(Bloomberg Law) — Uber Technologies Inc. and Lyft Inc. can keep classifying California drivers as independent contractors, after the state’s top court said a company-backed law passed by voters doesn’t wrongly curtail the legislature’s power over worker protections. Most Read from Bloomberg The unanimous ruling upholding California’s Proposition 22 was released Thursday. The favorable ruling […]
(Bloomberg) — ServiceNow Inc. jumped the most in almost 21 months after reporting better-than-expected quarterly sales and bookings that signaled strong customer demand for its broad suite of software tools. Most Read from Bloomberg Second-quarter subscription sales, which account for the bulk of the company’s revenue, increased 23% to $2.54 billion, ServiceNow said Wednesday in […]
(Bloomberg) — Wall Street traders betting the Federal Reserve will be able to engineer a soft landing spurred a rally in riskier corners of the market, with stocks rebounding after a selloff that jolted markets around the globe. Most Read from Bloomberg Economically sensitive shares such as financial and industrial companies led gains on Thursday. […]
What happens when heavy AI spending meets slowing ad growth? The market answered with unforgiving sentiment, sending shares of Google’s (GOOG, GOOGL) parent company Alphabet down 7% since its earnings report Tuesday as the resources being poured into AI infrastructure became a reason to pull back alongside perceived weakness in the core business. The market’s […]
By Max A. Cherney AUSTIN, Texas (Reuters) – Inside Amazon.com’s chip lab in Austin, Texas, half a dozen engineers on a Friday afternoon put a closely guarded new server design through its paces. The server was packed with Amazon’s artificial intelligence chips that compete with those from market leader Nvidia, Amazon executive Rami Sinno said […]
(Bloomberg) — Google DeepMind, Alphabet Inc.’s artificial intelligence research division, said it has made strides in solving complex math problems, an area that remains challenging for today’s AI programs. Most Read from Bloomberg On Thursday, Google rolled out AlphaProof, which specializes in math reasoning, and AlphaGeometry 2, an updated version of a model focused on […]
By Erwin Seba HOUSTON (Reuters) – U.S. refiner Valero Energy Corp plans to operate its 14 refineries up to 92% of their combined 3.2 million barrel-per-day (bpd) total throughput capacity in the third quarter of 2024, according to plans announced by Homer Bhullar, vice president of investor relations. The San Antonio-based company, which is the […]
(Bloomberg) — Stock futures rebounded after a better-than-estimated economic report helped ease fears the Federal Reserve would need to rush to cut rates to prevent a recession. Most Read from Bloomberg S&P 500 contracts were little changed after the US equity benchmark’s worst rout since December 2022. Treasuries trimmed an earlier rally. Gross domestic product […]
By Andres Gonzalez and Yousef Saba LONDON/DUBAI (Reuters) – As Abu Dhabi’s ADNOC sets its sights on an 11.7 billion euro ($12.74 billion) takeover of German chemical maker Covestro in what would be the largest European acquisition by a Middle Eastern buyer in at least 16 years, it marks a recent upswing in dealmaking between […]
(Reuters) – Power company PG&E Corp beat second-quarter profit estimates on Thursday, helped by higher service rates. The company has benefited from increased electricity rates after the California Public Utilities Commission (CPUC) last year approved PG&E’s infrastructure plan that led to higher customer bills. Revenue at the company’s electric segment rose 15.7% from a year […]
(Reuters) – Refiner Valero Energy posted lower second-quarter profit on Thursday, hurt by a slump in margins due to a tepid summer driving season and a rise in global refining capacity. Refiners ramped up their processing capacity to 93.5% in the second quarter, compared to 91% in the prior-year period, on hopes of an uptick […]
By Sourasis Bose (Reuters) -Refiner Valero Energy reported lower second-quarter profit on Thursday, but managed to beat earnings estimates as strong processing volumes offset a slump in margins. The company’s total throughput volumes, or amount of crude processed, averaged 3.01 million barrels per day, compared with 2.97 million bpd a year earlier. Wall Street had […]
