Meta Platforms Inc shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $520 billion in the past year, and now it’s on the brink of getting booted from the ranks of the 20 largest US companies. The punishment shows no signs of easing anytime soon. Meta’s stock is down …
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Chinese stocks in Hong Kong extended their recovery from a rout earlier this week, as investors focused on a slew of earnings and awaited further policy guidance following the Party congress. The Hang Seng China Enterprises Index, a gauge of Chinese equities trading in Hong Kong, climbed 0.5%. The third day of advance helped pare losses from a historic 7.3% …
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A year after launching Africa’s first digital currency, Nigeria’s central bank is turning to the nation’s three-wheeler taxi operators to speed the adoption of the eNaira, as regulators across the world scrutinise its every move. It’s offering a 5% discount to drivers and passengers of the motorised rickshaws — known locally as Keke Napep — who use the eNaira. It’s …
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The Bank of Canada is set to deliver a fifth — but possibly final — outsized interest-rate hike this week amid signs its inflation-fighting efforts may be dragging the country’s economy into a recession. Markets are pricing in a 75 basis-point increase in the central bank’s rate at its decision in Ottawa. That would bring the benchmark to 4%, a …
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US equity futures fall as megacap technology shares slumped in pre-market trading, marring a three-day rally on Wall Street and raising new doubts over whether this year’s $5.5 trillion selloff is nearing a bottom. Contracts on the Nasdaq 100 fell more than 1% after disappointing quarterly updates from Microsoft Corp., Google parent Alphabet Inc. and Texas Instruments Inc. S&P 500 …
Read More »TikTok users would still risk having personal data exposed to hacking and espionage by China even if the Biden administration forges a security agreement designed to spare the video platform from a total US ban. That’s the conclusion of former national security officials and other experts as the Justice Department reviews an accord that would keep the popular video-streaming app, …
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Mobileye Global Inc, the self-driving technology company owned by Intel Corp, is targeting a valuation of about $16 billion in a public offering, far below its previous target amid a rocky year for new listings. Intel had lowered its expected valuation of Mobileye to $30 billion due to turbulent market conditions, Bloomberg News reported last month. The company plans to …
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DUBAI / GULF TIME ARUNIMA MISHRA US-based Arcserve, a top 5 data protection vendor and unified data resilience platform provider, participated at the recently concluded Gitex Global 2022. For Arcserve, attending Gitex Global 2022, a well-known event for the IT industry over the years, is key to growing our footprint in the GCC region, said Florian Malecki, executive vice …
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Bloomberg Amazon.com Inc. is shutting down tests of its home delivery robot, the latest sign that the e-commerce giant is starting to wind down experimental projects amid slowing sales growth. Work on Scout, an autonomous machine launched about three years ago, has already been halted, according to a person familiar with the situation. Amazon spokesperson Alisa Carroll said the Scout …
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Bloomberg Samsung Electronics Co reported its first profit drop since 2019, underscoring the depth of a global PC and memory chip downturn. Operating profit falls by 32% to 10.8 trillion won ($7.7 billion) for the three months ended September, South Korea’s largest company said in a statement. Analysts had estimated 12.1 trillion won on average. Sales also missed estimates, …
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