Meta freezes AI hiring: Report
'All that's happening here is some basic organizational planning: creating a solid structure for our new superintelligence efforts after bringing people on board and undertaking yearly budgeting and planning exercises,' a spokesperson for Meta said in an emailed statement to Reuters.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
4 hours ago
- Arab News
Oil Updates — crude extends gains amid signs of strong demand
TOKYO/SINGAPORE: Oil prices extended gains on Thursday, bolstered by signs of strong demand in the US, with uncertainty over efforts to end the war in Ukraine also lending support. Brent crude futures hit a two-week high in early trade and were up 41 cents, or 0.61 percent, to $67.25 a barrel at 9:37 a.m. Saudi time. US West Texas Intermediate crude futures rose 45 cents, or 0.72 percent, to $63.16 a barrel. Both contracts climbed over 1 percent in the prior session. US crude inventories fell by 6 million barrels last week to 420.7 million barrels, the US Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw. Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019. 'Crude oil prices rebounded as signs of strong demand in the US boosted sentiment,' Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday. Hynes cautioned, though, that some 'bearish sentiment remains evident as traders continue to monitor negotiations to end Russia's war against Ukraine.' Traders and analysts expect oil prices to fall once a peace deal is reached, but any continued lack of concrete progress in negotiations could underpin the market. As US and European military planners began exploring post-conflict security guarantees for Ukraine, Russia said on Wednesday that attempts to resolve security issues without Moscow's participation were a 'road to nowhere.' The drawn-out efforts to secure peace in Ukraine mean Western sanctions on Russian oil supply remain in place, and that the possibility of tougher sanctions and more tariffs on Russian oil buyers still hangs over the market. Russia, meanwhile, remains adamant it will keep providing crude to willing buyers, with Russian diplomats in India saying the country expects to continue supplying oil to India despite warnings from the United States. US President Donald Trump has announced an additional tariff of 25 percent on Indian goods from August 27 because of their Russian crude purchases. The EU has also sanctioned Indian private refiner Nayara Energy, which is backed by Russian oil company Rosneft. Indian refiners initially backed off buying Russian oil but company officials at state-run Indian Oil and Bharat Petroleum have bought Russian crude for September and October delivery, resuming purchases after discounts widened.
Asharq Al-Awsat
5 hours ago
- Asharq Al-Awsat
China Stocks Rally to Decade-high on Easing Tariff Tensions, Fund Rotation
China stocks closed at their highest level since 2015 on Monday, extending a months-long rally driven by easing trade tensions and abundant liquidity, while pushing market capitalization to a record peak. The Shanghai Composite Index rose 0.9% to 3,728.03, its strongest close since August 2015. The CSI 300 Index also climbed by 0.9% to a ten-month peak. The Shanghai benchmark has now advanced some 22% since the low struck in early April, buoyed by the extension of the US-China trade truce, Beijing's crackdown on excessive competition, and a rotation of funds from bonds into equities, which brokers say has flooded the market with liquidity, Reuters reported. Total market capitalization of over 5,400 China-listed companies has risen above 100 trillion yuan ($13.9 trillion) for the first time, reflecting both price appreciation and a surge in listings over the past decade. Winnie Wu, Bank of America's chief China equity analyst, said that positive developments on the geopolitical front and clearer policy direction from Beijing have all helped compress the equity risk premium and trigger a re-rating, despite the rally running against fundamentals odds. "There are renewed hopes on domestic retail flows," she wrote in a note to clients. In a sign of heightened investor activity, onshore turnover reached nearly 2.8 trillion yuan on Monday, the highest since October when Beijing's sweeping stimulus measures triggered a sharp rally. Hao Hong, chief investment officer at Lotus Asset Management, said the market may face near-term resistance due to profit-taking pressure, but added that many remain hopeful the bull run can extend despite headwinds. Leading the rally on Monday onshore, the rare earth sector surged 5.3% to a fresh high since December 2021. The AI sector jumped 3.8% and the information technology sector rose 2.5%. In Hong Kong, the benchmark Hang Seng Index closed down 0.4% to give up earlier gains, weighted by the property sectors,. The Tech Index rallied 0.7%, while the EV sector jumped 1.9%.
Asharq Al-Awsat
5 hours ago
- Asharq Al-Awsat
Oil Extends Gains amid Signs of Strong Demand
Oil prices extended gains on Thursday, bolstered by signs of strong demand in the US, with uncertainty over efforts to end the war in Ukraine also lending support. Brent crude futures hit a two-week high in early trade and were up 41 cents, or 0.61%, to $67.25 a barrel at 0637 GMT. US West Texas Intermediate (WTI) crude futures rose 45 cents, or 0.72%, to $63.16 a barrel. Both contracts climbed over 1% in the prior session. US crude inventories fell by 6 million barrels last week to 420.7 million barrels, the US Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw. Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019. "Crude oil prices rebounded as signs of strong demand in the US boosted sentiment," Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday. Hynes cautioned, though, that some "bearish sentiment remains evident as traders continue to monitor negotiations to end Russia's war against Ukraine." Traders and analysts expect oil prices to fall once a peace deal is reached, but any continued lack of concrete progress in negotiations could underpin the market. As US and European military planners began exploring post-conflict security guarantees for Ukraine, Russia said on Wednesday that attempts to resolve security issues without Moscow's participation were a "road to nowhere". The drawn-out efforts to secure peace in Ukraine mean Western sanctions on Russian oil supply remain in place, and that the possibility of tougher sanctions and more tariffs on Russian oil buyers still hangs over the market. Russia, meanwhile, remains adamant it will keep providing crude to willing buyers, with Russian diplomats in India saying the country expects to continue supplying oil to India despite warnings from the United States. US President Donald Trump has announced an additional tariff of 25% on Indian goods from August 27 because of their Russian crude purchases. The European Union has also sanctioned Indian private refiner Nayara Energy, which is backed by Russian oil company Rosneft. Indian refiners initially backed off buying Russian oil but company officials at state-run Indian Oil and Bharat Petroleum have bought Russian crude for September and October delivery, resuming purchases after discounts widened.
