Author: admin@primenews

A hotly anticipated IPO for a company that designs chips for 99% of the world’s smartphones is just around the corner, after it filed paperwork Monday to go public. Arm is a British tech company that architects power-sipping microchips for phones and tablets and licenses them to CPU makers, including Apple and Samsung. The company was public until 2016, when Japan’s Softbank bought it for $32 billion. Softbank tried to offload Arm to Nvidia for $40 billion, in what would have been the biggest chip deal of all time. But global antitrust regulators put a stop to it, and the deal fell apart…

S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. The ratings agency said in a research note that the current “tough” lending environment caused it to downgrade the five banks, which include KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp. and Associated Banc-Corp. S&P’s actions come just two weeks after Moody’s roiled financial markets after announcing similar downgrades and said it was reviewing its credit ratings of bigger banks — including Bank of New York Mellon, State Street and Northern Trust. Following the banking turmoil earlier this year that…

Millions in India will be cheering on the teen chess prodigy known as Pragg as he takes on Norwegian grandmaster Magnus Carlsen for the title of World Chess Champion on Tuesday. Rameshbabu Praggnanandhaa, 18, is set to square off against the five-time world champion in Baku, Azerbaijan after defeating Fabiano Caruana in a tense match to secure his place in the final. It comes more than one year after Praggnanandhaa shocked the chess world by beating Carlsen in an online elite rapid chess tournament, becoming the youngest player to defeat the Norwegian since he became world champion in 2013. The win reverberated…

Donald Trump has said he plans to turn himself in on Thursday to a court in the state of Georgia to face charges of election interference. A judge in Atlanta who is overseeing the former president’s case has set bail at $200,000 (£157,000). The agreement says Mr Trump can remain free pending trial so long as he does not attempt to threaten or intimidate witnesses. Mr Trump denies 13 charges, including racketeering and false statements. “The defendant shall perform no act to intimidate any person known to him or her to be a co-defendant or witness in this case or…

X, formerly called Twitter, has removed a post denying the Holocaust after criticism from the Auschwitz Museum. The social media platform had initially said the post did not break its rules. The offensive post was a reply to one from the museum about a three year-old Jewish girl murdered in the concentration camp’s gas chambers. The post called her death a “fairy tale” and used anti-Semitic tropes. X’s policies state that Holocaust denial is prohibited. At least 1.1 million people were murdered in the Auschwitz concentration and extermination camp in Poland. Almost one million were Jews. The museum notes more than 200,000…

The prospect of a possible strike at a liquefied natural gas (LNG) plant in Australia has pushed wholesale gas prices up in Europe. The Offshore Alliance union warned that a strike at the North West Shelf facility could start as early as 2 September if no deal on pay is reached. Benchmark gas prices for the EU and UK rose around 10% on Monday, according to Bloomberg. Prices soared after Russia’s invasion of Ukraine but have since fallen. There are fears that strike action at Woodside Energy Group’s North West Shelf facility could cause disruption to shipments of LNG from…

Wagner chief Yevgeny Prigozhin has appeared in his first video address since his failed mutiny in Russia, which suggests he is in Africa. The BBC has not been able to verify where the video was filmed. The video posted on Telegram channels linked to the Wagner mercenary group shows Prigozhin in combat gear, saying the group is making Africa “more free”. Wagner is believed to have thousands of fighters on the continent, where it has lucrative business interests. Prigozhin’s soldiers are embedded in countries including Mali and the Central African Republic (CAR) – where rights groups and the UN accuse…

Former prime minister Thaksin Shinawatra has returned to Thailand after 15 years in exile, hours ahead of a vote that determines who will be the country’s next leader. Thailand’s most successful elected leader has long been feared by conservative royalists, who have backed military coups and contentious court cases to weaken him. But now the brash, politically-ambitious telecoms tycoon is back, presumably after striking a quiet deal with the same men who unseated his party in a 2014 coup to keep him out of prison. He has sentences of up to 10 years outstanding from criminal cases he says were…

China has long been the engine of global growth. But in recent weeks, its economic slowdown has alarmed international leaders and investors who are no longer counting on it to be a bulwark against weakness elsewhere. In fact, for the first time in decades, the world’s second economy is itself the problem. Hong Kong’s Hang Seng (HSI) Index slid into a bear market on Friday, having fallen more than 20% from its recent peak in January. Last week, the Chinese yuan fell to its lowest level in 16 years, prompting the central bank to make its biggest defense of the currency on record by…

David Solomon, CEO and president of Goldman Sachs, is getting bad press — a lot of bad press. The bank executive, who’s about to celebrate five years at the top, has been accused of poor leadership, and his ability to effectively run the company is being questioned. His reported potty mouth, passion for DJing, lack of collaboration with other executives, emphasis on returning to the office and the recent failure of Marcus, Goldman Sachs’ consumer online banking product, have led colleagues to openly question his future at the company. Solomon ultimately answers to shareholders, the banks’ board of directors and the bottom line. And while shares of…