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Swiss court rules $20 billion Credit Suisse bond write-off unlawful

By Dave Graham, John Revill and Oliver Hirt ZURICH (Reuters) -Writing off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a Swiss court ruled on Tuesday, boosting bondholders’ hopes of recouping losses and raising fresh questions about how authorities handled the ...
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Citigroup’s AI usage frees up 100,000 hours for developers a week

NEW YORK (Reuters) -Citigroup CEO Jane Fraser said the company’s use of artificial intelligence has saved time and allowed it to free up 100,000 hours of weekly capacity for software developers. Almost 180,000 of the bank’s employees in 83 countries have access to Citi’s ...
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Goldman Sachs eyes job cuts and hiring slowdown amid AI push, memo shows

(Reuters) – Goldman Sachs has informed employees of potential job cuts and a hiring slowdown through the end of the year, according to an internal memo seen by Reuters, as the Wall Street giant aims to use artificial intelligence to ...
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Slowdown in US hiring suggests economy still needs rate cuts, Fed’s Powell says

WASHINGTON (AP) — A sharp slowdown in hiring poses a growing risk to the U.S. economy, Federal Reserve Chair Jerome Powell said Tuesday, a sign that the Fed will likely cut its key interest rate twice more this year. Powell said in written remarks ...
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BlackRock brushes off wider credit contagion fears after First Brands, Tricolor bankruptcies

By Prakhar Srivastava and Anirban Sen NEW YORK (Reuters) -Asset manager BlackRock on Tuesday played down concerns of broader credit market stress after the bankruptcies of auto parts supplier First Brands and lender Tricolor Holdings, saying the overall credit quality of borrowers was “generally strong.”  On ...
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Walmart partners with OpenAI for ChatGPT shopping feature

(Reuters) -Walmart said on Tuesday it was partnering with OpenAI to enable customers and Sam’s Club members to shop directly within ChatGPT, using the AI chatbot’s Instant Checkout feature. Walmart shares were up about 3% in early trading on Tuesday. The tie-up follows a similar partnership ...
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Boeing gains EU antitrust nod for $4.7 billion Spirit Aerosystems deal

By Foo Yun Chee BRUSSELS (Reuters) -Boeing secured EU antitrust approval on Tuesday for its $4.7 billion acquisition of Spirit after agreeing to sell some Spirit businesses to address competition concerns. The deal announced in July last year aims to help Boeing streamline its operations and ...
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Fed’s Bowman expects two more interest rate cuts this year

(Reuters) -Federal Reserve Governor Michelle Bowman on Tuesday said she continues to anticipate that the U.S. central bank will deliver interest rate cuts at its final two policy meetings of 2025. “I continue to see two more cuts before the end of this year,” Bowman ...
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Fendi names Maria Grazia Chiuri as creative director of the Italian fashion house

MILAN (AP) — Fendi on Tuesday named Maria Grazia Chiuri as its new creative director, replacing Silvia Venturini Fendi, who stepped aside last month to become honorary president of the fashion house founded by her grandparents and now owned by the French luxury conglomerate ...
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Wall Street sees major jump in profits, helped by soaring stock prices and deal making

NEW YORK (AP) — Wall Street had one of its most profitable quarters ever, if the earnings from four of nation’s biggest banks that reported Tuesday are to be believed; as banks were helped by a flurry of deal making, soaring stock prices and ...
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European earnings outlook brightens despite US-China tariff escalation

By Marleen Kaesebier and Javi West Larrañaga (Reuters) -Analysts are a little more upbeat about European companies’ third-quarter results than a week ago, according to the latest estimates compiled by LSEG I/B/E/S, despite the latest flare-up in trade tensions between the U.S. and China. European companies ...
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Polaris shares surge on Indian Motorcycle unit spin-off, profit forecast

By Aishwarya Jain (Reuters) -Shares of Polaris rose more than 9% on Tuesday after the power-sports vehicle maker said it would spin off its Indian Motorcycle unit and forecast a third-quarter profit, beating Wall Street’s loss expectations. The company also sold a majority stake in the ...
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