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Spotify swings to profit as user numbers grow
Music streaming giant Spotify on Tuesday said it registered 26 percent growth in active users for the third quarter as it reported a rare quarterly profit. The 26 percent growth in monthly active users compared to the third quarter a year earlier saw the total reach 574 million.
Eurozone business activity going from 'bad to worse'
Eurozone business activity slumped at a faster pace in October, resulting in job losses, a closely watched Purchasing Managers' Index (PMI) survey put out by S&P Global showed Tuesday. "Companies cut employment as a result, representing the first drop in headcounts since the lockdowns of early 2021," S&P Global said in a statement giving the PMI survey result.
Mideast crisis and weak growth weigh on Asian markets
Asian markets recovered ground on Tuesday with traders weighed down by unpredictability over the ongoing crisis in the Middle East and key earnings and economic data releases expected later in the week. "The rise of the 10-year US bond yield and worries that the Middle East situation may deteriorate continued to weigh on the Tokyo market," Nomura Securities said.
Hermes bags sales growth except in Asia
French luxury group Hermes, known for its leather bags and silk scarves, on Tuesday said it continued to see sales growth in the third quarter despite a dip in Asia. Sales in Asia outside Japan dipped 0.1 percent in the third quarter, but the company said this is partially due to an exceptional performance last year due to Covid restrictions being lifted in China setting off a surge in spending.
Israel-Hamas war risks 'serious' economic damage: World Bank president
The war between Israel and Hamas could deal a "serious" blow to global economic development, the president of the World Bank told an investor conference in Saudi Arabia on Tuesday.
Drought-hit farmers in US heartland hope Mississippi 'comes back'
Jonathan Driver, an Arkansas farmer with blackened hands and a thick southern drawl, doesn't have a minute to spare. Plus, local farmers feel a real attachment to the Mississippi.
Sony says 'Spider-Man 2' videogame sales set record
"Marvel's Spider-Man 2" videogame was snapped up so fast that it set a record for PlayStation Studios, Sony Interactive Entertainment (SIE) said Monday. Sony spent heavily developing "Marvel's Spider-Man 2", its graphics pushing the PlayStation 5's technical capacities to the max to battle Kraven the Hunter and other villains.
Qatar Airways chief Akbar Al Baker to step down
Qatar Airways' longstanding chief executive Akbar Al Baker is to step down from his role, the state-owned airline announced on Monday. In a statement, Qatar Airways confirmed Baker, who served the airline for 27 years, "will be stepping down from his current position as group chief executive officer effective November 5th, 2023".
US auto union halts work at Stellantis plant, expanding strike
The US auto workers union halted work at a giant Stellantis truck plant on Monday, expanding a five-week strike hitting Detroit automakers. The United Auto Workers action means that 6,800 workers walked off the job in Sterling Heights, Michigan, where the European auto giant assembles the highly profitable Ram 1500 pickup trucks.
AFP
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