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UBS Announces Plan to Expand Presence in U.S. Market
Swiss bank UBS aims to increase its foothold in the U.S. market with a target of $150 billion in net new money per year.
Business
Challenges for Retailers Post-Strong Black Friday Weekend
Despite a strong Black Friday weekend, retailers face challenges amidst early holiday spending due to unique factors such as online shopping, deep discounting, and colder temperatures.
British Military Reports Explosion Off Coast of Yemen in Bab el-Mandeb Strait
A potential explosion has been reported by the British military in the Bab el-Mandeb Strait off the coast of Yemen, a key shipping route connecting East Africa to the Arabian Peninsula.
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Exxon Mobil CEO Defends Carbon Capture Strategy at COP28
Exxon Mobil CEO, Darren Woods, defends the use of carbon capture to fight climate change at COP28, rejecting criticism from the IEA.
Pfizer’s Obesity Drug Failures and Weight Loss Industry Challenges
Pfizer’s discontinuation of its twice-daily weight loss pill, along with previous obesity drug failures, highlights the challenges in developing safe and effective treatments for obesity.
Oil Companies Pledge to Cut Methane Emissions; Environmentalists Skeptical
At UN Climate talks, 50 oil companies promise to slash methane emissions and end routine flaring by 2030, aiming to combat climate change. However, environmentalists view the pledge as a ‘smokescreen’ to hide the need to phase out oil, gas, and coal.
Elon Musk’s Battle with Labour Unions in Sweden
Elon Musk faces a challenge in Sweden as Tesla workers in the country go on strike, demanding collective-bargaining rights amid growing concern for the company’s labor relations.
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Alibaba Faces Downgrade as PDD Becomes Most Valuable Chinese E-commerce Firm
Alibaba’s U.S. shares dropped after a Morgan Stanley downgrade, and PDD overtook Alibaba as the most valuable Chinese e-commerce company. PDD’s market capitalization surged to $196 billion, surpassing Alibaba’s $190.45 billion.
Pfizer Halts Development of Twice-Daily Weight Loss Pill Due to Adverse Effects
Pfizer announced it will discontinue the twice-daily version of its weight loss pill due to high rates of adverse side effects observed in a mid-stage clinical study, impacting the company’s hopes of capturing a share in the booming weight loss drug market.
Global Stock Markets Pause After Wall Street’s Strong November Performance
World stock markets display mixed performance as Wall Street concludes its best month of the year