Tuesday, September 21

PMN Business

BLOOM, energy, PMN Business

Chip Industry Sees Danger of AI in Explosion of Electricity Use

Article content(Bloomberg) — The increasing use of artificial intelligence is going to extract a heavy price in power unless the chip industry steps up and heads that off, according to one of the industry's biggest companies.Data centers are on course to consume 15% of the world's electricity by 2025, according to Applied Materials Inc., the world's largest maker of chip equipment. Those giant warehouses of computers currently suck in about 2%, the company said."AI has the potential to change everything," said Applied Materials Chief Executive Officer Gary Dickerson speaking in a prerecorded remote keynote for the industry's Semicon West conference. "But AI has an Achilles' heel that — unless addressed — will prevent it from reaching its true potential. That Achilles heel is power consu...
PMN Business, REU

Soybeans slide on improved US crop conditions

Article contentCHICAGO — Chicago soybean futures fell on Tuesday, despite renewed exports to China, after the US Agriculture Department issued better-than-expected weekly crop ratings.Corn also eased on better-than-expected crop conditions as traders eye record yield potential this fall. Wheat, meanwhile, rose as a weaker US dollar made the crop more competitive on the world export market.The Chicago Board of Trade's most active soybean contract fell 6-1/2 cents to $8.96-1/2 per bushel by 11:42 am (1642 GMT).CBOT corn was down 5-1/2 cents at $3.22-3/4 a bushel and wheat added 7-1/4 cents to $5.29-1/4 a bushel.In its weekly crop report after markets closed on Monday, the US Department of Agriculture rated 69% of soybeans in good-to-excellent condition, up from 68% last week. Analysts had...
PMN Business, REU

Airlines ask EU, White House to adopt COVID-19 testing program for passengers

Article contentWASHINGTON — Major US and European Union airlines asked the EU and White House on Tuesday to consider a joint US-EU program to test airline passengers for COVID-19 as a way to allow people to travel once again between the United States and Europe.In a letter to US Vice President Mike Pence and Ylva Johansson, the European Commissioner for Home Affairs, the chief executives of American Airlines, United Airlines, Lufthansa and International Airlines Group requested “the safe and swift restoration of air travel between the United States and Europe."Nearly all Europeans are currently barred from traveling to the United States and similar restrictions are in place for Americans seeking to travel to most of the EU because of the coronavirus pandemic."We recognize that testing p...
PMN Business, PMN Economy, REU

Chevron’s $5 bln deal for Noble ends deal drought, sets price benchmark

Article content continuedUS producers spent only $3.4 billion on company and land deals in the first six months of the year, turning away from buying assets as oil prices fell.Bankers and analysts said consolidation is needed to save many smaller players and that more deals will be paid for in stock alone, mirroring a number of buys last year.Noble's $13 billion price tag puts it among the five biggest deals since 2013 and brings with it holdings that include deepwater and natural gas assets, as well as shale plays in the Permian Basin, the top US oilfield."Permian is still one place where buyers in the basin, probably don't have enough, or not in the basin and want to get in," said Vidisha Prasad, managing partner of upstream-focused energy consulting firm Adya Partners.RBC Capital Mar...
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Nissan proposes postponing Barcelona plant closures by six months to June 2021

Article contentBARCELONA — Nissan Motor Co. is proposing to postpone the closure of its three Barcelona plants to June 2021 from December 2020, the head of the carmaker's industrial operations in Spain, Frank Torres, said on Tuesday.However, he said the company would have to stick to its original schedule if negotiations with unions do not advance.The decision to shut its three Barcelona plants and lay off around 3,000 workers was announced in May as part of a turnaround plan, triggering protests by workers and a commitment by Madrid to do all it can to convince the company to stay. (Reporting by Joan Faus; Writing by Nathan Allen; Editing by Mark Potter) business.financialpost.com
PMN Business, PMN Technology, REU

Facebook places disclaimer on Trump’s post on mail-in voting

Article contentFacebook Inc on Tuesday placed a “voting info” disclaimer on US President Donald Trump's post on mail-in voting."Mail-In Voting, unless changed by the courts, will lead to the most CORRUPT ELECTION in our Nation's History! #RIGGEDELECTION," Trump wrote in the post.The disclaimer by Facebook on the post redirects users to details from a US government website on how to vote in the 2020 elections. (Reporting by Munsif Vengattil in Bengaluru; Editing by Devika Syamnath) business.financialpost.com
PMN Business, REU

McDonald’s to reopen over 700 dine-in restaurants in UK, Ireland

Article contentAfter about four months of lockdown restrictions Britons will finally be able to sit down at a McDonald's Corp outlet and order a Big Mac starting Wednesday.The world's largest fast-food chain will open over 700 restaurants for dine-in service in the United Kingdom and Ireland, it said on Tuesday, as business restrictions imposed to combat the COVID-19 pandemic eased.Diners will only have the option for table service, to minimize interaction with takeaway customers and delivery couriers when restaurants open on Wednesday, the company added.England allowed pubs, hair salons and restaurants to open earlier this month, as it looked to resume normal life. The coronavirus has infected nearly 326,000 people in the UK and killed over 45,300.None of the reopenings would take plac...
PMN Business, PMN Economy, REU

Wells Fargo appoints CFO as part of leadership shakeup

Article contentWells Fargo & Co said on Tuesday Mike Santomassimo will replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm.Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. Santomassimo most recently served as Scharf's CFO at Bank of New York Mellon and previously led the finance teams for various business lines at JPMorgan Chase & Co.Shrewsberry, who told Scharf he was considering retirement when he joined the company, will stay on to ensure a smooth transition, the company said. Shrewsberry was named CFO in 2014 after running Wells Fargo Securities and Wells Fargo's commercial capital division....