Business
Elon Musk’s X Expands Lawsuit Against Advertisers, Adds Amazon’s Twitch as Defendant
Elon Musk’s X, formerly known as Twitter, has added Amazon’s Twitch livestreaming platform as a defendant in its ongoing lawsuit alleging that advertisers illegally conspired to boycott the platform, withholding billions of dollars in advertising revenue. Business Insider reports that Elon Musk’s X has expanded its legal battle against advertisers by adding Twitch, the Amazon-owned video streaming…
Reeves plans ‘pensions megafunds’ to boost investment
UK public sector pension funds are not big enough to generate good returns for British savers, Chancellor Rachel Reeves has told the BBC. The government is set to reveal plans to merge the UK’s local government pension scheme, a group of funds which together manage £354bn in investments, into a handful of “pension megafunds”. It…
VW launches $5.8bn tie-up with Tesla rival Rivian
Volkswagen Group (VW) and Tesla rival Rivian have launched a joint venture, with the German car giant increasing its investment in the partnership. The two companies say the deal is now worth $5.8bn (£4.55bn) – up from an initial pledge from VW of $5bn. Shares in the US electric vehicle (EV) maker jumped more than 9%…
Bitcoin price tops $87,000 for first time amid ‘Trump pump’
Price has more than doubled in a year as traders hope Trump will favour crypto when he returns to White House The price of bitcoin has risen above $87,000 for the first time as it benefited from traders’ hopes that Donald Trump will favour cryptocurrencies when he returns to the White House. Bitcoin reached a record high of $87,198,…
Will Trump’s victory spark a global trade war?
Donald Trump vowed on his campaign that he would tax all goods imported into the US if he won back the White House. Following his victory, businesses and economists around the world are scrambling to work out how serious he is. In the past, Trump has targeted tariffs at individual countries such as China or…
Federal Reserve is set to cut rates again while facing a hazy post-election outlook
WASHINGTON (AP) — No one knows how Tuesday’s presidential election will turn out, but the Federal Reserve’s move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year. The presidential contest might still be unresolved when the Fed ends its two-day…
Stock market today: Nasdaq edges back from its record as chip companies and Eli Lilly slump
NEW YORK (AP) — U.S. stock indexes edged lower Wednesday after drops for Eli Lilly and chip companies overshadowed a jump for Google’s parent company. The S&P 500 slipped 0.3% after drifting between small gains and losses several times, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average edged…
Mexican economy a mixed bag for new president
After handing the reins of power to Claudia Sheinbaum on 1 October, Mexico’s outgoing president, Andrés Manuel López Obrador, hoisted her arm aloft in a joint show of victory. López Obrador – a hugely popular but controversial figure in Mexico – bequeathed more than just the presidential sash to his political protégé. She inherits a…
What we know about the McDonald’s E. coli outbreak
McDonald’s has temporarily removed quarter pounders and fresh, slivered onions from the menu in about a fifth of its US stores due to an outbreak of deadly E. coli poisoning. So far, the Centers for Disease Control and Prevention has recorded 49 cases of illness across 10 states. Ten cases resulted in patients being admitted…
Striking Boeing workers reject 35% pay rise offer
Striking Boeing workers have rejected a new offer from the plane-making giant, which included a 35% pay rise over four years. The International Association of Machinists and Aerospace Workers (IAM) union said 64% of its members voted against the proposed deal. More than 30,000 of Boeing’s employees have joined the walkout, which started on 13…