Latest news with #Magellan
Bloomberg
3 days ago
- Business
- Bloomberg
Dubai Real Estate's 122% Rally Endures on Affordability, Haven Appeal
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week: Market-making giant Jane Street eyes Abu Dhabi, Dubai regulator searched hedge fund Magellan's office, and Saudi FDI inflows signal momentum. But first, let's dive into Dubai's property market boom.
Herald Sun
3 days ago
- Business
- Herald Sun
Hamish Douglass says AI could wipe out half the index
Magellan co-founder Hamish Douglass said the AI revolution will be remembered for the ripple effects that lie further ahead, one of them potentially being a Wall Street wrecking ball that puts even the most analogue businesses at risk. Artificial intelligence will recast the sharemarket, just not in the way most people think. Mr Douglass is a private investor since leaving Magellan in 2022, 16 years after he founded the global fund manager with Chris Mackay. He championed stocks like Microsoft and Alphabet in his era at the top of the global equities manager. Today, he is decidedly more bearish and challenged the optimism promoted by AI evangelists, like the propensity to minimise its effect on employment. 'Now is the most exciting and the most frightening time to be an investor in my lifetime,' Mr Douglass told The Australian. 'You may have half the index virtually collapse by 50, 60 or 70 per cent in share price in the next five to 10 years because businesses are so disrupted.' The devastating consequences he foresees include mass joblessness and an unprecedented slump in demand. 'AI is going to be hugely disruptive, but it's not going to become apparent for about five years. Working out ahead of the rest of the market which companies will be the winners and the losers is more important today than it's ever been.' Alongside the dramatic shift brought about by AI, he is surveying rising tensions in the geopolitical landscape, too. Amid the headlines documenting the Iran-Israel war, he is alert to the risk that China invades Taiwan. 'Two of the greatest companies in the world at the moment, Nvidia and TSMC, are hugely exposed to the Taiwanese question. As a fund manager, how do you calibrate and risk weight and position yourself around the possibility of that happening? We're not talking 50 years out. This is probably within a five-year time frame. That risk is a very real risk,' he said. Passive funds would be hugely exposed in such a scenario. 'Passive doesn't predict the future, it doesn't predict the winners and losers. I wouldn't be totally surprised if, in aggregate, the markets go backwards or don't do anything over the next 10 years, but people in the right positions could make a fortune.' Near-term, Mr Douglass is in agreement that the most AI-exposed industries include advertising, entertainment, accounting, law and consulting. Funds management could suffer too, since AI can do the work of analysts but cheaper and faster. 'There will be people who are earning hundreds of thousands of dollars a year and within five to 10 years, maybe 50 to 70 per cent of those jobs just will not exist anymore,' Mr Douglass warned. 'What happens then to demand for goods and services? We used to own LVMH. If you go five to 10 years out and you start mass losses over a five to 10 year frame, when 20, 30 or 40 per cent of the professional workforce around the world don't have jobs, who's going to be spending $6,000 on a handbag? 'As you accelerate this over time, businesses you think are wonderful today, you start saying to yourself, 'what happens if the customers don't have the money?'' There will be a version of this dilemma undermining most sectors, Mr Douglass predicted. 'I love a business like Hilton. But they predominantly serve small and medium-sized businesses for business travel in the US. So what happens if 30 or 40 per cent of these businesses have laid off their workforces in 10 years time? What's the demand going to be for business travel when there's less people employed?' White-collar jobs are already being encroached upon. Tech giants Amazon, Meta and Intel are among those that have announced mass lay-offs this year. Closer to home, CEOs including Commonwealth Bank's Matt Comyn and Telstra's Vicki Brady have been alert to the AI reality and the opportunity to reallocate labour. Mr Douglass had little optimism that AI will create the new jobs optimists have described. 'Some of the large tech executives are out there publicly saying, 'oh, well jobs are always to be found'. But that's not what they're saying privately. In private they're saying, 'these jobs are gone forever',' Mr Douglass said. The so-called godfather of AI, Geoffrey Hinton, suggested tradespeople such as plumbers would have more secure employment in an AI-dominated future but Mr Douglass said that's not strictly true. For governments, a flow-on effect of mass job cuts includes surging benefit claims, slumping taxation revenue and ballooning budget deficits. Consumer demand will evaporate, he warned. 'Positioning yourself for the medium term has never been more important because the markets can react very savagely and very quickly when something starts becoming obvious,' he said. Safer options could include the likes of McDonald's and Amazon the stockpicker said, with the caveat neither were firm predictions. 'McDonald's may well be fine because it's down the discretionary income curve, and people need to eat. Supermarkets may be fine, Amazon may be fine; they own a physical distribution network and we're going to have to consume food. 'And if something's disrupted, you want to exit. You don't want to be in Kodak at the end.' Originally published as Magellan co-founder Hamish Douglass's grim artificial intelligence warning: 'Half the index could collapse'
The Star
24-06-2025
- Politics
- The Star
Asean News Headlines at 10pm on Tuesday (June 24, 2025)
Malaysia * PM Anwar in top health after annual check-up, says PMO * Decision in Syed Saddiq's appeal to be delivered June 25 * Finance and Health Ministries form new committee to address private healthcare costs * PMO: Criticism an essential part of celebrating democracy * Indonesian man detained for wildlife smuggling at KLIA2 * Raja of Perlis reprimands municipal officers for 'Little Napoleon' behaviour * Melaka claims Magellan crewmember Panglima Awang as first circumnavigator * Cook found dead in Sg Putat flat * Retiree loses close to RM700,000 to credit card phone scam * No 'hidden' power tariff hikes, says Sabah Energy Commission * Over RM3.5mil worth of seized counterfeit goods disposed of * JPJ impounds 101 luxury cars for a range of traffic offences * Ex-finance officer gets 16 months' jail, RM5,000 fine for CBT involving over RM180,000 * MyGov Malaysia digital gateway app for govt services to be launched in July * Accountant fined RM3,300 for recording male housemate in shower * Four company directors among five nabbed for using fake info to get foreign worker permits * Focus on demands made at Sabah anti-graft rally, Bersih urges govt * High Court orders transfer of land title from Dr M and three other trustees to Umno * Sharp hike in UM's tuition fees for medical studies risks shutting out qualified B40 students, says Dr Wee * BN to contest under own logo in Sabah polls, says Zahid * Only 10A+, solid A SPM students get automatic matriculation offers, says Fadhlina * Kangar cops nab couple for alleged abuse of six-year-old boy * S'gor sees 36% rise in Covid-19 cases, no deaths reported, says exco rep * Video clip case: Fight to clear your name in court like I did, says Zahid * Four cops remanded five days over alleged graft involving couple in car * Johnny Lim is first Chinese officer to be appointed three-star general in Armed Forces * KL local plan to make city development more structured, human-centric, says Anwar * FRU crash: Arrest warrant issued for lorry company owner * AKPS probes allegations of 'phantom travel' syndicate at KLIA * Enforcement alone cannot wipe out terrorism, warns Tok Mat * Cops record statements from 38 over two KL shooting incidents * JB trader loses more than RM1mil after falling for fake job offer on social media * Border Control Agency, JPJ thwart bid to smuggle RM90,000 worth of diesel out of M'sia * 13th Malaysia Plan's success depends on coordination of every ministry, agency, says PM * 'I don't have ties to PKR' * 'SST expansion targets luxuries, not necessities' * Full steam ahead but keep buses rolling, say tourism groups * Assemblyman held over RM150,000 bribery * 'No replacing apples with cucumbers' Singapore * Chinese President Xi meets Singaporean PM Wong, calling for boosting bilateral cooperation * 15 months' jail each for two foreigners who burgled landed homes in Singapore's Buona Vista and Holland areas * Over three years' jail for ex-director at multiple firms in Singapore who misappropriated S$7mil * Blow for Lions as Singapore football head coach Tsutomu Ogura steps down * 'Many people panicking': Singaporean in Doha recounts seeing Iran's missiles as US base was attacked * Singapore-China ties more important than ever amid global uncertainty, says PM Wong * UN Charter's principles 'more important than ever' amid rising geopolitical tensions: Singapore PM * Graft fugitive's fate in limbo * At least $26,000 lost in about 2 weeks to Blackpink concert ticket scams * Tourist who used another person's debit card to buy goods worth over S$300,000 in Singapore gets four years' jail Indonesia * Three Brits face one year in prison over Bali drug charges * 'Thank You, Malaysia' Indonesian legendary singer Kris Dayanti overwhelmed with local fans at her nostalgia concert * Jokowi's health draws attention during birthday celebration * Longer access to free public spaces eases lives of Jakartans * This one for Nusantara music lovers, Indonesian Bilal Ahmad brings his unique style to Panggung Purnama Concert on Sept 28 * Rescuers try to reach Brazilian tourist after fall at Indonesia volcano * Floods and landslides hit several regions in Indonesia as dry season faces delay * Shorter dry season expected this year Thailand * Border confusion as Thailand shuts land crossings with Cambodia * Thailand approves 151 billion baht economic stimulus package to counter global volatility * Burapha Task Force to temporarily open border for returning Thai and Cambodian nationals * 'Madam Dear' resigns from Democrat Party amid post-leak fallout Thailand * Thai foreign minister denies being soft on Cambodia * Thai cabinet reshuffle settled, coalition strong, PM says * UN demands answers from Thailand over human trafficking scams * Thai party plans no confidence vote against embattled PM * Anti-graft commission to probe Thai PM over Hun Sen audio clip, citing possible serious ethical breach * Thailand targets Cambodian scam centres as border dispute rages * Paetongtarn's power put to the test * Stowaway cat hitches rooftop ride and gets motorbike escort home Philippines * Philippine government mulls chartered flight to bring home OFWs in Middle East * "A scrap of paper": Philippine VP Duterte wants impeachment complaint dismissed * Philippine Airlines cancels flights to Middle East * Grab Philippines to pilot test drone deliveries * A 6.3-magnitude quake hits off southern Philippines, no tsunami warning * Duterte responds to trial summons Vietnam * Vietnam jails six people over trafficking of 2.8 tonnes of pangolin scale * Vietnam puts 41 on trial in US$45mil corruption case * Vietnam becomes Singapore's 8th largest export market Myanmar * Chinese proficiency test held at Myanmar's Yangon University for first time Cambodia * Cambodian sports official: Border dispute will not affect SEA Games campaign * Cambodia records 7th human case of H5N1 bird flu in 2025 * Cambodian PM Manet thanks his people for maintaining dignity during Thai dispute Laos * Borikhamxay province in Laos ramps up wind energy projects with six major developments * Lao authorities continue to tackle UXO issues in central Khammuan province * State media bodies transferred to Party's oversight in landmark organisational reform Brunei * Court dismisses former Brunei narcotics officer's appeal against jail term * Brunei Sultan thanks Malaysian medical team for exemplary care * Serial thief loses appeal to reduce six-year jail term * Brunei holds Standards Awareness programme Aseanplus * Qatar's initiative to broker ceasefire successfully defused tensions in Middle East, says Anwar * Body found stuffed in cement-filled trunk in Raipur, India; Youths under scanner * WHO: Malaysia deserves award for tobacco control efforts * South Korean President Lee Jae Myung unveils 11 new ministers as Cabinet takes shape * Asean urged to strengthen chemical incident response * Furry friends become celebrities: Malaysian cats are now television fashion icons * Barbie Hsu's husband comforted by fan on flight who shared a touching message after her passing * Deadly dengue fever impacts climate-hit Bangladesh coast * HK actor Bowie Wu, 93, regrets not gifting his wife flowers when she was alive * Trump says both Israel and Iran violated ceasefire * HK artiste Jacqueline Wong on 2019 cheating scandal: 'I'll never forget it' * Iran ready to halt military action if Israel stops attacks, says Anwar * Kyrgyz President Sadyr Zhaparov arrives in Malaysia for two-day official visit * South Korea special prosecutor seeks arrest warrant for ex-President Yoon * Ringgit rises against US dollar at the close on easing tensions in Middle East * Australia considers inclusion of YouTube in government social media ban * China helpless as Middle East war craters regional leverage: analysts * Indonesian couple arrested in Sibu murder probe * Trial to allow pets on Hong Kong's light rail trains to be extended after positive public response * Malaysia hosts World Social Security Forum 2025 * Next stop Labour Ministry: Train driver's rise to S. Korean Cabinet gets mixed reaction * K-idol Lee Min-ho's fans fill room with gifts for his 38th birthday * China tries to shift appetite for extreme eating shows * Authorities identify all but one of 260 victims of Air India plane crash * Malaysia hosts inaugural Transport Expo Asia (TXA) 2025 * Number of Covid and dengue cases climbing in Nepal * No directive needed, Middle East airspace already closed, says Loke * Taiwan's China Airlines postpones retirement of older planes due to Boeing 787 delays * Iconic 1990s girl group Elite to reunite in special concert * Jailed China dad who stole to fund son's cancer treatment is behind bars when boy dies * Dubai-bound Batik Air flight turns back to KLIA due to airspace closures, flights to resume June 25 * Navy rescues Indonesian fishermen adrift at sea * Seoul Foreign Minister pick to prioritise US-North Korea talks * Women flexing consumption muscle * Judge tells Australian mushroom murder jury to put emotion aside * MAS staying vigilant on Middle East situation, will revise flights if needed * Cuckoo Malaysia to open 10 'Brandshops' within 2 years with RM5mil investment * Australia regulator and YouTube spar over under-16s social media ban * Situation in Qatar being monitored closely, no Malaysians affected so far, says Wisma Putra * HK martial arts director Tong Gai, husband of ex-TVB star Suet Nay, dies at 88 after falling from building * Japan begins pre-entry TB checks for foreigners staying over three months * China's visa exemption and tax refund spark shopping frenzy among tourists * Cricket-Australia's Khawaja ready to be a mentor for teenager Konstas * 'Yup, you heard it right' - Malaysia's very own spice girls Elite are back together again for a solo concert * FBM KLCI posts flat morning session, selldown in oil stocks continue * Bangladesh detains Hasina era ex-election chief * Privacy screens ruin the fun of snooping * Pakistan extends airspace ban on Indian aircraft until July 23 * Sri Lanka seizes US$76mil smuggled drugs this year * Indian actor Kamal Haasan, 70, not slowing down especially in honing his craft * Air India cancels Europe, US east coast flights on Iran crisis * Collective will, new tech vital to fight cyber threats in Asean * Asian stocks up as Trump announces Iran-Israel ceasefire * He fell in love with an AI chatbot and proposed despite his partner and child. 'This is actual love.' * Jiuzhaigou, a heady mix of colourful nature and Tibetan culture * Virgin Australia shares jump 8.3% in trading debut * Japan stresses peaceful maritime presence as Mizuho begins deployment in Malaysia * Shares rally, oil prices tumble as Trump announces Iran-Israel ceasefire * Korean students seek 'digital undertakers' amid US visa social media screening * Curbing animal flatulence with seaweed, to help the planet * Malaysia's evacuation assistance a testament to Asean solidarity, says Singapore FM * O&G counters give up gains as crude prices plunge * Ringgit opens higher against greenback as prospect of Middle East de-escalation rises * Taiwanese actor Steve Ma, 63, reveals why he collapsed during recent livestream * Shares cheered in Asia as Trump announces Iran-Israel ceasefire * Willowglen MSC gets RM15mil S'pore contract * EU tender ban on China offers relief to local glove makers * Lone Qantas bear warns of risk from US$13bil tab * Australia, New Zealand dollars hit one-month lows after US strikes Iran * Ishiba to skip Nato summit, says source * Wobbly 2H25 for Corporate Malaysia? * Liyana shows she's ready to soar higher by winning gold in Thailand Open * Not just an ARMY, but family * MAS clarifies new digital token regulations * Voters punish ruling party ahead of national election * Lee breaks with tradition * Rock singer cancels show after teen daughter's death * Trump condemned for bombing Iran right after Nobel Peace Prize backing * Undying love – and ledger – the key to Moses Chan's marital bliss * Honda supplier rethinks China relationship as trade war bites * Japan flags big cut to long-end bond issuance before auction * M'sians home safe after 1,000km overland escape * Brief dip in ringgit predicted * North Korean leader Kim presides over key party meeting, state media says * Japan rice price falls below US$27 per 5kg for the first time since March * Premier urges China's Jiangsu to embrace 'higher development expectations' * Goldman Sachs launches AI assistant firmwide, memo shows
Yahoo
06-06-2025
- Business
- Yahoo
Anax Power, Magellan Scientific, and Enbridge to Deploy Turboexpanders in Ontario & Pennsylvania
WHARTON, N.J., June 06, 2025--(BUSINESS WIRE)--Anax Power ( whose proprietary technology generates clean power from natural gas, without combustion, has signed Operating Agreements with Enbridge ( to install its Anax Turboexpander System ("ATE") at locations in Pennsylvania and Ontario, Canada. The projects will add up to 1.5 megawatts (MW) of clean energy capacity to Enbridge's system at Hamilton, Ontario and up to 2MW in Pennsylvania. This emissions-free power will be consumed in Magellan Scientific's ( co-located, modular, off-grid data centers. The ATE uses the pressure and flow of natural gas within Enbridge's pipeline to drive a turbine and generate zero-emissions electricity, without burning natural gas or releasing greenhouse gases. The Pennsylvania project marks Anax and Magellan's second installation in the state, and the Hamilton project will be the first ATE installation in Canada. Keeping with its sustainability pledge, Enbridge is the first major pipeline in North America to adopt the ATE, which could scale to hundreds of locations across Enbridge's system in the coming years. Anax will install up to three (3) ATEs at an Enbridge facility in Ontario and up to four (4) ATEs in Pennsylvania. Both projects will be integrated with Magellan's co-located, modular, off-grid data center. The resulting turboexpander-data center system self-generates clean, base load power, and uses excess cooling to improve server efficiency and thermal management. "These projects represent monumental milestones for Anax, and we believe this will be the start of a long partnership with Enbridge and Magellan as we scale across North America," said Michael Longo, CEO of Anax Power. "By turning waste energy into clean electricity, this installation demonstrates how Anax makes existing energy infrastructure more sustainable—right now, with proven technology." The Enbridge projects expand Anax and Magellan's portfolio of clean power projects and validate using turboexpanders to meet climate goals in a profitable way. "Data center demands for electricity are exponentially increasing," said Christopher Halvorson, President of Magellan Scientific. "Pairing our off-grid immersion data centers with the ATEs provides a source of 24/7, emission-free electricity. The turboexpander also helps to manage excessive heat from the data center by providing cooling at zero incremental cost." "This collaboration reflects our ongoing commitment to reducing greenhouse gas emissions through innovative, sustainable solutions," said Steven Greenley, Senior Vice President of Commercial, Enbridge Gas. "We take pride in utilizing our natural gas systems to champion environmental initiatives to enhance the well-being of the communities we operate in." View source version on Contacts Anax Contact: press@ LinkedIn Magellan Contact: Brent BreonVice President, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
Anax Power, Magellan Scientific, and Enbridge to Deploy Turboexpanders in Ontario & Pennsylvania
WHARTON, N.J., June 06, 2025--(BUSINESS WIRE)--Anax Power ( whose proprietary technology generates clean power from natural gas, without combustion, has signed Operating Agreements with Enbridge ( to install its Anax Turboexpander System ("ATE") at locations in Pennsylvania and Ontario, Canada. The projects will add up to 1.5 megawatts (MW) of clean energy capacity to Enbridge's system at Hamilton, Ontario and up to 2MW in Pennsylvania. This emissions-free power will be consumed in Magellan Scientific's ( co-located, modular, off-grid data centers. The ATE uses the pressure and flow of natural gas within Enbridge's pipeline to drive a turbine and generate zero-emissions electricity, without burning natural gas or releasing greenhouse gases. The Pennsylvania project marks Anax and Magellan's second installation in the state, and the Hamilton project will be the first ATE installation in Canada. Keeping with its sustainability pledge, Enbridge is the first major pipeline in North America to adopt the ATE, which could scale to hundreds of locations across Enbridge's system in the coming years. Anax will install up to three (3) ATEs at an Enbridge facility in Ontario and up to four (4) ATEs in Pennsylvania. Both projects will be integrated with Magellan's co-located, modular, off-grid data center. The resulting turboexpander-data center system self-generates clean, base load power, and uses excess cooling to improve server efficiency and thermal management. "These projects represent monumental milestones for Anax, and we believe this will be the start of a long partnership with Enbridge and Magellan as we scale across North America," said Michael Longo, CEO of Anax Power. "By turning waste energy into clean electricity, this installation demonstrates how Anax makes existing energy infrastructure more sustainable—right now, with proven technology." The Enbridge projects expand Anax and Magellan's portfolio of clean power projects and validate using turboexpanders to meet climate goals in a profitable way. "Data center demands for electricity are exponentially increasing," said Christopher Halvorson, President of Magellan Scientific. "Pairing our off-grid immersion data centers with the ATEs provides a source of 24/7, emission-free electricity. The turboexpander also helps to manage excessive heat from the data center by providing cooling at zero incremental cost." "This collaboration reflects our ongoing commitment to reducing greenhouse gas emissions through innovative, sustainable solutions," said Steven Greenley, Senior Vice President of Commercial, Enbridge Gas. "We take pride in utilizing our natural gas systems to champion environmental initiatives to enhance the well-being of the communities we operate in." View source version on Contacts Anax Contact: press@ LinkedIn Magellan Contact: Brent BreonVice President,
