By Byron Kaye and Renju Jose SYDNEY, Dec 12 (Reuters) – Message board website Reddit on Friday filed a lawsuit in Australia’s highest court seeking to overturn the country’s social media ban for children, calling it an intrusion on free political discourse and setting the stage for a protracted legal battle. The San Francisco-based firm, …
Reddit sues Australia over social media ban, citing free speech threat Read More »
By Amanda Cooper LONDON, Dec 11 (Reuters) – The cost of insuring Oracle’s debt against the risk of default has shot up after its latest earnings reignited worries about how much the broader corporate sector is spending on AI and the borrowing surge to fund it. A growing debt pile, at just over $100 billion, …
What are credit default swaps and why are investors watching Oracle’s? Read More »
(Corrects to fix Reuters Instrument Code for Rio Tinto in paragraph 1) SYDNEY, Dec 12 (Reuters) – Prime Minister Anthony Albanese announced on Friday a rescue effort to keep open Australia’s largest aluminium smelter, the struggling Tomago facility majority-owned by Rio Tinto, after its current power contract expires in 2028. The news comes after the …
Australia unveils rescue bid for Rio Tinto’s Tomago aluminium smelter Read More »
By Jack Queen NEW YORK, Dec 11 (Reuters) – Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for what a judge called an “epic fraud.” U.S. District Judge Paul A. Engelmayer, who handed down the …
TerraUSD creator Do Kwon sentenced to 15 years over $40 billion crypto collapse Read More »
By Scott Murdoch and Christine Chen SYDNEY, Dec 12 (Reuters) – ANZ Group’s former CEO Shayne Elliott on Friday accused the bank of breaching a contract covering his departure terms when it stripped him of bonuses worth A$13.5 million ($9 million) as he began legal action against the Australian lender. ANZ said it would defend …
Former ANZ CEO Elliott sues lender over $9 million bonus cut Read More »
By Mike Scarcella WASHINGTON, Dec 11 (Reuters) – Apple persuaded a U.S. appeals court on Thursday to reverse parts of a court order requiring the iPhone maker to make changes to its lucrative App Store to promote greater competition, but lost its bid to overturn a sweeping injunction. The San Francisco-based 9th U.S. Circuit Court …
Apple wins partial reversal of sanctions in Epic Games antitrust lawsuit Read More »
By Juby Babu Dec 11 (Reuters) – Broadcom projected first-quarter revenue above Wall Street estimates on Thursday, but said that margins would fall due to a higher mix of AI revenue, and shares fell 5% in extended trading. Broadcom has jumped into the AI chip business, which has investors nervous about the profitability and costs …
Broadcom sees dip in quarterly margins due to AI, shares fall Read More »
NEW YORK, Dec 11 (Reuters) – Bank of America’s technology division recorded the sharpest percentage jump in managing director promotions this year, two sources told Reuters, as the bank pours billions into digital tools aimed at boosting productivity. The bank will promote 40 executives in its technology unit to managing directors on January 1, up …
Bank of America tech unit leads surge in managing director promotions Read More »
By Juveria Tabassum and Sanskriti Shekhar Dec 11 (Reuters) – Lululemon Athletica said that CEO Calvin McDonald was leaving the company without a replacement and raised its annual profit forecast, sending shares up about 10% in extended trade on Thursday. McDonald will step down from Lululemon in January after about seven years at the helm. …
Lululemon CEO McDonald to step down, shares rise 10% Read More »
By Anuja Bharat Mistry Dec 11 (Reuters) – Costco Wholesale beat Wall Street estimates for first-quarter revenue and profit on Thursday, as consumers snapped up affordable essentials and nice-to-have items at its stores ahead of the crucial holiday season. Retailers as well as dollar chain operators have been able to draw customers across income groups …
Costco beats quarterly earnings estimates on strong demand ahead of holiday season Read More »
