Chinese Banks, HSBC and Standard Chartered Outlook to be Shadowed by US Tariffs
China may need more stimulus measures including rate cuts as the economy faces tariff risks, which could dim margin outlook for these banks, according to Bloomberg Intelligence analysts Francis Chan and Nicholas Ng.
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Yahoo
14 minutes ago
- Yahoo
Court Lets Trump Block Billions of Dollars in Foreign Aid
(Bloomberg) -- The Trump administration can cut billions of dollars in foreign assistance funds approved by Congress for this year, a US appeals court ruled. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets In a 2-1 decision on Wednesday, the appellate panel reversed a Washington federal judge who found that US officials were violating the Constitution's separation of powers principles by failing to authorize the money to be paid in line with what the legislative branch directed. The ruling is a significant win for President Donald Trump's efforts to dissolve the US Agency for International Development and broadly withhold funding from programs that have fallen out of favor with his administration, regardless of how Congress exercised its authority over spending. Trump's critics have assailed what they've described as a far-reaching power grab by the executive branch. The nonprofits and business that sued could ask all of the active judges on the US Court of Appeals for the DC Circuit to reconsider the three-member panel's decision. If the panel's decision stands, it wasn't immediately clear how much it would affect other lawsuits contesting a range of Trump administration funding freezes and cuts besides foreign aid. Judge Karen LeCraft Henderson wrote in the majority opinion that the challengers lacked valid legal grounds to sue over the Trump administration's decision to withhold the funds, also known as impoundment. The US Comptroller General — who leads an accountability arm of Congress — could sue under a specific law related to impoundment decisions, Henderson wrote, but the challengers couldn't bring a 'freestanding' constitutional claim or claim violations of a different law related to agency actions. Henderson, appointed by former President George H.W. Bush, was joined by Judge Greg Katsas, a Trump appointee. The court didn't reach the core question of whether the administration's unilateral decision to refuse to spend money appropriated by Congress is constitutional. Judge Florence Pan, nominated by former President Joe Biden, dissented, writing that her colleagues had turned 'a blind eye to the 'serious implications' of this case for the rule of law and the very structure of our government.' White House spokesperson Anna Kelly said in a statement that the appeals court 'has affirmed what we already knew – President Trump has the executive authority to execute his own foreign policy, which includes ensuring that all foreign assistance aligns with the America First agenda.' A lead attorney for the grant recipients did not immediately respond to a request for comment. The two consolidated cases before the appeals court only deal with money that Congress approved for the 2024 fiscal year, which ends on Sept. 30. Grantees are poised to lose access to funds if they haven't yet been approved to be spent by federal officials — a precursor to actual payouts — or unless a court order is in place. The administration lost one of its few battles before the US Supreme Court earlier this year in the foreign aid fight. In March, a majority of justices refused to immediately stop US District Judge Amir Ali's injunction taking effect while the legal fight went forward. Since then, however, the challengers have filed complaints with Ali that the administration is failing to obligate or pay out the funds. They've rebuffed the government's position that the delay is part of a legitimate effort to 'evaluate the appropriate next steps' and accused officials of angling to use a novel tactic to go around Congress in order to cut appropriated money. The Trump administration has dramatically scaled back the US government's humanitarian work overseas, slashing spending and personnel and merging the USAID into the State Department. The challengers say the foreign aid freeze has created a global crisis, and that the money is critical for malaria prevention, to address child malnutrition and provide postnatal care for newborns. The groups argued that the president and agency leaders couldn't defy Congress' spending mandates and didn't have discretion to decide that only some, let alone none, of the money appropriated by lawmakers should be paid. The president can ask Congress to withdraw appropriations but can't do it on his own, the challengers argued. The Justice Department argued Ali's order was an 'improper judicial intrusion into matters left to the political branches' and that the judge wrongly interfered in the 'particularly sensitive area of foreign relations.' The government also said that the Impoundment Control Act, which restricts the president from overruling Congress' spending decisions, wasn't a law that the nonprofits and business could sue to enforce. The challengers countered that Ali's order blocking the funding freeze was rooted in their constitutional separation-of-powers claim, not the impoundment law. The cases are Global Health Council v. Trump, 25-5097, and AIDS Vaccine Advocacy Coalition v. US Department of State, 25-5098, US Court of Appeals, DC Circuit. (Updated with White House comment.) Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Dubai's Housing Boom Is Stoking Fears of Another Crash The Social Media Trend Machine Is Spitting Out Weirder and Weirder Results Americans Are Getting Priced Out of Homeownership at Record Rates ©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
Yahoo
14 minutes ago
- Yahoo
Barrick Eyes Exit from Ivory Coast's Tongon Mine in $500 Million Deal with China's Zijin
Barrick Mining Corporation (NYSE:B) is one of the best cheap growth stocks to buy according to analysts. On July 23, 2025, reports emerged that China's Zijin Mining is in advanced talks to acquire Barrick's Tongon gold mine in Ivory Coast for up to $500 million. The deal, still subject to regulatory approval, comes as Barrick continues to streamline its portfolio by shedding lower-margin, shorter-life assets. Tongon, which began production in 2010, has seen its reserves decline in recent years and is projected to cease operations by 2027 without major reinvestment. Selling the mine would free up capital for Barrick to pursue higher-return opportunities, particularly in copper and long-life gold projects. The potential sale reflects Barrick's broader strategy of focusing on assets with strong margins and long production horizons. Management has signaled increased emphasis on copper, which now accounts for roughly one-fifth of the company's output, with a target of raising that share to 30 percent by 2029. Divesting from smaller, aging mines like Tongon aligns with this shift, enabling Barrick to redeploy resources toward growth-oriented ventures in regions such as Latin America, North America, and Central Asia. Barrick Mining Corporation (NYSE:B) is a global leader in gold and copper production, with operations spanning North and South America, Africa, the Middle East, and Asia. Founded in 1983, the company is headquartered in Toronto, Canada. While we acknowledge the potential of B as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. 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
Business Wire
15 minutes ago
- Business Wire
G42 Launches OpenAI GPT-OSS Globally on Core42's AI Cloud
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)-- Core42, a G42 company specializing in sovereign cloud and AI infrastructure, announced the availability of OpenAI's latest open-weight AI models, including gpt-oss-20B and gpt-oss-120B, on the Core42 AI Cloud platform, instantly accessible through the Core42 Compass API. The deployment enables enterprises, researchers, and developers to run the models on a choice of leading silicon platforms with sovereign, scalable, and high-performance capabilities. Integrated into Compass API with the flexibility to access a wide spectrum of high-performance compute platforms, Core42 delivers industry-leading inference speeds of up to 3,000 tokens per second per user, enabling real-time AI at global scale while aligning workloads with the optimal infrastructure for price-performance and scalability. This deployment delivers tailored performance for low-latency inference workloads and applications, reinforcing Core42's commitment to secure and optimized global sovereign-enabled AI infrastructure. 'Core42 AI Cloud, powered by silicon-diverse infrastructure, delivers the flexibility and performance needed for today's AI workloads,' said Kiril Evtimov, CEO of Core42 and Group CTO, G42. 'Through the Compass API, organizations can access the latest open-weight AI models and choose the optimal platform to scale transformation, optimize performance and cost, and drive progress across global markets.' Key Benefits of Core42's Open-Weight Deployment: Enterprise-scale performance – Run the fastest, most demanding workloads at global scale, enabling advanced automation, decision-making, and real-time AI experiences. Sovereign-ready scalability – Deploy high-performance AI in-country with full sovereign controls, supporting secure operations in regulated sectors such as healthcare, finance, and national security. Optimized for committed environments – Deliver fast, scalable AI in-country with sovereign controls for organizations operating under committed infrastructure agreements, ensuring predictable cost and performance. Cost-efficient agentic AI – Run agentic workloads at the lowest possible cost while maintaining in-country deployment and sovereign controls, making advanced AI accessible to cost-sensitive use cases. Available now through Compass API, these models let organizations run and adapt AI locally or in the cloud, with full transparency, fine-tuning, and sovereign deployment options. Customers can align performance, cost, and compliance to their needs. This release marks a pivotal move toward enterprise AI autonomy. With open-weight access, businesses can shape AI to their unique needs and unlock new possibilities for innovation at scale. This announcement builds on G42's recent milestones, including the unveiling of a 5GW US-UAE AI campus and the launch of the 1GW Stargate UAE facility as Phase 1 of the project, as well as a $1.5 billion investment from Microsoft in 2024, reinforcing the UAE's role as a global AI hub. For more information, visit and About Core42 Core42, a G42 company, empowers individuals, enterprises, and nations to unlock the full potential of AI through its comprehensive enablement capabilities. As a leading provider of sovereign cloud, AI infrastructure, and services, our mission is to accelerate the achievements of others and help them reach their most ambitious goals. To learn more, please visit and follow Core42 LinkedIn, Core42 Instagram, Core42 X About G42 G42 is a global leader in creating visionary artificial intelligence capabilities for a better tomorrow. Born in Abu Dhabi and operating around the world, G42 champions AI as a powerful force for good. Its people are constantly reimagining what technology can do, applying advanced thinking and innovation to accelerate progress and tackle society's most pressing problems. G42 is joining forces with nations, corporations and individuals to create the infrastructure for tomorrow's world. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today. For further information visit Source: AETOSWire
