Business

By Manya Saini and Niket Nishant (Reuters) – Visa shares fell 3% on Tuesday after a report said the U.S. Department of Justice plans to file a lawsuit against the world’s largest payment processor, alleging it illegally monopolized the country’s debit-card market. The antitrust division of the regulator is set to file a lawsuit as soon as Tuesday, accusing Visa of a range of anti-competitive conduct, Bloomberg News reported on Monday, citing people familiar with … Read more…

(Reuters) -The U.S. Securities and Exchange Commission has approved listing and trading of options for asset manager BlackRock’s spot bitcoin exchange-traded fund on the Nasdaq. Options trading for BlackRock’s fund iShares Bitcoin Trust has been approved with ticker symbol “IBIT”, the regulator said in a notice on Friday. The index options – listed derivatives offering a quick and inexpensive way to amplify exposure to bitcoin – on a bitcoin index would give institutional investors and … Read more…

ZURICH (Reuters) – Swiss financial market regulator FINMA ordered an audit into Credit Suisse’s handling of events leading to its demise in 2023, when the bank was acquired by its longtime rival UBS, Swiss newspaper SonntagsZeitung reported on Sunday. According to the paper, FINMA is looking at the 15 months prior to the state-orchestrated merger in March last year, for which purpose it said close to a dozen current or former employees of the two … Read more…

(Reuters) -The U.S. Food and Drug Administration has approved Zevra Therapeutics’ drug for a rare and fatal genetic disorder, making it the first treatment to get a nod for the condition, the health regulator said on Friday. The company has been trying for years to bring the drug to market after the FDA previously declined to approve it and extended a review of the treatment. The oral drug, branded as Miplyffa, has now been approved … Read more…

WASHINGTON (Reuters) -The World Bank Group said on Thursday it delivered a record $42.6 billion in climate finance during fiscal 2024, a 10% increase over the $38.6 billion the prior year and close to its target of a 45% share of total financing devoted to climate projects. The $4 billion increase in climate financing during the fiscal year ended June 30 shows progress towards the bank’s goals, but is well short of the trillions of … Read more…

By Greg Bensinger (Reuters) – Amazon.com announced on Thursday a new artificial intelligence application that it says will help its independent sellers with sales metrics, inventory maintenance and product advertising, among other things. The move is part of a broader Big Tech effort to employ the technology for greater automation. The software, dubbed Amelia, can provide instantaneous answers to broad questions such as how to prepare for the holidays and how a seller’s business is … Read more…

ABUJA (Reuters) – Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country’s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday. Tinubu met John Murphy, president and chief financial officer of Coca‑Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC – one of Coca-Cola’s many bottlers worldwide – and several other company officials as he seeks to attract investment … Read more…

LONDON (Reuters) – Google parent Alphabet on Wednesday asked a London tribunal to throw out a mass lawsuit that accuses the tech giant of abusing its dominance in the online search market. The lawsuit – valued at up to 7 billion pounds ($9.3 billion) – is the latest case focusing on the business practices of Google, which is currently facing a major antitrust trial in the United States over its online advertising business. It is … Read more…

(Reuters) – Telecom operator T-Mobile said on Wednesday it expects adjusted free cash flow to be between $18 billion to $19 billion in 2027. The company expects to add 12 million 5G broadband customers by 2028, CEO Mike Sievert said at T-Mobile’s Capital Markets Day. T-Mobile, one of the top three carriers in the U.S., has seen increased adoption for its premium plans that offer streaming packages along with unlimited offerings. By extending its network … Read more…