring in which Trump is accused of falsifying business records. That case is one of four criminal prosecutions Trump faces in New York, Florida, Georgia and Washington.

Persons: — Michael Cohen, Donald Trump's, Alina Habba, Cohen, Trump, — Cohen, ” Cohen, “, ” Habba, Habba, underscoring, Letitia James ’, James, ”, ” Trump, Jill Colvin Organizations: Trump, Democrat, Associated Press Locations: New, New York , Florida, Georgia, Washington

Shadi Tabatibi/Reuters Relatives mourn for a family killed in an Israeli airstrike in Gaza City on October 21. Alexi J. Rosenfeld/Getty Images Europe/Getty Images Palestinians inspect a destroyed area following an Israeli airstrike in Gaza on October 21. Ronen Zvulun/Reuters A woman mourns over a dead man at the Al-Aqsa Martyrs Hospital in Gaza City on October 18. Yousef Masoud/The New York Times A morgue worker arranges body bags at al-Shifa hospital in Gaza City on October 12. Ramez Mahmoud/AP A plume of smoke rises in the sky over Gaza City during an Israeli airstrike on October 9.

Persons: David Schenker, Joe Biden, Ghaith, Omari Lloyd Wolf, Washington Institute David Schenker Lloyd Wolf, Biden, —, It’s, Abdel Fattah el, Mai Yaghi, Mohammed Zaanoun, Yam Goldstein, Nadav, Ariel Schalit, Jalaa Marey, Said Khatub, Leon Neal, Hatem Moussa, Nir Oz, Wolfgang Schwan, Yousef Masoud, Alexi J . Rosenfeld, Shadi Tabatibi, Ali Jadallah, Belal al Sabbagh, Mohammed Saber, Khan, Rizek Abdeljawad, Ahmad Gharabli, Janis Laizans, Abed Khaled, Mohammed Dahman, Yoav Gallant, Gallant, Yasser Qudih, Ofir Libstein, Aza, Ronen Zvulun, Belal Khaled, Abed Rahim Khatib, Hod, Ayal Margolin, Antony Blinken, Benjamin Netanyahu, Brendan Smialowski, Netanyahu, Kenny Holston, Mohammed Abed, Kfar Aza, Ilia Yefimovich, Mustafa Hassona, Mahmoud Khaled, Samar Abu, Fatima Shbair, Dor Reder, Violeta Santos Moura, Shir Torem, Wahaj Bani Moufleh, Antonio Macías, Macías, Francisco Seco, Eli Albag, Liri, Mohammed Talatene, Sergey Ponomarev, Hatem Ali, Dor Kedmi, Mahmud Hams, Saher, Abraham Cohen, Valentin Ghnassia, Ghnassia, Yuri Cortez, Ibrahim Hams, Bashar Taleb, Baz Ratner, Jack Guez, Yahya Hassouna, Mapal Adam, Abed Zagout, Tamir Kalifa, Agha, Ibraheem Abu Mustafa, Reuters Itzik, Miriam Shafir, Dor Shafir, Savion Kiper, Maya Alleruzzo, Mohammed Salem, CNN Sergey Ponomarev, Eden Guez, Atef Safadi, Ohad, Mohammed Soboh, Said, Noam Elimeleh Rothenberg, Amir Cohen, Ilai Bar Sade, Erik Marmor, Oren Ziv, Majdi, Ramez Mahmoud, Roi Levy, Alleruzzo, Tali Touito, Oded, Khan Younis, Ahmad Hasballah, Mohammed Fayq Abu Mostafa, Tsafrir, Ilan Rosenberg, Eyad Baba, Itai Ron, Hadas Parush, Al, “, I’ve, Trump, Mubarak, Israel Organizations: Washington Institute for Near East, Palestine Liberation Organization, Washington Institute, Eastern Affairs, CNN, Gaza, Getty, Pictures, Tel Aviv University, AP, New York Times, Reuters, Reuters Civil, AP Rockets, AP Israel's, Regional, Al, Aqsa Martyrs Hospital, Israel's, Ahli Baptist Hospital, Israel Defense Forces, Israeli, Ben Gurion International, Shifa, Palestinian, West Bank, Aris Messinis, Haim, Mount, Mount Herzl Military, Nova, Anadolu Agency, Nova Festival, Ben Gurion, Rockets, United Nations, Reuters Police, Reuters Rockets, Human Rights Watch, Israel, Twitter, Facebook Locations: Israel, Egypt, Gaza, Cairo, Western, Rafah, —, Washington, Sinai, AFP, Kibbutz Shefayim, Israeli, Lebanon, Tel Aviv, Deir al, Anadolu, Khan Younis, Europe, Zahra City, Gaza City, Xinhua, East Jerusalem, Ras, Israel's, Yehuda, Aqsa, Hod HaSharon, Kiryat Shmona, Al, Ahli, Sderot, Gan, Kfar, North Sinai, Samar, Samar Abu Elouf, Beit Kama, Haifa, Cyprus, Nablus, West, Kfar Saba, Be'eri, Rehovot, Mount Herzl, Jerusalem, Kibbutz Be'eri, Modiin Maccabim, Kfar Aza, Ashkelon, Mount Herzel, Yassin, Palestinian, Beitar Ilit, Ramat Gan, Itai, Beit Hanun, Rishon Lezion

☆ China's Xi makes first known visit to central bank -sources
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

Chinese President Xi Jinping speaks at the opening ceremony of the Belt and Road Forum (BRF) to mark the 10th anniversary of the Belt and Road Initiative at the Great Hall of the People in Beijing, October 18, 2023. REUTERS/Edgar Su/File Photo/File Photo Acquire Licensing RightsBEIJING, Oct 24 (Reuters) - Chinese President Xi Jinping made his first known visit to the nation's central bank since he became president a decade ago, two sources with knowledge of the matter said, as China's economy and financial markets grapple with headwinds. Xi, along with Vice Premier He Lifeng and other government officials, visited the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday, the sources told Reuters. The purpose of the visit was not immediately known. The PBOC and SAFE could not be immediately reached for comment outside of business hours.

Persons: Xi Jinping, Edgar Su, Goldman Sachs Organizations: Initiative, of, People, REUTERS, Rights, People's Bank of China, State Administration of Foreign Exchange, Reuters, Capital, Thomson Locations: Beijing, Rights BEIJING, Capital outflows, China

In the United States, the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures. HEADACHE FOR THE ECBIn the euro zone, business activity drooped as demand fell in a broad-based downturn across the region, causing the bloc to enter the fourth quarter on the wrong foot and suggesting it may slip into recession. "The flash PMIs mark a poor start to October for the euro zone, especially after showing some early signs of recovery in September," said Rory Fennessy at Oxford Economics. Suggesting a recession is well underway in Germany, Europe's largest economy, business activity contracted there for a fourth straight month as the downturn in manufacturing was matched by a renewed decline in services, its PMI showed. In France, the euro zone's second-largest economy, business activity remained in contraction territory in October, PMI data showed, improving just slightly from September's near three-year low.

Persons: Rebecca Cook, Chris Williamson, Christine Lagarde's, Rory Fennessy, Williamson, Ajay Banga, Dan Burns, Jonathan Cable, Lindsay Dunsmuir, Andrea Ricci Organizations: Ford Rouge Electric Vehicle, REUTERS, P Global, Composite, Federal, Commerce Department, Reuters, P, P Global Market Intelligence, P Global PMI, September's, European Central Bank, Oxford Economics, PMI, European Union, Bank of, Palestinian, Hamas, Thomson Locations: Dearborn , Michigan, U.S, United States, joblessness, Germany, Europe's, France, September's, Britain, Gaza, Ukraine

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