Reported 6 days ago
Spiro, a Dubai-based electric motorbike company, has raised $100 million in funding, marking the largest investment in Africa's e-mobility sector. The capital, led by The Fund for Export Development in Africa, will help Spiro expand its electric bike fleet to over 100,000 by the end of 2025, significantly increasing its presence across six African countries. With a model that offers lower costs and efficient battery swapping services, Spiro aims to become a leader in the market, catering to the growing demand for affordable and sustainable transportation.
Source: YAHOO
Reported 6 days ago
Intel is set to announce its third-quarter earnings later this week, and traders expect significant volatility, with shares projected to swing nearly 10% in either direction. The stock's price could reach around $42 or drop to just above $32, influenced by recent optimism surrounding the federal government's stake in the company and contributions from investors like Nvidia. Analysts are cautious, with most recommending a 'Hold' rating amidst uncertainty about the company's foundry business.
Source: YAHOO
Reported 6 days ago
The Federal Reserve is set to convene for a policy meeting amid a government shutdown that has halted vital economic data releases, raising concerns among policymakers. With employment data on hold since October 1, hints of sluggish job growth and rising inflation complicate the Fed's decision-making. While financial markets anticipate a potential rate cut, the lack of key economic indicators, particularly from the labor market, leaves officials feeling 'blind' to the actual economic conditions, making their forthcoming decisions uncertain.
Source: YAHOO
Reported 6 days ago
Gold prices fell as optimism surrounding US-China trade negotiations reduced its status as a safe-haven asset. As of Tuesday morning, gold futures dropped 1.5% to $4,296.30 per ounce and spot gold decreased 2.6% to $4,357.35. President Trump expressed confidence in achieving a trade deal with China, which contributed to the decline in gold prices. Additionally, oil prices reached a five-month low due to concerns of oversupply in the market.
Source: YAHOO
Reported 6 days ago
Taiwan's export orders surged by 30.5% in September, reaching $70.22 billion, far exceeding forecasts of a 17.8% increase. This marks the eighth consecutive month of growth, largely driven by the island's role as a crucial hub for the artificial intelligence industry, despite ongoing concerns about U.S. tariffs. Notable increases include telecom products up 33.1% and electronic products soaring by 45.9%. The Ministry of Economic Affairs anticipates a record total for annual orders and projects continued growth into October.
Source: YAHOO
Reported 6 days ago
Global automakers are racing to secure crucial rare earths before Chinese export restrictions take effect, concerned about potential parts shortages and factory closures. China dominates the rare earth market, controlling up to 70% of mining and a significant share of refining and production. While companies aim to find alternatives, the lack of viable sources outside China complicates efforts. Some automakers are developing motors with reduced rare earth content, but many solutions may take years to implement, leaving them vulnerable to China's supply influence.
Source: YAHOO
Reported 6 days ago
A group of U.S. banks, including JPMorgan Chase and Bank of America, is hesitant to provide a $20 billion loan to Argentina without adequate collateral or guarantees, as reported by the Wall Street Journal. While the U.S. Treasury is working on a facility to support Argentina's sovereign debt, the finalization of this loan hinges on resolving collateral issues, which could potentially lead to conflicts with the IMF regarding prioritization of U.S. liabilities.
Source: YAHOO
Reported 6 days ago
Elevance achieved significant revenue and profit growth in the third quarter, generating a net income of $1.2 billion on $50.1 billion in revenue. However, the insurer warned investors of potential declines in Medicaid margins due to ongoing state payment rate issues and expected healthcare costs. As Elevance prepares for future challenges, it plans to invest heavily in its health services and AI capabilities, which could impact earnings growth. The company aims to provide clearer earnings guidance in January after assessing updated Medicaid rates and ACA subsidy outcomes.
Source: YAHOO
Reported 6 days ago
Chinese memory chipmaker ChangXin Memory Technologies (CXMT) is set to launch an initial public offering in Shanghai as early as Q1 next year, seeking a valuation of approximately 300 billion yuan ($42 billion). Founded in 2016, CXMT aims to strengthen China's position in the global DRAM market amid rising semiconductor demands. The company plans to raise between 20 billion and 40 billion yuan and may attract significant interest from domestic investors supporting China's self-sufficiency in semiconductors.
Source: YAHOO
Reported 6 days ago
The 'widow-maker' trade, which involves betting against Japanese government bonds, has evolved into a highly profitable strategy as Japan's bond values plummet. With forecasts indicating persistent low yields despite inflation concerns and political instability influencing market behavior, many investors are positioning for further declines in bond prices, viewing the current situation as a prime opportunity. However, risks linger, particularly with potential government responses to market pressures.
Source: YAHOO
Reported 6 days ago
U.S. stock futures for the Dow, S&P 500, and Nasdaq showed modest declines as investors prepared for significant corporate earnings reports, particularly from General Motors and Netflix. This comes amid easing U.S.-China trade tensions and a prolonged government shutdown, while markets anticipate a potential interest rate cut from the Federal Reserve. Notably, gold prices remain strong despite these economic uncertainties.
Source: YAHOO
Reported 6 days ago
Nexos.ai, a new startup founded by the creators of Nord Security, has successfully raised €30 million in Series A funding aimed at facilitating secure AI adoption for enterprises. The platform acts as a mediator between employees and AI systems to manage sensitive data and compliance issues while maximizing productivity. With a focus on tech-savvy and regulated industries, Nexos.ai plans to use the funding to enhance its AI Workspace product and expand its presence in Europe and North America.
Source: YAHOO
Reported 6 days ago
Sanae Takaichi has recently been elected as Japan's first female prime minister, sparking optimism in the stock market due to her anticipated pro-business policies. As inflation rises and wages stagnate, Takaichi aims to address these challenges while promoting child-care incentives amid Japan's shrinking and aging population. She is expected to adopt strategies reminiscent of her predecessor, Shinzo Abe, particularly around defense spending and maintaining economic relations with the U.S. However, her administration will face significant hurdles from entrenched political interests and the need for consensus across a fragmented parliament.
Source: YAHOO
Reported 6 days ago
Octave Klaba, the founder of OVHcloud, has resumed his role as CEO as the company marks over 1 billion euros in annual revenue for the first time. The management restructuring comes as OVHcloud aims to tackle growing demand for AI services and adapt to geopolitical changes. Under Klaba's leadership, the company plans to strengthen its cloud independence and expand its operations globally, particularly in Canada, Singapore, and India, despite a rising net debt due to a recent share buyback.
Source: YAHOO
Reported 6 days ago
Asian markets continued their upward trend with Chinese shares increasing by over 1% after a rally on Wall Street.
Source: YAHOO
Reported 6 days ago
Asian markets are on the rise, with Japan's benchmark index approaching the significant 50,000 level for the first time, following the election of Sanae Takaichi as the country's first female prime minister.
Source: YAHOO
Reported 6 days ago
Asian markets saw significant gains on Tuesday, with Japan's Nikkei 225 index inching closer to the pivotal 50,000 mark amid expectations that conservative lawmaker Sanae Takaichi will become the country's first female prime minister. The Nikkei rose 0.8% as Takaichi is anticipated to endorse market-friendly policies, including low interest rates. Other Asian markets also strengthened, buoyed by hopes of reduced trade tensions between the U.S. and China following a potential meeting of their leaders.
Source: YAHOO
Reported 6 days ago
Cercli, a Dubai-based startup and Y Combinator alum, has raised an oversubscribed $12 million Series A round led by Picus Capital. The company aims to transform fragmented HR systems in the MENA region by offering AI-native payroll and compliance solutions, enhancing efficiency for businesses operating globally. With a tenfold revenue growth and over $100 million in processed payroll, Cercli seeks to consolidate HR operations and expedite client onboarding, distinguishing itself in a competitive HR tech landscape.
Source: YAHOO
Reported 6 days ago
A South Korean court has acquitted Kakao Corp's billionaire founder Kim Beom-su of stock manipulation charges related to attempts to hinder Hybe's acquisition of SM Entertainment. Following the ruling, Kakao shares rose by 5%. Kim was previously arrested in July 2024, but the court's decision alleviates legal concerns surrounding his stake in KakaoBank.
Source: YAHOO
Reported 6 days ago
Telkom Indonesia has announced a partial spin-off of its wholesale fiber connectivity business to its subsidiary, Telkom Infrastruktur Indonesia, in a deal worth 35.787 trillion rupiah ($2.16 billion). This strategic move aims to enhance business focus and optimize the use of fiber optic network assets, with no significant financial impact on the parent company.
Source: YAHOO
Reported 6 days ago
Periodic Labs, co-founded by prominent researchers Liam Fedus from OpenAI and Ekin Dogus Cubuk from Google Brain, has emerged from stealth mode with a substantial $300 million in seed funding led by Felicis. The startup aims to revolutionize material science through AI, robotics, and advanced machine learning simulations, utilizing recent breakthroughs to automate scientific discovery. Despite initial interest from OpenAI for investment, Fedus and Cubuk successfully attracted top VCs and are now focused on developing new superconductors in their newly established lab.
Source: YAHOO
Reported 6 days ago
Source: YAHOO
Reported 6 days ago
Katjes Group has increased its investment in the German cookie-dough company SD Sugar Daddies by acquiring a 25% stake, consolidating its position after previously investing 10% in 2018. This latest acquisition aims to further the brand's development, leveraging Katjes Fassin's expertise in sales and branding. The Cookie Bros. brand, which includes various products sold across major German grocery chains, will benefit from this partnership.
Source: YAHOO
Reported 6 days ago
BeatBox Beverages, a US-based producer of ready-to-drink hard punch, has made its UK debut through a distribution deal with Red Star Brands, securing listings at over 700 Morrisons supermarkets. The brand aims to appeal primarily to 18-30-year-olds with its uniquely flavored RTDs that contain no carbonation, gluten, or excessive sugar. Currently, BeatBox products are exclusively available at Morrisons, but the company is exploring further retail opportunities in the country.
Source: YAHOO
Reported 6 days ago
Sazerac Company is investing over $38 million to expand its operations in New Albany, Indiana, through its subsidiary Northwest Ordinance Distilling. The investment includes more than $35 million in new equipment and $2 million in property improvements to boost production capacity for distilled spirits, creating 25 new full-time jobs while maintaining the employment of 357 current staff. The project follows approval from the local city council and reflects Sazerac's commitment to the community and growing customer demand.
Source: YAHOO