Global banks see upside in Chinese stock rally as international capital ‘rotates’ in
Chinese stocks are poised to continue their strong rally, driven by advancements in artificial intelligence (AI) technology, which are expected to boost earnings and valuations. Global investment banks anticipate that this growth, while potentially slower, will be supported by increasing foreign investment in Chinese equities.
Foreign investors have been steadily increasing their holdings of Chinese stocks, signaling a potential shift of funds from other regional markets. CICC Research notes that some Asia-Pacific investors have already adopted equal-weight or overweight positions in Chinese equities, suggesting that any re-rating of Chinese stocks could lead to substantial capital inflows. Despite short-term fluctuations, analysts believe the market may continue to rise with new catalysts.
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Chinese stocks are poised to continue their strong rally, driven by advancements in artificial intelligence (AI) technology, which are expected to boost earnings and valuations. Global investment banks anticipate that this growth, while potentially slower, will be supported by increasing foreign investment in Chinese equities.
Foreign investors have been steadily increasing their holdings of Chinese stocks, signaling a potential shift of funds from other regional markets. CICC Research notes that some Asia-Pacific investors have already adopted equal-weight or overweight positions in Chinese equities, suggesting that any re-rating of Chinese stocks could lead to substantial capital inflows. Despite short-term fluctuations, analysts believe the market may continue to rise with new catalysts.
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In Indonesia vs Apple, is victory a double-edged sword?
Indonesia's strict local content regulations have secured a US$300 million investment from Apple, paving the way for iPhone 16 sales in the country. This agreement follows a ban on the iPhone 16 last October due to Apple's initial failure to meet local content requirements, which mandate a certain percentage of components or production processes to originate within Indonesia.
The investment plan includes establishing a software research-and-development center near Jakarta and factories to produce components for Apple products like AirPods. While the industry ministry has resumed issuing local-content certificates for Apple, a specific date for the iPhone 16's release in Indonesia is yet to be announced. Analysts caution that while this deal benefits Indonesia, the stringent regulations may deter other tech companies wary of navigating complex regulatory hurdles.
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Indonesia's strict local content regulations have secured a US$300 million investment from Apple, paving the way for iPhone 16 sales in the country. This agreement follows a ban on the iPhone 16 last October due to Apple's initial failure to meet local content requirements, which mandate a certain percentage of components or production processes to originate within Indonesia.
The investment plan includes establishing a software research-and-development center near Jakarta and factories to produce components for Apple products like AirPods. While the industry ministry has resumed issuing local-content certificates for Apple, a specific date for the iPhone 16's release in Indonesia is yet to be announced. Analysts caution that while this deal benefits Indonesia, the stringent regulations may deter other tech companies wary of navigating complex regulatory hurdles.
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Iran president to Trump: I will not negotiate, ‘do whatever the hell you want’
Iranian presidential candidate Masoud Pezeshkian has stated that Iran will not negotiate with the United States under threats, responding to Donald Trump's pressure tactics by saying, "Do whatever the hell you want." This firm stance reflects Iran's unwillingness to engage in talks while facing external coercion.
Pezeshkian's remarks follow Supreme Leader Ayatollah Ali Khamenei's assertion that Iran will not be bullied into negotiations. Trump has expressed openness to a deal but has also reinstated a "maximum pressure" campaign aimed at isolating Iran economically and curbing its oil exports, suggesting that the alternative to a deal is military action to prevent Iran from acquiring nuclear weapons.
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Iranian presidential candidate Masoud Pezeshkian has stated that Iran will not negotiate with the United States under threats, responding to Donald Trump's pressure tactics by saying, "Do whatever the hell you want." This firm stance reflects Iran's unwillingness to engage in talks while facing external coercion.
Pezeshkian's remarks follow Supreme Leader Ayatollah Ali Khamenei's assertion that Iran will not be bullied into negotiations. Trump has expressed openness to a deal but has also reinstated a "maximum pressure" campaign aimed at isolating Iran economically and curbing its oil exports, suggesting that the alternative to a deal is military action to prevent Iran from acquiring nuclear weapons.
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China’s push for higher home quality risks further stressing developers, analysts say
China is introducing new measures to improve the quality and livability of residential properties in an effort to stimulate sales and stabilize the struggling property market. These measures, which include raising the minimum ceiling height to 3 meters and incorporating new technologies for sound insulation and odour control, aim to create "quality homes" that meet diverse needs and promote higher construction standards.
The push for "quality homes" reflects a shift in housing demand towards homebuyers seeking upgrades, potentially supporting higher average selling prices for new, higher-quality properties. However, analysts caution that these enhanced standards could put additional financial strain on developers already facing cash flow challenges, as they navigate the implementation of these new requirements while striving to boost sales in a competitive market.
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China is introducing new measures to improve the quality and livability of residential properties in an effort to stimulate sales and stabilize the struggling property market. These measures, which include raising the minimum ceiling height to 3 meters and incorporating new technologies for sound insulation and odour control, aim to create "quality homes" that meet diverse needs and promote higher construction standards.
The push for "quality homes" reflects a shift in housing demand towards homebuyers seeking upgrades, potentially supporting higher average selling prices for new, higher-quality properties. However, analysts caution that these enhanced standards could put additional financial strain on developers already facing cash flow challenges, as they navigate the implementation of these new requirements while striving to boost sales in a competitive market.
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‘Less structure, more intelligence’: AI agent Manus draws upbeat reviews of nascent system
Butterfly Effect's general-purpose AI agent, Manus, has received highly positive feedback following its release via an invitation-only online preview. Early users are comparing it to a DeepSeek-level breakthrough, highlighting its potential to revolutionize AI applications.
Victor Mustar, head of product at Hugging Face, praised Manus as the most impressive AI tool he has ever used. He demonstrated Manus' capabilities by prompting it to create an animated 3D video game within a web browser using Three.js, showcasing its ability to autonomously execute complex tasks. This highlights how AI agents like Manus represent a significant advancement beyond chatbots and large language models, offering a new avenue for innovation by creating task plans and utilizing available resources to achieve specific goals.
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Butterfly Effect's general-purpose AI agent, Manus, has received highly positive feedback following its release via an invitation-only online preview. Early users are comparing it to a DeepSeek-level breakthrough, highlighting its potential to revolutionize AI applications.
Victor Mustar, head of product at Hugging Face, praised Manus as the most impressive AI tool he has ever used. He demonstrated Manus' capabilities by prompting it to create an animated 3D video game within a web browser using Three.js, showcasing its ability to autonomously execute complex tasks. This highlights how AI agents like Manus represent a significant advancement beyond chatbots and large language models, offering a new avenue for innovation by creating task plans and utilizing available resources to achieve specific goals.
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Pakistan insurgents take dozens of hostages in train attack
巴基斯坦俾路支分离主义武装分子周二袭击了一列客运火车，炸毁铁轨并开火，劫持了数十名人质，并与进行救援行动的安全部队交战。警方尚未明确说明在偏远山区有多少乘客被劫持，但武装分子声称他们扣押了214人，并威胁要开始处决人质。安全部队已展开大规模行动，部署了直升机和特种部队。
这列火车被困在隧道中，司机因重伤身亡。俾路支解放军宣称对此次袭击负责，声称炸毁了铁轨并迅速控制了火车。该组织威胁要处决10名人质，以报复正在进行的军事行动。此次事件突显了巴基斯坦西南部地区持续存在的安全挑战。
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巴基斯坦俾路支分离主义武装分子周二袭击了一列客运火车，炸毁铁轨并开火，劫持了数十名人质，并与进行救援行动的安全部队交战。警方尚未明确说明在偏远山区有多少乘客被劫持，但武装分子声称他们扣押了214人，并威胁要开始处决人质。安全部队已展开大规模行动，部署了直升机和特种部队。
这列火车被困在隧道中，司机因重伤身亡。俾路支解放军宣称对此次袭击负责，声称炸毁了铁轨并迅速控制了火车。该组织威胁要处决10名人质，以报复正在进行的军事行动。此次事件突显了巴基斯坦西南部地区持续存在的安全挑战。
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US House passes Trump-backed bill to avert shutdown, but Senate hurdle remains
美国众议院通过了一项临时拨款法案，以避免联邦机构在本周末面临部分关闭。该法案以217票对213票的接近党派划线投票结果获得通过，旨在维持政府运作至9月30日，但仍需参议院通过并由总统特朗普签署才能生效。
特朗普一直在敦促共和党人保持一致，而副总统J.D. Vance也在闭门会议上呼吁他们团结一致。此前，强硬派共和党议员通常反对这种临时措施，但此次投票标志着自共和党在2023年1月获得众议院多数席位以来，他们首次支持此类法案，原因在于特朗普及其顾问埃隆·马斯克正在推动大幅削减联邦政府开支。
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美国众议院通过了一项临时拨款法案，以避免联邦机构在本周末面临部分关闭。该法案以217票对213票的接近党派划线投票结果获得通过，旨在维持政府运作至9月30日，但仍需参议院通过并由总统特朗普签署才能生效。
特朗普一直在敦促共和党人保持一致，而副总统J.D. Vance也在闭门会议上呼吁他们团结一致。此前，强硬派共和党议员通常反对这种临时措施，但此次投票标志着自共和党在2023年1月获得众议院多数席位以来，他们首次支持此类法案，原因在于特朗普及其顾问埃隆·马斯克正在推动大幅削减联邦政府开支。
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Put US tariffs on all chips made in China, says chair of high-profile House committee
A US House committee chair has urged the US Trade Representative to impose tariffs on all semiconductors made in China. John Moolenaar, from the House Select Committee on the Chinese Communist Party, made the recommendation during a hearing, emphasizing the need to prevent China from flooding the global market with subsidized chips.
Moolenaar also stressed the importance of collaborating with allies like Japan, South Korea, the European Union, and Taiwan to counter China's trade practices. This recommendation comes as former President Trump has threatened "reciprocal tariffs" on all US trade partners and has specifically mentioned potential levies on EU imports and Taiwanese semiconductors, creating uncertainty among key US allies in the semiconductor industry.
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A US House committee chair has urged the US Trade Representative to impose tariffs on all semiconductors made in China. John Moolenaar, from the House Select Committee on the Chinese Communist Party, made the recommendation during a hearing, emphasizing the need to prevent China from flooding the global market with subsidized chips.
Moolenaar also stressed the importance of collaborating with allies like Japan, South Korea, the European Union, and Taiwan to counter China's trade practices. This recommendation comes as former President Trump has threatened "reciprocal tariffs" on all US trade partners and has specifically mentioned potential levies on EU imports and Taiwanese semiconductors, creating uncertainty among key US allies in the semiconductor industry.
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Trump is diving into crypto headfirst. Has China missed the boat?
Donald Trump has shifted his stance on cryptocurrency, now aiming to make the US the "crypto capital of the world." This marks a significant departure from his first term when he dismissed cryptocurrencies like Bitcoin as being based on "thin air." The change in attitude became apparent during his 2024 presidential campaign.
Trump's shift is driven by a desire to prevent China from dominating the cryptocurrency landscape and to assert US economic and geopolitical leadership in the digital asset space. This coincides with the increasing market size and acceptance of cryptocurrencies, which have gained traction among investors globally since his first term.
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Donald Trump has shifted his stance on cryptocurrency, now aiming to make the US the "crypto capital of the world." This marks a significant departure from his first term when he dismissed cryptocurrencies like Bitcoin as being based on "thin air." The change in attitude became apparent during his 2024 presidential campaign.
Trump's shift is driven by a desire to prevent China from dominating the cryptocurrency landscape and to assert US economic and geopolitical leadership in the digital asset space. This coincides with the increasing market size and acceptance of cryptocurrencies, which have gained traction among investors globally since his first term.
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USAID cut could have a silver lining for Southeast Asian ecosystems
US funding cuts pose a significant threat to nature conservation in Southeast Asia, a region known for its rich biodiversity. For decades, American financial support has been vital in protecting endangered species, combating wildlife trafficking, and maintaining delicate ecosystems across the area.
The withdrawal of US aid raises concerns about the future of these conservation initiatives. USAID has invested heavily in the region, including over $50 million in Indonesia for orangutan protection since 2001, supporting carbon stock measurement and fisheries management in Cambodia since 2013, and allocating $27.8 million to combat wildlife trafficking in Vietnam. In the Philippines, over $88 million has been invested to promote sustainable fishing and protect marine ecosystems. The question now is whether these efforts can continue without this crucial international funding, or if a new, self-reliant approach is needed.
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US funding cuts pose a significant threat to nature conservation in Southeast Asia, a region known for its rich biodiversity. For decades, American financial support has been vital in protecting endangered species, combating wildlife trafficking, and maintaining delicate ecosystems across the area.
The withdrawal of US aid raises concerns about the future of these conservation initiatives. USAID has invested heavily in the region, including over $50 million in Indonesia for orangutan protection since 2001, supporting carbon stock measurement and fisheries management in Cambodia since 2013, and allocating $27.8 million to combat wildlife trafficking in Vietnam. In the Philippines, over $88 million has been invested to promote sustainable fishing and protect marine ecosystems. The question now is whether these efforts can continue without this crucial international funding, or if a new, self-reliant approach is needed.
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Trump’s doubling of tariffs on Canadian steel draws fire from US House Democrat
US President Donald Trump's decision to double tariffs on Canadian steel has drawn criticism, with concerns raised about its potential impact on American military shipbuilding. Representative Joe Courtney highlighted that these tariffs could impede the construction of steel ships, particularly those requiring nickel alloy steel products sourced from Canada.
Courtney's remarks came during a House subcommittee hearing focused on inefficiencies and cost overruns in US military shipbuilding. He emphasized that tariffs, along with other factors, contribute to these issues, potentially affecting the nation's ability to produce essential military hardware. Trump's tariff hike was a response to Ontario's 25% tariff on electricity transmitted to the US.
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US President Donald Trump's decision to double tariffs on Canadian steel has drawn criticism, with concerns raised about its potential impact on American military shipbuilding. Representative Joe Courtney highlighted that these tariffs could impede the construction of steel ships, particularly those requiring nickel alloy steel products sourced from Canada.
Courtney's remarks came during a House subcommittee hearing focused on inefficiencies and cost overruns in US military shipbuilding. He emphasized that tariffs, along with other factors, contribute to these issues, potentially affecting the nation's ability to produce essential military hardware. Trump's tariff hike was a response to Ontario's 25% tariff on electricity transmitted to the US.
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US agrees to resume military help to Ukraine, following meeting in Saudi Arabia
美国将在乌克兰同意一项由美国提议的临时停火协议后，立即恢复对乌克兰的军事和情报支持。这一消息是美乌双方在沙特阿拉伯会谈后发布的联合声明中宣布的，标志着在恢复与俄罗斯的和平谈判的努力中，华盛顿的立场发生了决定性的转变。
在吉达举行的高风险谈判中达成的这项协议，是乌克兰代表团在总统泽连斯基的幕僚长安德烈·叶尔马克率领下，对美国总统特朗普、国会和美国公众表示感谢之后达成的。该协议提出“立即实行30天的临时停火，经双方同意可以延长”，关键在于俄罗斯是否接受，美国承诺将尽快把条款转达给莫斯科。
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美国将在乌克兰同意一项由美国提议的临时停火协议后，立即恢复对乌克兰的军事和情报支持。这一消息是美乌双方在沙特阿拉伯会谈后发布的联合声明中宣布的，标志着在恢复与俄罗斯的和平谈判的努力中，华盛顿的立场发生了决定性的转变。
在吉达举行的高风险谈判中达成的这项协议，是乌克兰代表团在总统泽连斯基的幕僚长安德烈·叶尔马克率领下，对美国总统特朗普、国会和美国公众表示感谢之后达成的。该协议提出“立即实行30天的临时停火，经双方同意可以延长”，关键在于俄罗斯是否接受，美国承诺将尽快把条款转达给莫斯科。
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UK police arrest a man on suspicion of manslaughter over North Sea ship collision
英国警方逮捕了一名男子，他涉嫌过失杀人，原因是他的货船撞上了一艘为美国军方运输航空燃料的油轮，导致两艘船只起火。 这起事故发生在英格兰东部海岸附近，一名水手被推定死亡，并引发了人们对严重环境破坏的担忧。
这名59岁的男子尚未被警方透露姓名，目前尚未被起诉。英国政府表示，事故原因正在调查中，但没有迹象表明存在恶意行为。事故发生后，航空燃料泄漏到北海，英国官员正在密切关注对鸟类和海洋生物可能造成的损害。碰撞导致爆炸和大火，持续燃烧了超过24小时。
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英国警方逮捕了一名男子，他涉嫌过失杀人，原因是他的货船撞上了一艘为美国军方运输航空燃料的油轮，导致两艘船只起火。 这起事故发生在英格兰东部海岸附近，一名水手被推定死亡，并引发了人们对严重环境破坏的担忧。
这名59岁的男子尚未被警方透露姓名，目前尚未被起诉。英国政府表示，事故原因正在调查中，但没有迹象表明存在恶意行为。事故发生后，航空燃料泄漏到北海，英国官员正在密切关注对鸟类和海洋生物可能造成的损害。碰撞导致爆炸和大火，持续燃烧了超过24小时。
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UK crossbow killer gets life in prison for murder of 3 women
Kyle Clifford, a 26-year-old former British soldier, has been sentenced to a whole-life order for the murders of his ex-girlfriend, her sister, and their mother. He used a crossbow and knife in the "carefully planned" attack at their home north of London on July 9, 2024, and had previously pleaded guilty to the crimes.
Clifford's motive stemmed from his rage after his ex-girlfriend, Louise Hunt, ended their 18-month relationship. Prosecutors revealed that he meticulously planned the murders, ordering the crossbow, knife, and other weapons in advance. In addition to the murder convictions, he was also found guilty of raping Louise during the attack, highlighting the extent of his violence and premeditation.
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Kyle Clifford, a 26-year-old former British soldier, has been sentenced to a whole-life order for the murders of his ex-girlfriend, her sister, and their mother. He used a crossbow and knife in the "carefully planned" attack at their home north of London on July 9, 2024, and had previously pleaded guilty to the crimes.
Clifford's motive stemmed from his rage after his ex-girlfriend, Louise Hunt, ended their 18-month relationship. Prosecutors revealed that he meticulously planned the murders, ordering the crossbow, knife, and other weapons in advance. In addition to the murder convictions, he was also found guilty of raping Louise during the attack, highlighting the extent of his violence and premeditation.
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Hong Kong driver pinned to ground after Mercedes hits 4 vehicles in wild ride
香港旺角发生一起车辆碰撞事件，一名司机驾车撞击包括警车在内的四辆汽车后被警方制服。事件发生在周二晚，一辆可疑奔驰车在砵兰街被警方发现，司机随后驾车逃逸，最终在朗豪坊附近因交通堵塞被截停。
警方最初在砵兰街178号附近发现这辆可疑车辆并上前调查，不料司机突然加速逃离。在追捕过程中，该车辆试图在红灯路口突围，但撞上了包括追捕警车在内的其他四辆车辆。随后，警方打破车窗，将司机拖出并制服。
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香港旺角发生一起车辆碰撞事件，一名司机驾车撞击包括警车在内的四辆汽车后被警方制服。事件发生在周二晚，一辆可疑奔驰车在砵兰街被警方发现，司机随后驾车逃逸，最终在朗豪坊附近因交通堵塞被截停。
警方最初在砵兰街178号附近发现这辆可疑车辆并上前调查，不料司机突然加速逃离。在追捕过程中，该车辆试图在红灯路口突围，但撞上了包括追捕警车在内的其他四辆车辆。随后，警方打破车窗，将司机拖出并制服。
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Russian goods seizures cause havoc on China-Europe rail link: ‘big impact’
China-Europe Railway Express, a symbol of Beijing's Belt and Road Initiative, is experiencing a decline in traffic due to Russian goods seizures. Logistics companies are losing confidence in the intercontinental rail link after Russia banned the transit of certain goods, particularly dual-use items, through its territory in October.
The ban, impacting an estimated 80,000 containers per month, has left many China-based freight companies with impounded cargo, as news of the rule change spread slowly. This has led to a reluctance to use the railway, as companies like Air Sea Transport in Shanghai have stopped shipping goods via the route since November.
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China-Europe Railway Express, a symbol of Beijing's Belt and Road Initiative, is experiencing a decline in traffic due to Russian goods seizures. Logistics companies are losing confidence in the intercontinental rail link after Russia banned the transit of certain goods, particularly dual-use items, through its territory in October.
The ban, impacting an estimated 80,000 containers per month, has left many China-based freight companies with impounded cargo, as news of the rule change spread slowly. This has led to a reluctance to use the railway, as companies like Air Sea Transport in Shanghai have stopped shipping goods via the route since November.
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Luxury Hong Kong project vendor fined for violating property sales rules
香港中西区豪宅项目Pokfulam Peak的开发商Win Extra因违反一手房销售条例被香港房地产监管机构罚款2.6万港元。此次处罚源于法院裁决，认定其销售行为不符合相关规定。
一手住宅物业销售监管局(SRPA)周二表示，Win Extra是Vantage International Holdings的子公司，承认有罪并在观塘裁判法院被定罪。该公司被指控三项罪名，均与未能在销售协议中包含《住宅物业（一手销售）条例》附表7规定的条款有关。
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香港中西区豪宅项目Pokfulam Peak的开发商Win Extra因违反一手房销售条例被香港房地产监管机构罚款2.6万港元。此次处罚源于法院裁决，认定其销售行为不符合相关规定。
一手住宅物业销售监管局(SRPA)周二表示，Win Extra是Vantage International Holdings的子公司，承认有罪并在观塘裁判法院被定罪。该公司被指控三项罪名，均与未能在销售协议中包含《住宅物业（一手销售）条例》附表7规定的条款有关。
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Trump to double tariffs on Canada steel, aluminium to 50 per cent
Donald Trump has doubled tariffs on Canadian steel and aluminum imports to 50% in retaliation for Ontario's 25% tariff on US electricity. The former president announced the increase on Truth Social, directing his commerce secretary to implement the new tariff starting Wednesday. He also demanded Canada eliminate its existing tariffs on US dairy products.
Trump further threatened to impose significant tariffs on Canadian cars entering the US if Canada doesn't drop other long-standing tariffs. He also mentioned plans to declare a National Emergency on Electricity within the affected region, escalating the trade dispute between the two countries.
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Donald Trump has doubled tariffs on Canadian steel and aluminum imports to 50% in retaliation for Ontario's 25% tariff on US electricity. The former president announced the increase on Truth Social, directing his commerce secretary to implement the new tariff starting Wednesday. He also demanded Canada eliminate its existing tariffs on US dairy products.
Trump further threatened to impose significant tariffs on Canadian cars entering the US if Canada doesn't drop other long-standing tariffs. He also mentioned plans to declare a National Emergency on Electricity within the affected region, escalating the trade dispute between the two countries.
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AI agent Manus partners with Alibaba’s Qwen to develop Chinese version
Manus, a Chinese general-purpose AI agent developed by Butterfly Effect, is partnering with Alibaba's Qwen team to create a Chinese version of the application. This collaboration aims to tailor Manus to better serve the needs of Chinese users by ensuring its functions are compatible with domestic models and computing platforms.
The announcement follows Manus's recent online preview, which showcased its ability to execute complex tasks like creating custom websites, drawing significant attention from the AI community. Manus is built on existing large language models, including Anthropic’s Claude and fine-tuned versions of Qwen. Alibaba's cloud computing unit confirmed the cooperation, expressing enthusiasm for working with global AI innovators and collaborating on open-source models.
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Manus, a Chinese general-purpose AI agent developed by Butterfly Effect, is partnering with Alibaba's Qwen team to create a Chinese version of the application. This collaboration aims to tailor Manus to better serve the needs of Chinese users by ensuring its functions are compatible with domestic models and computing platforms.
The announcement follows Manus's recent online preview, which showcased its ability to execute complex tasks like creating custom websites, drawing significant attention from the AI community. Manus is built on existing large language models, including Anthropic’s Claude and fine-tuned versions of Qwen. Alibaba's cloud computing unit confirmed the cooperation, expressing enthusiasm for working with global AI innovators and collaborating on open-source models.
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Brics nations divide on US dollar replacement, with India declaring ‘no interest’
India has no intention of undermining the US dollar, viewing it as a source of international economic stability, according to Indian Foreign Minister Subrahmanyam Jaishankar. He stated that India "has never had a problem" with the dollar's role and has no plans to replace it as the world's dominant currency. This stance comes amid discussions within the Brics nations about alternative payment systems.
Jaishankar's comments follow warnings from the US against efforts by Brics nations to create a payment system that could challenge the dollar's dominance. While China has been promoting the yuan as an alternative since the 2008 financial crisis, its adoption in global trade settlements remains limited compared to the dollar, despite growing calls within some Brics countries to reduce reliance on the US currency.
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India has no intention of undermining the US dollar, viewing it as a source of international economic stability, according to Indian Foreign Minister Subrahmanyam Jaishankar. He stated that India "has never had a problem" with the dollar's role and has no plans to replace it as the world's dominant currency. This stance comes amid discussions within the Brics nations about alternative payment systems.
Jaishankar's comments follow warnings from the US against efforts by Brics nations to create a payment system that could challenge the dollar's dominance. While China has been promoting the yuan as an alternative since the 2008 financial crisis, its adoption in global trade settlements remains limited compared to the dollar, despite growing calls within some Brics countries to reduce reliance on the US currency.
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