Online broker Tiger to double Hong Kong headcount, targets offshore China wealth
Synopsis
The Singapore-headquartered firm, founded in 2014 in Beijing, currently employs 60 people in Hong Kong, where it started operations in late 2022, founder and CEO Tianhua Wu told Reuters late Monday.
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Economic Times
32 minutes ago
- Economic Times
Pentagon chief Pete Hegseth confident NATO will commit to Trump's defence spending target
Pete Hegseth confident NATO will commit to Trump's defence spending target Synopsis NATO countries are in talks about raising their defence budgets. US wants members to spend 5% of their GDP on defence. The goal is to strengthen the alliance. Mark Rutte suggests a 3.5% defence spend and 1.5% on security. New targets for troops and weapons are expected. Germany may need more soldiers. U.S. Defense Secretary Pete Hegseth said on Thursday he was confident that members of the NATO alliance would sign up to Donald Trump's demand for a major boost in defence spending, adding that it had to happen by a summit later in June. ADVERTISEMENT The U.S. president has said NATO allies should boost investment in defence to 5% of gross domestic product, up from the current target of 2%. "To be an alliance, you got to be more than flags. You got to be formations. You got to be more than conferences," Hegseth said as he arrived at a gathering of NATO defence ministers in Brussels. "We're here to continue the work that President Trump started, which is a commitment to 5% defence spending across this alliance, which we think will happen," Hegseth said, adding: "It has to happen by the summit at The Hague later this month." Diplomats have said European allies understand that hiking defence expenditure is the price of ensuring a continued U.S. commitment to the continent's security and that keeping the U.S. on board means allowing Trump to be able to declare a win on his 5% demand during the summit, scheduled for June 24-25. "That will be a considerable extra investment," NATO Secretary-General Mark Rutte told reporters, predicting that in the Hague summit "we will decide on a much higher spending target for all the nations in NATO." ADVERTISEMENT In a bid to meet Trump's 5% goal, Rutte has proposed alliance members boost defence spending to 3.5% of GDP and commit a further 1.5% to broader security-related spending, Reuters has reported. Details of the new investment plan will likely continue to be negotiated until the eve of the NATO summit. ADVERTISEMENT CAPABILITY TARGETS In the meantime, Rutte said he expects allies to agree on Thursday on what he called "historic" new capability targets. ADVERTISEMENT The targets, which define how many troops and weapons and how much ammunition a country needs to provide to NATO, would aim to better balance defence contributions between Europe, Canada, and the United States and "make NATO a stronger, fairer and a more lethal alliance", he said in opening remarks to the meeting. Germany will need around 50,000 to 60,000 additional active troops under the new NATO targets, German Defence Minister Boris Pistorius said as he arrived at the NATO meeting. ADVERTISEMENT Countries remain divided over the timeline for new pledges. Rutte has proposed reaching the 5% defence target by 2032 - a date that some eastern European states consider too distant but which some others see as too early, given current spending and industrial production levels. Estonian Defence Minister Hanno Pevkur said that to meet the capability targets, "we need to agree on the 5% in five years. We don't have time for 10 years, we don't have time even for seven years." Sweden would also like to see NATO reaching 5% defence spending in 2030, Defence Minister Pal Jonson told reporters. There is an ongoing debate over how to define "defence-related" spending, which might include spending on cybersecurity and certain types of infrastructure. "The aim is to find a definition that is precise enough to cover only real security-related investments, and at the same time broad enough to allow for national specifics," said one NATO diplomat. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
The Hindu
an hour ago
- The Hindu
China's foreign ministry did not immediately respond to a Reuters request for comment on OpenAI's findings.
OpenAI is seeing an increasing number of Chinese groups using its artificial intelligence technology for covert operations, which the ChatGPT maker described in a report released Thursday. While the scope and tactics employed by these groups have expanded, the operations detected were generally small in scale and targeted limited audiences, the San Francisco-based startup said. Since ChatGPT burst onto the scene in late 2022, there have been concerns about the potential consequences of generative AI technology, which can quickly and easily produce human-like text, imagery and audio. OpenAI regularly releases reports on malicious activity it detects on its platform, such as creating and debugging malware, or generating fake content for websites and social media platforms. In one example, OpenAI banned ChatGPT accounts that generated social media posts on political and geopolitical topics relevant to China, including criticism of a Taiwan-centric video game, false accusations against a Pakistani activist, and content related to the closure of USAID. Some content also criticised U.S. President Donald Trump's sweeping tariffs, generating X posts, such as "Tariffs make imported goods outrageously expensive, yet the government splurges on overseas aid. Who's supposed to keep eating?". In another example, China-linked threat actors used AI to support various phases of their cyber operations, including open-source research, script modification, troubleshooting system configurations, and development of tools for password brute forcing and social media automation. A third example OpenAI found was a China-origin influence operation that generated polarised social media content supporting both sides of divisive topics within U.S. political discourse, including text and AI-generated profile images. China's foreign ministry did not immediately respond to a Reuters request for comment on OpenAI's findings. OpenAI has cemented its position as one of the world's most valuable private companies after announcing a $40 billion funding round valuing the company at $300 billion.
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First Post
an hour ago
- First Post
Tata Advanced Systems, Dassault Aviation ink deals to make Rafale fighter jet fuselage in India
The fuselage, or body of the airplane, is a long hollow tube which holds all the pieces of an airplane together. This marks the first time Rafale fuselages will be produced outside France. read more Rafale fighter jet is seen parked on the tarmac during its induction ceremony at an air force station in Ambala, India, September 10, 2020. File Image/Reuters Dassault Aviation and Tata Advanced Systems Limited on Thursday (June 5) announced the signing of four Production Transfer Agreements to manufacture Rafale fighter aircraft fuselages in India, marking the first time Rafale fuselages will be produced outside France. The fuselage, or body of the airplane, is a long hollow tube which holds all the pieces of an airplane together. The fuselage is hollow to reduce weight and in fighter aircraft, it is normally placed below the cockpit. While the weapons are carried on the wings, the engines and fuel are placed at the rear of the fuselage. STORY CONTINUES BELOW THIS AD The new production facility will be established in Hyderabad and will manufacture key structural components including lateral shells, the rear fuselage, the complete rear section, the central fuselage, and the front section of the aircraft. The companies expect the first fuselage sections to be completed by fiscal year 2028, with the facility ultimately aiming to deliver up to two complete fuselages per month.
