Tag: Business
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Defense startups raid auto and fracking sectors for parts to speed weapons output
WASHINGTON, July 1 : Defense tech startups are repurposing automotive chips and pipes used in fracking – while copying production methods from drugmakers – in an effort to deliver weapons to the Pentagon faster and at lower cost.Soaring demand for rocket motors used to power missiles and other weapons has spu
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Vimeo owner Bending Spoons heads for US market debut after $1.68 billion IPO
July 1 : Bending Spoons is set for its U.S. market debut later on Wednesday after the Italian technology company priced its initial public offering above the range to raise $1.68 billion.The listing will test investor appetite for software companies after the industry was hammered earlier this year over fears
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Unchecked AI progress may pose catastrophic risks, UN panel warns
GENEVA, July 1 : Developments in artificial intelligence are outpacing scientific understanding and government policy, meaning there are no guarantees the technology will not cause catastrophic harm, a United Nations independent panel warned on Wednesday.A preliminary report by the UN’s Independent Internatio
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BYD’s sales rise for second month, buoyed by exports
BEIJING, July 1 : Chinese electric vehicle maker BYD logged a second straight month of rising sales globally in June, as strong exports offset sluggish domestic demand.Total vehicle sales were up 5.5 per cent from a year earlier to 403,472 units last month, according to Reuters calculations based on a stock
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Lamborghini reveals new Urus performance hybrid SUV after ditching EVs
Lamborghini is calling the new Urus SE Performante the “fastest Super SUV in the world.”
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World shares ease, yields rise as yen hits 40-year low
MILAN/SYDNEY, July 1 : World shares started the third quarter cautiously on Wednesday ahead of key U.S. jobs data, as uncertainty over U.S.-Iran negotiations weighed and traders watched for possible Japanese intervention after the yen hit fresh 40-year lows. The MSCI World Price Index slip
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In a warning sign, analysis shows publicly traded credit funds are unprofitable
(Corrects share price graphic by switching line labels)By Nell Mackenzie and Iain WithersLONDON, July 1 : The majority of publicly traded business development companies (BDCs) — the visible part of the private credit market — have turned unprofitable due to falling asset values and rising costs, a
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UAE’s MGX raises one of the biggest AI funds ever as it closes at $49 billion
The company is a backer of major AI companies including OpenAI and Anthropic, alongside Elon Musk’s xAI, prior to its merger with SpaceX.
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Oil edges higher as breakdown in Iran-US talks raises supply concerns
NEW DELHI, July 1 : Oil prices ticked higher on Wednesday on concerns a breakdown in talks between Iran and the U.S. for a final agreement to end their war may extend supply disruptions in the key Middle East producing region.Brent futures rose 14 cents, or 0.19 per cent, to $73.09 a barrel at 0644…
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Citi cuts bitcoin, ether forecasts as ETF flows turn negative
July 1 : Citigroup slashed its 12-month forecasts for bitcoin and ether, saying weakening investor appetite, negative exchange-traded fund flows and a lack of progress on U.S. digital asset legislation have hurt the outlook for the two largest cryptocurrencies. The brokerage, in a note dated Tuesday, lowered
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