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Temu Owner PDD’s Sales Slow Sharply After China Market Sputters

(Bloomberg) -- PDD Holdings Inc. reported sales that missed estimates, lending weight to fears that China’s slowdown is hurting its biggest tech companies more than anticipated.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Approves $9 Congestion TollThe Chines

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Alibaba Anoints New Chief in Revamp of Stalling Commerce Arm

(Bloomberg) -- Alibaba Group Holding Ltd. has appointed a veteran executive the overseer of its entire online e-commerce operation, setting in motion a major overhaul of a vast but struggling business.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Approves $9 C

Explainer-'The Corrupt Solar Project': US findings related to Adani's bribery charges

NEW DELHI (Reuters) -Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for conspiring with executives of a formerly New York listed company to devise a $265 million scheme to bribe Indian officials to boost their solar energy business. Adani Group denied the allegations as "baseless", while Indian government officials haven't commented so far. U.S. prosecutors charged Gautam Adani, his nephew Sagar Adani who is director at Adani Green, and six others with alleged bribery and fraud related to renewable energy projects in India that benefitted the tycoon's company and India's Azure Power, which was listed on the NYSE until late 2023.

Nvidia sees past triple-digit growth

There's not too much to worry about at the world's most valuable company - or the artificial intelligence theme - but just conceding that triple-digit growth can't last forever has been enough to stall Nvidia's share price and dampen global tech stocks. The $3.6 trillion chip giant's revenue forecast on Wednesday disappointed Wall Street, with its stock down more than 3% premarket - with peers Advanced Micro Devices, Intel and Qualcomm off about 1% in sympathy and European chipmakers down as well. Although it beat most metrics and consensus estimates yet again, Nvidia forecast its slowest revenue growth in seven quarters and flagged supply chain constraints through next year.

US natural gas drillers to lift 2025 output, reversing year of cuts

U.S. natural gas producers will boost output in 2025 following a series of production cuts this year, as rising demand from liquefied natural gas export plants is expected to increase prices that had fallen to multi-decade lows. U.S. production is on track to decline in 2024 for the first time since 2020, when the COVID pandemic reduced demand, according to the U.S. Energy Information Administration's latest outlook. Drillers started cutting gas production after average spot monthly prices at the U.S. Henry Hub benchmark in Louisiana fell to a 32-year low in March, and have remained relatively low since then.

How AI and cloud computing may delay the transition to clean energy

A spike in electricity demand from the world's big data providers is raising a worrying possibility for the world's climate: a near-term surge in fossil-fuel use. Utilities, power regulators and researchers in a half-dozen countries told Reuters the surprising growth in power demand driven by the rise of artificial intelligence and cloud computing is being met in the near-term by fossil fuels like natural gas, and even coal, because the pace of clean-energy deployments is moving too slowly to keep up. In the United States, home to a third of world data centers, utilities are adding new gas plants and delaying the retirements of fossil-fuel power plants as a slew of sprawling new data centers plug in to the grid.

Key events in Gautam Adani's US indictment over alleged bribery scheme

Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million bribery scheme in India, plunging his conglomerate deep into crisis for the second time in two years. Gautam, his nephew Sagar Adani, and Adani Green Energy Ltd former CEO Vneet Jaain were charged with violating securities and wire fraud laws, and the Adanis were also charged by the U.S. Securities and Exchange Commission in a civil case. The SEC also charged Cyril Cabanes, an executive of Azure Power Global Ltd, for his alleged role in the scheme.

Uber Said to Be in Talks to Invest in US IPO of China’s Pony AI

(Bloomberg) -- Uber Technologies Inc. plans to invest in Pony AI Inc.’s US initial public offering, which is expected to be priced next week after being upsized by the autonomous driving firm, people familiar with the matter said. Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’

Factbox-Who are the defendants charged in US indictment of Gautam Adani?

(Reuters) -U.S. prosecutors have charged Indian billionaire Gautam Adani, founder of a conglomerate named after him, and seven others in an alleged bribery and fraud scheme related to a renewable energy project in India. The authorities said Adani and the other defendants agreed to pay about $265 million in bribes to Indian officials to obtain contracts. The Adani Group denied the charges as baseless and that it would seek "all possible legal recourse".

Apple Rival Oppo Bets on Markets Beyond China for Fresh Growth

(Bloomberg) -- Chinese smartphone maker Oppo is pushing for overseas growth, seeking new revenue streams as its home market struggles with a slowing economy and intense competition.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Approves $9 Congestion TollThe cl

Chinese AI Pioneer Baidu Posts Biggest Sales Fall Since 2022

(Bloomberg) -- Baidu Inc. recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Approves $9 Congestion TollRevenue for the three months ended