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theguardian.com | 20 min. ago NEW

Global stocks wobble as AI fears grow; retail sales in Great Britain fall in September as shoppers cut back - business live

#France #PACE #resilience #Russia #See #storm #sustainability

Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.A fresh wave of selling hit AI stocks around the world overnight, as investor grow increasingly anxious around the sustainability of AI-fuelled returns.As storm Austen hits these shores this morning, clouds kept darkening for markets yesterday, as the wobbles of recent weeks all collided at once.

First, there was mounting stress around France, with the Franco-German 10yr spread (+14.8bps) seeing its biggest daily widening since the initial pandemic turmoil in March 2020.Second, AI fears continued to gather pace, with the Philly semiconductor index (-6.72%) falling to its lowest level since July, which dragged down equities more broadly.

And third, the latest geopolitical fears meant oil prices kept rising as well, with Brent crude (+4.00%) hitting a 5-month high of $113.17/bbl.…In the midst of all these market pressures, an interesting theme was the flight to US Treasuries, which returned to its traditional risk-off role in periods of turmoil.

In fact, the 10yr yield fell -16.6bps to 4.95%.Moreover, that came despite some strong US data, demonstrating how the financial stress was weighing on sentiment rather than the fundamentals. For instance, the weekly initial jobless claims fell to a 3-month low of 194k in the week ending October 17 (vs.

200k expected). And in turn, that pushed the smoother 4-week moving average to its lowest since September 2022, back when the unemployment rate was just 3.5%.Given the more than 50% retreat in memory chipmakers’ share prices from their peaks, we could now argue that their exponential rise was a bubble, and that the bubble has burst.These memory chip companies continue to benefit from strong AI-related demand, and they’re trading at very low forward earnings multiples: Samsung and SK Hynix at around 3–4× — yes, 3–4 times! Alas, buyers are nowhere to be found.The drop in retail sales in September and sharp fall in consumer confidence in October raises the risk that the economy’s recent run of resilience might be coming to an end.At least part of the drop in retail sales in September can be attributed to warm weather dampening demand for winter clothing, which might reverse in October.7am BST: British retail sales9am BST: Flash PMI for Eurozone9.30am BST: Flash PMI for UK, construction statistics for Great Britain 202511.30am BST: Russia’s interest rate decision3pm BST: Flash PMI for US, University of Michigan’s US consumer confidence index Continue reading...

theguardian.com | 2 hrs. 38 min. ago

Country diary: Slugs? Dull? This one is pure showbiz

#PUR #seaweed #See #species

Charlie Elder | Falmouth, Cornwall: The rainbow sea slug is a bizarre and breathtaking animal, and with warming seas it’s gaining a toehold in the south-westI have never seen a species quite so flamboyant in appearance. A couple of centimetres in length, it was curled beneath the submerged rock like a piece of gaudy costume jewellery.When the cry went up that one had been found, I had to prevent myself from breaking into a run as I navigated the slippery seaweed-covered boulders to catch my first glimpse of this rarity.

Continue reading...

mirror.co.uk | 9 hrs. 30 min. ago

Military planes to fight wildfires and survival campaign launched - see kit list

#El Niño #See #severe weather #wildfire #wildfires

Ministers are ramping up plans to prepare for extreme and severe weather in the UK, from the blazing heatwaves earlier this year to the challenges El Niño could bring this winter

mirror.co.uk | 12 hrs. 24 min. ago

Storm Austen: Brits face 19 flood alerts as 80mm of rain to batter country tonight - see full list

#flood #rain #See #storm

With Storm Austen sweeping in within hours, the threat of floods is growing as the the Environment Agency pinpoints the areas most at risk in the next 48 hours

grist.org | 13 hrs. 10 min. ago

Where fossil fuels are lurking in your home — room by room

#fossil fuel #fossil fuels #fuel #oil and gas #See

Tour our miniature dream house to see how oil and gas became part of everyday products.

independent.co.uk | 13 hrs. 45 min. ago

Beautifully preserved buildings seen for first time in decades after drought exposes lost village

#drought #See

Record-breaking dry weather has exposed the ruins of Derwent for the first time in years

thehindu.com | 15 hrs. 47 min. ago

Greens see red over Keralam government move to permit sand extraction in 17 rivers

#environmental impact assessment #flood #river #See

Society for the Protection of the Environment, Kerala (SPEK) says though the govt decision has been presented as a flood mitigation step, no environmental impact assessment appears to have been conducted. Activists also point out that this may serve as a pretext for indiscriminate extraction of sand from all rivers and streams

latimes.com | 17 hrs. 13 min. ago

As companies leave California, is the state's $4.25 trillion economy really in trouble?

#regulation #See

California continues to see companies large and small move to Texas and other states, citing taxes, high costs and regulations. Is the business environment really as bad as it seems?

scmp.com | 20 hrs. 16 min. ago

European EV production drive sees China’s lithium-ion battery exports to EU surge

#Batterie #battery #China #electric vehicle #electric vehicles #energy #lithium #lithium-ion #See

China’s lithium-ion battery exports to the EU surged in the first three quarters of this year, as Chinese carmakers rush to build factories in Europe amid a tightening of import restrictions on electric vehicles (EVs). Power inverter exports to the bloc’s members also grew strongly despite EU efforts to exclude Chinese products from publicly funded energy projects.

Shipments of Chinese lithium-ion batteries to the EU were worth US$31.2 billion in the first nine months of the year, up 46 per cent...

npr.org | 22 hrs. 19 min. ago

See how Big Tech is transforming Spain's landscape

#drought #See #Spain

A drought-stricken region of northeast Spain has become a focus for American companies searching for locations to place their data centers.

theguardian.com | 1 days ago

UK politics: Reform UK claims racism exposé has left some members ‘psychologically damaged’ as it reports ITV to police – as it happened

#decline #drought #energy #energy policy #energy security #extreme weather #fossil fuel #fuel #Greenpeace #Jackdaw #law #oil and gas #See #Shell #wildfire #wildfires

Zia Yusuf claims undercover investigation broke the law as broadcaster stands by its journalismHere is an explainer by Jill Ambrose about the Jackdaw decision.But environmental groups have condemned the decision. Ami McCarthy, head of politics for Greenpeace UK, said:Approving Jackdaw shows the toxic grip fossil fuel lobbyists still hold over our energy policy.

Andy Burnham promised pragmatism [see 8.40am], but there is nothing pragmatic about rubber-stamping a project that won’t lower energy bills, won’t boost energy security and will create just 27 full-time jobs …True pragmatism means severing our reliance on expensive oil and gas that leaves British households broke, supercharges extreme weather, and leaves our energy security at the mercy of petrostates.Is the prime minister living in a parallel universe? One where we haven’t just endured our hottest summer on record, with droughts, wildfires and, in all likelihood, the most heat-related deaths on record? And where the UN hasn’t warned that we’re on the brink of breaching the all-important 1.5 degree warming limit?Shell will be cheering this decision but it won’t knock a penny off our energy bills, which is what’s keeping people up at night, or make a meaningful difference to our gas supply.

Jackdaw will provide around just 2% of our gas demand for roughly ten years. It has been oversold and won’t stop the decline in North Sea jobs, as it will be largely unmanned and operated remotely. Continue reading...

skepticalscience.com | 1 days ago

As El Niño fuels drought in Panama, trees help ranchers maintain their water supply

#biodiversity #climate #climate change #coral #Don #drought #El Niño #emissions #environmental training #extreme weather #fuel #Li #Methan #methane #methane emission #Ocean #Panama #rain #See #silvopasture #SIT #soil health #solar #solar panel #sustainable #tropical forest #water quality #WHO #WMO #WRI

This article by Nicolas Scibelli first appeared on Yale Climate Connections and is republished here under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. [Haz clic aquí para leer en español] A single stream nourishes the cattle of Ismael “Jim” Solis’ ranch on Panama’s Azuero Peninsula, which juts out into the Pacific Ocean.

Solis has raised cattle through countless droughts and dry spells over the years, weathering them with little concern. But as El Niño builds strength ahead of Panama’s coming dry season, he worries that for the first time, his stream may run dry. "We hope it keeps flowing, but we need more rain so it will last when the dry season comes,” he said.

Solis has spent his life raising cattle on the Azuero since his family arrived decades ago in the small town of Los Asientos on the southern part of the peninsula. His ranch is one of many that dominate the region, checkering the landscape in a matrix of rolling pasture dotted with trees, the last reminders of the expansive forest that once blanketed the surrounding hillsides.

Extreme drought has caused the artificial reservoir on Cecibet Peralta's ranch to run dry. (Image credit: Nicolas Scibelli) Across the Azuero Peninsula, extreme drought is stretching water resources thin. To counter it, some are switching to a more sustainable system of cattle ranching known as silvopasture, a method that incorporates trees into the landscape and helps preserve water.

Those who have made the switch say the increased tree cover has proven vital in maintaining water supply and grass yield while neighboring farms feel the effects. Still, with forecasts of a historically strong El Niño building in the coming months, a difficult dry season lies ahead for silvopasture and conventional ranchers alike.

Feeling the heat The Institute of Meteorology and Hydrology of Panama declared an El Niño alert in May, warning of drier conditions on the Azuero Peninsula and a 10-20% reduction in rainfall during the region’s typically wet season. As the months drag on, ranchers are seeing the effects.

“In the past, it wouldn't have been as hard as it is this year,” said Edwin Carrasco, a silvopastoral rancher in Herrera province. Edwin Carrasco, a silvopasture rancher in Herrera province, Panama. (Image credit: Nicolas Scibelli) The stream on Carrasco’s property has run dry, requiring him to pump water from a well on site.

The ranch remains in a precarious position as drought lingers. "I'm frightened, because we don't know what we're going to do with the animals if it doesn't keep raining,” Carrasco said. In the nearby Los Santos province, Cecibet Peralta is another rancher dealing with water shortages.

Peralta uses a large artificial reservoir on her ranch to water her cattle, though it historically has not always lasted through the dry season. Peralta recently expanded the reservoir’s capacity hoping it would provide year-round water, but with this year’s El Niño-charged drought, even the expansion has not been enough.

The dry reservoir has forced Peralta to move her cattle to a neighboring farm with more stable water resources. She’s now looking to expand the reservoir again in an attempt to stay ahead of the rapidly changing climate. Living fences separate fields on a silvopasture ranch just outside of Los Asientos on the southern part of Panama's Azuero Peninsula.

(Nicolas Scibelli) “Every year the summers are stronger,” she said. “The intense heat causes the water to be used up more quickly.” With a seasonal dry climate, the Azuero is projected to experience higher temperatures and increasingly irregular rainfall patterns in the coming decades. As climate change potentially drives stronger El Niño events, prolonged droughts are likely to occur again in the future.

Nature’s original solution For years now, some on the Azuero have been planting trees on their farms and using a less intensive, mixed-rotation system known as silvopasture. Those who have established these systems say they are seeing the results as drought rages on. “Nowadays, we have a greater abundance of water because of the way it has been managed,” said Manuel Cedeño, a silvopastoral rancher from the small community of Los Asientos.

"Better water quality, better forage for the animals; more biodiversity.” In contrast to conventional systems that clear the land entirely for pasture, silvopasture incorporates planted and naturally regenerated trees into pastures for grazing. It also uses mixed-rotation cycles that reduce overgrazing and preserve soil health.

A cow walking to pasture on a silvopasture ranch in Veraguas province, Panama. (Image credit: Nicolas Scibelli) The conventional wisdom that trees are detrimental to cattle production is unfounded, according to Jake Slusser, a tropical forester working with Yale’s Environmental Training and Leadership Initiative. Slusser is not affiliated with Yale Climate Connections.

“Trees offer everything from shade, forage, fodder, fruit,” Slusser said. “Some trees fix nitrogen so that the pasture grass that they're eating has a lot higher nutritional content, especially in terms of protein.” Silvopastoral systems are also crucial for preserving water levels and water quality.

Most systems use pumps to transport water directly to cattle, reducing the need for cattle to travel directly to water sources while limiting pollution. Increased vegetation along riparian areas also improves shade cover, reducing evaporation. “These are just in general much more resilient farms during El Niño years when you have these long-term droughts, because you're conserving and utilizing the water you have on [the] farm in a very efficient way,” Slusser said.

The Yale initiative has been working with ranchers on the Azuero since 2009, having helped many farmers make the change to silvopastoral systems. Thousands of hectares of land on the peninsula have been deforested or degraded since ranchers began clearing the region in the 1940s, the majority of which are still actively used for cattle grazing today.

Slusser said silvopasture presents an opportunity to improve environmental outcomes in actively farmed areas. “That's where the most degraded landscapes are,” he said. “It allows the biggest potential because you're not replacing people's traditional livelihoods; you're enhancing them by doing silvopasture.” A solar-powered well on a silvopasture ranch outside of Los Asientos.

The pump provides water for the ranch's cattle and protects water quality. (Image credit: Nicolas Scibelli) The transition to silvopasture is not seamless, as significant upfront financial and technical investments are required. Silvopasture also does not entirely reduce the negative environmental impacts of cattle ranching, with substantial climate-warming methane emissions still caused by the practice.

Still, the positive effects are clear to ranchers in water-stressed areas like the Azuero. For those like Solis who have not yet made the transition to silvopasture, this year’s drought is making a compelling case to do so. "If you don't reforest, the water disappears more quickly,” he said.

Looking ahead to a drier future This year’s extreme drought has been a reason for many to begin examining the future of their farms more closely. The dry season still looms on the horizon, and water resources on many ranches have already been stretched thin.

With extreme weather events becoming increasingly common throughout Latin America, some believe silvopasture offers a potential solution moving forward. “This is one of the ways we can mitigate climate change and help the planet benefit," Cedeño said. Cows grazing in a mixed-rotation pasture outside of Los Asientos.

(Image credit: Nicolas Scibelli) For Cedeño, the change to silvopasture has been a worthy investment. Although the drought is providing new challenges on his ranch, he nonetheless feels secure that his cattle will have water throughout the coming year. Cedeño has already helped several other ranchers in Los Asientos make the change to silvopastoral systems and is looking to expand his own operation even further.

He hopes that in the future, farms like his will be the norm. "The culture of the farmers in this Azuero area had always been to cut down the trees, plant pasture, and raise cattle,” he said. “If we could change that mindset, I think we could accomplish much more.”

axios.com | 1 days ago

OpenAI brings its frontier models to rival Google Cloud

#Amazon #Li #Moor #REACH #See

OpenAI is bringing its AI models and Codex coding tools to Google Cloud, expanding its reach to customers of all three major U.S. cloud providers — including companies that are also among its fiercest AI rivals.Why it matters: The move underscores a growing recognition that winning the enterprise AI race isn't just about building the smartest models.

It's also about making those models available wherever businesses already run their software and store their data.For OpenAI, the agreement offers another way to reach corporate customers without requiring them to establish a separate relationship with the ChatGPT-maker.For Google, it means selling a competitor's AI models alongside its own Gemini offerings, potentially capturing business that might otherwise go to rival cloud providers.Driving the news: Under the agreement announced Wednesday, Google Cloud customers will be able to purchase OpenAI's frontier models through Google's "Model Garden and Marketplace," including by using existing cloud spending commitments.The deal also brings OpenAI models to Google's Antigravity development environment and Gemini Agent.General availability is planned in the coming weeks.The big picture: The agreement follows OpenAI's expansion onto Amazon Web Services earlier this year, after changes to its Microsoft partnership opened the door to broader cloud distribution.AWS CEO Matt Garman said at the time that customers had long wanted to run OpenAI models where their existing applications and data already resided.Amazon has since expanded the OpenAI models and services available through its Bedrock platform, although neither company has publicly quantified the additional business generated by the arrangement.What they're saying: Mike Leone, VP and analyst at Moor Insights & Strategy, said the deal is significant for both companies, particularly because many Google Cloud customers want access to OpenAI models without moving their data."For Google, I read the deal as confidence, because Gemini now has to win those customers with OpenAI sitting right next to it," Leone told Axios.But he doesn't see Google as necessarily hurting Gemini, since customers will still pay Google for its cloud platform, data services and security regardless of which AI models they choose.Yes, but: Distribution is only part of the equation.

OpenAI still has to persuade enterprises to choose its models over those from Google, Anthropic and other competitors, many of which are available through the same cloud platforms.That could make the cloud providers' existing enterprise relationships and infrastructure as important as the models they offer."Once every cloud has the top models, I think the competitive advantage goes to whoever does the best job with a company's data, governance, and costs," Leone said.

axios.com | 1 days ago

"I am giving you money!" Nvidia's CEO wants every country to build its own AI

#Boom #China #ecosystem #France #fuel #Germany #India #Li #Malaysia #Saudi Arabia #See #Sweden

Nvidia CEO Jensen Huang is crisscrossing Europe with a multibillion-dollar checkbook and a grand ambition: Make his company the indispensable backbone of the global AI economy.Why it matters: As fears of an AI bubble rattle Wall Street, Huang is working to spread the boom beyond the U.S. and China — courting governments, bankrolling startups and cultivating massive new markets for Nvidia's chips.The big picture: The godfather of AI is trying to single-handedly build a new market for Nvidia chips, betting that governments and institutions around the world will want their own, highly customized data centers running open models.If it works, it could shore up demand for Nvidia chips just as another big group of customers — neoclouds — appear financially shaky.Driving the news: Part showman, part salesman, Huang has spent the past week preaching the gospel of AI across Europe ahead of a keynote Wednesday at Nvidia's flagship conference in Berlin.In France, Huang announced investments in four startups and joked, whisky glass in hand, that he's "the biggest VC in Europe."

President Emmanuel Macron welcomed him to Paris, while France's economy minister compared the AI revolution to the Gold Rush.In Britain, Huang channeled Oprah Winfrey while announcing stakes in five startups. "I am giving you money! And I am giving you money! And I am giving you money!" he shouted from the stage of a converted London church.In Sweden, Huang unveiled a supercomputer backed by the country's industrial elite, likening Nvidia's technology to a "time machine" capable of compressing years of scientific research into days.In Germany, Huang challenged Chancellor Friedrich Merz to loosen Europe's regulatory instincts.

"There's nothing to regulate if the industry doesn't thrive," he warned Monday. "Give Germany a chance. Give this industry a chance."Zoom in: At the heart of Huang's global strategy is "sovereign AI" — the idea that every nation should build and control its own AI infrastructure, data and models, rather than depend on U.S. or Chinese tech giants.In addition to roughly $10 billion in investments in Europe, Nvidia is helping build national AI ecosystems across Saudi Arabia, South Korea, India, Malaysia and Africa.For Huang, the prize is a vast new class of customers, including entire countries that see AI infrastructure as an economic and national security imperative.Between the lines: Huang's global offensive comes at a precarious moment for the AI industry, with Wall Street increasingly questioning whether the technology's enormous promise can justify its astronomical costs.Shares and bonds of Nvidia-backed CoreWeave and other "neocloud" providers have plunged, fueling fears that the companies borrowing billions to buy Nvidia's chips may struggle to pay their debts.Investors are also scrutinizing a circular flow of money in which Nvidia helps finance the very companies buying its products, raising questions about how much demand is self-sustaining.What to watch: Huang has emerged as the AI industry's chief cheerleader during periods of market turmoil, countering predictions of a bubble with assurances that demand is still accelerating.His Berlin keynote offers another chance to calm investors by arguing that the next wave of AI spending will come from governments treating the technology as a national necessity, not a speculative bet.The bottom line: Countries racing to secure their independence in the AI age may find themselves more reliant than ever on one American company.

scmp.com | 1 days ago

China-US team’s ‘gold factory’ relic; next-gen diabetes care: 7 science highlights

#China #fuel #NET #See #sustainable #sustainable aviation #Sustainable Aviation Fuel #zero carbon

We have put together stories from our coverage on science from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. China breakthrough unlocks low-cost, high-margin sustainable aviation fuel Chinese researchers have developed a catalyst that converts synthesis gas into sustainable jet fuel – an advance that could boost production, help meet net-zero carbon goals and yield a gross profit margin above 50 per cent.

2. Landmark...

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