(Reuters) – Shares of Marvell Technology soared about 23% on Friday after the chipmaker became the latest to project a big surge in revenue from the AI boom, days after larger peer Nvidia Corp signaled the huge potential for the technology. The gains were set to add nearly $10 billion to Marvell’s market value as…
By Elena Fabrichnaya and Alexander Marrow MOSCOW (Reuters) – Only five transactions involving foreign companies selling assets in Russia since October have involved payments to non-residents above $400 million, the Bank of Russia said on Friday, playing down the impact of such deals on financial stability. From telecoms companies to fashion retailers, thousands of firms…
WASHINGTON (Reuters – U.S. consumer spending increased more than expected in April, boosting the economy’s growth prospects for the second quarter, and inflation picked up, which could see the Federal Reserve keeping interest rates higher for some time. Consumer spending jumped 0.8% last month, the Commerce Department said on Friday. Data for March was revised…
WASHINGTON (Reuters) – Deputy U.S. Treasury Secretary Wally Adeyemo said on Friday that the U.S. government does not have the capability to “triage” payment priorities if the debt ceiling is not raised, adding that invoking the 14th amendment to issue debt will not solve the government’s challenges. Speaking on CNN as the White House and…
By Victoria Klesty, Benjamin Mallet and America Hernandez (Reuters) – Pressure mounted on oil majors on Friday as Norway’s giant sovereign wealth fund said it would vote against CEOs at Chevron and Exxon and French police tackled climate protesters at TotalEnergies’ shareholders’ meeting. Together with peers BP and Shell, the companies face a vocal minority…
By Sophie Yu and Brenda Goh BEIJING (Reuters) -China Eastern Airlines, the initial customer for the country’s homegrown narrow-body jet C919, will launch the plane’s first commercial flight on Sunday, the carrier’s app showed on Friday. The C919 flight will take off as flight number MU9191 at 10:45 a.m. Beijing time (0245 GMT) from Shanghai…
By Iain Withers LONDON (Reuters) – The dollar eased on Friday but remained on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited a resolution to last-ditch U.S. debt ceiling talks. Apparent progress on Thursday in talks between President Joe Biden and…
TOKYO (Reuters) -Japan and the United States will issue a joint statement on technology cooperation on Friday that will commit them to closer cooperation in research and development of advanced chips and other technologies, a Japanese government source said. Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura and U.S. Secretary of Commerce Gina Raimondo…
By Supantha Mukherjee (Reuters) – OpenAI has no plans to leave Europe, CEO Sam Altman said on Friday, reversing a threat made earlier this week to leave the region if it becomes too hard to comply with upcoming laws on artificial intelligence. “We are excited to continue to operate here and of course have no…
By Naomi Rovnick LONDON(Reuters) – Experienced tech investors are hunting for undervalued opportunities in an over-valued space. At stake is how best to invest in the potential of Artificial Intelligence (AI), which took a leap forward in November when Microsoft-backed OpenAI released its ChatGPT bot, without buying into a bubble. Shares in Nvidia, which…
