Nvidia reiterates its chips have no backdoors, urges US against location verification
Nvidia has denied claims that its chips contain backdoors or kill switches, warning US policymakers that such features would aid hackers and damage trust in American technology. The statement follows US proposals for tracking functions on chips, which Nvidia argues would weaken global digital security and infrastructure.
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India.com
16 minutes ago
- India.com
Donald Trump calls India a 'Dead Economy' but runs his family company here, earning crores from the Real Estate Business
New Delhi: Escalating his tariff offensive against India, US President Donald Trump on Wednesday slapped an additional 25 per cent duty–doubling it to 50 per cent–on Indian goods over New Delhi's continued imports of Russian oil. The move that is likely to hit sectors such as textiles, marine and leather exports hard was slammed by India as 'unfair, unjustified and unreasonable'. With this action singling out New Delhi for the Russian oil imports, India will attract the highest US tariff of 50 per cent along with Brazil. It is important to note that the US President Donald Trump often refers to India as a 'dead economy.' He has expressed strong displeasure over India's trade relations with Russia and China. However, for his family's company, The Trump Organization, India has become its largest market outside the United States. The Trump Organization has been consistently expanding its operations in India's real estate market. Since Trump first became President of the United States, his company's real estate business in India has tripled. Citing records, the Indian Express has reported that The Trump Organization partnered with several major builders in India and earned ₹175 crore from seven projects in Mumbai, Pune, Kolkata, and Gurugram. 'It's not a punishment for India, but it will also burden American consumers' Ever since Trump became the US President for the second time on November 5, 2024, his company, in collaboration with its Indian partner Tribeca Developers, has launched six new projects across Gurugram, Pune, Hyderabad, Mumbai, Noida, and Bengaluru. These projects collectively span 8 million square feet of land. Out of these, three projects — in Pune, Gurugram, and Hyderabad — have already been initiated this year. Work is currently underway on 4.3 million square feet under these projects. Business to Expand to 11 Million Square Feet In 2012, The Trump Organization announced its first project in India, and by the time these projects are completed, Trump's total real estate business in India will grow from 3 million to 11 million square feet. According to Tribeca Developers, these projects could be sold for at least ₹15,000 crore. Tribeca Developers, led by Kalpesh Mehta, is the official partner of The Trump Organization in India. The Company Doesn't Invest Money Directly An interesting fact is that The Trump Organization does not invest money directly in construction projects. It merely lends its brand name and, in return, charges a licensing fee or development fee, or takes a 3% to 5% share of the total project sales. Such properties are luxury developments, and because they carry the Trump name, their market value tends to be significantly higher. Who is working on these projects in India? In India, major companies working on these projects include Mukesh Ambani's Reliance Industries Limited (RIL), Lodha Group, M3M Group, Panchshil Realty, IRA Infra, and Unimark. For this report, The Indian Express reached out to Reliance Group, Tribeca Developers, M3M Group, Unimark Group, Panchshil Group, and The Trump Organization, but none of them responded. Lodha Group stated that it currently has no plans for any Trump-branded projects.
Hindustan Times
16 minutes ago
- Hindustan Times
South Park season 27, episode 2 highlights: Trump and Vance feature as ICE raids heaven, Kristi Noem shoots dogs
South Park season 27's second episode – titled Got a Nut – premiered on August 6. South Park Elementary counselor Mr. Mackey is fired due to budget cuts, following which he gets a job with United States Immigration and Customs Enforcement (ICE). He is seen participating in the arrest of undocumented immigrants at various locations. South Park season 27, episode 2 highlights: Trump and Vance feature as ICE raids heaven, Kristi Noem shoots dogs (@SouthPark/X) South Park season 27, episode 2 highlights This episode of the American animated television series featured President Donald Trump, Vice President JD Vance and Homeland Security Secretary Kristi Noem. 'A few years ago I had to put my puppy down by shooting it in the face, because sometimes doing what's important means doing what's hard,' the animated Noem says in the second episode. Noem, wearing a bulletproof vest, addresses ICE agent recruits by video, including Mackey. She is seen vowing that 'together we will make sure everyone is in this country legally.' Read More | South Park Season 27 Trump episode breaks show's 1999 record The ICE goes after Dora the Explorer as the animated Noem says 'if it's Brown, it goes down' – and they raid heaven too. Throughout the episode, Noem, who in real life admitted to putting down her own dog, is seen shooting multiple puppies. Right-wing provocateur Charlie Kirk also features in the episode, doing his podcast on the toilet. Vance made his South Park debut Wednesday, offering a small tribute to Sean 'Diddy' Combs via a promise of a massage to the fallen angel. 'Would you like me to apply the baby oil to Satan's as***le, boss?' the veep asks about a potential MAGA ménage à trois. Following this, Krypto's efforts to save Mackey from getting pulled in bed with Trump and Satan at Mar-A-Lago ends badly. A White House spokesperson said of South Park last month, 'This show hasn't been relevant for over 20 years and is hanging on by a thread with uninspired ideas in a desperate attempt for attention.' However, when the ICE tried to be witty by sharing an image from tonight's episode, South Park made best use of the move. Sharing Homeland Security's post, South Park wrote, 'Wait, so we ARE relevant?'
Mint
16 minutes ago
- Mint
Trump pledged to bring back manufacturing. The sector is sputtering
President Trump has claimed that his sweeping tariff regime will reshore American companies and revive manufacturing in the U.S. So far, that hasn't happened. Economic activity tied to manufacturing has shrunk for most of Trump's second term. A few investments and pledges aimed at beefing up domestic manufacturing appear timed to appease the president, and may or may not come to fruition. The latest is from Apple, which is planning to commit an additional $100 billion to the U.S., after saying in February it would spend more than $500 billion in the country over four years to make servers and parts for its key products. Beneath the shiny announcements lies a sector that can't seem to get off the ground. From March to July, U.S. manufacturing activity contracted, according to the Institute for Supply Management's monthly survey. The Manufacturing PMI last registered at 48, below the 50 score that differentiates growth and decline. The effective average tariff rate on all imported goods now stands at around roughly 18% versus 2.3% last year, the highest levels since the 1930s. Still, some economists say Trump's tariffs, set to take broader effect on Thursday, aren't high enough to bring companies back. Major U.S. trade partners like South Korea, the European Union and Japan for example, all face 15% tariffs, below the 25%-to-30% levels the president once threatened. A cargo ship leaving the Port of Savannah in Georgia earlier this year. Tariff levels might be high enough to bring back production of some textiles but probably not enough to encourage additional production of cars and steel in a significant way, said William Reinsch, senior adviser at the Center for Strategic and International Studies. 'The obvious candidates are sectors where labor is proportionally a smaller cost of production and where input materials are available domestically or from nearby sources," he said. He and others say the unpredictability of Trump's trade wars still makes it impossible for companies to decide on big capital commitments, like moving a factory from Asia to the U.S. Trump surprised investors on Wednesday by saying he would soon double tariffs on India to 50%. Tariff levels on China and Mexico have been in flux since the start of the year, and seem far from settled. Other factors have hurt the sector, too. Take Whirlpool, which domestically produces about 80% of its large appliances sold in the U.S. The company says its plants have made fewer products this year as Asian competitors accelerated shipments to the U.S. to get ahead of an expected jump in tariffs. The company, whose business has also been hurt by slumping home sales, hopes its U.S. factory base will give it an advantage over its rivals as tariffs take hold in the second half of the year. Motorcycle maker Harley-Davidson and off-road vehicle manufacturer Polaris, both of which have extensive U.S. factory operations, cited consumer uncertainty as a factor behind decisions to tamp down production. 'Consumers are really just reluctant to go spend right now unless they really need to or they're fortunate enough to have the financial flexibility to do that," Polaris CEO Mike Speetzen said during the company's July earnings call. Harley-Davidson has decided to tamp down production because of consumer uncertainty. Manufacturers may not be laying off swaths of their workforces but they are taking a cautious approach to hiring and refraining from filling roles that do get vacated. Last week's weaker-than-expected jobs report showed downward revisions for manufacturing in particular. The sector lost a total of about 26,000 jobs in May and June, and another preliminary estimate of 11,000 jobs in July. Even if some firms do reshore production, how fast that can be achieved is in question. Manufacturers might struggle to find the American workers they need, and new facilities might face higher prices for steel, copper and aluminum, all of which Trump has tariffed. Oliver Allen, U.S. economist at Pantheon Macroeconomics, compares U.S. manufacturing to a person who hasn't gone to the gym in 30 years. 'Getting him to bench press 100 pounds is going to be quite difficult," he said. The White House touts nearly $2 trillion of manufacturing-related projects announced since the start of the year. Nearly 80 projects are included in the tally, from factories to data centers to a liquefied natural gas facility. But those projects could take years to materialize. From finding and deciding on a site for expansion, to establishing a domestic supply chain, 'you're talking years out, not months or quarters," said Mike Reid, U.S. economist at RBC Capital Markets. Many larger-scale domestic manufacturers rely on global supply chains to source steel, copper, aluminum and other components. So while high tariffs might give domestic manufacturers an advantage against their foreign competitors, they will likely boost U.S. companies' production costs as well. Tom Derry, ISM's CEO, says Trump's tariffs are already weighing on manufacturers that can't pass on the additional cost to their buyers, or U.S. consumers. One reason for optimism: The latest ISM survey wrapped up in the third week of July, before the Trump administration announced trade deals with Japan, Europe and South Korea that pegged levies at 15%—an amount that might still allow the U.S. to import many goods as before. 'Most manufacturers would say they can deal with 15%," said Derry. 'It's basically a one-time price increase." Write to Chao Deng at and John Keilman at
