Business
OpenAI buys database analytics company Rockset in 9-figure stock deal
Microsoft-backed OpenAI acquired database analytics startup Rockset to enhance its enterprise products, the ChatGPT maker announced. The deal size was undisclosed.
China says escalation by EU over EV imports could trigger 'trade war'
Last week, the European Commission proposed tariffs of up to 38.1% on electric vehicle imports from China despite Beijing's protest, plunging trade ties to a new low and risking punitive retaliatory action. "The European side continues to escalate trade frictions and could trigger a 'trade war'," a statement attributed to the commerce ministry's spokesperson said. "The responsibility lies entirely with the European side."
China sanctions several Lockheed Martin units, three executives over arms deals with Taiwan
Named under the sanctions were Lockheed Martin Missile System Integration Lab, Lockheed Martin Advanced Technology Laboratories and Lockheed Martin Ventures. Top executives James Donald Taiclet, Frank Andrew St John and Jesus Malave were listed as banned from travelling to China.
US proposes rules to stop Americans from investing in Chinese technology with military uses
The proposed rule stems from President Joe Biden's August 2023 executive order regarding the access that "countries of concern" have to American dollars that fund advanced technologies, which the US government says would enhance their military, intelligence, surveillance and cyber capabilities. The order identified China, Hong Kong and Macau as countries of concern.
Workers sue Disney claiming they were fraudulently induced to move to Florida from California
In July 2021, the Disney Parks' chief told workers in California that most white-collar employees would be transferred to the new campus in Orlando to consolidate different teams and allow for greater collaboration. As many as 2,000 workers in digital technology, finance and product development departments would be transferred to the campus located about 20 miles (30 kilometers) from the giant Walt Disney World theme park resort, the company said at the time.
Cybersecurity firm Kaspersky denies it's a hazard after the US Commerce Dept bans its software
The Moscow-based company - whose CEO Eugene Kaspersky is Russian - said in a statement that the Commerce Department's decision would not affect its ability to sell and promote its cyber security products and training in the U.S. Kaspersky said the government had based its decision on the "geopolitical climate and theoretical concerns" rather than independently verifying if there was a risk.
What happens next in the EU investigation into Chinese EVs?
The European Commission plans to impose provisional duties on electric vehicles (EVs) from China, ranging from 17.4% to 38.1%, in addition to the existing 10% tariff. These duties are set to take effect by July 4 as part of an anti-subsidy investigation to protect EU industry. Following publication of findings on July 4, interested parties have until July 18 to comment before final duties are determined.
Aircraft lessor DAE sees China's COMAC breaking Airbus, Boeing duopoly
Airbus and Boeing are the main suppliers of aircraft to airlines, but the European planemaker is struggling to boost production amid record orders and Boeing is under scrutiny from regulators after a mid-air panel blowout on a new plane in January.
UK public debt rises to highest since 1961 as election nears
In May, British public debt reached its highest level since 1961, standing at 99.8% of GDP, or £2.742 trillion. Despite lower-than-expected borrowing of £15 billion for the month, the ongoing fiscal challenges persist, influenced by pandemic-related spending, slow economic growth, and high interest rates.
How tech giant NVIDIA climbed to the top of the stock market, AP Explains
Tech giant Nvidia is now worth over $3.2 trillion, with its dominance as a chipmaker making it the poster child of the artificial intelligence boom. After the stock's swift rise on Wall Street it briefly topped Microsoft as the most valuable company in the S&P 500 this week. The company is now worth over $3.2 trillion, with its dominance as a chipmaker cementing Nvidia’s place as the poster child of the artificial intelligence boom — a moment that Huang, Nvidia’s CEO, has dubbed “the next industrial revolution.”
Must Watch
Biden bans US sales of Kaspersky software over Russia ties
The United States on Thursday banned Russia-based cybersecurity firm Kaspersky from providing its popular anti-virus products in the country, the US Commerce Department announced. "Kaspersky will generally no longer be able to, among other activities, sell its software within the United States or provide updates to software already in use," the Commerce Department said in a statement announcing the action, which it said is the first of its kind. da/des
McDonald's $5 meal deal to launch next week as fast-food chains woo frugal customers
McDonald's and Burger King are offering $5 meal deals to attract lower-income customers amid rising inflation.
EU sanctions target Russian gas for the first time, diplomats say
The European Union has agreed on a new sanctions package against Russia, marking its first restrictions on Russian gas since the war in Ukraine began. This 14th package bans the re-export of Russian liquefied natural gas (LNG) within EU waters, although imports continue. While intended to curb Russia's revenue and access to technologies, experts suggest limited impact on overall Russian LNG exports.
Global FDI flows slip by 2% in 2023, UN report says
Global FDI fell by 2% in 2021 to $1.3 trillion, largely due to geopolitical tensions and a slowing global economy, but UNCTAD suggests a possible return in 2024.
Chinese automakers seek retaliatory tariffs on EU cars, state media reports
Industry insiders say both Europe and China have reasons for wanting to strike a deal in the months ahead to de-escalate tensions and avoid the addition of billions of dollars in new costs for Chinese EV makers, as the EU process allows for review.
As election looms, BoE set to sit tight on UK rate
The BoE was widely forecast to keep its cost of borrowing at 5.25 percent, a 16-year high, following a regular monetary policy meeting.
