Are superstars as good when they move jobs?
T he competition for the world's best AI talent is frenzied. Mark Zuckerberg, the boss of Meta, has personally taken charge of efforts to recruit for a 'superintelligence' lab. The sums on offer are eye-watering: a rumoured $200m-plus to prise away the head of Apple's AI models. Open AI executives are said to be 'recalibrating' compensation in order to ward off Mr Zuckerberg. But hiring hotshots makes sense only if you believe that talent is portable, and that superstars will continue to shine in their new organisations. Opinion Columns Bartleby Business
Nvidia's boss is proving to be a canny diplomat
The industry is grappling with slowing demand, rising competition and new regulations
Challenging China's dominance will be a tall order
Duties on the red metal will undermine the president's wider economic agenda
It has a China-size population with a UAE-size room supply
The rise of ChatGPT and its rivals is undermining the economic bargain of the internet
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Reuters
29 minutes ago
- Reuters
China leaves benchmark lending rates unchanged, as expected
SHANGHAI, July 21 (Reuters) - China kept benchmark lending rates unchanged on Monday, as forecast, after it reported slightly better-than-expected second-quarter economic data. Signs of economic resilience effectively reduced any urgency for further stimulus, while analysts widely expect persistent weak domestic demand warrants some monetary easing later this year. The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%. In a Reuters survey of 20 market participants conducted last week, all participants predicted no change to either of the two rates. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. China's economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs, though analysts warn weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus. Meanwhile, persistent deflationary pressure also calls for further monetary easing measures. China's producer deflation deepened to its worst in almost two years in June as the economy grappled with uncertainty over a global trade war and subdued demand at home. A lot of market attention will be shifted to the Politburo meeting later this month, which is likely to shape economic policy for the rest of the year. ** Tommy Xie, head of Asia macro research at OCBC: "China's GDP deflator has been in negative territory for nine consecutive quarters. "The weak nominal growth despite above target real growth may weigh down corporate profitability as well as income growth. "We expect PBOC to lower its benchmark interest rate by another 20 basis points this year although the room for more aggressive rate cuts may be limited given the bottleneck faced by the economy."
Reuters
an hour ago
- Reuters
China starts construction on world's largest hydropower dam in Tibet
HONG KONG, July 21 (Reuters) - China's Premier Li Qiang announced the start of construction on what will be the world's largest hydropower dam, located on the eastern rim of the Tibetan plateau and estimated to cost around $170 billion, the official Xinhua news agency said. The project is part of China's push to expand renewable energy and reduce carbon emissions. Consisting of five cascade hydropower stations, the dam will be located in the lower reaches of the Yarlung Zangbo River and could affect millions downstream in India and Bangladesh. Li described the hydropower project as a "project of the century" and said special emphasis "must be placed on ecological conservation to prevent environmental damage", Xinhua said in its report on Saturday. Authorities have not indicated how many people the Tibet project would displace and how it would affect the local ecosystem, one of the richest and most diverse on the plateau. But according to Chinese officials, hydropower projects in Tibet will not have a major impact on the environment or on downstream water supplies. India and Bangladesh have nevertheless raised concerns about the dam. NGOs including the International Campaign for Tibet say the dam will irreversibly harm the Tibetan plateau and that millions of people downstream will face severe livelihood disruptions. The dam is estimated to have a capacity of 300 billion kilowatt-hours of electricity annually and is expected to help meet local energy demand in Tibet and the rest of China. The project will play a major role in meeting China's carbon peaking and carbon neutrality goals, stimulate related industries such as engineering, and create jobs in Tibet, Xinhua said in December when the project was first announced. A section of the Yarlung Zangbo falls a dramatic 2,000 metres (6,561 feet) within a short span of 50 km (31 miles), offering huge hydropower potential. The Yarlung Zangbo becomes the Brahmaputra river as it leaves Tibet and flows south into India's Arunachal Pradesh and Assam states and finally into Bangladesh. China has already started hydropower generation on the upper reaches of the Yarlung Zangbo, which flows from the west to the east of Tibet.
BBC News
3 hours ago
- BBC News
Legoland Shanghai: China bets on Western theme parks to lift spending
Tourists flocked to China's first Legoland theme park as it opened in Shanghai earlier this month, marking another step in the country's efforts to establish itself as a global travel is the latest amusement park to be launched in China by a Western brand. Warner Brothers' Harry Potter and Hasbro's Peppa Pig are set to consumer spending remains sluggish, Beijing hopes large attractions like this will attract visitors from both China and abroad to help revive the world's second largest park developers are being drawn by local government investment but face challenges in a highly competitive market dominated by big names like Disney and Universal Studios. The $550m (£410m) Legoland Shanghai is the largest park run by the UK-based theme park operator, Merlin park is home to 75 rides across eight areas and structures built from millions of plastic bricks, including a miniature version of Shanghai's of visitors can be accommodated at its hotel, which has rooms themed around things like pirates and park opened after years of collaboration between Merlin, Lego's parent company and the local government. They are hoping it will attract the famously frugal domestic population as well as foreign a ceremony to mark Legoland Shanghai's launch, a local authority official called it a much-needed boost to the district's economy as it will create jobs and support backers have also supported other projects, with a government-controlled building firm owning more than half of Disneyland and other branded parks will be keen to capitalise on huge fanbases of children and young people, especially in a market as large as China, said Xiaofeng Zeng, vice president of consumer market research firm Niko China's lacklustre domestic spending, its 1.4 billion people present a huge potential studies have shown that Chinese parents are splurging more on their children, even as overall consumer spending dips, Mr Zeng added. Spending in China may currently be slow, but the country's focus on boosting local consumption make it attractive to park was among the key focuses of China's latest five-year economic blueprint, which promised more resorts and theme encourage investment Chinese authorities are offering tax breaks and other help to finance new attractions, said Nandini Roy, a senior research analyst from Future Market example, the state has backed the Legoland park with new public transport links and major also rolled out 570m yuan (£59m; $80m) of subsidies through vouchers and offers as part of a nationwide campaign to spur tourism within the country."These measures lower out-of-pocket costs for families and indirectly benefit parks through higher footfall," said Ms parks help bring in investors and tourists as well as create jobs, said economist Gu Qingyang from the National University of brands like Lego will also help China to project a more open and international image, he said. But theme parks like Legoland also face challenges to stand out among the roughly 400 such attractions in Artem Kapnin, who visited Legoland Shanghai during a preview in June, said it had clearly made efforts to cater to Chinese audiences but lacked the atmosphere of Disneyland."I personally love Disneyland more because of the general atmosphere in the park, the characters, and I really enjoy the firework displays," said Mr Kapnin, a student based consumer spending in China remains sluggish, Prof Gu says investors are eyeing this vast nation's economic prospects many years into the future."It's important to note that building a large-scale theme park often takes close to a decade - so a long-term perspective is essential."
