All posts tagged: economy

US proposes restrictions for investments in Chinese tech, AI | Trade War News

US proposes restrictions for investments in Chinese tech, AI | Trade War News

Draft rule would prohibit US investors from funding AI systems in China that could be used for weapons targeting, other military uses. The United States Department of the Treasury has fleshed out a proposed rule that would restrict and monitor US investments in China for artificial intelligence, computer chips and quantum computing. The fleshed-out draft rule, issued on Friday, stems from President Joe Biden’s August executive order regarding the access that “countries of concern” have to American dollars to fund advanced technologies that could enhance those nations’ military, intelligence, surveillance and cyber-capabilities. The order identified China, Hong Kong and Macau as countries of concern. The Biden administration has sought to stymie the development of technologies by China, the world’s second largest economy, that could give it a military edge or enable it to dominate emerging sectors such as electric vehicles (EVs). In addition to the proposed rule, Biden, a Democrat, has also placed a stiff tariff on Chinese EVs, an issue with political implications as Biden and his Republican presidential opponent Donald Trump are both …

The economy and Labour’s post-election dilemma – podcast | News

The economy and Labour’s post-election dilemma – podcast | News

Central to Labour’s campaign over the last few weeks has been one key message: that the party, should it win the election on 4 July, will be a force for stability after years of political turmoil. Keir Starmer’s economic pledges have been aimed to be reassuring and cautious: no big increases in public spending, no big tax rises and a commitment to keep to the current fiscal rules on debt. It is an offer explained not only by economic thinking but by political strategy, in an attempt to escape the party’s reputation for recklessness with the country’s finances. Nevertheless, it is a plan beset by risk. As the Guardian’s special correspondent Heather Stewart explains to Michael Safi, voters are looking not just for stability but for a government to turn the economy around, to invest, and to fix crumbling public services. If the party does take office on 5 July, has it already boxed itself in too much? And how can it reconcile a public desperate for change and an economic plan that promises much …

Apple unveils long-awaited AI strategy, partnership with OpenAI at WWDC | Business and Economy News

Apple unveils long-awaited AI strategy, partnership with OpenAI at WWDC | Business and Economy News

CEO Tim Cook tells Worldwide Developers Conference AI features are the ‘next big step for Apple’. Apple has revealed a slew of new artificial intelligence-powered features backed by a partnership with OpenAI, as the iPhone maker battles perceptions that it is falling behind in the race to capitalise on the technology. Apple executives including CEO Tim Cook unveiled “Apple Intelligence” on Monday during a nearly two-hour-long presentation at the company’s annual Worldwide Developers Conference in Cupertino, California. “All of this goes beyond artificial intelligence, it’s personal intelligence, and it is the next big step for Apple,” CEO Tim Cook said. The upgrades include an overhaul of the virtual assistant Siri, which will be capable of hundreds of more tasks with the help of ChatGPT. Apple users will also be able to create their own emojis based on language prompts and generate summaries of emails in the mailbox via the tech giant’s in-house technology. Apple signalled that the company would differentiate itself from rivals Microsoft and Google by putting privacy “at the core” of AI, which …

Is the US economy doing well? It depends if you ask a Democrat or a Republican | Joe Biden

Is the US economy doing well? It depends if you ask a Democrat or a Republican | Joe Biden

When he delivered his State of the Union address in March, Joe Biden framed the state of the American economy as a true success story, pointing to the historically low unemployment rate and falling inflation as signs of the country’s robust recovery from the early days of the coronavirus pandemic. “I inherited an economy that was on the brink. Now, our economy is literally the envy of the world,” the US president said. “And it takes time, but the American people are beginning to feel it.” As Biden frequently boasts, 15m jobs have been created since he took office, and the unemployment rate now stands at 4% after 41 consecutive months of job gains, following the longest stretch of sub-4% unemployment since the 1960s. Inflation has also cooled, after the annual consumer price index hit a peak of 9.1% in June 2022. Stock markets have hit new highs, with the Dow Jones industrial average passing 40,000 points for the first time ever. The International Monetary Fund predicted last month that the US economy was on …

Energy Drinks Boost Ukraine’s Soldiers, and Its Economy

Energy Drinks Boost Ukraine’s Soldiers, and Its Economy

On a sunny morning, deep in the forests of western Ukraine where the war barely reaches, 16,000 cans of a new energy drink, Volia, rolled off the assembly line every hour at the Morshynska beverage factory. Several hundred miles east, driving toward the front line, the sweating coolers at the minimarts and gas stations are loaded with Volia and an array of other energy drinks: Burn, Monster, Non Stop, Hell, Pit Bull and of course the eye-widening veteran of them all, Red Bull. By the time one reaches the trenches, where thousands of troops are dug in, trying to survive, the supremacy is complete: Ukrainian soldiers will pass up coffee, Coke, even water in favor of the liquid jolt they need to keep going. “In the morning, when I wake up, I drink an energy drink. When I head out on patrol, I drink an energy drink. Before an attack, I drink an energy drink,” said one Ukrainian soldier who identified himself by his call sign, Psycho, for security reasons, according to military protocol. “Let …

Malaysia’s chip industry falls in crosshairs of US sanctions on Russia | Technology

Malaysia’s chip industry falls in crosshairs of US sanctions on Russia | Technology

Bangkok, Thailand – The United States’ efforts to cripple Russia’s war machine in Ukraine have ensnared an unlikely target far from Moscow: Malaysia’s multibillion-dollar semiconductor industry. Malaysian semiconductor maker Jatronics SDN BHD is among nearly 300 entities that Washington slapped with US sanctions last month over their alleged links to Russia’s military suppliers. Jatronics, based in Kuala Lumpur, is accused of shipping electronic parts and components to Russia that Moscow needs to sustain the conflict. Russian customs data shows that one of the Russian companies Jatronics has supplied since Moscow’s full-scale invasion in February 2022 was already sanctioned by Western governments for its alleged ties to Russia’s defence industry. The latest sanctions, announced on May 1, freeze any US assets held by the targeted entities and bar anyone under US jurisdiction from dealing with them, effectively shutting them out of the US financial system. US officials have not said that they know for certain that components shipped by Jatronics have actually been used in military equipment. “Jatronics supplied these components to companies based in Russia …

Ruling ANC on course to lose majority in South Africa’s election

Ruling ANC on course to lose majority in South Africa’s election

South Africa’s ruling ANC was on course to lose its 30-year-old parliamentary majority on Thursday, opening the prospect that the party that defeated apartheid will have to share power for the first time.  Issued on: 30/05/2024 – 04:06Modified: 30/05/2024 – 20:44 3 min With a third of votes in Wednesday’s election tallied, the ANC was leading but with a score of only 42 percent — well below the 57 percent it won in 2019. Followed by the centre-right Democratic Alliance (DA) on 25 percent. The leftist Economic Freedom Fighters (EFF) and former South African president Jacob Zuma’s uMkhonto weSizwe (MK) were neck and neck on around nine percent each.  The final results are expected in the next three days. Read moreSouth Africa votes in most crucial election since end of apartheid “The broad church of the ANC has taken a substantial knock. This is a shock to the system for the ANC and ultimately will also be a shock to the system for the average South African, who has only known ANC rule since 1994,” …

Economy is ‘going gangbusters’, suggests Office for National Statistics

Economy is ‘going gangbusters’, suggests Office for National Statistics

Thanks for joining me. After the excitement of the Governor of the Bank of England saying interest rate cuts are needed, today the latest official figures show Britain has exited recession. Gross domestic product grew by 0.6pc during the first quarter, according to the Office for National Statistics. 5 things to start your day  1) Soaring immigration is fuelling Britain’s housing crisis, says Bank’s chief economist | Huw Pill said higher interest rates were not responsible for record hikes in rental costs 2) HSBC pushes Sunak to ease China crackdown | Banks fear new security rules will make doing business in Beijing more difficult 3) Trump ‘offered to block electric car rollout’ as he asked oil bosses for $1bn | Presidential candidate promises to dismantle Biden’s ‘ridiculous’ environmental rules 4) London’s stock market collapse is ‘massively overstated’, says Hunt | Chancellor attempts to assuage rising fears over Square Mile exodus 5) The charts that point to a summer interest rate cut | Easing inflation and a cooling jobs market suggest lower borrowing costs on the …

Mishal Husain Bursts Jeremy Hunt’s Bubble Over Economic Growth

Mishal Husain Bursts Jeremy Hunt’s Bubble Over Economic Growth

Mishal Husain did not let Jeremy Hunt boast about the UK’s economic growth today and reminded him of the disasters the country has faced under the Tories. While the chancellor was celebrating the news from the ONS that the UK is officially out of recession, the Today programme host kicked off the interview by saying: “It’s not a strong recovery is it? “Some people would call it anaemic. You’re not calling it strong are you? “That’s not what it is. The economy has barely grown over the last two years.” Hunt claimed over the last quarter, the UK had the joint-highest growth in the G7– and then blamed slow growth on the Bank of England’s high interest rates. Husain hit back: “You’re portraying yourself as the people in whose hands the economy is safe, and yet many voters, particularly those who are perhaps finding themselves re-mortgaging this month on higher rates and seeing the facts that fixed rate mortgage deals have been edging up – and others – will be remembering what happened under Liz …

British Economy Rebounds Strongly in First Quarter of the Year, Ending ‘Technical Recession’

British Economy Rebounds Strongly in First Quarter of the Year, Ending ‘Technical Recession’

LONDON (AP) — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday. The Office for National Statistics said the economy grew by 0.6% in the first quarter from the previous three-month period, with broad-based strength across the crucial services sector in particular. The increase was higher than the 0.4% predicted by economists and the strongest since the fourth quarter of 2021 when the economy was rebounding following the sharp contraction during the coronavirus pandemic. It comes after two quarters of modest declines, which in the U.K. is defined as a recession. Despite the quarterly increase, the British economy has barely grown over the past year. It has been hobbled by interest rates at 16-year highs of 5.25%. There was hope Thursday that they may be on the way down soon. Bank of England Gov. Andrew Bailey indicated that a rate cut may be on the cards in June if inflation continues to trend downwards. The …