The hottest thing in technology is an unprepossessing sliver of silicon closely related to the chips that power video game graphics. It's an artificial intelligence chip, designed specifically to make building AI systems such as ChatGPT faster and cheaper.Full Story
Europe's inflation took a positive turn with a significant drop to 6.1%, but prices are still posing a pinch to shoppers who are yet to see real relief in what they pay for food and other necessities.
The annual figure in May eased from 7% in April for the 20 countries that use the euro currency, the European Union's statistical agency Eurostat said Thursday.Full Story
The world is set to add a record amount of renewable electricity capacity this year as governments and consumers seek to offset high energy prices and take advantage of a boom in solar power, according to a new report Thursday.
The International Energy Agency said high fossil fuel prices — resulting from Russia's attack on Ukraine — and concerns about energy security had boosted the rollout of solar and wind power installations, which are expected to reach 440 gigawatts in 2023.Full Story
The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering anxiety.
Companies are in the midst of an "earnings recession," meaning profits have contracted for two straight quarters, starting with a 4.6% drop at the end of 2022.Full Story
Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.
The hard-fought deal pleased few, but lawmakers assessed it was better than the alternative — a devastating economic upheaval if Congress failed to act. Tensions ran high throughout the day as hard-right Republicans refused the deal, while Democrats said "extremist" GOP views were risking a debt default as soon as next week.Full Story
Wall Street stocks fell early Wednesday as markets watched for progress on a deal to lift the U.S. debt limit and avoid a first-ever default -- with a vote in Congress expected later in the day.
Dow Jones Industrial Average slipped 0.3 percent to 32,930.42 and the broad-based S&P 500 Index fell 0.4 percent to 4,190.93.Full Story
Wall Street pointed mostly higher early Tuesday after President Joe Biden and House Speaker Kevin McCarthy reached an agreement on a deal to raise the U.S. national debt ceiling.
Futures for the Dow were flat the S&P 500 rose 0.7% before the bell.Full Story
Global shares are mixed amid concerns over risks to the economic outlook in China and elsewhere.
France's CAC 40 shed 0.4% to 7,273.34. Germany's DAX rose 0.3% to 16,002.44, and Britain's FTSE 100 edged 0.2% lower to 7,615.05. The future for the Dow Jones Industrial Average was 0.2% higher while that for the S&P 500 rose 0.5%.Full Story
President Joe Biden says he "feels good" about the debt ceiling and budget deal negotiated with House Speaker Kevin McCarthy as the White House and congressional leaders work to ensure its passage this week in time to lift the nation's borrowing limit and prevent a disastrous U.S. default.
Biden spent part of the Memorial Day holiday working the phones, calling lawmakers in both parties, as the president does his part to deliver the votes. A number of hard right conservatives are criticizing the deal as falling short of the deep spending cuts they wanted, while liberals decry policy changes such as new work requirements for older Americans in the food aid program.Full Story
The brief kidnap of a Saudi man in Lebanon will not affect the “promising” summer tourism season, the head of the Syndicate of Hotel Owners in Lebanon, Pierre Achkar, said.
Congratulating security forces on the “swift liberation” of the Saudi citizen, Achkar said such prompt action “sends a clear and firm message to anyone who dares to temper with security.”Full Story