Green fracking guzzles power, strains electricity grid
Demand for electricity to power fracking operations in the Permian Basin is now roughly equivalent to...
Demand for electricity to power fracking operations in the Permian Basin is now roughly equivalent to the consumption of four cities the size of Seattle and shows no sign of easing. This trend, driven by efforts to cut greenhouse gas emissions and improve operational efficiency, is straining power grids and has prompted some in the industry to create their own power networks and call for improvements to the existing grid infrastructure.
Microsoft and Google rode the AI wave to huge quarters
Microsoft posted revenues of ~$62 billion in its fiscal Q2 ending Dec. 31, a year over year ...
Microsoft posted revenues of ~$62 billion in its fiscal Q2 ending Dec. 31, a year over year increase of 17.6% and ahead of analyst’s expectations. That was its best revenue growth in seven quarters, thanks to the release of new AI-enabled Office products. Meanwhile, Google reported strong results, too: Ad revenue at YouTube skyrocketed to $9.2 billion in Q4 of last year, up from below $8 billion the year before. Alphabet CEO Sundar Pichai said YouTube is “already benefiting from our AI investments and innovation.” Alphabet’s total revenue was up 13% year over year to ~$86 billion.
UPS slashed 12k jobs. The shipping giant said it will require employees to return to...
UPS slashed 12k jobs. The shipping giant said it will require employees to return to the office five days a week this year as it changes how it operates amid a slowdown in demand. Revenue declined in Q4, while annual sales fell 9.3% in 2023. Amazon, its biggest customer, accounted for 11.8% of revenue last year, up from the year before, as revenue from other customers declined due to lower demand and more in-store pickups, executives said. UPS is also dealing with higher labor costs due to the deal it made with the Teamsters union to avoid a strike last summer.
Elon Musk is (temporarily) no longer the richest person in the world after a Delaware judge struck down his $55 billion Tesla pay package for being excessive. Tesla’s board now must propose a new compensation plan for its CEO. Musk, who can appeal to the state’s Supreme Court, is worth a measly $154b without the package.
Citibank was sued by NY AG Letitia James for allegedly failing to protect customers from online scams.
The US Olympic figure skating team will receive better-late-than-never gold medals after Russian skater Kamila Valieva was disqualified for doping at the 2022 Beijing Games.
Toyota urged the owners of 50,000 older vehicles in the US to get repairs over a potentially deadly airbag problem.
The Kansas City Chiefs’ win over the Baltimore Ravens set a record as the most-watched AFC title game ever, with over 55 million viewers.
Chita Rivera, the legendary Broadway star of West Side Story and Chicago, died yesterday at 91
Dow seals 7th record close of 2024 as Microsoft results, Fed decision loom
U.S. stocks ended mixed Tuesday after consumer-confidence numbers and job-opening data pointed to a sturdy...
U.S. stocks ended mixed Tuesday after consumer-confidence numbers and job-opening data pointed to a sturdy U.S. economy, while the Federal Reserve’s looming interest-rate decision and a busy earnings week from the likes of Microsoft are at the front of investors’ minds.
The Dow Jones Industrial Average went up 133.86 points or 0.4% to end at 38467.31, its seventh record close in 2024, according to preliminary closing data from FactSet.
The S&P 500edged down 2.96 points or less than 0.1% to close at 4924.97
The Nasdaq Compositedeclined 118.15 points or 0.8% to finish at 15509.90
Alaskan pipeline plan struggles to draw investment
Alaska's ambitious $43 billion liquefied natural gas initiative, aimed at building an 800-mile pipeline...
Alaska's ambitious $43 billion liquefied natural gas initiative, aimed at building an 800-mile pipeline akin to the existing trans-Alaska oil pipeline, has faced significant challenges in attracting financial backers. The project, designed to export gas to Asia while providing more affordable fuel locally, is currently struggling to secure the $150 million needed for engineering and design work before a final investment decision can be made.
