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☆ Nvidia drops from record high, tracking market fall; AI bets support outlook
▼ + stars: | 2023-08-22 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. Rising bets that Nvidia's revenue target will once again surpass Wall Street estimates have lifted the stock about 19% from a two-month low hit last week. That pushed its market capitalization above $1 trillion, making its stock the best performer on the S&P 500 index (.SPX). At least 19 brokerages have this month raised their target price on Nvidia, pushing the median view to $500, which is a 6.5% increase to the stock's last closing price. If Nvidia were to miss (expectations), this market would be in a world of pain," Dick said.

Persons: Ann Wang, Dennis Dick, Brian Mulberry, Goldman Sachs, Dick, Medha Singh, Amruta Khandekar, Gertrude Chavez, Dreyfuss, Anil D'Silva, Arun Koyyur, Lisa Shumaker Organizations: REUTERS, Nvidia, Dow, Nasdaq, Wall, Triple D Trading, Reuters Graphics, Big Tech, Zacks Investment Management, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru, Bengalaru, New York

☆ Musk says fight with Zuckerberg to be live-streamed on X
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File PhotoNEW YORK/BENGALARU Aug 6 (Reuters) - Elon Musk said in a social media post on Sunday that his proposed fight with Meta (META.O) Chief Executive Officer Mark Zuckerberg would be live-streamed on social media platform X, formerly known as Twitter. "Zuck v Musk fight will be live-streamed on X. Zuckerberg, responding on his social media app Threads, said late Sunday: "I'm ready today. When a user on X asked Musk the point of the fight, Musk responded by saying "It's a civilized form of war. Musk then said he would start training if the cage fight took shape.

Persons: Elon Musk, Tingshu Wang, Mark Zuckerberg, Musk, Zuckerberg, hasn't, Juby Babu, Gertrude Chavez, Dreyfuss, Alex Richardson, Diane Craft Organizations: Tesla, REUTERS, Meta, Twitter, Thomson Locations: Beijing, China, Las Vegas, jiujitsu, Bengaluru, New York

☆ I'm a millennial living in Bengalaru, the Silicon Valley of India. I have my dream job in tech and get to spend 30% of my salary on travel, but there's a lot of pressure to be married.
▼ + stars: | 2023-07-09 | by ( Ananya Vahal | ) www.businessinsider.com time to read: +6 min

Dangda has the exact job she wanted and loves being able to learn and grow in it. Bengaluru is known as the Silicon Valley of India and I work for a tech company there. In India, work experience is more important than degreesI got my Bachelor of Laws (LLB) from a public university in Delhi which was very affordable. In India, work experience is more important than degrees. Unfortunately, my starting salary was based on the salary I had at my last job with an LLB.

Persons: Kavya Dangda, Dangda, It's, that's, I'm Organizations: Service, EMI Locations: Bengaluru, India, Wall, Silicon, Valley, Noida, Delhi, Singapore, Cambodia, Angkor

SummarySummary Companies OpenAI CEO reverses earlier threat to leave EuropeSays had productive week of conversations about regulating AIEU lawmakers were critical about OpenAI's threat regionMay 26 (Reuters) - OpenAI has no plans to leave Europe, CEO Sam Altman said on Friday, reversing a threat made earlier this week to leave the region if it becomes too hard to comply with upcoming laws on artificial intelligence. "We are excited to continue to operate here and of course have no plans to leave," Altman said in a tweet on Friday. His threat of quitting Europe had drawn criticism from EU industry chief Thierry Breton and a host of other lawmakers. He called his tour a "very productive week of conversations in Europe about how to best regulate AI!" OpenAI first clashed with regulators in March, when Italian data regulator Garante shut the app down domestically, accusing OpenAI of flouting European privacy rules.

The election came after World Bank board members interviewed Banga for four hours on Monday. Biden congratulated Banga on his "resounding approval" to run the World Bank, which he described as "one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe." "Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said. "The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries," the bank said. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

Banga, 63, was nominated for the post by U.S. President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official during the Trump administration. Sources familiar with the process said they expect Banga to win the board's approval handily after several meetings with board members in recent weeks and a formal interview on Monday. One of the sources said Banga had impressed World Bank shareholders in recent weeks as a "true change maker" who will help accelerate reforms at the global development bank. The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European. Banga, who was born in India and spent his early career there, has been a U.S. citizen since 2007.

☆ Why India is so important to Apple
▼ + stars: | 2023-04-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +6 min

Cook said in February that Apple had its best sales quarter ever for iPhones in India in the quarter ending in December. Most phones sold in India are priced below even the least-expensive new Apple iPhone. India could end up being a big winner as Apple looks for non-Chinese manufacturing options. Tim Cook, Apple's Chief Executive Officer (CEO) reacts as a man shows him Apple's Macintosh outside the Apple store at Jio World Drive mall, Mumbai, India on April 18, 2023. Apple was bullish on India back then, too: "India will be the most populous country in the world in 2022," Cook told CNBC's Jim Cramer at the time, saying it had "huge market potential."

Earnings per share for the six biggest U.S. banks are expected to be down about 10% from a year earlier, analyst estimates from Refinitiv I/B/E/S show. The bank is expected to report a 30% rise in EPS, buoyed by an almost 36% increase in net interest income, according the Refinitiv I/B/E/S estimates and Reuters calculations. "We expect a challenging earnings season for the banks," said David Chiaverini, banking analyst at Wedbush Securities, in a note. He said bank managements will become more defensive, implementing liquidity measures that could lead to downward revisions for net interest income. Net interest income for the six biggest U.S. banks are expected to be up about 30% from a year earlier, according to analyst estimates from Refinitiv I/B/E/S.

☆ Odds of 50-basis-point Fed rate hike rise after Powell testimony
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

March 7 (Reuters) - Traders of futures tied to the Federal Reserve's policy rate were pricing in a half-percentage-point hike in interest rates at the U.S. central bank's March 21-22 policy meeting after Fed Chair Jerome Powell said on Tuesday that continued strong inflation data could require tougher measures. That was up from the 30% chance seen before Powell's testimony before the Senate Banking Committee. Futures briefly showed more than a 50% chance of a 50-basis-point (bp) hike immediately after Powell's remarks. The futures contracts pricing also points to firming expectations for the policy rate to rise to a 5.25%-5.50% range by June. Powell's testimony on Tuesday marked a stark acknowledgement that a "disinflationary process" he spoke of repeatedly in a Feb. 1 news conference may not be so smooth.

☆ Australia's treasurer says curbing inflation remains economic 'main game'
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Feb 26 (Reuters) - Australia's Treasurer Jim Chalmers said on Sunday that stubbornly-high inflation in the country has likely peaked, but conceded it remains a big economic challenge. Inflation is running at a 32-year high of 7.8% is only expected to slow to the top of the Reserve Bank of Australia (RBA)'s target range of 2-3% by mid-2025. "Everybody here is trying to navigate that narrow and perilous path, we do have a big inflation problem in the global economy and in our own economy," Chalmers told Sky News television, according to a government transcript. Inflation was the "defining challenge" in the Australian and global economy, said Chalmers, who warned against complacency. "At some future point, the focus will shift from inflation to growth, but for the time being inflation is the main game.

☆ WHO says it still does not have full access to Ethiopia's Tigray
▼ + stars: | 2022-12-02 | by ( Bhanvi Satija | ) www.reuters.com time to read: +2 min

REUTERS/Tiksa NegeriBENGALARU, Dec 2 (Reuters) - The World Health Organization said on Friday it still does not have the unfettered access to Ethiopia's northern Tigray region stipulated in a truce signed a month ago. Troops from Eritrea, to the north, and forces from the neighbouring Ethiopian region of Amhara, to the south, fought alongside Ethiopia's military in Tigray but were not party to the ceasefire. "That peace process has not yet resulted in the kinds of full access, unfettered access and in the massive scale of medical and health assistance that the people of Tigray need," WHO's emergencies director Mike Ryan said. Ethiopia's Minister of Health Lia Tadesse, State Minister Redwan Hussien, and government spokesperson Legesse Tulu did not respond to requests for comment. WHO chief Tedros Adhanom Ghebreyesus in October accused Ethiopia's government of using the denial of food and healthcare as weapons of war in Tigray.

☆ U.S. committee recommends COVID shot for CDC's free vaccine program
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah BeierNEW YORK, Oct 19 (Reuters) - An expert committee on Wednesday recommended that COVID-19 shots become part of the U.S. Centers for Disease Control and Prevention's (CDC) vaccine program for children, which provides many types of free inoculations to millions of kids each year. While all COVID-19 vaccines are currently provided free in the United States by the federal government, the U.S. public health emergency is expected to end in early 2023 and the private market will take over distribution of COVID vaccines and treatments. The committee's recommendation allows for distribution by the Vaccines for Children Program under the CDC's current COVID vaccine guidance, which is for all children over the age of 6 months to be vaccinated and those age 5 and older to receive booster shots. In the United States, the CDC sets out a schedule of vaccination targets by age and states decide which vaccines are mandatory for school entry. Only about one-third of school-aged children have been vaccinated for COVID-19 in the United States.

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