BUSINESS - Page 18

The surge in interest for artificial intelligence stocks prompted options traders to heavily engage in bets on Arm Holdings on Monday. A significant number positioned themselves for further increases in the shares, which nearly doubled in price in less than a week. The stock has seen an 80% rise since Wednesday, following the company’s optimistic quarterly forecast, driven by increased demand for its technology used in designing chips for artificial intelligence functionalities. That share jump has ignited trading in the

Whether it’s champagne, Cognac, or wine, French alcohol has become one of the country’s biggest export earners. But last year, sales of these tipples fell from a post-COVID-19 peak as inflation clipped consumer demand and distributors in the lucrative U.S. market cleared existing stocks, industry group FEVS said. Last year’s exports totaled 11.9 billion euros, up 1.2 percent in value from 2021 but down by 3.8 percent in volume, FEVS data showed. The figures show the industry remains resilient despite

Parag Agrawal, the ex-CEO of the social media platform formerly named Twitter, made what appeared to be a straightforward decision, yet it may have paved the way for Elon Musk to eventually assume control of the company. As reported by Bloomberg in an upcoming book titled “Battle For The Bird,” Musk’s pursuit to acquire Twitter was initiated when Agrawal declined his request to suspend the @ElonJet handle, which was monitoring the location of Musk’s private jet. Musk believed that Twitter’s

On Thursday, the parent company of Canada’s largest news operation announced its intention to reduce its workforce by 4,800 jobs in a cost-cutting measure. The media and Telecom Company attributed the need for such measures to the diminishing legacy phone and news business, along with what it termed as “unsupportive” government and regulatory decisions. This represents the most substantial restructuring in approximately three decades, resulting in the layoff of about 9% of Bell’s workforce. Notably, this is the second major

Japan’s Honda Motor, maker of the Fit small car, Asimo robot, and Super Cub motorcycles, reported a sharp rise in operating profit for the December quarter and lifted its annual outlook. The firm has increased its operating profit outlook for the entire year by 4.2%, reaching 1.25 trillion yen ($8.4 billion). This adjustment contrasts with the initial projection of 1.2 trillion yen and falls slightly below the average analyst forecast of 1.27 trillion yen, as indicated by LSEG data. The

Snap, the social media behemoth behind Snapchat, has revealed intentions to reduce its workforce by around 10%. The company disclosed the latest layoff in a regulatory filing on Monday, saying that the move will impact approximately 10% of its global full-time employees, which equates to roughly 500 jobs. This is the second round of job cuts that the company has made in recent years. In August 2022, Snap laid off about 20% of its staff during a business restructuring. The

On Thursday, Maersk, the container shipping company, cautioned that the disruptions in Red Sea trade would not have a substantial positive impact on the company. Furthermore, the surplus of vessels in the market is expected to negatively impact its earnings for the current year, resulting in a notable decline in its shares. The Danish group suspended its share buyback program as it expects a fall in profits to persist for the rest of this year. The warning, which also led

In the initial report from U.S. investigators, it was revealed that a door panel detached from a Boeing 737 MAX 9 aircraft during a flight on January 5, and it seems to have been lacking four essential bolts. This report offers the first official insight into the sequence of events that led to this alarming incident. The National Transportation Safety Board oversees airplane accidents and said the bolts were likely missing before the plane departed Portland, Oregon, and lost its

On Tuesday, Aldar Properties, Abu Dhabi’s leading developer, announced a substantial investment exceeding $1.4 billion for the construction of additional office, retail, and hospitality establishments within the city. The new initiatives aim to meet the “robust corporate demand for top-tier office spaces in Abu Dhabi and Saadiyat Island, alongside an increasing desire for upscale residential and retail options in the city,” as stated in a formal announcement to the bourse. Founded in 2004, Aldar is one of the UAE’s leading