
Citi Banker Says Clients Consider Climate Investments Outside US
While there's yet to be a noticeable exodus from the US, companies are weighing their options to see if there are more accommodating locations for investing in decarbonization, said Cathy Shepherd, Citigroup's global head of corporate banking for the clean energy transition. Speaking on a panel at the BloombergNEF Summit in New York on Wednesday, Shepherd said Citigroup's clients are exploring options in Europe and Asia.
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CNBC
3 hours ago
- CNBC
Oil rises as U.S.-EU deal lifts trade optimism
Oil prices rose on Monday after the U.S. reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand. Brent crude futures inched up 22 cents, or 0.32%, to $68.66 a barrel by 0035 GMT while U.S. West Texas Intermediate crude was at $65.38 a barrel, up 22 cents, or 0.34%. The U.S.-European Union trade deal and a possible extension in U.S.-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. The United States and the European Union struck a framework trade agreement on Sunday that will impose a 15% import tariff on most EU goods, half the threatened rate. The deal averted a bigger trade war between two allies that account for almost one-third of global trade and could crimp fuel demand. Also, senior U.S. and Chinese negotiators will meet in Stockholm on Monday aiming to extend a truce keeping sharply higher tariffs at bay ahead of the August 12 deadline. Oil prices settled on Friday at their lowest in three weeks as global trade concerns and expectations of more oil supply from Venezuela weighed. Venezuela's state-run oil company PDVSA is getting ready to resume work at its joint ventures under terms similar to Biden-era licenses, once U.S. President Donald Trump reinstates authorizations for its partners to operate and export oil under swaps, company sources said. Though prices were up slightly on Monday, the prospect of OPEC+ further easing supply curbs limited the gains. A market monitoring panel of the Organization of the Petroleum Exporting Countries and their allies is set to meet at 1200 GMT on Monday. It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week. Another source said it was too early to say. The producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. JP Morgan analysts said global oil demand rose by 600,000 bpd in July on year, while global oil stocks rose 1.6 million bpd. In the Middle East, Yemen's Houthis said on Sunday they would target any ships belonging to companies that do business with Israeli ports, regardless of their nationalities, as part of what they called the fourth phase of their military operations against Israel over the Gaza conflict.
Yahoo
17 hours ago
- Yahoo
The legal pushback that could complicate Trump's AI plan
The Trump administration's new 'Action Plan' to support US dominance in artificial intelligence is all but certain to be met with legal pushback, especially from civil rights advocates and copyright holders. President Trump and administration officials spent Wednesday promoting the plan and three accompanying executive orders after repealing much of President Biden's comparatively protectionist AI policies with a prior executive order in January. Key pillars of the new Trump plan include accelerating permitting to build the data centers needed to create AI technologies, expanding the export of US-made AI, and freeing foundational AI models of ideological bias. 'From now on, the US government will deal only with AI that pursues truth, fairness, and strict impartiality,' Trump said on Wednesday in remarks from an AI Summit at Andrew W. Mellon Auditorium in Washington, D.C. The plan also seeks to clear away legal headwinds, such as state-specific AI restrictions, and environmental and copyright laws. Constitutional law scholars say the administration can expect litigation to target his directives that are on less solid legal footing, such as his executive order requiring bias-free algorithms. That order bans the federal government from procuring AI technology infused with partisan bias and ideological agendas. The requirement may be impossible to fulfill, the lawyers said. And even if eradicating bias were possible, government discrimination against developers may not hold up under a First Amendment challenge, they added. 'Any executive order that purports to require neutrality among AI doesn't understand how AI works,' said Stanford University technology law professor Mark Lemley. He cautioned that if the government were to deny developers from securing government contracts based on viewpoints expressed in their technologies, it could draw constitutional challenges. Technology lawyer Star Kashman agreed, and added that the concept of unbiased AI is 'nice,' but in practice would limit the use of all AI systems in this early stage of development. 'All AI systems carry inherent bias,' Kashman said. Further complicating the idea, Kashman said, is that the orders seem to penalize companies based on the perceived ideological leanings of their AI systems or their training data sets. 'What would it mean for an AI system to be 'biased'...and who determines that standard? 'Who decides what the truth is?' AI systems are trained on content across the internet, using data written by humans. Every person has their own bias, which then slips into AI models that process information pulled from the web. 'The way I see it is that there is definitely bias in AI," Cornell University assistant professor of information technology Aditya Vashistha told Yahoo Finance. "I ask people, do you see bias on the internet? Do you see that people have some thoughts around certain demographics, identities, cultures, and so on? And usually, the answer is 'Yes'.' Even evaluating AI systems for bias is a fraught exercise, he added. 'If you want to design an AI technology which is telling the truth, who decides what the truth is, and how do you even measure it?' Vashistha pointed to language bias in AI models, explaining that while Hindi is spoken by more than 500 million people, far more than the population of the US, roughly 60% of the data online is English and just 0.6% is in Hindi. That leads to AI systems that focus on English first, while leaving other languages out. Another hurdle ripe for challenge is the administration's plan to provide some level of insulation to large language models from copyright infringement claims. Dozens of copyright holders have sued large language model developers, including Meta (META) and Anthropic ( arguing that the developers must pay rights holders before allowing generative AI software to interpret their works for profit. Rights holders also argue that the AI output cannot resemble their original works. "There is no predicting what's going to come out the other end of those cases," Courtney Lytle Sarnow, an intellectual property partner with CM Law, told Yahoo Finance in June. Sarnow and other intellectual property experts said they expect the disputes will end up in appeals to the US Supreme Court. 'Of course, you can't copy or plagiarize an article,' Trump said. 'But if you read an article and learn from it, we have to allow AI to use that pool of knowledge without going through the complexity of contract negotiations, of which there would be thousands.'


Washington Post
17 hours ago
- Washington Post
Citi launches Strata Elite Card to compete with AmEx and Chase
NEW YORK — There's a new but familiar face coming to the world of high-end credit cards. Citigroup is launching the Strata Elite Card, the bank's latest attempt to grab a piece of the high-fee, high-rewards credit card market that's dominated by American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve Card.