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US Postal Service seeks to save $30 billion over 10 years with delivery, other changes

WASHINGTON (Reuters) – The U.S. Postal Service said on Thursday it is aiming to implement changes that it estimates will save the agency roughly $30 billion over the next decade. Proposed changes include the adjustment of pick-up and drop-off times and faster delivery of some classes of mail – all of which will be discussed at a virtual conference, the Postal Service said. The conference will be held next month to seek feedback from stakeholders, … Read more…

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Ross Stores lifts profit view, Q2 results beat estimates on steady demand

(Reuters) – Ross Stores on Thursday raised its fiscal 2024 profit forecast and posted second-quarter results above Wall Street estimates, benefiting from demand for its discounted apparel and easing freight costs. Its shares rose nearly 6% to $162 in extended trading, after the company also beat second-quarter estimates. Its results align with trends at off-price peer TJX Cos and larger retailers Walmart and Target, which have shown that consumers across income categories are searching for … Read more…

Zoom raises annual revenue forecast on strong demand for its AI-powered products

(Reuters) -Zoom Video Communications raised its annual revenue forecast on Wednesday, driven by strong demand for its AI-powered collaboration tools deployed in hybrid work models, sending its shares up 4% in extended trading. The video-conferencing provider has been doubling down on efforts to integrate artificial intelligence into its products and expand its range of services and leverage the growing trend of hybrid work. The company has launched Zoom Workplace as a collaboration platform, which contains … Read more…

Microsoft cuts first-quarter forecast for intelligent cloud revenue

(Reuters) -Microsoft on Wednesday cut its first-quarter intelligent cloud forecast, the technology giant said in an investor presentation. The company reported slowing growth in its cloud business in July even after the tech giant spent billions of dollars in artificial intelligence to upgrade its products and services. The company said cloud and AI-related capital spending would take up nearly all of its expenditures. Microsoft said cloud growth would accelerate in the second half of fiscal … Read more…

Wall Street muted as investors look to Fed to confirm rate cuts

By Lawrence Delevingne and Huw Jones (Reuters) -Global shares idled on Wednesday after a lengthy rebound propelled them towards recent record highs, and as investors awaited confirmation that the U.S. Federal Reserve would cut interest rates as expected. Fed officials last month were strongly leaning toward an interest-rate cut at their September policy meeting, according to the minutes of the July 30-31 gathering. Fed Chair Jerome Powell is expected to further cement the view that … Read more…

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S&P 500 to end 2024 near current level, suggests AI rally fizzling out

By Noel Randewich (Reuters) – The S&P 500 will trade near current record levels at year-end, according to a Reuters poll of market strategists that suggests the AI rally is losing steam as investors wait for a widely-expected U.S. central bank interest rate cut next month. The benchmark S&P 500 will end 2024 at 5,600 points, according to the median forecast of 41 equity strategists, analysts, brokers and portfolio managers collected Aug. 8-20. The index … Read more…

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Biden approved secret nuclear strategy focusing on Chinese threat, New York Times reports

WASHINGTON (Reuters) – U.S. President Joe Biden approved in March a highly classified nuclear strategic plan that for the first time reorients Washington’s deterrent strategy on China’s expansion of its nuclear arsenal, the New York Times reported on Tuesday. The White House never announced that Biden had approved the revised strategy, titled the “Nuclear Employment Guidance,” the newspaper reported. An unclassified notification to Congress of the revision is expected to be sent before Biden leaves … Read more…

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RFK Jr said to weigh dropping US presidential bid to join up with Trump

(Reuters) – Independent U.S. presidential candidate Robert F. Kennedy Jr. is considering ending his campaign to join forces with Republican rival Donald Trump, Kennedy’s running mate said in an interview posted online on Tuesday. The vice presidential candidate, Nicole Shanahan, said that as independents she and Kennedy ran the risk of drawing support from would-be Trump voters and clearing the way for Democrats Kamala Harris and Tim Walz to win the November election. “Or we … Read more…

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Energix signs long-term solar power deal with Google

(Reuters) – Energix Renewables said on Tuesday it has signed a long term agreement with Alphabet’s Google to supply electricity and renewable energy credits generated from its solar projects to the tech giant. To power their rapidly expanding AI data centers, major technology firms like Google are increasingly negotiating electricity supply agreements with energy providers. Energix will initially supply 1.5 gigawatt peak of solar project development until 2030, with an option to further expand the … Read more…

Biden launches citizenship program for immigrant spouses of US citizens

By Jorge Garcia and Ted Hesson LOS ANGELES (Reuters) – Miguel Aleman, a 39-year-old who was brought to the United States from Mexico at age 4, is among hundreds of thousands of immigrants hoping to find a path to citizenship through a new Biden administration program set to launch on Monday. The program is one of the biggest moves by Democratic President Joe Biden to provide legal status to long-term U.S. residents who entered illegally. … Read more…

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