DIRS.INFO The most relevant business & tech news

☆ Climate change and global warming come with increasing economic cost to individuals
▼ + stars: | 2024-04-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

However, they say immediate actions to reduce climate change could stem some losses in the longer term. Noah Diffenbaugh, a professor and environmental researcher at Stanford University, said the economic damage from climate change will take different shapes. Researchers estimated it would cost the global economy $6 trillion by 2050 to comply with the Paris Climate Agreement—the international agreement among nearly 200 nations to tackle climate change—compared to the study’s estimated $38 trillion economic damage due to climate change. “That’s what’s likely to happen from the global warming that’s already occurred and what’s likely to happen even for small increments of global warming.”The Nature study estimated the economic damage of different regions. The ICF paper said price hikes on essential elements of the cost of living in the US will add up due to climate change.

Persons: –, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh, It’s, Wenz, Bernardo Bastien, Bastien, ” Bastien, “, ”, “ That’s, what’s, won’t Organizations: CNN, United Nations, Potsdam, Climate, Stanford University, Scripps Institute of Oceanography, University of California Locations: Nature, Paris, University of California San Diego, California, North America, Europe, South Asia, Africa, United States

☆ Power Grids Are Obvious Military Targets. There’s a Way to Deter That. - The New York Times
▼ + stars: | 2024-04-15 | by ( Peter Fairley | ) www.nytimes.com time to read: +2 min

In late March, after two years of withering attacks on Ukraine, Russia knocked out half of Ukraine’s power supply. Up to that point, Russia’s missiles and kamikaze drones had mostly targeted the Ukrainian substations that push electricity from power plants to consumers. But the global community must now draw bright lines for combatants in future conflicts — and strengthen the hand of future prosecutors — by codifying specific protections for power grids. The international community already attempts to do that for select infrastructure, including hospitals, dams and nuclear power plants, via the Geneva Conventions. It’s time to add power grids to that privileged roster.

Persons: grinds, Viktor Nikolayevich Sokolov, Sergei Ivanovich Kobylash, — Organizations: Criminal Locations: Ukraine, Russia, The Hague, Russian, Geneva

☆ Copper prices climb to 2024 high as Citi calls the start of the metal's second bull market this century
▼ + stars: | 2024-04-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Soaring copper prices show no signs of slowing down, analysts say, with the red metal's rally fueled by supply risks and improving demand prospects for energy transition metals. Copper prices with May delivery traded at $4.323 per pound in New York as of Wednesday morning, extending gains after settling at its highest level since June 2022 in the previous session. Copper briefly hit a high of $4.334 in intraday trading on Tuesday, reflecting its highest level since the middle of January last year. Three-month copper prices on the London Metal Exchange traded 0.6% higher at $9,477 per metric ton. Wall Street banks are bullish on the outlook for copper prices through to the end of the year.

Organizations: Mopani Copper Mines, London Metal Exchange, Citi Locations: Mufulira, Zambia, New York, —

☆ Morgan Stanley raises price target on Vistra, here's why
▼ + stars: | 2024-03-27 | 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 EmailMorgan Stanley raises price target on Vistra, here's whyStephen Byrd, head of Morgan Stanley's Global Sustainability Research, joins 'The Exchange' to discuss companies that could benefit from powering newly-developed AI, how AI is putting pressure on power grids in some regions, and more.

Persons: Morgan Stanley, Stephen Byrd ,, Morgan Stanley's Organizations: Morgan Stanley's Global Sustainability Research

☆ Larry Fink is concerned about the youth. Here are 5 key takeaways from the BlackRock CEO's letter to investors.
▼ + stars: | 2024-03-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +8 min

Fink, the chief executive of BlackRock, used his annual investor letter to warn of a looming "retirement crisis" facing the US and raise his concerns about disillusioned young people. This triggered criticisms on both sides of the aisle and became a major headache for Fink and the firm. He has avoided using the term ESG and repeatedly emphasized that BlackRock works with energy firms. Fink, who is 71 and has kept Wall Street guessing on his own retirement, also got personal with this letter. Fink is focused on "Energy pragmatism"The biggest opportunity in infrastructure, according to Fink, is around energy.

Persons: Larry Fink, Fink, . Fink, I've, Australia Fink Organizations: BlackRock, Business, DuPont, Cal Northridge, University of Michigan, Gen, Global Infrastructure Partners, Texas Permanent School Fund Locations: Calpers, Ottoman Empire, Australia, BlackRock, decarbonization

☆ Electrification could overwhelm energy grids. Startups are betting on AI to make sure that doesn't happen
▼ + stars: | 2024-03-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

Today's energy grids are unable to keep up with the intense demand being heaped upon them. Globally, energy projects struggle to overcome permitting hurdles. Making smart grids a realityData was transmitted across a national energy grid for the first time in 2016. Startups selling them are hoping to alleviate pressure from physical grid infrastructure and allow operators to do more with the infrastructure they have. Victoria McIvor, an advisor to energy startups who was formerly an investor at the European climatetech firm World Fund, imagines a future where energy tariffs dictate when energy-intensive appliances run.

Persons: Rajesh Swaminathan, it's, Andrés Dancausa, Dancausa, Swaminathan, Victoria McIvor, Timothy Barat, Barat, Duncan Turner, SOSV, Turner, McIvor Organizations: Infrastructure, Service, International Energy Agency, Paris, Investors, Khosla Ventures, US Department of Energy, Fund, Octopus Energy, Continuum Industries, Software Locations: Europe, Ukraine, Portuguese, Amsterdam, California, London, VCs, Scottish

☆ U.S. Accuses Chinese Hackers of Targeting Critical Infrastructure in America
▼ + stars: | 2024-03-25 | by ( David E. Sanger | Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States imposed sanctions on Chinese hackers on Monday and accused them of working as a front for Beijing’s top spy agency, part of a broad effort to place malware in American electric grids, water systems and other critical infrastructure. The sanctions were a major escalation of what has become an increasingly heated contest between the Biden administration and Beijing. While there have been no cases so far in which the Chinese government has turned off essential services, American intelligence agencies have warned in recent months that the malware appeared to be intended for use if the United States were coming to the aid of Taiwan. By turning off critical services to military bases, and to civilian populations, China would try, according to a series of intelligence findings, to turn Americans inward — worrying about their own supplies of electricity, food and water rather than assisting a distant island that Beijing claims as its own.

Persons: Biden Locations: States, Beijing, United States, Taiwan, China

☆ U.S. and Britain Accuse China of Cyberespionage Campaign
▼ + stars: | 2024-03-25 | by ( David E. Sanger | Mark Landler | ) www.nytimes.com time to read: +1 min

The United States and Britain imposed sanctions on China’s elite hacking units on Monday, accusing Beijing’s top spy agency of a yearslong effort to place malware in America’s electrical grids, defense systems and other critical infrastructure, and of stealing the voting rolls for 40 million British citizens. Taken together, the actions on both sides of the Atlantic underscored the escalation of cyberconflict between the Western allies and Beijing, in vastly different spheres. American intelligence agencies have warned that the malware found in U.S. infrastructure appeared to be intended for use if the United States were coming to the aid of Taiwan. The theory is that Americans would be too tied up worrying about their own supplies of electricity, food and water to help a distant island that Beijing claims as its own. Separately, the Justice Department indicted individual Chinese hackers for what Attorney General Merrick B. Garland called a 14-year effort “to target and intimidate” Beijing’s critics around the world.

Persons: Beijing’s, Merrick B, Garland, ” Organizations: Justice Department Locations: States, Britain, Beijing, U.S, United States, Taiwan

☆ How to 3D-print a school in a war zone
▼ + stars: | 2024-03-25 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +11 min

Project Hive will provide the school with four extra classrooms to help it accommodate additional students displaced by the war, said Bonis. But he continues undeterred: “(This) is also a way of taking technology to give back hope.”A model of the 3D-printed school showing the four new classrooms. Where 3D printing is really great is when you have special geometries and shapes, because you’re totally free. According to Lange, there are cheaper, faster alternatives to 3D printing, such as prefabricated and modular buildings. Team4UAReconstructing communitiesTeam4UA is not the only organization to see the potential of 3D-printed construction in disaster and conflict zones.

Persons: Jean, Christophe Bonis, “ I’m, ” Bonis, Team4UA, Olga Gavura, “, ”, DUS, Christian Lange, you’re, Hong Kong University Lange, Lange, Jack Oslan, Oslan, ‘, Andriy Zakaliuk, Bonis, “ It’s Organizations: CNN, Team4UA, United Nations ’ International Organization for Migration, ”, Balbek, Ars Longa, Dubai Future Foundation, Hong Kong University, Robotic, 7CI Group, Russian, Diamond, Kyiv School of Economics, Lviv City Council’s Locations: Lviv, Ukraine, Europe, Russia, —, Texas, Austin , Texas, Nacajuca, Mexico, Dubai, Malawi, Arizona, “, Kherson, Kyiv

☆ Russia blew apart a neighborhood during a massive strike on Ukraine that included wildly inaccurate missiles built to sink aircraft carriers
▼ + stars: | 2024-03-22 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Russia launched a massive missile and drone strike on Ukraine on Friday. Ukraine said five Kh-22 missiles were launched among the barrage. The Kh-22 is a massive missile designed to hit NATO aircraft carriers that's wildly inaccurate for hitting land targets. Ukraine said the attack included the use of Russia's Kh-22 anti-ship missile, among others, and destroyed a residential area. The aftermath of a massive missile strike by Russian troops is being seen in Zaporizhzhia, southeastern Ukraine, on March 22, 2024.

Persons: —, Mykola Oleshchuk, Anton Gerashchenko, Ivan Fedorov Organizations: Friday, NATO, Service, Getty, Ukraine's Air Force, Business, AS Locations: Russia, Ukraine, Zaporizhzhia, Kharkiv, Odessa, Ukrainian, Soviet, Russian, Dnipro, Kremenchuk

☆ China economy: All-important property market shows no sign of rebound in new year
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +4 min

New property sales reached a total of 1.06 trillion yuan ($147 billion) in the first two months of this year, according to data released by the National Bureau of Statistics (NBS) on Monday. The drop also marks a much faster pace of decline from the year-ago period, when new property sales dipped just 0.1%. Property investment fell 9% in the January-to-February period, which was faster than the 5.7% decrease registered during the same period last year. “The correction in property construction is still in its early stages,” Capital Economics analysts said in a research note on Monday. The growth in factory output might be driven by strong exports demand.

Persons: Hong Kong CNN —, “, ”, Louise Loo, ” Loo, Zhiwei Zhang Organizations: Hong Kong CNN, National Bureau of Statistics, Capital, Catering, “, Oxford Economics Locations: China, Hong Kong

☆ A New Surge in Power Use Is Threatening U.S. Climate Goals
▼ + stars: | 2024-03-13 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +14 min

Nathan Howard for The New York TimesIn California, electric vehicles could soon account for 10 percent of peak power demand. AP Photo/Mike StewartIn interviews, utility executives say gas is needed to back up wind and solar power, which don’t run all the time. Gas plants can sometimes be easier to build than renewables, since they may not require new long-distance transmission lines. “It’s going to take a diversified fleet.”Mr. Mitchell noted that Georgia Power was planning a large build-out of solar power and batteries over the next decade and would offer incentives to companies to use less power during times of grid stress. The tech companies and manufacturers that are driving up electricity demand could also play a major role, experts say.

Persons: ”, Daniel Brooks, Nathan Howard, Lauren Justice, Biden’s, “, Tyler H, Norris, Mr, John Wilson, Ken Seiler, Seiler, Devin Hartman, Duke, Kendal Bowman, Duke Energy’s, it’s, we’ve, Georgia Power, It’s, Greg Buppert, Megan Varner, Mike Stewart, Aaron Mitchell, “ It’s, Mitchell, Heather O’Neill, Brian Janous Organizations: Electric Power Research Institute, The New York Times, Duke University, Biden, Utilities, North American Electric Reliability Corporation, Boston Consulting, Dominion Energy, Nationwide, R Street Institute, The New York Times Soaring, Duke Energy, Georgia, Southern Environmental Law Center, AP, Dominion, Georgia Power, Advanced Energy, Microsoft Locations: America, California, Virginia, Georgia, North Carolina, South Carolina , Tennessee, Kansas, Northern Virginia, Arizona, Texas, Illinois, New Jersey, York City, PJM, “ Texas, Ashburn, Va, Dalton , Ga, Dalton, Duke

☆ Why a warehouse giant is planning a $25 billion push into data centers
▼ + stars: | 2024-03-06 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

He will fill the newly created role of global head of data centers at the firm. Prologis's push exemplifies the growing interest among investors in data center deals, including players who have not traditionally been involved in the highly specialized industry. Warehouses have squat footprints similar to data centers and are often located in industrial areas that have proximity to the heavy electrical lines and equipment necessary to deliver voluminous power that data centers require. Warehouse growth slows as data centers accelerateDemand for data centers has steadily grown over the past decade, driven by the widespread use of cloud computing and storage across corporate America. Blackstone, for instance, has said it plans to develop as much as $50 billion of data centers in the coming years.

Persons: Chris Curtis, Curtis, Michael Hochanadel, Hochanadel, Harrison, They're, Joseph Ghazal, Ghazal, Hamid Moghadam, JLL, Morgan Stanley, Blackstone, Vince Tibone, Tibone, Prologis's, Ron Kamdem, Moghadam, Carl Beardsley, Beardsley, Chris Crosby, Prince William County, Prologis Organizations: Business, Harrison, Green, Amazon, Google, Microsoft, Brookfield, Blackstone, Compass Locations: San Francisco, Dallas, America, Brookfield, Canadian, Prince William, Virginia

☆ Jim Cramer names companies and sectors poised to rally on the AI wave
▼ + stars: | 2024-03-06 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Wednesday said artificial intelligence is going to be essential to big market rallies over the next few years. But the computing power needed to run AI-enabled machines is "at the heart of the current re-industrial revolution," Cramer said, and will bring stocks from a variety of sectors with it. The amount of construction needed to build new data centers is part of the reason stocks like Caterpillar are performing well, he said. And according to Cramer, power management company Eaton is also seeing gains because of the demand to help power grids deal with all of this excess electricity. Vertiv is doing well because it helps take care of wiring in data centers, he added.

Persons: CNBC's Jim Cramer, Cramer, Eaton Organizations: Nvidia, Caterpillar, Constellation Energy

☆ How Hedge Funds Are Betting on Electricity and the Changing Power Grid
▼ + stars: | 2024-03-05 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +19 min

A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.

Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia

Energy startup Axle is in talks to raise a round backed by VC fund Accel, BI understands. The year-old company could raise around $6 million in capital as part of the deal, sources say. The energy tech startup uses electric vehicles and home energy assets to help balance grids. Energy software startup Axle Energy is in talks to raise fresh funding in a round backed by venture capital fund Accel, Business Insider understands. The London-based company, founded in 2023, connects electric vehicles and batteries to energy grids to help solve the intermittency of renewables.

Organizations: Energy, Accel, BI, Business Locations: London, Europe

☆ AtmosZero wants to decarbonize industrial steam. Check out the 14-slide pitch deck it used to raise $21 million.
▼ + stars: | 2024-02-20 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewA startup that wants to help decarbonize industrial steam has raised $21 million in a Series A round. Colorado-based AtmosZero, launched in 2022, has developed a drop-in replacement for fossil fuel boilers that are used to produce steam. Steam is used in a variety of industrial processes, from beer to papermaking, and in district heating. Most steam applications need temperatures of between 100 degrees Celsius to 225 degrees Celsius, Salvi said. AtmosZero's first product can achieve 165 degrees Celsius, with the company eyeing 200 degrees Celsius in the coming years.

Persons: —, Ashwin Salvi, we're, Salvi, There's, AtmosZero Organizations: Service, Business, New Belgium Brewing Company, US, Ventures, Constellation Technology Ventures, Constellation Energy, Energy Impact Partners, Starlight Ventures, US Department of, Decarbonization Locations: Colorado, Europe, Amsterdam

☆ Some regional electric grids 'in trouble' over the next few years, says Skylar's Bill Perkins
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSome regional electric grids 'in trouble' over the next few years, says Skylar's Bill PerkinsBill Perkins, Skylar Capital Management CEO, joins 'Closing Bell Overtime' to talk the price of natural gas, the impact of weather, investing in energy and more.

Persons: Bill Perkins Bill Perkins Organizations: Skylar Capital Management

☆ Neuralink is less advanced than these 4 brain-computer devices. See Elon Musk's competition.
▼ + stars: | 2024-02-08 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +10 min

Elon Musk's brain-computer interface company, Neuralink, has implanted into a first human patient. AdvertisementElon Musk announced his brain interface company, Neuralink , implanted its first human brain chip last week. Courtesy of Blackrock NeurotechToday, most people who have a BCI implanted in their head have a Blackrock device. For now, all implanted BCIs are a way for people with severe forms of paralysis to regain independence, using their thoughts to control devices and access the internet. The neurodegenerative condition rendered key muscles in her face limp, but a BCI device is helping her communicate again.

Persons: Elon, Musk, who've, —, Elon Musk, you'd, Blackrock Neurotech, Florian Solzbacher, Marcus Gerhardt, BrainGate Pat Bennett, Steve Fisch, Stanford Medicine BrainGate, Matthew Nagle, Nagle, they're, Gerhardt, Leigh Hochberg, Synchron, Dr, Thomas Oxley, Angela Weiss, stentrode, Musk —, Max Hodak, Hodak, didn't, Ann Johnson, Dutchman Gert, Jan Oksam, Oksam, we'll, Stephen Hawking Organizations: BCI, Service, Twitter, Blackrock, Blackrock Neurotech, Stanford Medicine, Brown University, BrainGate, Getty Images, Reuters, Bloomberg, University of California, Lausanne University, California –, Elon Locations: Massachusetts, Utah, Blackrock, Getty Images Brooklyn, Australia, San Francisco, Switzerland, California

☆ Factbox-Policy Pledges of Indonesia's Presidential Candidates
▼ + stars: | 2024-02-06 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +5 min

(Reuters) - Three candidates are running in Indonesia's presidential election on Feb. 14. The following is a summary of policy objectives they have pledged while campaigning. ANIES BASWEDAN- Target 5.5%-6.5% average annual economic growth from 2025-2029- Create 15 million jobs, including 'green' jobs- Raise the tax-to-GDP ratio from 10.4% in 2022 to 13%-16% by 2029- Target annual inflation of 2%-3% from 2025-2029- Offer incentives for renewable energy projects- Impose a carbon tax with proceeds to be used as an endowment fund to finance development of renewable energy- Increase the 'village fund' to 5 billion rupiah ($317,965) for each village, from the current 1 billion rupiah. - Widen access to global markets for palm oil farmers- Strengthen free trade agreements and Indonesia's role in international financial institutions- Minimise imports of staple foods- Create 2 million new affordable housing units, including for informal workers, youth- Expedite forest conservation and rehabilitation projects- Limit new construction of, and retire existing coal-fired power plants, especially in Java, Bali islands- Review debt of state-owned enterprises, continue debt restructuring programme- Revise Jobs Creation Law with goal to ensure fair wages for workers- Evaluate the $32 billion new capital city project- Evaluate food estate programme, replacing it with contract farming, a scheme to ensure farm products will be sold- Impose a wealth tax on Indonesia's 100 richest people- Audit the nickel industry with focus on its impact on the environment and ensuring welfare of domestic workers- Strengthen the anti-corruption agency by revising the law that regulates it- Ease permitting requirements for building places of worshipGANJAR PRANOWO- Continue programmes of outgoing President Joko Widodo's administration- Target average annual economic growth of 7%- Create 17 million new jobs- Expedite construction of new capital city- Increase the defence budget as a percentage of gross domestic product (GDP) to between 1%-2%, from about 0.8% presently. Modernise military hardware- Target 30% share for renewable sources in energy mix by 2029- Allow more renewable energy producers to use electricity grids of state utility firms to boost green energy adoption- Set up a dedicated ministry for the palm oil sector- Maintain moratorium on deforestation, accelerate reforestation programmes- Create digital tax collection system under the new tax agency separated from finance ministry- Limit permit issuance of new nickel smelter to avoid a further oversupply- Expand social welfare to cover 15 million families, up from 10 million currently- Provide funding to ensure at least one member of a poor family receives education until college- Strengthen national anti-corruption agency- Maintain foreign policy of non-alignment- Strengthen Indonesia's commitment to support fight of Palestinian people- Revitalise the Association of Southeast Asian Nations and its decision-making process, especially regarding South China Sea disputes.

Persons: ANIES, GANJAR, Joko Widodo's, PRABOWO, Joko, Stanley Widianto, Ananda Teresia, Stefanno Sulaiman, Bernadette Christina Munthe, Martin Petty Organizations: Reuters, Association of Southeast Asian Nations Locations: Java, Bali, South

☆ Summer Has Long Stressed Electric Grids. Now Winter Does, Too.
▼ + stars: | 2024-02-05 | by ( Ivan Penn | ) www.nytimes.com time to read: +1 min

For decades, managers of electric grids feared that surging energy demand on hot summer days would force blackouts. Largely because of growing demand from homes and businesses, and supply constraints due to aging utility equipment, many grids are under greater strain in winter. Just 10 years ago, winter electricity use ran about 11 percent less than in summer, according to the group. And by 2050, winter demand could surpass electricity use in the summer. “We’re seeing both summer and winter peaks growing, but we’re seeing winter peaks growing faster,” said Jim Robb, chief executive of the reliability corporation.

Persons: ”, Jim Robb Organizations: North American Electric Reliability Corporation

☆ Chinese hackers are preparing to 'wreak havoc' on US electrical grids, water treatment plants, and oil and gas pipelines: FBI director
▼ + stars: | 2024-02-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Read previewFBI Director Christopher Wray warned that Chinese hackers are targeting critical US infrastructure in a bid to potentially "wreak havoc" on the lives of ordinary Americans in testimony to Congress. Speaking to the House Select Committee on the Chinese Communist Party on Wednesday, Wray said that China is seeking to infiltrate electrical grids, water treatment plants, oil and gas networks, and transport systems. AdvertisementWray's testimony comes after the Justice Department announced that it had disrupted a group of Chinese hackers who infiltrated old routers belonging to private citizens and small businesses. The sole purpose is to be ready to destroy American infrastructure, which would inevitably result in chaos, confusion, and potentially mass casualties." The House select committee Wray testified to was created to counter the intensified threat posed by China, a rare example of bipartisan consensus amid Washington's stark partisan divides.

Persons: —, Christopher Wray, Wray, They're, Joe Biden, Xi Jinping, Mike Gallagher Organizations: Service, Chinese Communist Party, Business, Justice Department, FBI, CNN Locations: China, San Francisco, Taiwan, Ukraine, South China, Wisconsin

☆ AI is fueling global power demand. Morgan Stanley sees opportunities for these 'underappreciated' winners
▼ + stars: | 2024-02-01 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

Power demand from generative AI will soar from 46 terawatt hours to 224 TWH between this year and 2027, according to the firm's base case scenario. That's equivalent to more than 75% of the total global data center power use in 2022, or close to Spain's entire power consumption in 2022, the firm said. "We believe the rapid power demand growth from GenAI is not well understood, and not priced into a number of stocks." Among large-scale renewable developers in the U.S., AES has the largest commercial and industrial market share, according to Morgan Stanley. Apart from data center infrastructure and power providers, utilities are another part of the data center servicing ecosystem.

Persons: Morgan Stanley, Morgan Stanley's, Andrew Percoco, Bloom, Percoco, NextEra, Max Yates, Sharon Shih Organizations: CNBC, Bloom Energy, AES Corp, NextEra Energy, Google, Microsoft, Bank of America, AES, Big Tech, Stocks, Delta Electronics, Mitsubishi Electric, Analysts, Dominion Energy Locations: GenAI, U.S

FBI Director Christopher Wray on Wednesday warned Congress about a range of threats against the U.S., from Chinese hackers to heightened terrorist risks after the Oct. 7 attack on Israel. The FBI director has long warned about the Chinese government’s hacking capabilities. Cyberattacks and disinformation warfare can work in tandem, Wray warned. He also noted that AI can enhance foreign adversaries abilities to collect personal data and feed it into disinformation and influence operations. Heightened Terrorist Risk“We are, since Oct. 7, in a heightened threat environment from various forms of terrorist risk,” Wray warned, alluding to Hamas’ attack on Israel last year.

Persons: Christopher Wray, ” Wray, ” TikTok, Wray, ”, “ Organizations: Wednesday, U.S, Chinese Communist Party, FBI, Intelligence Locations: Israel, U.S, China, PRC, Iran

☆ Goldman Sachs likes this under-the-radar European sector, naming 2 stocks with almost 40% upside
▼ + stars: | 2024-01-26 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Europe's power grid is in dire need of an upgrade, Goldman Sachs says, naming two stocks it expects to benefit from the network's expansion and modernization. "Power grids sit in the sweet spot of electrification: besides an accelerating top line, we highlight attractive risk-adjusted returns, which are usually set on a 'cost plus' basis." Stock picks Goldman Sachs said the way to play this theme is through pure plays and green energy majors. The green energy industry has had a tough time of it since 2021 as global central banks hiked interest rates in an effort to combat inflation. "We believe power network activities represent an incremental leg in our re-rating thesis for Green Energy Majors," Goldman's analysts added, naming Enel and SSE as buy-rated stocks.

Persons: Goldman Sachs, Alberto Gandolfi, Stock, Goldman, — CNBC's Michael Bloom Organizations: Clean Energy ETF, Energy Index, Green Energy, Milan Stock Exchange, London Stock Exchange, Global Renewable Energy Locations: Europe

Search resuls for: "Grids"

25 mentions found