SoftBank Group has invested $65 million in British company Tractable, an insurance technology company that uses AI to assess insurance claims in photos, the Nikkei Business Daily reported on Tuesday. In June CEO Masayoshi Son said he planned to shift to “offence mode” as artificial intelligence caught the attention of global investors. The group had previously […]
Morgan Stanley’s profit slipped 14% in the second quarter from a year earlier as a deal-making slump persisted, while trading in stocks and bonds weakened. Revenue from investment banking was flat at $1.16 billion. Trading revenues slid as volatility declined, with fixed income sinking 31% while equities fell 14%. CEO James Gorman cited a “challenging market […]
Bank of America beat Wall Street estimates for second-quarter profit on Tuesday as it earned more from customers’ loan payments, while its investment banking business and trading fared better than expected. The bank reported a 7% rise in investment banking fees to $1.2 billion, driven by higher interest payments and leasing revenue, the company said. It […]
General Motors is seeing strong demand for many of its U.S. vehicles, but can’t deliver them to dealers fast enough, one of the company’s top executives told Reuters on Monday. “GM very strongly continues to have discipline in terms of incentives, which means that demand is still very high,” said Rory Harvey, the company’s North […]
British insurer Just Group said on Tuesday it had been boosted by bumper sales of retirement income products so far this year as rising interest rates help drive demand from retail investors. Just Group said in a trading update that its new business sales had more than doubled to 1.9 billion pounds ($2.5 billion) in the […]
Britain on Tuesday opened a competition to develop small modular nuclear reactors (SMRs), such as those being developed by Rolls-Royce, as it launched its new Great British Nuclear body designed to help drive the expansion of projects in the country. Britain is aiming to increase its nuclear power capacity to 24 gigawatts (GW) by 2050 […]
India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions. During a visit by India’s Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up […]
Tesla built its first Cybertruck at the electric-vehicle marker’s plant in Austin, Texas, the company said in a tweet on Saturday, after two years of delays. Tesla founder Elon Musk introduced the pickup truck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back production […]
Oil prices extended their decline into a second session on Monday after China’s second-quarter growth came in weaker than expected, fuelling concern about demand in the world’s No. 2 oil consumer, while Libya resumed production on the weekend. Brent crude futures fell 91 cents, or 1.1%, to $78.96 a barrel by 0628 GMT, and U.S. […]
The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India’s energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. After a bi-lateral meeting with India’s finance minister Nirmala Sitharaman on the sidelines of a G20 meeting, Yellen said the […]
