Browsing: Business

NEW DELHI: India joined the Pax Silica initiative on Feb. 20 by signing the Pax Silica Declaration and a bilateral addendum titled the Joint Statement on the India-U.S. AI Opportunity Partnership at an event held on the margins of the AI Impact Summit. The documents were signed by S. Krishnan, secretary at India’s Ministry of Electronics and Information Technology, U.S. Ambassador to India Sergio Gor and U.S. Under Secretary of State Jacob Helberg. India’s minister Ashwini Vaishnaw and U.S. OSTP Director Michael Kratsios witnessed the signing. Pax Silica is framed by the signatories as a cooperation effort to build secure, resilient and…

WASHINGTON: President Donald Trump on Friday announced a new 10% import duty on goods entering the United States from around the world, moving to replace a set of emergency tariffs that the U.S. Supreme Court struck down hours earlier. In remarks at the White House, Trump called the ruling “deeply disappointing.” The White House said the new levy will take effect at 12:01 a.m. Eastern time on Feb. 24, 2026, and will run for 150 days, with specified exemptions for certain products and trade partners. The Supreme Court ruled 6-3 that the International Emergency Economic Powers Act does not authorize a president to…

BENTONVILLE: Walmart said fourth-quarter revenue rose 5.6% from a year earlier to $190.7 billion during the holiday shopping period, while its earnings outlook for the new fiscal year came in below analysts’ expectations. The retailer reported adjusted earnings of 74 cents a share, up from 66 cents a year earlier, and said global e-commerce sales increased 24%. Walmart also said U.S. comparable sales excluding fuel rose 4.6%, reflecting gains across store and digital channels. Walmart reported GAAP earnings of 53 cents a share, down from 65 cents a year earlier, and said consolidated net income attributable to the company fell 19.4% to $4.237…

NEW YORK: Oil futures climbed on Friday as investors tracked heightened U.S.-Iran tensions and fresh warnings from President Donald Trump, adding a geopolitical risk premium to crude prices. Brent crude traded around $71.27 a barrel and U.S. West Texas Intermediate near $66.06, leaving both benchmarks up about 5% for the week and on course for their first weekly gain in three weeks. The moves kept prices near six-month highs after sharp advances in the previous sessions. The latest gains followed a series of developments tied to security in key shipping lanes for energy exports. Iran this week temporarily restricted navigation in parts of the Strait…

WASHINGTON: The U.S. trade deficit totaled $901.5 billion in 2025, barely changed from $903.5 billion in 2024, as higher exports and higher imports largely offset each other despite new tariffs imposed during President Donald Trump’s return to office. The annual figures, released Feb. 19 by the Commerce Department, combine trade in goods and services and are reported on a balance of payments basis. Exports climbed $199.8 billion, or 6.2%, to $3.432 trillion, while imports rose $197.8 billion, or 4.8%, to a record $4.334 trillion. The report also showed the deficit widened to $70.3 billion in December from $53.0 billion in November, reflecting $287.3 billion…

CALIFORNIA: A published report on Friday said Nvidia is in talks to invest up to $30 billion in OpenAI, a figure that would rank among the largest single equity checks into an artificial intelligence company. Nvidia and OpenAI have not announced any such deal, and neither company has released publicly disclosed terms confirming an investment of that size as of Feb. 20, 2026. The report revived focus on the financial ties between the leading supplier of AI accelerators and a major developer of generative AI systems. With no official confirmation of the reported talks, the most recent, detailed public statements between Nvidia and OpenAI remain…

WASHINGTON: Federal Reserve officials showed a widening split over the next direction for U.S. interest rates, with some prepared to reduce borrowing costs if inflation cools and others wanting to keep rates steady longer, according to minutes released Feb. 18 from the Federal Open Market Committee meeting held Jan. 27 to 28. The committee voted 10 to 2 to maintain the federal funds rate target range at 3.5% to 3.75%. Most participants backed holding rates at that meeting as economic activity was described as expanding at a solid pace, job gains as low, and the unemployment rate as showing signs of stabilization, while…

MISSOURI: Bayer said its Monsanto unit has agreed to a proposed settlement valued at up to $7.25 billion to resolve thousands of U.S. lawsuits alleging that the Roundup weedkiller caused cancer. The proposed nationwide agreement was filed in the Circuit Court of the City of St. Louis and is intended to cover current claims and certain future claims tied to diagnoses made before the filing date. The deal requires court approval and claimant participation. Under the proposal, Monsanto would make declining, capped annual payments for up to 21 years. Compensation would be determined through a tiered matrix that considers factors including the claimant’s…

WASHINGTON: U.S. beef prices rose 15.0% over the past year, outpacing many grocery staples as cattle supplies tightened across the supply chain. The Bureau of Labor Statistics reported the year over year increase in its January Consumer Price Index data released Feb. 13, while the U.S. Department of Agriculture has documented a smaller national cattle herd heading into 2026. The BLS report showed broad increases across common cuts, with uncooked ground beef up 17.2% from a year earlier, uncooked beef roasts up 15.0%, and uncooked beef steaks up 12.9%. BLS retail price series also reflected higher supermarket prices for ground products, including 100% ground…

NEW YORK: Silver prices fell sharply on Thursday, extending a volatile run for the metal as fresh U.S. labor data pushed the U.S. dollar higher and pressured precious metals. Spot silver was down 8.9% at $76.54 per ounce by early afternoon in New York trading, after rising about 4% a day earlier. At the session low, silver traded around $74.4 per ounce, a drop of more than 10% on the day. The selloff followed new U.S. employment figures showing the job market began 2026 on firmer footing than expected. Total nonfarm payrolls rose by 130,000 in January and the unemployment rate was 4.3%, according…