Business
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Why Tesla has been caught up in a massive car recall in China
Hidden car door handles – the sleek designs often found on electric vehicles (EVs) – have come under the spotlight over the past week. That’s after China announced its biggest ever recall of cars, with more than four million vehicles – mostly Teslas – affected. The recall comes ahead of new regulations in China, requiring cars to have a mechanical…
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Xbox boss ‘thinking about affordability’ of next-gen console
Xbox chief executive Asha Sharma says the gaming giant needs to be “thinking about” affordability for its next-generation console, amid a “crisis” in computing prices. In an interview with the BBC, she said rising hardware costs partly driven by AI spending mean firms need to find ways to make gaming affordable. She also revealed gamers will soon be able to…
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Nvidia revenue doubles on continued AI demand
Chip giant Nvidia has reported another huge jump in sales as the global push to build artificial intelligence (AI) systems continues at a rapid pace. The company said on Wednesday that it brought in $96bn (£71bn) of revenue during the second quarter, more than double the amount for the same period a year earlier. And it expects revenue of $108bn…
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Exxon made $160 million per day last quarter as oil prices surged
Big Oil is minting money. ExxonMobil and Chevron, the two biggest US oil companies, reported gangbusters profits on Friday driven by the spike in global oil prices unleashed by the US-Iran war. Exxon raked in $14.5 billion in profit during the second quarter, more than doubling its year-earlier earnings and its highest haul since 2022 during the onset of the…
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‘A million dollars over asking’: AI wealth is fueling housing market frenzy in San Francisco
Just a few years ago, San Francisco was the national symbol for post-pandemic urban decline. Now, fueled by the artificial intelligence boom, the Golden City and its suburbs are quickly becoming the hottest housing market in the country. Flush with cash — and highly valued stock options — tech workers are flooding in to the housing market, bidding up the…
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Canada just announced new tariffs on US goods. Here’s how the growing trade war could hurt Americans
On September 8, Canada is set to enact tariffs ranging from 15% to 50% on over 700 American goods in an effort to match US tariffs dollar for dollar, Canadian officials announced on Tuesday. Notably, Canada is doubling its duties on US steel and aluminum to 50%, in line with the 50% tariffs the US had already imposed on Canadian…
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The US says it’ll crack down on countries doing business with Iran. Who’s buying Iranian oil?
New York — US Treasury Secretary Scott Bessent on Monday vowed an “economic D-Day” for countries that buy oil from Iran. Experts say that means one country in particular: China.Bessent didn’t name China on Monday, but he left little room for doubt. “We find that the best way to engage with countries is through quiet diplomacy, and we are level-setting…
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Musk’s SpaceX to build $100bn launch facility in Louisiana
Multi-billionaire Elon Musk’s rocket company SpaceX has announced that it will build its largest launch site yet in the southern US state of Louisiana. Construction of the $100bn (£73bn) project – named Starbase, Louisiana – is due to start next year, with the 125,000-acre (50,585-hectare) site expanding on the company’s operations beyond its current Texas headquarters and locations in Florida.…
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Firms scramble for battery power in Spain and Portugal
On the 28 April last year, Portugal and Spain went dark for several hours. A massive power failure caused widespread chaos. People dug out lanterns and old radios, and companies scrambled to save what production they could. The Spanish meat processing firm Fribin, in Binéfar, in the north eastern province of Aragon, was midway through its morning shift when the…
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AI gold rush draws crypto firms away from Bitcoin
Companies that once filled warehouses with computers to earn Bitcoin – a process known as mining – are now using that computing power for AI. Bitcoin mining companies invested large sums on giant banks of powerful computers as the price of Bitcoin rocketed in recent years. But those mining companies have faced falling rewards since the value of the cryptocurrency has…
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