(Reuters) – A U.S. bankruptcy judge on Wednesday allowed SVB Financial Group, owner of bankrupt Silicon Valley Bank, to sell its investment banking business to the division’s founder. Buyers include a group led by the unit’s founder and former CEO, Jeff Leerink, and is backed by funds managed by the Baupost Group. The deal includes…
By Steve Gorman LOS ANGELES (Reuters) – Thousands of Los Angeles-area hotel staffers returned to work on Wednesday from a three-day strike without a contract, but union leaders threatened further walkouts to come as they push for improved wages, benefits and working conditions. Chief among their demands are pay hikes that would allow the union’s…
By Lewis Jackson SYDNEY (Reuters) -PwC Australia provided Google confidential information about the start date of a new tax law leaked from Australian government tax briefings, according to two sources familiar with the matter. This is the first time a company has been directly linked to the national scandal involving the “big four” accounting firm…
By Anna Tong (Reuters) – ChatGPT’s creator OpenAI plans to invest significant resources and create a new research team that will seek to ensure its artificial intelligence remains safe for humans – eventually using AI to supervise itself, it said on Wednesday. “The vast power of superintelligence could … lead to the disempowerment of humanity…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. U.S. Treasury Secretary Janet Yellen touches down in Beijing on Thursday for a three-day visit just as trade tensions between the world’s two superpowers ratchet up another notch, while a Malaysian interest rate decision tops the…
NEW YORK (Reuters) – Bank of America (BofA) said on Wednesday it planned to increase its quarterly common stock dividend to 24 cents per share from 22 cents per share beginning in the third quarter of 2023. BofA, unlike other major U.S. banks, had held back a decision on the dividend last week. Rivals JPMorgan…
By Shariq Khan BENGALURU (Reuters) – U.S. crude oil gained about 3% on Wednesday, narrowing the price gap with global benchmark Brent in a post-holiday response to supply cuts announced on Monday by Saudi Arabia and Russia. U.S. West Texas Intermediate crude (WTI) rose $2 from Monday’s close, or 2.9%, to settle at $71.79 a…
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Bank of New York President John Williams said on Wednesday it was the right move for the central bank to hold rates steady three weeks ago, while hinting at some point it may have to raise rates again amid ongoing economic strength. “We still have…
By Krystal Hu (Reuters) -ChatGPT, the wildly popular AI chatbot launched in November, saw monthly traffic to its website and unique visitors decline for the first time ever in June, according to analytics firm Similarweb. Worldwide desktop and mobile traffic to the ChatGPT website decreased by 9.7% in June from May, while unique visitors to…
By Brenda Goh, Supantha Mukherjee and Kanishka Singh SHANGHAI/STOCKHOLM/WASHINGTON (Reuters) -China’s decision this week to restrict exports of some strategic metals has prompted more companies to re-think their reliance on the world’s No. 2 economy at a time when mounting geopolitical tensions have fed fears that more curbs could be coming. In a move that…
