logo
China Discloses Powerful Deep-Sea Cable Cutter, SCMP Reports

China Discloses Powerful Deep-Sea Cable Cutter, SCMP Reports

Bloomberg22-03-2025

China revealed for the first time that it has developed a compact deep-sea cable cutting device that is powerful enough to severe communication lines, the South China Morning Post reported.
The tool is able to operate at a depth of up to 4,000 meters (13,123 feet) and has been designed for use with the country's advanced manned or unmanned submersible vehicles, the report said, citing a peer-reviewed paper published in the Chinese-language journal Mechanical Engineer on Feb. 24.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Wall Street gains ground following a solid jobs report and marks another winning week
Wall Street gains ground following a solid jobs report and marks another winning week

Los Angeles Times

timean hour ago

  • Los Angeles Times

Wall Street gains ground following a solid jobs report and marks another winning week

Stocks gained ground on Wall Street Friday following a better-than-expected report on the U.S. job market. The gains were broad, with every sector in the S&P 500 rising. That solidified a second consecutive winning week for the benchmark index, which has rallied back from a slump two months ago to come within striking distance of its record high. The Standard & Poor's 500 rose 61.06 points, or 1%, to 6,000.36. It is now within 2.3% of its record. The Dow Jones Industrial Average rose 443.13 points, or 1%, to 42,762.87. The Nasdaq rose 231.50 points, or 1.2%, to 19,529.95. Technology stocks, with their outsized values, led the broad gains. Chipmaker Nvidia jumped 1.2% and iPhone maker Apple rose 1.6%. Tesla rose 3.7%, regaining some of the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media. Circle Internet Group, the U.S.-based issuer of one of the most popular cryptocurrencies, rose 29.4%. That adds to its 168% gain from Thursday when it debuted on the New York Stock Exchange. U.S. employers slowed their hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Trump's trade war. The closely watched monthly update reaffirmed that the job market remains resilient, despite worries from businesses and consumers about the impact of tariffs on goods going to and coming from the U.S. and its most important trading partners. 'It looks like, for now, everything is kind of running smoothly,' said Chris Zaccarelli, chief investment officer for Northlight Asset Management. 'Investors see that as a positive, but we also haven't seen the full effect of tariffs yet.' President Trump's on-again-off-again tariffs continue to weigh on companies. Lululemon Athletica plunged 19.8% after the maker of yoga clothing cut its profit expectations late Thursday as it tries to offset the impact of tariffs while being buffeted by competition from start-up brands. Lululemon joins a wide range of companies, from retailers to airlines, who have warned investors about the potential hit to their revenue and profits because of tariffs raising costs and consumers potentially tightening their spending. Hopes that Trump will lower his tariffs after reaching trade deals with other countries have been among the main reasons the S&P 500 has rallied back so furiously since dropping roughly 20% from its record two months ago. Senior U.S. administration officials will meet with a Chinese delegation on Monday in London for the next round of trade negotiations between Washington and Beijing. The economy is already absorbing the impact from tariffs on a wide range of goods from key trading partners, along with raw materials such as steel. Heavier tariffs could hit businesses and consumers in the coming months. The U.S. economy contracted during the first quarter. Recent surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses contracted last month. On Tuesday, the Organization for Economic Cooperation and Development forecast 1.6% growth for the U.S. economy this year, down from 2.8% last year. The uncertainty over tariffs and their economic impact has put the Federal Reserve in a delicate position. 'All things being equal, you can clearly see they are on hold,' Zaccarelli said. The central bank is holding its benchmark interest rate steady as it worries about tariffs reigniting inflation. It fought hard, using interest rate increases, to ease inflation back toward its target of 2% and rates have been hovering just above that level. The Fed has been hesitant to cut interest rates in 2025 after trimming rates three times late last year. While lower interest rates can give the economy a boost, they can also push inflation higher. That could be especially damaging if import taxes are also raising costs for businesses and consumers. Wall Street expects the central bank to hold rates steady at its June meeting, but traders are forecasting that it will have to cut interest rates later this year in an effort to prop up the economy. In the bond market, Treasury yields made significant gains. The yield on the 10-year Treasury rose to 4.51% from 4.39% late Thursday. The two-year Treasury yield, which more closely tracks traders' expectations for what the Federal Reserve will do with overnight interest rates, rose to 4.04% from 3.92% late Thursday. Markets in Europe were mostly higher. Troise writes for the Associated Press.

Tesla's largest EV plant in the world suffers eighth straight month of declining demand as May sales sink 15%
Tesla's largest EV plant in the world suffers eighth straight month of declining demand as May sales sink 15%

Yahoo

time2 hours ago

  • Yahoo

Tesla's largest EV plant in the world suffers eighth straight month of declining demand as May sales sink 15%

Outbound volumes from Tesla's GigaShangai factory, which includes exports, sank 15% in May. The drop follows similarly bleak figures out of most of Europe. Although Tesla is increasingly viewed as an AI company, roughly three-fourths of its revenue and gross profit come from selling cars. With two-thirds of the second quarter now in the books, the chance Tesla's EV sales could rebound from its terrible start to the year is swiftly waning. On Thursday data continued to pour in from across the world showing demand for Elon Musk's cars is shrinking in most major markets. One sign of that emerged out of China, where aggregate sales of EVs made in Tesla's largest manufacturing plant worldwide suffered an eighth straight month of declines. According to China's CPCA industry association, outbound volumes from its GigaShangai factory, including exports, sank 15% in May to 61,662 vehicles. It follows similarly bleak figures out of most of Europe. Tesla may have successfully rebranded itself as an AI and robotics company in the eyes of investors, but EV sales still matter because they pay the bills. Its core business accounted for 72% of both revenue and gross profit in the first three months of this year, when volumes dropped to their lowest level in three years. Yet just as sales are crashing, the stock is paradoxically ballooning, with the price rallying by a third since April's terrible Q1 earnings. At $1 trillion, Musk's company is now the ninth most valuable company in the world, worth more than the next 15 largest global carmakers combined. Multiples well above 100 times next year's consensus earnings estimates, like Tesla's, are typically reserved for companies about to see stratospheric earnings growth. In this case, it reflects optimism that Musk is poised to capture Uber and Lyft's ride-hailing market with its robotaxi service scheduled to roll out in the second half across much of the United States. Yet there is no evidence its driverless technology already matches, let alone outperforms, autonomous vehicle leader Waymo, and one well-known Tesla bull sold the remainder of his stockholdings as a result. Citing valuation 'disconnected from underlying fundamentals', Future Fund money manager Gary Black said late last month he exited his position for the first time since 2021 given the risks are firmly to the downside. There are a few bright spots for Tesla car sales, like Norway, the world's most EV-friendly country, that remains loyal to the brand. Australia, a key market where Tesla must compete directly with Chinese brands for western consumers without the help of steep tariffs, likewise saw a 9% gain in May amid soaring demand for the refreshed Model Y. But these individual data points are not reflective of the broader Tesla trend. In most other parts of the world, the picture looks radically different. On Thursday, the United Kingdom followed Germany with an identical 36% decline in Tesla registrations for last month. That leaves Tesla EV sales trackers such as TroyTeslike, one of the most reliable, warning Q2 will likely see a drop of 11% to 395,000 cars in a best-case scenario for Tesla. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

These businesses are big winners from the Musk-Trump breakup
These businesses are big winners from the Musk-Trump breakup

Axios

time2 hours ago

  • Axios

These businesses are big winners from the Musk-Trump breakup

Elon Musk 's breakup with President Trump undercuts his personal empire, but it's good news for a variety of corporate players. Why it matters: Without close ties to the White House, Musk is less powerful politically. State of play: The list of business winners from the Musk-Trump breakup includes: Chinese EV makers: Any sign of trouble for Tesla is good news for businesses like booming EV maker BYD, which already sells more vehicles than Tesla. Musk has cited Chinese EV companies as Tesla's biggest competition. OpenAI: Musk and OpenAI have been feuding over the latter's now-abandoned attempt to turn into a for-profit. The president may now be more inclined to side with the ChatGPT creator and its boss, Sam Altman, who made a U.S. investment announcement earlier this year that Trump touted and Musk questioned. Blue Origin: Jeff Bezos' space company could reap the rewards if NASA seeks alternative partners to replace Musk's SpaceX. Other winners include Tesla short-sellers, who made an estimated $4 billion on Thursday "in one of their biggest single day gains ever," WSJ reported, citing data from S3 Partners. lost myriad contracts, also stand to gain if deal scrutiny diminishes.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store