All posts tagged: billions

Jeff Bezos sells billions of pounds worth of Amazon stock | Business News

Jeff Bezos sells billions of pounds worth of Amazon stock | Business News

Jeff Bezos has sold more than $4bn (£3.2bn) worth of his shares in Amazon over the past few days. The Amazon founder and executive chairman sold nearly 12 million shares of Amazon stock worth more than $2bn (£1.58bn) on 7 and 8 February, according to a statement he filed with federal regulators. The collective value of the shares in the tech giant was just over $2.04bn (£1.62bn), according to the listed price totals. The stocks were grouped in five blocks of between one million and more than 3.2 million. He had sold another 12 million shares for roughly the same price days before, filings show. Last week, Amazon said Bezos would sell up to 50 million of his shares in the firm, which have an estimated market value of $8.4bn (£6.65bn). Read more on Sky News:What went wrong for The Body Shop?Inflation rate remains at better than expected The sale plan was adopted on 8 November last year and Bezos plans to have it completed by 31 January 2025, according to the company’s latest annual …

VC investors put billions in Chinese tech: U.S. congressional report

VC investors put billions in Chinese tech: U.S. congressional report

Rep. Mike Gallagher, center, chair of the House Select Committee on the Chinese Communist Party, speaks at a news conference following a GOP caucus meeting at the Republican National Committee offices in Washington, D.C., on Feb. 28, 2023. He is joined by fellow Republicans Rep. Elise Stefanik, left, and Majority Whip Steve Scalise. Chip Somodevilla | Getty Images Sequoia Capital China, Qualcomm Ventures and three other venture capital firms plowed at least $3 billion into Chinese tech companies that support Beijing’s military and its repression of minorities in Xinjiang, a U.S. congressional report alleged on Thursday. The House of Representatives’ select committee on China, led by Republican Congressman Mike Gallagher, released the report, which also scrutinizes investments made by GGV Capital, GSR Ventures and Walden International in Chinese artificial intelligence and semiconductor firms with unsavory ties. Reuters could not reach the venture capital firms for comment. The Committee called on the Biden administration to restrict U.S. investment in Chinese firms sanctioned by the U.S. government over ties to China’s military or its repression of minorities …

After scrapping nuclear reactors, Germany to spend billions on new gas power plants – POLITICO

After scrapping nuclear reactors, Germany to spend billions on new gas power plants – POLITICO

The government has described the fossil gas power plants as “modern, highly flexible and climate-friendly” because they will be capable of conversion to use clean-burning hydrogen gas produced from renewable sources. The plants are projected to produce up to 10 gigawatts of electricity. Tenders for the projects will begin soon. German energy firm Uniper, which expects to be involved in the construction, said it was “relieved” that the coalition had reached a political consensus on the new plants, adding that “swift action is urgently needed because the approval process and the actual construction of power plants and storage facilities will take several years.” Environmental groups remain skeptical, however, with Greenpeace denouncing the strategy as a “perfect example of how the hype around hydrogen is just a smokescreen for more fossil gas.” Similar schemes elsewhere in the EU have also prompted a backlash from climate activists. Last week, French energy giant Engie was given approval to build a 500 megawatt gas plant near the city of Nijmegen in the Netherlands, even though some 2,000 residents had signed …

23andMe Has Lost Billions, Almost Worthless Now

23andMe Has Lost Billions, Almost Worthless Now

Image by Eric Baradat/AFP/Getty Images Direct-to-consumer DNA testing company 23andMe, once a tech unicorn known for organizing “spit parties” featuring notable celebrities, is burning cash at an astonishing rate. Its valuation, once breaking past $6 billion in 2021, has plummeted, the Wall Street Journal reports, with stocks selling at a measly 74 cents, a drop of 98 percent from its peak. The company has also gone through several rounds of layoffs in 2023. All told, the one-time biotech darling’s future is now looking uncertain. For years, the company has been burning through the $1.4 billion 23andme CEO Anne Wojcicki raised, spending around 80 percent of it. That means, according to the WSJ‘s reporting, that the company could run out of cash as soon as next year. Despite its massive popularity, the company has struggled to come up with a product that represents a consistent source of revenue. After all, a DNA test only has to be done once. 23andMe’s efforts to get subscription services off the ground have faltered, bringing in far fewer customers than …

Social media giants make billions advertising to our youth but fail to protect them online 

Social media giants make billions advertising to our youth but fail to protect them online 

Every day, technology is advancing at a rate that we consumers can barely keep up with.   With each update, our children become more vulnerable to exploitation, but our protections aren’t keeping up. Our government is woefully behind the times, operating on inadequate safety solutions established in the dot-com boom, and the tech industry is doing the minimum required — which isn’t much — to protect its users.  And worse, these tech companies that are failing to adequately protect our children are actually making money off them: A recent Harvard study revealed that in 2022, social media platforms generated nearly $11 billion in revenue from advertising directed at youth under 17 years of age. That’s an astronomical number, especially when compared to the $31.2 million that Congress allocated to the Internet Crimes Against Children Task Force Program in 2022. This means the investments going into the program working to protect children are barely a percentage point compared to the money companies are making off of them.  Families in the U.S. now have access to an average of 20 …

How a US mining firm sued Mexico for billions – for trying to protect its own seabed | Oceans

How a US mining firm sued Mexico for billions – for trying to protect its own seabed | Oceans

The ship When it first appeared, it looked like a floating city. For months in the summer of 2012, the ship just sat there – a hulking, confusing presence off the Pacific coast of Baja California Sur. Florencio Aguilar was worried. A stranger in the waves was a threat. Like many others in the tiny fishing towns of San Juanico, Las Barrancas and others in north-west Mexico, Aguilar relies for his livelihood on the lobsters, octopus and abalone that thrive here. The pristine waters are also home to endangered sea turtles, a breeding ground for giant grey whales and a magnet for surfers, who flock here to ride one of the world’s longest waves. Surfers at San Juanico, which boasts one of the world’s longest waves. Photograph: Laura Paddison Aguilar ticked off the possibilities: the enormous ship wasn’t one of the research vessels that edged along the Baja coast to survey the rich marine life, and it didn’t look like one of the big fishing ships that sometimes came to scoop up shrimp. The news …

Excessive Screen Time Costs Billions, Report Says. Here’s What It Costs Your Health

Excessive Screen Time Costs Billions, Report Says. Here’s What It Costs Your Health

In addition to irritating our eyes, too much screen time is hurting our wallets, says a report released Tuesday by the American Optometric Association and the Deloitte Economics Institute.  About 1 in 2 adults are exposed to “excessive” screen time of seven or more hours per day, according to the report, including 70% of office workers and 42% of workers in other fields. Those seven-plus hours of having our faces in screens can lead to eyestrain symptoms like dry eye or headache and things like neck and back pain from poor posture — and they cost the United States $73 billion a year, the report says. When too much screen time is “unmanaged,” meaning people don’t go to the eye doctor, the yearly cost is $151 billion, the report estimates. Researchers got these numbers by considering people’s productivity at work and the cost to the health care system, and by applying a formula that puts a monetary value on a loss of well-being, or healthy years lost.  The report is based on a sample of 1,000 …

US to Announce Billions in Subsidies for Advanced Chips, WSJ Reports

US to Announce Billions in Subsidies for Advanced Chips, WSJ Reports

The Biden administration is expected to award billions of dollars in subsidies to top semiconductor companies, including Intel and Taiwan Semiconductor Manufacturing Company, in the coming weeks to help build new factories in the United States, The Wall Street Journal reported Saturday. The forthcoming announcements are aimed at kick-starting manufacturing of advanced semiconductors that power smartphones, artificial intelligence and weapons systems, The WSJ reported, citing industry executives familiar with the negotiations. The executives expect some announcements to come before U.S. President Joe Biden’s State of the Union address on March 7, The WSJ report said. Among the likely recipients of the subsidies, Intel has projects underway in Arizona, Ohio, New Mexico and Oregon that will cost more than $43.5 billion, the paper said. Another likely recipient, Taiwan Semiconductor Manufacturing Company has two plants under construction near Phoenix for a total investment of $40 billion. South Korea’s Samsung Electronics, also a contender, has a $17.3 billion project in Texas. Micron Technology, Texas Instruments and GlobalFoundries count among other top contenders, The WSJ said, citing industry executives. …

How one mine could unlock billions in EV subsidies

How one mine could unlock billions in EV subsidies

RMI, a nonprofit research group focused on clean energy, projects that all the EV provisions within the IRA, which also include subsidies for new charging stations, will spur the sales of an additional 37 million electric cars and trucks by 2032. That would propel EV sales to around 80% of new passenger-automobile purchases. Those vehicles, in turn, could eliminate 2.4 billion tons of transportation emissions by 2040.  In a preliminary economic analysis, Talon said it hoped to dig up more than 140,000 tons of nickel. That’s enough to produce lithium-ion batteries that could power almost 2.4 million electric vehicles.TESLA The math The IRA offers two tax credits that could apply to EV buyers. The first is a $3,750 credit for those who purchase vehicles with batteries that contain a significant portion of critical minerals that were mined or processed in the US, or in a country with which the US has a free-trade agreement. The required share is 50% in 2024 but reaches 80% beginning in 2027. Cars and trucks may also qualify if the …

Plastic bag bans have already prevented billions of bags from being used, report finds

Plastic bag bans have already prevented billions of bags from being used, report finds

This story was originally published by Grist. Sign up for Grist’s weekly newsletter here. Over the past several years, U.S. cities and states have passed hundreds of policies restricting the sale and distribution of single-use plastic bags. A new report says these laws have largely succeeded in their goal of reducing plastic bag use. The report—copublished by three nonprofits, Environment America, U.S. Public Interest Research Group Education Fund, and Frontier Group—draws on industry and government data to suggest that plastic bag bans can eliminate nearly 300 single-use plastic bags per person per year.  “The bottom line is that plastic bag bans work,” said Faye Park, president of the U.S. PIRG Education Fund, in a statement. “People realize quickly it’s easy to live without plastic bags and get used to bringing a bag from home or skipping a bag when they can.” The report looked at plastic bag bans nationwide but focused on five representative policies in New Jersey; Vermont; Philadelphia; Portland, Oregon; and Santa Barbara, California. New Jersey’s, enacted in 2022, has had the greatest impact, eliminating more than …