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ECB to cut rates again as trade wars, defence cloud the outlook

By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) – The European Central Bank is set to cut interest rates again on Thursday in what is likely to be its last easy decision for a while as trade wars and rearmament drive the continent’s biggest economic policy upheaval in decades. With the outlook shifting at a faster pace than economic models can match and its policymakers increasingly split about the need for more support, the focus … Read more…

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Silicon Valley Bank’s former parent sues to reclaim tarnished brand

By Jonathan Stempel (Reuters) – The North Carolina lender that bought much of Silicon Valley Bank following its March 2023 seizure was sued for trademark infringement on Wednesday by the collapsed bank’s former parent. SVB Financial Trust said First Citizens BancShares never acquired or got permission to use the Silicon Valley Bank name, chevron logo, svb.com domain name and “Make Next Happen Now” slogan when it bought many of the bank’s assets at a discount, … Read more…

Tesla to build new megafactory in Texas, Electrek reports

(Reuters) – Tesla is going to build a new megafactory near Houston to operate a battery storage facility, Electrek reported on Wednesday, citing a tax abatement agreement with Waller County in Texas. The electric vehicle company is going to build and manage its Megapack energy products in over a 1-million-square-foot building near Katy, Texas, according to the report. Under the tax agreement, the company will receive abatements from the county based on property upgrades, including … Read more…

Exclusive-Dealmaker Michael Grimes expected to lead new US sovereign wealth fund, sources say

By Milana Vinn and Alexandra Alper NEW YORK/WASHINGTON (Reuters) -Star technology investment banker Michael Grimes, who left Morgan Stanley to take up a senior role in the U.S. Commerce Department last month, is expected to lead the new U.S. sovereign wealth fund that was unveiled by President Donald Trump, two people familiar with the matter said. The discussions about Grimes leading the efforts to create and spearhead the sovereign wealth fund are ongoing and plans … Read more…

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Apple launches new MacBook Air models with latest M4 chip, cuts price

(Reuters) -Apple on Wednesday unveiled new MacBook Air models with latest M4 chip and artificial-intelligence features at a price $100 lower than the previous generation, as the company looks to spur sales and persuade customers to upgrade their devices. The base version of the new series of laptops with the 13-inch screen will be priced at $999, while the 15-inch MacBook Air will start at $1,199. Pre-orders will begin on Wednesday and the devices will … Read more…

Starlink has no plans to take over any FAA telecom contract

(Reuters) – Elon Musk’s satellite company SpaceX said Wednesday its Starlink unit has no intent to take over any Federal Communications Commission telecommunications contract, rejecting media reports. “Starlink is a possible partial fix to an aging system. There is no effort or intent for Starlink to ‘take over’ any existing contract,” SpaceX wrote on X. “SpaceX is working with L3Harris and the FAA to identify instances where Starlink could serve as a long-term infrastructure upgrade … Read more…

What the Trump tariffs could mean for America’s beloved pickup truck

By Nora Eckert, Kalea Hall and David Shepardson DETROIT (Reuters) – U.S. President Donald Trump’s 25% tariffs on Canada and Mexico have sent the U.S. auto industry scrambling to plan for the massive tax on some of America’s best-selling vehicles, including full-sized pickup trucks, while pinning their hopes on a potential deal in Washington. Hours after the tariffs went into effect, the White House threw the industry a lifeline, saying many North American-built vehicles would … Read more…

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Trudeau tells Trump that tariffs are ‘very dumb,’ says Canada striking back

By David Ljunggren and Promit Mukherjee OTTAWA (Reuters) – Prime Minister Justin Trudeau told U.S. President Donald Trump on Tuesday that his tariffs on Canadian imports were “a very dumb thing to do” and said Ottawa was striking back immediately at its closest ally. Trudeau, speaking hours after Trump launched a trade war against Mexico and Canada, announced immediate 25% tariffs on C$30 billion worth of U.S. imports. If need be, Canada will target another … Read more…

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Explainer-What is Elon Musk’s DOGE? How much money has it saved US taxpayers?

By Tim Reid WASHINGTON (Reuters) – U.S. President Donald Trump is expected to boast about his sweeping cuts to the federal bureaucracy during an address to a joint session of Congress on Tuesday night, with praise for tech billionaire Elon Musk’s so-called Department of Government Efficiency (DOGE). Trump has given Musk and his DOGE team extraordinary power. In just six weeks entire government agencies have been dismantled and tens of thousands of workers fired. Critics, … Read more…

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Amazon’s AWS forms new group focused on agentic AI

By Greg Bensinger (Reuters) -Amazon.com has formed a new group focused on agentic artificial intelligence to help users and customers automate more of their lives, according to an internal email viewed by Reuters on Tuesday. The new group will be led by AWS executive Swami Sivasubramanian, the email, from AWS CEO Matt Garman, said. “Agentic AI has the potential to be the next multi-billion business for AWS,” Garman wrote. Sivasubramanian, previously vice president of AI … Read more…