theguardian_business

Revealed: major oil firms make $93bn profits amid war and climate crisis

📰 source: theguardian_business · 💼 business

eight of the world's biggest oil companies made $93bn in profits in the second quarter, nearly double the same period last year, as the war on iran pushed prices above $126 a barrel. the windfall has reignited calls for supermajors like saudi aramco and bp to pay for climate damage.

aramco led with $33bn in net income, up 34%, followed by exxon at $14.5bn, chevron at $12.2bn, shell at $9.84bn, and bp at $5.73bn. the eight firms raked in more than $700,000 of profit every minute. donald trump criticized exxon and chevron for "making too much money" from the war, while campaigners said ordinary families are "paying the price" in higher bills and climate chaos.

bp has cut its green energy budget from $5bn to $1.5-2bn and is selling off renewable businesses, including its us biogas unit for $4bn. meanwhile, heatwaves across europe, asia and north america have caused thousands of deaths, with scientists linking fossil fuel emissions to fatal spells of hot weather.

why it matters: record war profits for oil giants intensify pressure for climate reparations and windfall taxes as heatwaves rage.

source: theguardian_business
sentiment: -0.30 · impact: 0.60

Surprise fall in US jobs last month as slow summer continues

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📰 source: cnbc_topnews · 💼 business homes sold for less than their asking price in 38 of the 50 largest u.s. housing markets in june, per redfin. the biggest discounts hit florida and texas: miami and west palm beach averaged nearly 5% below asking, while houston, austin, tampa, dallas, san antonio,

China is gaining ground in AI. But the U.S. still has a major advantage

📰 source: cnbc_topnews · 💼 business hugging face ceo clément delangue told cnbc china is clearly dominating on open models and could start dominating at the frontier by end of this year or next. chinese models are closing the gap with u.s. frontier systems despite limited access to cutting-edge compute. beijing-based

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects