US Banks Ramp up AI Use
The Pulse with Francine Lacqua
JP Morgan has joined other US banks in ramping up its use of artificial intelligence as the technology transforms the way millions of people do their jobs. Teresa Heitsenrether, Chief Data & Analytics Officer at JP Morgan, spoke to Bloomberg's Francine Lacqua on what this means for the banking sector. (Source: Bloomberg)
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Yahoo
23 minutes ago
- Yahoo
Xi Plays Long Game on US-China Trade as Trump Seeks Quick Wins
(Bloomberg) — While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? Shortly after two days of negotiations wrapped, Trump declared Wednesday on social media that a deal had been 'DONE' to restore the flow of critical magnets from China, and pledged to lift curbs on student visas. Hours earlier, US Commerce Secretary Howard Lutnick revealed Washington would unwind its recent tech curbs, if niche metals essential to US auto and defense firms now flowed fast enough. China's focus was very different. A People's Daily commentary on Thursday — Beijing's most substantial comments so far on the talks — made no mention of export controls. Instead, the Communist Party mouthpiece touted an 'institutional guarantee' established in Geneva for the two sides to bridge differences via a 'consultation mechanism.' In a long-awaited leaders' call before the London negotiations, Xi told Trump the importance of using this channel, it added. The contrast illustrates a disconnect in how the world's biggest economies want to manage their trade dispute, and broader rollercoaster relationship. While Trump seeks quick deals done directly with top leaders, Xi favors a framework led by his lieutenants that wards against being blindsided. Such haggling could drag on for years, with the 'Phase One' deal from the first trade war taking most of Trump's first term. 'Xi is playing a longer game on US-China trade. His time in office is simply much longer than Trump's,' said Christopher Beddor, deputy China research director at Gavekal Research. 'That's not to say there's never any short-term thinking, but the lack of term limits presents very different incentives than for Trump.' While slow-walking negotiations allows China the chance to assess how hard a bargain Trump drives with other nations, the lingering uncertainty is bad for business, he added. Xi showed last week he can be flexible, getting on the phone with Trump as ties spiraled, breaking from the protocol to set up such an interaction. In the Biden era, then National Security Advisor Jake Sullivan and Foreign Minister Wang Yi would huddle in foreign locations for days before their leaders spoke directly, managing outcomes and expectations. While the Geneva talks last month wrapped with an identical US-China statement, suggesting a degree of alignment, that accord quickly fell apart over US claims China reneged on a promise to release shipments of rare earths. Beijing says it always intended to keep in place a permit process, which American companies complained moved so slowly some factories were forced to pause production. The lack of a detailed read out from either side this time around has left much in doubt, including on what Beijing committed to on the export of niche metals used in everything from fighter jets to electric vehicles. Lutnick told CNBC on Wednesday that China was going to approve 'all applications for magnets from the United States companies right away' — a sweeping claim that appeared to leave plenty of room for disappointment. Chinese Commerce Ministry spokesman He Yadong pledged his country would 'fully consider the reasonable needs and concerns of all countries in the civilian sector,' at a regular press briefing in Beijing on Thursday, adding that approval work was being strengthened. 'The Chinese incentive is also to keep cards close to their chest, and not make a lot of proclamations about what they have or have not committed to,' said Arthur Kroeber, founding partner and head of research at Gavekal. 'There is a lot of leeway for them within the whole export licensing regime.' One approach could be to restart enough export licenses so commercial buyers aren't stymied, but not so much that firms can stockpile, thus blunting Beijing's future leverage, he added. Adding to the fuzziness, Trump declared on social media that China now faces a 55% charge, a number that appears to include levies introduced during his first presidency. It also combines a 10% baseline duty imposed by Trump and a 20% tax tied to fentanyl trafficking — an area where Beijing was seen as having room to negotiate if it stepped up scrutiny of its companies. Lutnick cast doubt on that, and raised questions about the nature of future negotiations, saying that tariffs on China would 'definitely' stick at their current level. That suggests a 90-day pause set to expire in August on Trump's blanket 145% rate was now irrelevant. Such a position also dilutes the incentive for Beijing to offer concessions in future trade talks, if tariffs can't budge. While China has felt the pain from US levies, with exports to the world's largest economy plunging 34% in May, Trump appears to be in the bigger hurry to get a deal. His administration is facing a self-imposed July 9 deadline to either strike pacts with dozens of global trading partners or reimpose sweeping tariffs. In a sign of the Republican leader's growing impatience, he warned Wednesday that he will soon send letters to countries saying, 'this is the deal, you can take it or leave it.' Exemplifying that willingness to keep things moving, Trump's team in a rare move this week put export controls on the negotiating table — previously, such tools have been justified with national security concerns, and were largely off limits. Watering down that rationale could open the door to more cooperation, and advance Trump's stated goal to 'open up China to American trade.' Still, China is unlikely to agree to large purchases of goods that compete in areas where Beijing is looking to build self sufficiency and nurture its own national champions. Rebalancing their economies, a concept touted by US Treasury Secretary Scott Bessent, could involve attracting more Chinese investment into the US. Policy whiplash by the Trump administration might deter many Chinese companies from pouring money into the US economy, even if Xi were to encourage them to do so. Addressing these issues will take time, presumably requiring long discussions using the mechanism that China and US included in what Beijing called their 'hard won' agreement. 'Some people say that the result of the London talks was just a framework,' said Zhu Junwei, a former researcher in the People's Liberation Army who is now director of American research at Grandview Institution in Beijing. 'It's better to have a framework than have nothing.' —With assistance from Jing Li and Lucille Liu. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P.
Yahoo
26 minutes ago
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Netflix co-CEO sees Warner split as part of broader ‘shakeout'
(Bloomberg) — Warner Bros. Discovery Inc.'s (WBD) decision to split into two independent companies is a sign of a broader 'shakeout' across a media industry that has become increasingly dominated by streaming and on-demand services, Netflix Inc. (NFLX) co-Chief Executive Officer Greg Peters said. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? 'Everything is moving to streaming — everything is moving to on demand,' Peters said Thursday in an interview with Bloomberg Editor-in-Chief John Micklethwait at the Founders Forum Global conference. 'There's going to be a period of shakeout and transition associated with that.' US media groups have struggled to improve profitability in the face of expensive streaming wars against the likes of Netflix and Amazon Prime (AMZN). Warner Bros. Discovery announced this week that it will split into two to unshackle the company's fast-growing streaming business from its struggling legacy media channels. Comcast Corp. (CMCSA) has taken a similar path, dividing NBCUniversal into Versant — which will own cable networks like MSNBC — and the rest, including streaming service Peacock and the NBC broadcast network. 'They have to rationalize their business for that reality' of streaming demand, Peters said. 'We're definitely seeing the results of that.' When asked whether legacy players in the market will merge, he said: 'There's an inevitable logic to that.' That said, Peters said at the event in Oxford that Netflix hasn't generally been acquisitive. 'Our track record is we're builders,' he said. 'We're not buyers.' He did note that Netflix is seeking to increase the value of its intellectual property. Netflix's subscriber base is meanwhile growing in all the markets, according to Peters. 'We've got a lot more room to grow in Asia,' he said, adding that South Korea and India are strong growth markets. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's CGU and Politique de confidentialité Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Yahoo
35 minutes ago
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Mattel taps OpenAI to help it design toys, other products
(Bloomberg) — Polly Pocket may one day be your digital assistant. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? Mattel Inc. (MAT), the maker of Barbie dolls and Hot Wheels cars, has signed a deal with OpenAI ( to use its artificial intelligence tools to design and in some cases power toys and other products based on its collaboration is at an early stage, and its first release won't be announced until later this year, Brad Lightcap, OpenAI's chief operating officer, and Josh Silverman, Mattel's chief franchise officer, said in a joint interview. The technology could ultimately result in the creation of digital assistants based on Mattel characters, or be used to make toys and games like the Magic 8 Ball or Uno even more interactive. 'We plan to announce something towards the tail end of this year, and it's really across the spectrum of physical products and some experiences,' Silverman said, declining to comment further on the first product. 'Leveraging this incredible technology is going to allow us to really reimagine the future of play.'Mattel isn't licensing its intellectual property to OpenAI as part of the deal, Silverman said, and remains in full control of the products being created. Introductory talks between the two companies began late last year, he said. Mattel Chief Executive Officer Ynon Kreiz has been looking to evolve the company from just a toy manufacturer into a producer of films, TV shows and mobile games based on its popular characters. OpenAI, meanwhile, has been courting companies with valuable intellectual property to aid them in developing new products based on iconic brands. 'The idea exploration phase of creative design for companies like Mattel and many others, that's a critical part of the workflow,' Lightcap said. 'As we think about how AI builds tools that extend that capability, I think we're very lucky to have partners like Mattel that we can work with to better understand that problem.' On Tuesday, OpenAI released its newest model — o3-pro — which can analyze files, search online and complete other tasks that made it score especially well with reviewers on 'comprehensiveness, instruction-following and accuracy,' the company said. OpenAI held meetings in Los Angeles with Hollywood studios, media executives and talent agencies last year to form partnerships in the entertainment industry and encourage filmmakers to integrate its new AI video generator into their work. In the meetings, led by Lightcap, The company demonstrated the capabilities of Sora, a service that at the time generated realistic-looking videos up to about a minute in length based on text prompts from users. OpenAI has not struck any deals with movie studios yet because it still has to establish a 'level of trust' with Hollywood, Lightcap said in May at a Wall Street Journal conference in New York. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Sign in to access your portfolio
