US Treasury's US$42 billion 10-year subscription hit one year low
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
39 minutes ago
- South China Morning Post
China and US are locked in high-stakes fight to shape AI future
China and the United States are locked in a fierce battle over artificial intelligence. But the two scientific powerhouses have very different endgames in mind. While Washington wants to dominate the field with a few close allies, Beijing sees its development as a win-win for all. It has called for global governance , while Chinese industry and research promote open sources In its latest move, Huawei Technologies is offering its CANN platform – Compute Architecture for Neural Networks – as an open-source software toolkit for programmers and researchers. CANN runs on Huawei's Ascend AI processors and is designed to rival Nvidia's proprietary Compute Unified Device Architecture (CUDA), established as the standard platform around the world. High-level open-source capabilities, including the popular DeepSeek , aim to bolster China's tech self-sufficiency by providing alternative platforms for developers to build applications for domestic software. But China also sees a bright future for its open-source technology around the world, especially in developing economies. At the recent World Artificial Intelligence Conference in Shanghai, global governance and cooperation was its main theme. It opened as the White House released its own policy framework that makes American AI dominance the main goal, through deregulation, infrastructure investment and expanding AI exports exclusively to allies in a technological race with China. US President Donald Trump has characterised it as a fight the US started, and one it will win. Premier Li Qiang warned at the conference that because AI required high concentrations of technology, capital and talent, it could end up becoming an 'exclusive game' for a select few rich nations and their companies. Instead, he has called for global governance to better explore and develop the full potential of AI as well as managing risks. Washington's vision is starkly different. Beijing has also offered a 13-point action plan that includes setting up research laboratories, AI education and training, and joint development of AI programming.
South China Morning Post
11 hours ago
- South China Morning Post
Why Trump's Federal Reserve pick is raising alarm over central bank's independence
US President Donald Trump's nomination of his top economic adviser to the Federal Reserve Board could strengthen the White House's influence over the central bank and deepen concerns over its independence, analysts said. Stephen Miran, chairman of the Trump administration's Council of Economic Advisers and an architect of its tariff policy, will be nominated to temporarily fill a vacant seat on the Federal Reserve's board of governors, the US president announced Thursday on social media. Analysts warned the move could put further pressure on Fed chairman Jerome Powell and increase the chances of an interest rate cut in September – a shift pushed by Trump that could impact global markets. The nomination, now subject to Senate approval, came amid an ongoing tug-of-war between Trump and Powell over interest rates. Miran has previously proposed sweeping reforms to the central bank. 'He [Miran] could be a shadow over Powell,' said Alicia Garcia-Herrero, chief economist for the Asia-Pacific region at French investment bank Natixis, referring to the Trump administration official's previous criticism of Powell over the Fed's decision to maintain interest rates. 'He's not only aiming to be nominated. He's aiming to change the charter of the Fed. So that's why this is a big issue,' she said.
South China Morning Post
11 hours ago
- South China Morning Post
5 reasons Trump's attack on global trade will backfire on the US
As a trade policy nerd for the past four decades, passionate about the importance of global trade trends, I am quite disappointed when I am reminded that reader interest in trade issues is miserably low. Advertisement Even in a place like Hong Kong, where trade accounts for 359 per cent of gross domestic product, the subject seems deadly boring to most people, including those whose livelihoods critically rely on it. In normal times, this may not matter. In such times, people have better and more interesting things to do or care about. Not for nothing is trade in services often talked of as 'trade in invisibles'. But in 2025, with the leader of the world's largest economy taking a wrecking ball to the foundations of a global trading system that has improved the lives of billions of the world's population over the past eight decades, indifference to the workings of global trade and the ignorance it underpins threatens to have catastrophic consequences. As US President Donald Trump blathers and vacillates with wanton disregard for the damage being done, trade ignorance and illiteracy are allowing him to get away with murder. And those around Trump who are not ignorant have been able to 'flood the zone' with fake claims devoured by ' Make America Great Again ' enthusiasts prone to wishful thinking. Advertisement Perhaps it's wishful thinking on my part to believe that if the nonsensical claims behind Trump's war on the global trading system are taken apart, then some of his harmful excesses may be reined in. Nevertheless, I'm giving it a go.
