Middle Eastern Business Headlines at 1:43 a.m. GMT

Associated Press
Updated

Ship targeted by 2 suspected missiles from Yemen's Houthi rebels in Gulf of Aden as oil tanker burns

Latest stories

  • ByteDance denies reported plan to make self-designed chips and cut reliance on Nvidia

    Chinese technology giant ByteDance, the owner of TikTok, has denied reports that it plans to design and produce two types of semiconductors by 2026 to cut reliance on leading US chip designer Nvidia. The Beijing-based company, which also operates TikTok's Chinese sibling Douyin, said its initiatives in the field of semiconductors "are in the early stage, focusing on cost optimisation of recommendations, advertising and other businesses", local media reported, citing a ByteDance statement written

  • Major Aus retailer sued over ‘junk’ warranties

    Major Aussie retailer Harvey Norman is facing a class-action lawsuit over allegations it sold extended warranties to customers on products that turned out to be “junk”.

  • US study finds China's tech innovation 'much stronger' than previously understood

    Can China innovate and outcompete the US in their pitched battle for technological supremacy? A 20-month investigation into the innovation performance of 44 Chinese firms across key technologies - including nuclear power, semiconductors, artificial intelligence, electric vehicles and materials science - revealed a troubling yes for the US. On Wednesday, analysts from the Information Technology and Innovation Foundation, a Washington think tank, presented their findings at a Capitol Hill event, u

  • Boss warned of 'mass exodus' after introducing new work policy: 'Crazy'

    Staff will be lumbered with extra work and less pay if they ever want to leave.

  • I Was 50 With No Retirement Savings: How I Turned It Around & Retired Comfortably

    As a society, we're constantly told to save, save, save -- but that's not always possible. For myriad reasons, Jennifer James reached age 50 without any retirement savings to speak of. Like many...

  • 5 Things You Must Do When Your Retirement Savings Reaches $100,000

    If you've reached the lofty level of $100,000 in your retirement savings, congratulations! This means you've already socked away more than many other Americans. Read More: The Average Retirement Age...

  • How Much a Comfortable Retirement Will Cost You in Each State

    How much do you need to retire comfortably? It's a question in the mind of every American in every state that is saving for retirement. Read Next: I'm a Financial Planner: 5 Ways Not To Spend Down...

  • How the 5% Rules for Building Wealth Could Help You Retire Early

    Retiring early is like the utopia of financial success: You get to stop working sooner and spend the rest of your time doing what you love. What could be better than that? The tricky part is knowing...

  • Cellnex explores sale of French data centre unit, sources say

    Spain's Cellnex is exploring a sale of its data centre unit in France, in a deal that could value the business at a few hundred million euros, two people familiar with the matter said on Friday. Cellnex declined to comment. Specific revenue figures for Cellnex's French data centre unit have not been disclosed.

  • Firm making drones for Ukraine plans more jobs

    The company hopes to generate 200 jobs in the UK over the next three years across its two sites.

  • Can General Motors (GM) Survive the Existential Threat from Chinese EVs?

    General Motors Company (GM) is an automotive manufacturer headquartered in Michigan, USA. It is primarily involved in the design, manufacturing, and marketing of a wide range of vehicles. The company operates in 30 countries and boasts a diverse portfolio of brands including GMA, Cadillac, Buick, and Chevrolet. GM not only brings in revenue through its […]

  • Warren Buffett's Strategic Reduction in Bank of America Holdings

    On September 19, 2024, Warren Buffett (Trades, Portfolio)'s firm made a notable adjustment in its investment portfolio by reducing its stake in Bank of America Corp (NYSE:BAC). Following this move, the firm still holds a substantial number of shares, totaling 835,908,435, which represents a 10.77% ownership in the company. This adjustment has led to a slight decrease in the portfolio's exposure to Bank of America, now accounting for 12.05% of the total holdings.

  • Gobbo drops push to recuse all Vic judges from lawsuit

    Lawyers for informant Nicola Gobbo will not pursue an application to recuse all Victorian judges from presiding over her case against Victoria Police.

  • Government to consult on new laws to clamp down on late payments to small firms

    Keir Starmer said late payments of invoices is ‘one of the biggest reasons businesses collapse’.

  • 4 Ways Saving for Retirement Is Actually Easier Today

    Do you think saving enough for retirement will be harder for you than for your parent's generation? It's a common sentiment. A recent CNBC retirement survey revealed that most American workers -- 82%...

  • Why this former LA Dodgers owner wants to buy TikTok

    TikTok was in court earlier this week making its case against the so-called "ban bill" which would require its Chinese parent company ByteDance to divest from the social video app or risk a nationwide ban. Project Liberty Founder Frank McCourt is hoping to acquire the company, and joins Asking for a Trend to lay out his case. "We agree with the government's position. I think it's pretty clear to everyone now that the Chinese Communist Party controls TikTok and that they're holding the information on 170 million Americans, is not a good thing. It's a real threat. And of course, the ability to manipulate 170 million Americans is even more of a threat," McCourt tells Yahoo Finance. He believes that the US government's position will be upheld in court, leaving ByteDance with an important decision to make. "I'm betting they sell it, and I don't want them to shut it down, nor do the 170 million users want it to be shut down because people are using the app. They enjoy the app. That's not the issue. The issue is how people's data is being used," he argues. If McCourt were to acquire TikTok, he would plan to migrate the platform's users to a "new protocol where each individual would control their identity and their data." He emphasizes that he is not interested in the algorithm, saying, "We don't need it, and we don't want it." He adds, "I think we may be the only ones that check all three boxes. And what I mean by that is that we check the CFIUS (Committee on Foreign Investment in the United States) box. We're not a national security threat. We're American, not foreign. We check the antitrust box. We're not Big Tech, so we don't have an antitrust issue. And we have built the tech stack that would enable us to onboard the user base of TikTok and do so in a way that actually... gives people control of their identity and their data and so forth." For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Melanie Riehl

  • Putin's 'Well-Established' Ambition To Be Derailed By 1 – Rather Obvious – Problem, UK Says

    The Russian president's long-held plans could be "hampered" by his ongoing land grab in Ukraine.

  • Lady Gaga's Dad Endorses Trump On Fox, And You Won't Believe How He Describes Him

    Her father's praise for Trump might make it tough for the singer to keep her poker face.

  • Critics Shatter Donald Trump’s Latest Rant, Which Is About … *Checks Notes*… Windows

    They pointed out the cracks in the former president's claim.

  • Trump asked New Yorkers ‘what have you got to lose’ by voting for him. The answers came thick and fast

    ‘With crime at record levels, with terrorists and criminals pouring in, and with inflation eating your hearts out, vote for Donald Trump,’ Republican nominee pleads