Meta seeks $29 billion from private capital firms for AI data centers, FT reports
Meta Platforms is seeking to raise $29 billion from private capital firms to build artificial intelligence data centers, the Financial Times reported on Friday.
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International Business Times
an hour ago
- International Business Times
Trump Terminates Talks with Canada Over Tax on US Tech Companies and Threatens It to Get Ready for the Consequences Within Seven Days
Trump announced that he is halting trade negotiations with Canada due to its decision to move forward with a tax targeting tech companies and added that Canada would face the consequences of this action within "seven days." In a Truth Social post, Trump slammed the move, referring to the tech tax as " a direct and blatant attack on our country." "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period," Trump said in his post. Drawing Trump's Ire The Canadian government plans to implement the tax starting Monday. The digital services tax will impose a 3 percent charge on revenue earned from Canadian users by major companies such as Amazon, Google, Meta, Uber, and Airbnb. The tax will be applied retroactively, resulting in U.S. firms owing $2 billion by the end of the month. Speaking to reporters, the President said that "Canada has been a very difficult country to deal with over the years." However, he voiced certainty that Ottawa would eventually back off, saying, "We have all the cards. We have all - every single one." "We do a lot of business with Canada, but relatively little they do most of their businesses with us," he added. "Economically we have such power over Canada, I'd rather not use it." Throughout trade talks with various nations, Trump has criticized digital services taxes, labeling them as "non-tariff trade barriers." No Sympathy for Canada's Actions Canada and the United States have been in discussions on easing a range of high tariffs that Trump had previously placed on Canadian goods. The president accused Ottawa for "copying the European Union" with what he described as an "egregious" tax. Several countries are currently negotiating with the U.S. ahead of a July 9 deadline, after which Trump's hiked tariffs are set to be reinstated. However, Canada and Mexico are not part of those ongoing discussions. Earlier this year, Trump introduced tariffs on neighboring countries, including Canada and Mexico, in response to issues related to fentanyl trafficking and immigration. Negotiations with these nations are taking place separately from other trade talks. The president visited Canada earlier this month for the annual G7 summit but left ahead of schedule, citing developments concerning Iran. On Thursday, Treasury Secretary Scott Bessent said that several nations are expected to suspend their digital services taxes targeting U.S. tech giants, in return for Congressional Republicans agreeing to block a proposed "retaliatory tax" on foreign investors included in Trump's major legislative package. However, he did not specify which countries were part of this arrangement.
CNA
4 hours ago
- CNA
Warren Buffett donates record US$6 billion Berkshire shares
Warren Buffett donated on Friday (Jun 27) another US$6 billion of Berkshire Hathaway stock to the Gates Foundation and four family charities, his biggest annual donation since he began giving away his fortune nearly two decades ago. The donation of about 12.36 million Berkshire Class B shares boosted Buffett's overall giving to the charities to well over US$60 billion. He donated 9.43 million shares to the Gates Foundation; 943,384 shares to the Susan Thompson Buffett Foundation; and 660,366 shares to each of three charities led respectively by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation. Warren Buffett still owns 13.8 per cent of Berkshire's stock, based on reported shares outstanding. His US$152 billion net worth prior to Friday's donations made him the world's fifth-richest person, according to Forbes magazine. Buffett would rank sixth after the donations, which surpassed the US$5.3 billion he donated last June. He donated another US$1.14 billion to the family charities last November. In a statement, Buffett maintained he does not intend to sell any Berkshire shares. Now 94, Buffett began giving away his fortune in 2006. He changed his will last year, designating 99.5 per cent of his remaining fortune after his death to a charitable trust overseen by his children. They will have about a decade to distribute the money, and must decide where it goes unanimously. Susie Buffett is 71, Howard Buffett is 70, and Peter Buffett is 67. Warren Buffett has led Omaha, Nebraska-based Berkshire since 1965. The US$1.05 trillion conglomerate owns close to 200 businesses, including Geico car insurance and the BNSF railroad, and dozens of stocks, including Apple and American Express. Susie Buffett leads the Susan Thompson Buffett Foundation, which funds reproductive health and is named for her mother, who was Warren Buffett's first wife. The Sherwood Foundation supports Nebraska nonprofits and early childhood education. The Howard G. Buffett Foundation focuses on global hunger, combating human trafficking and mitigating conflicts. The NoVo Foundation has initiatives focused on marginalised girls and women and on indigenous communities. Buffett said last June that donations to the Gates Foundation would end when he dies.
CNA
9 hours ago
- CNA
Exclusive-Intel's top strategy officer to depart this month
Intel's top strategy executive, Safroadu Yeboah-Amankwah, is departing the company, the latest change since Lip-Bu Tan took the chipmaker's helm in March, two people familiar with the matter told Reuters. Intel confirmed the departure, saying, "We are grateful for Saf's contributions to Intel and wish him the best." Yeboah-Amankwah, who has served as Intel's chief strategy officer since 2020, is leaving on June 30, said the two people, who spoke on condition of anonymity. Yeboah-Amankwah has overseen growth initiatives, strategic partnerships and equity investments for Intel, among other responsibilities. Some of Yeboah-Amankwah's strategy functions will now fall to Sachin Katti, whom Intel recently elevated to chief technology and AI officer. Intel Capital, the company's venture arm, is reporting up to Tan, said one of the two people and a third source briefed on the matter. Tan is a prolific investor and founded San Francisco-based venture capital firm Walden International in 1987. As Intel's CEO, Tan so far has flattened the semiconductor giant's leadership team and taken direct oversight of its important data center and AI chip group, plus its personal-computer chip group. He has brought in new engineering leaders. He has also aimed to cut what he viewed as Intel's bloated, slow-moving middle-management layer. Tan's moves follow years of manufacturing challenges at Intel and lost opportunity for mobile phone and AI chips. His predecessor, Pat Gelsinger, attempted an ambitious turnaround though he compounded some of Intel's problems, Reuters previously reported. Intel reported an annual net loss attributable to the company - its first since 1986 - of $18.8 billion in 2024.
