XRG, the international investment arm of Abu Dhabi oil company ADNOC, has agreed to take a 32% stake in three upstream blocks in Argentina that will supply gas to the country’s first LNG export terminal — adding to the growing list of overseas LNG deals by Gulf energy majors. XRG, ...
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AI investment increasingly shapes global economyAI investment increasingly shapes global economy
The AI buildout is reshaping the global economy. Memory chip demand has already pushed consumer electronics prices up, and RAM prices are expected to increase a further 40-50% in the coming quarter. The three biggest memorymakers have seen profits and market caps surge, while shares in tech’s “Magnificent Seven” — ...
China’s factory output in June beats forecastsChina’s factory output in June beats forecasts
China’s manufacturing activity expanded more than expected, cementing the country’s two-track economy with domestic demand still in the doldrums. The relatively upbeat purchasing managers’ index reading for this month was largely driven by the global AI investment boom and the broader export sector, but other industries in the world’s second-biggest ...
Taiwan raids offices of US IT firm Super MicroTaiwan raids offices of US IT firm Super Micro
Taiwan raided the local offices of US IT firm Super Micro over allegations that it helped smuggle Nvidia chips into China, underscoring the geopolitical importance of the world’s most advanced semiconductors. Washington has banned the export of cutting-edge chips to China, citing fears that they could give the Asian giant ...
US investors lead $30M funding for Gulf AI startup 1001US investors lead $30M funding for Gulf AI startup 1001
The Scoop Dubai- and London-based startup 1001 has raised $30 million from investors including US venture firm Lux Capital and Saudi sovereign wealth fund unit Sanabil, as it looks to use AI to boost the efficiency of the region’s aviation, ports, and energy infrastructure. The funding round was led by ...
Russia’s fiscal discipline erodesRussia’s fiscal discipline erodes
Moscow pushed through legislation allowing it to borrow more money, a rare belt-loosening from the fiscally conservative Kremlin that implies that the Russian system is eroding, a scholar argued. President Vladimir Putin has long boasted that Russia has the lowest public debt among G20 nations, but the Ukraine war has ...
Yen weakens against dollar, rattling JapanYen weakens against dollar, rattling Japan
The yen fell to its weakest level against the US dollar since 1986, raising the prospect of renewed intervention from Japanese authorities. The currency slid as investors turned to the dollar on expectations that the US Federal Reserve could raise interest rates this year; Japan faces other structural pressures like ...
Planned VW layoffs add to Berlin’s woesPlanned VW layoffs add to Berlin’s woes
German politicians vowed Monday to prevent Volkswagen from cutting 100,000 jobs, as Berlin confronts the scale of the country’s industrial woes. The automaker’s reported planned layoffs and factory closures could amount to one of the biggest corporate reductions in history. It shows the “growing desperation” of Germany’s automotive sector, under ...
Burnham vows to ‘rewire’ BritainBurnham vows to ‘rewire’ Britain
The UK’s likely next prime minister pledged to redistribute political clout across the country, setting up a “No. 10 North” in Manchester. In a major policy speech outlining his goals, former Greater Manchester mayor Andy Burnham on Monday promised “the biggest change in our lifetimes to the way the country ...
China racks up advantages from Iran energy crisisChina racks up advantages from Iran energy crisis
China is emerging from the Iran war energy crisis with clear economic and geopolitical advantages, a new report argued. China’s oil stockpiles and deep push into renewables helped shield the country from the worst of the disruptions from the Strait of Hormuz’s closure, unlike several Asian economies, which had to ...