Latest news with #KrishnaRao
CNBC
16-05-2025
- Business
- CNBC
Anthropic closes $2.5 billion credit facility as Wall Street continues plunging money into AI boom
Earlier this week, Anthropic received a $2.5 billion, five-year revolving credit line to amp up its liquidity in an ever-expanding — and expensive — competition in the artificial intelligence industry. Anthropic, founded by former OpenAI research executives, launched its Claude chatbot in March 2023. The company closed its latest funding round in March at a $61.5 billion valuation, and the new credit facility adds to that. The company said it plans to use it to strengthen its balance sheet and invest as it scales rapidly. Annualized revenue reached $2 billion in the first quarter, the company confirmed, more than doubling from a $1 billion rate in the prior period. Revenue chief Kate Jensen said in a recent interview with CNBC that the number of customers spending more than $100,000 annually with Anthropic jumped eightfold from a year ago. Morgan Stanley, Barclays, Citibank, Goldman Sachs, JPMorgan, Royal Bank of Canada and Mitsubishi UFJ Financial Group all participated in the credit facility. Companies are seeking more funding and liquidity than ever before as the AI arms race intensifies. The generative AI market is poised to top $1 trillion in revenue within a decade. Companies from Google and Amazon to Anthropic and Perplexity are racing to announce new products and features, especially as the race to build "AI agents" intensifies. "This revolving credit facility provides Anthropic significant flexibility to support our continued exponential growth," Krishna Rao, Anthropic's finance chief, said in a statement. "The backing of these global financial institutions is a testament to the strength of our business and the resonance of our mission." OpenAI announced similar news in October, when CNBC reported it had received a $4 billion revolving line of credit. The influx brought the company's total liquidity to more than $10 billion and came soon after it closed a funding round at a then-valuation of $157 billion. JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS, and HSBC all participated. OpenAI's base credit line is $4 billion, with an option to increase it by an additional $2 billion.
Hans India
04-05-2025
- Politics
- Hans India
Poor urged to utilise govt schemes to save money
Wanaparthy: ExciseMinisterJupally Krishna Rao participated as a chief guest along with District Collector Adarsh Surabhi at an awareness seminar in Panagal Mandal on Saturday. Speaking about Indiramma housing, he advised that only the most eligible and genuinely poor should be recommended by the committees. On social issues, the minister expressed concern that poor people are falling into debt due to unnecessary celebrations and expenses. He criticised the trend of private schooling, private healthcare, and excessive functions, leading to financial strain. 'The government is investing in public education infrastructure and teacher appointments, and people should send their children to government schools to save money,' he stressed. Speaking on awareness about Bhu Bharati Act, he said that ancestral lands, lands bought through hard work, government-given lands to the poor (Poramboku lands), and even valuable government lands were lost due to the deceptive Dharani Act. 'Soon, the village revenue systemwould be reintroduced, and land records would be properly safeguarded,' said Jupally. He also said that revenue officials are responsible for identifying encroached lands in Chinnambavi and Panagaland restoring them as government property. Later, the Collector informed that pamphlets about the Bhu Bharati law are being distributedto raise awareness among the locals and that once implemented, people must refrain from citing ignorance about the law. 'Make use of these awareness events,' he stressed.
Hans India
02-05-2025
- Science
- Hans India
Telangana 10th Class Advanced Supplementary Examinations: Schedule, Fee Details for June 2025
The 10th class advanced supplementary examinations will be conducted from June 3 to June 13, according to Krishna Rao, Director of the Government Examinations Department. He mentioned that the examinations for the main subjects will conclude on June 11. The examination schedule was released on Thursday. The exams will be held daily from 9:30 AM to 12:30 PM. However, the science examinations will be conducted only from 9:30 AM to 11:00 AM. Meanwhile, students who have failed or wish to take improvement exams to score higher marks can pay the exam fee until the 16th of this month. The fee can be paid up to two days before the exam with an additional fine of Rs. 50.
Yahoo
17-03-2025
- Business
- Yahoo
CommBank expands AI partnership with Anthropic
Commonwealth Bank of Australia (CBA) has announced an expanded partnership and investment in Anthropic, an artificial intelligence (AI) research company. Financial details of the transaction remain undisclosed. This collaboration aims to leverage Amazon-backed Anthropic's AI expertise to accelerate AI adoption within CBA, enhancing customer experiences and supporting the bank's personnel. CBA said that the partnership will enhance its in-house technology capabilities while supporting focus on key AI use cases. CBA group chief information officer Gavin Munroe said: 'AI is delivering more personalised and intuitive customer experiences today and it holds great potential to reimagine how our customers bank in the future. This enhanced strategic partnership and investment in Anthropic will help our teams to accelerate our AI capability. 'With our shared values and vision, this partnership is also intended to uplift and unlock AI potential for our engineers, who will have an opportunity to work with Anthropic's AI experts to explore how we can accelerate how we build the products to serve and protect our customers, including how we can further protect customers and communities from scams and fraud.' Furthermore, the collaboration is expected to grant the company's technologists direct access to Anthropic's industry experts, fostering their professional growth while advancing the company's goal of leading in the development of safe and responsible AI. In February, CBA extended its alliance with Amazon Web Services (AWS) to enhance its cloud and AI capabilities. The five-year partnership designated AWS as the preferred cloud provider for the bank. Anthropic chief financial officer Krishna Rao said: 'Our partnership with Commonwealth Bank of Australia through this strategic investment represents a shared commitment to developing AI that is both powerful and creates meaningful value for customers. By combining Anthropic's advanced AI capabilities with CBA's deep financial expertise we can create more personalised experiences for customers while maintaining the highest standards for safety and security.' Earlier this month, Anthropic secured $3.5bn at a $61.5bn post-money valuation in a funding round led by Lightspeed Venture Partners. Anthropic plans to utilise this investment to develop next-generation AI systems, expand its compute capacity, and deepen research in mechanistic interpretability and alignment. "CommBank expands AI partnership with Anthropic " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
07-03-2025
- Business
- Reuters
India allows exports of broken rice to cut stockpiles
MUMBAI, March 7 (Reuters) - India allowed the export of 100% broken rice, the government said in a notification late on Friday, after inventories reached a record high at the start of February, nearly nine times the government's target. Exports of 100% broken rice could help reduce stocks in the world's biggest exporter and enable poor African countries to secure the grain at lower prices, as well as support Asian animal feed and ethanol producers that rely on the grade. India had banned exports of 100% broken rice in September 2022 and then imposed curbs on exports of all other rice grades in 2023 after poor rainfall raised concerns over production. However, as the supply situation improved after the country harvested a record crop, New Delhi removed curbs on exports of all grades except 100% broken rice. "Now that broken rice exports are allowed, we anticipate exporting around 2 million tons of this grade in 2025," said B.V. Krishna Rao, president of the Rice Exporters' Association (REA). India exported 3.9 million metric tons of broken rice in 2022, mainly to China for animal feed and to African countries such as Senegal and Djibouti for human consumption. Broken rice is a byproduct of milling, and African countries prefer this grade because it is cheaper than other grades. Indian broken rice is currently offered at $330 per metric ton, compared to approximately $300 from rival suppliers like Vietnam, Myanmar, and Pakistan, said Himanshu Agrawal, executive director at Satyam Balajee, a leading rice exporter. "However, these competing countries have limited stocks. As their stocks deplete, buyers will switch to India, and exports will pick up in coming months." State granary reserves of rice, including unmilled paddy, totalled 67.6 million tons as of Feb. 1, compared to the government's target of 7.6 million tons, data compiled by the Food Corporation of India (FCI) showed.
