Reuters Financial News

G20 Summit dinner on Saturday evening. The government clarification came in the wake of reports that around 500 leading businessmen had been invited for the event at the ‘brand-new $300-million venue in the shape of a conch shell’. “This claim is misleading.

Reliance Industries Limited on 8 September announced to partner with US-based chipmaker NVIDIA, reports arrived that Tata Group is set to announce an AI partnership with the same US chipmaker. An announcement is expected later in the day, reported Reuters citing a source. Earlier in the day, Reliance announced to partner with US-based chipmaker NVIDIA to advance artificial intelligence in India, it said in a press release.

(This Sept. 7 story has been corrected to fix AFC's ownership structure based on updated guidance from the AFC in paragraph 3)

The rupee rallied from 83.12 to 83.00 against the U.S. dollar within the span of about a minute on the inter-bank order matching system.

Reliance Industries has tied up with US-based chipmaker Nvidia to develop India’s own foundation large language model trained on the south Asian country's diverse languages and tailored for generative AI applications. In a statement, Nvidia said that it will work with Reliance to build AI infrastructure. The chip maker will provide access to its GH200 Grace Hopper Superchip and DGX Cloud. “As India advances from a country of data proliferation to creating technology infrastructure for widespread and accelerated growth, computing and technology super centres like the one we envisage with Nvidia will provide the catalytic growth just like Jio did to our nation’s digital march,” said Mukesh Ambani, chairman and managing director of Reliance Industries. Nvidia’s AI infrastructure will help Reliance build AI applications and services.

China's yuan finished the domestic session on Friday at its weakest since the global financial crisis, hit by capital outflow pressures as the economy struggles. A growing yield gap with other major economies, particularly the United States, has also put fresh pressure on the yuan and a number of other emerging currencies. The onshore yuan ended the domestic trading session at 7.3415 per dollar, its weakest close since Dec.26, 2007. The yuan, one of region's worst performing currencies, has lost 1.0% against the dollar so far this week and depreciated roughly 6.1% so far this year as the dollar climbed and China's post-pandemic recovery quickly lost steam. Analysts and traders expect the currency to face further selling pressure in the near term but expect losses will likely be measured. On Friday, the central bank again looked to be shoring up the currency by setting guidance through its daily fixing that was stronger than Reuters estimate. Prior to the market's opening, the People's Bank of China (PBOC) set the midpoint rate at 7.215 per U.S.

TAIPEI (Reuters) — Taiwan's exports dropped for the 12th consecutive month in August but less sharply than expected, and may return to growth in September ahead of the year-end holiday shopping season, the finance ministry said on Friday.

RBI) 2%-6% target for a second month, a Reuters poll found. The September 4-7 Reuters poll of 45 economists predicted the consumer price index rose 7.00% in August compared to a year ago, a dip from 7.44% in July. Forecasts ranged between 6.50% and 7.65%, with almost two-thirds of respondents expecting inflation to be 7.00% or higher.

Elon Musk, the billionaire entrepreneur, has been captured in a photograph with his twins for the first time. These twins were born to Shivon Zilis, who also happens to work at Musk's brain chip company, Neuralink, New York Post reported. In the photograph, Musk can be seen sitting on a couch, cradling one of the twins who was 16 months old at the time.

Toronto International Film Festival opened on Thursday with "The Boy and the Heron" by famed Japanese director Hayao Miyazaki, the first time an animated feature has taken the coveted spot. Although there was a dearth of star power on the red carpet due to the Hollywood actors strike, festival-goers can look forward to some 50 films over 11 days, including Craig Gillespie's «Dumb Money,» «Lee» which stars Kate Winslet and Taika Waititi's «Next Goal Wins». The festival will also include directorial debuts for Patricia Arquette with «Gonzo Girl» and for Kristin Scott Thomas with «North Star». Studio Ghibli executive Junichi Nishioka said it was an honour for «The Boy and the Heron» to have been chosen as the opener for the festival. «It shows that animation and live-action films don't need to be differentiated anymore,» he said. The film, a semi-autobiographical story of a young boy struggling with the death of his mother, is expected to Miyazaki's swan song. The 82-year-old director, known for works such as «Spirited Away» and «My Neighbor Totoro», did not attend the opening. The Writers Guild of America and the Screen Actors Guild- American Federation of Television and Radio Artists (SAG-AFTRA) have been on strike since May over pay and the use of artificial intelligence. «Gonzo Girl» stars Arquette, Camila Morrone and William Dafoe were among the few actors gaining union approval to promote their films. «I am lucky to be here, but a lot of people are unable to attend the festival,» Morrone told Reuters, calling the strike «essential» and stressing that it was important to be resolved. Over 150,000 actors and 65,000 writers across the United States have refused to resume shooting or promote films.

wage hike and two additional 3% annual lump sum payments over four years in its offer to the union ahead of the Sept. 14 contract expiration. GM shares closed down 0.8% to $32.57.

Reuters, it is noted that there are indications that this decline may be stabilizing. In August, global website traffic to the ChatGPT website, encompassing both desktop and mobile visits, saw a 3.2% decline, totaling 1.43 billion visits. This followed a roughly 10% reduction in traffic for each of the two preceding months, Reuters reported.

By Anant Chandak

(Reuters) — Goldman Sachs is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October, the Finanical Times reported on Thursday, citing people familiar with the matter.

By Echo Wang and Svea Herbst-Bayliss

(Reuters) — The number of Americans seeking jobless benefits for the first time fell unexpectedly last week to the lowest level since February, pointing to a U.S. job market that remains relatively tight even as other recent data indicate it has begun to soften.

By Richa Naidu and Helen Reid

BEIJING : Eschewing face-time with foreign leaders at global summits this week, Chinese President Xi Jinping on Thursday visited the homes of villagers in a rural part of northeast China battered by floods. In the village of Longwangmiao in Heilongjiang province, Xi called on local residents to triumph over their difficulties and work towards returning life to a more normal footing, according to state media reports. He also enquired about their losses and supply of daily necessities.

MOSCOW (Reuters) — A lawyer for Goldman Sachs argued in a Moscow court on Thursday that a $6.3 million lawsuit against it by Russia's Otkritie Bank should be heard instead in London.

By Natalia Siniawski

Stroeer is considering possible options for the sale of Statista in 2024, in a process which could value the data gathering business at up to 1.5 billion euros ($1.6 billion), four sources familiar with the matter said. Private equity firms are looking at Statista ahead of a formal sale process, which is likely to kick off later next year, the sources told Reuters.