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Databricks strike five-year AI chip deal with Amazon
Amazon and tech startup Databricks have agreed to a five-year deal that aims to cut costs for businesses seeking to build their own artificial-intelligence (AI) capabilities. Databricks, which acquired AI startup MosaicML last year for around $1.3bn, will utilize Amazon’s Trainium AI chips to power a service that helps companies customize an AI model or…
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Dirt Cheap files for bankruptcy
Dirt Cheap, a Mississippi-based discount retailer, has filed for bankruptcy and will close all 68 of its stores across eight states, including Alabama. The parent company, Channel Control Merchants, submitted the bankruptcy filing in Delaware. Liquidation sales are currently taking place at all locations. Dirt Cheap, known for its extreme value offerings, specializes in customer…
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IMF warns rise in government debt could be sharper than first thought
Global public debt is set to reach $100tn, or 93% of global gross domestic product (GDP), by the end of this year, driven by the U.S. and China, according to the IMF’s latest Fiscal Monitor report. Debt is tipped to increase in the U.S., Brazil, France, Italy, South Africa and U.K., according to the IMF…
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Trio of economists win Nobel Prize for work on wealth of nations
The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Daron Acemoglu and Simon Johnson, both of the Massachusetts Institute of Technology, and to James Robinson of the University of Chicago. Acemoglu and Robinson were co-authors of “Why Nations Fail: The Origins of Power, Prosperity and Poverty,” which was first published in 2012….
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New jobless claims surged as Hurricane Helene tore through southwest
The number of Americans who applied for unemployment benefits surged by 33,000 to 258,000 in the week that ended October 5th, according to the Labor Department – the highest level of initial claims since early August 2023. Economists polled by the Wall Street Journal had estimated new claims would rise by just 5,000 to 230,000….
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Lawmakers urge IRS to drop ‘flawed’ ID.me verification tool
U.S. Sens. Elizabeth Warren (D-MA), Ron Wyden (D-OR), and Rep. Katie Porter (D-CA), have urged the Department of the Treasury and the IRS to enhance the Direct File tax filing program by eliminating the use of ID.me for identity verification. They argue that “taxpayers should not be forced to jump through extra, onerous hoops that…
