Kraft Heinz to Sell North American Coffee Business in $650 Million Deal
Kraft Heinz announced on Wednesday that it would divest its North American coffee business in a deal valued at $650 million, as CEO Steve Cahillane sharpens the company’s focus on its core packaged food...
Uber’s Profit Forecast Falls Short as Driver Shortages and Rising Costs Weigh on Growth
Uber has forecast fourth-quarter adjusted earnings below Wall Street expectations, as driver shortages, rising fuel prices and the ongoing Middle East conflict weigh on its ride-hailing business across markets including India, Brazil and Canada....
McDonald’s US Sales Decline as Consumers Cut Back on Dining Out
McDonald’s reported a bigger-than-expected decline in US comparable sales for the third quarter as financially strained consumers reduced spending on dining out, marking the burger chain’s first sales drop in six quarters. Comparable sales...
Global Markets Recover as Democrats’ Midterm Victory Raises AI Regulation Concerns
Global stock markets recovered on Wednesday after an initial decline triggered by the Democratic Party’s sweeping victories in the US midterm elections, which raised concerns over tighter regulatory scrutiny of the artificial intelligence sector....
Global Central Banks Pause Rate Hikes in October Amid Persistent Inflation Concerns
Global central banks largely maintained interest rates in October following a series of rate hikes in September, as policymakers continued to grapple with persistent inflationary pressures. The Bank of Canada was the only central...
Binance Says Financial Position Remains Strong as Hack Triggers $4.72 Billion Outflows
Binance has said its financial position remains strong and customer withdrawals have largely stabilised following a major cryptocurrency heist involving $6.3 billion in digital assets. Co-CEO Richard Teng said the exchange experienced a surge...
Bull and Schwarz Digits Join Forces to Develop European AI Computing Services
French supercomputer manufacturer Bull and Schwarz Digits, the technology arm of Germany’s Schwarz Group, have signed a preliminary agreement to jointly develop artificial intelligence computing services operating entirely under European jurisdiction. The partnership aims...
US Midterm Elections Put AI Stocks and Market Stability in Focus
Investors are closely monitoring the US midterm elections as a potential shift in congressional control could influence financial markets, particularly the artificial intelligence (AI) sector. The elections come at a fragile time for markets,...
Lonza to Acquire Five US Manufacturing Sites from Merck in Major Expansion
Swiss contract drug manufacturer Lonza announced on Tuesday that it would acquire five US manufacturing sites from Germany’s Merck KGaA, significantly expanding its presence in the country and strengthening its capabilities in producing advanced...
Taco Bell Sales Fall Sharply as Food Safety Outbreak Hits Customer Traffic
Yum Brands reported a sharper-than-expected decline in quarterly same-store sales at its Taco Bell business, as a multistate cyclosporiasis outbreak in the United States during the quarter weakened customer confidence and discouraged dining out....