Browsing: Business

Meta Platforms has confirmed it will not sign the European Union’s new AI code of practice, calling the guidelines an unnecessary overreach that will stifle innovation and hinder growth for AI developers. In a public statement posted on LinkedIn, Meta’s Chief Global Affairs Officer, Joel Kaplan said the voluntary framework introduces legal uncertainties and extends far beyond the scope of the EU’s AI Act, which was enacted last year. “Europe is heading down the wrong path on AI,” Kaplan stated, underscoring the company’s belief that the guidelines will throttle the progress of frontier AI models and negatively impact businesses aiming to build on such technologies.  Meta’s …

Wall Street enters a critical earnings season this week under growing pressure, with America’s largest banks set to report results against an increasingly challenging backdrop. After months of record highs in both the U.S. and Europe, signs are emerging that market momentum is faltering. The headwinds facing American banks are numerous. Rising trade tensions, fresh tariffs, political uncertainty following the G20 summit, and a cautious U.S. economic outlook are combining to cast doubt over the strength of corporate earnings. With inflation biting and consumer sentiment cooling, analysts warn that the upcoming results from Wall Street’s biggest lenders could set the tone for the remainder of the…

Apple has announced a $500 million commitment to US-based MP Materials to secure a long-term supply of American-made rare earth magnets, reinforcing its push to strengthen domestic supply chains and reduce reliance on foreign sources. This agreement marks a significant step in Apple’s broader strategy to expand its footprint in US manufacturing and develop a sustainable supply of critical materials for its devices. Under the multiyear agreement, Apple will purchase rare earth magnets produced at MP Materials’ Independence facility in Fort Worth, Texas. These magnets are essential for Apple’s product lineup, including iPhones, iPads, MacBooks, and Apple Watches, where they serve key roles in…

Imports at the Port of Los Angeles surged in June as American retailers scrambled to bring in goods ahead of potential new tariffs, highlighting the ongoing uncertainty surrounding U.S. trade policy. The port handled 470,450 twenty-foot equivalent units (TEUs) of incoming cargo last month, marking a nearly 10% year-on-year increase and setting a new record for June, according to Port of Los Angeles Executive Director Gene Seroka. The sharp increase follows a temporary easing of tensions between the U.S. and China after both sides reached a short-term trade truce. Imports rebounded 32% from May’s subdued levels, which were impacted by a brief imposition of…

Meta Platforms has announced plans to invest hundreds of billions of dollars in computing infrastructure as part of its long-term ambition to develop artificial superintelligence. The move was confirmed by Chief Executive Mark Zuckerberg, who outlined the company’s strategy in a post on the social media platform Threads on Monday. Zuckerberg described the initiative as central to Meta’s future and said it would involve building one of the most skilled and concentrated teams in the technology sector. The substantial financial commitment marks one of the most ambitious investments in artificial intelligence to date.  Zuckerberg emphasized that Meta’s existing business strength gives the…

Starbucks is intensifying its push to bring remote workers back to the office, announcing that some corporate employees will be required to relocate to its headquarters in either Seattle or Toronto. The decision, outlined in a letter from Chairman and CEO Brian Niccol on Monday, marks a significant step in the company’s efforts to rebuild its in-person workplace culture following the remote work surge that accompanied the pandemic. Beginning in October, corporate staff will be expected to work from the office four days per week, an increase from the current requirement of three days. Starbucks said this move aligns with its belief…

The United States is positioning itself to lead the next wave of the industrial revolution, with artificial intelligence (AI) at its core, through a renewed focus on leveraging domestic energy resources. This week, President Donald Trump is convening top technology and energy executives in Pittsburgh to promote the use of natural gas as the foundation for powering the infrastructure needed to support AI’s explosive growth. The event marks a significant step in the Trump administration’s strategy to couple America’s energy strength with emerging technologies to secure long-term economic and national security advantages. At the heart of the summit is a newly announced…

The U.S. consumer price index (CPI) report scheduled for release on Tuesday is expected to offer critical insights into the effects of President Donald Trump’s tariff policies on inflation, particularly as price pressures appear to be mounting across several sectors of the economy. Economists anticipate that both headline and core CPI readings will show modest increases for June, with attention turning to whether these figures reflect the early impact of recently implemented tariffs. Consensus forecasts point to a 0.3% month-over-month rise in both headline and core CPI, the latter of which excludes volatile food and energy components. On a year-over-year basis, headline…

Australian shares dipped as investors reacted to Donald Trump’s fresh tariffs on EU and Mexico, with the ASX 200 closing slightly lower amid trade uncertainty.

Brazil’s beef exports to the US could stop after August 1, driving demand for Australian beef as Trump imposes heavy tariffs over political grievances.