Oil prices retreated on Friday but remained on track for a nearly 10% weekly gain after topping $100 a barrel for the first time in months. At 6:27 a.m. ET, next month’s Brent crude oil futures, the global benchmark, fell 3.58% to trade at $103.78 a barrel. West Texas Intermediate futures, its US counterpart, fell … Read more
Yael Selfin, chief economist at KPMG, said that outside the US, in places like the UK, the economic environment has been “much weaker” than in 2022, when the last inflation shock hit the world. UK inflation hit a record 11.1% in October of that year.
FAYETTEVILLE, N.C. (WTVD) — North Carolina has reached a nearly $600 million settlement with chemical manufacturers DuPont and Chemours, marking the largest settlement for environmental damages in state history. People in affected areas say the deal is a long-awaited step, but concerns remain about how it will translate into clean water for those affected by … Read more
A day after a former Anthropic researcher made an apocalyptic statement about artificial intelligence, more researchers and staff at the AI startup publicly agreed with him and published their own dire warnings. In response, Elon Musk and other conservative figures on X, formerly Twitter, called the chorus of concerns a “setup” and a “psychological operation.” … Read more
Nervous investors in big economies have been dumping government bonds, raising the cost of borrowing, as rising oil prices amplified fears about rising inflation. The cost of a barrel of oil jumped 6% to above $107 on Thursday amid concerns that advances by Houthi rebels along Yemen’s Red Sea coast could choke off Saudi crude … Read more
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Oracle shares rose 7% in extended trading on Thursday after the software provider posted better-than-expected quarterly results. Here’s how the company performed relative to the LSEG consensus: Earnings per share: Adjusted $1.92 vs. $1.74 expected Revenue: $19.35 billion vs. $19.14 billion expected Oracle’s revenue grew nearly 30% year over year in the fiscal first quarter, … Read more
OpenAI is taking aim at some of the most labor-intensive tasks on Wall Street with a new version of ChatGPT designed to research companies, analyze financial data and generate the presentations investment bankers rely on. The product unveiled Thursday, called ChatGPT for financial services, is a customized version of its enterprise product, ChatGPT Work, which … Read more
(Kitco News) – The gold market appears to be largely ignoring the European Central Bank’s decision to raise interest rates as selling pressure remains limited against the euro. On Thursday, the ECB announced it would raise its three key interest rates by 25 basis points. The interest rates on the deposit facility, the main financing … Read more
U.S. wholesale prices rose in August, according to a report Thursday that could play a key role in the Federal Reserve’s upcoming interest rate decision. The producer price index, a measure of the costs of final demand for goods and services, rose a seasonally adjusted 0.4% for the month, in line with the Dow Jones … Read more