Author: Press Room
Photo by Matt Cardy/Getty ImagesGetty Images Home improvement retailer Kingfisher’s share price slumped on Wednesday as it cut its profits guidance again. At 216.3p per share, Kingfisher was down 6.2% in midweek business and leading the FTSE 100 lower. During the three months to October, sales at the B&Q owner dropped 2.1% to £3.2 billion, or 2.7% at constant currencies. On a like-for-like basis sales were down 3.9% year on year. Weak conditions in France mean that Kingfisher now expects to record adjusted pre-tax profit of £560 million in the current financial year (to January 2024). That’s down from a…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekdayGood morning. The fine Binance is paying for violating money laundering laws ($4.3bn) is bigger than all profits ever made by Coinbase as a public company ($3.9bn). What that tells you about the state of the cryptocurrency industry we’re not sure, but it probably tells you something. We’re off for Thanksgiving, back on Monday. But feel free to email…
STOCKHOLM – A recent trader survey by SEB AB reveals that a majority of financial professionals anticipate the Riksbank, Sweden’s central bank, to increase its key interest rate by 0.25% to 4.25% tomorrow. This expectation comes despite some voices in the market suggesting that the rates should be held steady. The survey, which reflects the views of traders earlier this week, indicates that out of 21 institutions, 13 forecast a rate hike while eight predict no change. The potential increase is widely seen as the final rise in the current cycle, with expectations set for two rate reductions by December…
© Reuters. FILE PHOTO: Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Carlos Barria (Reuters) – ChatGPT-maker OpenAI on Tuesday said it reached an agreement for Sam Altman to return as CEO days after his ouster, and also agreed in principle to partly reconstitute the board of directors that had dismissed him. Bret Taylor, formerly co-CEO of Salesforce (NYSE:) and Larry Summers, former U.S. Treasury Secretary, along with Quora CEO and current director Adam D’Angelo will be part of the board, OpenAI said. Here’s what we know…
© Reuters The global commodities market is witnessing a complex interplay of supply and demand dynamics, with Goldman Sachs maintaining a bearish outlook on lithium, even as iron ore prices receive a boost from Chinese economic stimulus expectations. The investment bank has projected additional potential declines in lithium prices, with spodumene spot prices already having plummeted over 75% to $1,650 per tonne this year. This trend is mirrored in China, where prices for lithium hydroxide and carbonate hover around $19,000-$20,000 per tonne, respectively. Analysts at Goldman Sachs believe it’s too early to expect a market rebound for lithium. They anticipate…
ATRenew Non-GAAP EPS of $0.04, revenue of $446.4M; initiates Q4 outlook
© Reuters. The New Zealand dollar fell back from its recent peak against the US dollar during the European session today, as a rise in US Treasury yields and a strengthening applied downward pressure on the currency pair. Today, the pair moved down from its three-month high of 0.6086 to around 0.6030. This decline coincided with an uptick in US Treasury yields, with the 10-year yield reaching 4.41% and the 2-year yield hitting 4.88%. Moreover, the (DXY), which measures the dollar’s strength against a basket of currencies, edged closer to 103.70, lending support to the greenback’s value. The downward shift…
U.S. Rep. Bill Johnson, R-Ohio, announced Tuesday that he is retiring from Congress to accept an offer to become president of Youngstown State University.Johnson, who was first elected to the U.S. House in 2010, will continue in his role as a lawmaker for several more months before starting as president of Youngstown State University in March.”After much thought and prayerful deliberation, I have accepted the offer to lead Youngstown State University and will not be seeking an 8th term in Congress,” Johnson wrote on X, formerly known as Twitter. “As I’ve stated previously, I wasn’t looking for another job, because…
Sam Altman is set to return to OpenAI, with a new board in place, the company announced Wednesday. Larry Summers and Bret Taylor will join, while Adam D’Angelo will stay on.Former board members Ilya Sutskever, Helen Toner, and Tasha McCauley are out. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Sam Altman is set to return to OpenAI with a new board consisting of Bret Taylor, Larry Summers, and Adam D’Angelo, the company announced in an X post Wednesday.We have reached an agreement in principle…
A former Facebook executive, an AI researcher, a tech entrepreneur and a computer scientist were the four OpenAI kingmakers who plunged the start-up into crisis last week when they fired its chief executive.The abrupt decision by board members Adam D’Angelo, Helen Toner, Tasha McCauley and Ilya Sutskever to oust Sam Altman set off a dramatic chain of events and fuelled speculation about their motives and competency to manage what has become the world’s most high-profile AI start-up.By late Tuesday in California, D’Angelo was the only survivor of the corporate crisis, as Altman was reinstated by the company and a new…