US defense department awards contracts to Google, Musk's xAI
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Mint
6 minutes ago
- Mint
State Street second-quarter profit falls as employee expenses weigh
July 15 (Reuters) - Custodian bank State Street reported a 3.8% fall in second-quarter profit on Tuesday, as higher employee compensation expenses offset fees earned from managing client assets. State Street's expenses rose 11.5% to $2.53 billion in the second quarter, as it paid $1.28 billion for employee compensation and benefits, up nearly 16.5% from the year-ago period. Shares of the company fell 3.3% in premarket trading. After nearing bear market territory in early April, major U.S. stock indices ended June on record highs, buoyed by strong employment data, healthy consumer spending, and a softening of U.S. President Donald Trump's global trade war. The bank's assets under custody and administration rose 10.6% to $49 trillion in the three months ended June 30 from a year earlier, driven by higher market levels and flows. Its total fee revenue, most of which it earns as a percentage of assets, climbed 10.7% to $2.72 billion in the quarter. State Street reported a profit of $630 million, down from $655 million a year ago. Market volatility from tariffs also saw investors fleeing the dollar. State Street's foreign exchange trading services revenue jumped 28% to $431 million in the quarter, as the greenback recorded its worst first half of the year since 1973. The results come amid reports of consolidation in the sector. Last month, peer Northern Trust said it was "committed to remaining independent" in response to media reports of merger talks with BNY, the largest U.S. custodian bank. Analysts have said a merger could set the stage for greater dealmaking across trust and custodian banks, which have seen heightened interest from crypto companies. Stablecoin giant Circle last month applied for a national trust bank charter. State Street's shares had jumped over 12% this year as of last close, eclipsing a 6.6% rise in the benchmark S&P 500 index . (Reporting by Ateev Bhandari in Bengaluru; Editing by Maju Samuel)
Hindustan Times
7 minutes ago
- Hindustan Times
US consumer inflation rises to 2.7% in June amid concerns over Trump's tariffs
US consumer inflation accelerated in line with analyst expectations last month, government data showed Tuesday, as policymakers try to gauge how President Donald Trump's ever-growing list of tariffs is affecting the economy. While Trump imposed a 10 percent tariff on almost all trading partners in April and separately slapped steeper duties on imports of steel, aluminum and autos, US officials have pushed back against warnings that these could spark price increases.(Bloomberg) The consumer price index (CPI) was up 2.7 percent from a year ago in June, rising from the 2.4 percent figure in May as energy costs rose, said the Department of Labor. Other areas that saw cost increases included household furnishings and apparel -- both segments that experts are eyeing for signs of cost hikes after Trump's sweeping tariffs this year. While Trump imposed a 10 percent tariff on almost all trading partners in April and separately slapped steeper duties on imports of steel, aluminum and autos, US officials have pushed back against warnings that these could spark price increases. Economists caution that tariff hikes could fuel inflation and weigh on economic growth, but US Treasury Secretary Scott Bessent has labeled such expectations "tariff derangement syndrome." CPI rose 0.3 percent in June from the previous month, an uptick from the 0.1 percent increase in May as well. Excluding the volatile food and energy segments, CPI climbed 0.2 percent on-month, picking up from May too. Compared with a year ago, "core" CPI was up 2.9 percent in June. Even if headline inflation figures show no "meaningful" surge because of tariffs alone, Nationwide economist Oren Klachkin warned it may be too soon to see their full impact just yet. Businesses have been trying to hold off consumer price hikes through a range of actions, from eating into their own margins to trying to share costs with their suppliers, he said. But it remains to be seen how long they can do this. There could be a bigger impact over the summer, Klachkin added. For now, he is looking "under the surface" at components most exposed to Trump's tariffs, such as furnishings, recreational goods and cellphones, to discern their effects. Besides steep tariffs that have already taken effect, Trump has also threatened even higher levels on dozens of key trading partners including the European Union, India, Japan and South Korea if they do not strike deals to avert these elevated levels. He has also opened doors to further levies on sector-specific imports ranging from semiconductors to pharmaceuticals, injecting more uncertainty in the global economy and worries of supply chain snags.
Time of India
12 minutes ago
- Time of India
Elon Musk's Grok AI now has anime companion characters
. Elon Musk's AI chatbot Grok has introduced animated companion characters for paid subscribers, marking a significant pivot following last week's antisemitic content controversy . The feature, available to "Super Grok" subscribers paying $30 monthly, includes two AI personalities: Ani, an anime-styled woman described as a "digital waifu," and Rudy, a sarcastic red panda character. Both companions feature NSFW modes, with Ani appearing in revealing outfits, while Rudy is characterized as having a "smart mouth" and rude personality. The companions have their own X social media accounts, with Ani's bio stating she's "smooth, a little unpredictable" and might "dance, tease, or just watch you figure me out." Safety concerns mount Over Grok's AI companions The launch raises significant safety questions given recent controversies surrounding AI companions. currently faces multiple lawsuits from parents whose children were allegedly encouraged by chatbots to engage in self-harm or violence against family members. Research has identified "significant risks" in people using AI chatbots as emotional support systems, companions, or therapeutic tools. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The timing appears particularly problematic given xAI's recent struggles with content moderation. Just last week, Grok generated antisemitic content and reportedly called itself "MechaHitler," which the company attributed to "an update to a code path upstream of the @grok bot." Additional companions are reportedly in development, including a male anime character named "Chad" listed as "coming soon." While currently requiring manual activation in settings, Musk indicated the feature would become easier to access within days, describing the current version as a "soft launch." AI Masterclass for Students. Upskill Young Ones Today!– Join Now
