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Adobe Drops After Tepid Outlook Stokes AI Disruption Fears

(Bloomberg) -- Shares of Adobe Inc. fell after the firm gave a disappointing annual sales outlook, underscoring anxieties that the creative software company may lose business to emerging artificial intelligence-based startups.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamRevenue will be a

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Unsupported price hikes added $815 million to US drug spending in 2023

Price increases for five of the 10 drugs that contributed the most to a rise in U.S. medical spending in 2023 were not supported by clinical evidence and drove costs higher by $815 million, an influential drug pricing watchdog said on Thursday. The Institute for Clinical and Economic Review (ICER) said that half of the drugs assessed had price increases based on new evidence of additional benefits or reduced harm, while the other half lacked such evidence. Johnson & Johnson's cancer drug Darzalex was on the list of price increases not backed by clinical evidence for the second time this year.

Google, John Doerr Bet on Startup Using Crushed Rocks to Capture CO2

(Bloomberg) -- Alphabet Inc.’s Google has made its largest purchase of carbon dioxide removal, backing a company that uses crushed rocks to clean the atmosphere. Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe tech giant is joined by Microsoft Corp. and investors including John Doerr an

Global diesel prices to rely on refinery closures for support in 2025

The global diesel market will likely find price support in 2025 from the closure of about 1% of refining capacity, traders and analysts said, offsetting current weakness and structural downward pressure as the world shifts to cleaner fuels. The market ends 2024 on shaky ground, despite peak seasonal demand, as margins in the world's key energy hubs in Singapore, northwest Europe and the U.S. Gulf have come off November's firm levels as some refineries returned from maintenance shutdowns. About 1 million barrels per day of refining capacity in Europe and the United States is expected to permanently shut down next year in response to weak profits, Reuters calculations show, while world demand is expected to rise slightly.

What Cruise's self-driving end means for Tesla and Waymo: Morning Brief

Cruise's demise pokes another hole in the commercial fantasy of a robotaxi fleet.

Morning Bid: Europe eases with Swiss surprise as Nasdaq clocks 20k

With interest rates tumbling across the world and set to fall stateside again next week too, Wall Street stocks are sizing up one of the best years of the century so far. The tech-laden Nasdaq surged again on Wednesday and closed above 20,000 for the first time ever - almost four times the peaks of the dot.com bubble in 2000 and up almost 35% for 2024 to date. With long-lingering recession fears now dismissed by most investors and U.S. interest rates and taxes set to fall further next year, the broader S&P500's near 28% gain so far this year is a whisker away from its best calendar year since the pandemic hit and close to a first 30%-plus year since 1997.

China’s Instagram-Style Xiaohongshu Crosses $1 Billion in Profit

(Bloomberg) -- Xiaohongshu, the Instagram-style app that took off among younger Chinese during the pandemic, is on track to double profits to more than $1 billion in 2024 ahead of a potential IPO.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamXiaohongshu Technology Co. has told investors i

Rosneft, Reliance agree biggest ever India-Russia oil supply deal, sources say

NEW DELHI/MOSCOW (Reuters) -Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said. It would further cement energy relations between India and Russia, which is under heavy Western sanctions over its invasion of Ukraine. Rosneft did not reply to requests for comments.

Huawei’s EV Partner Seres Is Said to Consider Hong Kong Listing

(Bloomberg) -- Huawei Technologies Co.’s electric-vehicle partner Seres Group Co. is considering a second listing in Hong Kong, people familiar with the matter said, marking the latest such move by a mainland-listed company.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamSeres, based in Cho

Meta Donates $1 Million to Donald Trump’s Inaugural Fund

(Bloomberg) -- Meta Platforms Inc. has donated $1 million to President-elect Donald Trump’s inaugural fund, part of an effort to build a positive relationship with the administration after a tense history.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamWhile small, the donation is not somet

Nvidia Steps Up Hiring in China to Focus on AI-Driven Cars

(Bloomberg) -- Nvidia Corp. has added hundreds of staff in China this year to enhance its research capabilities and focus on new autonomous driving technologies.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersHong Kong's Expat Party Hub Reshaped by Chinese InfluxAmerican Institute of Architects CEO ResignsCity Hall Is HiringCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe world’s second most valuable company will end the year with about 4,000 people