Business

Brad Lightcap Leaves OpenAI for New Venture Amid Executive Shakeup

OpenAI COO Brad Lightcap is departing to start his own company, extending a wave of senior executive exits at the AI lab.

Alpha Compute to Buy Pennsylvania Land for $55 Million Data Center Campus

Alpha Compute plans to acquire land and gas rights in Pennsylvania for a $55 million data center campus powered by on-site natural gas.

Sea Limited Shares Surge 9% as Revenue Climbs 48% and Shopee Outlook Strengthens

Sea Limited shares rose about 9% after quarterly revenue climbed 48% and the company delivered a stronger outlook for its Shopee e-commerce business.

US Existing Home Sales Fall 1.7% in July as Record Prices Deter Buyers

US existing home sales dropped 1.7% in July as record prices and the highest mortgage rates in a year kept many prospective buyers out of the market.

Barclays Downgrades Gap and Under Armour in U.S. Apparel Retailer Reshuffle

Barclays cut its ratings on Gap and Under Armour in a reshuffle of U.S. apparel retailers, citing limited upside amid uneven consumer demand.

Amazon AWS Increases Cloud Credits for Startups Amid Growing AI Competition

Amazon's AWS is doubling the value of cloud credits offered to some startups, aiming to bolster its position amid rising competition from Microsoft in...

Hong Kong’s Hydrogen Economy: Progress and Challenges in Transitioning to Zero Emissions

Hong Kong is making strides in developing a hydrogen economy, aiming to transition to zero emissions. In West Kowloon, the city’s first hydrogen-refuelling station...

U.S. Inflation Stagnates in May, Raising Prospects for Fed Rate Cuts

In May, U.S. monthly inflation remained unchanged as a slight rise in service costs was counterbalanced by the most significant drop in goods prices...

NASA and Boeing Extend Starliner’s First Crewed Flight for Additional Testing

NASA and Boeing announced an extension of the Starliner capsule's first crewed flight, delaying its return to Earth to conduct additional testing. The Starliner...

Nike Faces Uncertain Future as CEO John Donahoe’s Leadership Questioned

Nike's CEO, John Donahoe, is under increasing scrutiny after the company reported disappointing fiscal results, leading to a sharp decline in its stock price....

Pfizer’s Strategic Turnaround Amid Employee Uncertainty and Market Optimism

Pfizer experienced a remarkable first quarter, earning praise from Wall Street and CEO Albert Bourla during a companywide town hall. This came after a...

Global Stocks Soar in First Half of 2024 Amid AI Boom and Economic Optimism

Global stocks were poised to finish the first half of 2024 strongly, with investors eyeing crucial U.S. inflation data for indications on the timing...

Japan Appoints New FX Diplomat as Yen Hits 38-Year Low

Japan appointed Atsushi Mimura as its new top foreign exchange diplomat on Friday as the yen hit a 38-year low against the dollar. This...

U.S. Stock Market Faces Uncertainties in Second Half of 2024

As U.S. stocks conclude a strong first half of 2024, investors are speculating about the impact of political uncertainty, potential Federal Reserve policy shifts,...

Saudi Arabia May Cut Oil Prices for Asia Again in August Amid Market Pressures

Top oil exporter Saudi Arabia is considering a second consecutive month of price cuts for the crude grades it sells to Asia in August,...

Commodity Markets Could Face Disruption with Potential Trump Presidency, Says HSBC Economist

Commodity markets may experience greater fragmentation and supply disruptions if former U.S. president Donald Trump wins the November 5 election, according to HSBC economist...

NASA Awards SpaceX $843 Million Contract to Guide ISS Deorbit by 2030

NASA announced on Wednesday that SpaceX will develop a spacecraft to guide the International Space Station (ISS) to its controlled destruction later this decade....

JPMorgan Disputes Federal Reserve’s Stress Test Income Projections

JPMorgan Chase announced late Wednesday that the Federal Reserve overestimated a critical income measure in the bank’s recent stress test, indicating that its actual...

Home Prices Show Signs of Cooling Amid Stagnant Spring Market

Home prices are showing signs of cooling, though they remain higher than a year ago. Several new reports indicate that price gains are shrinking,...

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