Europe's AI gigafactory push attracts 76 bids: EU tech chief
"And this exceeds far beyond our expectations and this showcases Europe's growing momentum and enthusiasm for innovating in AI in Europe," she said, declining to name the companies because of business confidentiality information.
The EU executive said applicants included EU and non-EU companies, among them tech giants, data centre operators, telecoms providers, power suppliers and financial investors.
"Together they have now indicated plans to acquire at least 3 million latest generation of AI processors (GPUs) in total," Virkkunen said. The Commission will launch an official call for setting up the AI gigafactories at the end of the year.
($1 = €0.8537)
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Indian Express
an hour ago
- Indian Express
Amid trade wars and conflicts, New Delhi must strengthen its associations with BRICS
The BRICS summit in Rio is happening as the global order grapples with two forms of interstate conflicts: Trade wars and regional wars. These conflicts demonstrate the international order's limitations and the existing institutions' inability to contain the crises. States are adopting myriad hedging and balancing strategies to cope with the new challenges. The US is trying to withdraw from and limit its external engagements, while other countries are joining alternative institutions to safeguard their interests. The world is at a juncture where the hegemon cannot ensure compliance of others and the successors are reluctant to provide leadership and take responsibility. Under these circumstances, emerging powers find it advantageous to group together and amplify their influence. Amid a turbulent and unpredictable world order, BRICS functions as a key instrument of a broader hedging and diversification strategy. Members view this as a critical alternative forum that provides a sense of security, status, and collective leadership. BRICS has become a coveted organisation for the Global South. It comprises 11 states with nearly 50 per cent of the global population and about 40 per cent of the global GDP. It is a heterogeneous organisation with no shared history, culture, ideology or territories. It cannot be compared with any other existing organisation given its diversity and uniqueness. Experts often compare it with the G7 because of its global outreach, but the G7 countries have identical political systems and a comparable level of development. The same cannot be said about BRICS. Because BRICS is an organisation of the non-West, it is often viewed as a challenge to the West. It is not without reason that Donald Trump threatened to slap a 100 per cent tariff on BRICS countries if they sought to develop an alternative currency. Many in the West fear that a BRICS currency would weaken the dollar. However, it must be underlined that BRICS is not in the process of developing a new currency. A common currency requires integrating financial institutions and closely coordinating industrial and agricultural policies. BRICS does not have the level of coordination needed and is not pursuing such a goal. Therefore, this Western fear is entirely misplaced. Instead, BRICS is exploring the possibility of amplifying trade in national currencies. The trade between Russia and China is carried out in national currencies. Similarly, a large part of Russia's trade with India and Brazil occurs in local currencies. These states are also trying to set up fixed reference rates for their local currencies, independent of the dollar. The extent of the impact of this process on the dollar is unclear, but BRICS states should expect new threats from the Trump administration. It would be viewed as an attempt at de-dollarisation, and President Trump cannot remain silent for long. In a recent interview, US Secretary of Commerce, Howard Lutnick, described India's association with BRICS as an irritant which rubbed America the wrong way. Nonetheless, New Delhi will continue to follow a diversified multi-engagement policy, disregarding external pressure. Prime Minister Narendra Modi will attend the Rio summit, even as Xi Jinping and Putin give it a pass. The BRICS summit in Rio De Janeiro is conspicuous for several reasons: First, following its expansion in 2024 and 2025, it would be the first time that all the members will participate. It provides an important platform for them to socialise, explore the areas of cooperation and develop an understanding of each other's concerns. Further, the BRICS membership enhances the status of new members. However, the expansion of the organisation will also pose coordination and consensus-building challenges. 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Views are personal
Hindustan Times
2 hours ago
- Hindustan Times
Del Monte files for bankruptcy: What it means for food, grocery prices in US
Del Monte Foods has filed for bankruptcy. The 138-year-old company is looking for a buyer. On Tuesday, Del Monte Foods announced it was voluntarily entering Chapter 11, Reuters reported. The canned foods firm is going through a sale process for all of its assets as well. As per its statement, Del Monte has secured $912.5 million in new funding. This will allow the company to remain afloat as it enters the peak canning season while the sale process is underway. According to court documents, the liabilities of Del Monte Foods were estimated between $1 billion and $10 billion. Del Monte canned tomatoes are seen among other nonperishable goods inside the West CAP Food Pantry in Boyceville, Wisconsin, U.S(REUTERS) Also read: Popular Canned food company Del Monte files for bankruptcy The decision could significantly impact food and grocery prices in the United States. Del Monte is behind some major brands such as College Inn, which sells broth and stocks, and Joyba's tea products. Sarah Foss, global head of legal and restructuring at Debtwire, told CNN that Del Monte cited declining consumer demand for the Chapter 11 bankruptcy filing. 'Consumer preferences have shifted away from preservative-laden canned food in favor of healthier alternatives,' she added. This led the company to incur increased costs in terms of storing surplus inventory and promotional spending to encourage buyers. Del Monte's bankruptcy needs to be seen in the light of inflation and US President Donald Trump's tariff policies. In May, inflation in the US picked up a bit due to rising food prices. As per a report by the Labor Department, consumer prices jumped 2.4 per cent in May compared with a year ago. In April, the prices had registered a 2.3 per cent increase year-on-year. The figures mean that the Federal Reserve's 2 per cent inflation target remains unfulfilled. This means the central bank is less likely to reduce borrowing costs in the future. As for tariffs, an Associated Press report stated that almost all economists expect that the Trump administration's policies could make things more expensive in the second half of 2025, but the exact impact remains uncertain. In this context, Del Monte Food's bankruptcy and closure could potentially increase food prices. However, the exact impact is expected to become apparent in the next few months. FAQs 1. Has Del Monte Foods filed for bankruptcy? Yes, it filed for Chapter 11 bankruptcy on Tuesday. 2. How much in liabilities does Del Monte Foods have? The estimated liabilities are between $1 and $10 billion. 2. Are Del Monte's non-US subsidiaries included in the bankruptcy filing? No, as per Reuters, the company's non-U.S. subsidiaries are not part of the Chapter 11 proceedings and will continue to operate as usual.
Time of India
2 hours ago
- Time of India
Google makes new proposal to stave off EU antitrust fine, document shows
Academy Empower your mind, elevate your skills Google has proposed fresh changes to its search results in an attempt to fend off growing criticism from rivals, a week before a key meeting that could lead to yet another EU antitrust fine, according to a document seen by US tech giant has been under pressure after being hit in March with European Union antitrust charges of unfairly favouring its own services such as Google Shopping, Google Hotels and Google Flights over company, owned by Alphabet, will meet its rivals and the European Commission to discuss its proposals during a July 7-8 workshop in Brussels, the document EU's landmark Digital Markets Act, under which Google has been charged, sets out a list of dos and don'ts for Big Tech aimed at curbing their power and giving rivals more room to compete and consumers more week, Google offered to create a box at the top of the search page for a so-called vertical search service (VSS) which would contain links to specialised search engines as well as to hotels, airlines, restaurants and transport latest offer, called Option B, is an alternative to last week's proposal, according to a Google document sent by the Commission to involved parties and seen by Reuters."Under 'Option B', whenever a VSS box is shown, Google will also show a box that includes free links to suppliers," the document box for suppliers - in essence hotels, restaurants, airlines and travel services - would be below the VSS box, with Google organising the information about the B "provides suppliers opportunities while not creating a box that can be characterised as a Google VSS", the document said."We've made hundreds of alterations to our products as part of our DMA compliance," a Google spokesperson said."While we strive for compliance, we remain genuinely concerned about some of the real world consequences of the DMA, which are leading to worse online products and experiences for Europeans."Google risks a fine as much as 10% of its global annual revenue if found in breach of the DMA.
