Author: Arabian Media staff

The FT has uncovered dozens of suspicious shipments to Mexico, with millions of barrels of fuel falsely declared as industrial lubricant and unloaded by hose to trucks. Visual behind scroll card: An animated map shows tracks for vessels travelling from Houston and Beaumont in Texas, US to Altamira and Tampico in Mexico. Source link

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Gold has overtaken the euro as the world’s second most important reserve asset for central banks, driven by record purchases and soaring prices, according to the European Central Bank.Bullion accounted for 20 per cent of global official reserves last year, outstripping the euro’s 16 per cent and second only to the US dollar at 46 per cent, data from an ECB report published on Wednesday showed. “Central banks continued to accumulate gold at a record pace,” the ECB wrote, adding that central…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Starbucks has received “a lot of interest” in the sale of a stake in its China business as the US coffee chain explores a partnership with an outside investor to restore growth there, its chief executive has said.Brian Niccol said in an interview with the Financial Times that Starbucks was exploring the sale of a minority stake in its China unit, which operated 7,758 stores as of the end of March.“The good news is we’ve got a lot of interest — a…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.High-frequency trading firm Tower Research Capital is planning to launch a fund for external investors as it looks to shift beyond the ultrafast strategies that have made it a big player in global stock markets.Tower’s fund will hold investment positions for hours or days at a time rather than the slivers of a second common in the industry, said people familiar with the matter. It would mark one of the first examples of a large high-speed proprietary trading shop opening a product…

In an early hours post on Wednesday, Tesla CEO said his criticism of President Donald Trump — which included an allegation that the president’s name was in unreleased files about convicted sex-trafficker Jeffrey Epstein — “went too far.” Source link

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldElon Musk has said he “regrets some” of his posts about Donald Trump, after a spat between two of the world’s most powerful men resulted in a public split last week. “I regret some of my posts about President @realDonaldTrump last week. They went too far,” the Tesla chief executive said in a post on his social media company X on Wednesday. The relationship between the two men imploded last week as the two traded insults.Musk called for Trump to…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A US private equity consortium which includes KKR has agreed a £1.7bn deal for NHS landlord Assura following a months-long bidding process, in the latest takeover of a London-listed company.Assura, which owns hundreds of UK doctors’ surgeries and healthcare centres, on Wednesday said it had reached agreement on terms of a “best and final” cash offer from KKR and Stonepeak.The company had in April agreed to a £1.6bn bid from KKR and Stonepeak, but last month said it would consider an offer…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Zara owner Inditex has reported a continued slowdown in sales growth with revenue rising 1.5 per cent from a year earlier in the past quarter and falling short of market expectations.The Spanish group on Wednesday said that, once adjusted for currency fluctuations, sales were up 4.2 per cent in the three months to the end of April, hitting €8.3bn. Analysts had expected growth of 5.3 per cent.The world’s largest fashion retailer by market value has consistently outperformed its rivals since the pandemic…

New AI models could soon pose a threat to the world’s top mathematicians Source link

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Telefónica is prepared to invest in data centres and cyber security services in a bid to convince European regulators to approve telecoms mergers, as the Spanish company aims to lead consolidation on the continent.The Madrid-based group is hoping that a pledge to make specific investments in key digital infrastructure will help convince the European Commission that fewer, larger telecoms operators can boost the bloc’s technological resilience, according to a person familiar with the matter.Telefónica chair Marc Murtra has made European consolidation his top…