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☆ The world's top chipmakers can push a 'kill switch' should China invade Taiwan, Bloomberg reports
▼ + stars: | 2024-05-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewTwo of the world's most important chip companies can push a "kill switch" remotely on their most advanced chipmaking machines should China invade Taiwan, Bloomberg reported on Tuesday, citing people familiar with the matter. The Netherlands's ASML — Europe's top tech company by market value — supplies advanced machines to chip-making companies. The US has also pressured the Netherlands to block some ASML exports to China to limit the country's ability to manufacture advanced chips. Rising concerns over Taiwan Strait developmentsThere are concerns about China's intensifying drills around Taiwan after Taiwan inaugurated its new President, William Lai — whom Beijing has branded as a separatist — on Monday. But Nvidia CEO Jensen Huang told Bloomberg TV on Tuesday that that the world's tech sector is likely to continue depending on Taiwanese manufacturing for "some time."

Persons: —, Taiwan's, ASML, William Lai —, Li Xi, Jensen Huang Organizations: Service, Bloomberg, Business, East, Dutch, China's People's Liberation Army, Nvidia Locations: China, Taiwan, Washington, Beijing, Netherlands, Arizona, Japan, Germany

☆ Nvidia CEO Jensen Huang says 'demand is just so strong' for its hot AI chips
▼ + stars: | 2024-05-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Nvidia announced it is shipping its new Blackwell AI chip next quarter amid high demand. CEO Jensen Huang highlighted the strong interest in both Blackwell and current Hopper chips. "People want to deploy these data centers right now," CEO Jensen Huang told Yahoo Finance on Wednesday. "They want to put our GPUs to work right now, and start making money and start saving money. And so that demand is just so strong," Huang added, referring to graphics processing units.

Persons: Jensen Huang, Blackwell, —, they're, Huang Organizations: Nvidia, Blackwell, Hopper, Service, Yahoo Finance, Business

☆ Some central banks have sold gold at record prices, cashing in on the global boom
▼ + stars: | 2024-05-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewCentral banks around the world have been snapping up gold, sending prices of the metal to record highs. The country's gold stash accounted for nearly three-quarters of its reserves as of March this year, according to WGC data. In 2022, Uzbekistan produced 110.8 tons of gold, making it the 10th top gold producer in the world, per WGC. Uzbekistan gold mining in March 2024. The country legalized private gold digging in 2019, and any gold found must be traded via its central bank.

Persons: —, it's, VYACHESLAV OSELEDKO, Shavkat Mirziyoyev Organizations: Service, Business, World Gold, Central Bank of, Uzbek, AFP Locations: China, Saudi, Central Bank of Uzbekistan, Thailand, Kazakhstan, Uzbekistan, Kazakh

☆ The world's stock markets are so hot that even China's on a rally. Analysts say it's not over yet.
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Global stock markets are hitting record highs, driven by economic optimism and potential rate cuts. China's stock markets are rallying on attractive valuations and government stimulus measures. AdvertisementThe world's major stock markets are on a tear as indexes near and breach record highs. After all, 14 of the world's 20 largest stock markets have hit all-time highs recently, according to Bloomberg's count on Saturday. Stock markets elsewhere, including in Europe, India, and Japan, are also near or at their all-time highs.

Persons: — Organizations: Service, Dow Jones, . Stock, Business Locations: China, Europe, India, Japan

☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's

☆ Chinese shoppers are buying less than they used to, and it's contributing to a lopsided economic recovery
▼ + stars: | 2024-05-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's economy shows uneven recovery; industrial output rises, but retail sales slow. Factory activity beat expectations, but consumers are holding back, impacting retail sales growth. AdvertisementOn Friday, China released data showing an uneven economic recovery that's keeping consumers from spending. Factory activity cracked up, with industrial output rising 6.7% in April from a year ago, beating the 5.5% growth that analysts polled by Reuters had expected. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Reuters, Business Locations: China

☆ Neither Russia nor China wants the Ukraine war to end, but for different reasons
▼ + stars: | 2024-05-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewRussian President Vladimir Putin is on a two-day visit to China, and he's bringing along a large trade delegation. But Russia has also become increasingly reliant on China since it started the war in Ukraine. For instance, Russia is now "exporting raw materials to China while China sends finished goods, especially cars, to Russia — the latter at the expense of Russia's indigenous auto industry," she added. However, some analysts say China has more to gain from a continuing war. China and Russia are forging a partnership increasingly reminiscent of a great power alliance," wrote Michta.

Persons: —, Vladimir Putin, It's, Putin, Xi —, Michta, Russia —, Europe —, China's Organizations: Service, Business, Center for, Bilateral, West, Center, Global Energy, Columbia University, Kyiv —, US Army Locations: China, Russia, Ukraine, Moscow, Siberia, Europe, Beijing

☆ Russia's defense ministry is now helmed by an economist, showing Putin's 'nerds' are performing better than his 'jocks': analyst
▼ + stars: | 2024-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin's top economic officials are outshining those in his military, wrote an analyst. In contrast, Russia and Ukraine are fighting a war of attrition when Putin had expected a quick victory. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia's President Vladimir Putin on Sunday appointed Andrei Belousov, a civilian economist with no military experience, as the country's defence minister. It shows Russia's wartime economy is here to stay and that Putin expects the country's military-industrial complex to be a key pillar of the economy.

Persons: Vladimir Putin's, Putin, —, Vladimir Putin, Andrei Belousov, brawns Organizations: Service, Sunday Locations: Ukraine, Russia

☆ Nvidia gave CEO Jensen Huang a 60% pay hike to $34 million last year
▼ + stars: | 2024-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang received a $34.2 million compensation package in fiscal 2024. Huang's pay rose 60% from 2023, driven by Nvidia's stock surge amid demand for the company's AI chips. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia CEO Jensen Huang got a huge payday last year thanks to strong demand for the company's AI chips. Huang, who is also a cofounder of Nvidia, received a $34.2 million compensation package for the fiscal year, which runs from February to January, the company's annual proxy filing shows.

Persons: Jensen Huang, —, Huang Organizations: Nvidia, Service, Business

☆ The US dollar has become so weaponized that central banks are snapping up politically-neutral gold
▼ + stars: | 2024-05-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks accounted for one-quarter of gold demand in 2022 and 2023, as the institutions bought over 1,000 tons of gold each year, according to the World Gold Council in a recent report. Related storiesThe world's central banks continued buying gold, snapping up 290 tons of gold in the first quarter of this year — the strongest start to any year on record, according to the council. AdvertisementThis suggests that gold purchases by some central banks may have been driven by concerns about sanctions risk, Gopinath said. Central banks will keep buying, despite high pricesWhile China's central bank gold buying has been hogging the headlines, other central banks are also loading up on gold. The World Gold Council wrote in its recent report that other big gold buyers included Turkey and India.

Persons: —, Gita Gopinath, it's, Gopinath, IMF's Gopinath Organizations: Service, Monetary Fund, Business, World Gold, US Treasury, Agency, JPMorgan Locations: Ukraine, Central, Russia, China, Turkey, India

☆ Putin's latest political move shows Russia's wartime economy is here to stay
▼ + stars: | 2024-05-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin is replacing his defense minister with a civilian economist. Andrei Belousov will lead Russia's military-industrial complex as Putin prepares for a protracted war. The move shows Russia's wartime economy has become a key pillar of growth. AdvertisementRussian President Vladimir Putin replaced his defense minister with a civilian economist on Sunday. The Russian leader proposed Andrei Belousov, a 65-year-old former deputy prime minister, as defense minister to replace his longtime ally Sergei Shoigu.

Persons: Vladimir Putin, Andrei Belousov, Putin, —, Putin —, Sergei Shoigu Organizations: Service, Business Locations: Ukraine

☆ Xi wants to boost trade and investment between Europe and China. It won't be easy.
▼ + stars: | 2024-05-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

According to the business chamber's survey, just 13% view China as a top investment destination — a record low. EU firms' China operations are 'decoupling' from their headquartersIt's not just the gloomy economy and slowing demand that are weighing on investor confidence. EU firms have also started to "decouple" their operations in China as the number of foreign nationals employed locally falls. It also makes it increasingly difficult for the China operations of the EU firms to get approval from their headquarters. The European business chamber called for "full access to legitimate and trustworthy sources of economic data" in its report.

Persons: —, Xi Jinping, It's, Jens Eskelund Organizations: Service, European Union Chamber of Commerce, Business Locations: Europe, France, Serbia, Hungary, China

☆ The West is freaking out that China is making too much stuff, and it looks like China might be starting to agree
▼ + stars: | 2024-05-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The proposal covers a range of issues, including minimum technical standards and ecological guidelines for battery production. AdvertisementChina's battery production in 2023 alone was already big enough to fill global demand, according to an analysis from BloombergNEF. China's global share of battery manufacturing capacity is expected to fallDespite the West's consternation, there is an upside for the bloc. China's global share of battery manufacturing is expected to decline in the years ahead, according to a report from the International Energy Agency, or IEA, published on Monday. AdvertisementChina now accounts for more than 80% of battery manufacturing capacity, followed by the US and the EU with around 5% each, per the IEA.

Persons: China's, —, Xi Jinping's, Louise Loo, Loo, Chim Lee, Lee Organizations: Service, China's Ministry of Industry, Information Technology, European Union, Oxford Economics, Economist Intelligence, International Energy Agency, US, EU Locations: China, Beijing, Canada, Europe, India

☆ The US dollar is so strong that China's central bank, among others, just keeps loading up on gold
▼ + stars: | 2024-05-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks are on a gold-buying spree, contributing to record-high spot gold prices. Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback. Other central banks are also loading up on gold. Emerging market central banks that bought gold in the first quarter of the year include Kazakhstan, Oman, Kyrgyzstan, and Poland. There are political motivations for central banks to diversify their assets, too.

Persons: —, it's, bode Organizations: Service, People's Bank of China, greenback, Gold, JPMorgan, Allianz Locations: China, Turkey, India, Kazakhstan, Oman, Kyrgyzstan, Poland, United States

☆ China's footprint in global supply chains will grow no matter who wins the US presidential election: analysts
▼ + stars: | 2024-05-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

US presidential candidates Biden and Trump both vow to get tough on China. EIU predicts worsening US-China economic and diplomatic ties over the 2020s. EIU doesn't expect US trade policies to significantly reduce China's role in global production networks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US presidential election is less than six months away, and Democratic and Republican presidential nominee frontrunners Joe Biden and Donald Trump have both vowed to get tough on China.

Persons: Trump, EIU, —, frontrunners Joe Biden, Donald Trump, Biden Organizations: Biden, Service, Democratic, Republican, Economist Intelligence Unit, Business Locations: China

☆ Russia's military is so hard up for manpower that it now pays more than the oil and gas sector
▼ + stars: | 2024-05-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's military is paying more in sign-on bonuses and salaries than the oil and gas sector. Russia's oil and gas revenues have been keeping its war chest filled. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia is facing a labor crisis as its war with Ukraine siphons manpower away from the country's economy. Russia's oil and gas sector has been paying wages that are at least two-thirds higher than the national average wage since 2017, per Bloomberg calculations based on official data.

Persons: — Organizations: Service, Bloomberg, Business Locations: Russia, Ukraine

☆ China's trade war with the US is unlikely to cool down this election year, so it's working on Europe instead
▼ + stars: | 2024-05-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary. "I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told La Tribune Dimanche, per a Bloomberg translation. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe." China has pushed back on the West's claims of overcapacity, accusing the bloc of being protectionist and of trying to curb China's economic development. However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine.

Persons: —, Janet Yellen, Olaf Scholz, Xi Jinping's, Emmanuel Macron, Macron, Matt Geraci, Geraci, Ursula von der Leyen, Von, Leyen, Léonie Allard, Allard, Xi Organizations: Service, State Authority, European Union, Business, La Tribune Dimanche, Atlantic, Associated Press, European, overcapacity, Council's Locations: China, France, Serbia, Hungary, European, Germany, Europe, Beijing, Washington, Russia, Ukraine

☆ Biden is fighting Trump's tough tactics by calling for tripled tariffs on Chinese steel imports
▼ + stars: | 2024-04-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewUS President Joe Biden last week called for a tripling of tariffs on Chinese steel and aluminum imports, echoing former President Donald Trump's levies on a range of goods from China. Biden — who is the frontrunner for the Democratic Party's presidential nominee — said China's steel production was backed by state funds, which enable the commodity to be sold cheaply to the US. He wants to hike a key tariff on Chinese steel and aluminum from 7.5% to 25%. AdvertisementHowever, the US isn't a large Chinese steel importer. AdvertisementLin added that China's steel sector is geared toward meeting domestic demand and doesn't receive any export-oriented subsidies.

Persons: —, Joe Biden, Donald Trump's, Biden —, Trump, Chim Lee, Biden, Lin Jian, Lin, Janet Yellen, EIU's Lee Organizations: Service, Democratic, Business, Bloomberg, Economist Intelligence Locations: China, Beijing, Chile, Brazil

☆ The US and China are engaging more. But that doesn't mean they trust each other more, an analyst said.
▼ + stars: | 2024-04-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

US and China's engagements don't mean they trust each other more, said Eurasia Group's Ian Bremmer. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But just because they're talking more doesn't mean that they actually trust each other more, an analyst said on Wednesday. Earlier this month, Treasury Secretary Janet Yellen visited China, seeking cooperation in areas beneficial to both countries. Advertisement"It's always better to have more engagement, more conversations — especially when you don't trust each other," Bremmer said.

Persons: Ian Bremmer, —, Joe Biden, Xi Jinping, there's, Bremmer, Janet Yellen, Lloyd Austin, State Anthony Blinken, William Lai — Organizations: Service, Eurasia Group, Bloomberg, APEC, Defense, State Locations: Eurasia, Ian Bremmer . Washington, China, Taiwan, San Francisco, US, Washington, Taiwan —, Beijing

☆ Saudi Arabia's oil giant boss speaks up for China, saying its massive production of solar panels and EVs helps affordability
▼ + stars: | 2024-04-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.

Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States

☆ People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold
▼ + stars: | 2024-04-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's consumers and its central bank are snapping up gold, even as a falling yuan makes the metal pricier. AdvertisementChina's central bank has also been buying up gold, in much larger quantities than Gen Z's few grams of beans. Related storiesIn 2023, China's central bank bought 225 tons of gold, per the World Gold Council. The two economies have been jostled in the top spots for years, but China's buying spree last year put India behind. Advertisement"The amount of central bank buying is not justifying gold prices at current levels," she wrote.

Persons: —, It's, Georgette Boele Organizations: Service, Bloomberg, People's Bank of China, Gold, World Gold Council, ABN AMRO Locations: China, China's, India, Poland, Singapore, Germany

☆ Oil prices aren't the Fed's biggest problem right now — American demand is, says an economist
▼ + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Israel's strike on Iran caused oil prices to spike, sparking fears of rising inflation. But US inflation is more impacted by strong domestic demand than by oil prices, an economist told Bloomberg TV. Oil prices gained as much as 4% following reports of the attack before later subsiding. Services is demand, and that demand needs to come from somewhere — and that's a robust economy," Chaar told Bloomberg. "I would say the biggest challenge here for the Fed is to manage the demand of the US economy," Chaar said.

Persons: —, Samy Chaar, Lombard Odier, Jerome Powell, Chaar Organizations: Bloomberg, Service, Fed, Bloomberg TV, Federal, Services, Institute for Supply Management Locations: Iran, Israel, —, Swiss, America

☆ Oil disruption fears in the Middle East are getting real after reports of an Israel strike on Iran
▼ + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewOil prices jumped while stocks sold off after reports of an escalation in Middle East tensions. International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. The strike on Friday came days after Iran attacked Israel on Saturday with a barrage of more than 300 missiles and drones. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation. Oil markets shrugged off Iran's attack on Israel as the market assessed the conflict would remain contained.

Persons: —, Israel didn't, Israel, Kyle Rodda, Rodda Organizations: Service, Brent, US West Texas, Business, ING, Stock Locations: East, Israel, Iran, Iran's, Damascus, Syria

☆ The Fed may have pumped so much money into the economy that it's now taking way longer to cut rates
▼ + stars: | 2024-04-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

So the Fed can keep interest rates higher for longer to cool price rises — although the central bank also has room to cut should the labor market "unexpectedly weaken," Powell added. Related storyHigher interest rates make borrowing more expensive for anything from mortgages to credit cards — it encourages people to save rather than spend, which in theory, helps bring down prices. AdvertisementConversely, lower interest rates encourage borrowing and spending — thus driving the economy when growth slows, such as during the COVID-19 pandemic when the Fed cut rates massively and pumped money into the system. But Reid thinks the excess money could be drained from the economy later this year, when money supply in the economy normalizes. AdvertisementDemand, supply chain snarls, and fiscal stimulus also contribute to inflationTo be sure, money supply isn't the only thing that contributes to inflation.

Persons: —, Jerome Powell, Powell, Jim Reid, it's, Reid, Bill Dudley Organizations: Service, Wilson Center, Business, Fed, Deutsche Bank, Federal Reserve, Bloomberg Locations: Washington, New York, Dudley

☆ China's GDP rose 5.3% in the first quarter, but it doesn't mean the economic pain is over
▼ + stars: | 2024-04-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's economy grew 5.3% in the first quarter of 2024, surpassing analyst expectations. China's property market struggles persist, with 1Q new home sales falling nearly 31% from a year ago. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: —, Sheng Laiyun Organizations: Service, National Bureau, Statistics —, Bloomberg, NBS, Business Locations: China, Beijing

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