China's Baidu teams with Lyft to roll out robotaxis in Europe
WATARU SUZUKI
SHANGHAI -- Chinese tech company Baidu on Monday said it will partner with U.S. ride hailing operator Lyft to introduce driverless taxis in Europe.
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The Diplomat
36 minutes ago
- The Diplomat
Thailand's Cabinet Approves Changes to Troubled Chinese Submarine Deal
The Chinese submarine will now be fitted with a Chinese-made diesel engine, in lieu of the German engines included in the original deal. After a long delay, Thailand has finally agreed to accept the installation of a substitute engine in its Chinese-made submarine rather than a German one, ending a long delay over the troubled project. In a decision on Tuesday, the country's cabinet approved changes to the submarine contract, agreeing to the substitution of the previously planned MTU396 German diesel engines with the Chinese-made CHD620 propulsion system. It also extended the construction timeline by 1,217 days. In 2017, Thailand's cabinet approved the purchase of a Yuan-class S26T submarine for 13.5 billion baht ($417 million), with delivery expected in 2023. But the purchase ran into trouble when the Chinese state-owned submarine developer was unable to acquire a German MTU396 diesel engine for the boat, due to a European Union arms embargo on Beijing. Several rounds of negotiations ensued, in which the Chinese side sought to convince the Royal Thai Navy (RTN) to accept a Chinese-made prototype CHD620 propulsion system, which it said would be functionally equivalent to the cutting-edge MTU396 engines manufactured by Germany's Motor and Turbine Union company. In 2021, construction on the submarine came to a halt, and the boat is currently around two-thirds finished. Throughout the negotiations, the Thai government mooted a number of alternative options, including canceling the submarine contract and a proposal to purchase a Chinese-built frigate in place of the troubled submarine. It now appears to have accepted the fact that the German-made engine is not feasible, and that pulling out of the project could create unnecessary frictions between Bangkok and Beijing. It is unclear whether the amended agreement involves any compensation from the Chinese side. In a statement yesterday, the RTN expressed its 'gratitude' to the Cabinet for approving the amendment to the agreement. 'This allows the Royal Thai Navy to proceed with the submarine procurement project, enhancing its comprehensive naval capabilities across the surface, above, and below water dimensions,' it stated, adding the submarine 'will further enhance the country's security and maritime interests.' It said that the Chinese engines 'have been tested and proven to have performance and safety comparable to or better than previous models.' Also on Tuesday, the Thai cabinet approved the acquisition of four Gripen JAS 39 fighter jets worth 19.5 billion baht (around $602.5 million) from Sweden's Saab AB. The Royal Thai Air Force (RTAF) announced plans in June to purchase a total of 12 jets over a 10-year period, as a replacement for its ageing fleet of U.S.-made F-16s and older Gripen JAS fighters. 'The Cabinet has approved the purchase of JAS 39 Saab Gripen to strengthen the Royal Thai Air Force and protect Thailand's sovereignty,' the RTAF said on its official Facebook page. Several of the RTAF's F-16s were used to target Cambodian military installations during the two countries' recent border conflict, which killed at least 40 people and displaced upward of 300,000. The Cambodian press reported that the Thai bombing actions had led the Swedish government to cancel the upcoming Gripen purchase, although the Swedish embassy in Bangkok later denied the report. A signing ceremony for the Gripen deal is scheduled to take place in Sweden on August 25.
Nikkei Asia
2 hours ago
- Nikkei Asia
Taiwan probes Goertek, Nvidia supplier over alleged illegal talent poaching
A silicon wafer used in semiconductor manufacturing. CHENG TING-FANG and LAULY LI TAIPEI -- Taiwanese authorities are probing 16 Chinese companies, including a key Nvidia supplier, over suspicions they illegally poached talent in the democratic-ruled island that heavily relies on its tech hardware supply chain.
Asahi Shimbun
3 hours ago
- Asahi Shimbun
Asian stocks climb, dollar droops on Fed easing bets
Asian equities rose on Thursday, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for U.S. rate cuts boosted sentiment. The prospect of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefitting the euro. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. Chinese stocks and the yuan were supported by upbeat trade data, which helped ease U.S. tariff concerns. Markets largely shook off Trump's latest tariff volleys, including an additional 25% tariff on India over purchases of Russian oil and a threatened 100% duty on chips. 'While a 100% tariff rate looks devastating, exemptions for firms investing in the U.S. 'even though you're building and you're not producing yet' could in fact significantly reduce economic exposures,' Barclays analysts wrote in a note. However, the extent of the exemptions remains unclear because, 'of course, there are no details,' they said. Japan's broad Topix index rose 0.9% to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin at its highest point. Taiwan's stock benchmark surged as much as 2.6% to a more than one-year peak. Shares in TSMC, which this year announced additional investment in its U.S. production facilities, soared 4.9% to a record high. The KOSPI added 0.6%, with South Korea's top trade envoy saying Samsung Electronics and SK Hynix will not be subject to 100% tariffs. Hong Kong's Hang Seng rose 0.5%, although mainland Chinese blue chips were only slightly higher on the day. The yuan firmed slightly to 7.1819 per dollar in offshore trading. Pan-European STOXX 50 futures pointed 0.3% higher. U.S. S&P 500 futures rose 0.2%. On Wednesday, the cash index climbed 0.7%. 'Wall Street seems to have gotten its mojo back,' analyst Kyle Rodda wrote in a note. 'However, there are persistent risks to the downside. Downside surprises in official data are increasing,' he said. 'Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists.' The U.S. dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the U.S. President's dovish views on monetary policy. Focus is centering on Trump's nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased slightly to 98.133, extending a 0.6% drop from Wednesday. The euro added 0.1% to $1.1672, following the previous session's 0.7% jump. Sterling rose 0.2% to $1.3371. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change.
