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Yahoo
09-04-2025
- Business
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Meta Whistleblower to Tell Congress That Company Aided China in AI Race
(Bloomberg) -- Sarah Wynn-Williams, a Meta Platforms Inc. executive turned whistleblower, plans to testify before Congress that the social media giant threatened US interests while cozying up to China — claims the company said are false. The Irish Hot Press Is the Low-Tech Laundry Trick the World Needs Trump Order on CDFI Fund Risks Aid for Small Businesses, Housing This Skinny Mexico City Tower Is Just 14 Feet Wide on One Side In Chicago, a Former Steel Mill Looks to Make a Quantum Leap Boston Mayor Wu Embraces Trump Resistance as Campaign Heats Up Wynn-Williams, who served as director of global public policy for the company, will tell the Senate Judiciary Subcommittee on Crime and Counterterrorism on Wednesday that she witnessed executives undermining US national security. The testimony will include allegations that Meta, formerly called Facebook, helped China advance in the artificial intelligence arms race. 'Meta started briefing the Chinese Communist Party as early as 2015,' Wynn-Williams, who recently published a best-selling memoir titled Careless People about her experience at Facebook, said in prepared remarks obtained by Bloomberg News. 'These briefings focused on critical emerging technologies, including artificial intelligence. The explicit goal being to help China outcompete American companies.' In her testimony, Wynn-Williams suggests that there's a 'straight line' to draw from these briefings to China's current use of Meta's AI tools to build out its military capabilities — a claim she doesn't support with details or personal experience. Wynn-Williams left Facebook in 2017. The prepared remarks were first reported by NBC News. A representative for Meta said that the testimony is 'divorced from reality and riddled with false claims.' Chief Executive Officer Mark Zuckerberg has been public about the company's past interest in offering services in China 'and details were widely reported beginning over a decade ago,' Meta spokesperson Andy Stone said. But 'the fact is this: We do not operate our services in China today.' Stone has also questioned a Reuters article alleging that Chinese researchers linked to the People's Liberation Army developed an AI model for military use based on Meta's AI technology, reporting that Wynn-Williams appears to be referencing. Facebook never succeeded in launching in the country, and the social media platform is still banned there over censorship issues. But Wynn-Williams plans to highlight Meta's ongoing business with the nation — pointing to corporate filings that reference revenue Meta gets from advertisers in China. Wynn-Williams' memoir vaulted to the top of best-seller lists after Meta succeeded in getting an emergency arbitrator to block her from repeating disparaging remarks about the company. Her book has drawn the interest of lawmakers, including Senator Josh Hawley, a Republican from Missouri who leads the Senate Judiciary subcommittee. Hawley also joined a bipartisan cohort of lawmakers in early April to investigate Wynn-Williams' claims that Meta provided AI tools, including surveillance software, to the Chinese Communist Party. ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
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Ether Leads Latest Crypto Selloff as Trump Ramps Up Trade War
(Bloomberg) -- Second-ranked cryptocurrency Ether led a fresh wave of selling in digital assets as US President Donald Trump insisted on pushing ahead with 104% tariffs on many Chinese goods, dimming hopes that a brutal trade war might be avoided. The Irish Hot Press Is the Low-Tech Laundry Trick the World Needs Trump Order on CDFI Fund Risks Aid for Small Businesses, Housing This Skinny Mexico City Tower Is Just 14 Feet Wide on One Side In Chicago, a Former Steel Mill Looks to Make a Quantum Leap Boston Mayor Wu Embraces Trump Resistance as Campaign Heats Up Ether fell more than 6% on Wednesday to hit its lowest intra-day level since March 2023 before trimming losses to trade at $1,432 at 9.51 a.m. in Singapore. Bitcoin, the largest cryptocurrency, dropped more than 3% before regaining some ground. Trump and top administration officials on Tuesday signaled the US was open to dealmaking that could reduce or eliminate higher tariffs on dozens of nations. But Asian stocks sank as wider financial markets were hit by fresh turmoil after the president ratcheted up the pressure on China. 'It seems like people have given up on a major recovery in crypto in the first half of the year,' said Sean McNulty, head of APAC derivatives at digital-asset prime brokerage FalconX. Put options offering downside protection for Ether and Solana were bought in bulk overnight, according to McNulty, who added that the next key support level for Bitcoin is around $65,000. ©2025 Bloomberg L.P.
Yahoo
08-04-2025
- Business
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Xi's No. 2 Says China Is Equipped to Fight Trump's Tariff Hikes
(Bloomberg) -- Chinese Premier Li Qiang said his country has ample policy tools to 'fully offset' any negative external shocks, and reiterated his optimism about the growth of the world's second-largest economy in 2025, despite the latest tariff threat from US President Donald Trump. The Irish Hot Press Is the Low-Tech Laundry Trick the World Needs Trump Order on CDFI Fund Risks Aid for Small Businesses, Housing This Skinny Mexico City Tower Is Just 14 Feet Wide on One Side In Chicago, a Former Steel Mill Looks to Make a Quantum Leap Boston Mayor Wu Embraces Trump Resistance as Campaign Heats Up During a call with European Commission President Ursula Von der Leyen on Tuesday, Li said China's macroeconomic policies this year have fully taken account of various uncertainties, according to an official readout. Beijing is strongly confident about maintaining the country's healthy and sustainable economic growth, added Li — China's No. 2 official, after President Xi Jinping. The China-EU call came hours before both economies are set to be hit by Trump's so-called reciprocal tariffs. While Europe faces an added 20% levy, China is in line for a massive surtax of totaling 104% starting 12:01 a.m. April 9. A US official told Bloomberg Tuesday the administration is indeed moving forward with that more-than-doubling plan. Li criticized the punitive action on all American trading partners as a typical example of unilateralism, protectionism and economic coercion. He added that China's firm response is not only to safeguard its own interests but also to defend international trade rules. 'Protectionism leads nowhere — openness and cooperation are the right path for all,' Li told Von der Leyen. Hollywood Ban? China's premier also urged the EU to strengthen communication with Beijing and expand mutual opening up, adding that both sides should push for a new round of high-level dialogue on strategic cooperation and trade, as well as on green and digital developments as soon as possible. Xi's government has pledged to retaliate against Washington's 'reciprocal' levies. In an illustration of the potential response, two influential Chinese bloggers on Tuesday posted an identical set of measures that authorities are mulling to hit back at the US, including duties on American farm goods and a ban on Hollywood movies. In Washington, Trump claimed that 'China also wants to make a deal, badly,' and said he's waiting for Beijing's call. Later, White House Press Secretary Karoline Leavitt told a press conference that the president 'will be gracious' if China's leadership reaches out. The impact of the US tariff hikes diminishes with each ratcheting up, according to analysis by Goldman Sachs Group Inc. economists. While an initial 50% surtax slashes China's GDP by 1.5 percentage points, a further 50% increase cuts by only 0.9 percentage points, the bank's economists including Andrew Tilton and Hui Shan wrote in a note. (Adds comments from US official on the implementation of tariffs on China and Goldman Sachs comments.) ©2025 Bloomberg L.P.
Yahoo
08-04-2025
- Business
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Roubini Predicts No US Recession in 2025, Defying Doomsayers
(Bloomberg) -- Nouriel Roubini has a new word of caution for Wall Street: Traders should temper their bets that the Federal Reserve will ramp up interest-rate cuts to mitigate the effects of President Donald Trump's trade conflict. The Irish Hot Press Is the Low-Tech Laundry Trick the World Needs Trump Order on CDFI Fund Risks Aid for Small Businesses, Housing This Skinny Mexico City Tower Is Just 14 Feet Wide on One Side In Chicago, a Former Steel Mill Looks to Make a Quantum Leap Boston Mayor Wu Embraces Trump Resistance as Campaign Heats Up This time around, the economist — who rose to prominence for correctly predicting the 2008 financial crisis — expects the US economy will skirt a recession while the Fed holds rates steady for the rest of the year after the tariff-related policy battles de-escalate. Following a three-day $5 trillion stock selloff on fears that punitive tariffs will fuel a worldwide recession, Roubini expects Trump will be the first to cave to the pressures whipsawing markets, despite the president's recent espousal of tariffs as medicine, while the US central bank sticks to its inflation-fighting mandate. Add the relative resilience of credit markets in the recent global turmoil, and the Fed has reason for policy caution, per Roubini. 'There is, of course, a game of chicken between the Trump put and the Powell put,' Roubini said in a phone interview. 'But I would say that the strike price for the Powell put is going to be lower than the strike price for the Trump put, meaning Powell is going to wait until it's Trump who blinks.' Fed Chair Jerome Powell last week said the economic impact of new tariffs is likely to be significantly larger than expected, resulting in slower growth and higher inflation. This week saw traders penciling in expectations for between three and five quarter-point reductions this week — with some on Wall Street even factoring in an emergency rate cut before the Fed's next meeting. The trading whiplash continued Tuesday amid hopes of trade-deal negotiations following the bigger-than-expected tariff hikes. US Treasuries fell after the wildest day for bond traders since the height of the pandemic in March 2020 while US stocks surged at the fastest pace since 2022 before easing. The VIX — Wall Street's so-called fear gauge — is now at around 55 after spiking above 60. Investors have been gripped by fears that something might break amid all the volatility. Roubini's optimistic economic outlook stands in contrast to other market watchers, former Treasury Secretary Lawrence Summers predicted a downturn with potentially 2 million Americans put out of work, his grim stance is shared by some Wall Street economists. Even as trade negotiations raise hopes the US will temper its protectionist stance, they warn a new world of higher tariffs beckons. To Roubini, who also runs Roubini Macro Associates, that suggests inflation will prove sticky, hurting investors in longer-dated bonds. That's a constructive setup for his exchange-traded fund that invests in inflation-protected US Treasuries, municipal securities and gold trusts, among others. Since its inception the actively managed Atlas America Fund (ticker USAF) has only accumulated $16 million in assets. Year-to-date the ETF is up nearly 1%, outperforming the benchmark S&P 500 that's been teetering on the precipice of its first bear market since 2022, as well as Bloomberg's 60/40 index. 'The ETF is supposed to essentially do well when there are a variety of tail risks,' he said. 'Over the medium term, it's possible that — if there is more inflation — long bond yields are going to be higher. And you want to be in short-term bond yields.' And with China pledging to 'fight to the end' against Trump's latest tariff threat, Roubini cites a third element that may push inflation higher: the president of the world's second-largest economy. 'There's also a Xi put, meaning at some point Xi decides to give a break to the US,' he said. 'But I don't think Xi Jinping is willing to do it anytime soon because that will lead to a market relief and put less pressure on Trump.' AI Coding Assistant Cursor Draws a Million Users Without Even Trying How One MBA Grad Blew the Whistle on a $2 Billion Deal World Travelers Are Rethinking Vacation Plans to the US With Shake Shack in First Class, Airline Food Is No Longer a Joke India's Destination Weddings Fuel a New Tourist Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
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08-04-2025
- Business
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Iran Says It Will Start Nuclear Talks With US This Weekend
(Bloomberg) -- Iran said it will start high-level talks with the US in Oman this weekend, confirming Donald Trump's announcement that they'll discuss the standoff over Tehran's nuclear program even as debate continued over how the session will unfold. The Irish Hot Press Is the Low-Tech Laundry Trick the World Needs Trump Order on CDFI Fund Risks Aid for Small Businesses, Housing This Skinny Mexico City Tower Is Just 14 Feet Wide on One Side In Chicago, a Former Steel Mill Looks to Make a Quantum Leap Boston Mayor Wu Embraces Trump Resistance as Campaign Heats Up 'The talks will be held on Saturday in Oman,' Iranian Foreign Minister Abbas Araghchi said on Tuesday, adding that sanctions relief was Iran's main goal. 'They will take place in an indirect format, and we don't accept any other method of negotiation.' But Trump said Monday that 'we're dealing with them directly. You know, a lot of people say, 'Oh, maybe you're going through surrogates, you're not dealing directly, you're dealing through other countries.' No — we're dealing with them directly.' The meeting, according to Iran's state-run Nour News, will be led by Araghchi and Steve Witkoff, the US president's special envoy for the Middle East and one of Trump's closest advisers. Omani Foreign Minister Badr Al Busaidi will help mediate the discussions, Nour reported. It will be the first time since September 2022 that the US and Iran are taking part in formal nuclear talks. The dispute over the format suggests there may be a delicate compromise, such as an initial gathering of all the participants followed by indirect discussions with Oman mediating. In any case, Tammy Bruce, spokeswoman for the US State Department, told reporters Tuesday that this weekend's gathering will be 'a matter of determining what's possible' but there will be 'no negotiations.' Iranian officials have long insisted that any talks must be indirect and through a regional mediator. The two countries haven't directly engaged at a top level since the marathon negotiations that led to the landmark nuclear deal in 2015, which Trump pulled out of in 2018 during his first term in power. That exit is one reason Iran remains wary of any deal with Trump. Oman has plenty of experience acting as a broker to resolve disputes involving Middle Eastern states and has previously mediated between the US and Iran. The latest developments follow weeks of rising tension, leading to fears among regional governments that Tehran and Washington are heading for a conflict. The US military has been working with Israel on potential attack scenarios in case the diplomatic talks fail, according to people familiar with the matter. That's included sending more American bombers to a US base on the Indian Ocean island of Diego Garcia, said the people. Last month, Trump sent a letter to Iran's Supreme Leader Ayatollah Ali Khamenei, urging him to agree to a new deal or face possible military action. Trump, in his letter, said Iran had two months to reach a deal before possibly facing military action. It is unclear if Trump was prepared to accept talks starting in that timeframe, given the difficulty in reaching a deal over such a complicated matter in a short time. Since taking office in January, Trump has revived his 'maximum pressure' strategy against Iran, targeting its oil exports, the banking system and other key industries. He's said he wants to ensure Tehran never acquires a nuclear weapon, something Iranian officials have repeatedly denied they are pursuing. Escalating Tensions Iran's nuclear program has dominated a tense and often hostile relationship with the US for more than 20 years. The two countries haven't had formal diplomatic ties since the 1979 Islamic Revolution and have had direct contact on rare occasions, most notably when they started nuclear talks during Barack Obama's presidency. Those negotiations ultimately led to the 2015 accord — formally known as the Joint Comprehensive Plan of Action — that imposed strict caps on Iran's atomic activity in exchange for sanctions relief from the US. When Trump withdrew the US from that deal, he imposed tougher sanctions on the Islamic Republic's economy and oil exports, triggering a financial crisis and unraveling billions of dollars worth of investment agreements with foreign companies. That move eventually prompted Iran to significantly ramp-up its nuclear activity. It's now probably able to produce the amount of enriched uranium needed for a bomb in less than a week, though it would take longer than that to build an atomic weapon. How Close Is Iran to Nuclear Bomb as Trump Eyes Deal?: QuickTake The Obama-era talks included a historic handshake between US Secretary of State John Kerry and his Iranian counterpart Mohammad Javad Zarif in 2015. Those images stirred anger among hardliners in both Tehran and Washington. In January, Khamenei publicly warned his officials to be suspicious of 'the smiles of diplomats' and Zarif resigned from his latest post as a foreign-policy advisor to Iran's current president, reformist Masoud Pezeshkian, amid mounting criticism from hawkish politicians in Tehran. This weekend, it's likely that Iranian diplomats will be careful not to be seen directly engaging with American counterparts. Oman's role will be key in terms of how both sides frame the talks to naysayers and supporters at home. Israeli Prime Minister Benjamin Netanyahu, while in Washington on Monday, said Israel would support a deal if it was akin to one Libya signed in 2003 that dismantled its nuclear program. His government's been skeptical that Iran — Israel's arch-enemy — can be trusted with a diplomatic agreement and he was a vocal critic of the 2015 accord. 'If it can be done diplomatically in a full way the way that it was done in Libya I think that would be a good thing,' the Israeli leader said. 'But whatever happens, we have to make sure that Iran does not have nuclear weapon.' Iran's economy has been struggling for years. Khamenei and the theocratic system that he governs have been broadly unpopular for some time, and the country has seen widespread protests. Currency Plunges Since Pezeshkian took office last July on a mandate to secure sanctions relief from the US, Iran's national currency, the rial, has lost nearly two-thirds of its value against the dollar. Experts warn the country urgently needs billions of dollars of investments. Tehran, months ago, started sets of parallel talks with European powers and with China and Russia. All were part of the 2015 agreement. 'The fact that Iran and the US are preparing to hold negotiations, even if via Oman's mediation, shows that things are starting to speed up now,' said Elena Suponina, a Moscow-based Middle East expert. 'But the question is, will Trump be ready for patience when the talks hit roadblocks?' Russia, which is hosting talks in Moscow on Tuesday with China and Iran, is still trying to facilitate a solution to the Iranian nuclear dispute, Suponina said. --With assistance from Henry Meyer, Donato Paolo Mancini, Annmarie Hordern and Eric Martin. (Updates with US saying talks will stop short of negotiations in fifth paragraph) AI Coding Assistant Cursor Draws a Million Users Without Even Trying How One MBA Grad Blew the Whistle on a $2 Billion Deal World Travelers Are Rethinking Vacation Plans to the US With Shake Shack in First Class, Airline Food Is No Longer a Joke India's Destination Weddings Fuel a New Tourist Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
