Trump strikes trade deals with Japan, Philippines
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Straits Times
21 minutes ago
- Straits Times
Trump will meet South Korea's trade delegation, Seoul says
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: The South Korean and American flags fly next to each other at Yongin, South Korea, August 23, 2016. Picture taken on August 23, 2016. Courtesy Ken Scar/U.S. Army/Handout via REUTERS/File Photo SEOUL - U.S. President Donald Trump will meet South Korea's trade delegation, South Korea's presidential office said on Thursday, as top officials from Seoul are in Washington to cut a last-minute deal on U.S. tariffs. South Korean Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo met U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on Wednesday, according to the finance ministry. Industry and trade ministers have been in Washington since last week to reach a deal before August 1, a deadline set by Trump for 25% tariffs to kick in against South Korea, a major U.S. ally and powerhouse exporter of chips, cars and steel. Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15% earlier this month. Top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs. The South Korean government is negotiating with the U.S. by setting up a package of trade and offers on industrial cooperation such as in shipbuilding, chips and batteries, officials say. REUTERS
CNA
21 minutes ago
- CNA
Equinix raises annual results forecast on steady data center demand
Data center firm Equinix raised its forecast for annual results on Wednesday, signaling steady demand from its enterprise customers investing in AI solutions. The company has benefited from the increased demand for data center infrastructure amid a surge in artificial intelligence usage. Major cloud firms, including Google, have pledged significant investments this year to expand on AI, underscoring robust demand for AI-related products and solutions. Equinix provides organizations with secure, resilient and power-efficient environments to house their IT equipment within its data centers, while offering shared infrastructure and connectivity solutions. The company now expects annual revenue to be between $9.23 billion and $9.33 billion, compared with prior projection of $9.18 billion to $9.28 billion. It now expects annual per-share funds from operations, a key measure of cash flow, to be in the range of $37.67 to $38.48 per share, compared with previous forecast of $37.36 to $38.17. In the second quarter ended June 30, the company's revenue rose 4.6 per cent to $2.26 billion, in line with estimates, according to data compiled by LSEG.
CNA
21 minutes ago
- CNA
Microsoft and Meta fuel $500-billion gain in AI stocks
Wall Street's AI heavyweights added a combined half a trillion dollars in stock market value late on Wednesday after quarterly reports from Microsoft and Meta Platforms showed massive investments in the emerging technology were paying off. In extended trade, Microsoft jumped 8 per cent and Meta surged 9 per cent, with the two Magnificent Seven companies increasing their market values by $288 billion and $152 billion, respectively. Dominant AI chipmaker Nvidia, the world's most valuable company, climbed 1 per cent, while Amazon, which reports its results on Thursday, added over 2 per cent. Shares of the U.S. stock market's most valuable companies have surged in recent years as they race to dominate artificial intelligence, and their massive investments have left investors eager to see results. Fueling the late-day enthusiasm for AI-related stocks, Meta forecast quarterly revenue well ahead of Wall Street expectations and raised the lower end of its annual capital expenditures forecast by $2 billion, driven by its high-stakes push for "superintelligence" in the heated AI race. Microsoft also delivered a blowout quarterly report, with its Azure cloud-computing business powering revenue above Wall Street's expectations and showcasing the growing returns on its AI bets.
