In a bold move to expand its presence in the Swiss banking sector, the Saudi National Bank recently attempted to increase its stake in Credit Suisse from 9.88% to a substantial 40%. However, the Swiss financial watchdog, FINMA, stepped in to prohibit the increase without disclosing the underlying reasons behind the decision. The attempted acquisition...
Tuesday is set to witness a significant move by the Reserve Bank of Australia (RBA) as it responds to the ongoing challenge of persistently high inflation. The RBA is anticipated to raise its interest rate by 25 basis points, bringing it to 4.35 percent, in a bid to address the inflationary pressures gripping the...
PwC Australia has taken a significant step in addressing the recent scandal that has plagued its reputation. The company has signed an exclusive agreement with Allegro Funds, a leading Australian private equity firm, to sell its government practice for a sum of A$1. This move comes in the wake of a national scandal involving...
New Zealand's economy faced a contraction in the first quarter, raising concerns for the government's chances of re-election. The central bank's recent declaration that the cash rate has reached its maximum level further complicates the situation. The cash rate currently stands at 5.5%, having risen by 525 basis points since October 2021. The weak state...
In a recent survey conducted by the National Australia Bank (NAB), it has been revealed that Australia's economic conditions faced a significant setback in May. Slower advances in sales and employment were cited as the primary reasons for the decline, raising concerns among experts and policymakers alike. The survey, which provides valuable insights into...
Westpac Banking Corp., a prominent Australian bank, has announced its intention to eliminate approximately 300 positions within its consumer and commercial banking divisions. The prospective job cuts were reported by the Finance Sector Union of Australia (FSU), which obtained an internal memo from Westpac detailing the impending layoffs. The impact of these job cuts is...
General Motors (GM) is making significant investments in its facilities as part of its efforts to retool and introduce more efficient internal combustion models. The company plans to invest over $500 million in its Arlington, Texas assembly facility, which will be used to improve the stamping and assembly areas responsible for manufacturing next-generation full-size...
Heineken NV has unveiled a significant investment plan of 1.5 billion reais ($300.8 million) in Brazil. Known for its iconic green bottles and rich brewing heritage, Heineken is set to tap into the burgeoning Brazilian market, where locals have earned a reputation as some of the world's most enthusiastic consumers of the brand. The ambitious...
In a groundbreaking move, the Brazilian Minister of Defense, Jose Mucio, has unveiled a strategic partnership between Embraer SA and Portuguese aerospace company OGMA. The collaboration aims to produce cutting-edge aircraft that adhere to the stringent specifications of NATO, a significant milestone in the aviation industry. Embraer, a prominent player in the global aviation market,...
Qualcomm artificial intelligence chips outperformed those of rival Nvidia in two of three power efficiency metrics, test results have shown. Nvidia is the market leader for training AI models with vast quantities of data. After these AI models have been trained, however, they are put to widespread use in a process known as "inference" performing tasks such as...
