SINTRA, Portugal (Reuters) – Bank of England Governor Andrew Bailey said last week’s rise in interest rates reflected a resilient economy and unexpectedly persistent inflation, sticking closely to his message after the BoE raised rates to 5% from 4.5%. “The cumulative data – both particularly on the labour market and on the inflation release we…
(Reuters) – Xponential Fitness on Wednesday denied allegations made by Fuzzy Panda Research that the fitness chain was hiding losses at its brands and stores, saying the short-seller’s report was “misleading” and contained “inaccurate information”. In a report made public on Tuesday, Fuzzy Panda said Xponential had misled investors and that more than 50% of…
By Guy Faulconbridge, Lidia Kelly MOSCOW (Reuters) -Belarusian President Alexander Lukashenko said he persuaded Russian President Vladimir Putin not to “wipe out” mercenary chief Yevgeny Prigozhin, in response to what the Kremlin cast as a mutiny that pushed Russia towards civil war. Putin initially vowed to crush the mutiny, comparing it to the wartime turmoil…
(Reuters) – Asset manager Oaktree Capital Management L.P. on Wednesday named insiders Robert O’Leary and Armen Panossian as co-CEOs to replace Jay Wintrob, who is resigning in the first quarter of 2024. O’Leary currently serves as the firm’s portfolio manager for global opportunities strategy, while Panossian is the head of performing credit. As part of…
By Stephen Nellis (Reuters) – Databricks on Wednesday introduced an artificial intelligence assistant intended to help business users ask complicated questions about their corporate data in everyday language. Databricks, a San Francisco-based startup most recently valued at $38 billion, is among several tech companies, including Adobe Inc and Intel Corp, racing to use chatbots that…
By Nick Carey LONDON (Reuters) – Lucid will pursue more deals to sell its luxury electric vehicle (EV) equipment as it looks to grow its technology supply business, its top executive said on Wednesday, adding its recent deal with Aston Martin is just the start. The U.S. EV firm will provide Aston with technology including…
By Alun John and Dhara Ranasinghe LONDON (Reuters) – Big global currencies are rarely on different paths. Yet Japan’s yen and China’s yuan are slumping against the dollar while in Europe the euro is outperforming and sterling is on a tear. With economic and monetary policy outlooks varying, currency moves are increasingly out of sync…
LONDON (Reuters) – Oscar-winning actor Kevin Spacey appeared in a London court on Wednesday at the start of his four-week trial on a dozen sex offence charges. Spacey, 63, denies allegations of historic offences committed against four men which are said to have taken place between 2001 and 2013. The charges against Spacey include repeated…
(Reuters) -Hong Kong-based conglomerate Swire Pacific Ltd said on Wednesday it would sell its Swire Coca-Cola USA unit for $3.9 billion to its controlling shareholder, John Swire & Sons Ltd. Swire Coca-Cola USA produces and sells Coca-Cola and other drinks across 13 U.S. states. Swire Pacific, which owns a 45% stake in Hong Kong’s flagship…
By Ananya Mariam Rajesh (Reuters) – Nike is expected to forecast full-year profit below Wall Street estimates, as demand for the sportswear giant’s products from wholesalers such as Foot Locker and Hibbett wanes in the United States due to still-high inflation. At least seven analysts trimmed their fiscal 2024 expectations for Nike’s earnings per share…
