Breakout stock! Avic Chengdu Aircraft share price jumps amid Israel-Iran war. Do you own?
Although analysts highlighted that this rally is more sentiment-led and speculation-driven.
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The Hindu
9 minutes ago
- The Hindu
Chinese state media calls U.S. a 'surveillance empire' over trackers in chip shipments
The United States' practice of installing location trackers in chip shipments at risk of diversion to China reflects the "instincts of a surveillance empire," China's state-run media outlet Xinhua said in a commentary published on Friday. Reuters reported earlier this week that U.S. authorities had secretly placed location tracking devices in targeted shipments of advanced chips to detect diversions to China, which is under U.S. curbs for advanced chip exports. The Xinhua commentary, titled "America turns chip trade into a surveillance game," cited "reports" that Washington had embedded such trackers, accusing the United States of running "the world's most sprawling intelligence apparatus". The U.S. government has in the past few years tightened restrictions on the exports of advanced chips as well as related technology and equipments to China, as the two superpowers vie for technological dominance. The Chinese commentary follows longstanding accusations from Washington and its Western allies that China could use some exported products, from telecommunications equipment to vehicles, for surveillance, posing potential security risks. In 2022, the Biden administration banned the sale and import of new telecommunications equipment from several Chinese firms, including Huawei, citing national security concerns. In January, it intensified scrutiny by targeting China-made cars and trucks. In its commentary, Xinhua accused the U.S. government of seeing its trading partners as "rivals to be tripped up or taken down," adding that "if U.S. chips are seen as Trojan horses for surveillance, customers will look elsewhere." China's cyberspace watchdog last month said it had asked U.S. chipmaker Nvidia to explain whether its H20 chips had any backdoor security risks; a hidden method of bypassing normal authentication or security controls. Chinese authorities have also cautioned domestic tech firms over their use of H20 chips, Reuters recently reported.
Time of India
9 minutes ago
- Time of India
Oil settled nearly $1 lower as Trump-Putin talks loom
Oil prices closed down nearly $1 on Friday as traders awaited talks between US President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine. Brent crude futures settled 99 cents, or 1.5 per cent , lower at $65.85 a barrel, while US West Texas Intermediate crude futures eased $1.16, or 1.8 per cent , lower at $62.80. Trump arrived in Alaska on Friday for his summit with Putin after saying he wants to see a ceasefire in the war in Ukraine "today." Trump has said he believes Russia is prepared to end the war, but he has also threatened to impose secondary sanctions on countries that buy Russian oil if there is no progress with peace talks. Putin also arrived in Anchorage. Kremlin spokesman Dmitry Peskov said Russia expects the talks to bring results, Russia's Interfax news agency reported. "President Trump will likely threaten further tariff pressure on India and possibly China as far as oil imports from Russia if the meeting stalemates, which is keeping a nervous trade to crude," said Dennis Kissler, senior vice president of trading at BOK Financial. "If a ceasefire announcement is made, it will be taken as a negative to crude near-term," Kissler added. For the week, WTI dropped 1.7 per cent , while Brent eased 1.1 per cent . Weaker economic data from China, meanwhile, raised concerns over fuel demand. Chinese government data showed factory output growth slumped to an eight-month low and retail sales growth expanded at its slowest pace since December, weighing on sentiment despite stronger oil throughput in the world's second-largest crude user. Throughput at Chinese refineries rose 8.9 per cent year-on-year in July, but that was down from June levels, which were the highest since September 2023. Despite the increase, China's oil product exports last month were also up from a year ago, suggesting lower domestic fuel demand. Forecasts of a growing oil market surplus also weighed on sentiment, as did the prospect of higher-for-longer US interest rates. Oil rig count, an indicator of future supply, rose by one to 412 this week, Baker Hughes data showed. Bank of America analysts said on Thursday that they were widening their forecast for the oil market surplus, citing growing supplies from the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies. The analysts now project an average surplus of 890,000 barrels per day from July 2025 through June 2026. That forecast follows this week's International Energy Agency predictions saying the oil market looks "bloated" after the latest increases to OPEC+ output.
Mint
39 minutes ago
- Mint
Trump-Putin summit ends with no ceasefire in Ukraine war
Trump, Putin cite progress but offer no details First summit between the two presidents since Russia's invasion of Ukraine in 2022 Trump greets Putin on red carpet at US air base in Alaska Zelenskiy, not invited, says Ukraine is 'counting on America' By Steve Holland, Andrew Osborn and Darya Korsunskaya WASHINGTON/MOSCOW, - A highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin yielded no agreement to resolve or pause Moscow's war in Ukraine, although both leaders described the talks as productive before heading home. During a brief appearance before the media following Friday's nearly three-hour meeting in Alaska, the two leaders said they had made progress on unspecified issues. But they offered no details and took no questions, with the normally loquacious Trump ignoring shouted questions from reporters. "We've made some headway," Trump said, standing in front of a backdrop that read, "Pursuing Peace." "There's no deal until there's a deal," he added. The talks did not initially appear to have produced meaningful steps toward a ceasefire in the war in Ukraine, the deadliest conflict in Europe in 80 years, a goal Trump had set ahead of the summit. But simply sitting down face-to-face with the U.S. president represented a victory for Putin, who had been ostracized by Western leaders since Russia's full-scale invasion of Ukraine in 2022. Following the summit, Trump told Fox News' Sean Hannity that he would hold off on imposing tariffs on China for buying Russian oil after making progress with Putin. He did not mention India, another major buyer of Russian crude, which has been slapped with a total 50% tariff on U.S. imports that includes a 25% penalty for the imports from Russia. "Because of what happened today, I think I don't have to think about that now," Trump said of Chinese tariffs. "I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now." Trump has threatened sanctions on Moscow as well but has thus far not followed through, even after Putin ignored a Trump-imposed ceasefire deadline earlier this month. In the Fox News interview, Trump also suggested a meeting would now be set up between Putin and Ukrainian President Volodymyr Zelenskiy, which he might also attend. He gave no further details on who was organizing the meeting or when it might be. Putin made no mention of meeting Zelenskiy when speaking to reporters earlier. He said he expected Ukraine and its European allies to accept the results of the U.S.-Russia negotiation constructively and not try to "disrupt the emerging progress." He also repeated Moscow's long-held position that what Russia claims to be the "root causes" of the conflict must be eliminated to reach a long-term peace, a sign he remains resistant to a ceasefire. There was no immediate reaction from Kyiv to the summit, the first meeting between Putin and a U.S. president since the war began. Trump signaled that he discussed potential land swaps and security guarantees for Ukraine with Putin, telling Hannity: "I think those are points that we negotiated, and those are points that we largely have agreed on." "I think we're pretty close to a deal," he said, adding: "Ukraine has to agree to it. Maybe they'll say no." When asked by Hannity what he would advise Zelenskiy, Trump said, "Gotta make a deal." "Look, Russia is a very big power, and they're not," Trump added. The war has killed or injured well over a million people from both sides, including thousands of mostly Ukrainian civilians, according to analysts. Zelenskiy has ruled out formally handing Moscow any territory and is also seeking a security guarantee backed by the United States. Trump said he would call Zelenskiy and NATO leaders to update them on the Alaska talks. Trump was due to arrive back in Washington early on Saturday morning. As the two leaders were talking, the war raged on, with most eastern Ukrainian regions under air raid alerts. Governors of Russia's Rostov and Bryansk regions reported that some of their territories were under Ukrainian drone attacks. Russia's air defense systems intercepted and destroyed 29 Ukrainian drones overnight over various Russian regions, including 10 downed over the Rostov region, RIA agency reported on Saturday, citing the Russian defense ministry. The anticlimactic end to the closely watched summit was in stark contrast to the pomp and circumstance with which it began. When Putin arrived at an Air Force base in Alaska, a red carpet awaited him, where Trump greeted the Russian president warmly as U.S. military aircraft flew overhead. Putin is wanted by the International Criminal Court, accused of the war crime of deporting hundreds of children from Ukraine. Russia denies the allegations, and the Kremlin has dismissed the ICC warrant as null and void. Russia and the United States are not members of the court. Zelenskiy, who was not invited to Alaska, and his European allies had feared Trump might sell out Ukraine by essentially freezing the conflict and recognizing - if only informally - Russian control over one-fifth of Ukraine. Trump had sought to assuage such concerns on Friday ahead of the talks, saying he would let Ukraine decide on any possible territorial concessions. Asked what would make the meeting a success, he told reporters: "I want to see a ceasefire rapidly ... I'm not going to be happy if it's not today ... I want the killing to stop." The meeting also included U.S. Secretary of State Marco Rubio; Trump's special envoy to Russia, Steve Witkoff; Russian foreign policy aide Yury Ushakov; and Russian Foreign Minister Sergei Lavrov. Trump, who said during his presidential campaign that he would end the Ukraine war within 24 hours, conceded on Thursday it had proven a tougher task than he had expected. He had said if Friday's talks went well, quickly arranging a second, three-way summit with Zelenskiy would be more important than his encounter with Putin. Trump ended his remarks on Friday by telling Putin, "I'd like to thank you very much, and we'll speak to you very soon and probably see you again very soon." "Next time in Moscow," a smiling Putin responded in English. Trump said he might "get a little heat on that one" but that he could "possibly see it happening." Zelenskiy said ahead of Friday's summit that the meeting should open the way for a "just peace" and three-way talks that included him, but added that Russia was continuing to wage war. "It's time to end the war, and the necessary steps must be taken by Russia. We are counting on America," Zelenskiy wrote on Telegram. This article was generated from an automated news agency feed without modifications to text.
