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Cargo ship sinks off Sri Lanka amid fears of environmental disaster

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A chemical-laden cargo ship is sinking off the coast of Sri Lanka amid fears of a major environmental disaster.

Hundreds of tonnes of engine oil could possibly leak into the sea if the ship sinks, with a devastating impact on marine life.

Sri Lankan and India have been working together over the past days in an attempt to put out the fire and prevent the ship from breaking up and sinking.

X-Press Shipping – the Singapore based company which owns the vessel – confirmed the crew had been aware of the leak, but say they were denied permission by both Qatar and India to leave the ship there before the fire broke out.

The fact that Sri Lanka allowed the vessel to enter the country’s waters after it was rejected by two other nations has led to widespread public anger.

Officials have now lodged a police complaint against the captain of the ship.

Sri Lanka police on Tuesday said they questioned the captain and the engineer of the shop for more than 14 hours.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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Meta expects strong holiday ad revenue boost

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Meta’s holiday-quarter forecast beats expectations as AI tools drive growth

Meta Platforms, parent company of Facebook, has forecast holiday-quarter revenue that surpasses market expectations, anticipating a surge in ad spending as the year ends.

The projection comes as Meta’s AI-driven advertising tools and short-form video feature Reels have spurred revenue growth this year.

Meta’s shares dipped 2.5% in after-hours trading, despite a third-quarter profit of $6.03 per share—well above analysts’ forecast of $5.25.

Analysts expect digital ads to have a “blockbuster” year in 2024, helped by improved economic forecasts and steady consumer spending.

Meta, heavily reliant on advertising revenue, stands to benefit from increased holiday marketing as it eyes revenues of $45 to $48 billion this quarter.

The company’s third-quarter revenue reached $40.59 billion, narrowly topping analysts’ estimates.

With interest rates easing, analysts suggest Meta’s ad revenue could continue to thrive into the new year.

As holiday spending ramps up, Meta’s AI investments are paying off.

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Microsoft CEO Satya Nadella receives $30 million pay raise

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Despite layoffs, Nadella’s pay jumps 63% amid company growth

Microsoft’s CEO, Satya Nadella, saw a significant 63% pay raise this year, with his total compensation rising to $71 million, up from $48.5 million in 2023. This comes even as Microsoft laid off 2,500 employees, including job cuts in its gaming division, following its $69 billion acquisition of Activision Blizzard.

While concerns were raised in Congress over cybersecurity breaches, Microsoft’s stock still rose by over 16% this year, benefiting investors, although it lags behind the broader S&P 500. Investors are now eagerly awaiting the company’s earnings report next week.

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