(Reuters) -KPMG said on Tuesday it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft, closely following Accenture in betting on the latest technologies to weather a slowdown in advisory deals. The accounting firm said it will incorporate AI into its core audit, tax and advisory services for…
By Jonathan Stempel (Reuters) – A U.S. judge on Tuesday dismissed a lawsuit in which the founder of WallStreetBets, which helped ignite investors’ fascination with “meme” stocks, accused Reddit of wrongly banning him from moderating the community and usurping his trademark rights. Jaime Rogozinski, who founded WallStreetBets in 2012, said Reddit ousted him in April…
By Chiara Elisei LONDON (Reuters) – Companies around the globe took on a record $456 billion of net new debt in 2022/23, although higher interest rates should reduce appetite for new borrowing ahead, Janus Henderson said in a report published on Wednesday. The net new debt taken on in 2022/23 pushed outstanding net debt up…
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks rose on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of…
(Reuters) – Faraday Future Intelligent Electric said on Tuesday its interim finance chief has resigned and the company will restate its financial statements for 2022 and the quarter ended March 2023 after it uncovered some errors, highlighting continued turmoil at the electric vehicle firm. The company, which had raised going-concern doubts last year, appointed outsider…
(Reuters) – Bankrupt retailer Bed Bath & Beyond’s Buy Buy Baby stores are set to shutter after a last ditch effort to save the chain and keep the business alive fell apart, CNBC reported on Tuesday. Brand management firm Go Global Retail was eager to buy the Bed Bath & Beyond chain and keep it…
By David Shepardson (Reuters) – The head of the United Auto Workers, which represents 150,000 U.S. hourly workers at General Motors, Ford Motor and Chrysler-parent Stellantis, said the union is not afraid to strike any of the automakers without a fair contract. “The Big Three is our strike target. And whether or not there’s a…
By Jeffrey Dastin AUSTIN (Reuters) -Months since ChatGPT’s debut, engineers and marketers at the stock exchange operator Nasdaq are embracing newer artificial intelligence, while its lawyers are treading more cautiously, its chief technology and chief information officer said on Tuesday. Inside Nasdaq, which also sells technology for global markets, workers across different departments are exploring how…
(Reuters) -Canada’s banking regulator on Tuesday proposed changes to capital adequacy guidelines that would require lenders and mortgage insurers to hold more funds to better manage risks from a sharp rise in home loan rates. Variable home loan rates have risen as the country’s central bank has hiked benchmark interest rate to a 22-year high…
By Chris Prentice (Reuters) -Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization. Bank of America agreed to pay $100 million in restitution to harmed consumers and another $150 million…
