Browsing: Business

Apple says Tim Cook will become executive chairman and John Ternus CEO on Sept. 1, formalizing the iPhone maker leadership transition.

Jordan is set for about $200 million in potential IMF funding after a staff-level deal covering the fifth EFF review and second RSF review.

NEW YORK: Gold slipped on Wednesday after touching its highest level in a month, as a firmer dollar and improving risk appetite trimmed demand for the safe-haven metal. Spot gold was down 0.3% at $4,826.13 an ounce after earlier reaching its highest since March 18, while U.S. gold futures were little changed at $4,850.40. The retreat followed an early rally and left bullion still up 1.6% for the week, underscoring how quickly sentiment has shifted across currency, equity and commodity markets. Market sentiment improved after indications that talks between the United States and Iran could resume, easing some of the risk aversion…

WASHINGTON: U.S. crude oil jumped 8.7% to $104.95 a barrel and Brent crude rose 7.4% to $102.23 in Asian trading on Monday, sending both benchmarks back above $100 after the United States said it would begin a blockade of Iranian ports. The move followed the collapse of weekend talks in Islamabad aimed at preserving a ceasefire between Washington and Tehran, and it pushed energy markets sharply higher as traders reacted to tighter restrictions on Gulf shipping. U.S. Central Command said the blockade would take effect at 10 a.m. Eastern time on Monday and would apply to vessels of any nation entering or leaving…

NEW YORK: Gold prices fell on Monday as a stronger U.S. dollar weighed on bullion and reduced demand from buyers using other currencies, while higher oil prices and fading expectations for near-term Federal Reserve rate cuts added pressure to the non-yielding metal. Spot gold was down 0.7% at $4,716.70 an ounce by 0930 GMT after touching its lowest level in nearly a week earlier in the session. U.S. gold futures for June delivery fell 1.0% to $4,738.90 an ounce. The pullback came as the dollar strengthened in broader currency trading, making dollar-priced gold more expensive for overseas buyers and undercutting one…

NEW YORK: Gold steadied on Friday and remained on track for a third straight weekly gain, with spot bullion holding near $4,764.54 an ounce and June U.S. gold futures around $4,787.80. The metal was up about 1.8% for the week, extending a rebound that gathered pace after a sharp slide in March. Expectations for lower U.S. interest rates later this year supported bullion, while a firmer dollar limited the advance and kept prices below the highs reached earlier this year. Bullion had climbed more than 1% in the previous session, rising as high as $4,789.67 in the spot market, as investors weighed…

WASHINGTON: President Donald Trump has revised U.S. Section 232 tariffs on steel, aluminum and copper, lowering duties on many derivative products while keeping a 50% tariff in place for core metal imports. The White House said the changes were set out in a proclamation signed on April 2 and will apply to goods entered for consumption from 12:01 a.m. Eastern time on April 6. The revised schedule covers aluminum articles, steel articles, copper articles and a broad range of downstream manufactured goods. Under the new structure, articles made entirely or almost entirely of steel, aluminum or copper remain subject to a 50% duty…

AUSTIN: Oracle has begun a new round of layoffs, including 491 positions in Washington state, as the software company continues to commit tens of billions of dollars to cloud and artificial intelligence infrastructure. A notice filed with Washington labor authorities shows the affected employees are based in Seattle or work remotely, with separations scheduled to take effect on June 1. The workforce action comes as Oracle pushes ahead with a broader restructuring program while expanding data-center capacity to serve rising demand for AI computing. In a March filing, Oracle said costs tied to its fiscal 2026 restructuring plan could reach as much…

NEW YORK: Gold prices steadied on March 31 after a sharp monthly selloff that marked bullion’s worst month since October 2008, underscoring how quickly one of the market’s strongest trades turned lower after its record run earlier this year. Spot gold was around $4,561.68 an ounce on Tuesday, while U.S. gold futures for April traded near $4,590. The metal had climbed above $5,100 in late January and reached an all-time high of $5,181.84 on January 27 before retreating through March. The pullback came as the U.S. dollar strengthened and expectations for Federal Reserve rate cuts this year faded, reducing support for a non-yielding asset…

LOS GATOS: Netflix has raised prices across all of its U.S. streaming plans, increasing the monthly cost of its ad-supported tier to $8.99 from $7.99, its standard ad-free plan to $19.99 from $17.99 and its premium plan to $26.99 from $24.99. The company has also raised the fee for adding members outside a household to $7.99 on ad-supported plans and $9.99 on ad-free plans. Existing members will receive notice before the higher charges reach their billing cycles. The move adds to a series of changes that have steadily pushed more of Netflix’s service behind higher monthly costs. In 2023, the company eliminated…