World

A trade crisis is sparked as the US threatens to impose tariffs on Canada and Mexico.
28Nov mmBy Mike TrudellNo Comments
Asia, Market, USA, World

A trade crisis is sparked as the US threatens to impose tariffs on Canada and Mexico.

The United States is threatening a significant shake-up in its trade relations with Canada and Mexico. President-Elect Trump has proposed imposing tariffs of up to 25 per cent on key imports. A Reuters report highlights that it includes crude oil, automobiles, and agricultural goods. This move comes amid escalating disputes over border security and trade imbalances. For Canada, the potential tariffs on crude oil could severely impact the nation’s economy, given that over 80 per cent of its oil exports are destined for the US. Meanwhile, Mexico, which relies heavily on automobile and agricultural exports to its northern neighbour, could face severe economic repercussions. Mexican president Claudia Sheinbaum during a press conference highlighted and I quote “to one tariff will c...
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ADB and Mastercard Form a Groundbreaking Alliance to Fund MSMEs in Asia and the Pacific
28Nov mmBy Brian ThompsonNo Comments
Asia, Market, World

ADB and Mastercard Form a Groundbreaking Alliance to Fund MSMEs in Asia and the Pacific

The Asian Development Bank (ADB) and the Mastercard Impact Fund, administered by the Mastercard Center for Inclusive Growth, have signed a memorandum of understanding to establish a groundbreaking partnership aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across Asia and the Pacific. The initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. It will leverage a $5 million grant from Mastercard to financial institutions, to catalyze lending toward MSMEs, with a focus on women-led or -owned MSMEs and climate finance among small businesses. The grant will support up to $1 billion of ADB financing over a 4-year period, providing risk-reduction capital, performance incentives, and capacity building for financial ...
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The US-China tech battle has reached a “turning point” with Huawei’s latest smartphone.
26Nov mmBy Mike TrudellNo Comments
Asia, China, Market, USA, World

The US-China tech battle has reached a “turning point” with Huawei’s latest smartphone.

Huawei is set to launch its latest smartphone this week, complete with a new, made-in-China operating system — a first for a Chinese company and an indication of the progress the country’s tech companies have made, despite US sanctions. Unlike previous Huawei phones, which used an operating system built on Google’s Android, the new Mate 70 smartphone will run entirely on the company’s own HarmonyOS Next. Huawei hopes the system will be able to compete with the dominant incumbents, Apple’s iOS and Android, which together power around 98% of all smartphones globally, The Economist noted. Building a fully independent operating system “is no mean feat,” The Economist noted, because it requires persuading enough developers to spend time creating apps specifically for the new system:...
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According to a source, Japanese competition officials raid Amazon Japan.
26Nov mmBy Brian ThompsonNo Comments
Asia, China, Market, World

According to a source, Japanese competition officials raid Amazon Japan.

Japanese officials conducted an on-site inspection of Amazon Japan on Tuesday amid suspicion the group had violated anti-monopoly laws. Authorities from Japan’s Fair Trade Commission conducted the raid, according to Reuters, which cited a government source. The unit of Amazon.com Inc is suspected of inappropriately urging sellers to lower their prices on its e-commerce site in exchange for giving their products advantageous placement on the site, the source said. “There is a suspicion that Amazon Japan is forcing sellers to cut prices in an irrational way,” said the source, who declined to be named as an official announcement has yet to be issued. Amazon Japan did not immediately respond to an email query about the raid. Amazon is likely to face an EU investi...
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Campaigners call the $1.3 trillion climate funding agreement that Cop29 agreed to a “betrayal.”
23Nov mmBy Michael SmithNo Comments
Asia, China, Market, Singapore, USA, World

Campaigners call the $1.3 trillion climate funding agreement that Cop29 agreed to a “betrayal.”

Rich and poor countries concluded a trillion-dollar deal on the climate crisis in the early hours of Sunday morning, after marathon talks and days of bitter recriminations ended in what campaigners said was a “betrayal”. Under the target the developing world should receive at least $1.3tn (£1tn) a year in funds to help them shift to a low-carbon economy and cope with the impacts of extreme weather, by 2035. But only $300bn of that will come primarily in the form they are most in need of – grants and low-interest loans from the developed world. The rest will have to come from private investors and a range of potential new sources of money, such as possible levies on fossil fuels and frequent flyers, which have yet to be agreed. Mohamed Adow, director of the Pow...
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The US AI chip behemoth Nvidia surpasses sales projections.
22Nov mmBy Michael SmithNo Comments
Market, USA, World

The US AI chip behemoth Nvidia surpasses sales projections.

Chipmaking giant Nvidia reported revenue of $35.08 billion in the third quarter, far outstripping economists’ expected $33.2 billion. Revenue is up 97% year-on-year for the period ending Oct. 27. Net income rose to $19.3 billion compared to $9.24 billion in the same period last year. Driving the surge is its AI business, which includes chips and data centers. Nvidia also projected $37.5 billion in sales for the current quarter, slightly above the expected $37.08 billion. The results mean the US chipmaker has now exceeded analysts’ expectations for the eighth quarter in a row, although they also mark a fourth consecutive slow-down in sales for the chipmaker overall, CNBC noted. The world’s largest company by market cap, Nvidia is seen as a bellwether of the direction of the...
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According to Stanford’s AI Center, the US has the best AI environment, followed by China.
22Nov mmBy Joe RodriguezNo Comments
Asia, China, Market, USA, World

According to Stanford’s AI Center, the US has the best AI environment, followed by China.

The US has been called the Wild West when it comes to AI safety due to a lack of federal governance compared to other countries. But that hasn’t impaired its status as the top AI ecosystem in the world, according to a Stanford University ranking. Stanford’s Institute for Human-Centered Artificial Intelligence (HAI) has created a tool that measures the strength of AI ecosystems based on a country’s economy, infrastructure, education, and yes — governance. Those metrics led a panel of experts to designate the US as the world’s AI powerhouse by a landslide because of its high number of existing models, notable private investments, and research on responsible AI. China follows, with strengths in its number of patents granted, investment, and clear national strategy. “Since the...
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China Adds Nine More Countries to Its Visa-Free Entry List – AP
22Nov mmBy Joe RodriguezNo Comments
Asia, China, Market, World

China Adds Nine More Countries to Its Visa-Free Entry List – AP

China plans to expand visa-free entry to people from nine more countries from the end of this month, according to a report by Associated Press, which said the moves is part of efforts to invigorate its sluggish tourism and business sectors. The new countries are Bulgaria, Romania, Malta, Croatia, Montenegro, North Macedonia, Estonia, Latvia and Japan. And visitors from these states will be able to stay for up to 30 days without a visa. That means some 38 countries will soon have ‘visa-free’ access, which is a big dup from just three before the country was hit by the Covid pandemic. Meanwhile, people participating in exchanges will also qualify for visa-free entry – a move that seeks to enhance relations through increased cultural and academic exchanges. In recent months, a signif...
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Stocks of Intuit and H&R Block are impacted by Elon Musk’s proposal to streamline tax filings.
21Nov mmBy Michael SmithNo 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 ...
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SMIC and Huawei of China “will ramp up production” of the newest AI chip.
21Nov mmBy Joe RodriguezNo 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 ...
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