The Trump administration has rescinded $500 million in federal funding for Colorado's energy and climate projects, impacting universities, private companies, and government offices. The Department of Energy cited economic viability and national energy needs as reasons, but Democrats allege political motivation amid the government shutdown. Projects ranged from battery recycling...
Naveen Rao, former Databricks AI head, is reportedly in talks to raise $1 billion for his new startup, Unconventional, Inc. The company aims to build a new type of computer, potentially challenging Nvidia. Andreessen Horowitz is expected to lead the investment, with Lightspeed and Lux Capital also participating. Rao, who...
California Governor Gavin Newsom has signed a new law allowing over 800,000 ride-hailing drivers to unionize and bargain for better wages and benefits. This landmark legislation represents a significant compromise between labor unions and tech companies like Uber and Lyft. The law permits drivers to organize as independent contractors and...
A fire at Chevron's El Segundo oil refinery is expected to immediately increase Southern California gas prices. The explosion damaged a jet fuel unit, but the extent of disruption to fuel production remains uncertain. With already tight supplies and other refineries facing closures, experts warn of a potential significant price...
Cracker Barrel has terminated its contract with design firm Prophet after a disastrous brand refresh. The company's new logo, which removed iconic elements, and modernized restaurant interiors faced significant public backlash, including from President Trump, leading to stock drops and declining customer visits. Cracker Barrel has reverted to its old...
Asahi beer production in Japan is facing significant disruption due to a cyberattack, reportedly ransomware. The beverage maker's systems are offline, halting order processing, shipments, and call center operations. While manual order processing has begun, large-scale operations remain suspended. The company is investigating potential data breaches. Retailers warn of nationwide...
Hitachi shares surged over 9% following a partnership announcement with OpenAI for global AI infrastructure. In Japan, the Nikkei 225 and Topix saw gains despite a rise in the unemployment rate to 2.6%. Services PMI improved, but manufacturing output declined. Major Asian markets showed mixed results or were closed. U.S....
Berkshire Hathaway, led by Warren Buffett, is set to acquire Occidental Petroleum's chemical division, OxyChem, for $9.7 billion. This marks Buffett's largest acquisition in three years and will see $6.5 billion used to reduce Occidental's significant debt. OxyChem produces essential chemicals for various industries, including healthcare and manufacturing. Occidental's CEO...
Ashok Elluswamy, a key figure at Tesla, has been instrumental in the company's shift to camera-only self-driving technology and its advancements in AI software. Elluswamy, known for his hands-on approach and risk tolerance, has navigated Elon Musk's ambitious vision and tight deadlines, overseeing the rollout of Full Self-Driving and leading...
Wall Street trading showed mixed results early Thursday, with tech stocks rising on a significant partnership between South Korean firms Samsung and SK Hynix with OpenAI for memory chip supply. Despite a U.S. government shutdown impacting economic data releases, markets are demonstrating resilience, with global equities also seeing gains. Notably,...
