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☆ UAE's G42 launches open source Arabic language AI model
▼ + stars: | 2023-08-30 | by ( Max A. Cherney | ) www.reuters.com time to read: +2 min

Startup Cerebras System's new AI supercomputer Andromeda is seen at a data center in Santa Clara, California, U.S. October 2022. Rebecca Lewington/Cerebras Systems/Handout via REUTERS/File Photo Acquire Licensing RightsAug 30 (Reuters) - A group of engineers, researchers and a Silicon Valley-based chip company collaborated to release advanced Arabic language software that can power generative AI applications. The new large language model called Jais contains 13 billion parameters that was made from a big batch of data combining Arabic and English, a portion of which is from computer code. The new language model was created with the help of supercomputers produced by the Silicon Valley-based Cerebras Systems, which designs dinner plate-sized chips that compete with Nvidia's (NVDA.O) powerful AI hardware. The group trained the Jais model on a Cerebras' supercomputer called a Condor Galaxy.

Persons: Rebecca Lewington, Cerebras, Mohamed bin, Timothy Baldwin, Baldwin, Max A, Josie Kao Organizations: Cerebras, REUTERS, Systems, United Arab Emirates, University of Artificial Intelligence, Reuters, Condor Galaxy, Thomson Locations: Santa Clara , California, U.S, University, Abu Dhabi, San Francisco

Mortgage rates remain elevated, with 30-year mortgage rates around a half a percentage point higher than they were at the start of the month. According to Fannie Mae's latest housing forecast, 30-year mortgage rates may fall to 6.7% by the end of 2023 and hit 6% in 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae's, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

☆ The housing market will be stuck in a rut for a long time even if the US avoids a recession, Fannie Mae says
▼ + stars: | 2023-08-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The downturn in the US housing market isn't ending anytime soon, Fannie Mae warned. That's because mortgage rates are set to stay elevated if the US avoids a recession. The government-sponsored mortgage giant highlighted the stagnant US housing market, with existing home sales down 18.9% year per-year in June, according to Fannie Mae's estimate. That slowdown has largely been spurred by high mortgage rates, which have pushed buyers and sellers out of the market. AdvertisementAdvertisementExperts say housing conditions are unlikely to improve until mortgage rates dial back to the 5% range.

Persons: Fannie Mae, Fannie Mae's Organizations: Service, Mortgage News Locations: Wall, Silicon

☆ QIA picks stake in Ambani's Indian retail behemoth at $100 bln valuation
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Shopping trolleys are seen parked outside a Reliance supermarket in Mumbai, India, March 16, 2021. REUTERS/Niharika Kulkarni/File Photo Acquire Licensing RightsBENGALURU, Aug 23 (Reuters) - Qatar Investment Authority will invest 82.78 billion rupees ($1 billion) for about 1% stake in Reliance Retail Ventures, the retail arm of India's Reliance Industries (RELI.NS) valuing the company at $100 billion, the companies said on Wednesday. Headed by billionaire Mukesh Ambani's daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business. Reliance Retail, a unit of Reliance Retail Ventures, was recently valued at $92 billion to $96 billion by two global consultants, a move that could signal an eventual initial public offering of the company. Reliance Retail is India's largest retailer and has been partnering with a slew of global brands to launch and expand their presence in India.

Persons: Niharika Kulkarni, Mukesh Ambani's, Isha Ambani, Andrew Mills, Savio D'Souza Organizations: Reliance, REUTERS, Rights, Qatar Investment, Reliance Retail Ventures, India's Reliance Industries, KKR, General Atlantic, Saudi Public Investment Fund, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru, Qatar

☆ Arm IPO to put SoftBank's AI hard sell to the test
▼ + stars: | 2023-08-21 | by ( Anton Bridge | ) www.reuters.com time to read: +4 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The billionaire also said he has spent months creating hundreds of inventions with AI-powered ChatGPT that he believes can be realised through Arm. Analysts also caution that Arm does not sit at the centre of the AI boom but is more AI-adjacent. Nvidia has developed a "superchip" for use in data centres - the GH200, which contains CPUs based on Arm architecture. Many SoftBank portfolio companies will embrace and apply generative AI but that does not make them AI companies," said Victor Galliano of Galliano's Latin Notes, who publishes on Smartkarma.

Persons: Dado Ruvic, Masayoshi Son, Son, SoftBank, Kirk Boodry, it's, Boodry, Rolf Bulk, Victor Galliano, Anton Bridge, Edwina Gibbs Organizations: REUTERS, Rights, SoftBank, Nasdaq, SoftBank Group, Vision Fund, Astris Advisory, Fund, Nvidia, New, Research, Qualcomm, Apple, Google, Thomson Locations: Astris Advisory Japan, Saudi

☆ A Democratic lawmaker who voted to block Biden's broad student-loan forgiveness doubled down on his opposition and said borrowers can 'pay back their loans just like working class people'
▼ + stars: | 2023-08-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Jared Golden was one of just two Democrats who voted with the GOP to block Biden's student-debt relief in June. The Blue Dog Coalition, which Golden co-chairs, recently received a maximum contribution from student lender Sallie Mae. But Golden wrote in a statement on X, formerly Twitter, that Sallie Mae's contribution did not sway his beliefs on student-debt relief. The Education Department is currently in the process of finalizing a new student-debt relief plan using the Higher Education Act. Meanwhile, other Democratic lawmakers are continuing to push for relief for borrowers — especially with the student-loan payment pause ending in September.

Persons: Jared Golden, Sallie Mae, Joe Biden's, Golden, Biden, Sallie Mae's, Marie Gluesenkamp Perez, Mary Peltota, Gluesenkamp Perez, Rep, Summer Lee Organizations: GOP, Blue Dog Coalition, Service, Democratic, Golden, Marines, Education Department, Higher Locations: Wall, Silicon, Maine

☆ BAE snaps up Ball's aerospace arm for $5.6 billion in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. He also confirmed the 1.5 billion pound ($1.91 billion) share repurchase announced with its half-year results. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

Persons: Cheney Orr, Tom Arseneault, Chloe Lemarie, Charles Woodburn, Yadarisa Shabong, Chandini, Susan Mathew, Subhranshu Sahu, Jason Neely, Sharon Singleton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Shore Capital, Britain's, British, Thomson Locations: Huntsville , Alabama, U.S, Ukraine, Colorado, Bengaluru

☆ BAE snaps up Ball's aerospace arm for $5.6 bln in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. The war in Ukraine has led to new demand for those in munitions supply chains, Tom Arseneault, head of BAE's U.S. business, told analysts. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

☆ The US is quietly warning its Middle East partners about the cost of stocking up on Chinese-made weapons
▼ + stars: | 2023-08-17 | by ( Paul Iddon | ) www.businessinsider.com time to read: +9 min

Chinese arms sales in the Middle East have increased by 80% over the past decade, a result of Beijing's expanding relationships there and its willingness to deliver arms faster and with fewer stipulations than Washington. FAYEZ NURELDINE/AFP via Getty ImagesMiddle Eastern countries, led by the Arab Gulf states, have for decades been major buyers of US-made weapons. Chinese arms sales to the region are "substantial and expected to continue to increase," said Ahmed Aboudouh, an associate fellow at Chatham House. "But it's just one factor among many, including varying threat perceptions of Iran among the Arab Gulf states as well as varying levels of trust between the Arab Gulf governments themselves." Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history.

Persons: Michael Kurilla, Kurilla, Loong, KARIM SAHIB, Colin Kahl, Biden, Kahl, We're, FAYEZ NURELDINE, Ahmed Aboudouh, Aboudouh, James Hodgman, Russia's, ANDREW CABALLERO, REYNOLDS, Emily Hawthorne, RANE, that's, Hawthorne, Abu Dhabi, Mohammed bin Zayed, Xi, ANDY WONG, Kahl's, Paul Iddon Organizations: Service, US Central Command, Senate Armed Services Committee, Dubai Airshow, Getty, Chatham House, Pentagon, Getty Images, United Arab Emirates, Patriot, Al Udeid, Base, US Air Force, Tech, Air Defense, Turkey, NATO, East, Khalifa, UAE, US, Abu Dhabi Crown, Gulf Cooperation Council Locations: China, Washington, Wall, Silicon, Beijing, AFP, British, Saudi, Riyadh, Saudi Arabia, Abu Dhabi, East, North Africa, Qatar, Russia, Europe, Gulf, UAE, Yemen, Ankara, Turkey, Prince, Xinhua, Khalifa, Abu, Arab Gulf, Iran

☆ 13 Hollywood production companies making brand films that streamers like Netflix and Apple want to buy
▼ + stars: | 2023-08-09 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

said Marc Gilbar, who runs the brand division at Imagine Entertainment. Some are also looking to brand films to offset some of the revenue they're losing in the dual Hollywood strikes. (Brand films are often unscripted and thus aren't governed by the Hollywood unions.) They also see brand work being a positive for below-the-line workers who are idled by the work stoppage. Led by EVP Kate Oppenheim, Tribeca Studios' projects have included "We Could be King" (ESPN2) for Dick's Sporting Goods and P&G's Queen Collective series (BET).

Persons: Ben Silverman, Issa Rae's Hoorae, Kevin Hart's Hartbeat, Julian Jacobs, we've, Marc Gilbar, Samuel L, Jackson, Emma Stone, Zac Ryder, Olivia Wilde, Laurene Powell Jobs, Caitlin McGinty, It's, James Gay, Rees, Paul Martin, Kevin Hart's, Hart, Hartbeat, Brian Price, Chase Sapphire, Procter, Reese Witherspoon, Zoe Fairbourn, Ron Howard, Brian Grazer's, Ron Howard's, Bryce Dallas Howard, Gilbar, Rocco DiSpirito, General Mills, Rupert Maconik's Saville, Werner Herzog, Barry Levinson, Sugar23, Oscar, Michael Sugar, Trevor Noah's, he's, Kennedy, Matt Rotondo helms, Sugar, Mike Beck, Alexa Conway, Trevor Noah, Kate Oppenheim, HBO Max, Paul McCartney, Mary McCartney Ventureland, Kerstin Emhoff, Paul Hunter, John Battsek, Stacy's Pita Chips, Will, Jada Pinkett, REI, Gargi Organizations: Hollywood, Brands, Mattel, Netflix, Apple, UTA, Imagine Entertainment, Producers, Adobe, IBM, Anonymous, HP, Afghan Girls National Soccer Team, Showtime, Pepsi Boardwalk Pictures, Relativity Media, Super, Pepsi, REI, Unilever, Marriott, Surf League, Major League Soccer, Sam's, Gamble, Weinstein Co, Hulu, Imagine, Paramount, Saville Productions, Disney, Time Studios, Procter & Gamble, Anheuser, Busch, InBev, CAA, Studios, MSNBC, ABC, NBC, Tribeca Studios, Dick's Sporting Goods, HBO, CNN, Mobile, Stacy's, Everest, Vice Studios, Westbrook Media, Meta, Logitech, Samsung Locations: Hollywood, Subway, Magnolia

☆ Over 80% of Americans think it's a bad time to buy a house
▼ + stars: | 2023-08-08 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Americans don't feel good about the prospect of buying a house right now. 82% think it's a "bad time to buy" a new home, according to a Fannie Mae survey. Affordability has plunged due to soaring mortgage rates and low inventory levels. And just 64% of the people surveyed by Fannie Mae believe it's a good time to sell a house. "Unsurprisingly, consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates," he added.

Persons: Fannie Mae, Fannie, Black Knight, Freddie Mac, Fannie Mae's, Doug Duncan Organizations: Service, Housing Survey, Federal Locations: Wall, Silicon, Fannie Mae's, Black

REUTERS/Andrew Kelly/File PhotoAug 7 (Reuters) - The U.S. drug regulator's approval of Biogen (BIIB.O) and Sage Therapeutics' (SAGE.O) first-of-its-kind postpartum depression (PPD) pill is unlikely to allay the drugmakers' growth concerns, analysts said on Monday. Adverse commentary after their PPD drug was approved by the U.S. Food and Drug Administration (FDA) on Friday sent Sage shares tumbling 40%, while Biogen dropped 3% in premarket trading. Zurzuvae's use as a clinical depression treatment represents a more than $1 billion sales opportunity compared with $250 million to $500 million potential for postpartum depression, said Jefferies analyst Michael Yee. "Postpartum depression is not necessarily where a big commercial opportunity is," Biogen CEO Christopher Viehbacher said last month. The U.S. FDA said last week that additional studies might be required to support the drug's approval for major depressive disorder (MDD), or clinical depression.

Persons: Andrew Kelly, Sage, Biogen, Baird, Brian Skorney, Skorney, Zurzuvae, Jefferies, Michael Yee, Christopher Viehbacher, Yee, Mariam Sunny, Bhanvi, Manas Mishra, Vinay Dwivedi Organizations: Food and Drug Administration, FDA, REUTERS, Sage Therapeutics, U.S . Food, Drug Administration, U.S, Thomson Locations: White Oak , Maryland, U.S, Bengaluru

☆ CEO of UAE's Burjeel Holdings discusses what's behind its growth
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEO of UAE's Burjeel Holdings discusses what's behind its growthJohn Sunil, CEO of Burjeel Holdings, discusses the jump in the company's net profit.

Persons: John Sunil Organizations: UAE's Burjeel Holdings, Burjeel Holdings

☆ CEO of UAE's e& explains its deal with PPF Telecom
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEO of UAE's e& explains its deal with PPF TelecomHatem Dowidar, e& Group CEO, says "we needed to expand beyond the Middle East, Africa region."

Persons: Telecom Hatem Dowidar Organizations: UAE's, Telecom, Group Locations: East, Africa

☆ Tarek El Moussa is 'flipping' an entire street to make a high-rise apartment building, but longtime residents say they're being evicted to make it happen
▼ + stars: | 2023-08-03 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +5 min

Tarek El Moussa's company TEM Capital is building a 138-unit apartment in Los Angeles. El Moussa said his team was going to "tear it down" to build the high-rise apartments. "It was really triggering and traumatic and totally ignoring the fact that people still lived here," one resident, Clare Letmon, told CBS Los Angeles. Heather Rae El Moussa is also investing in the project. During a March 2023 conversation with Insider, El Moussa pointed to house-flipping seminars, a solar company, and a home line he's creating with Heather Rae among his current list of business endeavors.

Persons: Tarek El, El Moussa, they're, Tarek El Moussa, Christina Hall, Heather Rae El Moussa, Tarek, KTLA5 they've, Ellis, Heather Rae's, Clare Letmon, Cathy Livas, Raymond Hall, Arthur Aslanian, he's, Heather Rae Organizations: Service, HGTV, HEM, WJK, Pyramid Development, CBS Los, CBS, Los Angeles Times Locations: Los Angeles, Wall, Silicon, North Hollywood, Los Angeles , California, California, HEM, CBS Los Angeles

FILE PHOTO-People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. REUTERS/Cheney Orr/File PhotoSummaryCompanies First-half EPS up 17%Sees full-year EPS 10%-12% higher, previous forecast 5%-7%Lifts interim dividend by 11%Shares up 5%LONDON, Aug 2 (Reuters) - Britain's biggest defence company BAE Systems (BAES.L) upgraded its guidance for 2023, forecasting annual earnings growth of 10%-12%, as governments spend more on military equipment in "an increasingly uncertain world". BAE Systems said its good operational performance plus the demand from its customers, the biggest of which are the United States, Britain, Saudi Arabia and Australia, meant its full-year results would be better than expected across the board. Shares in BAE Systems jumped 5% in early deals. For 2023, BAE said earnings per share would grow 10%-12%, compared to the 5%-7% increase it had forecast in February, while it also lifted sales guidance to 5%-7% growth from 3%-5%.

Persons: Cheney Orr, Charles Woodburn, Woodburn, Hargreaves, Aarin, Sarah Young, Paul Sandle, Kate Holton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, BAE, Thomson Locations: Huntsville , Alabama, U.S, United States, Britain, Saudi Arabia, Australia, Russia, Ukraine, Asia, Pacific, Europe, Czech Republic, Poland, Qatar, Christian

☆ A billionaire wants to use a cargo plane to fly an orca to freedom after 53 years in captivity. Here's how it could work.
▼ + stars: | 2023-08-02 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

A $20 million plan to release a killer whale named Tokitae from captivity is firming up. The orca has been kept in a small enclosure in the Miami Seaquarium since her capture 53 years ago. The billionaire-backed plan would see the killer whale loaded on a plane and flown across the US. The killer whale has been living in the world's smallest orca tank, which measures 80 feet by 35 feet. She's the second oldest orca living in captivity.

Persons: I've, let's, Jim Irsay, Pat McAfee, Toki, Euronews, Miami Seaquarium, Orcas, Tokitae Organizations: Miami, Service, Indianapolis Colts, Dolphin Company, The Times, Seattle Airport, Times, Miami Herald, Tribune, Getty Locations: Wall, Silicon, Seattle, London, Miami, San Juan, Tokitae, Penn Cove , Washington, Lummi, Pacific

Branding is displayed for Vodafone at one of its stores in London, Britain, June 14, 2023. REUTERS/Toby Melville/File PhotoDUBAI, Aug 2 (Reuters) - UAE's e& (EAND.AD) has submitted an offer to increase its stake in Vodafone (VOD.L) by 20%, e&'s CEO Hatem Dowidar told CNBC Arabia on Wednesday. The company formerly known as Etisalat, e& has been gradually building up its stake in the British telecoms company ever since it took a 9.8% stake for $4.4 billion in May 2022. The UAE operator's cooperation with Vodafone is awaiting regulatory approvals in countries where the British company operates, which "include an agreement to regulate relations between the two companies, and also the possibility of increasing our stake to 20%," Dowidar said. Reporting by Jana Choukeir, Writing by Clauda Tanios, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Hatem Dowidar, Dowidar, Jana Choukeir, Clauda Tanios, Louise Heavens Organizations: Vodafone, REUTERS, CNBC Arabia, Etisalat, SEC, British, Thomson Locations: London, Britain, DUBAI, British, UAE

☆ Warner Bros. Discovery is making a big shake-up to its ad sales org. Read how its sales chief explained the changes.
▼ + stars: | 2023-07-31 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Discovery is shaking up its ad sales organization. It's also expected to make further staff reductions in ad sales as part of the restructure. Discovery is shaking up its ad sales organization and structure. EVP Jim Keller, who was key to bringing a digital approach to the merged company's newly combined sales team, left, along with Scott Kohn, EVP of national ad sales, and John Dailey, SVP of ad sales. Based on the learnings and successes we've experienced in the past year, this morning we are announcing a new sales structure and strategy.

Persons: It's, Marybeth Strobel, Greg Regis, Regis, Strobel, Ryan Gould, Jon Diament, Sheereen Russell, WBD, Jon Steinlauf, Jim Keller, Scott Kohn, John Dailey, David Zaslav, we've, AE's, Lucia Moses, lmoses Organizations: Warner Bros, WBD, Max, CNN, NBA, NCAA, MLB, NHL

[1/2] A view of Condor Galaxy supercomputing systems for artificial intelligence work made by Cerebras Systems, in Santa Clara, California, U.S., in this undated handout photo received on July 19, 2023. Abu Dhabi-based G42, a tech conglomerate with nine operating companies that include datacenter and cloud service businesses, says it plans to use the Cerebras systems to sell AI computing services to health care and energy companies. G42 has raised $800 million from U.S. tech investment firm Silver Lake, which has backing from Mudabala, the UAE's soverign wealth fund. "Cerebras has what they call a 'white glove' service that made it easy for us" to build AI systems on its machines, G42 Cloud CEO Talal AlKaissi told Reuters. G42 Cloud's AlKaissi declined to comment on the terms of the deal.

Persons: Rebecca Lewington, Cerebras, Andrew Feldman, Feldman, Talal AlKaissi, Stephen Nellis, Krystal Hu, Rashmi Organizations: Condor Galaxy supercomputing, Cerebras Systems, REUTERS, Systems, United Arab, Nvidia Corp, Nvidia, Condor Galaxy, Cerebras, UAE, Mudabala, Reuters, Thomson Locations: Santa Clara , California, U.S, United Arab Emirates, Abu Dhabi, Silver, San Francisco, New York

☆ COP28 summit host UAE's climate plans ranked 'insufficient'
▼ + stars: | 2023-07-20 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, July 20 (Reuters) - The United Arab Emirates, host of this year's COP28 UN climate summit, has set out "insufficient" plans to tackle its own contribution to climate change, an independent research group said on Thursday. The UAE strengthened its climate pledge earlier this month to be more ambitious, and its summit leadership has called on other countries to do the same ahead of the talks in November. But the country's new pledge would still see its CO2 emissions increase through to 2030, at odds with the sharp decrease needed to curb climate change, according to the Climate Action Tracker research consortium. Countries agreed under the Paris Agreement to take action to curb climate change to 1.5C above pre-industrial levels, the limit scientists say would avoid its most disastrous impacts. But this will not prevent the UAE from busting its overall climate goals, if fossil fuel use does not decrease, CAT said.

Persons: Sultan al, Jaber, Sarah Heck, Kate Abnett, Yousef Saba, Alexandra Hudson Organizations: United, CAT, Analytics, Investments, Alexandra Hudson Our, Thomson Locations: BRUSSELS, United Arab Emirates, UAE, Paris

[1/2] A view of Condor Galaxy supercomputing systems for artificial intelligence work made by Cerebras Systems, in Santa Clara, California, U.S., in this undated handout photo received on July 19, 2023. Courtesy of Rebecca Lewington of Cerebras Systems/Handout via REUTERSJuly 20 (Reuters) - Cerebras Systems on Thursday said that it has signed an approximately $100 million deal to supply the first of three artificial intelligence (AI) supercomputers to the United Arab Emirates-based technology group G42. "Cerebras has what they call a 'white glove' service that made it easy for us" to build AI systems on its machines, G42 Cloud CEO Talal AlKaissi told Reuters. The contract to complete the first of the three systems announced on Thursday is worth about $100 million, Cerebras CEO Andrew Feldman said. "What we're saying is that the $100 million contract takes us through Condor Galaxy 1... That's the unit, the building block."

Persons: Rebecca Lewington, Cerebras, Talal AlKaissi, Andrew Feldman, Stephen Nellis, Krystal Hu, Rashmi Organizations: Condor Galaxy supercomputing, Cerebras Systems, REUTERS, Systems, United Arab, Nvidia Corp, Nvidia, Condor Galaxy, Mudabala, Reuters, Thomson Locations: Santa Clara , California, U.S, United Arab Emirates, Abu Dhabi, Silver, San Francisco, New York

Average 30-year mortgage rates are now just a few basis points above last month's average. But according to the latest Fannie Mae housing forecast, borrowers shouldn't expect mortgage rates to drop dramatically this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.96%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.30%, up a bit from the prior week, according to Freddie Mac data.

Persons: Fannie Mae, Doug Duncan, Fannie, you'll, Freddie Mac Organizations: Mortgage, Zillow, Federal Reserve Locations: Chevron

☆ Abu Dhabi's ADQ signs $11.5 bln deals with Turkey for earthquake relief, exports
▼ + stars: | 2023-07-19 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Abu Dhabi sovereign wealth fund ADQ said on Wednesday it signed two memoranda of understanding to finance up to $8.5 billion of Turkey earthquake relief bonds and $3 billion in credit facilities to support Turkish exports. The bonds, agreed with Turkey's finance ministry, will fund "comprehensive reconstruction efforts in southern and central Turkiye," ADQ said in a statement. Abu Dhabi has also shifted to deploy more economic diplomacy, often using ADQ. IHC, also chaired by Sheikh Tahnoun, bought a 50% stake in Turkey's Kalyon Enerji for $490 million last August. Reporting by Yousef Saba; Additional reporting by Yomna Ehab; Editing by Peter Graff and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: ADQ, Tayyip Erdogan, Abu, Abu Dhabi, Sheikh Tahnoun bin Zayed, Sheikh Mohammed, Sheikh Tahnoun, Yousef Saba, Yomna Ehab, Peter Graff, Mike Harrison Organizations: Export Credit Bank of Turkiye, United Arab, UAE, Thomson Locations: Abu Dhabi, Turkey, Turkiye, Syria, United Arab Emirates, Riyadh, Turkey's

☆ India ties up with UAE to settle trade in rupees
▼ + stars: | 2023-07-15 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +1 min

NEW DELHI, July 15 (Reuters) - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions. The two agreements will enable "seamless cross-border transactions and payments, and foster greater economic cooperation", said a statement from the Reserve Bank of India on Saturday. India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars. An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday. The Reserve Bank of India said the two central banks agreed to link India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP).

Persons: Narendra Modi, Modi, Sheikh Mohamed bin Zayed Al Nahyan, Arpan Chaturvedi, Clelia Organizations: United Arab, India's, UAE, Reserve Bank of India, Abu Dhabi National Oil Co, Reuters, Thomson Locations: DELHI, India, United Arab Emirates, Abu Dhabi, Asia

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