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Volunteers rush to save US Climate Data from Trump's Purge
Shuttered Climate.gov reborn as Climate.us The number of changes to federal websites has increased by 70% during the Trump administration Nonprofit organizations working to protect data By Carey L. Biron Climate.gov was a huge repository of climate change research. By May, her entire team was laid off. The site moved the following month to NOAA's Public Relations Department, ending its autonomy. The NOAA has not responded to a comment request on the plans for this site. Environmentalists claim that the Trump administration has made unprecedented changes to federal website, including a halt in data collection and hiding of existing data. This puts essential climate research at stake. Lindsey stated, "It is as if federal science enterprise experienced a disaster." Volunteers and non-profit organizations are racing to preserve the data, make them available to the public, and provide tools to allow others to use them. Lindsey, her team of unpaid volunteer workers and others are rebuilding Climate.gov into Climate.us. This month, they restored access to the most recent National Climate Assessment, which was taken off-line in July. They also restored content that had been removed due to the new policies of the administration on diversity and equality. By the end of this year, they hope to publish new content and update existing material. DATA FIRE DRILL According to the Environmental Data & Governance Initiative's (EDGI) monitoring of selected federal websites, in the first half this year the administration made 70 percent more changes online than it did during Trump's first term. Monitors report that entire federal websites, such as Globalchange.gov which hosted the nation's climate assessments and government-run tools to map communities burdened by pollution, have been removed. Some sites have been modified to remove or complicate access to material relating to diversity, inclusion or equity. They fear that the U.S. government, which has traditionally played a large role in research, will undermine policymaking, community input, and global understanding of climate changes. Brittany Janis is the executive director of Open Environmental Data Project, a non-profit organization. She said that work to protect U.S. Environmental Data began as soon as Trump was elected in November. She said that one result of the project was Public Environmental Data Partners. This group brings together several hundred volunteers and non-profit organizations in order to preserve climate data, and recreate tools which have been removed. Members can track the federal websites that are changing, being moved or removed completely. She said that within the first 24 hour of Trump's inauguration all federal websites had been stripped of anything related to environmental justice. The coalition is working to restore these tools. What surprised us was how quickly everything happened. "We knew things would go down, but not how fast," said Janis. She compared the initial months to a drill. We have many connections in these agencies. So we would get whistleblowers telling us, "We know something is going to happen. We have noticed that this is going to go down. You better go and ensure you get it." The volunteers and engineers then download the databases and metadata, and upload the information to servers that are not owned by government. 'DEMOCRATIZING ACCESS' EDGI reported in October that the federal government appears to be focusing more on climate data in recent months. It cited the removal of Environmental Protection Agency pages Implications of Climate Change & Underlying Science for Climate Change Adaptation. EDGI monitors approximately 5,000 federal websites. Izzy Pacenza is the project coordinator for EDGI. She said that these changes are a cause for concern, especially in light of proposed federal regulations, which have been opened for public comments. "We're not collecting this information for people with a particular skill set. She said that the information is for the public to weigh in on. Some groups have also taken up the challenge to collect, improve or produce data in the vacuum left by the federal government. The National Equity Atlas, which has been in existence for over a decade, tracks dozens of indicators such as income inequality, home ownership and other factors that are derived from public data, but is often difficult to obtain or understand. "We are democratizing the access to this data," said Selena Tan. She is a senior research associate at PolicyLink, an institute of research that manages the atlas in conjunction with the University of Southern California. Four new indicators have been added to the Atlas, which tracks urban tree canopy, exposure to lead, toxic flooding risks, and urban heat effects.
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James Hardie's board faces upheaval after investors react to the $8.8 billion U.S. takeover
Investors angry over the $8.8 billion takeover by AZEK of U.S.-based building products company James Hardie this year have purged its board of directors, including two of its top executives. James Hardie, the company that acquired AZEK, received a waiver by the Australian Securities Exchange to avoid holding a shareholder vote. Proxy votes released ahead of the annual meeting on Wednesday show that Rada Rodriguez, Anne Lloyd's chair and Peter-John Davis are leaving after a majority voted against them. Investors voted against Lloyd by 67.3%, while the two other directors failed to receive majority support. Aproximately two thirds of all proxy votes were against the adoption of an annual remuneration statement. Investors rejected a pay increase for non-executive board members. James Hardie has not responded to a comment request on the recent board changes. In recent years, it is rare for institutional investors to vote against the incumbent chair. James Hardie's annual general meeting will be held in Dublin on Wednesday, 2000 GMT. Aaron Erter, the chief executive of the Australian Securities Exchange and the speaker at the meeting, did not address the directors' removal in his speech. The company was founded in Australia, and is considered to be one of Australia's oldest companies. It now has its headquarters in Dublin and is listed both on the Australian and U.S. stock exchanges. Investors also reacted negatively to the AZEK deal, which was partially funded by an issuance of large shares amid the volatility in the U.S. Housing Market. After sustained investor pressure, the ASX has re-established its rules. James Hardie shares listed in Sydney ended the day down 0.8% to A$33.87 per share, and have fallen 32.25% so far this year. (Reporting and editing by Sonia Cheema, Clarence Fernandez and Clarence Fernandez; Additional reporting by John Biju from Bengaluru.
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Silver demand in India eases and premiums drop after the festive surge
Bullion dealers in India reported that silver premiums have dropped sharply since the festive rush of two weeks ago, as demand has dwindled. Potential buyers are delaying purchases. In the first half of this month, silver premiums in China, the world's biggest consumer, rose as much as 10% above official domestic prices due to strong demand. This forced some exchange-traded funds with physical backing to temporarily suspend subscriptions. The rush to purchase silver has ended. The demand has slowed and premiums are back to normal," said Chirag Thakkar, Amrapali Group Gujarat's chief executive. Buyers Turn Wary Dealers said that the premium on silver over official domestic prices has dropped to between 25 and 40 cents an ounce from $5 per ounce earlier in the month. Indians celebrated the Dhanteras (Diwali) and Diwali (Dhanteras) festivals earlier this year. Buying gold and silver during these days is considered auspicious, and it's one of the busiest days for bullion purchases in the country. A Mumbai-based dealer of bullion with a private banking firm said that during the price rally investors were eager to buy silver and often paid higher premiums than normal. The recent price correction has altered the mood. The dealer stated that investors are waiting until prices settle before they make purchases. After hitting a high of 170.415 rupees a kilogram earlier in the month, domestic silver prices have now corrected to 147,000 rupees. Silver prices are up 68% this year. The price surge in September saw a record 53,42 billion rupees poured into silver ETFs. India's imports of silver from August increased by more than double to 1,012 tons. A fund manager who declined to give his name said that although silver was scarce in the local market during the second week of the month, supplies have now increased. He said that flows into silver ETFs had also slowed in the last few days. In the first half of this month, a rising Indian demand increased silver lease rates in London, which is the cost to borrow physical silver.
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TSX Futures stable as BoC and Fed rate decision awaited
The Bank of Canada and U.S. Federal Reserve will announce their interest rate decisions on Thursday. At 6:35 a.m. ET, December futures for the S&P/TSX Index were down 0.02%. ET (1035 GMT). At 09:45 ET, the BoC will likely cut rates for a second time by 25 basis points. This is because economists think that it's necessary to support an economy in decline and threatened by U.S. Tariffs. Later at 2:00 p.m. The Fed will likely implement a 25-basis point rate cut at 2:00 pm ET. This is to guide the U.S. economic recovery with limited data after a nearly month-long government shutdown. Tuesday saw the Toronto Stock Exchange S&P/TSX Composite Index finish higher, boosted by strong performances from technology and materials stocks. Gold prices have soared over 50%, and this has helped to drive the 23% gain in the Canadian benchmark. Gold prices rose by more than 1% on Wednesday as investors reacted positively to the metal after it fell to its lowest level in three weeks during the previous session. Copper prices have reached record levels, driven by a growing shortage of supply after major mines reported significant declines in production. The price of oil also increased, thanks to the decreasing U.S. crude inventory and optimism about upcoming U.S.-Chinese talks. In a post published on Truth Social recently, U.S. president Donald Trump said he "didn’t come to South Korea just to see Canada", highlighting the ongoing tensions in trade between North American neighbors. Mark Carney, the Canadian Prime Minister is on his first visit to Asia. He is attempting to strengthen international security and trade ties as Canada struggles to reduce its dependency on the U.S. First Quantum Minerals' third-quarter adjusted profits were below analyst expectations. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian markets directory (Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
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Oil prices rise as US-China talks focus attention
The oil prices were stable on Wednesday, as investors weighed the optimism surrounding a meeting of the top two consumers in the U.S.A. and China with the expected rise in production quotas at the next OPEC+ summit. Brent crude futures rose 11 cents or 0.2% to $64.51 a barge at 1020 GMT. U.S. West Texas Intermediate Crude futures climbed 6 cents or 0.1% to $60.21. China's Foreign Ministry said Chinese President Xi Jinping will meet U.S. president Donald Trump in Busan, South Korea on Thursday. The statement said that the meeting will "inject new energy into the development U.S. China relations", and Beijing is ready to collaborate for "positive results". China said it was also open to continued cooperation with the U.S. regarding fentanyl, after Trump said that he expected tariff reductions on Chinese products in exchange for Beijing’s commitment to curtail exports of precursor chemical. The expected decline in U.S. fuel and crude inventories over the past week also supported prices. Market sources cited American Petroleum Institute data on Tuesday to say that crude stocks dropped by 4,02 million barrels in the week ending October 24. Sources said that gasoline inventories had dropped by 6.35 millions barrels and distillate inventories by 4.36million barrels compared to a week ago. UBS analyst Giovanni Staunovo stated that the API report, which showed large draws of crude and refined products in the U.S. last week, is providing some modest support for prices. Brent and WTI registered their largest weekly gains in June, after U.S. president Donald Trump imposed sanctions against Russia related to Ukraine for the first time during his second term. The sanctions targeted major oil companies Lukoil & Rosneft. Despite this, the price of both benchmarks dropped by 1.9% or $1 in the previous session. Four sources familiar with the discussions said that OPEC+ is likely to increase its output in December. Two sources cited an extra 137,000 barrels a day. The CEO of Saudi Arabia's state-owned oil giant Aramco stated on Tuesday that crude oil demand had been strong before sanctions were imposed against Russian oil majors, and Chinese demand remained healthy.
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Iran oil prices drop in China due to sanctions and quota shortage
Trade sources reported on Wednesday that the discounts offered by China on Iranian oil have reached their highest level in over a year. This is because tighter sanctions against Russia and Iran are limiting purchases from independent refiners who are already restricted due to a lack of crude import quotas. The United States of America, Britain, and the EU imposed trade restrictions recently on the top Russian oil producers, as well as other players in the industry, to put pressure on Russian President Vladimir Putin. Sources in the trade said that sanctions had prompted some Chinese and Indian buyers to stop buying Russian crude oil. This has caused a steep decline in prices and added unsold Russian shipments to Iranian supplies already in abundance. LOGISTICS DISRUPTED, AND BUYERS RAISED FEARS Washington imposed sanctions on entities that it claimed were involved in Iranian oil trade. These included four Chinese refiners, ports and vessels. The combined measures have caused logistical disruptions and increased fears of sanctions among buyers, traders reported. The traders cited a dispute between Iranian oil buyers and sellers this week. A trader based in China said, "There is just too much product on the market and it's not moving anywhere." Sources declined to name themselves because they were not authorized to speak with media. Iranian Light crude offers have dropped to discounts of more than $8 a barrelle compared to the benchmark ICE Brent, for arrival in December. This compares to a discount around $6 in September, and around $3 in march. The sources reported that bids dropped to around $10 per barrel as buyers sought to compensate for the sanctions risks, and any potential problems at Chinese ports during cargo discharge. Kpler data revealed that imports of Iranian crude oil, which accounted for 14% of China’s crude imports in September, dropped to 1.2m barrels per day, the lowest level since May, and well below the average of 1.38m bpd this year. China controls crude imports from independent refiners through a strict quota-based system. Market sources reported that the refiners were largely out of quotas for this year at the end of September. Refiners will be watching next month to see if Beijing issues new quotas. It has done so in November the last few years. Reporting by Chen Aizhu in Singapore and Siyi Liu; editing by David Holmes
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Utility Entergy reports better-than-expected quarter profit due to surge in electricity demand
Entergy, the U.S. electricity utility, beat analyst's estimates for third-quarter profits on Wednesday. This was due to higher retail sales and strong power demand. Entergy shares have gained over 25% this year compared to the S&P utilities index, which has gained 13.6%. The U.S. Energy Information Administration has predicted that power consumption will reach record levels in 2025 and in 2026. This is due to the surge in demand for electricity from AI and cryptocurrency centers, as well as an increase in usage at home and in business, especially in heating and transportation. The extreme heat of summer also encouraged consumers to use more air conditioners and fridges, which boosted profits for utilities like Entergy. Entergy of New Orleans, which supplies electricity to almost 3 million customers in Arkansas, Louisiana and Texas said that its weather-adjusted sales had increased by 4.4%. This was boosted by the higher use of residential and industrial class. Entergy received approval from Texas in September for the construction of two natural gas power plants to meet the surge in demand for electricity. In August, its Louisiana unit was given the go-ahead for infrastructure related to Meta's data center in Richland Parish. Entergy retail sales for the quarter reported rose to 37.124 gigawatt-hours, an increase of nearly 4% from a year ago. Sales of industrial products grew 7.3% compared to 15,150 GWh one year ago. The company has lowered its profit forecast for 2025 to between $3.85 to $3.95 a share, down from an earlier view of $3.75 - $3.95 a share. According to data compiled and analyzed by LSEG, analysts estimated a profit per share of $3.91. LSEG data shows that Enterfy's adjusted profit per share was $1.53, compared to the analysts' average expectation of $1.45.
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European stocks remain steady in advance of Fed meeting and tech earnings
The European stock market hovered around recent highs Wednesday. New AI deals and prospects of improved U.S. China trade relations helped to boost sentiment. Traders waited for the U.S. Federal Reserve's meeting in anticipation of a 25 basis-point rate reduction. Wall Street closed Tuesday at a record-high after Nvidia revealed that it will build a new chip. seven supercomputers Microsoft and the U.S. Department of Energy A deal was reached OpenAI can restructure. During Asian trading, stocks in Japan and South Korea also reached new highs. The MSCI World Equity Index rose by less than 0.1% at 0946 GMT. The STOXX Europe 600 index was up by 0.1%. Germany's DAX fell 0.1%. France's CAC40 was unchanged. London's FTSE 100 rose 0.5%, after hitting a record high. Microsoft, Alphabet, and Meta, three American technology companies are expected to release their earnings on Wednesday. Charu Chanana is the chief investment strategist for Saxo. She said that investors want to see more than just solid numbers, but also evidence of a sustained AI monetisation. TRUMP IS EXPECTED to REDUCE US TARIFFS ON CHINA U.S. president Donald Trump was on his final leg of Asia tour. South Korea Lee Jae Myung, the South Korean leader, is optimistic that a tariff agreement still unresolved can be reached. Trump will then have talks with Chinese president Xi Jinping on Thursday in the port town of Busan. Trump says He expects Reduce U.S. Tariffs on Chinese Goods in exchange for Beijing’s commitment to curtail exports of fentanyl-precursor chemicals. Analysts warned that while the talks may ease concerns about escalating tensions in the trade war, the bar to see a reaction from the market is high. Matt Simpson, senior analyst at City Index, said that Wall Street futures are at record highs, and the bullish momentum is already waning. It's difficult to know how much excitement hasn't been priced in. "If Trump and Xi do not deliver a joint declaration with specific details, appetite for risks may require another source to continue the current moves." Markets Wait for FED Meeting Market watchers waited for the Fed meeting Later in the session when a 25 basis-point reduction is almost fully priced. The ongoing U.S. shutdown has led to a lack of economic data. Traders will be on the lookout for any comments that hint at the Fed continuing to reduce rates in December. The Fed may also announce its intention to stop its so-called quantitative tightening (QT) programme. Prospects of lower U.S. interest rates kept U.S. Treasuries Supported, with the 10-year rate at 3.9909% The benchmark German 10-year bond yield was 2.6275%. currencies The Japanese yen is currently trading at 152.25 US dollars per yen. The yen strengthened earlier in session after U.S. Treasury Sec. Scott Bessent stepped-up his criticism Tokyo's low-rate rates have been in place for a long time. The Australian dollar has risen after inflation data Prices rose faster than expected and lowered hopes of a rate reduction. The dollar index rose 0.2% to 98.833 and the euro remained unchanged at $1.1643. David Halpenny's research note on global markets stated that the post-decision response for short-term rates will depend on Powell's interpretations of inflation risks. Oil prices rose As traders were optimistic regarding the U.S. China meeting. Brent crude futures rose 0.2% to $64.55 per barrel while U.S. Crude was up 0.2% to $60.26. Safe-haven Gold traded at $4.024.29 per ounce.
Altman's vision of AI worth trillions of dollars is restructured by OpenAI to pursue scale
Altman stated that OpenAI could be the most significant company in Silicon Valley's past-sources
OpenAI's ability to achieve its ambitious infrastructure goals remains a mystery
Altman: Company needs to reach hundreds of billions in annual revenue
Deepa Seetharaman
SAN FRANCISCO Oct. 29 - OpenAI CEO Sam Altman informed employees that they were at the beginning of a new technology revolution soon after ChatGPT had been released to the public late in 2022.
Altman told two former OpenAI staffers that OpenAI would soon be "the most important company ever in the history Silicon Valley", according to his comments.
The US tech industry is full of ambition. Mark Zuckerberg, the Meta boss, and Jeff Bezos, Amazon's founder speak often of changing the world. Elon Musk, the Tesla CEO, wants to colonize Mars.
Altman's ambitions are impressive even by these standards. Altman's plans for building out AI infrastructure are even more ambitious after he reached a deal on Tuesday with Microsoft that removed the limitations on how OpenAI can raise money. This is to meet the growing demand for AI-powered tools. Altman stated on a Tuesday livestream that OpenAI is committed to developing 30 Gigawatts worth of computing resources at a cost of $1.4 trillion. He said that he wanted OpenAI to eventually be able add one gigawatt per week, which is an incredible amount considering each gigawatt has a capital cost exceeding $40 billion. Altman stated that capital costs may halve over time. He did not specify how.
Gil Luria is an analyst with D.A. Davidson. "Altman knows that in order to compete with OpenAI, he must achieve a larger scale." Altman, however, has not provided many details about how he would implement his most ambitious ideas. Altman said previously that OpenAI was exploring creative financing options. OpenAI has also struck a number of circular, unusual deals with publicly traded companies such as Nvidia. These transactions have been criticized for creating the illusion of greater growth than what is actually possible, and raising the possibility of an AI bubble.
Need for TRILLIONS of Dollars
Altman visited the White House in January to announce Stargate. The project is a $500 billion AI Infrastructure Project that the company has been working on along with Oracle, SoftBank Nvidia, and cloud provider CoreWeave. Altman, standing next to U.S. president Donald Trump who he once called "irresponsible", said that the initiative will create hundreds of thousands jobs. Altman said, "We couldn't do this without you Mr. President."
Altman had said that Stargate would be building 10 GW in data center capacity. This has tripled since his comments Tuesday.
Altman explained that these plans were just the beginning. Altman said that to support the massive investments, "eventually, we will need to reach hundreds of billions in revenue per year."
OpenAI, which is expected to generate $20 billion annually by the end of this year, would have to grow 10 times faster than it does now.
PATH TO IPO
ChatGPT started the AI craze and forced Big Tech to invest billions to keep up. Altman has transformed OpenAI, a nonprofit dedicated to AI research, into a $500 billion corporation that is working to create AI systems powerful enough to fundamentally change society.
Altman, a man who briefly considered running for governor of California in 2017, doesn't own equity in OpenAI. He earns $76,000 per year from the company. His net worth is largely derived from his investments, which include Stripe, Airbnb, and more recently, startups that are trying to capitalize on the AI boom created by OpenAI.
He was already a powerful force in his 20s. Paul Graham, the founder of Y Combinator in 2008, summarized Altman, then 23 years old: "You could parachut him onto an island filled with cannibals, and come back five years later, he would be king."
Altman, 40 years old, succeeded Graham in 2014 as president of the Startup Accelerator.
Altman may be preparing to fund his larger ambitions, as Altman commented on Tuesday that an IPO is likely for OpenAI.
Al? Al?
Musk sued OpenAI because it had strayed from its non-profit goals of developing AI to benefit humanity. Musk has also criticised the Stargate project for lacking funding. This spring, former OpenAI workers supported Musk's suit, claiming that Altman was not trustworthy to put public safety before profits. Altman was fired from OpenAI two years ago after a disagreement with the board. Altman was reinstated just a few weeks later.
The Hollywood film "Artificial" will focus on that period. It is due to be released next year. IMDb reports that Andrew Garfield will play Altman. He played Facebook cofounder Eduardo Saverin, in "The Social Network".
(source: Reuters)