Tag: Business
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US power use to beat record highs in 2026 and 2027 as AI use surges, EIA says
NEW YORK, July 7 : U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday.The EIA projected p
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AI startup CEO pleaded guilty in US to trading on insider tips from lawyers
BOSTON, July 7 : The founder and chief executive of an AI startup secretly pleaded guilty last year to participating in a vast scheme in which attorneys at major law firms tipped traders about mergers their employers were advising on.Court records unsealed on Monday show that Arya Bolurfrushan, a former Goldm
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Dollar higher after data as yen holds near 40-year low
NEW YORK, July 7 : The dollar advanced on Tuesday, following two straight sessions of slight declines, while the yen held near a four-decade low, as investors continued to watch for signs of possible intervention by Japanese authorities to support the currency.The greenback showed little reaction to reports t
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Stellantis to sell small Fiat Topolino EV for $13,995 in U.S.
While the Topolino resembles a small car such as the Fiat 500, the EV is actually a quadricycle that functions more like a golf cart.
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ECB tells banks to bolster AI cyber defences as peers take lighter approach
FRANKFURT, July 7 : The European Central Bank on Tuesday gave euro zone banks four months to draw up plans to counter AI-enabled cyber threats, taking a more prescriptive approach than other major central banks to risks posed by advanced AI models.The U.S. Federal Reserves and Bank of England struck softer to
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Stocks slip; Samsung’s record profit revives jitters on AI outlook
LONDON, July 7 : Global stocks fell on Tuesday as technology shares slid despite blockbuster results from Samsung Electronics, with investors remaining concerned about the sustainability of the AI-driven rally, while oil prices rose on renewed Middle East tensions.Samsung Electronics forecast a 19-fold jump i
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Oil gains after vessels attacked near Strait of Hormuz
July 7 : Oil prices rose on Tuesday after reports of attacks on vessels near the Strait of Hormuz revived fears of disruptions to shipping through the critical energy transit route.Brent crude futures gained 61 cents, or 0.85 per cent, to $72.60 a barrel, while U.S. West Texas Intermediate crude rose 49 cents
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Onsemi to sell two chipmaking plants to cut costs
July 7 : Chipmaker Onsemi on Tuesday said it will sell two manufacturing facilities as part of broader push to cut costs and boost profit margins.Shares of the company were down more than 3 per cent in premarket trading. They have gained nearly 75 per cent this year.Here are some details:• Ons
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Amazon aims to raise $25 billion from bond sale, Bloomberg News reports
July 7 : Amazon.com is looking to raise at least $25 billion through a U.S. dollar bond sale, Bloomberg News reported on Tuesday, in the company’s latest push to fund its hefty AI investments. The size of the offering could increase depending on investor demand, the report said, citing people familiar with th
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Rivian stock falls 10% as company sells 75 million shares to raise capital
The capital raise occurred during extended hours trading following Rivian shares increasing 8.1% on Monday after increasing 19.2% last week.
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