Business News

The $300 billion question: What to do with Russia’s frozen central bank money?

FRANKFURT, Germany (AP) — Kyiv’s European allies are weighing whether to seize $300 billion in frozen Russian assets. Some of Ukraine’s allies have argued for seizing the money and using it to compensate Ukraine, support its military and rebuild. But so far the Group of Seven democracies have held off. Opponents of seizure warn that the move could violate international law and destabilize financial markets. They also fear that countries and investors would hesitate to use European financial institutions if they are afraid assets could be seized. That could undermine the euro’s role as an international currency for state reserves.

China’s BYD launches EV charging system it says works nearly as fast as a fill up

BANGKOK (AP) — China’s energy and auto giant BYD has announced a super fast EV charging system that it says is nearly as quick as a fill up at the pumps. BYD said its flash-chargers can provide a full charge for its latest EVs within five to eight minutes. Charging times and limited ranges have been a major factor constraining the switch from gas and diesel vehicles to EVs. BYD says it will roll out its new charging system across China. BYD, which stands for build your dreams, began pre-sales of its Han L and Tang L models, which are upgraded versions of earlier models.

Google to buy cybersecurity firm Wiz for $32 billion in the biggest deal in company’s history

SAN FRANCISCO (AP) — Google has struck a deal to buy cybersecurity firm Wiz for $32 billion in what would be the tech giant’s biggest-ever acquisition at the same time it’s facing a potential breakup of its internet empire. The proposed takeover announced Tuesday is part of Google’s aggressive expansion into cloud computing during an artificial intelligence boom. The frenzy is driving demand for data centers that provide the computing power for AI technology and intensifying the competition in that space among Google and two other tech powerhouses, Microsoft and Amazon. If the all-cash transaction is approved by regulators, Wiz will join Google Cloud next year.

Patient dies following muscular dystrophy gene therapy, Sarepta reports

WASHINGTON (AP) — A patient has died while taking a closely watched gene therapy for muscular dystrophy. Sarepta Therapeutics announced the death Tuesday morning, sending the company’s shares plummeting in morning trading. Sarepta says the young man died of acute liver injury, a known side effect of the therapy. But the company says the severity of the patient’s case had not previously been seen. It’s the first known patient death with the therapy, which has been used in more than 800 patients. The therapy was approved in 2023 despite concerns from some Food and Drug Administration’s scientists about its effectiveness.

Stock market today: Back down goes Wall Street as Big Tech resumes its slide

NEW YORK (AP) — The Dow Jones Industrial Average dropped 245 points, and the Nasdaq composite tumbled 1.5%. Tesla and AI have been among the hardest hit in Wall Street’s recent sell-off caused by uncertainty. Treasury yields were holding relatively steady ahead of the Federal Reserve’s announcement on interest rates coming Wednesday.

Nvidia CEO Jensen Huang discusses AI’s future at GTC 2025

Nvidia founder Jensen Huang kicked off the company’s artificial intelligence developer conference, on Tuesday by telling a crowd of thousands that AI is going through “an inflection point.” Huang said demand for GPUs from the top four cloud service providers is surging, adding that he expects Nvidia’s data center infrastructure revenue to hit $1 trillion by 2028. He also announced that car maker GM would integrate Nvidia technology in its new fleet of self-driving cars.

Canada’s new prime minister announces Australian radar purchase while visiting edge of Arctic Circle

IQALUIT, Nunavut (AP) — Canada’s new leader will announce a multibillion dollar radar purchase from Australia and an expansion of military operations in the Arctic while visiting Canada’s far north in an effort to assert sovereignty over the increasingly contested region. The office of Prime Minister Mark Carney said that the Canadian $6 billion or $4.2 billion “Over-the-Horizon Rader” system will provide early warning radar coverage from the Canada-United States border into the Arctic. Carney will make announcement in Canada’s far north on Tuesday while in the capital of the Inuit-governed territory of Nunavut. It’s his last stop after visiting Paris and London where he met with leaders there.