Trump to return to Washington early from G7 summit for 'important matters'
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The Sun
12 minutes ago
- The Sun
Trump meets Intel CEO after resignation demand amid China ties scrutiny
U.S. President Donald Trump said he met with Intel CEO Lip-Bu Tan on Monday, days after seeking his resignation, praising Tan and calling the meeting 'a very interesting one.' Shares of the chipmaker rose 3% in extended trading. Last week, Trump had demanded the immediate resignation of Tan, calling him 'highly conflicted' over his ties to Chinese firms, injecting uncertainty into the chipmaker's years-long turnaround effort. Trump said he met with Tan, along with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. His cabinet members and Tan were going to bring suggestions to him next week, Trump said in a post on Truth Social. 'His success and rise is an amazing story,' Trump said about Tan. Tan had invested in hundreds of Chinese firms, some of which were linked to the Chinese military, Reuters reported exclusively in April. It is not illegal for U.S. citizens to hold stakes in Chinese companies unless they have been added to the U.S. Treasury's Chinese Military-Industrial Complex Companies List, which explicitly bans such investments. Tan has been tasked to undo years of missteps that left Intel struggling to make inroads in the booming AI chip industry dominated by Nvidia, while investment-heavy contract manufacturing ambitions led to hefty losses. In the roughly six months as Intel CEO, Tan made major strategic shifts that included divesting assets, laying off employees and redirecting resources. But the demand for Tan's resignation will only distract him from that task, investors and a former senior employee have told Reuters. Tan is now making an effort to reassure Trump that he remains the right person to revive the storied American chipmaker. Tan met with Trump for a candid and constructive discussion on the company's commitment to strengthening U.S. technology and manufacturing leadership, Intel said in a statement. The company said it would work closely with the administration to 'restore this great American company.' Trump's intervention marked a rare instance of a U.S. president publicly calling for a CEO's ouster and raised questions about his control over corporate affairs. This was also evident in an agreement calling for Nvidia and AMD to give the U.S. government 15% of revenue from China sales. - Reuters
The Sun
12 minutes ago
- The Sun
UK and Canada stress Ukraine peace must involve Kyiv
LONDON: British Prime Minister Keir Starmer and Canadian Prime Minister Mark Carney agreed that peace in Ukraine must be built with Kyiv and not imposed upon it, a Downing Street spokesperson said on Monday. The two leaders welcomed continued international diplomacy, led by U.S. President Donald Trump, 'to bring peace and agreed that this must be built with Ukraine - not imposed upon it. 'Both leaders underscored that Ukraine's future must be one of freedom, sovereignty, and self-determination,' the spokesperson said. The statement came as Trump is due to meet with Russian President Vladimir Putin on Friday in Alaska. - Reuters
Malay Mail
12 minutes ago
- Malay Mail
Trump sits down with Intel's Lip-Bu Tan, whom he told to quit
WASHINGTON, Aug 12 — US President Donald Trump on Monday said he had a 'very interesting' meeting with the chief of US chip maker Intel, just days after calling for his resignation. Trump said on his Truth Social platform that he met with Lip-Bu Tan along with Secretary of Commerce Howard Lutnick and Secretary of Treasury Scott Bessent. 'The meeting was a very interesting one,' Trump said in the post. 'His success and rise is an amazing story.' Trump added that members of his cabinet are going to spend time with Tan and bring the president 'suggestions' next week. 'Mr Tan had the honour of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening US technology and manufacturing leadership,' the company said in a posted statement. Intel added that it looks 'forward to working closely with him and his Administration as we restore this great American company.' Trump demanded last week that the recently-hired boss of Intel resign 'immediately,' after a Republican senator raised national security concerns over his links to firms in China. 'The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem,' Trump posted on Truth Social last Thursday. Tan released a statement at the time saying that the company was engaged with the Trump administration to address the concerns raised and ensure officials 'have the facts.' Intel is one of Silicon Valley's most iconic companies but its fortunes have been dwarfed by Asian powerhouses TSMC and Samsung, which dominate the made-to-order semiconductor business. In a statement, Tan said there has been 'a lot of misinformation circulating' about his past roles at Walden International and Cadence Design Systems. 'I have always operated within the highest legal and ethical standards,' Tan said. The Malaysia-born tech industry veteran took the helm at struggling Intel in March, announcing layoffs as White House tariffs and export restrictions muddied the market. Intel's niche has been chips used in traditional computing processes, which are steadily being eclipsed by the AI revolution. — AFP
