Hedge Funds Pull Back from Treasury Basis Trade as Profitability Declines
Hedge funds are scaling back their leveraged Treasury basis trades as declining profitability and improved market conditions reduce the appeal of the strategy. Funds committed to the trades have fallen 20% this year to...
Oracle Cites Force Majeure to Shield Against Data Centre Cost Risks
Oracle is seeking to protect itself from potential cost increases linked to a major data centre project in New Mexico by issuing a “force majeure” notice to developer Blue Owl, Bloomberg News reported on...
MGM Resorts Shares Plunge 10% as Barry Diller Withdraws $18 Billion Buyout Bid
Shares of MGM Resorts International plunged 10% on Thursday after media mogul Barry Diller’s People Inc withdrew its more than $18 billion proposal to acquire the casino operator. MGM shares fell to $33.90, their...
Apple Extends Patent Licensing Agreement with Qualcomm
Qualcomm announced on Thursday that Apple has extended its patent-licensing agreement with the chip designer, even as the iPhone maker continues efforts to reduce its reliance on Qualcomm’s modem chips. The company did not...
Starbucks to Close 250 Underperforming Coffeehouses in North America
Starbucks plans to close 250 underperforming coffeehouses across North America as CEO Brian Niccol intensifies efforts to revive sales and strengthen the company’s business. According to a regulatory filing on Thursday, the closures will...
Royal Caribbean to Acquire 50% Stake in Sandals Resorts for $3 Billion
Royal Caribbean Group has agreed to acquire a 50% stake in Caribbean resort operator Sandals Resorts International for $3 billion, expanding its presence in land-based vacation experiences. The deal aligns with the cruise company’s...
Meta to Unveil Camera-Free Smart Glasses Amid Rising Privacy Concerns
Meta Platforms is expected to unveil new smart glasses at its annual Connect conference on Wednesday, including camera-free models, as concerns grow over privacy and covert recording. The company, which partnered with EssilorLuxottica to...
McDonald’s Unveils $8.5 Billion Franchisee Support Plan to Revive Growth
McDonald’s on Wednesday announced an $8.5 billion franchisee support plan as part of its expanded growth strategy, NEXT, aimed at reviving momentum after several quarters of slower performance. Launched in June, the strategy focuses...
Verizon Invests $70 Million in Nationwide AI Training Initiative
Verizon announced on Wednesday that it is investing $70 million in a nationwide initiative to provide artificial intelligence (AI) training to job seekers, small businesses and educators as the U.S. economy undergoes a major...
Geely Unveils Four-Minute EV Charging Technology in Challenge to BYD
China’s Geely on Wednesday unveiled an ultra-fast electric vehicle (EV) charging system capable of charging a vehicle in as little as four minutes, intensifying its technology competition with rival BYD. The company also introduced...