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Tahawul Tech6 hours ago

"We are setting a new standard for customer innovation by focusing on both people and technology".
Learn more about @Verizon's use of Gemini models in app development below.
https://www.tahawultech.com/industry/technology/gemini-ai-to-be-integrated-in-verizons-app/
#Verizon #GeminiAI #tahawultech

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Gold rises as weaker dollar, Trump's Powell criticism fuel uncertainty
Gold rises as weaker dollar, Trump's Powell criticism fuel uncertainty

Zawya

time28 minutes ago

  • Zawya

Gold rises as weaker dollar, Trump's Powell criticism fuel uncertainty

Gold prices edged higher on Thursday, lifted by a weaker dollar and growing uncertainty after reports suggested U.S. President Donald Trump had considered replacing Federal Reserve Chair Jerome Powell as early as September or October. The reports raised concerns over the future independence of the U.S. central bank, boosting demand for safe-haven bullion. Spot gold was up 0.2% at $3,339.20 per ounce, as of 0242 GMT. U.S. gold futures rose 0.3% to $3,353.10. The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts. "Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD," KCM Trade Chief Market Analyst Tim Waterer said. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. On Wednesday, Trump called Powell "terrible" and said he is considering three or four candidates for the top Fed post. Meanwhile, The Wall Street Journal reported that Trump has even toyed with the idea of announcing Powell's potential successor by September or October. Markets are awaiting U.S. GDP print due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday. "Gold is just basically treading water for the moment until we get a read on the next batch of U.S. macro data including GDP and core PCE," Waterer said. A ceasefire between Israel and Iran appeared to be holding on Wednesday as Trump, at a NATO summit, praised the swift end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions at talks next week. Spot silver edged up 0.2% to $36.36 per ounce, platinum firmed 2.3% to $1,385.38, while palladium surged 5.5% to $1,115.58.

Oil rises as draw in US crude stocks signals firm demand
Oil rises as draw in US crude stocks signals firm demand

Zawya

time29 minutes ago

  • Zawya

Oil rises as draw in US crude stocks signals firm demand

TOKYO: Oil prices inched higher, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East. Brent crude futures rose 12 cents, or 0.2%, to $67.80 a barrel by 0030 GMT. U.S. West Texas Intermediate (WTI) crude gained 20 cents, or 0.3%, to $65.12. Both benchmarks climbed nearly 1% on Wednesday, recovering from early-week losses after data showed resilient U.S. demand. "Some buyers are favouring solid demand indicated by falling inventories in U.S. weekly statistics," said Yuki Takashima, economist at Nomura Securities. "But investors remain nervous, seeking clarity on the status of the Iran-Israel ceasefire," he said, adding that market attention is now shifting to OPEC+ production levels. Takashima forecast WTI would likely return to the $60-$65 range, its pre-conflict levels. U.S. crude oil and fuel inventories fell last week as refining activity and demand rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 5.8 million barrels in the week ending June 20, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw. Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest since December 2021. On Saturday, Igor Sechin, the head of Russia's largest oil producer Rosneft, said OPEC+, which groups together the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from the initial plan. Meanwhile, U.S. President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week. Trump also said on Wednesday that the U.S. has not given up its maximum pressure on Iran - including restrictions on sales of Iranian oil - but signalled a potential easing in enforcement to help the country rebuild. (Reporting by Yuka Obayashi; Editing by Sonali Paul)

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