Business

By Chibuike Oguh NEW YORK (Reuters) – Shares of Facebook-owner Meta Platforms hit a record high on Friday after a U.S. appeals court upheld a law requiring China-based ByteDance to divest its popular short video app TikTok by early next year or face a ban. The decision is a devastating blow to ByteDance, whose social media app is used by 170 million Americans. It affirmed a law, which was passed by Congress with bipartisan support … Read more…

(Reuters) – Electric vehicles and plug-in hybrids are seeing concerns over their reliability easing but they still lag gas-powered vehicles, a survey by an influential U.S. non-profit organization showed on Thursday. EVs now have 42% more problems than their gas-powered counterparts, down from last year’s 79%, according to the Consumer Reports (CR) annual auto reliability survey. Plug-in hybrids have 70% more problems than internal combustion models, improving from the 146% more problems it had last … Read more…

By Stephen Nellis (Reuters) – French electrical equipment maker Schneider Electric is working with Nvidia to develop designs for data center cooling systems for use in new artificial intelligence data centers, it said on Wednesday. Schneider’s designs will be used in data centres that use Nvidia’s flagship server containing 72 of its most powerful AI chips, which is rolling out early next year. No financial details of the agreement were disclosed. Those servers will consume … Read more…

By Niket Nishant and Bhanvi Satija (Reuters) – U.S. President-elect Donald Trump’s pro-crypto stance is prompting small businesses to allocate portions of their cash to bitcoin, challenging the dominance of traditional assets as companies look for more robust inflation hedges. Over the past month, biotech firms Enlivex Therapeutics, Acurx Pharmaceuticals and Hoth Therapeutics have set a target of purchasing up to $1 million of bitcoin to hold as a treasury reserve asset. The moves underscore … Read more…

By Tatiana Bautzer NEW YORK (Reuters) – Citigroup began rolling out on Wednesday new artificial intelligence tools to be used by employees in eight countries, senior executives said. Around 140,000 employees will have access to the tools. In a memo to staff sent on Wednesday, Tim Ryan, head of technology and business enablement, explained how each of them works. Citi Assist searches internal bank policies and procedures. “It’s like having a super-smart coworker at your … Read more…

By Abigail Summerville NEW YORK (Reuters) – Buyout firm TPG is weighing a potential sale of Crunch Fitness that could value the gym chain at more than $1.5 billion, including debt, people familiar with the matter told Reuters on Tuesday. TPG, which acquired Crunch Fitness through its buyout arm that focuses on small and mid-sized acquisitions, is working with investment bank Jefferies on a sale process that could be launched during the first half of … Read more…

WASHINGTON (Reuters) – Meta said on Tuesday it is seeking proposals from nuclear power developers to help meet its artificial intelligence and environment goals, becoming the latest big tech company to take interest in atomic power amid an expected boom in power demand. The company wants to add 1 to 4 gigawatts of new U.S. nuclear generation capacity starting in the early 2030s, it said in a release. A typical U.S. nuclear plant has a … Read more…

(Reuters) – Bumble said on Monday Anu Subramanian will step down as chief financial officer, effective March 14, 2025. Subramanian, who joined the dating app operator as CFO in 2020, played a key role in the company’s initial public offering in 2021. Bumble has begun searching for Subramanian’s successor. Shares of the company fell 1.7% in early morning trading. In other leadership changes, Bumble’s Chief Marketing Officer, Selby Drummond, is also departing in January next … Read more…