Nvidia, AMD to pay 15pc of China chip sale revenues to US government
The two chipmakers agreed to the financial arrangement as a condition for obtaining export licences for the Chinese market that were granted last week, according to people familiar with the situation, including a US official.
Financial Times
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Sky News AU
16 minutes ago
- Sky News AU
Anthony Albanese's Palestine stand the latest low in US-Australia relationship after Labor's repeated attacks on Donald Trump
The state of the relationship between President Donald J. Trump and Australian Prime Minister Anthony Albanese is not only strained - it is nearly non-existent. The diplomatic coldness that now exists between the leaders of two long-standing allied nations is largely the result of political miscalculation on Mr Albanese's part. Now that Trump is in his second term, with control of the White House and a renewed mandate from the American people, Mr Albanese finds himself in the awkward position of needing a meeting with a man he publicly insulted and who, to this point, has declined even to meet him once. In 2017, Mr Albanese admitted that Trump 'scares me', while in 2020 Australia's now-ambassador to the US Kevin Rudd called Trump 'the most destructive American president in history'. These lines may have played well in left-wing media circles, but they were short-sighted. At the time, Mr Albanese likely assumed Trump's political relevance would fade after the 2020 election. Like many global progressives, he misunderstood Trump not just as a person but as a political force. He failed to grasp that Trump's movement had roots in widespread discontent with globalism, political elitism, and unchecked bureaucracy - forces that would return Trump to the White House in 2024 with even stronger resolve than before. The diplomatic cost of that miscalculation is now concrete. In April 2025, the US imposed a 10 per cent baseline 'reciprocal tariff' on most Australian goods, effectively overriding the near-zero-rate access Australia enjoyed under the AUSFTA. By early June, Australian steel and aluminum exports faced a 50 per cent tariff, up from the exemption status under Trump's first term. Trump's tariffs have the potential to wreak havoc on Australia's economy. The US is the fifth largest partner destination for Australian goods exports, which totalled almost $24 billion in 2024. Compounding the pressure, the US has floated tariffs as high as 200 per cent on pharmaceuticals, raising alarm because Australia's pharmaceutical exports alone were worth $2.1 billionlast year. The Albanese government had hoped its longstanding alliance and trade surplus with the US would earn it favourable consideration, but those hopes have been dashed. The White House refused to exempt Australia from the steel and aluminum tariffs, even rejecting a proposal that offered Australia's critical minerals as leverage. Australia wants concessions. But Mr Albanese is approaching a president who neither forgets slights nor sees value in rewarding a leader who went out of his way to insult him. Now the Australian Prime Minister has defied the US and Israel to recognise Palestine, a declaration that will only deepen the tensions between Canberra and Washington DC. In the transactional world of Trump diplomacy, respect is currency and Mr Albanese has none to spend. In contrast, other world leaders, even those with differing ideological views than Trump, have managed to navigate the President's second term with pragmatism. They've sought personal rapport and ensured that lines of communication remained open. Leaders like India's Narendra Modi and France's Emmanuel Macron may not agree with Trump politically, but both have a strong relationship with the US President because they understand that he responds best to those who treat him as an equal instead of an adversary. There is also a broader issue at play: Mr Albanese continues to act as though Trump's presidency is an aberration, rather than a reflection of a lasting shift in American political identity. In February, when asked to respond to Trump's statements that outlined a different vision of America's role in the world, Mr Albanese said disparagingly: 'I'm not going to provide a running commentary on statements by the President of the United States.' Mr Albanese's attitude seems to assume that Trump's term is simply another blip, or unfortunate temporary phase, rather than the continuation of a durable political realignment in the US. Trump represents a populist-nationalist current that is reshaping not just the US, but the Western alliance system as a whole. Leaders who ignore this, or who denigrate it, do so at their own peril. At the same time, Mr Albanese rejected the Trump Administration's request to increase Australia's defense spending to 3.5 per cent of GDP. Mr Albanese dismissed the idea, calling the requested benchmark an arbitrary 'magic number'. With global tensions rising in the Indo-Pacific, it is more important than ever that Australia remain in lockstep with its primary strategic partner. That becomes increasingly difficult when the US President views the Australian Prime Minister as irrelevant, or worse, hostile. There is still a narrow window for course correction. If Mr Albanese wants to secure tariff relief and avoid being shut out of defense cooperation upgrades, he must first earn Trump's respect. That may involve a public acknowledgment that past rhetoric was inappropriate, or at least a strong, unequivocal signal that Australia is ready to deal on equal terms. It will also require outreach to Trump-aligned US lawmakers and key administration officials, who can serve as intermediaries in building a strong relationship between the two leaders. But more than anything, it will require humility - something in short supply among leaders who have spent years publicly criticising Trump. Ultimately, repairing the diplomatic freeze between Trump and Mr Albanese will come down to respect and readiness to act in the national interest. Mr Albanese failed to understand President Trump and dismissed the political movement he represents. The PM now finds himself asking for favours from a man who has no reason to grant them. It's a cautionary tale of ideology blinding leadership, and a lesson that others in the international community would do well to learn. Kristin Tate is a US-based writer. She pens a weekly column for The Messenger focused on federal spending and has written three books, the most recent of which is titled 'The Liberal Invasion of Red State America'. She is a contributor for Sky News and appears weekly to discuss US politics
AU Financial Review
16 minutes ago
- AU Financial Review
ASX 200 LIVE: ASX to slip, Wall St awaits July CPI data, reporting on Tuesday: Life360, SGH, Seven West Media
Australian shares are poised to open lower, amid modest weakness in New York as the rally from April's lows lost momentum pending Tuesday's US July consumer prices report. President Donald Trump signed an executive order to extend a tariff truce with China for another 90 days, according to CNBC. Trump earlier said gold imports to the US will not be hit by tariffs. Results scheduled for Tuesday are: Life360, SGH and Seven West Media. For more details see our reporting season calendar. The US CPI report is expected to show that President Donald Trump's embrace of tariffs continues to bleed into prices for goods, offset in part by lower petrol prices. 📩 Get the daily Results Wrap newsletter during earnings season, with our Chanticleer columnists' analysis of the key results of the day. Sign up here. Market highlights ASX 200 futures are pointing down 17 points or 0.2 per cent to 8779. All US prices near 2.30pm New York time. AUD -0.1% to US65.15¢ -0.1% to US65.15¢ Bitcoin +1% to $US119,724 +1% to $US119,724 On Wall St: Dow -0.4% S&P -0.1% Nasdaq -0.06% -0.4% -0.1% -0.06% VIX 0.74 to 15.89 0.74 to 15.89 Gold -1.3% to $US3355.27 an ounce -1.3% to $US3355.27 an ounce Brent oil +0.2% to $US66.73 a barrel +0.2% to $US66.73 a barrel Iron ore +1.4% to $US103.55 a tonne +1.4% to $US103.55 a tonne 10-year yield: US 4.27% Australia 4.24% Today's agenda The RBA is widely expected to cut the cash rate target by 25 basis points to 3.60 per cent at its Tuesday policy meeting. The policy decision will be released at 2.30pm, as well as the latest Statement on Monetary Policy. Governor Michele Bullock is scheduled to hold a press conference starting at 3.30pm. eToro market analyst Farhan Badami: 'While the July [RBA] pause was a surprise, a consecutive pause in August will be a shock. Three cuts before the end of the year are still expected, but there's very little wiggle room left in the calendar if the RBA heightens its degree of risk aversion any further.' Earlier, at 11.30am, NAB will release its July business confidence and conditions survey. Later in the day, at 10.30pm, the US will release its July CPI report. Yardeni Research: 'The odds are low that we'll see downside surprises in July CPI inflation data. There's little doubt that tariff effects are boosting durable goods inflation, as they did in June. But the risk of a big upward surprise is tempered by signs that rents and used car prices are cooling. The Cleveland Fed's Inflation Nowcasting model has the CPI rising 3.04 per cent in July and 3.02 per cent in August. Those would be considered too hot to justify Fed easing.' Top stories Trump's Nvidia shakedown is unprecedented and scary | The chip maker is the latest firm to learn about the US president's new corporate playbook: threaten a company and then watch it agree to a 'deal'. Former PwC partner banned over $11m in 'false' R&D tax claims | The Tax Practitioners Board said Richard Gregg made false claims on behalf of clients that caused a tax shortfall of more than $11 million. AI would plan lessons, mark tests under PC schools overhaul | The Productivity Commission is urging the federal government to lead a push to turbocharge the uptake of artificial intelligence in schools. Captain's pick: Westpac CEO taps Carolyn McCann to run retail division | The move is a key appointment for the bank, given its retail unit was the second-biggest contributor to the bank's profit. NDIS funding cliff threatens to undermine scheme overhaul | Labor has forecast almost $20 billion in NDIS savings over four years to June 30, 2028, but 1000 jobs key to the transition are only budgeted to June 30, 2026.
7NEWS
4 hours ago
- 7NEWS
2025 Kia EV5 Earth AWD review
The Kia EV5 has been something of a breakout success story for the Korean automaker Down Under, quickly becoming the brand's top-selling electric vehicle (EV) locally as well as one of this country's favourite EVs, period. After launching in October last year, the Chinese-built EV5's sales have steadily grown, to the point where in the first half of 2025 it was Australia's fourth best-selling EV behind the Tesla Model Y and Model 3, as well as the BYD Sealion 7. To the end of July, Kia is sitting at 3227 deliveries for the EV5, which isn't far off the much cheaper, petrol-powered K4 small sedan and Stonic light SUV in terms of outright volume, which is impressive. What makes it so popular? Well, the trusted Kia brand no doubt helps attract foot traffic through dealer doors, as does the fact the EV5 lines up nicely as a zero-emissions companion to the already-popular Sportage mid-size SUV. Further, it's fairly well priced – starting from $56,770 drive-away – and it offers heaps of space courtesy of its boxy body, plus it's covered by Kia's lengthy seven-year warranty, roadside assistance and capped-price servicing program. Indeed, many mid-size electric SUV buyers may view this Chinese-made Kia as a safer bet than a relatively unknown Chinese-branded newcomer… Watch: Paul's video review of the Kia EV5 Earth On test here we have the 2025 Kia EV5 Earth (AWD Long Range), the penultimate variant in a four-strong range that starts inthe high $50,000s and tops out in the mid-$70,000s. Apart from adding all-wheel drive, it ups the featureset and aesthetics over the entry-level Air, and you also get the option of an eye-catching Nougat Brown interior, as tested, which isn't available on any other variant in the range. Could this be the Goldilocks of Kia's mid-size electric SUV lineup? Or are you better off choosing either the cheaper grades or the pricier but fully decked-out GT-Line flagship? How much does the Kia EV5 cost? The Earth AWD on test here is the second most expensive variant in the Australian EV5 range, starting from $64,770 before on-road costs or $68,990 drive-away. To see how the Kia EV5 lines up against the competition, check out our comparison tool What is the Kia EV5 like on the inside? I have to give Kia props for keeping the production EV5 so close to the concept that previewed it. The EV5 continues Kia's pared back interior design that has been filtering out throughout its latest models, but the optional Nougat interior adds a pop of colour that's interesting while lightening up the cabin a bit. While it may not be to all tastes, it's far from boring and helps highlight the various design details throughout the cockpit, and also contrasts nicely with the grey accents on secondary surfaces. Up front you get Kia's ccNC (connected car Navigation Cockpit) display module, housing twin 12.3-inch displays for the driver's instrument cluster and infotainment touchscreen, and bookending a 5.0-inch digital climate control pod. It's become standard fare for all new Kias, and as we've experienced previously it's easy to use, quick to respond, and fully featured with Kia Connect services, as well as wireless smartphone mirroring, DAB+ digital radio and online navigation. The retro-futuristic graphics are a nice touch, though I'd like to see the option of dial-aping meters for the driver's display. If you find touch controls for the climate controls too fiddly, there are physical toggles on the dash too. Kia's connected services suite extends to app compatibility and remote functions that you can toggle via your smartphone, and there's also an intelligent voice assistant that can input destinations, check the weather, and the like. The open plan-style cabin layout brings a lounge-like airiness, but to some that could make the EV5 feel a little… sparse. The floating centre console doesn't have a wireless phone charger in this specification, so there's just a tray that sees your stuff sliding about all the time. The bench-style front seat has carried over from the concept, but in lieu of a sixth perch between the driver and front passenger, there's an odd pocket nook that can be used to hide a phone or wallet, but not much else. Big-ish bottle holders and shallow door pockets bolster the front glovebox and the space ahead of the floating console for something like a handbag, but other than the soft-touch dash and door inserts, and the capacitive-style shortcuts at the base of the touchscreen embedded into the dash fascia, it can come off quite minimalist and almost too bare. This is reflected in the rear as well, where the boxy body and high roofline make for an open and airy feel, but there's not a whole lot in the way of design flair. It's very functional, though. Space for six-footers is plentiful, and there are amenities like air vents mounted to the B-pillars, as well as USB-C charge ports on the front seat backs. There's a fold-down centre armrest with two cupholders too, making for a generally comfortable space that can easily accommodate multiple passengers on longer drives. Rear-seat occupants are able to make use of the sliding storage tray, which resides behind the centre console under the front middle 'seat'. Kiddies are catered for with ISOFIX and top-tether child seat mounts, as you'd expect. The Kia EV5's boot measures a claimed 513 litres with the rear seats in use, expanding to a massive 1714 litres with them folded – and they fold pretty much flat. An underfloor tray offers room to put cables or hide things out of sight. On either side of the boot are movable pegs, which can be used for hanging small bags and other cargo. Kia has also fitted six mounting locations for these pegs on either side for greater versatility. There's a 250V household-type power outlet in the cargo areas as well, which is the EV5's V2L (vehicle-to-load) socket that can be used to power or charge electrical appliances or devices in the rear of the cabin. You'll notice there's no spare wheel though – just a tyre repair kit, sadly. To see how the Kia EV5 lines up against the competition, check out our comparison tool What's under the bonnet? The EV5 Earth is only offered locally with the flagship AWD Long Range drivetrain, which is shared with the GT-Line. The Earth's smaller wheel and tyre package means it delivers quicker acceleration and a longer range than the top-shelf GT-Line according to claimed performance and range metrics – ie: 6.1 seconds to 100km/h (versus 6.3s) and a claimed 500km of driving range (versus 470km). I think Kia Australia would be wise to offer the Earth-spec with the 2WD Long Range drivetrain, which sees driving range eclipse 500km and would likely bring down the asking price by a couple grand, too. It's also worth noting the EV5's lithium iron phosphate (LFP) batteries are supplied by Chinese giant BYD, at least for the China-sourced vehicles we get in Australia. Overseas markets like South Korea and Europe get a Korean-made EV5 which utilises nickel manganese cobalt (NMC) lithium-ion batteries with different capacities. To see how the Kia EV5 lines up against the competition, check out our comparison tool How does the Kia EV5 drive? Kia Australia has subjected the EV5 to its extensive chassis localisation program, with the suspension and steering systems both tuned specifically for Australian roads and conditions, in addition to local ADAS tuning. This has been a key Kia selling point for years, and in the case of the EV5 it's up against numerous Chinese rivals which seem to receive common complaints around ride quality that's too soft and body control that's too flaccid. My daily drive between Melbourne's eastern suburbs and the Victorian CarExpert office in Docklands includes a multitude of road surfaces, posted speed limits and of course weather conditions; and in reality these are the kinds of scenarios most EV5 owners will drive in – unlike some launch programs that take us on flat, fast highways and tight and testing B-roads in the country. My colleague Max Davies was fairly complimentary of the EV5's on-road manners and dynamics at the local launch last year, so I was keen to see if Kia's first battery-powered medium SUV felt just like an electric Sportage. I didn't come away with that feeling, sorry to say. In town, the EV5's suspension communicates the lumps and bumps of inner city roads quite clearly, but the softness of the suspension also means it can send the body up and down in the process. Where a lot of Kia's locally tuned products – like the aforementioned Sportage – are usually able to settle after an initial impact like tram tracks, the EV5 felt like it needed one or two movements before settling. Not only does it feel a little loose, it's frankly somewhat annoying that you can spent a lot of time waiting for it to calm down. I'm not sure if the Earth's larger wheels (compared to the Air) play a role here, but the Earth just never really settled on roads arounds around the Melbourne CBD like I thought it should. The steering is quite light and pretty quick to respond, which also feels a little out of whack with the suspension tune. You're also perched quite high in the cabin – it feels like you're sitting on top of the car rather than in it – which exacerbates the issue. Perhaps I'm overly critical because I'm used to Kia normally getting the ride/handling balance just about perfect. And to be fair, the EV5 is far from the worst in its class in this respect. Many rivals either are too firm or too soft – this leans towards the latter. At least the steering feels more dialled in than some of the overly light and often inaccurate electrically assisted racks found in its rivals, particularly some of the cheaper Chinese alternatives. Once I hit the freeways and better surfaced roads of the suburbs, I was much more impressed. The EV5 Earth is very comfortable and settled at highway speeds, and does a good job at keeping ambient noise at bay despite the lack of powertrain noise. It also offers plenty of performance in this spec. 230kW and 480Nm is plenty for this class of car, and the immediacy of response from the dual-motor electric drivetrain makes quick overtakes a cinch. It's certainly peppier than any Sportage I've driven. Being all-wheel drive, you also won't light up the front tyres and test the traction control's friendship when you accelerate too hard off the line, which you can very easily do in FWD versions of the EV5. That said, the dual-motor version could be more efficient. After 760km we saw energy consumption of 22.3kWh/100km on the trip computer, which was admittedly skewed by the fact Paul Maric spent a lot of time driving it on the freeway between Geelong and Lang Lang – I regularly saw 17-19kWh/100km during my daily commute in mixed conditions. Still, when something like a Model Y can easily consume 13-14kWh/100km, it's like comparing a RAV4 Hybrid to a turbocharged Mazda CX-5 in terms of relative efficiency. At least the assistance systems work pretty well, which is another area where a lot of Chinese rivals fall flat. Kia's semi-autonomous Highway Driving Assist 2 uses navigation data in concert with the adaptive cruise and lane-keeping systems to take the load off freeway stints, keeping the vehicle at a set speed and distance from the vehicle ahead and in the centre of its lane. It works well and doesn't have the tendency to slam on the brakes when someone cuts you off. At times the lane centring assist (or Lane Follow Assist) can be a touch overbearing, but it's very easily switched off via a button on the steering wheel. Hyundai and Kia's audible speed warnings can get a little annoying too, though in the EV5 they're not as loud as they once were, and can be easily switched off by holding down the mute button. Annoyingly, the Earth grade misses out on surround cameras and Kia's funky Blind Spot View Monitor features, which are reserved for the flagship GT-Line – boo. To see how the Kia EV5 lines up against the competition, check out our comparison tool What do you get? The Earth sits between the entry-level Air and the flagship GT-Line grades in the EV5 lineup. 2025 Kia EV5 Air equipment highlights: 18-inch alloy wheels 225/60 R18 tyres Tyre mobility kit Tyre pressure monitoring LED headlights – reflector type Automatic high-beam LED daytime running lights LED tail-lights Matte plastic roof racks Satin Silver window surrounds Acoustic windscreen Solar glass – windscreen, front door Solar glass – rear windows, tailgate Auto up/down windows – front Cloth, artificial leather trim 8-way power driver's seat incl. 4-way lumbar 4-way manual front passenger seat 3-cell massage function – driver 2nd row centre armrest Shift by Wire – column type Paddle shifters – brake regen control 2 x USB-C charge ports – front 2 x USB-C charge ports – rear LED interior lighting Integrated Panoramic Display Kia Connect Over the air (OTA) updates Satellite navigation incl. 10 years traffic info, updates Wireless Apple CarPlay Wireless Android Auto 6-speaker sound system AM/FM/DAB radio Dual-zone climate control Heated front seats 2nd row air vents – door pillar-mounted i-Pedal one-pedal driving function V2L interior socket EV5 Earth adds: 19-inch alloys 235/55 tyres Gloss black exterior accents Gloss black roof racks Gloss black window surrounds Powered child-proof rear door locks Artificial leather trim – Smoky Black or Nougat Beige Smart power tailgate Privacy glass – rear windows, tailgate V2L exterior socket EV5 GT-Line adds: Active Sound Design 20-inch alloy wheels 255/45 tyres Gloss black exterior mirrors Auto flush door-handles LED dynamic indicators Laminated glass – driver window GT-Line two-tone leatherette upholstery 4-way power front passenger seat incl. 4-way lumbar Premium Relaxation Seat – driver Driver seat memory function 6-cell massage function – driver 3-cell massage function – passenger Sports steering wheel Fingerprint authentication module Alloy sports pedals Auto up/down windows – front, rear Rear seatback table – passenger side Ambient mood lighting – 64 colours Wireless phone charger Heated, cooled rear sliding storage tray 8-speaker Harman Kardon premium sound system Augmented reality head-up display Heated second row outer seats Ventilated front seats To see how the Kia EV5 lines up against the competition, check out our comparison tool Is the Kia EV5 safe? The Kia EV5 has a five-star ANCAP safety rating based on local testing conducted against 2024 criteria. This rating covers all variants sold in Australia and New Zealand. Standard safety kit includes: 7 airbags incl. front-centre Autonomous emergency braking Blind-spot assist Driver attention monitoring Highway Driving Assist 2 (HDA 2) Lane Following Assist (lane centring) Lane-keep assist Lead Vehicle Departure Alert Rear cross-traffic assist Rear occupant alert Reversing camera incl. dynamic guidelines Safe exit warning EV5 GT-Line adds: Blind Spot View Monitor Parking Collision Avoidance Assist – reverse, side, forward Surround cameras incl. 3D mode To see how the Kia EV5 lines up against the competition, check out our comparison tool How much does the Kia EV5 cost to run? The EV5 is covered by the same seven-year, unlimited-kilometre warranty as the wider Kia range. However, the high-voltage EV battery and related componentry is warranted for 150,000km. To see how the Kia EV5 lines up against the competition, check out our comparison tool CarExpert's Take on the Kia EV5 The EV5 has quickly become a popular choice in the Australian EV space, and it's pretty easy to see why. Distinctive looks, a spacious interior, a well-known badge on the nose and a good suite of on-board tech make the EV5 a familiar experience for any existing Hyundai or Kia owner looking to move to zero tailpipe emissions transport. While the driving experience could be better, especially given the Korean brand's recent form, it's far from off the pace in this segment and there are many some strong points like effortless power, decent range and a well-tuned driver assistance suite. The Earth specification should, in theory, be the pick of the EV5 bunch, but Kia has made it quite expensive while also withholding key features like surround cameras, Blind Spot View Monitor, a wireless phone charger and the ventilated front seats from the flagship GT-Line – which is a whole $7000 pricier. At nearly $70,000 on the road, I think the Earth variant should be cheaper and some of those features should be standard, or at least available as an option pack. I'm also of the mindset that most EVs, and especially electric SUVs, don't need high-output dual-motor drivetrains. Yes, you get the peace of mind that AWD traction offers in wet conditions, but for the most part you're just sapping range and adding weight. I think the Earth spec with a single-motor drivetrain for around $65,000 drive-away would make a lot of sense for many more buyers. While the EV5 Earth is good for what it is, I'd suggest the best EV5 is the cheapest one. But if money is no object and you want everything this solid nameplate has to offer, the GT-Line range-topper is where it's at. CarExpert can save you thousands on a new Kia EV5. Click here to get a great deal. Pros Practical, spacious cabin Familiar feel to layout and tech Achievable claimed driving range Cons Wobbly urban ride Annoying equipment omissions Energy efficiency could be better Top Line Specs Power: 230kW Fuel Type: Electric Economy: 0.0L/100km CO2 Emissions: 0g/km
