
Taiwan Minister Backs Carbon Market for Japan, Korea and Taiwan
'One carbon market will be the trend,' Peng said in Tokyo on Wednesday. Taiwan is closely following carbon markets in Japan and South Korea and it's a topic that is frequently discussed, although there are no definitive plans, he said. Peng didn't provide a timeline.
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Factbox-Trump tariffs threaten India's export edge; key sectors brace for impact
By Vivek Kumar M and Bharath Rajeswaran (Reuters) -U.S. President Donald Trump on Wednesday slapped 25% tariffs on Indian goods, along with an unspecified penalty tied to energy and defence purchases from Russia — a move that, if enforced, could erode India's export competitiveness and weigh on investor sentiment. India's trade surplus with the U.S. — its largest export market — stood at 1.2% of GDP in 2024. Analysts warn halving that surplus could shave 25–40 basis points off GDP, undermining India's 'safe haven' narrative amid a global slowdown. The relative appeal of Indian markets has also faded, with local equities underperforming peers like Vietnam and Indonesia, which have secured trade pacts with Washington. CLSA said the tariff threat adds to uncertainty in an already expensive market. With negotiations set to resume in mid-August, markets expect the final tariff rate to be lower than 25%. But until clarity emerges, export-linked sectors face significant near-term headwinds. See below for a sector snapshot on who is exposed: PHARMACEUTICALS The U.S. accounts for nearly one-third of India's pharma exports (about $9 billion in FY24). Jefferies estimates a 2–8% EPS hit for Biocon, Sun Pharma and Dr. Reddy's, if generics are included. HSBC warns of an up to 17% downside to FY26 earnings forecasts. TEXTILES Exporters like Welspun Living, Gokaldas Exports, Indo Count and Trident derive 40–70% of sales from the U.S. Higher tariffs could shift market share to Vietnam, which benefits from lower U.S. duties. OIL REFINING A proposed penalty on Russian oil imports could hit Reliance Industries and state-run refiners Bharat Petroleum and Hindustan Petroleum. Companies may face higher costs if forced to diversify crude sourcing. AUTO COMPONENTS Automakers have limited U.S. exposure, but parts makers including Bharat Forge and Sona BLW are Motors' Jaguar Land Rover unit is shielded under U.S.-UK/EU trade arrangements. CAPITAL GOODS & CHEMICALS Cummins India, Thermax and KEI Industries have 5–15% U.S. exposure. Chemical exporters such as Navin Fluorine, PI Industries and SRF may face margin pressure, especially on refrigerant gas exports. SOLAR EQUIPMENT Waaree Energies and Premier Energies count the U.S. as a key market. Nearly 20% of Waaree's FY24 revenue came from the U.S., which also accounts for a major chunk of its 59% overseas current order book. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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China Summons Nvidia Over H20 Chip Security Days After US Talks
(Bloomberg) -- Chinese authorities summoned Nvidia Corp. to discuss alleged security risks related to its H20 chips, casting doubt over the domestic business of the world's most valuable company weeks after co-founder Jensen Huang met senior officials in Beijing. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach The Cyberspace Administration of China called company representatives into a meeting to discuss what it deemed serious security vulnerabilities with the artificial intelligence chip. In a statement, the internet watchdog cited comments by US lawmakers about the need to install tracking capabilities into advanced chips sold to other countries. The agency asked staff to explain potential risks and provide documents as needed, the CAC said without elaborating. The revelation came just days after US and Chinese officials met in Stockholm to extend their tariff truce, talks Chinese state media said had 'deepened mutual trust.' Huang himself recently concluded a high-profile visit to Beijing, where he feted national Chinese champions such as DeepSeek and celebrated the country's rising prowess in AI. The billionaire had denied Nvidia installed backdoors in its product, saying that wouldn't make business sense. The Trump administration had only recently pledged to drop export restrictions on the H20 to China, reversing its earlier stance on the AI chip. On Thursday, shares in chipmakers including Semiconductor Manufacturing International Corp. and Cambricon Technologies Corp. rose more than 5% after the CAC's notice. Nvidia didn't respond to a request for comment outside of regular business hours. Its stock rose 2.5% on Germany's Tradegate, boosted in part by positive earnings from Meta Platforms Inc. and Microsoft Corp. 'The CAC's scrutiny over H20 security risks could further erode Nvidia's Chinese market share amid rising domestic competition, and immediate H20 sales resumption may face delays due to regulatory uncertainty,' Forrester's Principal Analyst Charlie Dai said. 'It also aligns with China's broader push to accelerate domestic semiconductor alternatives for technological self-reliance amid US export controls. In addition, the timing amplifies China's leverage in ongoing US trade talks.' Washington in recent weeks had lifted a spate of export controls — including on chip design software, imposed ahead of last month's trade talks in London. That's in return for China allowing more sales of rare-earth minerals needed to make a range of high-tech products, something US negotiators thought they'd achieved during prior talks in Geneva. Commerce Secretary Howard Lutnick had touted the resumption of sales of the H20 as a breakthrough that came from discussions in London, framing it as a concession to Beijing. Thursday's revelation however may send a signal that China doesn't view the H20 — a less-advanced chip originally designed to comply with US sanctions — as a valuable offering. Chinese agencies have previously singled out major American companies for scrutiny. In the past, they've announced probes into acquisitions by US firms — including Nvidia — an arena in which regulators wield approval powers. In October, an arm of the CAC warned of potential security flaws and high failure rates in Intel Corp. processors. The government in 2023 barred Micron's chips from critical infrastructure over cybersecurity concerns, though the US company has since moved to repair ties. Both companies have stressed their commitment to product security. 'US lawmakers have previously called for advanced chips exported from the US to be equipped with location-tracking features,' the CAC said in its latest statement. 'The location-tracking and remote shutdown capabilities on Nvidia computing chips are ready, according to US AI experts.' Nvidia and Advanced Micro Devices Inc. said this month they would resume sales of some AI chips in China after securing Washington's assurances that such shipments would get approved. Such export license approvals could generate billions of dollars in total revenue for the companies this year. However, US lawmakers slammed risks it would boost Beijing's military capabilities and expand its ability to compete with the US in AI. Companies like Huawei Technologies Co. now spearhead a nationwide effort to develop homegrown technologies to reduce China's reliance on American hardware and circuitry, and catch the US in potentially game-changing technologies. Huawei's Ascend chips have evolved into the closest equivalent to Nvidia's accelerators within China. Its 910C is considered competitive with the H20 particularly for inference, or hosting AI services. During his trip to China this month, Huang took almost every opportunity to celebrate China's technological ambitions, name-checking prominent local firms from Alibaba Group Holding Ltd. to Deepseek and Tencent Holdings Ltd. 'I have no information to offer on this,' Ministry of Commerce spokesman He Yadong said during a regular briefing Thursday, when asked whether the move by CAC could impact trade negotiations. --With assistance from Jenni Marsh, Colum Murphy and Jing Li. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Stock market today: Dow, S&P 500, Nasdaq futures rise ahead of key inflation data, with Apple and Amazon to report
US stock futures surged on Thursday as investors weighed a new trade deal with South Korea and strong earnings from Meta (META) and Microsoft (MSFT). S&P 500 futures (ES=F) rose 1.1%, while those on the Dow Jones Industrial Average (YM=F) moved up 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) jumped 1.5% after quarterly reports from Meta and Microsoft wowed Wall Street late Wednesday, sending the stocks of both tech giants soaring. Meta impressed investors with an earnings beat as well as stronger-than-expected guidance even as the company ramps up its AI spending spree. Microsoft also posted impressive results, showcasing the company's strength in cloud computing and AI. Later on Thursday, Apple (AAPL) and Amazon (AMZN) will report their earnings results. On the macro front, investors will get another clue as to the possible direction of interest rates with the release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index. Stocks were mixed in during the day Wednesday after the Fed held interest rates steady for its fifth-straight meeting, with two Fed governors dissenting. Following the decision, Fed Chair Jerome Powell stressed "no decisions" had been made about a September rate cut, undercutting Trump's claim he had heard a September rate cut was coming. Easing trade war fears also buoyed markets after the US struck a flurry of trade deals on the eve of President Trump's tariff deadline. On Wednesday, Trump announced the US had made a pact with South Korea that imposes a 15% tariff rate on its imports. US exports to the country will not be charged a tariff, according to Trump's post on Truth Social. "South Korea will be completely OPEN TO TRADE with the United States," the president wrote. Trump said that South Korea also agreed to $350 billion in US investments as well as purchases of liquified natural gas and other energy products. Samsung Electronics chip business fell drastically in Q2 Samsung Electronics ( saw a mammoth drop in profit from the chip-making arm of the electronics giant. Bloomberg reports: Read more here. Samsung Electronics chip business fell drastically in Q2 Samsung Electronics ( saw a mammoth drop in profit from the chip-making arm of the electronics giant. Bloomberg reports: Read more here. Samsung Electronics ( saw a mammoth drop in profit from the chip-making arm of the electronics giant. Bloomberg reports: Read more here.