S&P 500 falls 1.2% as AI spending worries weigh on technology stocks
The Nasdaq dropped 2.6% on 22 October as technology shares slid, while higher oil prices added to pressure on markets worldwide.
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Business
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Comcast’s $1 billion charge includes layoffs as broadband losses mount
Comcast expects a fourth-quarter charge tied to an overhaul of its connectivity business. The company has not specified how many jobs will be cut or when.
New Zealand First policies draw mixed ratings in CEO survey
Business leaders surveyed for the Mood of the Boardroom gave low scores to several New Zealand First proposals, while raising questions about Winston Peters becoming prime...
UK regulators propose fewer misconduct reports and manager checks
Plans reported on 22 October would narrow misconduct reporting and remove extra checks for an estimated 140,000 financial managers.
IllustrationMeta falls as AI spending costs weigh on technology stocks
Meta and other AI-linked stocks fell during Thursday trading as investors weighed the cost of building AI infrastructure and how companies will fund it.
Elon Musk invests about $1 billion in Skydance, Semafor and CNBC report
The reported investment gives Skydance capital as it combines Paramount and Warner Bros. Discovery and pursues $6 billion in planned cost savings.
Musk predicts Tesla will carry most passenger miles where it can operate freely
The Tesla chief tied his sweeping forecast to regulatory permission, while the company outlined further targets for its Cybercab and self-driving software.
IllustrationPublishers and advertisers seek EU and UK suspension of Meta’s new commercial terms
A trade group says the terms could give Meta sweeping rights over online content. Meta disputes that reading, while EU and UK regulators consider the complaint.
Tech Mahindra partners with SpaceXSI on AI software development
The Indian IT services firm plans to use SpaceXSI’s Grok Build coding agent in work to modernise clients’ older applications and speed up software delivery.
Procter & Gamble beats earnings estimates as quarterly sales rise 4%
Stronger fabric and home care volumes helped lift fiscal first-quarter sales. P&G also raised its full-year sales forecast to reflect its Thorne acquisition.
US stocks fall as Iran tensions lift oil and AI spending worries weigh on tech
The S&P 500 and Nasdaq fell Thursday morning as oil rose. Reports of possible renewed strikes on Iran and doubts about AI investment added to market pressure.
Rheinmetall begins tank barrel production at Telford gun hall
The new UK facility makes barrels and breeches for large-calibre weapons, returning that manufacturing capability to Britain after about 20 years.
Barclays plans 5,000 job cuts as technology overhaul reshapes workforce
The bank says about 1,000 roles have already gone and expects a further 4,000 cuts by year-end. Its chief executive says AI is part of a broader effort to simplify operations.
Stanford economists project long-term loss from California billionaire tax
A new model puts proceeds from the proposed one-time levy at $28 billion to $36 billion, while warning that lost income taxes could outweigh the revenue if wealthy residents leave.
Philippine central bank raises interest rate to 5.50% in larger-than-expected move
Bangko Sentral ng Pilipinas raised its benchmark rate by half a percentage point as inflation climbed to 7.2%. Economists polled by Reuters had expected a smaller increase.
Japanese investors sell foreign bonds for fifth week as domestic yields rise
Japanese investors sold another 161.6 billion yen of foreign long-term bonds in the week through October 17, according to Reuters. The five-week run is the longest in four years.
KPMG Australia barred from new federal bids until February after whistleblower review
Australia extended a pause on KPMG bidding for new federal contracts after a review found serious failings in its response to a whistleblower complaint.
Starbucks China says customers must buy something to sit in its cafes
The company announced a nationwide seating rule scheduled for October 22, saying it wants to improve the experience inside its roughly 8,000 Chinese stores.
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