BUSINESS
Trump says US has much bigger leverage over China on magnets
Trump praised China for “intelligently” identifying rare earths as a critical component for important industries and swiftly moving to establish a monopoly in their mining and processing.
BUSINESS
Elon Musk sues Apple, OpenAI, saying they are hurting AI competition
Musk’s X and xAI filed the lawsuit Monday in federal court in Fort Worth, Texas, arguing that Apple’s decision to integrate OpenAI into the iPhone’s operating system harms competition and deprives consumers of choice
BUSINESS
Pinault family is exploring options for Puma, including a sale
Puma shares surged as much as 20% in German trading following the report, the most since October 2001. It has a market value of about €3.3 billion ($3.9 billion)
BUSINESS
Honda probed over engine failure risk in 1.4 million vehicles
No fatalities or injuries have been reported because of the issue
BUSINESS
Perplexity to let publishers share in revenue from AI searches
The media industry has clashed with artificial intelligence companies over concerns that AI-generated responses from tools like OpenAI’s ChatGPT and Google’s AI Overviews have cut valuable web traffic to their sites
WORLD
Saudi Arabia’s Humain launches Arabic chatbot with ‘Islamic’ values
Powered by its Allam large language model, Humain Chat is designed around Islamic values and heritage, the company said in a statement
BUSINESS
AI disruption fear sparks investor scrutiny of software stocks
While AI threatens to disrupt industries as diverse as education and staffing services, investors are seeing a more imminent threat to software firms that write the code behind digital services like customer-relationship management and back-office functions
BUSINESS
BlackRock paused fundraising for latest Asia private credit fund
BlackRock’s woes in Asia underscore the ongoing challenges facing the global $1.7 trillion private credit market
MARKETS
Bubble risks grow as China’s bull run defies economy angst
Stocks rallied again on Monday as chip-related shares extended a recent surge
BUSINESS
Powell’s dovish pivot brightens analyst views on Asian markets
A softer dollar is also in play, with pressure on rates making dollar-denominated investments less attractive and likely prompting capital flows toward Asia
BUSINESS
TPG joins Asia’s rush for mid-sized buyouts with latest fund
Mega deals have been slow to return in Asia, in part due to subdued activity in China
BUSINESS
Asian stocks rise as Powell signals Fed will cut
Shares in Japan and South Korea advanced with MSCI’s gauge for the region gaining 0.2%. Australian stocks hit a fresh record.
BUSINESS
Fed’s Jackson hole exposes hard road ahead for central bankers
Policy disagreements could grow in the coming months as Trump names new officials to vacancies at the Fed and Powell’s term as chair ends in May.
BUSINESS
Foxconn’s recall of more Chinese staff tests Apple’s India push
Foxconn has started flying in Taiwanese engineers to replace staff leaving, people familiar with the matter said, asking not to be named as the information is private.
BUSINESS
HSBC’s Swiss Bank said to exit 1,000 mideast clients amid revamp
More than 1,000 clients from Saudi Arabia, Lebanon, Qatar and Egypt are among those being told they can no longer bank with HSBC’s Swiss wealth management business, the people familiar with the matter said.
WORLD
US Air Force, Navy seek $1 billion to buy secret Lockheed Martin missile
Lockheed’s AIM-260, born in secrecy, now races against China’s PL-15 and PL-17 to redefine air combat supremacy.
BUSINESS
US takes nearly 10% Intel stake, clinching unorthodox deal
Under the agreement, the US will receive 433.3 million shares of common stock — representing 9.9% of the fully diluted common shares in Intel — according to a statement from the company.
BUSINESS
Wall Street gets the rally signals from Powell it was hoping for
The S&P 500 Index rebounded from a five-day slide, rising as much as 1.7%, while the Russell 2000 surged 4% on the back of rate- and economically-sensitive stocks.
WORLD
National Guard troops in Washington, DC will carry weapons, Pentagon says
The federal takeover of the city remains deeply unpopular with DC residents, polling data show.
COMMODITIES
Gold advances as Powell opens door for rate cut in September
Traders added to bets on the US central bank’s rate cut next month as Powell delivered his speech. Bullion typically benefit in a lower rate environment.
BUSINESS
Stocks, bonds jump as Powell signals Fed will cut rate
The S&P 500 rose 1.2%, halting a five-day slide, with a rebound in tech megacaps propping up the market.
BUSINESS
Key takeaways from Fed Chair Powell’s Jackson Hole speech
The Fed chair also said 'the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance'
BUSINESS
OpenAI HR chief Julia Villagra to exit the company
In an internal Slack message, Villagra said she’s departing to “pursue a passion she’s developed at OpenAI; using art, music, and storytelling to help people better understand the transition to AGI.”
BUSINESS
Meta poaches Apple AI executive even as it plans hiring slowdown
Chu helped manage the running of large language models on Apple cloud servers and oversaw some training of the software.
