China Cuts Steel Output as Beijing's Curbs Start to Take Effect
It's the first year-on-year contraction in the monthly figure since Beijing vowed to address the industry's glut at its annual policy meeting in March, according to the statistics bureau on Monday. Production declined 6.9% to 86.55 million tons, pushing output 1.7% lower over the first five months.
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21 minutes ago
- Yahoo
AI demand expected to boost electronics giant Foxconn's second-quarter profit
By Wen-Yee Lee TAIPEI (Reuters) -Taiwan's Foxconn, the world's largest contract electronics maker, is expected to report on Thursday that second-quarter profit rose 14% on continued strong demand for artificial intelligence servers. Net profit for April-June for Apple's top iPhone assembler and Nvidia's server maker likely came in at T$39.8 billion ($1.33 billion), up from T$35.05 billion a year earlier. Foxconn, formally called Hon Hai Precision Industry, last month reported record second-quarter revenue on strong demand for AI products but cautioned about geopolitical and exchange rate headwinds. Global trade uncertainty could dim the prospects for its outlook this year, as it has a major manufacturing presence in China, though Washington and Beijing this week extended a tariff truce for another 90 days. Most of the iPhones Foxconn makes for Apple are assembled in China, but the bulk of those sold in the United States are now produced in India. The company is also building factories in Mexico and Texas to make AI servers for Nvidia. In its July sales report, Foxconn said while the third quarter should see on-year growth - the company does not provide numerical guidance - the impact of "evolving global political and economic conditions" would need continued close monitoring. Foxconn has also been looking to expand its footprint in electric vehicles, which the company sees as a major future growth generator, though that has not always gone smoothly. Earlier this month, Foxconn said it had struck a deal to sell a former car factory at Lordstown, Ohio, for $375 million, including its machinery, but said it would continue to use the site to make a broader range of products aligned with its strategic priorities. Foxconn has expanded beyond its traditional role as an iPhone assembler in other areas too. Last month it formed a strategic partnership with industrial motor maker TECO Electric & Machinery to build data centres. Foxconn holds its earnings call at 3 p.m. (0700 GMT) in Taipei on Thursday, where it will also update its outlook for the year. Foxconn's shares have risen 7.9% so far this year, outperforming the broader Taiwan index's 5.8% gain. ($1 = 30.0020 Taiwan dollars) 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
Yahoo
21 minutes ago
- Yahoo
Jack Dorsey declares victory over China in Bitcoin mining chip race
Jack Dorsey declares victory over China in Bitcoin mining chip race originally appeared on TheStreet. Twitter co-founder and Block, Inc. (NYSE: XYZ) boss Jack Dorsey thinks his team has outdone China in Bitcoin mining chips. Bitcoin mining is the process of using high-end computers to solve cryptographic functions, validate BTC transactions, and add blocks to the network in return for BTC rewards. Dorsey's fintech venture Block has increasingly adopted Bitcoin over the years, and its unit Proto is dedicated to Bitcoin mining. Proto, aiming to decentralize the supply of Bitcoin mining hardware and the distribution of hash rate, is expected to launch a suite of mining chips on Aug. 14. An X user wondered if Dorsey's Proto has "out engineered" China on Bitcoin mining chips, as it would turn the industry upside down. Dorsey simply responded, "we have." On Aug. 13, Block made another major announcement that it will privately raise $1.5 billion for general corporate purposes. How does Trump's China tariff policy affect Bitcoin mining? While the U.S. is the leading Bitcoin mining country in terms of hash rate, it is China that takes the lead in manufacturing mining rig equipment. The world's three largest manufacturers of Bitcoin mining machines, namely Bitmain, Canaan, and MicroBT — all of Chinese origin — build over 90% of global mining rigs. Bitcoin miners, including those based in the U.S., are highly dependent on the mining hardware supply from China. But President Donald Trump's aggressive tariff policy targeted toward China has the U.S. mining industry concerned about its prospects. This is where domestic players like Block come like Block, which recently joined the S&P 500 list, can manufacture Bitcoin mining rigs in the U.S. Co-founder and chairman Dorsey even said during the Q1 2025 earnings call, 'We're building in the United States.' Block's efforts notwithstanding, it will take a few years for the complete onshoring of the Bitcoin mining manufacturing. U.S. manufacturers of mining rigs face the dual challenge of exceeding or at least meeting China's product quality and undercutting its manufacturing costs. The onshoring process could also potentially come to a pause if the U.S. and China reach a long-term consensus on the tariff policy which doesn't put a heavy tax burden on imports of Chinese mining chips. Jack Dorsey declares victory over China in Bitcoin mining chip race first appeared on TheStreet on Aug 13, 2025 This story was originally reported by TheStreet on Aug 13, 2025, where it first appeared. 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
Fox News
23 minutes ago
- Fox News
'OUT OF BODY EXPERIENCE': Stephen Moore Describes His Experience Presenting Economic Data With Trump
Stephen Moore, Distinguished Fellow in Economics at the Heritage Foundation, founder of Club for Growth, Writer for the WSJ, and author of 'The Trump Economic Miracle: And the Plan to Unleash Prosperity Again,' joined the Guy Benson Show today with Pete Mundo to discuss his experience presenting economic data with President Trump in the White House. Moore described the experience as 'surreal,' and he shared a funny encounter he had with Trump while at 1600 Pennsylvania Avenue. Moore also projected future economic deals and ways of handling a 'dangerous' China economically, and you can listen to the full interview below. Listen to the full interview below: Listen to the full podcast below:
