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US Gulf of Mexico oil firms begin hurricane damage checks, ports reopen

The storm likely disrupted about 1.5 million barrels of Gulf of Mexico production, analysts at UBS estimated, and will reduce the region's monthly oil production by 50,000 bpd

USFDA approves injectable version of Roche's multiple sclerosis therapy

The therapy is already approved as an infusion or IV therapy for multiple sclerosis, which is given twice a year, under the brand name Ocrevus

Microsoft names former GE CFO Dybeck as operations chief amid AI push

The appointment comes at a time when Microsoft is aggressively pursuing the lead in the cloud services market and trying to close the gap with Amazon's Amazon Web Services

Top EU privacy regulator opens investigation into Google's AI compliance

A spokesperson for Google said it takes its obligations under the EU's General Data Protection Regulation (GDPR) seriously and will work constructively with the DPC to answer their questions

OpenAI presents new series of AI models with 'reasoning' abilities

The models, dubbed o1 and o1-mini, can reason through complex tasks and solve harder problems than previous models in science, coding and math, the AI firm said

US household wealth rises in Q2 to record $163.8 trn on real estate gains

The snapshot of households' financial wellbeing comes less than a week before the Federal Reserve is widely expected to reduce borrowing costs for the first time since the pandemic recession

Cloud-based productivity software suite recovering after outage: Microsoft

Microsoft's Azure cloud platform had said on X it was probing customer reports of a potential issue connecting Microsoft's services from AT&T networks

GM, Hyundai Motor agree to explore joint vehicle development projects

The US and Korean automakers said they had signed a non-binding memorandum of understanding to consider ways to leverage their complementary scale and strengths to reduce costs

Nokia denies report on moves to replace president, CEO Pekka Lundmark

"The Board fully supports President and CEO Pekka Lundmark and is not undergoing a process to replace him," Nokia said in a statement

Struggling Maldives sovereign bond rallies as country vows to avoid default

Concerns that cash-strapped Maldives could become 1st country to default on Islamic sovereign debt had pushed bond - its only listed international fixed-income instrument - to a record low last month

European Commission rejects minimum price offers from Chinese EV exporters

The Commission declined to give details of the offers, but said it had thoroughly reviewed them to see if they met World Trade Organization and EU anti-subsidy rules

US Treasury reports $380 billion federal budget deficit in August

The deficit for the first 11 months of the 2024 fiscal year reached $1.897 trillion, a 24 per cent increase from a gap of $1.525 trillion in the year-ago period

CCI investigation finds Amazon, Walmart's Flipkart breached antitrust laws

The Competition Commission of India (CCI) in 2020 ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements

Cloud-based productivity software suite recovering after outage: Microsoft

Microsoft's Azure cloud platform had said on X it was probing customer reports of a potential issue connecting Microsoft's services from AT&T networks

Samsung Electronics workers to continue strike after talks end without deal

Appliances including televisions, refrigerators and washing machines are made at the plant, which contributes 20 per cent to 30 per cent of Samsung Electronics' annual revenue of $12 billion in India

ECB cuts interest rates as growth dwindles, gives no clue of next step

Economists think the most she will do is keep the door open to another cut in October by saying that all meetings, including the next one, are 'live'

US weekly jobless claims rise moderately on low layoff, slow labour market

Government data last week showed nonfarm payrolls increasing by less than expected in August but the unemployment rate falling to 4.2 per cent from 4.3 per cent in July

Mastercard to buy Recorded Future for $2.65 bn to bolster intelligence

The acquisition will bring expanded threat intelligence capabilities to the New York-based payments firm, which recorded $9 trillion in gross dollar volumes last year

China warns carmakers of risks of making overseas investment: Report

It also encouraged carmakers to use overseas factories for final vehicle assembly with knock-down components exported from China to mitigate potential risks stemming from geopolitical issues

Microsoft 365 services down for thousands of users, shows Downdetector

There were more than 20,000 incidents of people reporting issues with Microsoft 365, according to Downdetector, which tracks outages by collating status reports from a number of sources