Russia-backed Indian refiner Nayara takes Microsoft to court over outage
"Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licenses," the refiner said in a statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
8 minutes ago
- Reuters
Allstate quarterly profit jumps on underwriting strength
July 30 (Reuters) - Allstate (ALL.N), opens new tab reported a jump in second-quarter profit on Wednesday, driven by strong underwriting performance and increased investment returns. Property and casualty insurers benefited during the quarter as individuals and businesses continued spending on insurance policies amid macroeconomic uncertainty and concerns over severe weather-related catastrophes. Underwriting income in Allstate's property-liability segment jumped to $1.28 billion in the second quarter, up from a loss of $145 million in the year-ago period. The segment reported an underlying combined ratio of 79.5%, compared to 85.3% a year earlier. A ratio below 100% indicates the insurer earned more in premiums than it paid out in claims. Insurance bellwether Travelers (TRV.N), opens new tab beat Wall Street estimates earlier in the month, while Chubb also reported higher profits due to effective underwriting and strong portfolio management. Allstate's net investment income increased to $754 million from $712 million in the same period last year. The Northbrook, Illinois-based insurer reported adjusted net income of $1.59 billion, or $5.94 per share, for the quarter ended June 30, compared with $429 million, or $1.61 per share, a year earlier.
Daily Mail
11 minutes ago
- Daily Mail
Stock futures surge after two of America's biggest firms deliver profits that shatter recession worries
Meta and Microsoft, two of America's largest companies, have both delivered bumper earnings. The second quarter earnings sent both their stock prices higher after market close. Meta reported revenue of 47.52 billion in the April to June period, higher than the $44.8 billion expected by analysts. The shock results sent its shares up 10 percent in after-hours trading. Simultaneously Microsoft reported revenue of $76.44 billion, an 18 percent jump from a year earlier. The figures were also higher than the $73.81 billion anticipated by Wall Street and sent the company's stock 7 percent higher. The earnings reports cap off a day that appears to show the American economy pulling away from any risk of recession. The latest Gross domestic product (GDP) figures released this morning showed the economy grew at three percent in the April through June period. That was considerably better than the 2.3 percent anticipated by analysts. The figures demonstrate a rebound after the economy contracted at the start of the year. The unexpected pace was largely driven by a turnaround in the trade imbalance and renewed consumer strength. Consumer spending rose 1.4 percent in the second quarter, better than the 0.5 percent in the first three months of the year. In the first quarter imports surged as businesses tried to stock up on goods ahead of tariffs, however in the last quarter imports fell 30.3 percent. Although exports dipped 1.8 percent in the period the drop in imports helped to ease the imbalance. The news was swiftly followed by the Fed's decision to hold interest rates steady despite Trump's relentless calls for them to be lowered.
Reuters
39 minutes ago
- Reuters
Microsoft's Azure cloud revenue surges as AI spending pays off
July 30 (Reuters) - Microsoft's (MSFT.O), opens new tab Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets. Shares of the software company rose more than 6% in extended trading after it said Azure sales surpassed $75 billion on an annual basis, the first time it has disclosed that figure. That beat expectations for $74.62 billion. The business still trails market leader Amazon Web Services (AMZN.O), opens new tab, which had an earlier start in cloud computing and brought in $107.56 billion in its most recent fiscal year. The results are likely to bolster investor confidence that Big Tech is benefiting from its massive data center buildout, with capital expenditure to reach $330 billion this year. Rival Alphabet's (GOOGL.O), opens new tab earnings also showed last week that AI spending was rising, but so were the returns, as it beat revenue estimates and lifted its outlay forecast by $10 billion. Microsoft said Azure revenue jumped 39% in the June quarter, more than the analyst average estimate of 34.75%, according to Visible Alpha. Overall revenue rose 18% to $76.4 billion in the April-June period, Microsoft's fiscal fourth quarter. Analysts on average expected $73.81 billion, according to data compiled by LSEG. Capital spending rose 27% to $24.2 billion, compared with estimates of $23.08 billion, per Visible Alpha. Microsoft has said the spending is crucial to overcoming supply constraints that have hampered its ability to meet soaring AI demand. The company has emerged as an early leader in making money from AI thanks to its exclusive access to OpenAI's technology. The tie-up has helped attract scores of businesses to its cloud service and allowed Microsoft to swiftly roll out AI products such as its M365 Copilot AI assistant for enterprises. It has also turned the company into an investor darling that is $200 billion short of becoming only the second company to hit a $4-trillion valuation, with its shares up about 20% this year. But investor doubts have risen about the OpenAI tie-up as the companies renegotiate the deal and the startup shifts some workloads to rivals, including Google and Oracle . Media reports have said that the two are at a deadlock over how much access Microsoft will retain to OpenAI's tech and its stake if OpenAI converts into a public-benefit corporation. Microsoft has tried to reduce its reliance on OpenAI by developing in-house AI technology and broadening its model lineup with partners such as xAI, Meta (META.O), opens new tab, and France's Mistral, hosting their models on Azure for clients.
