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US chip giant Nvidia and Saudi Arabia announced partnerships on Tuesday as part of the kingdom’s plans to develop artificial intelligence and strengthen cloud computing infrastructure with the help of foreign investment. The deals coincide with U.S. President Donald Trump’s Gulf tour, which is focused on economic diplomacy and billion-dollar business tie-ups rather than security concerns. Saudi Arabia, which is seeking to make its economy less dependent on oil revenue, aims to position itself as a hub for AI and leading centre for AI activity outside the United States. A joint statement from Nvidia and Saudi Arabia listed initiatives, including…
The US dollar fell in European trade on Tuesday away from a five-week high on profit-taking as traders assess the latest inflation data. The data showed prices remain subdued despite Donald Trump’s tariffs, and bolstered the case for multiple Fed rate cuts this year. The Index The dollar index fell 0.25% today to 101.47, with a session-high at 101.76. On Monday, the index rose 1.35%, marking the biggest profit in 2025, with a five-week high at 101.98. The gains came after the announcement of the US-China preliminary trade deal this week. US Rates …
The Competition Commission of Pakistan (CCP) has imposed a penalty of Rs40 million on Al-Ghazi Tractors Limited (AGTL) for “violating competition law and misguiding consumers”, a statement from the CCP said on Tuesday. In January 2022, AGTL ran a front-page ad in an Urdu newspaper, claiming its new Holland tractor models offered “up to 30% extra diesel savings compared to any competitor’s tractors.” The ad cited a report by the Agricultural Mechanisation Research Institute (AMRI), Multan as basis of its claim. CCP says recovered Rs10mn penalty from PIA for ‘abusing dominant position’ “Farmers across Pakistan, especially small landholders often make…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Jaguar Land Rover has clocked its strongest full-year profit in a decade as the UK luxury-car maker contends with the impact of US tariffs and the implementation of a controversial overhaul of its most renowned brand. Pre-tax profit for the year to March 31 increased 15 per cent to £2.5bn, the company said on Tuesday, on flat revenues of £29bn. Profit before tax and exceptional items in the final quarter was £875mn, up from £661mn year on year. It also achieved its target to become…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The US is eyeing a multibillion-dollar slice of Britain’s pork, poultry, rice and seafood sectors, as it looks to expand its trade agreement with the UK, Donald Trump’s agriculture secretary said on Tuesday. Brooke Rollins said these sectors were “at the front of the line” in ongoing negotiations to build on the trade deal announced last week, which gave US beef and bioethanol producers expanded access to the UK market.The US has touted the deal as a $5bn opportunity for American farmers, ranchers…
Chinese President Xi Jinping met his Brazilian counterpart Luiz Inacio Lula da Silva in Beijing on Tuesday, with both countries agreeing to strengthen their partnership to defend a multipolar world order, especially in the face of the Trump administration’s global tariff wars.The two nations endorsed each other as leading voices of the Global South and called on the developing world to unite in shaping a “more just” international order.China and Brazil also issued a joint statement after the meeting urging Russia and Ukraine to “start direct dialogue as soon as possible”.This came days before potential peace talks between Russia and…
Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing.1. China’s Xi Jinping urges countries to ‘stand united’ in face of global trade warPresident Xi Jinping has called for countries to stand together to promote global peace and stability, stressing that “there were no winners in tariff wars”, in a veiled reference to the US.2. Shipping demand set to explode as firms rush to exploit US-China tariff pauseTranspacific shipping routes are set to witness a dramatic uptick in container traffic over the coming weeks, as…
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldUS inflation fell to 2.3 per cent in April, the month Donald Trump imposed his global tariffs, as the US president maintains pressure on the Federal Reserve to cut interest rates.Tuesday’s annual consumer price index figure from the Bureau of Labor Statistics was below the expectations of analysts surveyed by Bloomberg that inflation would remain at March’s 2.4 per cent rate.Although Trump has cut back many of the tariffs he announced on April 2 — including this week with China…
On Monday, 59 white South Africans arrived in the United States as part of a refugee programme set up by President Donald Trump to offer sanctuary from what Washington has described as racial discrimination against Afrikaners. Earlier this year, the Trump administration offered to resettle Afrikaners, descendants of European colonial settlers in South Africa, stating that they face harassment and violence in their country. At the same time, he froze aid to the African nation. As the group arrived at Dulles International Airport near Washington, DC, US Deputy Secretary of State Christopher Landau told them: “I want you all to…
My top 10 things to watch Tuesday, May 13 1. Wall Street is tracking for a flat open this morning after a light inflation report and yesterday’s explosive rally on U.S.-China tariff relief. My trusted momentum indicator, the S & P Oscillator , is still below 6, which means it’s overbought but the dangerous area has not yet been hit. 2. Boeing is a big winner in the China fracas. That’s another reason to own the planemaker, which we have in our Bullpen watchlist for the Investing Club. Aerospace also is, by far, the biggest part of Club name Honeywell…