Exelon beats second-quarter profit estimates on higher rates
Electric utilities are fielding massive requests for new power capacity as Big Tech scours the country for viable locations for new AI data centers. According to the U.S. Energy Information Administration, domestic power consumption is expected to reach record highs in 2025 and 2026.
The S&P index tracking utilities (.SPLRCU), opens new tab rose 3.5% in the quarter ended June 30.
Exelon reported overall revenue of $5.43 billion for the second quarter, compared with analysts' average estimate of $5.38 billion, according to data compiled by LSEG.
Earnings at its PECO unit, Pennsylvania's largest electric and natural gas energy company, rose about 51% to $136 million, during the reported quarter.
However, earnings at its Commonwealth Edison unit (ComEd), the largest electric utility in Illinois, fell 15.6% to $228 million.
Exelon serves more than 10.5 million customers through six fully-regulated transmission and distribution utilities.
The company reaffirmed its full-year 2025 adjusted profit forecast of $2.64 to $2.74 per share. Analysts were expecting $2.69 per share.
The Chicago-based company posted adjusted operating earnings of 39 cents per share for the April to June period, compared with analysts' estimate of 37 cents.
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The Guardian
27 minutes ago
- The Guardian
Low-wage workers reeling over Trump's looming Snap cuts as food prices rise
Poverty and hunger will rise as a result of the Trump administration's unprecedented cuts to the US federal 'food stamps' program, according to experts. Low-income workers who rely on the aid are braced for dire consequences. Katie Giede, a single mother and waitress in Conyers, Georgia, is one of the 42 million Americans who use the supplemental nutrition assistance program (Snap). Even with the maximum benefit permitted, she struggles to afford food for her and her child. She makes $3 an hour plus tips at the fast-food chain Waffle House, where she has worked for 11 years. The company deducts meals from workers' pay check per shift, regardless of whether they eat one or not. 'Our pay is already so little that we're struggling with everything,' Giede told the Guardian. 'Single mothers like myself are reliant upon the benefits like Snap and Medicaid. So when you go and you cut that as well, now you have mothers out here that are not only worried at night because they already can't afford housing or a vehicle, but we're also worried what is our kid is going to eat? Because we no longer have help.' Giede said she received $450 a month for her and her child. She said working too many hours or receiving too much income was a constant concern, due to eligibility cut-offs. According to an analysis by the Urban Institute, at the end of 2024, even the maximum Snap benefit would not cover the cost of a modestly priced meal in 99% of all counties in the US. 'I dread that trip to the grocery store every week, because you have to sit down and you really have to budget,' said Giede. 'Every time you go, you're having to make the choice between something that's healthy or something that's cheaper, just so you can get enough to last all week. 'There are so many people in this country that rely on these benefits, and with these cuts, half of the people that are surviving right now off of this are going to lose their benefits. That's not even just people not eating a little bit. They're already not eating enough, so we're going to lose lives over this. It's those of us at the bottom that are really feeling it.' Waffle House did not respond to multiple requests for comment. Trump's 'big, beautiful bill' set the stage for significant cuts to Snap by shifting higher administrative costs to each state, expanding work reporting requirements and imposing restrictions on non-citizen eligibility. Many lower-wage workers have grown more reliant on Snap in recent years. US food prices rose by 23.6% between 2020 and 2024, according to official data. While inflation has since moderated, grocery costs remain high. As a result of the latest Snap changes, states will be responsible for 75% of administrative costs of handling the program from 2027, up from 50% cost-sharing with the federal government, which is likely to strain state budgets. From 2028, for the first time states will be forced to pick up some of the multibillion-dollar bill for Snap benefits. The state of New York, for example, faces a budget impact of about $1.2bn, according to the Food Research and Action Center (Frac), a non-profit advocacy group. While such shifting costs have raised fears that states will cut back Snap support, expanded work requirements have sparked concern that few people will be eligible. Analysis by the Urban Institute found about 22.3 million US families are set to lose some or all of their Snap benefits. 'This is a very targeted, well-thought-out plan of dismantling the Snap program that federal policy makers won't take responsibility for, because it is the states, it is the governors who will have to cut resources for Snap, who will have to cut the program in order to say we can't operate this because of what's happening at the federal level,' said Gina Plata-Nino, Snap deputy director at the Frac. 'Snap is a very important ecosystem at the local level, at the state level and the federal level, because billions of dollars go into states, and this federal money supports local economies,' she added. 'All of these proposals threaten this very delicate balance.' The White House deferred comment to the office of management and budget, which did not respond to multiple requests for comment. States across the US are braced for stark consequences. 'We're going to have worse hunger and ultimately, worse poverty,' said Seth DiStefano, policy outreach director at the West Virginia Center on Budget and Policy. 'There are entire regions of West Virginia where there aren't 20 hours a week [expanded Snap work requirement] of anything to apply for. What do you tell those families? 'We're talking families with kids now that are going to be subjected to these harsh work reporting requirements. We're talking folks in their 60s, literally in communities where there are no jobs, none, and ripping away the one outlet to their basic needs that's available to them.' Among the employers with the most workers reliant on Snap is Walmart, the largest private employer in the US, as much of its workforce receives only part-time hours. Christina Gahagan, 66, has worked at Walmart for a decade in western New York at several stores. She is currently based at a store in Geneseo, New York. 'I would say at least 50% of the people in my store rely on food stamps to make ends meet for their families,' said Gahagan. 'They're always trying to figure out where the best deals are, coupon clipping at lunch and reading circulars to see who's got the best deal on whatever, just to make their money stretch.' She has cut down on costly grocery items, eating cheaper junk food to get by. 'I was paying $9 a pound for roast beef. Today it's almost $13 a pound. So I'm not buying full pounds any more. I'm just buying a half a pound and making it work and just eating crap in between, like buying myself some chips out of the vending machine or something,' Gahagan said. 'Walmart is the largest employer in the US. We rival Amazon almost dollar for dollar in what we do. You would think a company like that could shell out a little bit more money per hour for associates in the store across the board, so that there aren't people who are having to depend so heavily on public assistance.' Walmart did not respond to multiple requests for comment.
Geeky Gadgets
28 minutes ago
- Geeky Gadgets
Create a 24/7 Coding Assistant with Claude Code and Tmux
What if you could have a coding assistant that never sleeps, never takes breaks, and seamlessly juggles multiple tasks at once? For developers grappling with complex projects or tight deadlines, this might sound like a dream. Yet, by combining the power of the Claude Code CLI with the versatility of Tmux, that dream becomes a reality. With Tmux acting as the backbone of your system, you can create a 24/7 autonomous coding assistant that not only streamlines workflows but also simulates the efficiency of a collaborative team—all within your terminal. Imagine debugging, testing, and deploying updates without lifting a finger, even during off-hours. This isn't just automation; it's a smarter, more adaptive way to code. Mav IA explains how to transform your development environment into a self-sustaining powerhouse. You'll discover how Tmux enables multitasking like a pro, how terminal scheduling ensures tasks run without manual oversight, and how integrating AI tools like Claude can elevate your coding game. From managing front-end and back-end processes in parallel to automating repetitive tasks, this setup offers a structured yet flexible approach to tackling even the most intricate projects. By the end, you'll see how this system doesn't just save time—it redefines how you approach development itself. It is also worth mentioning that recently Anthropic the creators of Claude AI have changed its rate limits and hence pricing structure. So just be aware that you might have to pay a little extra to run it continually. Autonomous Coding Assistant The Role of Tmux as the Core of Your System Tmux serves as the backbone of this system, offering the ability to manage multiple terminal sessions within a single window. Each session operates independently, allowing you to compartmentalize tasks and maintain focus on specific aspects of your project. For instance: One session can be dedicated to front-end development. Another session can handle back-end processes. A third session can focus on testing and debugging. A key feature of Tmux is its ability to preserve session states. This means you can pause your work and resume exactly where you left off, even after interruptions such as system reboots. This capability is particularly valuable for managing intricate workflows, as it ensures continuity and minimizes downtime. By using Tmux, you can maintain a structured and efficient development environment. Enhancing Efficiency with Terminal Scheduling Terminal scheduling complements Tmux by automating repetitive or time-sensitive tasks. Instead of manually initiating processes, you can schedule tasks to run at specific intervals or trigger them based on predefined conditions. This automation ensures that essential processes are executed consistently, even when you are not actively monitoring them. Consider these practical applications: Running automated tests every hour to identify and address bugs early. Compiling code at regular intervals to maintain build stability. Deploying updates during off-peak hours to minimize disruptions for end users. Additionally, terminal scheduling can be configured to create periodic recovery points, such as saving progress every 15 minutes. This safety mechanism protects your work from unexpected interruptions, making sure that your workflows remain on track and your progress is preserved. Turn Claude Code CLI Into a 24/7 Coding Assistant with Tmux Watch this video on YouTube. Unlock more potential in Claude Code by reading previous articles we have written. Setting Up Your Autonomous Coding Assistant Creating this system involves a straightforward setup process. Begin by cloning the 'T-Max Orchestrator' GitHub repository, which provides the foundational framework for your environment. Once cloned, run the setup scripts to configure the system. Be prepared to address minor errors in the repository to ensure optimal functionality. After the initial setup, define your project requirements in the specification directory. This is where you can outline tasks, assign roles, and establish deadlines. For example: Assign front-end development tasks to a specific team with clear deliverables. Delegate back-end responsibilities to another team with defined objectives. Set timelines to ensure synchronized progress across all components. This structured approach promotes clarity and accountability, even in complex projects. By organizing tasks and responsibilities effectively, you can create a system that operates efficiently and adapts to your specific needs. Customizing and Optimizing Your Configuration To tailor the system to your local environment, you will need to modify configuration files. These files allow you to define parameters such as directory paths, resource allocation, and permissions. One particularly useful option is allowing the 'dangerous skip permissions' parameter, which bypasses manual approval steps and streamlines automation. Another important step is using Git Ingest to simplify repository content. This tool makes it easier for AI systems to access and interact with your codebase. By providing a clean and organized repository, you enhance the ability of AI tools to assist with tasks such as debugging, code generation, and workflow optimization. Integrating AI Tools for Enhanced Development Incorporating AI tools like Claude or ChatGPT into your system can significantly elevate its capabilities. These tools act as virtual team members, providing guidance, generating code snippets, and managing project timelines. When combined with Tmux and terminal scheduling, AI tools create a powerful, autonomous system capable of handling complex tasks with minimal manual intervention. For example: An AI tool can analyze your project specifications and generate boilerplate code tailored to your requirements. The generated code can then be executed in separate Tmux sessions for testing and refinement. AI can identify potential issues, suggest solutions, and even optimize workflows to reduce errors and improve efficiency. This integration fosters a collaborative and efficient development environment, allowing you to tackle challenging projects with greater confidence and precision. Key Benefits of This System Implementing this setup offers numerous advantages: Simulates a collaborative team environment within terminal windows, enhancing productivity. Reduces the need for manual intervention, allowing continuous development cycles. Streamlines task execution through automation and AI integration, saving time and effort. This approach is particularly beneficial for full-stack development, where multiple components must be developed and tested simultaneously. It is equally valuable for other complex projects, such as data analysis or machine learning model training, where efficiency and precision are critical. Building a Smarter Development Workflow By transforming the Claude Code CLI into a 24/7 coding assistant, you can transform your development processes. Using Tmux, terminal scheduling, and AI tools creates an autonomous system that adapts to your needs, manages multiple tasks efficiently, and fosters a collaborative environment. This setup not only boosts productivity but also enables you to handle complex projects with greater ease and effectiveness. With this system in place, you can focus on innovation and problem-solving, confident that your workflows are optimized for success. Media Credit: Mav IA Filed Under: AI, Guides Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
The Independent
28 minutes ago
- The Independent
The Latest: US trade partners around the world react to Trump's new tariffs
U.S. trade partners reacted Friday to President Donald Trump 's executive order that would introduce new tariffs on many of them in seven days, as the global economy and alliances face another test from the president's trade agenda. Trump's order issued Thursday night came after a flurry of tariff-related activity in recent days as the White House announced agreements with various nations and blocs before a deadline set by the president for Aug. 1. Trump ordered a 35% tariff for goods from Canada, effective from Friday, citing a lack of cooperation on illicit drugs. He also said Thursday that he would extend trade negotiations with Mexico for 90 days. Here's the latest: Swiss pharmaceutical Novartis reacts to 39% tariff Swiss pharmaceutical company Novartis said in a statement that it was reviewing U.S. President Donald Trump's executive order that imposes a 39% tariff on Switzerland. 'We remain committed to finding ways to improve access and affordability for patients,' it said. Thailand says 19% rate reflects 'close partnership' with US Thailand's finance minister says the 19% tariff rate imposed by the U.S. 'reflects the strong friendship and close partnership' between the two countries. Thailand's new rate of 19% was reduced from 36%, similar to other rates imposed on Southeast Asian nations, such as Vietnam, Cambodia and the Philippines. Finance Minister Pichai Chunhavajira wrote in a social media post on Friday that it would 'maintain Thailand's competitiveness on the global stage' and opens the 'door to economic growth,' but also acknowledged it would pose problems for some sectors of the economy and said that 'comprehensive support measures have been prepared." Speaking to reporters at a news conference in Bangkok later Friday, Pichai said that the deal will still need more time to be hammered out in details. Pakistan welcomes 19% tariffs under US trade deal Pakistan on Friday welcomed a new tariff arrangement with the United States that sets a 19% duty on Pakistani exports, calling it a positive step that could boost trade and economic growth. The new rate is lower than the 29% tariff initially announced by U.S. President Donald Trump and below the 25% currently imposed on neighboring India. The Finance Ministry said the agreement reflects a 'balanced and forward-looking approach' by U.S. authorities and will help keep Pakistani goods competitive in the American market compared to other South and Southeast Asian countries. The ministry said the revised tariff is expected to benefit key export sectors, particularly textiles, which remain the backbone of Pakistan's export economy. The ministry said that Pakistan will continue to engage closely with Trump and the U.S. administration to promote the shared goals of economic development and mutual prosperity. Norway wants 'zero tariffs' Norwegian Prime Minister Jonas Gahr Støre told newspaper VG that he believes the Scandinavian country should have 'zero tariffs.' Gahr Støre, following the White House's announcement, said Norwegian officials are still in talks with Washington in the hopes of eliminating the duties altogether. Norway got hit with an expected 15% tariff. Switzerland hit with 39% tariff and will try to negotiate The land of luxury watches, pharmaceuticals and secretive financial services was reeling Friday, Switzerland's National Day, upon learning it had been slapped with a 39% tariff, although U.S. President Donald Trump had proposed a 31% rate in April. The Swiss government said officials will continue to seek a negotiated solution. 'The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland's very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,' the government said in a post on X. Trump orders 35% tariff on Canadian goods U.S. President Donald Trump has raised the tariff rate on U.S. imports from Canada to 35% from 25%, effective Friday, citing a lack of cooperation on illicit drugs. The announcement from the White House late Thursday said that Canada had failed 'to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug or human traffickers, criminals at large, and illicit drugs." Trump earlier had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Canada wasn't included in Trump's updated list of tariff rates on other countries announced late Thursday. Those import duties are due to take effect on Aug. 7. Malaysia hails 'significant achievement' in 19% tariff rate Malaysia's Trade Ministry said Friday that the U.S. tariff reduction from 25% to 19% was a 'significant achievement' as the deal was struck without compromising key national interests. 'The 19% rate roughly tracks the rate of other countries in the Southeast Asian region,' the ministry said in a statement. 'Most importantly, Malaysia had stood firm on various 'red line' items, and the 19% tariff rate was achieved without compromising the nation's sovereign right to implement key policies to support the nation's socio-economic stability and growth.' The ministry said that Malaysia's economy remains resilient despite global headwinds, citing strong domestic demand and ongoing structural reforms. The statement didn't give further details, but officials previously said that nontariff barriers such as halal certification, which affects U.S. beef and poultry exports, along with digital trade and government procurement were sticking points. It's unclear what concessions Malaysia made. Cambodia will impose zero tariffs on all American goods Cambodia's deputy prime minister, who led trade talks with the U.S., thanked U.S. President Donald Trump for setting the tariff rate on Cambodian goods at 19% and said the government would impose zero tariffs on all American goods. When Washington originally posted its list of notional 'reciprocal' tariffs, the rate for goods from Cambodia was 49%, one of the highest in the world. It had estimated that Cambodian tariffs on U.S. imports averaged 97%. Deputy Prime Minister Sun Chanthol also said Cambodia would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages. Trump had threatened to not conclude a deal with reduced tariffs if Cambodia and Thailand didn't stop a recent armed conflict over border territory. The two nations agreed on a ceasefire beginning Tuesday that appears to be holding. Cambodia publicly celebrated Trump's peace initiative, suggesting he deserved a Nobel Prize for his intervention. Sun Chanthol said Friday that Cambodia would nominate him for the honor. Australia says 10% rate gives country competitive advantage Australian Trade Minister Don Farrell says gaining the minimum 10% U.S. tariff on exports including beef, lamb, wine and wheat gave Australia a competitive advantage over some competitors. Farrell told reporters Australia did not introduce tariffs on U.S. goods at any point, and added, 'I haven't seen any case or any example where the retaliatory imposition of tariffs has resulted in a country being in a better position." Farrell argues that no U.S. tariffs can be justified because Australia imposes no tariffs on its bilateral free trade partner. The United States has enjoyed a trade surplus with Australia for decades. Australian Prime Minister Anthony Albanese has been criticized for failing to secure a face-to-face meeting with U.S. President Donald Trump to discuss trade. Japan welcomes Trump's signing of executive order Japanese Chief Cabinet Secretary Yoshimasa Hayashi welcomed U.S. President Donald Trump's signing of the executive order setting Japan's new reciprocal tariffs as a step that would reduce uncertainty of the U.S. trade policy and its negative impact on the global economy, including that of Japan. Hayashi, however, said Japan still needs to closely examine the measures and continue urging prompt implementation by the U.S. government to carry out the agreement, including reduction of tariffs on automobiles and auto parts. Hayashi acknowledged that Japan's new tariff rate of 15% is a 'major reduction' from the initially imposed 25%, but his government will continue to watch and mitigate its impact on Japanese exports, including by providing financial assistance for small and medium-sized businesses. New Zealand looks to lobby for lower tariff rates New Zealand officials said they would lobby the administration for a change to the 15% tariff announced for the country's exporters to the U.S. It's an increase from the original 10% baseline announced for New Zealand in April. 'We don't think this is a good thing. We don't think it's warranted,' Trade Minister Todd McClay told Radio New Zealand Friday. He said New Zealand appeared to have been targeted for a larger levy because the country sells more to the U.S. than it imports, but that the gap of about half a billion dollars each year was 'not significant or meaningful.' Neighboring Australia dodged an increase to remain at 10%, but it buys more from the U.S. than it exports, McClay added. The United States in January overtook Australia to become New Zealand's second-largest export partner, behind China. New Zealand exports are largely made up of meat, dairy, wine and agricultural machinery. Taiwan president says final tariff negotiations yet to come Taiwan President Lai Ching-te said Taiwan had yet to engage in final negotiations with the U.S. owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks. The Trump administration hit Taiwan with 32% tariffs, and lowered it to 20% on Thursday. Taiwan was notified on Thursday by the administration of the lower rate. 'Twenty percent from the beginning has not been our goal. We hope that in further negotiations we will get a more beneficial and more reasonable tax rate,' he told reporters in Taipei on Friday. Lai also linked trade talks to security issues, as the U.S. is Taiwan's largest ally even though it does not formally recognize the island. 'We want to strengthen U.S. Taiwan cooperation in national security, tech, and multiple areas,' he said Friday. The U.S. is Taiwan's most important export market and strategic ally, Lai said in an earlier statement Friday morning. Cambodia prime minister thanks Trump for dropping tariff rate Cambodian Prime Minister Hun Manet expressed his thanks to U.S. President Donald Trump for the dropping of tariffs from 36% to 19% and he called the reduction 'good news' for Cambodia. Posted on his social media platform, Hun Manet said Trump hadn't only helped broker a ceasefire between Cambodia and Thailand forces after nearly a weeklong clash, but also assisted Cambodia's economy by lowering tariffs. 'This is good news for the people and economy of Cambodia to continue developing the country,' Hun Manet said. Thailand successfully negotiates lower tariff rates Thailand's government spokesperson Jirayu Houngsub said Thailand says the U.S. agreed to reduce the tariffs rate from 36% to 19%, a rate similar to those imposed on many other Southeast Asian countries such as Vietnam and the Philippines. 'It's one of the major successes of Team Thailand in a win-win approach, to secure the country's export base and economic security in a long run,' he said in a statement. He didn't immediately say what was the latest offer Thailand made to the U.S. The agreement came days after a ceasefire between Thailand and Cambodia to halt the nearly weeklong clashes that killed at least 41 people. It was brokered with U.S. pressure as President Donald Trump said he wouldn't move forward with trade agreements if the conflict continued.
