(Reuters) – Cloud storage provider Dropbox Inc said on Thursday it would reduce its global workforce by 16% to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. San Francisco, California-based Dropbox is the latest tech company to tap AI as Big Tech players from Microsoft Corp to…
PARIS (Reuters) – Car maker Stellantis has no intention of starting a price war with Tesla, its CEO Carlos Tavares said on Thursday. If the entire electric vehicle market were to experience lower prices, Stellantis would adapt and adjust its costs, Tavares said during a plant visit in Metz. (Reporting by Gilles Guillaume, writing by…
(Reuters) – Contracts to buy U.S. previously owned homes tumbled unexpectedly in March to snap a three-month rebound, raising a caution flag about what had appeared to be a nascent recovery in a housing market that has been clobbered by rising interest rates. The National Association of Realtors (NAR) said on Thursday its Pending Home…
By Lawrence White and Iain Withers LONDON (Reuters) -Barclays reported better than expected first-quarter profit of 2.6 billion pounds ($3.24 billion) on Thursday after strong performance at its credit card business offset pressure on other profit engines, including investment banking. The British bank’s 16% profit jump from a year earlier beat analyst forecasts of 2.2…
By Alexander Marrow (Reuters) – The rouble steadied on Thursday, with the market looking ahead to Friday’s interest rate decision, as favourable month-end tax payments propped the Russian currency up amid a significant drop in oil prices. By 1322 GMT, the rouble was 0.2% stronger against the dollar at 81.44 and had gained 0.6% to…
By Natalie Grover and Maggie Fick LONDON (Reuters) -AstraZeneca on Thursday beat expectations for first-quarter profit and revenue, as buoyant sales of cancer treatment Imfinzi and strong demand for its roster of drugs in emerging markets helped to offset dwindling COVID product sales. The company’s sales and outlook highlight the rapid decline of its COVID…
BEIJING (Reuters) – China’s banking and insurance regulator said it would enhance credit support and lower the actual financing costs of small and micro enterprises this year to better support economic recovery. In a statement on Thursday, the China Banking and Insurance Regulatory Commission (CBIRC) said financial institutions should provide reasonable credits to small businesses,…
((This story has been corrected to add the word ‘contraction’ in the IMF estimate and change year to 2023, not 2024, in paragraph 4) ) By Uditha Jayasinghe NEW DELHI (Reuters) – Sri Lanka’s economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country…
BEIJING/SHANGHAI (Reuters) – CITIC Securities Co, China’s biggest brokerage, reported a 3.6% rise in first-quarter profit on Thursday, thanks to stronger investment returns as the economy recovers. Net profit in the January-March period rose to 5.4 billion yuan ($780.22 million), the company said in a stock exchange filing. The company’s investment income surged 89.6% year-on-year…
MADRID (Reuters) – The Spanish government intends to lower the budget deficit to the equivalent to 3% of gross domestic product in 2024 from 3.9% projected for this year, Budget Minister Maria Jesus Montero said on Thursday. The plan means Spain should reach the 3% level usually considered healthy for public finances one year earlier…
