Tesla CEO Elon Musk attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. Hamad I Mohammed | ReutersNorway’s $2 trillion sovereign wealth fund said it will vote against Elon Musk’s trillion-dollar pay package at Tesla’s annual shareholder meeting this week, rebelling against management guidance and threats from Musk to step down if the deal is rejected.Norges Bank Investment Management (NBIM), which manages the fund — the largest of its kind in the world, and a major shareholder in Tesla — said on Tuesday that it had already cast its vote against Musk’s remuneration package as CEO of…
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Australia’s central bank now sees core inflation staying above its target band out to the middle of 2026.Brendon Thorne | Bloomberg | Getty ImagesAustralia’s central bank now sees core inflation staying stubbornly above its target band out to the middle of 2026 as consumer demand and house prices pick up faster than expected, seemingly limiting room for further cuts in interest rates.The Reserve Bank of Australia was widely expected to hold rates at 3.60% on Tuesday as an uncomfortably high reading on third-quarter inflation crushed any hopes of a cut. It had eased policy three times this year in February, May and August.In its quarterly Statement on Monetary Policy, the RBA said recent data — including stronger economic growth, sticky inflation and…
Richard Teng, chief executive officer of Binance, during the DC Blockchain Summit in Washington, DC, U.S., on Wednesday, March 26, 2025. Bloomberg | Bloomberg | Getty ImagesBinance CEO Richard Teng has dismissed claims that the cryptocurrency exchange helped boost a Trump-backed stablecoin before former CEO Changpeng Zhao received a presidential pardon.The claims in question relate to a $2 billion investment Binance received from Abu Dhabi’s state-owned investment firm MGX. The deal was settled using USD1, a stablecoin created by the Trump family’s crypto venture, World Liberty Financial. MGX’s investment and Binance’s subsequent listing of USD1 on its exchange helped bolster the…
CFOTO | Future Publishing | Getty Images The “everything store” might have secured its biggest customer yet.On Monday, Amazon announced that it had signed a $38 billion deal with OpenAI, offering the ChatGPT maker access to Amazon Web Services’ infrastructure.On the one hand, the move isn’t too surprising — a continuation of OpenAI’s spending spree as it looks to secure resources to run its power-hungry artificial intelligence models.On the other, OpenAI’s turn to Amazon shows that the firm is diversifying from its reliance on Microsoft, which had been its exclusive cloud services provider until this year. That could suggest OpenAI is getting…
Chancellor of the Exchequer Rachel Reeves speaks on stage during the Labour Party conference on Sept. 29, 2025, in Liverpool, England. Ian Forsyth | Getty ImagesU.K. Chancellor Rachel Reeves is expected to give a clearer indication that tax rises are coming in her Autumn Budget later this month when she gives a speech this morning.Reeves is set to address speculation around her fiscal plans shortly and is expected to tell the British public that her budget will focus on “fairness and opportunity.” Critics of the government have branded her speech on Tuesday an an “emergency press conference” given there was…
The BP logo is displayed on a petrol tanker delivering fuel at a petrol station in Shepton Mallet on October 20, 2025 in Somerset, England.Anna Barclay | Getty Images News | Getty ImagesBritish oil giant BP on Tuesday reported stronger-than-expected third-quarter profit, citing progress on divestments and its cost-cutting program.The London-listed oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $2.21 billion for July-September period. That beat analyst expectations of $2.03 billion, according to an LSEG-compiled consensus.BP’s third-quarter net profit came in at $2.3 billion last year and $2.35 billion in the…
TOPSHOT – A Super Mario character is pictured at a Nintendo display ahead of the launch of the company’s Switch 2 console, an electronics store in the city of Nagoya, Aichi prefecture on June 2, 2025.Richard A. Brooks | Afp | Getty ImagesNintendo raised its forecast for sales of the Switch 2 console in its current fiscal year as momentum for its new flagship console grows.The Japanese gaming giant said it now expects to sell 19 million units of the Switch in the fiscal year ending March 2026 versus a previous forecast of 15 million units.Here’s how Nintendo did in…
A small replica of the Charging Bull statue is seen on a street vendor stall outside the New York Stock Exchange on July 11, 2025.Jeenah Moon | ReutersGlobal markets may be due for a reality check after this year’s relentless rally, as Goldman Sachs and Morgan Stanley on Tuesday cautioned investors to brace for a drawdown over the next two years.Equities worldwide have been soaring, hitting record highs this year, driven by AI-linked gains and expectations of rate cuts. Over the past month, key U.S. indexes have scaled new peaks, Japan’s Nikkei 225 and South Korea’s Kospi have hit fresh…
If you don’t have children and don’t plan on having any, many of the “default” settings of personal finance may not apply to you. You may not, for instance, plan on leaving legacy wealth, as many parents do, and you certainly don’t have to worry about paying for a kid’s wedding or college education.But who will take care of you or make decisions on your behalf in the event that you can’t make them for yourself? For many Americans, the default answer is, “my kids.”If something bad happens and you don’t have children who will take care of you, things…
Whether or not markets are getting ahead of themselves over artificial intelligence is a hot topic for investors right now.Last week, billionaire investor Ray Dalio said his personal “bubble indicator” was relatively high, while Federal Reserve Chair Jerome Powell described the AI boom as “different” from the dotcom bubble.For Magnus Grimeland, founder of Singapore-based venture capital firm Antler, it’s clear the market is not overheating. “I definitely don’t think we’re in a bubble,” he told CNBC’s “Beyond the Valley” podcast, listing several reasons.The speed at which AI is being adopted by businesses is notable compared to other tech shifts, Grimeland…
