Author: Daniel snow

Euro zone inflation edges higher, hitting ECB’s 2% target in June

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Euro zone inflation rose slightly to 2% in June, according to flash data from statistics agency Eurostat, meaning consumer prices in the single currency area are now in line with the European Central Bank’s target of 2%.Economists polled by Reuters had expected the reading to come in at 2% in the twelve months to June. Euro zone inflation had fallen by more than expected to 1.9% in May.Core inflation, which excludes energy, food, tobacco and alcohol prices, was unchanged at 2.3% in June.The closely watched services inflation print picked up to 3.3% in June, after cooling significantly in May to 3.2%,…

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Elon Musk’s xAI raises $10 billion in debt and equity

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Elon Musk announced his new company xAI, which he says has the goal to understand the true nature of the universe.Jaap Arriens | Nurphoto | Getty ImagesXAI, the artificial intelligence startup run by Elon Musk, raised a combined $10 billion in debt and equity, Morgan Stanley said.Half of that sum was clinched through secured notes and term loans, while a separate $5 billion was secured through strategic equity investment, the bank said on Monday.The funding gives xAI more firepower to build out infrastructure and develop its Grok AI chatbot as it looks to compete with bitter rival OpenAI, as well…

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Huawei open-sources more AI models, grows into Chinese AI juggernaut

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In recent years, the company has transformed from a competent private sector telecommunications firm into a “muscular technology juggernaut straddling the entire AI hardware and software stack,” said Paul Triolo, partner and senior vice president for China at advisory firm DGA-Albright Stonebridge Group.Ramon Costa | SOPA Images | Lightrocket | Getty ImagesHuawei has open-sourced two of its artificial intelligence models — a move tech experts say will help the U.S.-blacklisted firm continue to build its AI ecosystem and expand overseas. The Chinese tech giant announced on Monday the open-sourcing of the AI models under its Pangu series, as well as some…

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European Central Bank chief economist says tightening cycle ‘done’

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The European Central Bank’s latest period of monetary policy interventions to bring inflation in check is “done,” the institution’s chief economist Philip Lane told CNBC on Tuesday.”We do think the last cycle is done, bringing inflation down from the peak of 10[%], back to 2%, that element is over, but on a forward-looking basis we do need to stand ready to make sure that any deviation we see does not become embedded, does not change the medium-term picture,” Lane said in an interview with CNBC’s Annette Weisbach at the ECB’s annual forum in Sintra, Portugal.The ECB needs to remain data-dependent…

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Banks say it’s good for U.S. economy

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The U.S. Capitol in Washington, D.C.Bloomberg | Bloomberg | Getty ImagesU.S. President Donald Trump’s “big, beautiful bill” — or officially, the One Big Beautiful Bill Act (OBBBA) — is a controversial piece of legislation, but some banks are in favor of it, saying it’s the shot in the arm the economy needs.It was advanced in a narrow 51-49 vote in the U.S. Senate late Saturday, moving the large spending measure closer to the president’s desk.The bill, which is characterized by sweeping tax reforms and targeted incentives and is forecast to add to the federal deficit, has triggered warnings from credit agencies…

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