A major blaze erupted at an oil depot in the Crimean city of Sevastopol after being hit by two Ukrainian drones, according to Moscow-appointed governor Mikhail Razvozhayev. The fire was contained, but the four oil tanks within the depot were destroyed. Razvozhayev stated that the blaze had been assigned the highest ranking for difficulty in
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For ten months, Russian forces have been attempting to gain access to Bakhmut, a city of 70,000, which they see as a gateway to attacking other cities. The city lies on a crucial supply route, and Ukraine has pledged to defend it. Ukrainian Forces Hold the Line Despite threats from the head of Russia’s mercenary
US regulators are demanding banks offer their best and final takeover proposals for First Republic by Sunday in a bid to soothe markets and bring to a close a period of uncertainty for regional lenders. JPMorgan Chase and PNC are expected to be in the running for the ailing lender, which will be seized in
China’s official data showed that the country’s manufacturing activity decreased unexpectedly in April, creating pressure on policymakers to boost the economy. The manufacturing purchasing managers’ index (PMI) fell to 49.2 in April from 51.9 in March, indicating a contraction. This is below the 50-point mark that separates expansion and contraction in activity on a monthly
Arm, the chip maker owned by SoftBank Group Corp, has filed confidentially for an IPO on the U.S. stock market. The move comes after SoftBank announced in March that it planned to list Arm in the U.S. market. The IPO registration shows that SoftBank is proceeding with the offering despite adverse market conditions. Arm reportedly
The digital ministers of the Group of Seven (G-7) advanced nations have agreed to adopt “risk-based” regulation on artificial intelligence (AI). This comes as European lawmakers rush to introduce the AI Act to enforce rules on emerging tools such as ChatGPT. However, the ministers also emphasized the need to “preserve an open and enabling environment”
Deutsche Bank has reported a net profit of €1.158bn ($1.28bn) for Q1 2023, beating analyst expectations and marking an 11th consecutive quarter of profit. The bank has been implementing a sweeping restructuring plan since 2019, aimed at cutting costs and improving profitability. CEO Christian Sewing said the results demonstrate the relevance of Deutsche Bank’s Global
Opposition and activism in Russia have long been fraught with risks, but it has become almost impossible in recent years. Political analysts say that opposing the Kremlin and its leader, Vladimir Putin, is “extremely dangerous.” Anton Barbashin, a Russian political analyst and the editorial director of online journal Riddle Russia, notes that all of the
Samsung, the South Korean electronics giant, witnessed a significant decline in its Q1 operating profit as prices for its memory chips continued to fall, and demand remained weak. The company’s revenue for the quarter stood at 63.75 trillion Korean won (approximately $47.6 billion), which is on par with its own guidance. However, it fell below
After suffering from three quarters of revenue declines, Meta, formerly known as Facebook, has seen a boost in their first-quarter sales, thanks to Chinese retailers. The company’s Chief Financial Officer, Susan Li, revealed during their earnings call that the social networking giant experienced a surge in Chinese advertisers targeting users in other markets. The increase