USA

Stocks of Intuit and H&R Block are impacted by Elon Musk’s proposal to streamline tax filings.
21Nov By TheGreenZoneNo Comments
Market, USA, World

Stocks of Intuit and H&R Block are impacted by Elon Musk’s proposal to streamline tax filings.

Elon Musk’s early push to streamline the government is already hitting Intuit and H&R Block, whose shares dropped amid chatter of a free tax-filing app floated by Musk’s new Department of Government Efficiency. Intuit’s shares fell 5% while H&R Block’s stock dropped 8% Tuesday, marking its worst performance since 2020. “Crazy idea: let’s simplify the tax code,” Musk posted on X. If launched, the app would come on the heels of work from the Biden administration to make filings more accessible. Earlier this year, the IRS rolled out free software to residents of 12 states as part of a larger invite to onboard the entire nation by the 2025 tax season. The IRS largely leaves individuals to figure out how tax laws apply for themselves, unlike ...
Read More
SMIC and Huawei of China “will ramp up production” of the newest AI chip.
21Nov By TheGreenZoneNo Comments
Asia, China, Market, USA, World

SMIC and Huawei of China “will ramp up production” of the newest AI chip.

SMIC, China’s largest contract chipmaker, will make the 910C on its N+2 process, it added. Huawei is aiming to ramp up production even as the yield – the proportion of chips that come off the manufacturing line fully functional – of its advanced AI semiconductors remains far below industry standards. Advanced chips need yields of more than 70% to be commercially viable — lower yields mean greater costs and higher defect rates. But SMIC is currently producing the 910C on older, stockpiled chipmaking equipment, which has limited the chip’s yield to around 20%, Reuters said, citing a source. Even Huawei’s current most advanced processor, the SMIC-made 910B, has a yield of only around 50%, forcing Huawei to slash production targets and delay filling orders for that chip, the ...
Read More
Why AI is the new catalyst for profitable growth in Southeast Asia
21Nov By TheGreenZoneNo Comments
Asia, Market, USA, World

Why AI is the new catalyst for profitable growth in Southeast Asia

Southeast Asia's digital economy is a story of remarkable resilience and dynamism. Millions in the region join the digital landscape every year as consumers, entrepreneurs, developers and creators, driving both economic growth and societal transformation. The e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company captures this dynamism and reveals a regional digital economy that has achieved profitability. In just two years, profitability has grown 2.5x, from US$4 billion in 2022 to US$11 billion in 2024. This underscores the region's capacity to not only embrace innovation but to translate it into tangible economic gains, delivering a 10x increase in revenue since 2016. Combined with strategic investments and forward-thinking policies, the region's inher...
Read More
SMIC and Huawei of China “will ramp up production” of the newest AI chip.
21Nov By TheGreenZoneNo Comments
Asia, China, Market, USA

SMIC and Huawei of China “will ramp up production” of the newest AI chip.

Chinese technology giant Huawei and chipmaker Semiconductor Manufacturing International Corp (SMIC) are aiming to begin mass-production of China’s most advanced homegrown artificial intelligence chip, starting next year, according to Reuters. Huawei is racing to rival US chipmaker Nvidia with its AI chips at a time when increasing export restrictions by Washington — and its allies — are slowing the growth of China’s tech industry. As part of that effort, Huawei plans to start mass producing the Ascend 910C, its newest AI chip offering in China, in the first quarter of 2025, Reuters said, citing sources familiar with the matter. SMIC, China’s largest contract chipmaker, will make the 910C on its N+2 process, it added. Huawei is aiming to ramp up production even as the yield – t...
Read More
In 2025, the US economy is expected to surpass forecasts.
20Nov By TheGreenZoneNo Comments
Asia, Market, USA, World

In 2025, the US economy is expected to surpass forecasts.

The world’s largest economy is forecast to outperform economist expectations again next year, according to Goldman Sachs Research. “The US economy is in a good place,” writes David Mericle, chief US economist in Goldman Sachs Research. “Recession fears have diminished, inflation is trending back toward 2%, and the labor market has rebalanced but remains strong.” Goldman Sachs Research predicts US GDP will grow 2.5% on a full-year basis. That compares with 1.9% for the consensus forecast of economists surveyed by Bloomberg. Three key policy changes following the Republican sweep in Washington are expected to affect the economy, Mericle writes in the team’s report, which is titled “2025 US Economic Outlook: New Policies, Similar Path.” Tariff increases on imports from...
Read More
Ahead of more US technology and trade restrictions, China targets vital metal exports.
18Nov By TheGreenZoneNo Comments
Asia, China, Market, USA, World

Ahead of more US technology and trade restrictions, China targets vital metal exports.

Beijing will expand export controls on critical minerals like tungsten, graphite, and magnesium needed to make electronics, a move analysts say is in anticipation of expected sweeping US tariffs on Chinese goods and increased curbs on advanced semiconductor chips and AI technology to China following the re-election of US President Donald Trump. The restrictions also apply to specific technologies that can be used for both civilian and military purposes. China controls more than 80% of the world’s supply of tungsten and about 90% of global magnesium production, according to one official estimate; the minerals are indispensable in building defense technology, weapons, aviation equipment, and spacecraft. Washington has pushed to delink the supply chain from China ...
Read More
Malaysia and other Asian economies prepare for the effects of the Trump trade war as tariffs present both opportunities and risks.
11Nov By TheGreenZoneNo Comments
Asia, China, Market, Singapore, USA, World

Malaysia and other Asian economies prepare for the effects of the Trump trade war as tariffs present both opportunities and risks.

Some Asian countries stand to gain if US president-elect Donald Trump pushes ahead with his promised massive tariffs on China and triggers a new wave of factory relocations to the rest of the region. But a trade war between the world’s biggest economies would also destabilise markets everywhere, with Asia — which contributes the largest share of global growth — the most affected. Trump, who won a crushing presidential victory this week, vowed during his campaign to slap 60 per cent tariffs on all Chinese goods entering the United States in an attempt to balance trade between the two nations. Analysts however question whether the new president will stick to such a high figure, and dispute the blow such tariffs could inflect on the Chinese economy, estimating GDP could be lowered b...
Read More
Asian Financial Institutions Are at Risk Due to AI Adoption Lag in the Face of Increasing Financial Crime
11Nov By TheGreenZoneNo Comments
Asia, China, Market, Singapore, USA, World

Asian Financial Institutions Are at Risk Due to AI Adoption Lag in the Face of Increasing Financial Crime

AI-based transaction monitoring, sanctions screening, and fraud prevention deliver proven benefits as adoption gains traction New research from SymphonyAI and Regulation Asia reveals legacy systems, data quality, model explainability, data privacy, and regulatory uncertainty hinder AI adoption in financial crime compliance. Only 15% of Asian FIs report "advanced" AI integration in their compliance functions, leaving significant untapped potential. Financial crime, particularly money laundering, represents an escalating threat, accounting for up to 6.7% of global GDP. Palo Alto, Calif., (ANTARA/PRNewswire)- SymphonyAI, a leader in predictive and generative artificial intelligence (GenAI) SaaS products for the enterprise, today launched a new report with Regulation Asia, revea...
Read More
The whole economy is anticipating the outcome of the US election, along with other economic news this week.
5Nov By TheGreenZoneNo Comments
Asia, Market, USA, World

The whole economy is anticipating the outcome of the US election, along with other economic news this week.

1. US election: Global economic impact in focus One story dominates the financial pages: the United States will choose its next president in a closely watched election on Tuesday, 4 November, featuring a tight race between Republican Donald Trump and Democrat Kamala Harris. The election outcome will have far-reaching consequences for global markets, economic policy and central bank strategies, with investors hoping for a decisive result to mitigate prolonged uncertainty. Reuters highlights the key events that underscore the stakes next week, including Federal Reserve interest rate decisions and China’s trade data release. Election impact: Markets seek clarity as traders brace for volatility. A Trump win could support recent Treasury yield and dollar gains; a Harris ...
Read More
<strong>China’s relentless pursuit of U.S. technology</strong>
29Oct By Joe RodriguezNo Comments
China, USA

China’s relentless pursuit of U.S. technology

In recent years, the United States has faced an unprecedented challenge in safeguarding its technological advancements and intellectual property from a persistent and resourceful adversary: China. A series of high-profile cases have highlighted the extent of China's efforts to acquire sensitive U.S. technology, often through illegal means. These incidents not only threaten America's economic interests but also pose significant risks to national security. The case of Chen Lin, a 65-year-old Chinese national who recently pleaded guilty to illegally exporting U.S. semiconductor equipment, exemplifies the ongoing struggle to protect critical technologies. Chen's attempt to procure a wafer-cutting machine for Chengdu GaStone Technology, a company on the U.S. Entity List, underscores the...
Read More