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Groq AI to open its first European data center in Finland

Groq AI to open its first European data center in Finland

UPIa day ago
The AI company Groq announced Monday it is set to establish its first-ever European data center in Finland. File Photo by Finland's President Press Office/UPI | License Photo
July 7 (UPI) -- The AI company Groq announced Monday it is set to establish its first-ever European data center.
It already has a presence in the United States, Canada and Saudi Arabia, but its global network will soon stretch to Helsinki, Finland.
"As demand for AI inference continues at an ever-increasing pace, we know that those building fast need more - more capacity, more efficiency, and with a cost that scales," said Groq CEO and Founder Jonathan Ross in a press release. "With our new European data center, customers get the lowest latency possible and infrastructure ready today."
"We're unlocking developer ambition now, not months from now," he added.
Backed by investment from Samsung and Cisco, the expansion is expected to bring AI inference capacity closer to its users across Europe, which will increase the speed of response times but diminish latency and provide sturdy data management.
The move to Helsinki is being done in conjunction with the digital infrastructure company Equinix, and not only will this move better solidify the relationship between Equinix and Groq but allow users of Equinix's Fabric network to drop inference workloads into the GroqCloud platform.
It will also provide inference access through Equinix Fabric's infrastructure for new American clients as well as those in Europe, Africa and the Middle East.
"Combining Groq's cutting-edge technology with Equinix's global infrastructure and vendor-neutral connectivity solutions enables efficient AI inference at scale," said Managing Director for the Nordics at Equinix in the release. "Our customers at Equinix will be able to securely tap into GroqCloud and lead on innovation within their enterprise."
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Dave Ramsey sends strong message to Americans on 401(k) plans
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Dave Ramsey sends strong message to Americans on 401(k) plans

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Birks Group Completes the Acquisition of the Watch and Jewellery Business of European Boutique and Related Debt Financing Amendments
Birks Group Completes the Acquisition of the Watch and Jewellery Business of European Boutique and Related Debt Financing Amendments

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MONTREAL--(BUSINESS WIRE)--Birks Group Inc. (the 'Company', 'Birks Group' or 'we') (NYSE American LLC: BGI) is pleased to announce that, further to its June 9, 2025 announcement, it has completed the acquisition (the 'Acquisition') of the luxury watch and jewellery business of European Boutique ('European') from its founders, the Sutkiewicz family, for a purchase price of $9,000,000, subject to customary adjustments. Headquartered in Toronto, European operates stores at the Yorkdale, Square One, Toronto Eaton Center and Sherway Garden malls, consisting of four European Boutique multi-brand luxury watch and jewellery stores, three mono-brand boutiques for luxury brands OMEGA, Breitling, and Montblanc, as well as integrated storefronts for luxury brands such as TAG Heuer, GUCCI, and Diamonds Direct. In addition to its brick-and-mortar stores, European operates a national e-commerce website at which offers a wide selection of watches and jewellery across Canada. As a part of the Acquisition, Birks Group has also entered into a licensing agreement to operate the Canadian brand Diamonds Direct® ( Jean-Christophe Bédos, President and CEO of Birks Group, commented: 'We are delighted to complete the acquisition of European. The European stores have prime locations in important malls in the Greater Toronto Area and carry high-end luxury brands which will complement Birks Group's offering. We now enter into a period of transition where we will be liaising closely with the European team and we look forward to welcoming Jordan Sutkiewicz, Michelle Ceresney and European's employees to the Birks family.' Eric Sutkiewicz, Lynn Sutkiewicz, Jordan Sutkiewicz and Michelle Ceresney, the former owners of European, commented: 'After nearly 50 wonderful years of serving our loyal clients, we are proud to have sold our family business to Birks Group, a well-respected and trusted pan-Canadian retailer of fine jewellery, watches and gifts that shares the same commitment to quality and customer service as European. We would like to thank all of our team, colleagues, partners and friends at European for their dedication and support. We wish them much success under the leadership of Birks Group.' In connection with the Acquisition and as previously announced, Birks Group also obtained an additional term loan of $13.5 million (the 'Incremental Loan') with SLR Credit Solutions ('SLR'), one of the Company's current senior lenders. The Incremental Loan bears interest at the same rate as our current $12.5 million term loan with SLR which is CORRA plus (i) a CORRA adjustment of 0.32% and (ii) 7.75%, and it will be repayable, in full, on December 24, 2026. A portion of the proceeds from the Incremental Loan were used by the Company to fund the purchase price for the Acquisition and the balance of the proceeds will be used to fund ordinary course working capital. The Company also entered into a loan agreement for $3.75 million of additional indebtedness (the 'Loan Agreement') with Mangrove Holding S.A., one of the Company's controlling shareholders. The Loan Agreement bears annual interest at 15% and it will be repayable, in full, on December 24, 2026. The proceeds from the Loan Agreement will be used to fund ordinary course working capital. Rebecca Tarby, Senior Managing Director of SLR, commented: 'Birks Group and SLR have enjoyed a long-term business relationship for over 15 years, and we are pleased to support Birks Group's continued growth and success.' The Company continues to be actively engaged in identifying alternative transactions to continue pursuing its strategic goals including raising additional funds through public or private equity, debt financing, and the completion of strategic acquisitions. About Birks Group Inc. Birks Group is a leading designer of fine jewellery and an operator of luxury jewellery, timepieces and gifts retail stores in Canada. 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All statements that address expectations, possibilities or projections about the future and all statements in this press release other than statements of historical fact are forward-looking statements. Because such statements include various risks and uncertainties, actual results might differ materially from those projected in forward-looking statements. Accordingly, the reader should not place undue reliance on forward-looking statements. 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Global stock markets' best and worst performers in a Trump-fueled 2025 — and where they're headed
Global stock markets' best and worst performers in a Trump-fueled 2025 — and where they're headed

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time2 hours ago

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Global stocks have surged to unprecedented levels in the first half of 2025, even as U.S. President Donald Trump's tariff salvos ripple across the globe. Here are the top winners and losers globally, as well as where they're headed. The MSCI All Country World Index, which measures the performance of over 2,500 stocks from both developed and emerging market equities, rose nearly 10% since the start of the year to hit a record high on July 4. European equities have emerged as the surprise stars of 2025, with Greece, Poland, Czech Republic and Spain leading the world in year-to-date gains, according to data collated by Morningstar for CNBC. In comparison, U.S. equities climbed comparatively lower in light of wavering confidence in American assets following Trump's erratic policymaking. "The global trade war that the U.S. started has been, and will continue to be, the catalyst for this ex-U.S. outperformance," said Peter Boockvar, chief investment officer at Bleakley Financial Group. Meanwhile, South Korea stands out as Asia's best performer amid the region's divergent performances, while Thailand, Turkey, Indonesia and Saudi Arabia languish at the bottom of the global rankings. Europe's renaissance Greece was the best-performing stock market year-to-date with gains of almost 60%, and market watchers say there's room for further surge. "Greece has been a standout in Eastern Europe for some time, supported by a recovering economy, banking sector reforms, and strong tourism," said Gabriel Sacks, Aberdeen's investment director of global emerging markets equities. The government's commitment to fiscal surpluses and early repayment of bailout loans have also lifted investor confidence. George Efstathopoulos, multi-asset portfolio manager at Fidelity International, expects Greek equities to continue outperforming, adding that Greek equities are heavy on banks, which have been beating expectations and guiding higher. European markets have been the standout performer globally in the first half of the year. Morningstar Michael Field Poland and the Czech Republic came in as second and third-best performers, gaining 56% and 52% year-to-date, respectively. Among the top ten performers, eight come from European markets. Aside from Greece, Poland and the Czech Republic, other names include Spain, Italy and Germany. Market watchers attribute Europe's rally to a cocktail of recovering growth, undervaluation, and capital rotating out of U.S. stocks earlier in the year as confidence in American assets gets increasingly tested. "European markets have been the standout performer globally in the first half of the year," said Morningstar's EMEA chief equity market strategist, Michael Field, attributing the inflow to the "sell America" movement earlier in the year, as well as an improving economic situation in Europe. The positive sentiment was echoed by Schwab Center for Financial Research's Michelle Gibley, who attributed Germany's pivot away from austerity as part of the reason for Europe's growth. Additionally, Trump's tariffs will continue to create conditions for European growth to ignite, market strategists polled by Natixis believe, who added that European defense stocks could continue to offer sizable returns. European defense stocks and bank sectors, which are key to the region's market performance, are also less exposed to tariff wars, said Mark Mobius, chairman of Mobius Emerging Opportunities Fund. Comparatively, Morningstar's U.S. stock market gauge rose by only around 7%, placing it further down the list in terms of its performance year-to-date. However, the exodus of American assets, which accelerated in April this year, has largely reversed its course with the major benchmarks, S & P 500 and the Nasdaq Composite, recently scaling record highs. Asia's diverging performance Among a mixed performance from Asian benchmarks, South Korea has staged an impressive comeback in 2025, posting a rally of over 30% year-to-date and taking the regional pole position. Despite domestic political turmoil and a 25% levy on exports to the U.S., the country's market outlook remains "looking reasonably good" as the tariff rate was already priced in, said Daniel Yoo, global strategist at Yuanta Securities. He added that there is a chance of a lower rate if the negotiation continues until August 1, which is when tariffs announced back in April will kick in, for countries that have not reached an agreement. The market also believes that Korean exporters may be able to withstand these levies better, as much of the price increase could be absorbed by U.S. consumers, said Manishi Raychaudhuri, chief executive officer at Emmer Capital Partners Limited. On a fundamental level, the election of a new president from the opposition earlier this year lifted investor sentiment and raised hopes for long-awaited corporate governance reforms, said Morningstar's senior equity analyst, Kai Wang, who noted the outperformance of key sectors, such as shipbuilding and advanced high-bandwidth memory chips that are increasingly used in AI processors. In June, opposition leader Lee Jae-myung won the nation's snap presidential election following months of upheaval sparked by former president Yoon Suk Yeol's failed attempt to impose martial law. China, which found itself in the Trump administrations' crosshairs for the larger part of this year, rose over 17% year-to-date. Looking forward to the rest of the year, HSBC sees catalysts from a potential appreciation of the yuan, improvements in earnings as well as policy support. However, the bank's Head of Research at HSBC Qianhai Securities, Steven Sun, said that the country's overall economic growth may continue to face pressure with no bazooka stimulus in sight. The Laggards: Thailand and Turkey At the bottom of the league table is Thailand. The Southeast Asian nation's stock market has slumped over 13% since the start of the year amid political turmoil, corruption scandals, economic woes and the drag of U.S. auto tariffs on its crucial auto parts export sector. "Thailand continues to struggle with a sluggish post-Covid recovery. Tourism remains below pre-pandemic levels, and political instability is weighing on consumer confidence," said Aberdeen's Sacks. Recently, the country's prime minister, Paetongtarn Shinawatra, was suspended from office by the constitutional court over a leaked phone conversation with former Cambodian leader Hun Sen, which led to a petition from 36 senators accusing her of dishonesty and breaching ethical standards. Turkey, whose stock markets are faring second last in performance, has economic headwinds that are equally pronounced, with political repression and runaway inflation spooking investors. "The arrest of Istanbul's mayor dashed nascent signs of optimism," said Sacks, who sees little chance of a sustained recovery without credible policy shifts. Mobius added that the country's currency collapse has also exacerbated the loss of investor confidence and capital flight. The Turkish lira depreciated almost 13% against the greenback since the start of the year. Rounding things off… That said, to put things into context — 2025 has been a fairly bullish year so far for equities, with only five stock markets posting losses year-to-date, according to Morningstar's equity gauges. "The worst of negative shock surprises may be behind us post Liberation day, " said Fidelity International's Efstathopoulos, who was referring to the name Trump gave to his sweeping tariff policy on April 2. While uncertainty is still high, he noted that a key market like China is stimulating its economy, and that the Federal Reserve has been on the path of easing, albeit slowly. "The most fiscal conservative government, Germany, has ended decades worth of fiscal austerity, all of which should be a positive for global growth," he said. Despite a slew of headwinds in the first half of the year, investment markets did well and displayed resilience, said OCBC's investment strategy managing director, Vasu Menon, though he added that he expects volatility to remain in the second half of the year as global uncertainties remain a fixture. "However, do not be surprised if investment markets continue to overcome headwinds and do well in the second half too – especially if concerns about trade, tariffs and inflation ease in the coming months," he said.

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