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Trump administration recommends location verification for AI chips

By Stephen Nellis SAN FRANCISCO (Reuters) -U.S. President Donald Trump’s administration on Wednesday recommended implementing export controls that would verify the location of advanced artificial intelligence chips, a move that was applauded by U.S. lawmakers from both parties in both houses of Congress.  The recommendation was part of ...
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Asian shares, Aussie dollar climb on trade, earnings optimism

By Rocky Swift TOKYO (Reuters) -Shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher yielding assets. Tokyo’s broad Topix gauge of shares hit an all-time high, following new records on Wall ...
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Oil prices climb on US trade optimism, drop in crude stockpiles

By Yuka Obayashi TOKYO (Reuters) -Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 24 cents, or 0.4%, to $68.75 a barrel by ...
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Yen, euro lifted by progress on trade

By Rae Wee SINGAPORE (Reuters) -The euro crept toward its highest level in nearly four years on Thursday while the yen held to gains following more progress on trade deals between the United States and its largest trading partners, which in turn lifted the broader ...
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Japan trade deal sparks hope for US investors, frustration for automakers

By Nora Eckert and David Shepardson DETROIT (Reuters) -Shares of General Motors, Ford Motor, and Jeep-maker Stellantis,  some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars, as investors saw ...
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Insurance marketplace Accelerant, backers raise $724 million in US IPO

(Reuters) -Accelerant and some of its existing shareholders raised $723.69 million in an initial public offering (IPO) in the U.S., the specialty insurance marketplace said on Wednesday. The company, together with backers including Todd Boehly’s Eldridge, Altamont Capital and Barings, sold 34.46 million shares at ...
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Japan’s factory activity slips into contraction in July, PMI shows

TOKYO (Reuters) -Japan’s manufacturing activity slipped into contraction in July, weighed down by uncertainties over U.S. tariffs, a private-sector survey showed on Thursday. At the same time, Japan’s service sector continued to outshine the struggling manufacturing industry, with activity growing at the fastest pace in ...
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Publisher McGraw Hill raises $415 million in US IPO

(Reuters) -U.S. publisher McGraw Hill, backed by investment firm Platinum Equity, said on Wednesday it had raised $414.63 million in its initial public offering in the United States. The company sold 24,390,000 shares, priced at $17 each, below its marketed range of $19 to $22. ...
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Tesla says it started building initial versions of an affordable car, posts a steep sales decline

WASHINGTON (Reuters) -Tesla said on Wednesday it has built initial versions of an affordable car, a move likely meant to stem the steep decline in sales the company has experienced in markets across the world. Elon Musk’s electric vehicle maker posted the worst quarterly sales ...
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Macquarie’s quarterly profit falls, CFO Harvey decides to step down

(Reuters) -Australia’s top investment bank, Macquarie Group, reported a decline in first-quarter net profit on Thursday and announced that Chief Financial Officer Alex Harvey will step down at the end of 2025. Harvey will retire mid-2026 after completing an extended handover to his successor, Frank ...
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Philly cheesesteak maker challenged by the ever-rising cost of beef

PHILADELPHIA (AP) — Ken Silver knows beef because he knows Philly cheesesteak. He hopes that a summer spike in how much he pays for his restaurant’s main product doesn’t cause heartburn for him or his customers. Silver, president of Jim’s South St. in Philadelphia, said ...
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Fortescue iron ore shipments rise; scraps US, Aussie green energy projects

(Reuters) -Australia’s Fortescue on Thursday posted record fourth-quarter production that helped the miner meet the top end of its full-year guidance, and said it would scrap its U.S. and Australian green energy projects. The Perth-based company said it would not proceed ...
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