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Musk's title of richest person challenged by Oracle's Ellison
Billionaire Elon Musk is at risk of losing his title of world's wealthiest person to Oracle co-founder Larry Ellison, whose software giant stands poised for massive AI riches. Ellison, 81, amassed more than $100 billion in additional wealth Wednesday as Oracle shares skyrocketed after the nearly 50-year old company forecast massive revenue growth amid the artificial intelligence investment boom.
Italy to remain top wine producer in world: 2025 estimates
Italy is expected to enjoy a good 2025 harvest and clinch the world's leading producer label once again, according to estimates presented Wednesday by Italy's agriculture ministry and its wine union. Overall, Italy is regaining a lead over France, the world's second largest producer, and expected to produce 37.4 million hectolitres.
US Senate panel advances nomination of Trump's Fed governor pick
A US Senate committee on Wednesday advanced the nomination of President Donald Trump's choice to join the Federal Reserve board, despite concerns that he might not resign from the White House even if confirmed. Stephen Miran, who chairs the White House Council of Economic Advisers (CEA), passed the Senate Banking Committee's vote by 13-11, with Democratic lawmakers opposing the advancement.
US producer inflation unexpectedly falls in first drop since April
US producer prices unexpectedly fell in August, government data showed Wednesday, driven in part by a pullback in energy and trade -- and prompting President Donald Trump to renew calls for lower interest rates. He reiterated his calls for Federal Reserve Chair Jerome Powell to lower rates "right now," calling the central bank chief "a total disaster."
Software company Oracle shares surge more than 35% on huge AI deals
Oracle shares surged more than 35 percent in early trading Wednesday after the software giant projected massive revenue growth based on contracts tied to artificial intelligence. Oracle projected that its cloud business revenues would grow 77 percent in the current fiscal year to $18 billion.
Zara owner Inditex shares soar as sales growth revives
Shares in Zara owner Inditex, the world's largest fashion retailer, soared on Wednesday as a positive start to the autumn season enthused investors and eclipsed slower-than-expected sales growth. "The results were bad, but the market is reacting very positively to this growth figure because it means returning to the levels Inditex had got us used to," XTB analyst Javier Cabrera wrote in a note.
Top EU court upholds nuclear green label
The EU's top court on Wednesday upheld the European Commission's decision to give a sustainable finance label to investments in natural gas and nuclear power, dismissing a complaint by Austria. The European Commission in 2022 defied protests from green campaigners and dissent in its own ranks to give a sustainable finance label to investments in both gas and nuclear power.
Ozempic maker Novo Nordisk to cut 9,000 global jobs
Danish pharmaceutical giant Novo Nordisk announced Wednesday that it would cut 11 percent of its workforce, as the maker of Ozempic and Wegovy faces rising competition for its anti-obesity treatments. - Copycats - Novo Nordisk faces stiff competition from rival treatments made by US group Eli Lilly.
EU chief to defend Trump trade deal in parliament
EU chief Ursula von der Leyen will seek to defend her trade deal with Donald Trump in an address to the bloc's lawmakers Wednesday -- with many seething over an outcome they see as a surrender to Washington.
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