Dubai Telegraph

Elizabeth Holmes to be sentenced in Theranos fraud trial

Fallen US biotech star Elizabeth Holmes faces sentencing on Friday after being found guilty of defrauding investors and endangering patients in a case that became an indictment of Silicon Valley.

Twitter exodus begins after Musk 'hardcore' ultimatum

Employee departures were multiplying at Twitter on Thursday after an ultimatum from new owner Elon Musk, who demanded staff choose between being "extremely hardcore" and working intense, long hours, or losing their jobs.

UK austerity budget stings markets, US stocks slip for second day

A British austerity budget hit the pound and gilts on Thursday, while stocks suffered worldwide on the glum economic outlook and prospect of painfully high interest rates to curb inflation.

Starbucks staff go on strike in US stores over labor talks

Starbucks workers in the United States went on strike at multiple unionized locations Thursday, a move planned to affect over 100 stores in protest against the coffee giant's approach in negotiating union contracts.

Blizzard to pull popular games from China after license spat

US gaming giant Blizzard Entertainment will suspend most of its services in China from January, the company said Thursday, after it failed to reach a licensing deal with local firm NetEase.

UK unveils recession budget triggered by markets chaos

Britain's government Thursday unveiled a painful budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming the country was in recession.

Salvadoran president vows to buy "one #Bitcoin every day'

President Nayib Bukele of El Salvador, the first country to make bitcoin legal tender, said Thursday the nation would buy one unit of the currency every day, doubling down in the face of public criticism of his embrace of the crypto money.

FTX had 'complete failure' of controls, new CEO says

Collapsed cryptocurrency exchange FTX suffered a "complete failure of corporate controls" under founder Sam Bankman-Fried, the company's new chief executive said Thursday, calling the situation "unprecedented."

UK austerity budget stings markets

A British austerity budget hit the pound and gilts on Thursday, with stocks suffering worldwide on the glum economic outlook and the prospect of painfully high interest rates to curb inflation.

UK unveils recession budget following markets chaos

Britain on Thursday unveiled a painful budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming its economy was in recession.

UK unveils austerity budget despite recession

Britain on Thursday unveiled an austerity budget with £55 billion ($65 billion) of tax hikes and spending cuts despite confirming its economy was in recession.

Alibaba reports loss of $2.9 billion in third quarter

Chinese e-commerce giant Alibaba on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.

Binance boss pledges to release audit, throws 'psychopath' jab

The head of Binance, the world's top cryptocurrency exchange, pledged Thursday to release an audit into the firm and rejected claims he sparked the recent collapse of rival platform FTX.

Russian mines in Ukraine 'greatest challenge' to landmark ban treaty

Russia's use of newly-produced landmines in Ukraine poses the greatest challenge to a landmark global ban treaty forged 25 years ago, a monitor said Thursday.

Europe stocks mostly drop before UK budget

European equities mostly fell Thursday with London on tenterhooks before a painful UK budget set to rip up the country's economic forecasts.

S. Korea, Saudi Arabia agree to boost energy and defence ties

The leaders of South Korea and Saudi Arabia agreed Thursday to boost ties in key sectors such as energy and defence, with the oil-rich kingdom signing a slew of deals including a $6.7 billion petrochemical agreement.

Markets hurt as rate hike woes return to the fore

Trading was subdued on Thursday as the optimism that characterised recent sessions was dealt a blow by data showing a resilience among US consumers that gives the Federal Reserve room to keep hiking interest rates.

Asian markets hurt as rate hike woes return to the fore

Trading was subdued in Asia on Thursday as the optimism that characterised recent sessions was dealt a blow by data showing a resilience among US consumers that gives the Federal Reserve room to keep hiking interest rates.

Rising temperatures boost olive growing in Bosnia

Winemaker and olive grower Jure Susac's land in Bosnia used to be blanketed with frost or even snow by autumn's end, but years of rising temperatures now mean balmy weather late into the year.

Greece's treasures caught between tourism and conservation

With 18 UNESCO World Heritage sites, including the Acropolis facing a new push for tourism, experts are calling for a "fine balance" to be struck between protecting Greece's great ancient monuments and further development.

As Qatar World Cup looms, street cricket rules for Gulf migrant workers

It is 7:00 am in Dubai and as the sun peeks above high-rises, it reveals an animated scene below: about 200 people, mostly men, wielding bats and taped-up tennis balls in a weekly festival of street cricket.

Warhol piece sells for $85 mn at New York auction

Andy Warhol's iconic 1960s painting "White Disaster" sold for $85 million at auction Wednesday evening at Sotheby's in New York.

Out of the box: defying stereotypes in 'Return to Seoul'

It is Cambodia's next Oscars entry, has a Korean-born France-based star, a French-Cambodian director, and was shot in South Korea.

Asian markets sink as rate hike woes return to the fore

Trading was subdued in Asia on Thursday as the optimism that characterised recent sessions was dealt a blow by data showing a resilience among US consumers that gives the Federal Reserve room to keep hiking interest rates.

UK budget set to deliver more economic pain

Britain is set Thursday to unveil hefty tax rises and spending cuts at the risk of worsening a cost-of-living crisis for millions in the recession-bound economy.

European equities slip on Ukraine fears, US markets slump

Global markets slid Wednesday with investors in Europe spooked by a deadly missile blast in Poland, while US markets fretted over a major retailer's warnings about a weak holiday season.

NATO believes Poland blast an 'accident,' Kyiv assails Russia

Western leaders moved to calm fears of a dangerous escalation in Russia's war in Ukraine Wednesday, saying a missile blast in Poland was likely an accident, while Kyiv pushed back hard at the idea its anti-aircraft fire was to blame.

CNN tells New Year anchors to lay off the booze

Cable news giant CNN has told its celebrity presenters they need to cut back the on-air boozing this New Year's Eve, with bosses seemingly determined to make their broadcast a more sober affair.

US Fed official open to slower rate hike in December

Recent signs of easing inflation pressures and a slowing US economy could allow the central bank to dial back the pace of interest rate hikes, Federal Reserve Governor Christopher Waller said on Wednesday.

US sports stars named in lawsuit over FTX's deceptive practices

High-profile US sports stars and personalities have been named in a lawsuit over deceptive practices targeting investors who became victims of the stunning collapse of cryptocurrency exchange FTX.

UK central bank blames Brexit for trade slump

Brexit is hurting the UK economy, Bank of England officials said Wednesday, even as government leaders downplay the impact of the seismic EU withdrawal.

In US trial, Musk defends his $50 bn pay deal at Tesla

Tesla tycoon Elon Musk on Wednesday defended his $50 billion pay package as CEO of the electric vehicle giant, arguing that the pioneering company was expected to collapse when the deal was agreed.

Dubai Telegraph - Economy (English)

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