Reuters UK Business

(Reuters) -Meta Platforms has paused hiring in its artificial intelligence division after bringing on more than 50 researchers and engineers, the Wall Street Journal reported on Wednesday. “All that’s happening here is some basic organizational planning: creating a solid structure for our new superintelligence efforts after bringing people on board and undertaking yearly budgeting and …

Meta freezes AI hiring, WSJ reports Read More »

By Juveria Tabassum and Anuja Bharat Mistry (Reuters) -Coty on Wednesday forecast a drop in current-quarter sales as weak spending in the U.S. sapped demand for beauty products, and said it would raise prices for its premium fragrances to mitigate tariff costs. The company’s shares were down 16% in extended trading after it also posted …

Coty forecasts fall in quarterly sales, to raise premium fragrance prices Read More »

By Tom Sims and John O’Donnell FRANKFURT (Reuters) -In 2013, Deutsche Bank handed Christian Sewing, a rising star, the sensitive assignment of investigating derivatives trades under scrutiny in Italy. More than a decade later, Sewing, now CEO, faces criticism in a lawsuit by a former Deutsche employee over his handling of the task. The suit …

Deutsche Bank chief faces scrutiny about role in risky trades over a decade ago Read More »

LONDON (Reuters) -An investment fund has filed a lawsuit in London against commodities broker and financial group Marex, alleging it used confidential information from the fund to support its own trading position, according to a court filing. London-based Marex Group plc declined to comment on the legal action. A court filing on August 7 by …

Investment fund sues Marex over alleged use of confidential information for trading position Read More »

By Siddharth Cavale and Juveria Tabassum (Reuters) -Investors panned Target’s choice of insider Michael Fiddelke as CEO on Wednesday, viewing the 20-year company veteran as unlikely to fix the retailer’s myriad issues that have resulted in years of stock-market underperformance. Fiddelke, 49, won’t start until February of next year, when he replaces current CEO Brian …

Target stock slumps after retailer names insider Fiddelke to CEO role Read More »

By Anuja Bharat Mistry, Anshi Sancheti and Samantha Marshak (Reuters) -Estee Lauder said on Wednesday it would cut inventory and promotions to help mitigate rising costs, after the luxury cosmetic maker warned that a $100 million hit from tariffs would weigh on its annual profit forecast. The company’s shares fell about 4% in afternoon trading …

Estee Lauder forecasts profit below estimates, warns of $100 million tariff hit Read More »

SAO PAULO/PARIS (Reuters) -Brazilian President Luiz Inacio Lula da Silva spoke by phone on Wednesday with his French counterpart Emmanuel Macron and discussed U.S. tariffs and the Mercosur-European Union trade deal, Brazil’s government said in a statement. Lula voiced his opposition to tariffs on Brazilian goods, and the two leaders committed to concluding negotiations on …

Lula, Macron discuss US tariffs, Mercosur-EU deal in phone call Read More »