TSX opens lower as investors brace for data, Fed conference, Ukraine talks
At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab was down 0.07% at 27,887.29 points.
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Daily Mail
17 minutes ago
- Daily Mail
White House mulls shock 10% stake in tech giant... sending shares tumbling
The Trump administration is said to be weighing an unprecedented move: taking a 10 percent stake in American chip giant Intel. The roughly $10.5 billion investment would mean the US becoming the troubled chipmaker's biggest shareholder. Intel shares fell 3.8 percent on the news, first reported by Bloomberg News. The move, part of Trump's unusual approach to national security, comes two weeks after the President demanded the resignation of CEO Lip-Bu Tan in a fiery post on Truth Social. 'The CEO of Intel is highly CONFLICTED and must resign, immediately,' Trump posted on Truth Social. The former president has championed multibillion-dollar government tie-ups in semiconductors and rare earths, including a proposed pay-for-play deal with Nvidia that would see the US take a cut in sales to China. Tan, who took the helm just over six months ago, has been tasked with reviving the struggling company. While the government has sometimes taken temporary stakes during crises — such as the 2008 financial bailout — a similar move in peacetime for a tech giant would be virtually unprecedented. Intel employs thousands at its HQ in Oregon Analysts say federal backing could give Intel more room to revitalize its loss-making foundry business. Reuters could not immediately verify the report. Intel and the White House did not respond to Reuters requests for comment. Meanwhile, Intel is slashing 25,000 jobs this year as it battles to turn around its flagging fortunes. The chip making giant — which makes processors that power millions of Dell, HP, and Lenovo computers — will shrink its workforce from about 99,500 to 75,000 by the end of 2025. The confirmation in July of the the scale of the layoffs, first announced in April, came as Intel updated Wall Street on its earnings over the past three months. It posted a loss of $2.9 billion. Bosses said Intel has slashed 15,000 jobs so far this year — suggesting another 10,000 are set to go. These are the second major round of job cuts at Intel in the past two years. In December, the company ousted its CEO while cutting 15 percent of its workforce in 2024. Intel, once one of Silicon Valley's most profitable companies, rose to prominence in the 1990s on the strength of its microprocessor chips — the 'brains' of personal computers. But it missed the smartphone boom and has struggled to cash in on the surging demand for AI chips.
Daily Mail
17 minutes ago
- Daily Mail
Another blow for Elon Musk as his $150 billion ticket to Mars crashes
Elon Musk 's Starlink internet is down, impacting users across America. Downdetector, a site that monitors online outages, shows issues hit the SpaceX internet around 1:30pm ET. Users cited sluggish connections, intermittent service and in many cases, total blackouts. Musk has previously stated that Starlink's profits are 'being used to pay for humanity getting to Mars.' While it's unclear how much revenue the company generates daily, a widespread service disruption could pose a setback to those lofty interplanetary ambitions. Some analysts project that Starlink could be valued at around $150 billion, considering factors such as projected revenues and market conditions, but the company has not made an official announcement. This is a developing story... More updates to come.
Rhyl Journal
39 minutes ago
- Rhyl Journal
UK consumer sentiment recovers to strongest level since October
The latest monthly S&P Global UK Consumer Sentiment Index found that surveyed consumers were still relatively downbeat but saw sentiment move higher after the latest cut to interest rates. Earlier this month, the Bank of England voted to cut its base interest rate from 4.25% to 4%. The CSI, which surveys more than 1,500 households, reported a reading of 47.0 for August, rising from 45.1 in July. The reading is the highest since October. Any reading below 50 points to negative sentiment, with a reading above 50 suggesting positive feeling among consumers. Households reported the strongest sentiment about their personal finances for 13 months, although this remained in firmly negative territory. There was also an improvement about how households viewed the labour market, with rises in job security and activity at work. Maryam Baluch, economist at S&P Global Market Intelligence, said: 'August CSI data comes hot on the heels of the recent rate cut decision made by the Bank of England earlier in the month. 'Data collection began just a day after the central bank's announcement, providing a timely snapshot of sentiment in the wake of monetary policy easing. 'Encouragingly, the data reveals a slight revival in household confidence, which is a telling sign that the easing of monetary policy has been received positively by households across the country.'
