Bonus: Trump's Tariff Backtrack Rocked Markets. What Do Investors Need to Know? - WSJ's Take On the Week
Telis Demos is a writer for Heard on the Street and is co-host of The Wall Street Journal's Take on the Week, a weekly podcast about markets and finance. He covers the world of money and banking, spanning too-big-to-fail banks, Wall Street, private markets, crypto, insurance, mortgages, credit cards, financial technology and beyond.
He joined the Journal in 2012 to cover initial public offerings, and reported on a wave of IPOs from Alibaba to Zillow. That broadened to the red-hot market for private 'unicorn' financing. He then took on a newly established role, writing about the rise of financial-technology upstarts and banks' efforts to modernize. He joined Heard on the Street in 2019.
Telis's work with colleagues on the rise of private markets for Silicon Valley tech startups won a Scripps Howard Award. He was part of the team that was a finalist for a Gerald Loeb Award for coverage of the takeover of the New York Stock Exchange. He and his colleagues won a New York Press Club award for coverage of Alibaba's IPO. While writing for Heard on the Street, Telis was part of a team that won a SABEW award for coverage of the collapse of First Republic, and was a Loeb finalist for coverage of the 2023 banking crisis.
Prior to joining the Journal, Telis covered markets and finance for the Financial Times in New York and London. He began his financial journalism career at Fortune magazine, after starting out as a reporter-researcher at the New Republic in Washington, D.C. In college, he was editor-in-chief of the Columbia Daily Spectator.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 hours ago
- Yahoo
Apple announces new AI features at WWDC 25
USA TODAY and Yahoo may earn commission from links in this article. Pricing and availability subject to change. Apple announced new artificial intelligence features at the Worldwide Developers Conference keynote June 9. The company launched testing versions of live translation, visual search and a workout assistant. Apple Intelligence will also be a part of the Reminder, Messages and Apple Wallet apps. "Last year, we took the first steps on a journey to bring users intelligence that's helpful, relevant, easy to use, and right where users need it, all while protecting their privacy," Craig Federighi, Apple's senior vice president of Software Engineering, said. "Now, the models that power Apple Intelligence are becoming more capable and efficient, and we're integrating features in even more places across each of our operating systems." The company also said it will open its large language model to third party developers. "App developers will be able to build on Apple Intelligence to bring users new experiences that are intelligent, available when they're offline, and that protect their privacy, using AI inference that is free of cost," the company said in a news release accompanying the announcement. Federighi also teased that updates to Siri would be coming later this year. Apple WWDC 2025: Live updates on keynote, AI and iOS news The opening of the Foundation Models appears to be an attempt to spur the creation of new AI features and apps to help Apple catch up in the artificial intelligence market. "We think this will ignite a whole new wave of intelligent experiences in the apps users rely on every day," Federighi said. 9to5Mac noted before the conference that software announcements made last year rolled out slowly and AI upgrades to Siri and Swift Assist never materialized. "They had the big vision announcement last year. Not a lot of progress this year as they tried to build it. It is hard to build," Alex Kantrowitz, founder of the Big Technology podcast and newsletter, said on CNBC on Monday, Apple is expected to partner with Alibaba on AI in China, according to Reuters, but that has been delayed because of the tariff showdown between President Donald Trump and China. There is 'growing confidence inside and outside China this AI launch will ultimately happen between Apple and Alibaba,' Ives said in a note to investors on Monday, June 9. This article originally appeared on USA TODAY: Apple Intelligence features announced for Messages, more at WWDC 25
New York Post
11 hours ago
- New York Post
Canned foods could rise by as much as 30 cents apiece due to Trump's tariffs on steel: report
Soup, beans, and even pineapple could soon cost more — not because of what's inside the can, but because of the can itself. A recent move by the Trump administration to double tariffs on imported steel to 50% is expected to raise the price of tin-coated steel, a material critical to food cans. Industry experts warn that the cost of canned goods could increase by 9% to 15% as a result, according to the Consumer Brands Association, which represents major food companies like Campbell's, Hormel and Del Monte. 5 The cost of canned goods could increase by 9% to 15% as a result of Trump's tariffs on steel, according to industry experts. Walter Cicchetti – That could mean a can of vegetables currently priced at $2 might jump by as much as 30 cents, according to the Wall Street Journal. 'The American consumer is going to pay more for their cans,' Dan Dietrich, vice president of strategy at Trivium Packaging, told the Journal. The higher tariffs, announced June 4, are intended to boost demand for US-made steel by making imported alternatives less competitive. But manufacturers say the domestic supply of tin-plate — the ultra-thin, tin-coated steel used in food cans — is nowhere near enough to meet demand. Most US steel is made from scrap, which lacks the purity and consistency needed for food-grade tin-plate. 'I would love nothing more than to allocate more purchases to the United States, but the overall production capacity is not there,' said Robert Gatz, general manager of Can Corp. of America, a Pennsylvania-based manufacturer that specializes in cans for tomato products. Can Corp. churns out around one billion cans each year, but just 12% of the tin-plate it uses comes from US suppliers, Gatz told the Journal. 5 That could mean a can of vegetables currently priced at $2 might jump by as much as 30 cents. Drazen – Industry-wide, roughly 75% of the tin-plate used in the US is imported, primarily from Europe and Canada. In 2023 alone, nearly 1.5 million tons of tin-plate were brought into the country — a 37% increase from 2015, according to Census Bureau data. While Pittsburgh-based US Steel still produces tin-plate, it has scaled back operations in recent years. Cleveland-Cliffs, once another major domestic supplier, shuttered its tin-plate plant in Weirton, W. Va., in 2023. CEO Lourenco Goncalves blamed the closure on the lack of tariffs at the time — but says it's too late now. 'It's done. When the horse leaves the barn, the horse does not come back to the barn,' Goncalves told reporters last week. 5 US-based companies import the tin that is used to package food items. Iftikhar alam – Can producers estimate that the earlier 25% tariff, imposed in March, increased their costs by 7% to 8%. Doubling it, they say, could push that figure past 14%. Those higher costs will inevitably be passed on to food companies — and, ultimately, to consumers. Thomas Hunter, co-president of McCall Farms, a South Carolina-based producer of canned vegetables, said the company has already faced rising costs from labor and raw produce over the past five years. Now, the price of packaging could make canned foods a harder sell. 5 A recent move by the Trump administration to double tariffs on imported steel to 50% is expected to raise the price of tin-coated steel, a material critical to food cans. Getty Images 'The biggest concern we have is that these canned vegetables start getting to a point where the consumers are not willing to purchase them any more,' Hunter said. Cans are valued for their long shelf life and durability, particularly for staple foods. But if prices climb too high, manufacturers may consider switching to cheaper packaging. 'We're getting to the tipping point with many customers,' said Rick Huether, CEO of Maryland-based Independent Can Co., which makes decorative tins for snacks and specialty foods. 'You're just driving them to plastic packaging.' 5 The Trump administration says that tariffs are a key tool whose purpose is to spur reshoring of manufacturing. AFP via Getty Images The Consumer Brands Association warns that as many as 20,000 US jobs in food-can manufacturing could be at risk if consumers begin turning away from canned products due to rising prices. 'Domestic steel and aluminum production is imperative for our defense-industrial base,' White House spokesman Kush Desai told The Post in an emailed statement. 'The Trump administration is committed to reshoring manufacturing that's critical for our national and economic security while unleashing a full suite of supply-side reforms – including rapid deregulation, tax cuts, and unleashing American energy – to continue delivering economic relief for the American people.' Desai added that 'billions in steel and aluminum investment commitments and back-to-back, expectation-beating inflation reports prove we can accomplish both goals at the same time.'
USA Today
12 hours ago
- USA Today
Apple announces new AI features at WWDC 25
Apple announces new AI features at WWDC 25 Apple announced new artificial intelligence features at the Worldwide Developers Conference keynote June 9. The company launched testing versions of live translation, visual search and a workout assistant. Apple Intelligence will also be a part of the Reminder, Messages and Apple Wallet apps. "Last year, we took the first steps on a journey to bring users intelligence that's helpful, relevant, easy to use, and right where users need it, all while protecting their privacy," Craig Federighi, Apple's senior vice president of Software Engineering, said. "Now, the models that power Apple Intelligence are becoming more capable and efficient, and we're integrating features in even more places across each of our operating systems." The company also said it will open its large language model to third party developers. "App developers will be able to build on Apple Intelligence to bring users new experiences that are intelligent, available when they're offline, and that protect their privacy, using AI inference that is free of cost," the company said in a news release accompanying the announcement. Federighi also teased that updates to Siri would be coming later this year. Apple WWDC 2025: Live updates on keynote, AI and iOS news WWDC 2025 AI announcements could help Apple catch up The opening of the Foundation Models appears to be an attempt to spur the creation of new AI features and apps to help Apple catch up in the artificial intelligence market. "We think this will ignite a whole new wave of intelligent experiences in the apps users rely on every day," Federighi said. 9to5Mac noted before the conference that software announcements made last year rolled out slowly and AI upgrades to Siri and Swift Assist never materialized. "They had the big vision announcement last year. Not a lot of progress this year as they tried to build it. It is hard to build," Alex Kantrowitz, founder of the Big Technology podcast and newsletter, said on CNBC on Monday, Apple is expected to partner with Alibaba on AI in China, according to Reuters, but that has been delayed because of the tariff showdown between President Donald Trump and China. There is 'growing confidence inside and outside China this AI launch will ultimately happen between Apple and Alibaba,' Ives said in a note to investors on Monday, June 9.
