Reuters US Business

By Scott DiSavino (Reuters) – U.S. power consumption will rise to record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. With growing demand from data centers dedicated to artificial intelligence and cryptocurrency and with homes and businesses using more electricity for heat and transportation, …

US power use to reach record highs in 2025 and 2026, EIA says Read More »

By David Shepardson WASHINGTON (Reuters) -A group of nine senators on the Environment and Public Works Committee said on Tuesday the Trump administration is illegally withholding $3 billion in previously awarded funds to states for electric vehicle charging. On Thursday, the U.S. Transportation Department said it was suspending the electric vehicle charging program and rescinding …

Democrats say Trump illegally withholding state EV charging funds Read More »

By Foo Yun Chee BRUSSELS (Reuters) – DeepSeek may face more actions from national regulators in the future, Europe’s privacy watchdog said on Tuesday, underscoring the bloc’s concerns about the rising popularity of the cheap Chinese artificial intelligence startup. National privacy regulators discussed DeepSeek at a monthly meeting on Tuesday, after Italy blocked the chatbot …

DeepSeek may face further regulatory actions, EU privacy watchdog says Read More »

By Vallari Srivastava (Reuters) -Elliott Investment Management said on Tuesday it has built a stake of more than $2.5 billion in U.S. refiner Phillips 66, and plans to push for operational changes and the sale of the company’s midstream business. Phillips 66 shares rose 3.3% in late morning trade. Last year, Elliott disclosed a $1 …

Elliott builds $2.5 billion stake in Phillips 66, pushes for midstream business sale Read More »

By Howard Schneider WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell, in his first appearance before Congress since the inauguration, vouched for the strength of the economy President Donald Trump inherited even as he deferred on questions about tariffs, Elon Musk’s role in government, bank account safety, and other issues reflecting the unsettled nature of …

Fed’s Powell, quizzed about trade, Musk, and bank safety, says economy is fine Read More »

(Reuters) – GlobalFoundries on Tuesday forecast first-quarter revenue and profit below Wall Street estimates as the contract chipmaker braces for the potential impact of U.S. President Donald Trump’s tariffs on automakers and a challenging smartphone market in 2025. Shares of the Malta, New York State-based company, however, reversed course from its premarket losses to rise …

GlobalFoundries forecasts dour first quarter amid tariff concerns, smartphone weakness Read More »

(Reuters) – Palmer Luckey-founded defense tech startup Anduril will take over the development and production of Microsoft’s mixed-reality headset program for the U.S. Army, the companies said on Tuesday. Anduril will assume control over production, as well as future hardware and software development and delivery timelines for the Integrated Visual Augmentation System (IVAS) project, the …

Anduril takes over Microsoft’s $22 billion US Army headset program Read More »

By Nora Eckert, Allison Lampert and Ernest Scheyder DETROIT/MONTREAL/HOUSTON (Reuters) -Executives across industries reliant on steel and aluminum imports were scrambling to offset the cost of Donald Trump’s move to slap 25% tariffs on those key metals after previous tariff threats from the White House that were later scrapped. Companies ranging from Coca-Cola and Ford …

Executives plot strategy to deal with ‘cost and chaos’ of Trump tariffs Read More »