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New Zealand’s government plans to cut 14% of public sector jobs to slash spending

WELLINGTON, New Zealand (AP) - New Zealand's government will lay off nearly 9,000 workers, amounting to 14% of public sector jobs, by mid-2029 as part of a bid to slash billions in spending, Finance Minister Nicola Willis said Tuesday. Willis said her administration would ...
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Court dismisses Elon Musk’s case against Sam Altman and OpenAI

(NEW YORK) -- A jury on Monday found that Elon Musk waited too long to bring claims accusing OpenAI, under Sam Altman's leadership, of abandoning its public-benefit mission as it moved toward a for-profit structure.The nine-person advisory jury determined that the claims against OpenAI ...
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Prince William’s Duchy of Cornwall to sell 20% of property portfolio to fund housing, green projects

LONDON (AP) - Prince William's Duchy of Cornwall plans to sell about 20% of its 1 billion pound ($1.3 billion) property portfolio over the next decade to consolidate its holdings and finance plans to build thousands of homes, expand renewable energy production and pursue ...
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US House lawmakers propose $130 annual EV fee to pay for road repairs

By David Shepardson WASHINGTON, May 18 (Reuters) - U.S. House lawmakers proposed bipartisan legislation that would require electric vehicles to pay a $130 fee to pay for road repairs annually and $35 for some plug-in hybrid models. The House is working on a five-year highway reauthorization ...
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China’s economy loses steam at start of Q2 as consumption, output disappoint in April

BEIJING, May 18 (Reuters) - China's growth lost momentum in April, with industrial output cooling and retail sales sinking to over three-year lows as the world's second-biggest economy wrestled with higher energy costs from the Iran war and persistently weak domestic demand. Better-than-expected exports and ...
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Global bond rout deepens as inflation fears mount

By Rae Wee SINGAPORE, May 18 (Reuters) - Bonds from Tokyo to New York extended losses on Monday as rising energy prices from the ongoing Middle East war fanned inflation fears and stoked investor wagers on rate hikes from global central banks. Benchmark 10-year U.S. Treasury ...
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Shein buys US-based apparel retailer Everlane, Puck News reports

May 17 (Reuters) - Online fast-fashion platform Shein is acquiring Everlane from majority owner L Catterton in a deal valuing the U.S.-based apparel retailer at about $100 million, Puck News reported on Sunday, citing people familiar with the matter. Those with common stock in Everlane ...
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China agrees to boost trade for US ag products such as beef and poultry following Trump-Xi summit

WASHINGTON (AP) - China has agreed to ramp up trade for U.S. agricultural products such as beef and poultry, buying at an annualized rate of $17 billion per year for 2026 and at that level for 2027 and 2028, the White House announced Sunday, ...
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Gina Rinehart’s Hancock Prospecting adds defence stocks to US portfolio

MELBOURNE, May 18 (Reuters) - Hancock Prospecting, owned by Australia's richest person, Gina Rinehart, has added defence, gold and rare-earths holdings to its $3.3 billion U.S. portfolio this year, filings showed on Monday. Hancock added CrowdStrike, L3Harris, Lockheed, Northrop Grumman and RTX as part ...
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Morning Bid: Bonds get a taste of oil’s demand destruction

May 18 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. So, there's a limit to wishful thinking. Markets had assumed the U.S. and Iran were bound to see sense and strike a deal at any moment. Instead, ...
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Iran war saddles global companies with $25 billion bill – and counting

By Medha Singh, Deborah Mary Sophia and Bernadette Hogg May 18 (Reuters) - The U.S.-Israeli war with Iran has already cost companies around the world at least $25 billion - and the bill is climbing, according to a Reuters analysis. A review of corporate statements since ...
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Summer travelers who relied on Spirit Airlines may struggle to find budget alternatives

Days after Spirit Airlines shut down in the middle of the night, a lawyer for the defunct budget carrier stood before a bankruptcy judge and apologized to the price-conscious customers who might struggle to find affordable flights in its absence. "We apologize most specifically for ...
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