By David Lawder, Kanishka Singh and Andrea Shalal WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday rejected the idea of a near-term capital increase for the World Bank and said she expected the U.S. nominee to lead the institution, former Mastercard CEO Ajay Banga, to be elected president of the multilateral lender. Yellen told…
By Mike Scarcella (Reuters) – Alphabet Inc’s Google LLC intentionally destroyed employee “chat” evidence in antitrust litigation in California and must pay sanctions and face a possible penalty at trial, a U.S. judge ruled on Tuesday. U.S. District Judge James Donato in San Francisco said in his order that Google “fell strikingly short” in its…
By Arathy Somasekhar HOUSTON (Reuters) -Oil edged slightly higher on Wednesday as worries of tight supply after an unexpected draw in U.S. oil stocks and a halt to some Iraqi Kurdistan oil exports were partially offset by a smaller-than-expected output cut in Russia. Brent crude was up 27 cents, or 0.3%, to $78.91 a barrel…
By Krystal Hu NEW YORK (Reuters) – Microsoft-backed OpenAI is no longer the only game in town for software developers looking to capitalize on an expected $90 billion market for artificial intelligence. Motivated by a wariness of relying on a single company, a desire for models tailored to specific tasks and the chance to cut…
(Reuters) -Credit Suisse continues to help ultra-wealthy Americans evade taxes and had concealed more than $700 million from tax authorities in violation of a 2014 plea agreement, the U.S. Senate Finance Committee said on Wednesday. After concluding a two-year investigation into Credit Suisse, the committee said it had uncovered “major violations” of the 2014 agreement…
By Yantoultra Ngui, Phuong Nguyen and Anshuman Daga SINGAPORE/HANOI (Reuters) – Vietnam’s largest conglomerate, Vingroup, is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, five sources told Reuters on Wednesday. Vincom Retail, Vietnam’s biggest shopping mall operator, which is nearly 60% controlled by Vingroup,…
By Josh Horwitz SHANGHAI (Reuters) – China is ramping up efforts to develop home-grown semiconductor talent as it seeks to rapidly fill a shortage of expertise that has been made worse by U.S. efforts to limit Beijing’s access to advanced chip technology. Enrolments for undergraduate and post-graduate courses have surged over the past five…
By Blake Brittain (Reuters) -Sportswear maker Adidas AG on Wednesday reversed course 48 hours after asking the U.S. Trademark Office to reject a Black Lives Matter application for a trademark featuring three parallel stripes. “Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation’s trademark application as soon as possible,” the company…
By John Revill ZURICH (Reuters) -UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse – a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of…
By Yantoultra Ngui and Anshuman Daga SINGAPORE (Reuters) – Australia’s largest private hospital operator Ramsay Health Care and Malaysian conglomerate Sime Darby plan to revive the sale of their Asia-focused healthcare joint venture in a deal that could value the business at some 6 billion ringgit ($1.36 billion), two sources with knowledge of the matter…
