Business

Brad Lightcap Leaves OpenAI for New Venture Amid Executive Shakeup

OpenAI COO Brad Lightcap is departing to start his own company, extending a wave of senior executive exits at the AI lab.

Alpha Compute to Buy Pennsylvania Land for $55 Million Data Center Campus

Alpha Compute plans to acquire land and gas rights in Pennsylvania for a $55 million data center campus powered by on-site natural gas.

Sea Limited Shares Surge 9% as Revenue Climbs 48% and Shopee Outlook Strengthens

Sea Limited shares rose about 9% after quarterly revenue climbed 48% and the company delivered a stronger outlook for its Shopee e-commerce business.

US Existing Home Sales Fall 1.7% in July as Record Prices Deter Buyers

US existing home sales dropped 1.7% in July as record prices and the highest mortgage rates in a year kept many prospective buyers out of the market.

Barclays Downgrades Gap and Under Armour in U.S. Apparel Retailer Reshuffle

Barclays cut its ratings on Gap and Under Armour in a reshuffle of U.S. apparel retailers, citing limited upside amid uneven consumer demand.

Ferrari CEO Discusses Upcoming All-Electric Model and Future of the Brand

Ferrari’s all-electric model is over a year from launch, but early tests suggest it retains the signature driving traits and emotional impact of a...

Novo Nordisk Invests $4.1 Billion in New U.S. Plant to Boost Supply of Wegovy and Ozempic

Novo Nordisk announced plans to invest $4.1 billion in constructing a new manufacturing plant in Clayton, North Carolina. This initiative aims to enhance the...

Shein Eyes London IPO Amid U.S. Backlash Over Forced Labor Concerns

Shein, the fast fashion giant with strong ties to China, has confidentially filed for a public listing in London, according to a source familiar...

Oil Prices Edge Down Amid Dollar Strength and Interest Rate Concerns

Oil prices saw a slight decline on Monday due to renewed concerns over prolonged higher interest rates, which strengthened the dollar, balancing the support...

EU to Take Further Action Against Apple Over Digital Markets Act Compliance

The European Union is set to take further action against Apple on Monday in response to the company's compliance with the Digital Markets Act...

U.S. Prosecutors Recommend Criminal Charges Against Boeing Over 737 MAX Settlement Breach

U.S. prosecutors have recommended that senior Justice Department officials bring criminal charges against Boeing after determining the company violated a settlement related to two...

Australia Plans Billion-Dollar Fines for Supermarket Chains Violating Code of Conduct

Australia's federal government announced plans to impose billion-dollar fines on major supermarket chains that fail to comply with a mandatory industry code of conduct,...

Hong Kong Court Grants Kaisa Group Seven-Week Extension for Debt Restructuring

A Hong Kong court has granted Chinese property developer Kaisa Group a seven-week extension to finalize its debt restructuring plan, adjourning a liquidation petition...

China Urges EU to Revoke Preliminary Tariffs on Electric Vehicles Amid Trade Tensions

China is urging the European Union to cancel its preliminary tariffs on Chinese electric vehicles (EVs) by July 4, following an agreement to hold...

ByteDance Collaborates with Broadcom on Advanced AI Processor Amid U.S.-China Tensions

China's ByteDance is collaborating with U.S. chip designer Broadcom to develop an advanced AI processor, according to sources familiar with the matter. This strategic...

Shein Faces Challenges for U.S. IPO Amid Rising U.S.-China Tensions, Considers London Listing

China-founded e-commerce company Shein is encountering growing obstacles in its pursuit of going public in the United States, according to experts, as escalating tensions...

Regulators Identify Weaknesses in Resolution Plans of Major U.S. Banks

Banking regulators revealed on Friday that they found weaknesses in the resolution plans of four of the eight largest American lenders. The Federal Reserve...

Eli Lilly Seeks FDA Approval for Zepbound to Treat Obstructive Sleep Apnea

Eli Lilly has applied for U.S. approval of its weight loss drug Zepbound to treat obstructive sleep apnea (OSA), the most common sleep-related breathing...

U.S. Existing Home Sales Hit 30-Year Low Amid Record Prices and High Mortgage Rates

Sales of previously owned homes in the U.S. remain at a 30-year low, showing minimal movement in May as home prices reach new highs...

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