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(Reuters) -PayPal on Tuesday announced a partnership with AI giant OpenAI to allow ChatGPT users to check out instantly using the payments firm. It will also connect its global merchant network to OpenAI, allowing users to sell within ChatGPT, sending its shares up 14% in premarket trading. (Reporting by Manya Saini in Bengaluru; Editing by Vijay Kishore)

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RIYADH (Reuters) -Qatar's finance minister said on Tuesday that artificial intelligence would be a big part of planned Qatari investments in the United States. "I would say most of the (QIA investment) will be in technology and AI because we see the growth in this field, and it is going to be rewarding," Ali Ahmed Al-Kuwari said, speaking in Riyadh at the annual Future Investment Initiative conference. "Now we see the huge growth in the U.S. economy is coming from technology and AI and we believe this is one area we are going to focus on," he said. The Qatar Investment Authority, Qatar's sovereign wealth fund, plans to at least double its annual U.S. investments in the next decade, its CEO said in May. The fund had already pledged to invest $500 billion in the U.S. economy over the next 10 years. Al-Kuwari also highlighted the importance of the sector for diversifying Qatar's own economy and reducing its dependence on hydrocarbon income. Speaking alongside his British counterpart Rachel Reeves, Kuwari said a trade agreement between the UK and the Gulf Cooperation Council was "almost done". Reeves said on Monday she was confident a trade deal with Gulf countries could be done quickly after she had "really good" meetings about an agreement that could help her plan to speed up economic growth. (Reporting by Nayera Abdallah and Andrew Mills in Dubai; Writing by Rachna Uppal; Editing by Michael Georgy and Aidan Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

RIYADH (Reuters) -Qatar's finance minister said on Tuesday that artificial intelligence would be a big part of planned Qatari investments in the United States. "I would say most of the (QIA investment) will be in technology and AI because we see the growth in this field, and it is going to be rewarding," Ali Ahmed Al-Kuwari said, speaking in Riyadh at the annual Future Investment Initiative conference. "Now we see the huge growth in the U.S. economy is coming from technology and AI and we believe this is one area we are going to focus on," he said. The Qatar Investment Authority, Qatar's sovereign wealth fund, plans to at least double its annual U.S. investments in the next decade, its CEO said in May. The fund had already pledged to invest $500 billion in the U.S. economy over the next 10 years. Al-Kuwari also highlighted the importance of the sector for diversifying Qatar's own economy and reducing its dependence on hydrocarbon income. Speaking alongside his British counterpart Rachel Reeves, Kuwari said a trade agreement between the UK and the Gulf Cooperation Council was "almost done". Reeves said on Monday she was confident a trade deal with Gulf countries could be done quickly after she had "really good" meetings about an agreement that could help her plan to speed up economic growth. (Reporting by Nayera Abdallah and Andrew Mills in Dubai; Writing by Rachna Uppal; Editing by Michael Georgy and Aidan Lewis)

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By Milana Vinn (Reuters) -SAP, Europe's largest software provider, offered to buy accounting software firm BlackLine for nearly $4.5 billion in June but was rebuffed and is now considering a new approach, according to a copy of the offer letter reviewed by Reuters and a person familiar with the matter.  The German software giant, which is working with JPMorgan on the deal, submitted a formal, non-public offer of $66 per share on June 18, but BlackLine wasn't interested in a deal and rejected the advance, according to the letter and person familiar with the talks. The offer represented a 31% premium to the 60-day average price of $50.50. In the offer letter, SAP said it didn't need outside financing to close the deal.   ANALYST SAYS BID IN LOW-TO-MID $70S MIGHT PREVAIL Private equity firm Clearlake Capital holds nearly 9% of BlackLine's shares and would have a say in a potential sale as a large shareholder. The Vanguard Group and BlackRock are other top shareholders through their fund families.  SAP is now weighing whether it wants to reopen negotiations, although nothing has been decided and it hasn't sent another formal offer, according to the person familiar with the matter. They asked not to be identified since the discussions are private. SAP, whose shares were down 0.5% at 0947 GMT on Tuesday, declined to comment, as did JPMorgan and Clearlake. BlackLine and Morgan Stanley did not immediately respond to requests for comment. BlackLine shares jumped as much as 12% on the Nasdaq exchange after the Reuters report on Monday, before paring gains to close 3.8% higher. Citi analysts on Monday suggested a dollar-per-share offer in the "low to mid 70s" would increase the likelihood of acceptance for SAP. They added that BlackLine had been a likely M&A target because of the stock’s under-performance, a "best of breed product" and the involvement of activist investors. BlackLine could help SAP, which has struggled to quickly migrate customer data to its newer HANA cloud platform, potentially boost HANA adoption by simplifying that process. "The acquisition should be a good fit into S/4HANA finance," said analyst Frederik Altmann at brokerage Alpha, but he cautioned that a $70 per-share offer would not be cheap. Los Angeles-based BlackLine provides cloud-based software that helps companies automate and manage complex financial and accounting processes. Its products are designed to modernize tasks traditionally done on spreadsheets, reducing errors and increasing efficiency for corporate finance departments. BlackLine and SAP have a long-standing partnership; SAP sells BlackLine’s solutions to its customers. The agreement accounts for nearly 30% of BlackLine's annual revenue, according to company disclosures. SAP's Chief Financial Officer Dominik Asam and Chief Corporate Development and Investment Officer Georg Kniese said buying BlackLine represented a "logical extension of the long standing partnership" between the two companies, according to the offer letter addressed to BlackLine co-CEOs Theresa Tucker and Owen Ryan. The offer came as Tucker, who founded BlackLine and stepped down earlier this month, was preparing to hand over the reins to Ryan, who also serves as chairman. An acquisition of BlackLine would significantly bolster SAP's cloud-based financial software suite as it competes with rivals like Oracle and Workday. BlackLine’s financial automation software, already tightly integrated with SAP, helps companies clean up financial records before migrating to new platforms. (Reporting by Milana Vinn in New York. Additionale reporting by Hakan Ersen and Ludwig Burger in Frankfurt. Editing by Leslie Adler, Nick Zieminski and Mark Potter)

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By Greg Bensinger SAN FRANCISCO (Reuters) -U.S. Senator Bernie Sanders on Tuesday called on Amazon.com founder Jeff Bezos to account for what the Vermont independent said were hundreds of thousands of potential lost jobs due to automation. "If Amazon succeeds on its massive automation plan, it will have a profound impact on blue-collar workers throughout America and will likely be used as a model by large corporations throughout America," Sanders wrote in a letter to Bezos, which was exclusively reviewed by Reuters. Sanders, who caucuses with the Democrats, was referring to a New York Times article published earlier this month that cited documents and interviews showing that Amazon executives believe 500,000 jobs could be cut over time by replacing warehouse workers with robots. Amazon employs 1.55 million people, the majority of whom are hourly workers. Amazon didn’t immediately respond to a request for comment. It has said its automation goals are to assist workers and create new jobs. On Monday, Reuters reported Amazon planned to cut as many as 30,000 corporate jobs beginning Tuesday, as it pares expenses. In the letter, Sanders asked Bezos whether Amazon planned to provide laid-off workers with sufficient severance payments and some continuation of their health-care coverage. He also noted that Amazon workers have received federal subsidies for food, housing and health care and the company has received “billions of dollars” in federal contracts. “What are Amazon’s plans to provide help and support for the many hundreds of thousands of workers you’ll be replacing with robots and AI?” said Sanders, referring to artificial intelligence software. Bezos is now executive chairman and no longer runs day-to-day operations at Amazon after the company appointed Andy Jassy as chief executive in 2021. Jassy said earlier this year that advancements in AI would lead to a shrinking corporate workforce at the Seattle-based firm. Sanders has frequently sparred with Amazon and Bezos, particularly over warehouse working conditions, but also what he has called union-busting tactics. (Reporting by Greg Bensinger; Editing by Leslie Adler)

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(Reuters) -Amazon said on Tuesday it will reduce its corporate workforce by about 14,000 roles, as the tech giant cuts down on operational layers to limit costs amid ballooning investments in artificial intelligence. The company had about 1.56 million full-time and part-time employees at the end of last year. Amazon's corporate workforce includes roughly 350,000 employees. Reuters first reported on Monday that Amazon is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company compensates for over-hiring during the peak demand of the pandemic. Amazon has been restructuring its workforce across multiple divisions in recent months, with piecemeal job cuts across its books, devices and services unit, as well as its Wondery podcast division. CEO Andy Jassy said in June growing adoption of generative AI tools would reduce total corporate workforce at the e-commerce giant in the next few years. Corporations are increasingly using AI to write code for their software and adopting AI agents to automate routine tasks, as they look to save costs and cut reliance on people. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Nivedita Bhattacharjee and Devika Syamnath)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Amazon said on Tuesday it will reduce its corporate workforce by about 14,000 roles. The company had about 1.56 million full-time and part-time employees at the end of last year. Amazon's corporate workforce includes roughly 350,000 employees. Reuters first reported on Monday that Amazon is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company pares expenses and compensates for over-hiring during the peak demand of the pandemic. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Nivedita Bhattacharjee and Devika Syamnath)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Amazon said on Tuesday it will reduce its corporate workforce by about 14,000 roles. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Nivedita Bhattacharjee)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)