Corning Dodges EU Antitrust Clash With ‘Gorilla Glass' Deal
The European Commission said in a statement on Friday that the US glass firm had agreed to 'waive all exclusive dealing clauses in all its current agreements' in order to allay EU concerns.
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CNBC
9 minutes ago
- CNBC
China releases AI action plan days after the U.S. as global tech race heats up
SHANGHAI — The tech race between the world's two largest economies just intensified. China on Saturday released a global action plan for artificial intelligence, calling for international cooperation on tech development and regulation. The news came as the annual state-organized World Artificial Intelligence Conference kicked off in Shanghai with an opening speech by Premier Li Qiang, who announced that the Chinese government has proposed the establishment of a global AI cooperation organization, according to an official readout. Days earlier, U.S. President Donald Trump announced an American action plan for AI that included calls to reduce alleged "woke" bias in AI models and support the deployment of U.S. tech overseas. "The two camps are now being formed," said George Chen, partner at the Asia Group and co-chair of the digital practice. "China clearly wants to stick to the multilateral approach while the U.S. wants to build its own camp, very much targeting the rise of China in the field of AI," Chen said. He noted how China may attract participants from its Belt and Road Initiative, while the U.S. will likely have the support of its allies, such as Japan and Australia. In his speech, Premier Li emphasized China's "AI plus" plan for integrating the tech across industries and said the country was willing to help other nations with the technology, especially in the Global South. The category loosely refers to less developed economies, especially countries outside the U.S. and European orbits. Since 2022, the U.S. has sought to restrict China's access to advanced semiconductors for training AI models. Earlier this month, U.S. chipmaker Nvidia said the U.S. was allowing it to resume shipments of a less advanced H20 chip to China after a roughly three-month pause. However, China has been developing homegrown alternatives, which Nvidia CEO Jensen Huang both praised and described as "formidable" during his third trip to China this month. Former Google CEO Eric Schmidt met with Shanghai Party Secretary Chen Jining on Thursday in the city ahead of the AI conference, according to a city announcement. Schmidt did not immediately respond to a CNBC request for comment.
CNBC
10 minutes ago
- CNBC
Trump arrives in Scotland for golf and bilateral talks as EU trade deal nears
U.S. President Donald Trump, dogged by questions about his ties to disgraced financier and sex offender Jeffrey Epstein, arrived in Scotland on Friday for some golf and bilateral talks that could yield a trade deal with the European Union. Trump told reporters upon his arrival that he will visit his two golf properties in Scotland and meet with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen, whom he called a "highly respected woman." As hundreds of onlookers cheered his arrival, Trump reiterated his earlier comment about a 50-50 chance of securing a deal with the EU, adding that it would be his administration's largest trade agreement thus far, if it came together. However, he said there were still "sticking points" with Brussels on "maybe 20 different things." Trump said his meeting with Starmer would be more of a celebration of the trade deal already reached than continued work on it, adding, "It's a great deal for both." Before he left Washington, Trump stated that his administration was working diligently on a potential trade deal with the EU, and Brussels was eager to finalize a deal. Von der Leyen said later she would meet Trump in Scotland on Sunday. EU diplomats say a deal could result in a 15% tariff on EU goods, mirroring a framework accord with Japan reached this week and half of the 30% Trump is threatening to impose by Aug. 1. Trump has sought to reorder the global economy after imposing a 10% tariff on nearly all trading partners in April and threatening sharply higher rates for many countries to kick in a week from now. Trump says the moves will reduce the U.S. trade deficit and generate additional revenue, but economists warn that the new trade policies could drive up inflation. Trump, facing the biggest domestic political crisis of his second term, expressed frustration about ongoing questions about his administration's handling of investigative files related to Epstein's criminal charges and his 2019 death in prison. "You make it a very big thing over something that's not a big thing," Trump told reporters in Scotland, urging them to focus on other prominent Americans with ties to Epstein, including former President Bill Clinton. "Talk about Clinton. Talk about the former president of Harvard. Talk about all of his friends. Talk about the hedge fund guys that were with him all the time. Don't talk about Trump," he said. "What you should be talking about is the fact that we have the greatest six months in the history of a presidency." The Epstein issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials are hoping the controversy dies down while Trump is abroad, two people familiar with the matter said. Trump will stay at his Turnberry property on Scotland's west coast this weekend, before traveling on Monday to a golf property in Aberdeen, where he will open a second 18-hole course named in honor of his mother, Mary Anne MacLeod. MacLeod was born and raised on a Scottish island before emigrating to the U.S. As he left the White House, Trump said he looked forward to meeting both Starmer and Scottish leader John Swinney, who had publicly backed Democratic candidate Kamala Harris in the 2024 U.S. presidential election. The trip provides Trump and Starmer with an opportunity to strengthen their already warm ties, with key issues on the agenda, including ending Russia's war in Ukraine, according to British and U.S. sources. The deteriorating situation in Gaza is also likely to come up. Starmer on Thursday said he would hold an emergency call with France and Germany over what he called the "unspeakable and indefensible" suffering and starvation being reported there, and called on Israel to allow aid to enter the Palestinian enclave. Gaza health authorities say more than 100 people have died from starvation, most in recent weeks. Human rights groups have said mass starvation is spreading even as tons of food and other supplies sit untouched just outside the territory. Since being elected last year, Starmer has prioritized good relations with Trump, stressing the importance of Britain's defense and security alliance with the U.S., while working to clinch the first tariff-reduction deal with the U.S. in May. The framework agreement reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the UK's aerospace sector, but left steel tariffs in place. Starmer is expected to press for lower steel tariffs, but sources close to the matter said it was unclear if any breakthrough was possible during Trump's visit. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his earlier presidential run, but he will not necessarily receive a warm welcome. About 70% of Scots hold an unfavorable opinion of Trump, while 18% have a favorable opinion, according to an Ipsos poll conducted in March. Scottish police are gearing up for protests on Saturday in both Aberdeen and Edinburgh, the country's capital. Trump will return to Britain from Sept. 17-19 for a state visit hosted by King Charles. It will make Trump the first world leader in modern times to undertake two state visits to the United Kingdom. The late Queen Elizabeth hosted him at Buckingham Palace for a three-day state visit in June 2019.
Yahoo
31 minutes ago
- Yahoo
US large banks achieving virtuous tech investment cycle-new Celent report alert
The large US retail banks have all now reported their second quarter earnings. The results were generally positive. Citi, for example, beat second quarter analyst forecasts with revenues ahead by 8% y-o-y and net income up by 25% y-o-y. This resulted in the Citi share price hitting heights not enjoyed since the 2008 financial crisis. Meantime, JPMorgan Chase also beat forecasts and raised its net interest income forecast for the full fiscal after especially strong results in investment banking and trading. It was a similar story at Bank of America, with results also ahead of forecasts and revenues and net income rising by 4% and 7% respectively. A common theme within all of the banks earnings presentations is the positive benefits enjoyed by the banks as they realise tech-driven efficiency gains, with more to come from AI. Bank of America highlighted, for example, that nearly 80% of consumer households are now fully digitally engaged, with 65% of its consumer product sales conducted digitally. The success of the banks tech investments are examined in a flash report from Celent's Michael Bernard, senior analyst, retail banking, details of which are available via this link. Bernard notes that sustained consumer strength, increased digital engagement, and in many cases, continued expense reductions, all boosted the second quarter earnings. Challenges remain On the other hand, interest rates are still 'high-ish' and in a holding pattern, putting pressure on deposit costs. The home lending market remains cool, limiting the ability to capitalise on widening net interest margins. With these factors providing constraints to top-line growth, expense efficiency has become a primary focus for most. In this flash report, Celent evaluates the public presentations and earnings calls from seven of the largest US banks through three lenses: Balancing digital and human support Metrics for digital customer engagement Value of technology to the franchise Celent concludes that most banks are seeking and achieving operational efficiencies through prior technology investments. "US large banks achieving virtuous tech investment cycle-new Celent report alert" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 登入存取你的投資組合
