Russia-backed Indian refiner Nayara takes Microsoft to court over outage
"Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licenses," the refiner said in a statement.
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Reuters
16 minutes ago
- Reuters
Obesity drugmaker Novo Nordisk picks Maziar Mike Doustdar as new CEO
COPENHAGEN, July 29 (Reuters) - Novo Nordisk named Maziar Mike Doustdar as its new chief executive on Tuesday, relying on an experienced company insider to revive sales and a share price hit by worries the Wegovy maker is falling behind in the weight-loss drug race it started. The appointment comes after the abrupt removal in May of CEO Lars Fruergaard Jorgensen by Novo ( opens new tab and the Novo Nordisk Foundation - the Danish company's controlling shareholder, and follows a growth warning earlier on Tuesday. Doustdar, who joined Novo in 1992, currently serves as vice president for international operations, a role he took after leading the company's businesses first in the Middle East and then in Southeast Asia, Novo said. The new chief executive's most urgent challenge, according to investors and analysts, is to revive Novo's performance in the United States, the largest market by far for weight-loss drugs and where they are most profitable. Novo launched its weight-loss drug Wegovy nearly two and a half years before U.S rival Eli Lilly's Zepbound. But Zepbound prescriptions surpassed those of Wegovy this year by more than 100,000 a week. The appointment comes at a challenging time for the global pharmaceutical industry as U.S. President Donald Trump threatens to impose tariffs on imports and calls on drugmakers to lower their U.S. prescription prices. Jorgensen led Novo through a period of meteoric growth as it led the weight-loss drug boom, becoming Europe's most valuable listed company following the launch of Wegovy in 2021. At its peak in June 2024 Novo was worth as much as $615 billion. But Novo shares have plunged since then on investor concerns about the company's experimental drug pipeline and its ability to navigate challenges in the U.S. market, such as the threat to its sales from compounded copies of Wegovy and Lilly's Zepbound.
Reuters
16 minutes ago
- Reuters
Nvidia-backed Enfabrica releases system aimed at easing memory costs
SAN FRANCISCO, July 29 (Reuters) - Enfabrica, a Silicon Valley-based chip startup working on solving bottlenecks in artificial intelligence data centers, on Tuesday released a chip-and-software system aimed at reining in the cost of memory chips in those centers. Enfabrica, which has raised $260 million in venture capital to date and is backed by Nvidia (NVDA.O), opens new tab, released a system it calls EMFASYS, pronounced like "emphasis." The system aims to address the fact that a portion of the high cost of flagship AI chips from Nvidia or rivals such as Advanced Micro Devices (AMD.O), opens new tab is not the computing chips themselves, but the expensive high-bandwidth memory (HBM) attached to them that is required to keep those speedy computing chips supplied with data. Those HBM chips are supplied by makers such as SK Hynix ( opens new tab and Micron Technology (MU.O), opens new tab. The Enfabrica system uses a special networking chip that it has designed to hook the AI computing chips up directly to boxes filled with another kind of memory chip called DDR5 that is slower than its HBM counterpart but much cheaper. By using special software, also made by Enfabrica, to route data back and forth between AI chips and large amounts of lower-cost memory, Enfabrica is hoping its chip will keep data center speeds up but costs down as tech companies ramp up chatbots and AI agents, said Enfabrica Co-Founder and CEO Rochan Sankar. Rochan said Enfabrica has three "large AI cloud" customers using the chip but declined to disclose their names. "It's not replacing" HBM, Sankar told Reuters. "It is capping (costs) where those things would otherwise have to blow through the roof in order to scale to what people are expecting."
Reuters
16 minutes ago
- Reuters
JetBlue posts smaller-than-expected loss as U.S. demand recovers
July 29 (Reuters) - JetBlue Airways (JBLU.O), opens new tab on Tuesday posted an adjusted loss for the second quarter that was smaller than Wall Street expectations, helped by cost cutting measures and recovering demand for travel in the U.S. Shares of the carrier were up nearly 3% in premarket trading. Over the past month, larger peers Delta (DAL.N), opens new tab and United (UAL.O), opens new tab have signaled that bookings are starting to stabilize, though at lower-than-expected levels, pointing to an uneven recovery. In April, JetBlue joined several major airlines in pulling its 2025 financial forecast, citing uncertainty tied to the Trump administration's sweeping tariff policies and federal spending cuts that weighed on consumer travel. "Demand for air travel improved as the quarter progressed, resulting in significant strength for bookings within 14-days of travel, as well as for peak travel periods," said Marty St. George, JetBlue's president, adding that the momentum continued into July. However, the carrier said it expects third-quarter revenue per available seat mile (RASM), an industry metric commonly known as unit revenue and a proxy for pricing power, to decline between 2% and 6%. It also reinstated its 2025 unit cost forecast and expects it to rise between 5% and 7%. The New York-based airline said unit revenue during the second quarter - a proxy for pricing power - declined 1.5%, which exceeded previous guidance. The carrier reported an adjusted loss of 16 cents per share for the quarter ended June 30, compared to analysts' estimate of a loss of 33 cents apiece. Operating revenue was $2.18 billion. Analysts, on average, were expecting $2.28 billion, as per data compiled by LSEG. The carrier said it expects to return to growth in 2026 in part due to an improved impact from ongoing inspections of RTX's (RTX.N), opens new tab Pratt & Whitney Geared Turbofan engines. The company now expects fewer than 10 grounded aircraft in 2025 down from mid-to-high teens.
