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Moderate orders at major air show highlight ongoing supply chain challenges for Boeing and Airbus

Moderate orders at major air show highlight ongoing supply chain challenges for Boeing and Airbus

FARNBOROUGH, England — This year’s biggest air show saw a notable absence of the huge plane orders typical of previous events. Instead, the spotlight was on Boeing and Airbus as they navigated the complexities of ramping up production after pandemic-related disruptions. Analysts believe that problems such as training new workers will persist for years, causing ongoing difficulties for airlines, suppliers and manufacturers and leading to a shortage of new, more fuel-efficient aircraft. “It’s a legitimate concern on the part of the supply base and the airlines that we haven’t met our commitments in terms of on-time delivery and predictability,” Ihssane…
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Record heat: World experiences hottest day on record with forecasted highs

Record heat: World experiences hottest day on record with forecasted highs

Global average temperatures hit an unprecedented high on Sunday, marking the hottest day on record, according to the European Union's climate monitoring system. The Copernicus Climate Change Service (C3S) reported that the global average surface temperature reached 17.09 degrees Celsius (62.76 degrees Fahrenheit) on 21 July. This slightly surpassed the previous record of 17.08 degrees Celsius set on 6 July the previous year. “July 21 marked a new record for global daily average temperature,” C3S Director Carlo Buontempo said Tuesday. Buontempo highlighted the notable disparity between temperatures over the past 13 months and previous records. "We are in uncharted territory.…
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Trump Doesn't Deliver on Bitcoin Reserve Promise at Major Conference

Trump Doesn't Deliver on Bitcoin Reserve Promise at Major Conference

Donald Trump, speaking at the 2024 Bitcoin Conference in Nashville, Tennessee, did not commit to establishing a strategic reserve of bitcoin for the United States. Instead, the former president and current Republican candidate promised to maintain the current level of bitcoin, which the government acquired through asset seizures from financial criminals. “For too long, our government has violated the fundamental rule that every bitcoiner knows by heart: never sell your bitcoin,” Trump said in his keynote address. He pledged that if elected, his administration would retain all bitcoin currently held or obtained in the future by the United States. Trump’s…
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Philips shares rise 10.5% on strong second-quarter sales despite weakness in China

Philips shares rise 10.5% on strong second-quarter sales despite weakness in China

Shares in Dutch company Philips rose more than 10.5% on Monday morning after it reported second-quarter earnings that beat analysts' expectations. As of 9.32am London time, the stock had seen a slight decline, up 10.45%. Philips reported a 2% increase in group comparable sales to €4.5 billion ($4.88 billion), mainly driven by strong demand in North America, while sales in China declined. The company, known for its medical devices and personal care products such as electronic toothbrushes, also saw a 9% increase in comparable orders during the quarter. Philips attributed the muted demand in China to the country’s push for…
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UK Finance Minister Rachel Reeves promises most pro-growth, pro-business government in history

UK Finance Minister Rachel Reeves promises most pro-growth, pro-business government in history

LONDON — UK Finance Minister Rachel Reeves said on Friday that the newly elected Labour government aims to be the most growth-oriented and business-friendly administration the country has ever seen. In an interview with CNBC, Reeves stressed that improving the living standards of ordinary Britons and increasing investment in public services depend on wealth creation. “This will be the most pro-growth, pro-business Treasury this country has ever seen,” Reeves, the Chancellor of the Exchequer, told CNBC’s Steve Sedgwick in a remote interview. “I will work with businesses to ensure we are doing everything we can to generate wealth and attract…
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UK regulator fines Coinbase's UK arm .5 million for high-risk customer breaches

UK regulator fines Coinbase's UK arm $4.5 million for high-risk customer breaches

Coinbase’s UK subsidiary has been fined £3.5 million ($4.5 million) by British regulators for breaching an agreement aimed at preventing the cryptocurrency exchange from taking on high-risk customers. The Financial Conduct Authority (FCA) has imposed the fine on CB Payments Limited (CBPL), a subsidiary of Coinbase Group, which operates a global cryptocurrency trading platform. The fine comes after CBPL breached a voluntary agreement it entered into in October 2020 to avoid taking on and offering services to high-risk clients. The FCA reported that CBPL served 13,416 high-risk customers despite the settlement, with 31% of those customers depositing approximately $24.9 million.…
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Stellantis reports significant drop in first-half earnings due to weak U.S. sales

Stellantis reports significant drop in first-half earnings due to weak U.S. sales

Stellantis, the multinational automaker behind brands including Jeep, Dodge and Chrysler, announced a 48% drop in net profit for the first half of 2024, mainly due to declining sales and production issues in the U.S. market. The company reported net income of €5.6 billion ($6.07 billion) in the first six months, down significantly from the same period in 2023. Adjusted operating income fell to €8.5 billion, down €5.7 billion, largely attributed to challenges in North America. Following the announcement, Stellantis shares in Milan fell 8.5%. CEO Carlos Tavares acknowledged the underperformance, citing a challenging industry landscape and internal operational challenges.…
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Starliner crew mission delayed until August, NASA says

Starliner crew mission delayed until August, NASA says

NASA has announced that Boeing’s Starliner spacecraft will remain docked with the International Space Station (ISS) until August as the agency and Boeing address issues that arose early in the mission. The Starliner capsule, named "Calypso," has been in space for more than 50 days, carrying NASA astronauts Butch Wilmore and Suni Williams. Originally scheduled for an early return, the mission faced several delays as NASA conducted necessary ground tests before approving the spacecraft's reentry. In a recent press conference, Steve Stich, NASA's commercial crew manager, said that despite significant progress, the agency is not yet ready to set a…
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Tesla's margins suffer from EV discounts and heavy AI spending

Tesla's margins suffer from EV discounts and heavy AI spending

BEVERLY HILLS, CALIFORNIA — At the Milken Institute Global Conference, Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., spoke about the current challenges Tesla is facing. As Musk continues to make ambitious promises about Tesla’s future in autonomous driving and robotics, investors are seeing a steady decline in profit margins. Tesla missed Wall Street estimates for second-quarter earnings, reporting a decline in its adjusted operating margin to 14.4%, the lowest in three years, down from 18.7% a year earlier. That marked the fourth consecutive quarter of decline. The company reported net income of $1.48 billion…
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Elon Musk to attend Netanyahu's speech to Congress amid controversy

Elon Musk to attend Netanyahu's speech to Congress amid controversy

WASHINGTON D.C. — In a brief social media interview posted by a Fox News reporter, Elon Musk confirmed that he will attend Israeli Prime Minister Benjamin Netanyahu’s upcoming speech to Congress as Netanyahu’s guest. The Israeli embassy has not yet confirmed Musk's presence. Musk’s visit to Capitol Hill follows his announcement on X that Starlink, his satellite internet company, will be operating at a hospital in Gaza, with the support of Israel and the United Arab Emirates. Nine months into the conflict between Israel and Hamas, Netanyahu's speech sparked protests in Washington, leading to around 200 arrests during a sit-in…
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