By Tim McLaughlin (Reuters) – The CEOs of America’s biggest oil companies were paid a lot more in the first year of the COVID crisis than initially estimated, thanks to stock-heavy compensation packages that have since soared in value, according to an examination of pay disclosures over three years. The pandemic, with lockdowns the norm,…
By Milounee Purohit BENGALURU (Reuters) – Average home prices in Canada are set to fall around 9% this year and then rise into 2024 and beyond as buyers bet interest rates have already peaked alongside strong demand for housing, according to property analysts polled by Reuters. The Bank of Canada raised rates rapidly from near-zero…
(Reuters) – Spotify Technology SA said on Monday it would lay off 200 employees in its podcast division, representing about 2% of the audio streamer’s worldwide workforce. The company has resorted to aggressive expansion to supplement its earnings from music streaming with other revenue-generating formats such as podcasts, spending more than $1 billion on them…
By Sruthi Shankar and Shristi Achar A (Reuters) – Wall Street futures were subdued on Monday after a solid rally last week, as investors assessed chances of the Federal Reserve pausing interest rate hikes at its upcoming policy meeting. U.S. stocks rallied on Friday after a report showed that wage growth moderated in May, raising…
By Marc Jones LONDON (Reuters) -Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said on Monday, although the currency should maintain its long-held dominance for the foreseeable future. The impact of steep U.S. interest rate rises and the use of sanctions that have frozen the likes of…
BEIJING (Reuters) – China’s fiscal status overall is sound and safe, but some local governments are facing high debt risks and large pressure of debt repayment, state media Xinhua news agency reported on Monday, citing a finance ministry official. The comments came as investors and economists become more concerned about municipal debt risks following local…
JERUSALEM (Reuters) – OpenAI Chief Executive Sam Altman predicted on Monday a “huge role” for Israel in reducing risks from artificial intelligence even as the country debates whether and how to regulate the technology behind ChatGPT. He is one of the tech world’s most prominent voices urging governments to rapidly come up with regulations to…
By Elizabeth Pineau, Gilles Guillaume and Michel Rose PARIS – For French President Emmanuel Macron, it was a light-bulb moment. In an ornate ballroom at the Palace of Versailles last July, the head of Taiwan’s ProLogium took out a pair of scissors and cut one of its solid-state batteries the size of a credit card…
By Florence Tan and Emily Chow SINGAPORE (Reuters) -Oil prices were up $1 a barrel on Monday after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting the macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.15 a barrel, up $1.02, or…
By John Revill ZURICH (Reuters) – UBS said on Monday it expected to complete its takeover of Credit Suisse “as early as June 12”, creating a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year. Completion is subject to the registration statement, which covers shares to be…
