Pakistan to hold bidding for national airline on October 1: Report

Bidding for Pakistan International Airlines will take place on October 1, as announced by the National Assembly's privatisation committee head, Farooq Sattar. The government aims to sell 51% to 100% of the struggling airline as part of reforms requested by the International Monetary Fund.

Sam Bankman-Fried's ex girlfriend Caroline Ellison gets two-year sentence

Caroline Ellison, former CEO of Alameda Research, was sentenced to two years in prison for her role in the FTX fraud case after testifying against founder Sam Bankman-Fried, who received 25 years. Ellison pleaded guilty to seven charges, receiving a lighter sentence due to her cooperation, while Bankman-Fried’s trial revealed significant financial misconduct leading to FTX's bankruptcy.

US accuses Visa of monopolizing debit card swipes, threatening merchants

Visa's shares fell 5.5% after the U.S. Justice Department sued the company for antitrust violations, alleging it suppressed competition by imposing high fees and striking deals with rivals. The lawsuit, part of a broader effort to combat rising consumer prices, seeks to block Visa's alleged practices that undermine competition in the debit card market.

Starbucks CEO Niccol says committed to "engage constructively" with workers union

Starbucks CEO Brian Niccol expressed respect for workers' rights to union representation and pledged to engage constructively with the Workers United union. His comments follow a letter from 298 baristas as contract negotiations resume, marking his first session since taking over. Niccol aims to enhance workplace culture and maintain direct relations with employees.

FAA chief says Boeing safety culture reforms may take years

FAA Administrator Mike Whitaker stated that Boeing's safety culture reforms could take three to five years, emphasizing the need for long-term improvements. Congress is holding hearings on Boeing?s safety turnaround after recent incidents, including a mid-air emergency. Whitaker criticized previous FAA oversight and stressed that without cultural change, Boeing can't resume full production. Boeing's shares fell amid ongoing investigations and past legal issues.

Elon Musk, X seek dismissal of Don Lemon's lawsuit over canceled partnership

Elon Musk and X are seeking to dismiss Don Lemon's lawsuit over a canceled partnership, claiming Lemon's reliance on an oral agreement was unreasonable. Musk attributes the partnership's collapse to Lemon's contentious interview, while Lemon's lawyer argues the dismissal request stems from Musk's ego. Lemon is seeking at least $1.5 million in damages.

Sebi investigates six local investment banks over handling of small IPOs: Report

India's securities regulator, SEBI, is investigating six domestic investment banks for allegedly charging inflated fees?up to 15%?on small business IPOs, significantly higher than the typical 1-3%. The probe aims to address malpractice and ensure genuine investor interest amid a booming IPO market, with plans for tighter regulations and oversight on small firm listings.

Layoffs: Dulux maker Akzo Nobel plans to cut about 2,000 jobs globally

AkzoNobel, the leading paint manufacturer, announced it will cut 2,000 jobs globally, over 5% of its workforce, to reduce costs and enhance efficiency amid rising labor costs and a slowing economy. The CEO stated the plan aims to improve agility in volatile markets. Following the announcement, AkzoNobel's stock rose 1.5% in Amsterdam.

Lebanon crisis: Oil prices climb on Middle East tensions

Oil prices increased on Tuesday due to China's monetary stimulus and rising Middle East tensions affecting supply. Brent crude rose 1.14% to $74.74 per barrel, while U.S. WTI climbed 1.31% to $71.29. Analysts caution that this rally may not be sustainable amid weak demand and ongoing geopolitical concerns, including a looming hurricane threatening U.S. oil production.

China to add capital at big banks for 1st time in a decade: All you need to know

China plans to recapitalize its major commercial banks for the first time in over a decade to combat low margins, declining profits, and rising bad debts. Authorities announced measures including capital injections and mortgage rate cuts to support the banking sector and the economy. The initiative aims to stabilize banks as they face significant financial pressures.

Levi Strauss warns of delay in reaching $10 billion revenue target: Report

Levi Strauss has delayed its revenue target of $9 billion to $10 billion by 2027 due to rising living costs affecting Western consumers. The company, which reported $6.2 billion in net revenues for 2023, plans to open 100 new stores in 2024. CEO Michelle Gass aims to attract more female shoppers by expanding its clothing line.

Delaware court says Byju's defaulted on $1.5 billion loan, favours US lenders

The Delaware Supreme Court has confirmed that edtech firm Byju's defaulted on a $1.2 billion Term Loan B. The ruling supports US-based lenders' claims and allows them to take action against Byju's. The company's founders acknowledged the default, while lenders have raised their total claim to $1.5 billion amid ongoing insolvency proceedings.

Gold Rate Today 24-09-2024: Check latest prices in your city

Gold prices rose today, with 24 carat gold at ₹7633.3 per gm, up ₹240, while 22 carat gold reached ₹6998.3 per gm, up ₹220. Silver remains unchanged at ₹96000.0 per kg. Over the past week, 24 carat gold has dropped 3.41%. Prices vary across cities, with notable increases in Chennai and Mumbai.

OpenAI's news account on X hacked, sends posts on cryptocurrency

OpenAI reported that its X account (@OpenAINewsroom) was compromised on Monday, posting unauthorized messages soliciting clicks for a fake crypto token. The company is investigating the incident, which follows a warning about increasing account takeovers involving its employees. This is not the first such occurrence; similar incidents involving other OpenAI accounts have been reported in recent months.

China cuts key interest rate to hit year’s growth target of around 5%

China's central bank is implementing extensive economic support measures to achieve a 5% growth target, including boosting bank lending, lowering interest and mortgage rates, and reducing reserve requirements. Despite previous efforts, the economy is struggling, with a notable decline in new home prices and investor confidence waning. Central bank governor Pan Gongsheng emphasized transparency in policy to stabilize sentiment.