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The United States has resumed taking delivery of the F-35 jets fitted with an interim upgrade following a halt that stretched to months over software delays and will withhold some payments until the remaining enhancements are done, senior officials quoted by Reuters said on Saturday.&nbsp;

The jets have gotten some much-needed upgrades through a Lockheed Martin programme, involving key suppliers, called Technology Refresh 3, or TR-3, which aims to improve the displays and the processing power.&nbsp;

"We are starting to accept deliveries of TR-3...It is a truncated version...and does not have all the functionality that we want, but it is far enough along that we can accept delivery now," Secretary of the Air Force Frank Kendall said. 
TR-3 includes hardware and software improvements and is just one piece of a broader upgrade to the nation's stealth jet known as Block 4.

"The hardware of that seems to be coming along fine but the software is lagging," Kendall told reporters at the Royal International Air Tattoo in Britain.

"We are at a point now where we can accept aircraft with the understanding that additional increments of software have to go in to get it to where we need it to be."

Assistant Secretary of the Air Force for Acquisition, Technology, and Logistics Andrew Hunter stated that the decision to restart the deliveries prior to completion of the software upgrade was to keep other features from being delayed further.&nbsp;

"Waiting and waiting and waiting to finalise those capabilities that weren't quite ready is actually holding up progress on some of the later capabilities that we also really need," he said.

Hunter said the Pentagon will still withhold a portion of the final payments for each jet but declined to say how much.

So far, about $7 million of each jet's final payment has been held back. Each jet is worth about $100 million.

"Not everything we contracted for has been delivered... We will not pay for that which we have not received," Hunter said.

Offsetting the frustration of the delays, Hunter said the work to finish TR-3 has forged closer cooperation between companies involved in the world's largest defence program.

"We are going to work very hard to ensure that that process of bringing down those barriers continues so that Block 4 comes through when we need it," he said.

The United States has resumed taking delivery of the F-35 jets fitted with an interim upgrade following a halt that stretched to months over software delays and will withhold some payments until the remaining enhancements are done, senior officials quoted by Reuters said on Saturday.

The United States has resumed taking delivery of the F-35 jets fitted with an interim upgrade following a halt that stretched to months over software delays and will withhold some payments until the remaining enhancements are done, senior officials quoted by Reuters said on Saturday. The jets have gotten some much-needed upgrades through a Lockheed Martin programme, involving key suppliers, called Technology Refresh 3, or TR-3, which aims to improve the displays and the processing power. "We are starting to accept deliveries of TR-3...It is a truncated version...and does not have all the functionality that we want, but it is far enough along that we can accept delivery now," Secretary of the Air Force Frank Kendall said. TR-3 includes hardware and software improvements and is just one piece of a broader upgrade to the nation's stealth jet known as Block 4. "The hardware of that seems to be coming along fine but the software is lagging," Kendall told reporters at the Royal International Air Tattoo in Britain. "We are at a point now where we can accept aircraft with the understanding that additional increments of software have to go in to get it to where we need it to be." Assistant Secretary of the Air Force for Acquisition, Technology, and Logistics Andrew Hunter stated that the decision to restart the deliveries prior to completion of the software upgrade was to keep other features from being delayed further. "Waiting and waiting and waiting to finalise those capabilities that weren't quite ready is actually holding up progress on some of the later capabilities that we also really need," he said. Hunter said the Pentagon will still withhold a portion of the final payments for each jet but declined to say how much. So far, about $7 million of each jet's final payment has been held back. Each jet is worth about $100 million. "Not everything we contracted for has been delivered... We will not pay for that which we have not received," Hunter said. Offsetting the frustration of the delays, Hunter said the work to finish TR-3 has forged closer cooperation between companies involved in the world's largest defence program. "We are going to work very hard to ensure that that process of bringing down those barriers continues so that Block 4 comes through when we need it," he said.

Pentagon resumes F-35 deliveries amid software delays and interim upgrades

The future of America's tech sector is in the crosshairs. In a recent discussion, Roundtable anchor Rob Nelson was joined by Perianne Boring, Founder of the Digital Chamber, as they talked about the government policies that could either push or hamper technological advancement. Their conversation laid bare the misconceptions and political agendas driving the country's approach toward emerging technologies.

Nelson opened the discussion with a somewhat provocative question: Is it that policymakers really do not understand the potential of cryptocurrencies, or is there an active effort to choke off America's technological future? He used earlier technological booms as comparable analogs to ask why any administration would want to block progress.

Perianne Boring emphasised the role of education in creating opinions about cryptocurrency. Most of the critics, according to her, are just uninformed; some people are misinformed and influenced by negative media coverage. "There are people who haven't done their homework, who haven't properly educated themselves, and remain sceptical," explained Boring.

She, however, did indicate an increased hardened opposition from the likes of Senator Elizabeth Warren. Boring argued that Warren's stance against cryptocurrency is politically motivated, hell-bent on advancing a central bank digital currency and federalising control over the financial system. "We've spent hours trying to educate her office, but it seems they've decided their policy is to kill the technology," Boring said.

Boring's comments reflect a broader sentiment in the cryptocurrency community: possible regulatory overreach and kill of innovation. Education can mitigate some of the scepticism, but deeply seated political agendas are a bit more of a challenge.

The subject at hand delineates the critical balance between regulation and innovation in the technology sector in America. As policymakers sort through these complex issues, the future of technological advancement is literally hanging in the balance at their beck and call.

The future of America's tech sector is in the crosshairs. In a recent discussion, Roundtable anchor Rob Nelson was joined by Perianne Boring, Founder of the Digital Chamber, as they talked about the government policies that could either push or hamper technological advancement.

The future of America's tech sector is in the crosshairs. In a recent discussion, Roundtable anchor Rob Nelson was joined by Perianne Boring, Founder of the Digital Chamber, as they talked about the government policies that could either push or hamper technological advancement. Their conversation laid bare the misconceptions and political agendas driving the country's approach toward emerging technologies. Nelson opened the discussion with a somewhat provocative question: Is it that policymakers really do not understand the potential of cryptocurrencies, or is there an active effort to choke off America's technological future? He used earlier technological booms as comparable analogs to ask why any administration would want to block progress. Perianne Boring emphasised the role of education in creating opinions about cryptocurrency. Most of the critics, according to her, are just uninformed; some people are misinformed and influenced by negative media coverage. "There are people who haven't done their homework, who haven't properly educated themselves, and remain sceptical," explained Boring. She, however, did indicate an increased hardened opposition from the likes of Senator Elizabeth Warren. Boring argued that Warren's stance against cryptocurrency is politically motivated, hell-bent on advancing a central bank digital currency and federalising control over the financial system. "We've spent hours trying to educate her office, but it seems they've decided their policy is to kill the technology," Boring said. Boring's comments reflect a broader sentiment in the cryptocurrency community: possible regulatory overreach and kill of innovation. Education can mitigate some of the scepticism, but deeply seated political agendas are a bit more of a challenge. The subject at hand delineates the critical balance between regulation and innovation in the technology sector in America. As policymakers sort through these complex issues, the future of technological advancement is literally hanging in the balance at their beck and call.

Navigating policy pitfalls: The tug-of-war shaping America's tech future

Friday saw a global tech outage that turned out to be quite a headache for social media giant Meta, with massive disruptions at airports, banks, and hospitals. According to a spokesperson at Meta, among those hit by the outage were a number of external vendors who police content on Meta's platforms, which include Facebook, Instagram, WhatsApp, and Threads.

A source familiar with the incident says Meta was on high alert—what's internally called a SEV1. According to sources, it is the highest level of warning internally, a "code red" situation where work stops and everyone is fixated on the problem. However, the spokesperson said the company resolved the issues earlier in the day.

"The global CrowdStrike outage earlier today temporarily impacted several of the tools used by some of our vendors. While this caused a small impact to some of our support operations, there was minimal to no impact on our content moderation efforts," the spokesperson said.

Like other social media companies, Meta uses a mix of AI and humans to police millions of posts on its platforms. While some moderation is done in-house, most of it is outsourced to business service vendors. These vendors employ thousands of low-paid workers who assess posts for hate speech, violence, and other violations of Meta's guidelines.

Specifically, this outage affected two important systems: SRT and HumanOps—both are used to route flagged content to moderators. The key vendors whose operations were impacted by this disruption included Teleperformance and Concentrix. Teleperformance did not respond to a request for comment. Concentrix said it was monitoring and addressing the impacts of the outage, but its operations continued at expected levels.

This incident has brought to the fore the weaknesses in Meta's content moderation infrastructure, which depends a great deal on external vendors to keep the integrity of the platforms. All through this, though, the pliability and strength of Meta's systems will always be a crucial factor in ensuring seamless content moderation and user experience.

Friday saw a global tech outage that turned out to be quite a headache for social media giant Meta, with massive disruptions at airports, banks, and hospitals. According to a spokesperson at Meta, among those hit by the outage were a number of external vendors who police content on Meta's platforms, which include Facebook, Instagram, WhatsApp, and Threads.

Friday saw a global tech outage that turned out to be quite a headache for social media giant Meta, with massive disruptions at airports, banks, and hospitals. According to a spokesperson at Meta, among those hit by the outage were a number of external vendors who police content on Meta's platforms, which include Facebook, Instagram, WhatsApp, and Threads. A source familiar with the incident says Meta was on high alert—what's internally called a SEV1. According to sources, it is the highest level of warning internally, a "code red" situation where work stops and everyone is fixated on the problem. However, the spokesperson said the company resolved the issues earlier in the day. "The global CrowdStrike outage earlier today temporarily impacted several of the tools used by some of our vendors. While this caused a small impact to some of our support operations, there was minimal to no impact on our content moderation efforts," the spokesperson said. Like other social media companies, Meta uses a mix of AI and humans to police millions of posts on its platforms. While some moderation is done in-house, most of it is outsourced to business service vendors. These vendors employ thousands of low-paid workers who assess posts for hate speech, violence, and other violations of Meta's guidelines. Specifically, this outage affected two important systems: SRT and HumanOps—both are used to route flagged content to moderators. The key vendors whose operations were impacted by this disruption included Teleperformance and Concentrix. Teleperformance did not respond to a request for comment. Concentrix said it was monitoring and addressing the impacts of the outage, but its operations continued at expected levels. This incident has brought to the fore the weaknesses in Meta's content moderation infrastructure, which depends a great deal on external vendors to keep the integrity of the platforms. All through this, though, the pliability and strength of Meta's systems will always be a crucial factor in ensuring seamless content moderation and user experience.

Meta faces 'SEV1' crisis amid global tech outage disruptions

In what seems to be one more step toward mainstreaming the cryptocurrency sector, cryptocurrency exchange Binance's US affiliate, Binance.US, scored an important court victory when a federal judge allowed it to proceed with plans for investing certain customer assets in US Treasury bills. This ruling effectively lifts restrictions previously placed by the US Securities and Exchange Commission.

The court order enables Binance.US to transfer crypto assets to an unaffiliated third-party custodian. Further, the operator of Binance.US, BAM, is now allowed to invest certain customer fiat funds held by crypto custodian firm BitGo, in US Treasury bills. These funds will mature every four weeks on a rolling basis, without the involvement of any third party, including other Binance entities, involved in the investment, according to the court order.

It is a tremendous regulatory turn of events for Binance.US, which has been hammered by the U.S. securities regulator. It was only in June last year that the SEC filed a lawsuit against Binance, its CEO and founder Changpeng Zhao, and the operator of Binance.US. The regulator claimed that Binance artificially inflated trading volumes, misappropriated customer funds, failed to restrict US customers from its platform and misled investors about the ways in which it was policing its markets.

On the back of such allegations, Binance and Binance.US reached an agreement with the SEC in the same month. Under such an agreement, US customer assets would stay within the country to further comply with regulatory and investor protection authorities.

This recent court order not only relieves some of the pressures that Binance.US is under by way of regulations, but it also puts in a nutshell its uncompromising stance towards keeping customer assets safe and following financial regulations in the United States. Aiming at providing a secure and stable investment avenue for customer funds through investment in treasury bills of the United States, Binance.US makes a strategic pivot towards higher transparency and alignment with regulations.

In what seems to be one more step toward mainstreaming the cryptocurrency sector, cryptocurrency exchange Binance's US affiliate, Binance.US, scored an important court victory when a federal judge allowed it to proceed with plans for investing certain customer assets in US Treasury bills.

In what seems to be one more step toward mainstreaming the cryptocurrency sector, cryptocurrency exchange Binance's US affiliate, Binance.US, scored an important court victory when a federal judge allowed it to proceed with plans for investing certain customer assets in US Treasury bills. This ruling effectively lifts restrictions previously placed by the US Securities and Exchange Commission. The court order enables Binance.US to transfer crypto assets to an unaffiliated third-party custodian. Further, the operator of Binance.US, BAM, is now allowed to invest certain customer fiat funds held by crypto custodian firm BitGo, in US Treasury bills. These funds will mature every four weeks on a rolling basis, without the involvement of any third party, including other Binance entities, involved in the investment, according to the court order. It is a tremendous regulatory turn of events for Binance.US, which has been hammered by the U.S. securities regulator. It was only in June last year that the SEC filed a lawsuit against Binance, its CEO and founder Changpeng Zhao, and the operator of Binance.US. The regulator claimed that Binance artificially inflated trading volumes, misappropriated customer funds, failed to restrict US customers from its platform and misled investors about the ways in which it was policing its markets. On the back of such allegations, Binance and Binance.US reached an agreement with the SEC in the same month. Under such an agreement, US customer assets would stay within the country to further comply with regulatory and investor protection authorities. This recent court order not only relieves some of the pressures that Binance.US is under by way of regulations, but it also puts in a nutshell its uncompromising stance towards keeping customer assets safe and following financial regulations in the United States. Aiming at providing a secure and stable investment avenue for customer funds through investment in treasury bills of the United States, Binance.US makes a strategic pivot towards higher transparency and alignment with regulations.

Binance.US secures judicial nod for investment in US Treasury bills

Following a colossal digital blackout that engulfed the entire globe Friday, Australia's cyber intelligence agency issued a grim warning regarding the surge of "malicious websites and unofficial code" that could be doing the rounds on the web, promising recovery solutions. The massive outage was experienced by media, retailers, banks, and airlines across the world because of a bungled software update from CrowdStrike.

Australia was one of the many countries similarly hit, leading to massive mayhem. On Saturday, the Australian Signals Directorate (ASD) - the country's cyber intelligence agency - said "a number of malicious websites and unofficial code are being released claiming to help entities recover from the widespread outages caused by the CrowdStrike technical incident".

On its website, the agency said its cyber security centre "strongly encourages all consumers to source their technical information and updates from official CrowdStrike sources only".

Likewise, a warning was also issued by Cyber Security Minister Clare O'Neil on the social media platform X, as she warned cybercriminals were targeting Australians with a fresh wave of scams and phishing attacks. She added that getting information from the right sources was key to avoiding cyber risks.

The Friday outage had quite a toll on key institutions in Australia. The Commonwealth Bank of Australia, the nation's largest bank, reported that it was having problems and that some clients could not process transactions. Qantas, the national airline, and the Sydney Airport said there were delays to flights but continued to operate.

Prime Minister Anthony Albanese explained late Friday that there had been no impact on critical infrastructure, government services, or emergency phone systems. His reassurance contained fears about just how bad the effects of the outage were.

The warning by the cyber intelligence agency underlines the high risk of cyber threats following sweeping digital disruptions. At a time when digital disruption is happening at breakneck speed and things are getting increasingly complex, the importance of relying on checked and trustable sources for technical support and updates cannot be overemphasised. This incident underscores vulnerabilities that come with developments in technology and requirements for good cybersecurity measures to safeguard people from malignant elements.

Following a colossal digital blackout that engulfed the entire globe Friday, Australia's cyber intelligence agency issued a grim warning regarding the surge of "malicious websites and unofficial code" that could be doing the rounds on the web, promising recovery solutions.

Following a colossal digital blackout that engulfed the entire globe Friday, Australia's cyber intelligence agency issued a grim warning regarding the surge of "malicious websites and unofficial code" that could be doing the rounds on the web, promising recovery solutions. The massive outage was experienced by media, retailers, banks, and airlines across the world because of a bungled software update from CrowdStrike. Australia was one of the many countries similarly hit, leading to massive mayhem. On Saturday, the Australian Signals Directorate (ASD) - the country's cyber intelligence agency - said "a number of malicious websites and unofficial code are being released claiming to help entities recover from the widespread outages caused by the CrowdStrike technical incident". On its website, the agency said its cyber security centre "strongly encourages all consumers to source their technical information and updates from official CrowdStrike sources only". Likewise, a warning was also issued by Cyber Security Minister Clare O'Neil on the social media platform X, as she warned cybercriminals were targeting Australians with a fresh wave of scams and phishing attacks. She added that getting information from the right sources was key to avoiding cyber risks. The Friday outage had quite a toll on key institutions in Australia. The Commonwealth Bank of Australia, the nation's largest bank, reported that it was having problems and that some clients could not process transactions. Qantas, the national airline, and the Sydney Airport said there were delays to flights but continued to operate. Prime Minister Anthony Albanese explained late Friday that there had been no impact on critical infrastructure, government services, or emergency phone systems. His reassurance contained fears about just how bad the effects of the outage were. The warning by the cyber intelligence agency underlines the high risk of cyber threats following sweeping digital disruptions. At a time when digital disruption is happening at breakneck speed and things are getting increasingly complex, the importance of relying on checked and trustable sources for technical support and updates cannot be overemphasised. This incident underscores vulnerabilities that come with developments in technology and requirements for good cybersecurity measures to safeguard people from malignant elements.

Australia warns of scams post cyber outage

Businesses and services worldwide are slowly recovering from reportedly the worst&nbsp;IT outage in history&nbsp;that disrupted computer systems for hours between July 18 and 19.

The outage, caused by a faulty software update from cybersecurity firm CrowdStrike, heavily impacted industries including banks, hospitals, and airlines.

CrowdStrike's CEO, George Kurtz, issued an apology for the disruption and confirmed that a fix had been deployed. But it might take "some time" for all systems to be fully operational again.

Airline services are gradually returning to normal after thousands of flights were canceled. But operators are still expecting&nbsp;that delays and cancellations will continue through the weekend. Many businesses are contending with backlogs and missed orders, which may take days to resolve.

Health services in Britain, Israel, and Germany were also affected, following which a number of scheduled surgeries were cancelled.

The global chaos has raised concerns about the vulnerability of interconnected technologies and the potential for a single software glitch to cause widespread disruption.

<h2>Global IT outage: What happened?</h2>

The issue began at 19:00 GMT on Thursday (July 18) and affected Windows users running CrowdStrike Falcon cybersecurity software.

While the full extent of the problem became evident by Friday (July 19) morning, the situation began to improve by Friday evening. Many airports reported ongoing issues with check-in and payment systems but most flights were operating.

Also watch |&nbsp;I.T. outage disrupts flights, banks, and media outlets around the world

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In the financial sector, JP Morgan Chase, the largest bank in the US, is working to restore ATM services.

According to the website Downdetector, which tracks tech issues, the number of affected sites in the UK, India and southeast Asia&nbsp;decreased by the end of the day.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-it-outage-causes-widespread-disruptions-across-airports-742494">Global IT outage causes widespread disruptions across airports</a>

CrowdStrike's CEO George Kurtz explained on social media platform X that the problem was due to a defect in "a single content update for Windows hosts."&nbsp;

"We're deeply sorry for the impact that we've caused to customers, to travelers, to anyone affected by this, including our company," Kurtz told NBC.

"Many of the customers are rebooting the system and it's coming up and it'll be operational. It could be some time for some systems that just automatically won't recover, but it is our mission... to make sure every customer is fully recovered," he said.

Businesses and services worldwide are slowly recovering from reportedly the worst IT outage in history that disrupted computer systems for hours between July 18 and 19.

Businesses and services worldwide are slowly recovering from reportedly the worst IT outage in history that disrupted computer systems for hours between July 18 and 19. The outage, caused by a faulty software update from cybersecurity firm CrowdStrike, heavily impacted industries including banks, hospitals, and airlines. CrowdStrike's CEO, George Kurtz, issued an apology for the disruption and confirmed that a fix had been deployed. But it might take "some time" for all systems to be fully operational again. Airline services are gradually returning to normal after thousands of flights were canceled. But operators are still expecting that delays and cancellations will continue through the weekend. Many businesses are contending with backlogs and missed orders, which may take days to resolve. Health services in Britain, Israel, and Germany were also affected, following which a number of scheduled surgeries were cancelled. The global chaos has raised concerns about the vulnerability of interconnected technologies and the potential for a single software glitch to cause widespread disruption. Global IT outage: What happened? The issue began at 19:00 GMT on Thursday (July 18) and affected Windows users running CrowdStrike Falcon cybersecurity software. While the full extent of the problem became evident by Friday (July 19) morning, the situation began to improve by Friday evening. Many airports reported ongoing issues with check-in and payment systems but most flights were operating. Also watch | I.T. outage disrupts flights, banks, and media outlets around the world × In the financial sector, JP Morgan Chase, the largest bank in the US, is working to restore ATM services. According to the website Downdetector, which tracks tech issues, the number of affected sites in the UK, India and southeast Asia decreased by the end of the day. Also read | Global IT outage causes widespread disruptions across airports CrowdStrike's CEO George Kurtz explained on social media platform X that the problem was due to a defect in "a single content update for Windows hosts." "We're deeply sorry for the impact that we've caused to customers, to travelers, to anyone affected by this, including our company," Kurtz told NBC. "Many of the customers are rebooting the system and it's coming up and it'll be operational. It could be some time for some systems that just automatically won't recover, but it is our mission... to make sure every customer is fully recovered," he said.

Global IT chaos returning to stability after CrowdStrike's stumble

In his recent speech, former President Donald Trump announced a raft of policy proposals that set him quite radically apart from the Biden Administration on economy, immigration, and foreign policy. Trump vowed to increase oil production, finish the wall between the United States and Mexico, and end wars in Ukraine and Gaza. Visibly absent was abortion—a very controversial matter among Republicans that Democrats are using to campaign against him.

Trump appeased a critical voter concern—inflation—by promising to "end the inflation crisis" by increasing oil drilling to lower energy costs, which would bring down the prices of transportation, manufacturing, and household products. "So much starts with energy," Trump said. "We are a nation that has the opportunity to make an absolute fortune with its energy."

He said he would make the US "energy dominant" and a global supplier of energy, as he also knocked Democrats' climate policies as a "green new scam" that is fueling inflationary pressures. Instead, he suggested diverting money from climate projects to “important projects like roads, bridges, dams.”

Trump also promised to roll back Biden's electric vehicle policies on day one, putting himself squarely against incentives for EV manufacturing and sales.

On immigration, Trump vowed to rein in illegal immigration and shut down the United States-Mexico border, saying undocumented immigrants are inflaming violent crime and stealing American jobs. He showed a chart of illegal immigration patterns, saying, "Under the Trump Administration, if you came in illegally, you were apprehended immediately and you were deported," he said. “You went right back. The current administration terminated every single one of those great Trump policies that I put in place to seal the border.”

Trump ran through a few foreign policy positions during his speech. He vowed to return American hostages held by Hamas, he said his leadership keeps the Russians at bay, and of North Korean leader Kim Jong-Un, Trump said, "I think he misses me."

One might realise that Trump, in his speech, has insisted on highlighting a strategy of differences between himself and Biden on issues such as energy dominance, stricter immigration controls, and—most importantly—an assertive foreign policy. His pledges were more in tune with the priorities of his administration, those the American people would want: strong economic and security policies.

In his recent speech, former President Donald Trump announced a raft of policy proposals that set him quite radically apart from the Biden Administration on economy, immigration, and foreign policy.

In his recent speech, former President Donald Trump announced a raft of policy proposals that set him quite radically apart from the Biden Administration on economy, immigration, and foreign policy. Trump vowed to increase oil production, finish the wall between the United States and Mexico, and end wars in Ukraine and Gaza. Visibly absent was abortion—a very controversial matter among Republicans that Democrats are using to campaign against him. Trump appeased a critical voter concern—inflation—by promising to "end the inflation crisis" by increasing oil drilling to lower energy costs, which would bring down the prices of transportation, manufacturing, and household products. "So much starts with energy," Trump said. "We are a nation that has the opportunity to make an absolute fortune with its energy." He said he would make the US "energy dominant" and a global supplier of energy, as he also knocked Democrats' climate policies as a "green new scam" that is fueling inflationary pressures. Instead, he suggested diverting money from climate projects to “important projects like roads, bridges, dams.” Trump also promised to roll back Biden's electric vehicle policies on day one, putting himself squarely against incentives for EV manufacturing and sales. On immigration, Trump vowed to rein in illegal immigration and shut down the United States-Mexico border, saying undocumented immigrants are inflaming violent crime and stealing American jobs. He showed a chart of illegal immigration patterns, saying, "Under the Trump Administration, if you came in illegally, you were apprehended immediately and you were deported," he said. “You went right back. The current administration terminated every single one of those great Trump policies that I put in place to seal the border.” Trump ran through a few foreign policy positions during his speech. He vowed to return American hostages held by Hamas, he said his leadership keeps the Russians at bay, and of North Korean leader Kim Jong-Un, Trump said, "I think he misses me." One might realise that Trump, in his speech, has insisted on highlighting a strategy of differences between himself and Biden on issues such as energy dominance, stricter immigration controls, and—most importantly—an assertive foreign policy. His pledges were more in tune with the priorities of his administration, those the American people would want: strong economic and security policies.

Trump's agenda: global energy dominance and shifting policy paradigms

Japan's government cut its growth forecast for the current fiscal year, driven by a consumption slowdown because of the rising import costs related to a weak yen.

The updated forecast issued Friday expects the economy to grow 0.9 per cent in the fiscal year ending March 2025, down from 1.3 per cent projected in January.

Though it has cut the forecast, the government still projects the economy to grow 1.2 per cent in fiscal 2025 on the back of solid capital expenditure and an expected consumption uptick.

These are revised estimates much more upbeat than some private sector forecasts calling for growth of only 0.4 per cent.

Members of the government's top economic council expressed their worry about how the weak yen was weakening household purchasing power.

They said that rising prices, partly due to a weakened yen, were partly putting an overall chill in consumption.

"We can't overlook the impact a weak yen and rising prices are having on households' purchasing power," the council members said in the meeting discussing new growth projections.

It also includes Prime Minister Fumio Kishida adding warnings over the economic impact of higher prices, saying that the government is required to be extremely careful about the effects that the weak yen is going to have on the economy, the Kyodo news agency reported.

The revised forecasts by the Japanese government of annual economic growth, published in January and revised around July each year, are core factors in state budget planning.

The latest revision portrays deeper concerns about the fragility of the economy amid global uncertainties.

While the weak yen has been a boon to make exporters' products cheaper abroad, it has also driven up costs at home for fuel and food imports that hit consumers hard.

Moves believed to have been made by the government this month several times to stem the yen's fall continue in full swing.

Attention turns to whether the Bank of Japan will hike interest rates in its upcoming policy-setting gathering on July 31.

The BOJ is also likely to cut its growth forecast for the current fiscal year after a rare unscheduled downgrade of historical GDP figures earlier this month.

The central bank now forecasts growth of 0.8 per cent for the fiscal year.

(With inputs from Reuters)

Japan's government cut its growth forecast for the current fiscal year, driven by a consumption slowdown because of the rising import costs related to a weak yen.

Japan's government cut its growth forecast for the current fiscal year, driven by a consumption slowdown because of the rising import costs related to a weak yen. The updated forecast issued Friday expects the economy to grow 0.9 per cent in the fiscal year ending March 2025, down from 1.3 per cent projected in January. Though it has cut the forecast, the government still projects the economy to grow 1.2 per cent in fiscal 2025 on the back of solid capital expenditure and an expected consumption uptick. These are revised estimates much more upbeat than some private sector forecasts calling for growth of only 0.4 per cent. Members of the government's top economic council expressed their worry about how the weak yen was weakening household purchasing power. They said that rising prices, partly due to a weakened yen, were partly putting an overall chill in consumption. "We can't overlook the impact a weak yen and rising prices are having on households' purchasing power," the council members said in the meeting discussing new growth projections. It also includes Prime Minister Fumio Kishida adding warnings over the economic impact of higher prices, saying that the government is required to be extremely careful about the effects that the weak yen is going to have on the economy, the Kyodo news agency reported. The revised forecasts by the Japanese government of annual economic growth, published in January and revised around July each year, are core factors in state budget planning. The latest revision portrays deeper concerns about the fragility of the economy amid global uncertainties. While the weak yen has been a boon to make exporters' products cheaper abroad, it has also driven up costs at home for fuel and food imports that hit consumers hard. Moves believed to have been made by the government this month several times to stem the yen's fall continue in full swing. Attention turns to whether the Bank of Japan will hike interest rates in its upcoming policy-setting gathering on July 31. The BOJ is also likely to cut its growth forecast for the current fiscal year after a rare unscheduled downgrade of historical GDP figures earlier this month. The central bank now forecasts growth of 0.8 per cent for the fiscal year. (With inputs from Reuters)

Japan lowers growth forecast as weak Yen impacts consumption

The European Union could impose provisional tariffs on Chinese biodiesel after an investigation concluded that the product is being 'dumped' at unfair prices in EU markets.

The move would be part of a wider EU campaign against what it perceives as unfair trade practices from China.

It has proposed 'provisional' tariffs of between 12.8 per cent and 36.4 per cent, with the new duties due to come into force by mid-August.

The probe into the practices will run until February, when definitive duties may be set for five years.

Duties proposed range from 12.8 per cent on EcoCeres Group, 36.4 per cent on Jiaao Group, including Zhejiang Jiaao Enproenergy Co, and 25.4 per cent on Zhuoyue Group, including Longyan Zhuoyue New Energy Co.

The European Biodiesel Board has been lobbying for the measures, claiming a flood of low-priced Chinese imports had a devastating impact on EU biodiesel output.

The EBB said imports of biodiesel from China had surged, with 1.8 million tonnes entering the EU in 2023, accounting for 90 per cent of all Chinese biodiesel exports.

That has caused major distortions in the European market, the group said, including losing jobs and putting plans on hold; companies like Chevron Renewable Energy Group, Shell, BP, and Argent Energy are affected.

The European Waste-based and Advanced Biofuels Association has backed the proposed tariffs, which it hopes can rebalance market conditions following what it called an "extremely adverse" situation since late 2022.

(With inputs from Reuters)

The European Union could impose provisional tariffs on Chinese biodiesel after an investigation concluded that the product is being 'dumped' at unfair prices in EU markets.

The European Union could impose provisional tariffs on Chinese biodiesel after an investigation concluded that the product is being 'dumped' at unfair prices in EU markets. The move would be part of a wider EU campaign against what it perceives as unfair trade practices from China. It has proposed 'provisional' tariffs of between 12.8 per cent and 36.4 per cent, with the new duties due to come into force by mid-August. The probe into the practices will run until February, when definitive duties may be set for five years. Duties proposed range from 12.8 per cent on EcoCeres Group, 36.4 per cent on Jiaao Group, including Zhejiang Jiaao Enproenergy Co, and 25.4 per cent on Zhuoyue Group, including Longyan Zhuoyue New Energy Co. The European Biodiesel Board has been lobbying for the measures, claiming a flood of low-priced Chinese imports had a devastating impact on EU biodiesel output. The EBB said imports of biodiesel from China had surged, with 1.8 million tonnes entering the EU in 2023, accounting for 90 per cent of all Chinese biodiesel exports. That has caused major distortions in the European market, the group said, including losing jobs and putting plans on hold; companies like Chevron Renewable Energy Group, Shell, BP, and Argent Energy are affected. The European Waste-based and Advanced Biofuels Association has backed the proposed tariffs, which it hopes can rebalance market conditions following what it called an "extremely adverse" situation since late 2022. (With inputs from Reuters)

EU to impose provisional tariffs on Chinese biodiesel amid trade dispute

A massive IT outage Friday caused long delays, cancellations, and check-in problems at airports around the world, hitting not only airlines but various other industries.

The disruption, which was blamed on a glitch in Microsoft software, impacted a vast network of services and caused considerable chaos for travellers.

More than 110,000 commercial flights were due to operate on the day; however, by this afternoon already, 2,691 flights had been cancelled worldwide, according to the aviation analytics firm Cirium.

Among the airports affected was Edinburgh, where boarding pass scanners said that a "server is offline message" appeared, with passengers advised to check their flight status online before heading to the airport.

In response to the disruption, many airports and airlines adopted manual check-in processes.

Hong Kong International Airport, however, reported that even as the Microsoft outage was affecting several carriers, flight operations were unaffected. Singapore's Changi Airport also had to result in manual check-ins.

The aviation sector, most sensitive to time and coordination, took a hit as even small delays had flights across the globe out of schedule.

Microsoft said that some of its Office 365 apps and services could experience issues because of a "configuration change in part of our Azure-backed workloads," the company tweeted.

Cybersecurity firm CrowdStrike confirmed it was working with clients affected by the issue caused by a flaw in a Windows update, which contributed to the far-flung glitches.

The blackout was hence very provoking to passengers. At Madrid-Barajas, however, travellers were greeted by long queues and no information, hence a confused wait.

Ana Rodriguez, a tourist from Mexico, also described the chaotic scene of the passengers waiting in different lines only to be told where to check in later.

In New Delhi, resorts to IT failures were made, with airlines issuing handwritten boarding passes and also displaying flight information on whiteboards, while passengers at Baltimore Airport had to wait for long as Spirit Airlines employees processed tickets from paper manifests by hand.

The Federal Aviation Administration reported that major airlines such as American Airlines, United Airlines, and Delta issued ground stops in the United States in the early hours of the day due to communication problems.

While American Airlines later resumed its operations, Delta still delayed or even cancelled flights around Atlanta, Detroit, Minneapolis, and Salt Lake City.

Even with all this, US Transportation Secretary Pete Buttigieg was optimistic that transportation could return to normal on Saturday.

In Europe, some carriers like Spanish airline Iberia did not cancel flights, while there were major disruptions at Amsterdam's Schiphol and Berlin airports.

Questions also remain over passenger compensation. In Europe, carriers usually have to compensate travellers when delays exceed three hours, but the airline could argue this outage constitutes an "extraordinary circumstance" under EU statute.

US carriers are not legally bound to compensate for delays, and it is not clear whether an IT issue will be considered an "airline-caused" delay.

(With inputs from Reuters)

A massive IT outage Friday caused long delays, cancellations, and check-in problems at airports around the world, hitting not only airlines but various other industries.

A massive IT outage Friday caused long delays, cancellations, and check-in problems at airports around the world, hitting not only airlines but various other industries. The disruption, which was blamed on a glitch in Microsoft software, impacted a vast network of services and caused considerable chaos for travellers. More than 110,000 commercial flights were due to operate on the day; however, by this afternoon already, 2,691 flights had been cancelled worldwide, according to the aviation analytics firm Cirium. Among the airports affected was Edinburgh, where boarding pass scanners said that a "server is offline message" appeared, with passengers advised to check their flight status online before heading to the airport. In response to the disruption, many airports and airlines adopted manual check-in processes. Hong Kong International Airport, however, reported that even as the Microsoft outage was affecting several carriers, flight operations were unaffected. Singapore's Changi Airport also had to result in manual check-ins. The aviation sector, most sensitive to time and coordination, took a hit as even small delays had flights across the globe out of schedule. Microsoft said that some of its Office 365 apps and services could experience issues because of a "configuration change in part of our Azure-backed workloads," the company tweeted. Cybersecurity firm CrowdStrike confirmed it was working with clients affected by the issue caused by a flaw in a Windows update, which contributed to the far-flung glitches. The blackout was hence very provoking to passengers. At Madrid-Barajas, however, travellers were greeted by long queues and no information, hence a confused wait. Ana Rodriguez, a tourist from Mexico, also described the chaotic scene of the passengers waiting in different lines only to be told where to check in later. In New Delhi, resorts to IT failures were made, with airlines issuing handwritten boarding passes and also displaying flight information on whiteboards, while passengers at Baltimore Airport had to wait for long as Spirit Airlines employees processed tickets from paper manifests by hand. The Federal Aviation Administration reported that major airlines such as American Airlines, United Airlines, and Delta issued ground stops in the United States in the early hours of the day due to communication problems. While American Airlines later resumed its operations, Delta still delayed or even cancelled flights around Atlanta, Detroit, Minneapolis, and Salt Lake City. Even with all this, US Transportation Secretary Pete Buttigieg was optimistic that transportation could return to normal on Saturday. In Europe, some carriers like Spanish airline Iberia did not cancel flights, while there were major disruptions at Amsterdam's Schiphol and Berlin airports. Questions also remain over passenger compensation. In Europe, carriers usually have to compensate travellers when delays exceed three hours, but the airline could argue this outage constitutes an "extraordinary circumstance" under EU statute. US carriers are not legally bound to compensate for delays, and it is not clear whether an IT issue will be considered an "airline-caused" delay. (With inputs from Reuters)

Global IT outage causes widespread disruptions across airports

Wall Street's main indexes plummeted Friday on heavy selling of technology shares and mixed earnings.

The losses were compounded by a far-reaching cyber outage that hit shares of cybersecurity company CrowdStrike hard, off 11.2 per cent to the lowest in more than two months.

The CrowdStrike outage affected its product update for Microsoft's Windows Operating System, paralysing activities across several industries.

Major US airlines were ordering ground stops due to communication problems, while both the Euronext exchange and London Stock Exchange Group's Workspace news and data platform were hit by issues.

The LSEG later said its data and services were back online, but the initial disruptions had already dented investor sentiment.

Microsoft also slid 0.7 per cent, to over a one-month low, and extended its losses for a fourth consecutive day.

Microsoft's stock drop contributed to an overall rout in tech stocks. "Any hint of bad news because they're so priced to perfection is going to hurt these stocks," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

Even so, Blancato cites CrowdStrike and Microsoft as two great long-term investment opportunities.

The latest turmoil comes after Wall Street experienced two bruising sessions, as investors grappled with second-quarter earnings reports and turned averse to the mega-caps that had broadly led the equity rally in 2024.

Big technology stocks moved in both directions, with Nvidia and Amazon.com down 1 per cent and 0.5 per cent, respectively, and Apple and Alphabet up 1 per cent apiece.

Chip stocks were another mixed bag, with U.S.-listed shares of Taiwan Semiconductor Manufacturing down nearly 1.5 per cent, and Arm Holdings rose 3 per cent. The Nasdaq Composite has dropped 3.5 per cent over the past two sessions, while the S&amp;P 500 has lost 2.1 per cent, putting the indexes on pace for weekly losses.

The VIX, Wall Street's so-called "fear gauge," hit its highest level since early May, reflecting investor unease.

Investors now turn to comments from Federal Reserve officials John Williams and Raphael Bostic for possible clues regarding future monetary policy. Markets are pricing in a 25-basis-point interest rate cut by September and two cuts by year-end.

The Dow Jones Industrial Average slid 179.14 points, or 0.44 per cent, to 40,485.88; the S&amp;P 500 dropped 2.69 points, or 0.05 per cent, to 5,541.90; and the Nasdaq Composite slipped 18.08 points, or 0.10 per cent, to 17,853.15 at 9:48 a.m. ET.

In contrast, other cybersecurity shares rose, with Palo Alto Networks 1.5 per cent higher and SentinelOne jumping 6.4 per cent. Eli Lilly jumped 2.6 per cent on news that China approved its weight-loss drug tripeptide.

Intuitive Surgical surged 8 per cent after reporting second-quarter earnings well above expectations. Those updates helped the S&amp;P 500 healthcare index lead sectoral gainers.

On the other hand, Netflix fell 1 per cent in choppy trading following the streaming service's forecast of third-quarter subscriber additions below expectations and lower than a year earlier.

Oilfield services provider SLB rose 1.3 per cent following strong second-quarter profits.

Based on the most recent reports, S&amp;P 500 corporations have posted an earnings beat rate of 85 per cent and an overall growth rate of 11.1 per cent.

However, market breadth was still soft. Declining issues outnumbered advancers during trading on both the NYSE and the Nasdaq.

(With inputs from Reuters)

Wall Street's main indexes plummeted Friday on heavy selling of technology shares and mixed earnings. The losses were compounded by a far-reaching cyber outage that hit shares of cybersecurity company CrowdStrike hard, off 11.

Wall Street's main indexes plummeted Friday on heavy selling of technology shares and mixed earnings. The losses were compounded by a far-reaching cyber outage that hit shares of cybersecurity company CrowdStrike hard, off 11.2 per cent to the lowest in more than two months. The CrowdStrike outage affected its product update for Microsoft's Windows Operating System, paralysing activities across several industries. Major US airlines were ordering ground stops due to communication problems, while both the Euronext exchange and London Stock Exchange Group's Workspace news and data platform were hit by issues. The LSEG later said its data and services were back online, but the initial disruptions had already dented investor sentiment. Microsoft also slid 0.7 per cent, to over a one-month low, and extended its losses for a fourth consecutive day. Microsoft's stock drop contributed to an overall rout in tech stocks. "Any hint of bad news because they're so priced to perfection is going to hurt these stocks," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management. Even so, Blancato cites CrowdStrike and Microsoft as two great long-term investment opportunities. The latest turmoil comes after Wall Street experienced two bruising sessions, as investors grappled with second-quarter earnings reports and turned averse to the mega-caps that had broadly led the equity rally in 2024. Big technology stocks moved in both directions, with Nvidia and Amazon.com down 1 per cent and 0.5 per cent, respectively, and Apple and Alphabet up 1 per cent apiece. Chip stocks were another mixed bag, with U.S.-listed shares of Taiwan Semiconductor Manufacturing down nearly 1.5 per cent, and Arm Holdings rose 3 per cent. The Nasdaq Composite has dropped 3.5 per cent over the past two sessions, while the S&P 500 has lost 2.1 per cent, putting the indexes on pace for weekly losses. The VIX, Wall Street's so-called "fear gauge," hit its highest level since early May, reflecting investor unease. Investors now turn to comments from Federal Reserve officials John Williams and Raphael Bostic for possible clues regarding future monetary policy. Markets are pricing in a 25-basis-point interest rate cut by September and two cuts by year-end. The Dow Jones Industrial Average slid 179.14 points, or 0.44 per cent, to 40,485.88; the S&P 500 dropped 2.69 points, or 0.05 per cent, to 5,541.90; and the Nasdaq Composite slipped 18.08 points, or 0.10 per cent, to 17,853.15 at 9:48 a.m. ET. In contrast, other cybersecurity shares rose, with Palo Alto Networks 1.5 per cent higher and SentinelOne jumping 6.4 per cent. Eli Lilly jumped 2.6 per cent on news that China approved its weight-loss drug tripeptide. Intuitive Surgical surged 8 per cent after reporting second-quarter earnings well above expectations. Those updates helped the S&P 500 healthcare index lead sectoral gainers. On the other hand, Netflix fell 1 per cent in choppy trading following the streaming service's forecast of third-quarter subscriber additions below expectations and lower than a year earlier. Oilfield services provider SLB rose 1.3 per cent following strong second-quarter profits. Based on the most recent reports, S&P 500 corporations have posted an earnings beat rate of 85 per cent and an overall growth rate of 11.1 per cent. However, market breadth was still soft. Declining issues outnumbered advancers during trading on both the NYSE and the Nasdaq. (With inputs from Reuters)

Tech sell-off deepens as cybersecurity outage hits Wall Street

OpenAI is reportedly talking to chip designers, including Broadcom, to make a new AI chip in a bid to ease its reliance on expensive graphics processing units (GPUs) in short supply used to develop AI models such as ChatGPT, GPT-4, and DALL-E3, sources familiar with the matter told The Information.

In its quest to reduce this reliance, OpenAI is mulling over creating its own AI chips. The Microsoft-backed company is hiring former Google employees who produced the online search giant's own AI chip, the tensor processing unit, an indicator of intense will to develop an AI server chip, the report added, citing three people who have been involved.

A spokesperson for OpenAI told The Information, "OpenAI is having ongoing conversations with industry and government stakeholders about increasing access to the infrastructure needed to ensure AI's benefits are widely accessible.".

Also, Bloomberg News reported earlier this year that OpenAI CEO Sam Altman intends to raise billions of dollars to build out a network of semiconductor manufacturing plants with major chipmakers such as Intel, Taiwan Semiconductor Manufacturing Co., and Samsung Electronics as potential partners for this hugely ambitious project.

On this note, OpenAI's move to develop its AI chips will drastically reduce dependence on external GPU suppliers and boost capabilities in the development of AI models. OpenAI has a tendency to enter collaborations with industry giants and commit huge investments to the production process of semiconductors, ensuring a robust and self-sufficient infrastructure for the continuous progress in AI innovation. This puts custom hardware at the very front in the advancement of artificial intelligence.

OpenAI is reportedly talking to chip designers, including Broadcom, to make a new AI chip in a bid to ease its reliance on expensive graphics processing units (GPUs) in short supply used to develop AI models such as ChatGPT, GPT-4, and DALL-E3, sources familiar with the matter told The Information.

OpenAI is reportedly talking to chip designers, including Broadcom, to make a new AI chip in a bid to ease its reliance on expensive graphics processing units (GPUs) in short supply used to develop AI models such as ChatGPT, GPT-4, and DALL-E3, sources familiar with the matter told The Information. In its quest to reduce this reliance, OpenAI is mulling over creating its own AI chips. The Microsoft-backed company is hiring former Google employees who produced the online search giant's own AI chip, the tensor processing unit, an indicator of intense will to develop an AI server chip, the report added, citing three people who have been involved. A spokesperson for OpenAI told The Information, "OpenAI is having ongoing conversations with industry and government stakeholders about increasing access to the infrastructure needed to ensure AI's benefits are widely accessible.". Also, Bloomberg News reported earlier this year that OpenAI CEO Sam Altman intends to raise billions of dollars to build out a network of semiconductor manufacturing plants with major chipmakers such as Intel, Taiwan Semiconductor Manufacturing Co., and Samsung Electronics as potential partners for this hugely ambitious project. On this note, OpenAI's move to develop its AI chips will drastically reduce dependence on external GPU suppliers and boost capabilities in the development of AI models. OpenAI has a tendency to enter collaborations with industry giants and commit huge investments to the production process of semiconductors, ensuring a robust and self-sufficient infrastructure for the continuous progress in AI innovation. This puts custom hardware at the very front in the advancement of artificial intelligence.

OpenAI's leap into AI chip development to counter GPU scarcity

Federal Reserve Bank of San Francisco President Mary Daly reiterated that she would want to see firmer signs that inflation is heading back toward the Fed's 2 per cent target before the central bank considers cutting interest rates. In comments at a Dallas Fed event, Daly expressed concerns about the current state of price stability.

"We don't have price stability right now," Daly noted. "We've had some really good incoming data, but even with the incoming data on inflation being positive and good data after earlier this year, we're not there yet" on getting inflation sustainably back to the 2 per cent target, she said.

Along these lines, Daly described how tight of a tightrope walk monetary policy is on at present. "It's a risk to act too soon to normalize interest rates and then have inflation stuck below or above our target and it's a risk to hold on too long and make the labor market falter," she said.

She further advised patience on the prospect of rate cuts, saying Fed officials have to "balance the costs of acting fast and being wrong," and avoiding a policy mistake is important.

Although the Fed might consider cutting rates in September, some voices have joined in to pitch their case for action at the July meeting in view of cooling price pressures. But Daly's comments suggest a more measured approach: one that seeks long-term stability over immediate action.

Essentially, Mary Daly's comments reflect the patience the Fed has toward attending to inflation and interest rates. Her emphasis on patience and being careful mirrors broader challenges at the central bank in the context of attaining dual mandate objectives of price stability and full employment. While the Fed decides to tread through such complexities, focus has been made on data-driven decisions so that sustainable economic growth can be warranted.

Federal Reserve Bank of San Francisco President Mary Daly reiterated that she would want to see firmer signs that inflation is heading back toward the Fed's 2 per cent target before the central bank considers cutting interest rates.

Federal Reserve Bank of San Francisco President Mary Daly reiterated that she would want to see firmer signs that inflation is heading back toward the Fed's 2 per cent target before the central bank considers cutting interest rates. In comments at a Dallas Fed event, Daly expressed concerns about the current state of price stability. "We don't have price stability right now," Daly noted. "We've had some really good incoming data, but even with the incoming data on inflation being positive and good data after earlier this year, we're not there yet" on getting inflation sustainably back to the 2 per cent target, she said. Along these lines, Daly described how tight of a tightrope walk monetary policy is on at present. "It's a risk to act too soon to normalize interest rates and then have inflation stuck below or above our target and it's a risk to hold on too long and make the labor market falter," she said. She further advised patience on the prospect of rate cuts, saying Fed officials have to "balance the costs of acting fast and being wrong," and avoiding a policy mistake is important. Although the Fed might consider cutting rates in September, some voices have joined in to pitch their case for action at the July meeting in view of cooling price pressures. But Daly's comments suggest a more measured approach: one that seeks long-term stability over immediate action. Essentially, Mary Daly's comments reflect the patience the Fed has toward attending to inflation and interest rates. Her emphasis on patience and being careful mirrors broader challenges at the central bank in the context of attaining dual mandate objectives of price stability and full employment. While the Fed decides to tread through such complexities, focus has been made on data-driven decisions so that sustainable economic growth can be warranted.

Fed's Daly urges caution before considering rate cuts

Shares of Australia's Domino's Pizza Enterprises sank on Thursday to nine-year troughs after the company said it would shut underperforming stores in Japan and France, prompting analysts to lower earnings estimates. Domino's stock slumped as far as 9.6 per cent to A$32.62 by 0052 GMT, the lowest since February 2015, against a near-flat benchmark index.

The pizza chain announced Wednesday, after the market closed, that it now expects store growth to be flat to slightly positive in the current fiscal year. That will be based on store closures of up to 80 low-volume stores in Japan and 10-20 closures in France.

Macquarie analysts said the company's aim to boost store profitability was a sensible strategy but one that would almost certainly cause some short-term disruption to expectations. In its Japan segment, Domino's opened over 400 stores between fiscal years 2020 and 2023, which as a matter of course resulted in a bunch of "immature stores."

"There were too many loss-making stores in Japan with too long a path to profitability, while the French store closures reflect the challenges for DMP in that market as the company repositions its operational focus," analysts at UBS said.

The company is confident that it will return to positive same-store sales in Japan by the financial year 2025, which started this month. It also expects 3-4 per cent group store growth in fiscal 2026.

"Given the lower levels of store openings in FY24-FY26, the previous timeline of 2033 will not be achieved," Domino's said on Wednesday.

On the news, Morgan Stanley analysts cut earnings estimates by 3 per cent for both fiscal 2025 and 2026. Macquarie lowered earnings forecasts for fiscal 2024 and 2025 by 2 per cent and 5 per cent, respectively, in the wake of revised network growth assumptions.

The retail food outlet operator is slated to release its annual results in August. Back in January, Domino's pulled its fiscal 2024 outlook following the disappointment of its first-half profit forecast.

The outlook for Domino's, though bleak, falls in line with the strategic focus towards improving store profitability and future growth projections as it handles its business in a cautious but forward-looking way. The reaction of the market signals immediate worries, but the long-term strategy may set the company up for better performance in later years.

Shares of Australia's Domino's Pizza Enterprises sank on Thursday to nine-year troughs after the company said it would shut underperforming stores in Japan and France, prompting analysts to lower earnings estimates.

Shares of Australia's Domino's Pizza Enterprises sank on Thursday to nine-year troughs after the company said it would shut underperforming stores in Japan and France, prompting analysts to lower earnings estimates. Domino's stock slumped as far as 9.6 per cent to A$32.62 by 0052 GMT, the lowest since February 2015, against a near-flat benchmark index. The pizza chain announced Wednesday, after the market closed, that it now expects store growth to be flat to slightly positive in the current fiscal year. That will be based on store closures of up to 80 low-volume stores in Japan and 10-20 closures in France. Macquarie analysts said the company's aim to boost store profitability was a sensible strategy but one that would almost certainly cause some short-term disruption to expectations. In its Japan segment, Domino's opened over 400 stores between fiscal years 2020 and 2023, which as a matter of course resulted in a bunch of "immature stores." "There were too many loss-making stores in Japan with too long a path to profitability, while the French store closures reflect the challenges for DMP in that market as the company repositions its operational focus," analysts at UBS said. The company is confident that it will return to positive same-store sales in Japan by the financial year 2025, which started this month. It also expects 3-4 per cent group store growth in fiscal 2026. "Given the lower levels of store openings in FY24-FY26, the previous timeline of 2033 will not be achieved," Domino's said on Wednesday. On the news, Morgan Stanley analysts cut earnings estimates by 3 per cent for both fiscal 2025 and 2026. Macquarie lowered earnings forecasts for fiscal 2024 and 2025 by 2 per cent and 5 per cent, respectively, in the wake of revised network growth assumptions. The retail food outlet operator is slated to release its annual results in August. Back in January, Domino's pulled its fiscal 2024 outlook following the disappointment of its first-half profit forecast. The outlook for Domino's, though bleak, falls in line with the strategic focus towards improving store profitability and future growth projections as it handles its business in a cautious but forward-looking way. The reaction of the market signals immediate worries, but the long-term strategy may set the company up for better performance in later years.

Domino’s stock plunge to 9-year low amid store closures

Hiking through clients' reluctance over investments in 5G technology, Nokia reported a sharp drop in both profit and sales for the second quarter. The Espoo, Finland-based company says net profit tailed down to 328 million euros ($359 million) for the April−June period from 409 million euros ($447 million) a year earlier. Net income attributable to shareholders also dropped to 325 million euros ($355 million) from 410 million euros.

Like its Nordic rival Ericsson of Sweden, Nokia has had a rough year since investors cut back on investments in 5G and other telecom technologies because of economic uncertainty and high finance charges.

“Our financial performance in the second quarter continued to be impacted by the ongoing market weakness with net sales declining 18 per cent year-on-year in constant currency,” Nokia CEO Pekka Lundmark said in a statement. Nokia’s sales were down 18 per cent at 4.5 billion euros ($4.9 billion) compared with 5.4 billion euros ($5.9 billion) a year earlier.

While a leading global supplier of 5G, the latest generation of broadband technology, along with Ericsson, China's Huawei, and South Korea's Samsung, more sales are expected by Nokia in the second half, more so in its business unit of network infrastructure.

“Looking forward, we believe the industry is stabilising and given the order intake seen in recent quarters we expect a significant acceleration in net sales growth in the second half,” he said.

However, Nokia's most critical business unit in terms of revenue for the quarter—its mobile network—remains in far less favourable circumstances. "The market dynamic remains challenging as operators continue to be cautious" of spending on 5G technology and equipment, said Nokia CEO Pekka Lundmark.

Hiking through clients' reluctance over investments in 5G technology, Nokia reported a sharp drop in both profit and sales for the second quarter. The Espoo, Finland-based company says net profit tailed down to 328 million euros ($359 million) for the April−June period from 409 million euros ($447 million) a year earlier.

Hiking through clients' reluctance over investments in 5G technology, Nokia reported a sharp drop in both profit and sales for the second quarter. The Espoo, Finland-based company says net profit tailed down to 328 million euros ($359 million) for the April−June period from 409 million euros ($447 million) a year earlier. Net income attributable to shareholders also dropped to 325 million euros ($355 million) from 410 million euros. Like its Nordic rival Ericsson of Sweden, Nokia has had a rough year since investors cut back on investments in 5G and other telecom technologies because of economic uncertainty and high finance charges. “Our financial performance in the second quarter continued to be impacted by the ongoing market weakness with net sales declining 18 per cent year-on-year in constant currency,” Nokia CEO Pekka Lundmark said in a statement. Nokia’s sales were down 18 per cent at 4.5 billion euros ($4.9 billion) compared with 5.4 billion euros ($5.9 billion) a year earlier. While a leading global supplier of 5G, the latest generation of broadband technology, along with Ericsson, China's Huawei, and South Korea's Samsung, more sales are expected by Nokia in the second half, more so in its business unit of network infrastructure. “Looking forward, we believe the industry is stabilising and given the order intake seen in recent quarters we expect a significant acceleration in net sales growth in the second half,” he said. However, Nokia's most critical business unit in terms of revenue for the quarter—its mobile network—remains in far less favourable circumstances. "The market dynamic remains challenging as operators continue to be cautious" of spending on 5G technology and equipment, said Nokia CEO Pekka Lundmark.

Nokia's Q2 financial descent as 5G investment hesitation persists

The pace of wage growth for UK workers eased in the three months leading up to the end of May but remained at levels that would normally be too high for the Bank of England to keep inflation at its 2 per cent target. This comes as the BOE left interest rates unchanged.

Data from the Office for National Statistics (ONS) showed an average weekly earnings increase (excluding bonuses and adjustments) of 5.7 per cent (year on year). The earnings in total over the same period also increased by 5.7 per cent.

The figures were in step with the middle ground of what economists polled by Reuters had predicted. For the three months up to April, the annual rate of growth in regular pay was 6.0 per cent on average, while total earnings growth was 5.9 per cent. The Bank of England is due to announce its next interest rate decision in two weeks' time. After this week’s surprise inflation figures, financial markets see a roughly one-in-three chance of an August rate cut.

Furthermore, the Thursday announcement from the Office for National Statistics highlighted a delay in the changeover to a new edition of the Labour Force Survey, previously scheduled for September. Although wage increases have recently slowed, the trend toward higher pay has failed to materialise for many workers. Voting patterns suggest that a tightening labour market could lead to a pay squeeze for many households. The BoE should tread carefully.

The pace of wage growth for UK workers eased in the three months leading up to the end of May but remained at levels that would normally be too high for the Bank of England to keep inflation at its 2 per cent target.

The pace of wage growth for UK workers eased in the three months leading up to the end of May but remained at levels that would normally be too high for the Bank of England to keep inflation at its 2 per cent target. This comes as the BOE left interest rates unchanged. Data from the Office for National Statistics (ONS) showed an average weekly earnings increase (excluding bonuses and adjustments) of 5.7 per cent (year on year). The earnings in total over the same period also increased by 5.7 per cent. The figures were in step with the middle ground of what economists polled by Reuters had predicted. For the three months up to April, the annual rate of growth in regular pay was 6.0 per cent on average, while total earnings growth was 5.9 per cent. The Bank of England is due to announce its next interest rate decision in two weeks' time. After this week’s surprise inflation figures, financial markets see a roughly one-in-three chance of an August rate cut. Furthermore, the Thursday announcement from the Office for National Statistics highlighted a delay in the changeover to a new edition of the Labour Force Survey, previously scheduled for September. Although wage increases have recently slowed, the trend toward higher pay has failed to materialise for many workers. Voting patterns suggest that a tightening labour market could lead to a pay squeeze for many households. The BoE should tread carefully.

UK wage growth deceleration: BoE faces dilemma amid persistent inflationary pressures

Imagine you find out the mechanic who has been working on your vehicle for a long time knows very little about how the engine operates. You felt they were pulling it off brilliantly.&nbsp;

Actually, it was merely a matter of luck. That is similar to what's been happening at central banks.&nbsp;

The world's central banks, essentially repair shops for inflation, have seen something similar.&nbsp;

Over the past three decades, the federal reserve, the Bank of England, and the European central bank have all worked to keep inflation low and steady.&nbsp;

In exchange, policymakers received many accolades for using their expertise and discretion for the common good.&nbsp;

A less favourable picture of the money mandarins has emerged due to the post-pandemic price surge.&nbsp;

Not one central bank anticipated the inflationary surge. "Transitory" was the word they used for the price spike post the pandemic.&nbsp;

After it showed no signs of moving, in a knee-jerk reaction, they unleashed a storm of interest rate hikes that would trigger a significant economic downturn.&nbsp;

This has the potential to turn into a financial catastrophe. These setback costs are real.&nbsp;

Inflation taxed people's purchasing power, causing their living standards to decline globally.&nbsp;

US fed chair Jerome Powell and his peers at other major central banks are prepared to declare "mission accomplished" and proceed now that inflation is finally slouching towards target.&nbsp;

However, they need to figure out what went wrong and look at ways to prevent it from happening again.&nbsp;

More importantly, they need to take accountability as they are an independent block.&nbsp;

Independent central banks are free to pursue price stability without interference from politicians.&nbsp;

Reason&nbsp;

Politicians can misuse such a tool as an incentive to boost growth in the run-up to elections. Because of this, they make hasty judgements that lead to higher and more unpredictable pricing, such as lowering rates when they should be raising them.&nbsp;

The 1990s marked the birth of independent central banks.&nbsp;

Independence stands to reason that monetary officials would have some idea of what triggers inflation.&nbsp;

Their inability to foresee an almost 10 per cent surge in prices between 2021 and 2022 implies that they are unable to.&nbsp;

The other real question is: do central banks have the right tools to do the job?&nbsp;

For now, independence without accountability is weighing on common people more than ever.&nbsp;

Imagine you find out the mechanic who has been working on your vehicle for a long time knows very little about how the engine operates. You felt they were pulling it off brilliantly.

Imagine you find out the mechanic who has been working on your vehicle for a long time knows very little about how the engine operates. You felt they were pulling it off brilliantly. Actually, it was merely a matter of luck. That is similar to what's been happening at central banks. The world's central banks, essentially repair shops for inflation, have seen something similar. Over the past three decades, the federal reserve, the Bank of England, and the European central bank have all worked to keep inflation low and steady. In exchange, policymakers received many accolades for using their expertise and discretion for the common good. A less favourable picture of the money mandarins has emerged due to the post-pandemic price surge. Not one central bank anticipated the inflationary surge. "Transitory" was the word they used for the price spike post the pandemic. After it showed no signs of moving, in a knee-jerk reaction, they unleashed a storm of interest rate hikes that would trigger a significant economic downturn. This has the potential to turn into a financial catastrophe. These setback costs are real. Inflation taxed people's purchasing power, causing their living standards to decline globally. US fed chair Jerome Powell and his peers at other major central banks are prepared to declare "mission accomplished" and proceed now that inflation is finally slouching towards target. However, they need to figure out what went wrong and look at ways to prevent it from happening again. More importantly, they need to take accountability as they are an independent block. Independent central banks are free to pursue price stability without interference from politicians. Reason Politicians can misuse such a tool as an incentive to boost growth in the run-up to elections. Because of this, they make hasty judgements that lead to higher and more unpredictable pricing, such as lowering rates when they should be raising them. The 1990s marked the birth of independent central banks. Independence stands to reason that monetary officials would have some idea of what triggers inflation. Their inability to foresee an almost 10 per cent surge in prices between 2021 and 2022 implies that they are unable to. The other real question is: do central banks have the right tools to do the job? For now, independence without accountability is weighing on common people more than ever.

Have global central banks lost the inflation fight?

Oil prices inched higher, extending their biggest daily gain in a month, as US crude stockpiles continue to decline.

Brent crude jumped above $85 a barrel, rising 1.6 per cent Wednesday, while West Texas Intermediate traded just shy of $83. According to data from the Energy Information Administration, crude inventories in the US fell by 4.87 million barrels last week. It's the third straight week of declines and the lowest since February. While inventories typically decline this time of year, current levels are below the five-year seasonal average.

Although supply cuts from OPEC+ have underpinned oil prices this year, increased production from non-cartel countries has offset these cuts. Meanwhile, expectations of looser monetary policy from the US have supported crude by boosting the appeal of risk assets and putting downward pressure on the US dollar. A weaker dollar makes dollar-denominated commodities more appealing to international buyers.

Timespreads, meanwhile, have strengthened, indicating strong near-term demand. The prompt spread, or the gap between Brent's two nearest contracts, is more than $1 a barrel in backwardation — when the nearest contract trades above the next, compared with 80 cents a month ago.

Futures are “breaking away from a losing streak as a substantial correction in the US dollar supports oil prices,” said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova Pte. Also, a steeper-than-anticipated drop in US stockpiles signalled that consumption remains strong and could counter concerns about China's economic growth, she said.

Further out, oil prices continued steady strides despite concerns over global economic conditions, as the relentless fall of US crude stockpiles and the expected looser monetary policy actions have kept prices sturdy. On the same note, timespreads indicate that near-term demand remains firm and points to a positive short-term outlook for the oil market.

Oil prices inched higher, extending their biggest daily gain in a month, as US crude stockpiles continue to decline. Brent crude jumped above $85 a barrel, rising 1.

Oil prices inched higher, extending their biggest daily gain in a month, as US crude stockpiles continue to decline. Brent crude jumped above $85 a barrel, rising 1.6 per cent Wednesday, while West Texas Intermediate traded just shy of $83. According to data from the Energy Information Administration, crude inventories in the US fell by 4.87 million barrels last week. It's the third straight week of declines and the lowest since February. While inventories typically decline this time of year, current levels are below the five-year seasonal average. Although supply cuts from OPEC+ have underpinned oil prices this year, increased production from non-cartel countries has offset these cuts. Meanwhile, expectations of looser monetary policy from the US have supported crude by boosting the appeal of risk assets and putting downward pressure on the US dollar. A weaker dollar makes dollar-denominated commodities more appealing to international buyers. Timespreads, meanwhile, have strengthened, indicating strong near-term demand. The prompt spread, or the gap between Brent's two nearest contracts, is more than $1 a barrel in backwardation — when the nearest contract trades above the next, compared with 80 cents a month ago. Futures are “breaking away from a losing streak as a substantial correction in the US dollar supports oil prices,” said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova Pte. Also, a steeper-than-anticipated drop in US stockpiles signalled that consumption remains strong and could counter concerns about China's economic growth, she said. Further out, oil prices continued steady strides despite concerns over global economic conditions, as the relentless fall of US crude stockpiles and the expected looser monetary policy actions have kept prices sturdy. On the same note, timespreads indicate that near-term demand remains firm and points to a positive short-term outlook for the oil market.

Relentless US crude stockpile decline spurs buoyant oil market

India's upcoming Budget&nbsp;is all set to have certain&nbsp;implications for the insurance sector, most notably from a consumer point of view.

Experts and industry leaders are looking at a few&nbsp;reforms that are likely to render insurance within reach and affordable for most people across the nation.

The top wish list is tax reforms.

The current tax structure, which recently waived off life insurance product exemptions, can be improved further.&nbsp;

Experts believe that the&nbsp;attractiveness of life insurance as an investment avenue will increase even further.&nbsp;

This would align it more with other financial instruments that receive beneficial tax treatment.

In addition, many sections, such as 80c and 80d sections of the Income Tax Act, request to raise the tax exemption limits. This change is required&nbsp;because more people will be inclined to invest in insurance-related policy matters.

This will, in turn, lead to a surge in the adoption of insurance policies between the different demographics. 
For consumers, the changes brought forth will make insurance products simple and less costly.

It could help to ease the financial burden for policyholders by lowering the GST, for instance, on health insurance premiums.

The burden, especially on middle-income and senior citizens, has been quite heavy with rising healthcare costs.

Even for individual tax benefits, this could be extended for various categories: cyber insurance and insurance against electric vehicles, for example.

Overall, the union budget 2024 presents an opportunity for the government to address longstanding demands of the insurance sector, aiming to broaden coverage and improve financial security for all citizens.&nbsp;

These potential reforms are poised to create a more favourable environment for insurers and consumers. They will also foster growth and resilience in India's insurance industry. But, will Finance Minister Nirmala Sitharaman address the wishlist from the insurance sector?

These questions shall be answered in the budget on July 23.

India's upcoming Budget is all set to have certain implications for the insurance sector, most notably from a consumer point of view. Experts and industry leaders are looking at a few reforms that are likely to render insurance within reach and affordable for most people across the nation.

India's upcoming Budget is all set to have certain implications for the insurance sector, most notably from a consumer point of view. Experts and industry leaders are looking at a few reforms that are likely to render insurance within reach and affordable for most people across the nation. The top wish list is tax reforms. The current tax structure, which recently waived off life insurance product exemptions, can be improved further. Experts believe that the attractiveness of life insurance as an investment avenue will increase even further. This would align it more with other financial instruments that receive beneficial tax treatment. In addition, many sections, such as 80c and 80d sections of the Income Tax Act, request to raise the tax exemption limits. This change is required because more people will be inclined to invest in insurance-related policy matters. This will, in turn, lead to a surge in the adoption of insurance policies between the different demographics. For consumers, the changes brought forth will make insurance products simple and less costly. It could help to ease the financial burden for policyholders by lowering the GST, for instance, on health insurance premiums. The burden, especially on middle-income and senior citizens, has been quite heavy with rising healthcare costs. Even for individual tax benefits, this could be extended for various categories: cyber insurance and insurance against electric vehicles, for example. Overall, the union budget 2024 presents an opportunity for the government to address longstanding demands of the insurance sector, aiming to broaden coverage and improve financial security for all citizens. These potential reforms are poised to create a more favourable environment for insurers and consumers. They will also foster growth and resilience in India's insurance industry. But, will Finance Minister Nirmala Sitharaman address the wishlist from the insurance sector? These questions shall be answered in the budget on July 23.

India budget 2024: wishlist of the insurance sector

Reports are swirling about a possible tax hike on futures &amp; options, or F&amp;O, trading. This comes as discussions are ripe about protecting investors and promoting long-term investment strategies.

What is F&amp;O trading?

F&amp;O contracts allow speculation on the future price of assets. This opens avenues for big&nbsp;profits, but also opens doors for significant losses. This is why the government is trying to protect investors, especially retail, since they are more exposed to these risks.

Ansh Kachhara, an F&amp;O trader from Mumbai, spoke to WION regarding risks involved in F&amp;O trading. 'You can make unlimited money, but the bigger problem is, you won't,' he said.

Why the need for regulation?

India boasts of the biggest derivative exchange in the world, despite being 1/10th of US' market capitalisation. This is potentially raising alarm bells for the government that is now looking for more regulations.

What are the proposed rules?

The government is considering two key changes. First is reclassifying F&amp;O income &nbsp;as 'speculative income' rather than 'business income.' This would attract a flat &nbsp;30 per cent tax rate similar to lottery winnings. This can potentially eliminate the benefit of offsetting F&amp;O losses with other business profits.

The second proposal aims to introduce TDS, or Tax deducted at source. This would help in boosting tax compliance and encourage retail investors to shift towards more stable investment options like Mutual funds and stocks. This can potentially lead to a lower market volatility caused by F&amp;O trading.

Securities and Exchange Board of India (SEBI) recently announced new rules effective October 2024. The rules include a uniform transaction fees to replace slab-wise fees, higher margins for bigger lots, and no day trading for individual investors.

Are traders satisfied with the proposed changes?

Will higher taxes discourage F&amp;O traders? Experts believe it won't have that big of an effect. 'SEBI says 95 per cent of the traders&nbsp;don't make money,' said Ansh. He added that India is the most expensive market in the world. All the transactions costs are anyways in the higher bracket compared to the rest of the world.

'Market volatility and unregulated foreign inflows are the biggest issue that traders are facing.' he added.

Reports are swirling about a possible tax hike on futures & options, or F&O, trading. This comes as discussions are ripe about protecting investors and promoting long-term investment strategies.

Reports are swirling about a possible tax hike on futures & options, or F&O, trading. This comes as discussions are ripe about protecting investors and promoting long-term investment strategies. What is F&O trading? F&O contracts allow speculation on the future price of assets. This opens avenues for big profits, but also opens doors for significant losses. This is why the government is trying to protect investors, especially retail, since they are more exposed to these risks. Ansh Kachhara, an F&O trader from Mumbai, spoke to WION regarding risks involved in F&O trading. 'You can make unlimited money, but the bigger problem is, you won't,' he said. Why the need for regulation? India boasts of the biggest derivative exchange in the world, despite being 1/10th of US' market capitalisation. This is potentially raising alarm bells for the government that is now looking for more regulations. What are the proposed rules? The government is considering two key changes. First is reclassifying F&O income as 'speculative income' rather than 'business income.' This would attract a flat 30 per cent tax rate similar to lottery winnings. This can potentially eliminate the benefit of offsetting F&O losses with other business profits. The second proposal aims to introduce TDS, or Tax deducted at source. This would help in boosting tax compliance and encourage retail investors to shift towards more stable investment options like Mutual funds and stocks. This can potentially lead to a lower market volatility caused by F&O trading. Securities and Exchange Board of India (SEBI) recently announced new rules effective October 2024. The rules include a uniform transaction fees to replace slab-wise fees, higher margins for bigger lots, and no day trading for individual investors. Are traders satisfied with the proposed changes? Will higher taxes discourage F&O traders? Experts believe it won't have that big of an effect. 'SEBI says 95 per cent of the traders don't make money,' said Ansh. He added that India is the most expensive market in the world. All the transactions costs are anyways in the higher bracket compared to the rest of the world. 'Market volatility and unregulated foreign inflows are the biggest issue that traders are facing.' he added.

India budget 2024: Futures & options (F&O) trading in focus

Japanese manufacturers grew more confident about business conditions in July, while sentiment in the service sector dulled, a Reuters monthly Tankan poll showed on Wednesday. This transmits a mixed economic outlook with varied sectoral performance.

The survey, which captured responses from 506 large non-financial firms, came out just two weeks ahead of the policy review by the Central Bank of Japan on July 30-31. Much attention is now focused on the BOJ for hints on impending interest rate hikes as the central bank raised rates in March for the first time since 2007 and trimmed bond-buying last month.

The BOJ will keep a close watch on its own tankan survey, short-term outlook data, and indications from other leading economic indicators that could confirm the sustainability of inflation and strong household consumption—perhaps driven by wage hikes. This could mediate their case for further rate hikes.

The Reuters Tankan survey, which closely tracks the BOJ's tankan, demonstrated that the sentiment index for manufacturers jumped by five points from June to stand at plus 11, and also the first rise in four months. However, manufacturers said pessimism is yet to fully flee as they predict the index will fall over the next three months to plus 9.

"Domestic price hikes have weakened consumption and a slowing Chinese economy has caused China-bound materials from the Middle East to make inroads into the Japanese market at low prices," a manager at a chemicals manufacturer wrote in the Reuters poll, conducted July 2-12, on condition of anonymity.

"The double punches of weak domestic demand and cheap import materials from overseas are curbing our sales volume."

A food processing company manager wrote: "Input prices have risen and remain elevated due to the weak yen as we struggle to transfer costs to our customers."

The Reuters Tankan index for the service sector slipped to plus 27 from plus 31, its first fall in three months. Non-manufacturers expect the index to inch up to plus 28 by October.

The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive reading indicates a heftier number of optimists than pessimists.

Japanese manufacturers grew more confident about business conditions in July, while sentiment in the service sector dulled, a Reuters monthly Tankan poll showed on Wednesday.

Japanese manufacturers grew more confident about business conditions in July, while sentiment in the service sector dulled, a Reuters monthly Tankan poll showed on Wednesday. This transmits a mixed economic outlook with varied sectoral performance. The survey, which captured responses from 506 large non-financial firms, came out just two weeks ahead of the policy review by the Central Bank of Japan on July 30-31. Much attention is now focused on the BOJ for hints on impending interest rate hikes as the central bank raised rates in March for the first time since 2007 and trimmed bond-buying last month. The BOJ will keep a close watch on its own tankan survey, short-term outlook data, and indications from other leading economic indicators that could confirm the sustainability of inflation and strong household consumption—perhaps driven by wage hikes. This could mediate their case for further rate hikes. The Reuters Tankan survey, which closely tracks the BOJ's tankan, demonstrated that the sentiment index for manufacturers jumped by five points from June to stand at plus 11, and also the first rise in four months. However, manufacturers said pessimism is yet to fully flee as they predict the index will fall over the next three months to plus 9. "Domestic price hikes have weakened consumption and a slowing Chinese economy has caused China-bound materials from the Middle East to make inroads into the Japanese market at low prices," a manager at a chemicals manufacturer wrote in the Reuters poll, conducted July 2-12, on condition of anonymity. "The double punches of weak domestic demand and cheap import materials from overseas are curbing our sales volume." A food processing company manager wrote: "Input prices have risen and remain elevated due to the weak yen as we struggle to transfer costs to our customers." The Reuters Tankan index for the service sector slipped to plus 27 from plus 31, its first fall in three months. Non-manufacturers expect the index to inch up to plus 28 by October. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive reading indicates a heftier number of optimists than pessimists.

Japanese manufacturers show increased confidence while service sector sentiment declines

Kaspersky Labs, the Russian anti-virus software maker, announced Monday that it will be winding down its US operations starting July 20. The decision comes nearly a month after the Biden administration's plans to prohibit the sale of Kaspersky products in the United States over claimed security concerns.

Effective immediately, Kaspersky has stopped selling its products to US consumers. Currently, when a US-based buyer accesses its website, it flashes the notice, indicating that the "purchase unavailable for US customers." Additionally, all US-based positions are set to be axed as part of the phasing-out process.

Last month, US Commerce Secretary Gina Raimondo announced her intentions to ban sales of Kaspersky antivirus software in the United States, citing security risks due to Russian influence over the cybersecurity company. The US government did more than slap the cybersecurity company with these concerns in its senior leadership by placing sanctions on the chief business development officer, chief operating officer, legal officer, and corporate communications chief at Kaspersky.

The news of the company's plan to leave the US was first reported by CNN.

This new sanction blocks downloads of the software updates, sale of licences, and resales of Kaspersky products to any customer based in the US with effect from September 29.&nbsp;

New U.S. business for Kaspersky are to be barred 30 days after the restrictions were first announced on June 20.

In essence, Kaspersky Labs is going to stop its operations in the United States because of the heightened security measures by the US government. The restriction reflects lingering concerns about the risks associated with cyber security with the company, hence a significant change in the products for digital security available within the United States.

Kaspersky Labs, the Russian anti-virus software maker, announced Monday that it will be winding down its US operations starting July 20. The decision comes nearly a month after the Biden administration's plans to prohibit the sale of Kaspersky products in the United States over claimed security concerns.

Kaspersky Labs, the Russian anti-virus software maker, announced Monday that it will be winding down its US operations starting July 20. The decision comes nearly a month after the Biden administration's plans to prohibit the sale of Kaspersky products in the United States over claimed security concerns. Effective immediately, Kaspersky has stopped selling its products to US consumers. Currently, when a US-based buyer accesses its website, it flashes the notice, indicating that the "purchase unavailable for US customers." Additionally, all US-based positions are set to be axed as part of the phasing-out process. Last month, US Commerce Secretary Gina Raimondo announced her intentions to ban sales of Kaspersky antivirus software in the United States, citing security risks due to Russian influence over the cybersecurity company. The US government did more than slap the cybersecurity company with these concerns in its senior leadership by placing sanctions on the chief business development officer, chief operating officer, legal officer, and corporate communications chief at Kaspersky. The news of the company's plan to leave the US was first reported by CNN. This new sanction blocks downloads of the software updates, sale of licences, and resales of Kaspersky products to any customer based in the US with effect from September 29. New U.S. business for Kaspersky are to be barred 30 days after the restrictions were first announced on June 20. In essence, Kaspersky Labs is going to stop its operations in the United States because of the heightened security measures by the US government. The restriction reflects lingering concerns about the risks associated with cyber security with the company, hence a significant change in the products for digital security available within the United States.

Kaspersky's US Exit: cybersecurity concerns amid geopolitical tensions

Fitch Ratings said it upgraded the credit rating of Delta Air Lines Inc. to investment grade, reflecting significant improvement in the carrier's balance sheet over the past three years. The Atlanta-based airline was cut to junk status during the pandemic when a steep decline in air travel severely battered the industry. A junk credit rating makes it harder and more expensive for companies to raise capital.

The airline has been working on reducing its debt and regaining its investment-grade rating after the pandemic. Fitch lifted its rating on Delta to 'BBB-' from 'BB+', with a stable outlook. While the carrier has already been assigned an investment-grade rating by Moody's, it sits in the junk category under S&amp;P.

Fitch has remarked that the credit metrics of Delta vastly improved post-pandemic, wherein the company reduced gross debt and operating leases by about $11 billion over the past three years. &nbsp;The agency foresees that, through 2024, exceptionally robust travel demand will back the generation of free cash flow at the company. It is also expected that the company will bring down its unencumbered assets to $30 billion by year-end.

Despite this, just last Thursday, Delta had evaluated a lower-than-anticipated third-quarter profit due to excess industry capacity weighing down on lower-end market airfares. Yet Fitch remains optimistic as it expects an increasing number of corporate travel bookings and sustained demand for premium travel to put Delta in a position to maintain its status as one of the most profitable airlines.

In summary, Fitch Ratings upgraded the credit rating of Delta Air Lines to an investment grade in recognition of the airline's recent efforts to strengthen its financial foundation. This has been a core strategy of debt reduction and capital generation that will underpin the place for sustained profitability in the presence of healthy travel demand.

Fitch Ratings said it upgraded the credit rating of Delta Air Lines Inc. to investment grade, reflecting significant improvement in the carrier's balance sheet over the past three years.

Fitch Ratings said it upgraded the credit rating of Delta Air Lines Inc. to investment grade, reflecting significant improvement in the carrier's balance sheet over the past three years. The Atlanta-based airline was cut to junk status during the pandemic when a steep decline in air travel severely battered the industry. A junk credit rating makes it harder and more expensive for companies to raise capital. The airline has been working on reducing its debt and regaining its investment-grade rating after the pandemic. Fitch lifted its rating on Delta to 'BBB-' from 'BB+', with a stable outlook. While the carrier has already been assigned an investment-grade rating by Moody's, it sits in the junk category under S&P. Fitch has remarked that the credit metrics of Delta vastly improved post-pandemic, wherein the company reduced gross debt and operating leases by about $11 billion over the past three years. The agency foresees that, through 2024, exceptionally robust travel demand will back the generation of free cash flow at the company. It is also expected that the company will bring down its unencumbered assets to $30 billion by year-end. Despite this, just last Thursday, Delta had evaluated a lower-than-anticipated third-quarter profit due to excess industry capacity weighing down on lower-end market airfares. Yet Fitch remains optimistic as it expects an increasing number of corporate travel bookings and sustained demand for premium travel to put Delta in a position to maintain its status as one of the most profitable airlines. In summary, Fitch Ratings upgraded the credit rating of Delta Air Lines to an investment grade in recognition of the airline's recent efforts to strengthen its financial foundation. This has been a core strategy of debt reduction and capital generation that will underpin the place for sustained profitability in the presence of healthy travel demand.

Delta's credit ascendancy: Fitch elevates airline to investment grade amid financial rebound

On July 9, 2024, India's market capitalisation of listed companies exceeded $5.0 trillion, reaching about 145 per cent of nominal GDP—almost near the 146 per cent recorded in December 2007. Several nations have market caps ranging from 100-337 per cent of GDP during CY 2020-23. However, questions arise about how long this can be sustained, how the booming market cap can swap fiscal debt and support the Indian economy, and how Budget 2024 can facilitate this.&nbsp;

To sustain a booming market, India must ensure consistent higher GDP growth, driven by an investment-led and export-led growth model. For higher investment rates in productive assets and supporting infrastructure, domestic financial savings are inadequate. Therefore, India needs global investments, such as FDI or FPI.&nbsp;

The ratio of cumulative investment in FPI to nominal GDP as of March 2004, March 2014, and December 2023 was 4.3 per cent, 7.66 per cent, and 5.48 per cent, respectively. According to CDSL, cumulative investment by FPIs in equity, debt, and hybrid instruments until March 2004 was barely Rs. 1.19 trillion ($260 billion). By the end of FY 2004-14 and FY 2014-2024 (up to Q3), it had reached about Rs. 8.61 trillion ($1423 billion) and Rs. 16.16 trillion ($1955 billion), respectively. Thus, in the past two decades, the growth was about 724 per cent and 188 per cent &nbsp;on a rupee basis, and 547 per cent and 137 per cent on a USD basis, respectively.&nbsp;

This data reveals that rupee stability is a prerequisite for consistent global capital inflow, providing higher returns on a USD basis to global investors. To achieve this, India must improve its economic efficiency by announcing multiple policy tools in the forthcoming Budget 2024, enabling India to become export-competitive and eliminate the past legacy of trade deficits (goods &amp; services). During the interim period, Budget 2024 should provide incentives for incremental exports in a calibrated manner.&nbsp;

Also, long-term capital gains tax may be exempted or reduced for global investors if the sale proceeds of equity/bonds are reinvested into the Indian capital market within the same year. This will reduce repatriation of forex and support the economy. Budget 2024 is the opportune time for giving such incentives.&nbsp;

Out of the total market cap, the share of the top 100 listed companies is about 75-80 per cent, while the remaining 6700 companies hold a 20-25 per cent share. Ideally, it should be broad-based for inclusive growth. Among the top 100 listed companies, about 18 PSU companies have a market cap share below 10 per cent; this must increase through new listings.&nbsp;

There might be more than 400 unlisted public sector enterprises (PSEs) owned by state and central governments in various fields such as railways, NHAI, power generation and transmission, ports, airports, mining, insurance, finance, and many others. These may be corporatized and listed with stock exchanges, as recently done with LIC. Through this, governments can raise funds by selling shares to the public in tranches while retaining ownership. This will be a better choice compared to total disinvestment and/or leasing out. Part of the fiscal debt may be swapped with equity in this way.&nbsp;

These PSUs may invest in their core competence areas and allied fields by raising debt in their balance sheets, which will not be part of the fiscal debt. Particularly, railways have significant potential to invest in increasing goods traffic and earning substantial profits. This will reduce logistics costs, benefiting the economy and kick-starting the private investment cycle.&nbsp;

The balance sales proceeds of shares may be invested in niche sectors such as the manufacturing of defence and aviation equipment, exploration of oil and critical minerals, and research and innovation in various fields, mostly in new unlisted corporates. These may be listed in due course after making profits. Private corporates hesitate to invest in such niche areas due to associated risks. However, these are crucial for India in meeting its future economic needs and cutting down imports.&nbsp;

For infrastructure spending, new PSUs may be incorporated and listed in joint ventures with states and/or reputed corporates by infusing part equity from the budget and balance from the capital market. Such listed PSUs shall raise debt from the bond market against sovereign guarantees. Obviously, this debt will not be part of the fiscal debt. However, such PSUs shall undertake only commercially viable infrastructures. By this, budgetary resources shall be leveraged 3-5 times, and the benefits of a booming capital market may be availed.&nbsp;

Currently, the share of the bond market is very small compared to other major economies. Ways and means must be designed for its promotion. For PSUs, sovereign guarantees may be provided. The recent inclusion of Indian bonds in the JP Morgan index will certainly facilitate this. However, a stable rupee is a prerequisite. By this, the bond market shall grow, facilitating higher growth of investment in the productive sector and GDP in future years. Banks shall have surplus funds for financing unlisted small companies.&nbsp;

By and large, a booming market cap must be used for partly swapping fiscal debts and floating new PSU corporates for infrastructure spending. This will support the long-term GDP growth of India. Reduction of fiscal debt will upgrade the sovereign rating and facilitate higher inflow of global funds. Thus, the benefits of a booming market cap can deliver multiple benefits for the nation and the general public by adopting appropriate strategies and wise policy tools, which may be announced in the forthcoming budget.&nbsp;

On July 9, 2024, India's market capitalisation of listed companies exceeded $5.0 trillion, reaching about 145 per cent of nominal GDP—almost near the 146 per cent recorded in December 2007.

On July 9, 2024, India's market capitalisation of listed companies exceeded $5.0 trillion, reaching about 145 per cent of nominal GDP—almost near the 146 per cent recorded in December 2007. Several nations have market caps ranging from 100-337 per cent of GDP during CY 2020-23. However, questions arise about how long this can be sustained, how the booming market cap can swap fiscal debt and support the Indian economy, and how Budget 2024 can facilitate this. To sustain a booming market, India must ensure consistent higher GDP growth, driven by an investment-led and export-led growth model. For higher investment rates in productive assets and supporting infrastructure, domestic financial savings are inadequate. Therefore, India needs global investments, such as FDI or FPI. The ratio of cumulative investment in FPI to nominal GDP as of March 2004, March 2014, and December 2023 was 4.3 per cent, 7.66 per cent, and 5.48 per cent, respectively. According to CDSL, cumulative investment by FPIs in equity, debt, and hybrid instruments until March 2004 was barely Rs. 1.19 trillion ($260 billion). By the end of FY 2004-14 and FY 2014-2024 (up to Q3), it had reached about Rs. 8.61 trillion ($1423 billion) and Rs. 16.16 trillion ($1955 billion), respectively. Thus, in the past two decades, the growth was about 724 per cent and 188 per cent on a rupee basis, and 547 per cent and 137 per cent on a USD basis, respectively. This data reveals that rupee stability is a prerequisite for consistent global capital inflow, providing higher returns on a USD basis to global investors. To achieve this, India must improve its economic efficiency by announcing multiple policy tools in the forthcoming Budget 2024, enabling India to become export-competitive and eliminate the past legacy of trade deficits (goods & services). During the interim period, Budget 2024 should provide incentives for incremental exports in a calibrated manner. Also, long-term capital gains tax may be exempted or reduced for global investors if the sale proceeds of equity/bonds are reinvested into the Indian capital market within the same year. This will reduce repatriation of forex and support the economy. Budget 2024 is the opportune time for giving such incentives. Out of the total market cap, the share of the top 100 listed companies is about 75-80 per cent, while the remaining 6700 companies hold a 20-25 per cent share. Ideally, it should be broad-based for inclusive growth. Among the top 100 listed companies, about 18 PSU companies have a market cap share below 10 per cent; this must increase through new listings. There might be more than 400 unlisted public sector enterprises (PSEs) owned by state and central governments in various fields such as railways, NHAI, power generation and transmission, ports, airports, mining, insurance, finance, and many others. These may be corporatized and listed with stock exchanges, as recently done with LIC. Through this, governments can raise funds by selling shares to the public in tranches while retaining ownership. This will be a better choice compared to total disinvestment and/or leasing out. Part of the fiscal debt may be swapped with equity in this way. These PSUs may invest in their core competence areas and allied fields by raising debt in their balance sheets, which will not be part of the fiscal debt. Particularly, railways have significant potential to invest in increasing goods traffic and earning substantial profits. This will reduce logistics costs, benefiting the economy and kick-starting the private investment cycle. The balance sales proceeds of shares may be invested in niche sectors such as the manufacturing of defence and aviation equipment, exploration of oil and critical minerals, and research and innovation in various fields, mostly in new unlisted corporates. These may be listed in due course after making profits. Private corporates hesitate to invest in such niche areas due to associated risks. However, these are crucial for India in meeting its future economic needs and cutting down imports. For infrastructure spending, new PSUs may be incorporated and listed in joint ventures with states and/or reputed corporates by infusing part equity from the budget and balance from the capital market. Such listed PSUs shall raise debt from the bond market against sovereign guarantees. Obviously, this debt will not be part of the fiscal debt. However, such PSUs shall undertake only commercially viable infrastructures. By this, budgetary resources shall be leveraged 3-5 times, and the benefits of a booming capital market may be availed. Currently, the share of the bond market is very small compared to other major economies. Ways and means must be designed for its promotion. For PSUs, sovereign guarantees may be provided. The recent inclusion of Indian bonds in the JP Morgan index will certainly facilitate this. However, a stable rupee is a prerequisite. By this, the bond market shall grow, facilitating higher growth of investment in the productive sector and GDP in future years. Banks shall have surplus funds for financing unlisted small companies. By and large, a booming market cap must be used for partly swapping fiscal debts and floating new PSU corporates for infrastructure spending. This will support the long-term GDP growth of India. Reduction of fiscal debt will upgrade the sovereign rating and facilitate higher inflow of global funds. Thus, the benefits of a booming market cap can deliver multiple benefits for the nation and the general public by adopting appropriate strategies and wise policy tools, which may be announced in the forthcoming budget.

Budget-2024: How can Capital-Market swap fiscal debt and support the Economy?

The metal 3D printers of Nikon Corp. are being explored by US defence and aerospace companies, according to the president of the Japanese precision equipment manufacturer.&nbsp;

In an interview with Bloomberg TV, Muneaki Tokunari, who serves as Nikon's chief financial officer, disclosed interest from those industries. According to Tokunari, Nikon is raising its global customer base and diversifying into sectors like digital manufacturing amid rigorous interest coming in from the US defence and aerospace industries.

With Japan ramping up its defence spending, a growing number of Japanese firms are expanding into military-use products. Nikon, known for its cameras and chipmaking lithography equipment, took its footprint last year in California following its acquisition of Germany's 3D-printing specialist SLM Solutions Group. In what may have been a politically savvy move, a Nikon subsidiary, Nikon Advanced Manufacturing Inc., last month appointed Mike Mullen, former chairman of the US Joint Chiefs of Staff, as a strategic adviser.

Moreover, Nikon is jointly making a handheld camera that NASA is going to send to the south pole of the moon. This collaboration reflects Nikon's paradigm that it will further its technology to other developing avenues different from the traditional market.

A London-based activist investor Silchester International Investors had, in an earlier development this year, acquired a 5 per cent stake in Nikon. Silchester hinted it may demand higher dividends, share buybacks, and other changes to Nikon's capital policy. The move saw Nikon shares soar upwards by the most in more than a decade.

“One of my assignments is to ask patience of investors, while tackling my colleagues to please rush to make the products faster than the plan,” 64-year-old Tokunari said.

Even though Nikon let the Netherlands' ASML Holding NV corner the market for cutting-edge lithography market, Nikon and Canon Inc. have both gained from the surge in demand for legacy tools used in baking simpler semiconductors for autos and appliances.

The strategic diversification that Nikon may make into defence, aerospace, and sophisticated manufacturing testifies to the adaptability and ability of the company to look ahead. The fact that the company has been able to attract interest in big tickets and forge important partnerships underlines its relevance and potential for growth in changing times.

The metal 3D printers of Nikon Corp. are being explored by US defence and aerospace companies, according to the president of the Japanese precision equipment manufacturer.

The metal 3D printers of Nikon Corp. are being explored by US defence and aerospace companies, according to the president of the Japanese precision equipment manufacturer. In an interview with Bloomberg TV, Muneaki Tokunari, who serves as Nikon's chief financial officer, disclosed interest from those industries. According to Tokunari, Nikon is raising its global customer base and diversifying into sectors like digital manufacturing amid rigorous interest coming in from the US defence and aerospace industries. With Japan ramping up its defence spending, a growing number of Japanese firms are expanding into military-use products. Nikon, known for its cameras and chipmaking lithography equipment, took its footprint last year in California following its acquisition of Germany's 3D-printing specialist SLM Solutions Group. In what may have been a politically savvy move, a Nikon subsidiary, Nikon Advanced Manufacturing Inc., last month appointed Mike Mullen, former chairman of the US Joint Chiefs of Staff, as a strategic adviser. Moreover, Nikon is jointly making a handheld camera that NASA is going to send to the south pole of the moon. This collaboration reflects Nikon's paradigm that it will further its technology to other developing avenues different from the traditional market. A London-based activist investor Silchester International Investors had, in an earlier development this year, acquired a 5 per cent stake in Nikon. Silchester hinted it may demand higher dividends, share buybacks, and other changes to Nikon's capital policy. The move saw Nikon shares soar upwards by the most in more than a decade. “One of my assignments is to ask patience of investors, while tackling my colleagues to please rush to make the products faster than the plan,” 64-year-old Tokunari said. Even though Nikon let the Netherlands' ASML Holding NV corner the market for cutting-edge lithography market, Nikon and Canon Inc. have both gained from the surge in demand for legacy tools used in baking simpler semiconductors for autos and appliances. The strategic diversification that Nikon may make into defence, aerospace, and sophisticated manufacturing testifies to the adaptability and ability of the company to look ahead. The fact that the company has been able to attract interest in big tickets and forge important partnerships underlines its relevance and potential for growth in changing times.

Nikon's bold foray into defence and aerospace

The Commerce Department of the US is going to present proposed rules related to connected vehicles next month, aiming to limit the use of some software produced by China and other nations viewed as hostile adversaries, &nbsp;a senior official said Tuesday.

"We're looking at a few components and some software - not the whole car - but it would be some of the key driver components of the vehicle that manage the software and manage the data around that car that would have to be made in an allied country," said export controls chief Alan Estevez at a forum in Colorado.

Back in May, Commerce Secretary Gina Raimondo announced that her department would be in a position to publish proposed rules on Chinese-connected vehicles this fall. The Biden administration is looking into "extreme action" against Chinese-connected vehicles in America, including an outright ban or restrictions, following the probe ordered in February by the administration into the national security risks from Chinese vehicle imports.

The comments by Alan Estevez, Commerce under secretary for industry and security, are the most explicit to date from the administration on its plans for Chinese vehicles, which have been a source of intense concern.

Connected vehicles come embedded with network hardware that allows internet access and endows devices inside and outside a vehicle with shared access to data. Estevez said Tuesday that this threat from these vehicles is very serious.

"A car is a very scary thing. Your car knows a lot about you. Your car probably gets a software update, whether it's an electric vehicle or an autonomous combustion engine vehicle," he said.

"A modern car has a lot of software in it. It's taking lots of pictures. It has a drive system. It's connected to your phone. It knows who you call. It knows where you go. It knows a lot about you."

The Chinese foreign ministry earlier called on the US "to respect the laws of the market economy and principles of fair competition." The ministry explained that the fact behind the popularity of Chinese cars flows from withstanding fierce market competition and technological innovation.

Raimondo said in May "you can imagine the most catastrophic outcome theoretically if you had a couple million cars on the road and the software were disabled."

At present, very few light-duty vehicles built in China are imported to the United States, though the Biden administration has announced significant tariff increases on Chinese electric vehicles and other goods to go into effect by August 1.

Upcoming regulations and tariffs foreshadow the turning concerns of the US government toward issues of national security and technological competition. The automobile industry and international trade relations will likely be in a dilemma once the administration pushes through these measures.

The Commerce Department of the US is going to present proposed rules related to connected vehicles next month, aiming to limit the use of some software produced by China and other nations viewed as hostile adversaries, a senior official said Tuesday.

The Commerce Department of the US is going to present proposed rules related to connected vehicles next month, aiming to limit the use of some software produced by China and other nations viewed as hostile adversaries, a senior official said Tuesday. "We're looking at a few components and some software - not the whole car - but it would be some of the key driver components of the vehicle that manage the software and manage the data around that car that would have to be made in an allied country," said export controls chief Alan Estevez at a forum in Colorado. Back in May, Commerce Secretary Gina Raimondo announced that her department would be in a position to publish proposed rules on Chinese-connected vehicles this fall. The Biden administration is looking into "extreme action" against Chinese-connected vehicles in America, including an outright ban or restrictions, following the probe ordered in February by the administration into the national security risks from Chinese vehicle imports. The comments by Alan Estevez, Commerce under secretary for industry and security, are the most explicit to date from the administration on its plans for Chinese vehicles, which have been a source of intense concern. Connected vehicles come embedded with network hardware that allows internet access and endows devices inside and outside a vehicle with shared access to data. Estevez said Tuesday that this threat from these vehicles is very serious. "A car is a very scary thing. Your car knows a lot about you. Your car probably gets a software update, whether it's an electric vehicle or an autonomous combustion engine vehicle," he said. "A modern car has a lot of software in it. It's taking lots of pictures. It has a drive system. It's connected to your phone. It knows who you call. It knows where you go. It knows a lot about you." The Chinese foreign ministry earlier called on the US "to respect the laws of the market economy and principles of fair competition." The ministry explained that the fact behind the popularity of Chinese cars flows from withstanding fierce market competition and technological innovation. Raimondo said in May "you can imagine the most catastrophic outcome theoretically if you had a couple million cars on the road and the software were disabled." At present, very few light-duty vehicles built in China are imported to the United States, though the Biden administration has announced significant tariff increases on Chinese electric vehicles and other goods to go into effect by August 1. Upcoming regulations and tariffs foreshadow the turning concerns of the US government toward issues of national security and technological competition. The automobile industry and international trade relations will likely be in a dilemma once the administration pushes through these measures.

US Commerce Department targets Chinese vehicle software with stringent new rules