Reuters
Exclusive-Samsung's HBM chips failing Nvidia tests due to heat and power consumption woes, sources say
Samsung Electronics' latest high bandwidth memory (HBM) chips have yet to pass Nvidia's tests for use in the U.S. firm's AI processors due to heat and power consumption problems, three people briefed on the issues said. The problems affect Samsung's HBM3 chips, which are the fourth-generation HBM standard currently most used in graphics processing units (GPUs) for artificial intelligence, as well as fifth-generation HBM3E chips that the South Korean tech giant and its rivals are bringing to market this year, they said. The reasons for Samsung failing Nvidia's tests are being reported for the first time.
Reuters
SpaceX mulling tender offer at $200 billion valuation, Bloomberg News reports
The valuation would be higher than the $180 billion it had fetched in its previous tender offer, the report said, adding that the shares could be sold at a price ranging from $108 to $110. SpaceX did not immediately respond to a Reuters request for comment. "SpaceX has no need for additional capital and will actually be buying back shares," Musk said in a post on X.
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Reuters
Russia's Nornickel plans to build a PGMs refinery in Bahrain, source says
Russian metals giant Nornickel plans a joint project for construction of a platinum group metals (PGMs) refinery in Bahrain, a source familiar with the matter told Reuters on Thursday. King Hamad bin Isa Al Khalifa of Bahrain held talks with Russian President Vladimir Putin in the Kremlin earlier on Thursday. In a comment to state TV after the talks, Russian Deputy Prime Minister Alexander Novak said that Nornickel plans to build "a platinum production plant" in Bahrain.
Reuters
Intuit lifts annual forecasts on demand for AI-powered financial products
Intuit posted a rise in third-quarter revenue and raised its annual forecasts on Thursday, as the maker of tax filing software TurboTax benefited from demand for its AI-integrated products during a robust tax season. The company's tax-preparation software, personal finance portal Credit Karma and accounting software QuickBooks are in demand from small businesses and individuals for managing their finances. Intuit also offers AI-powered Intuit Assist, which is embedded across its products and helps small businesses and customers to make financial decisions with personalized recommendations.
Reuters
Fed shifts talk to 'scenarios' as policy grows less certain
Federal Reserve Chair Jerome Powell said in a May 1 press conference he didn't want to talk about economic "hypotheticals," but that's what he and other U.S. central bank officials have shifted towards in discussing monetary policy that has hit an uncertain juncture in the effort to tame inflation. Dropping what had been explicit guidance about the likelihood of interest rate cuts this year, Powell and other Fed officials are instead focusing attention on broadly different near-term paths the economy might follow, and their likely reaction to each case. Former Fed officials and staffers with experience attending meetings of the policy-setting Federal Open Market Committee say that's a sign of just how uncertain policymakers feel right now and is meant to shift attention from the detailed economic and policy projections they produce each quarter and onto a wider array of potential outcomes.
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Reuters
US weekly jobless claims fall further as labor market remains strong
The number of Americans filing new claims for unemployment benefits fell last week, pointing to underlying strength in the labor market that should continue to support the economy. The second straight weekly decline in claims reported by the Labor Department on Thursday unwound most of the jump at the start of the month, which had lifted applications to a level last seen at the end of last August. "Claims settled down from the previous week, so the acceleration some had feared hasn't come to pass," said Robert Frick, corporate economist atNavy Federal Credit Union.
Reuters
Fed's Bostic says U.S. not past 'worry point' for inflation
"We're not past the worry point in terms of inflation getting back to our target," Bostic said duringa virtual class session with Stanford University business school students, noting that the share of goods for which prices are rising faster than 3% or 5% is higher than in a normal environment, even in the latest consumer price index reading. "Job growth has been robust ... which tells me there's still a lot of energy in the economy, and it gives me comfort in staying at a more restrictive level because we're not at risk today, I don't think, of falling into a contractionary environment," Bostic said. Bostic leans a bit more hawkish than some of his colleagues at the Fed, though the higher-than-expected inflation readings in the first three months of the year have brought more of his fellow U.S. central bankers to a similar view: that they will need to keep the policy rate in its current range of 5.25%-5.5% for longer than they had previously thought.
Reuters
Markets cool off, Japan inflation on tap
A classic economic data case of 'good news is bad news' from the United States on Thursday looks set to weigh on Asian markets on Friday, as that eagerly awaited first U.S. interest rate cut gets pushed back further into the distance. From a markets perspective,it will be interesting to see if discussions touch on trade competitiveness, AI and the chips sector, and exchange rates, after Japan and South Korea last month signed a rare joint statement with the United States to "consult closely" on currencies.
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Reuters
Explainer-China's latest property market support package - its contents and what's at stake
China announced "historic" steps last week to stabilise its crisis-hit property sector, aiming to clear inventory and boost homebuyer demand. The package includes cutting downpayment requirements and removing the floor for mortgage rates to entice buyers back into the market. Local governments can instruct state-owned firms (SOEs) to purchase completed unsold apartments from property developers and convert them into social housing.
Storyful
Police and Pro-Palestine Protesters Clash at UCLA as New Encampment Erected, Reports Say
Police and demonstrators scuffled as protesters set up a new pro-Palestine encampment on the University of California, Los Angeles (UCLA) campus on Thursday, May 23, local media said.Footage filmed by Cam Higby shows police officers wearing riot gear walking onto the UCLA campus, before clashes erupt with protesters.UCLA’s administrative vice chancellor Michael Beck and associate vice chancellor Rick Braziel said in a joint statement that school officials had “withdrawn consent to remain on campus for the demonstrators on Kerckhoff patio, asking them to disperse immediately.”UCLA officials said demonstrators’ activities, “including erecting barricades, establishing fortifications, and blocking access to parts of the campus and buildings,” were disrupting campus operations.According to UCLA officials, those who did not disperse would be facing arrest, a seven-day suspension and possible disciplinary action.On Thursday, the school’s chancellor, Gene Block, testified before a congressional committee about an infamous protest on the campus earlier this month, telling lawmakers: “Tragically, it took several hours for law enforcement to quell the violence. With the benefit of hindsight, we should have been prepared to immediately remove the encampment if and when the safety of our community was put at risk," according to KTLA. Credit: Cam Higby via Storyful
Reuters
Tesla drops delivery goal of 20 million vehicles a year from latest report
(Reuters) -Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report published on Thursday, another sign the company was moving away from electric cars as it shifts focus to robotaxis. CEO Elon Musk had said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade - twice as many as those sold by Toyota, the world's largest automaker. Robotaxis and the company's humanoid robot Optimus will be "incredibly profound" for Tesla, Musk said on Thursday through a video-link at the annual "Viva Technology" conference in Paris.
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Associated Press
In message to Russia, Chilean lawmakers meet in Antarctica to underline territorial claims
Defense officials from Chile convened a meeting at the bottom of the planet on Thursday in a bid to bolster their territorial claims in Antarctica as tensions escalate over Russia's maneuvers in the polar region. Lawmakers from Chile's parliamentary defense committee flew to a desolate air base for a meeting billed as an assertion of national sovereignty. “We are going to be sitting in Antarctica in an act of sovereignty, of safeguarding and supporting our national integrity in the face of any threats," said committee member Camila Flores, singling out Russia as posing such a threat.
MoneySmart
The Ultimate Guide to the Best Priority Banking Accounts in Singapore
Whenever you go to your local bank in Singapore, you may notice words such as “Premier” or “Treasures” attached to the end of the bank. They’re not there just to... The post The Ultimate Guide to the Best Priority Banking Accounts in Singapore appeared first on MoneySmart Blog.
Yahoo Finance Video
China signals 25% increase on tariffs for imported vehicles
China's Chamber of Commerce to the European Union (CCCEU) signaled that it "could raise its temporary tariff rate on imported large-engine vehicles to a maximum of 25 percent." The potential tariff comes after the Biden administration announced an increase in tariffs on Chinese electric vehicles, among other imports. Yahoo Finance's Akiko Fujita joins Catalysts to break down the potential tariff increase from China and in the impacts it will have on global vehicle imports. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Nicholas Jacobino
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GOBankingRates
If You Invested $20,000 in These Companies 20 Years Ago, You Would Be a Millionaire Now
Making a million dollars is no easy task if you're starting from scratch. It's going to take some combination of time, luck and work. Sometimes, though, if you're starting with some money, you can let...
The Telegraph
Rolls-Royce wins contract for US military’s nuke-proof ‘doomsday plane’
Rolls-Royce has been chosen to supply technology for a new version of the American military aircraft nicknamed the “Doomsday plane” for its ability to survive a nuclear blast.
Reuters
Exclusive-China state stockpiler aims to buy up to 15,000 T of cobalt, sources say
China plans to buy up to 15,000 metric tons of cobalt metal from local Chinese producers over the next few months for domestic stockpiles, three sources familiar with the matter told Reuters, adding that it would be a record amount for a single purchase. The planned purchase would be a big increase as industry sources say China's state stockpiler - the National Food and Strategic Reserves Administration - bought 8,700 tons of cobalt metal last year. China dominates the processing of cobalt, most of it from the Democratic Republic of Congo (DRC), where it is a byproduct of copper output.
Reuters
India's top airline IndiGo goes premium with business class foray
BENGALURU (Reuters) -India's IndiGo airline operator Interglobe Aviation said on Thursday it will introduce business class on some domestic flights this year, in a departure from its single-class cabin, at a time when urban Indians are increasingly lapping up premium offerings. The airline, which is the world's third largest by market value, said the flights that will have the business class will be operational by the end of the year. IndiGo said its business class product would "create a desired option for many who are aiming to travel business, perhaps for the first time in their lives".
Simply Wall St.
Exploring SGX Dividend Stocks With DBS Group Holdings And Two Others
As global markets navigate through technological advancements and heightened cybersecurity measures, the Singapore Exchange (SGX) remains a focal point for investors looking for stability and potential growth. Amidst these evolving dynamics, dividend stocks like DBS Group Holdings offer a particular appeal due to their potential for regular income and relative resilience in fluctuating markets.
CNN Business
Bargain-hungry Americans are flocking to Temu and making its Chinese owner very rich
PDD Holdings, the owner of Temu and Pinduoduo, is blowing past market expectations with a massive surge in profit and revenue as American and Chinese consumers swarm its bargain shopping apps for low-cost products.
