Business

Alibaba quarterly profit drops 75% as AI investment spending grows

Thursday, August 20 by SRN News

HONG KONG (AP) - China's technology giant Alibaba on Thursday reported a 75% drop in profit for the latest quarter as it invested big in artificial intelligence infrastructure, even as revenue coming from its AI-related services gained 45%. The Hong Kong- and U.S.-listed company, which... Read More.

China exports to US rise of rare earth critical to aerospace sector

Thursday, August 20 by SRN News

By Solomon Cefai SINGAPORE, Aug 20 (Reuters) - Chinese exports of rare earth yttrium to the U.S. rose in July, Chinese customs data showed on Thursday, possibly giving some reprieve to U.S. aerospace buyers who depend on the material for critical aviation applications. China, the main... Read More.

Chinese e-commerce giant JD.com offers EU remedies in Ceconomy takeover probe

Thursday, August 20 by SRN News

Aug 20 (Reuters) - Chinese e-commerce giant JD.com has offered remedies in the European Union's probe of its $2.5 billion bid for German electronics retailer Ceconomy, according to an EU regulatory filing. • The filing did not specify the remedies offered. • The European ... Read More.

Wall St opens lower as bond yields climb

Thursday, August 20 by SRN News

Aug 20 (Reuters) - The main U.S. indexes opened lower on Thursday as a rebound in government bond yields hurt sentiment, while retail bellwether Walmart's rare sales miss disappointed investors. The Dow Jones Industrial Average fell 81.8 points, or 0.15%, at the open to 53381.22.... Read More.

US agency under scrutiny after watchdog warns of forced labor in Dominican Republic

Thursday, August 20 by SRN News

SAN JUAN, Puerto Rico (AP) - U.S. Customs and Border Protection faced scrutiny Thursday after a watchdog group warned that forced labor persists on sugarcane fields in the Dominican Republic, which exports large amounts of sugar and other products to the U.S. In 2022, the... Read More.

Micron unveils $10 billion AI memory research lab in Boise

Thursday, August 20 by SRN News

Aug 20 (Reuters) - Micron Technology said on Thursday it plans to spend $10 billion on its newly established research lab at Boise, Idaho, over the next decade to advance memory technologies, develop compute systems and support future chip manufacturing. Large memory chipmakers such as... Read More.

Meta defends its child safety efforts but critics say the social media giant falls short

Thursday, August 20 by SRN News

CHICAGO (AP) - Meta insists it has a long history of protecting its youngest customers as it defends itself against a swath of lawsuits alleging its social media empire harms children. In the latest such instance, the social media giant is fighting allegations in a... Read More.

Somalia faces another hunger crisis and the UN food agency head says it has far less funds to help

Thursday, August 20 by SRN News

MOGADISHU, Somalia (AP) - Six million people in Somalia are facing acute food insecurity while the World Food Program has only a tenth of the resources it had in 2022 when it helped avert famine in the drought- and conflict-stricken East African nation, the... Read More.

Fed’s Daly tells Bloomberg: focused on mandates amid Treasury actions

Thursday, August 20 by SRN News

Aug 20 (Reuters) - Federal Reserve Bank of San Francisco President Mary Daly said on Thursday she's not ready to judge how the Treasury Department's moves to manage debt issuance will affect the central bank's work, as she flagged the importance of getting inflation... Read More.

The US and others turn to Brazil for rare earths, raising environmental concerns

Thursday, August 20 by SRN News

SAO PAULO (AP) - In the global race to secure rare earths that are key for everything from mobile phones to green technologies, Brazil is emerging as an alternative to China's dominance, particularly for the United States and Australia, according to an analysis of... Read More.

Current Weather

Alibaba quarterly profit drops 75% as AI investment spending grows

China exports to US rise of rare earth critical to aerospace sector

Chinese e-commerce giant JD.com offers EU remedies in Ceconomy takeover probe

Wall St opens lower as bond yields climb

US agency under scrutiny after watchdog warns of forced labor in Dominican Republic

Micron unveils $10 billion AI memory research lab in Boise

Somalia faces another hunger crisis and the UN food agency head says it has far less funds to help

Fed’s Daly tells Bloomberg: focused on mandates amid Treasury actions

The US and others turn to Brazil for rare earths, raising environmental concerns

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