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☆ China is getting a head start on the flying car industry: report
▼ + stars: | 2024-04-22 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

China is pulling ahead in the flying car industry. AdvertisementChina is leading the pack as the flying car industry tries to take off. Kellen Xie, the vice president of Chinese eVTOL company AutoFlight Group, told the Financial Times that the Civil Aviation Administration of China (CAAC) has been "quite supportive" of the growing industry. Related storiesXie told FT that CAAC regulators "work longer hours" and "are determined to actually speed up the process of bringing this new technology into reality." A month later, California-based startup Aska became the second eVTOL company to earn FAA certification, but Aska's prototype is more like an aircraft than a car.

Persons: AutoFlight, —, Kellen Xie, Xie Organizations: Service, AutoFlight, Financial Times, Civil Aviation Administration of China, Federal Aviation Administration, Alef Aeronautics, FAA Locations: China, Europe, California

☆ Zuck's new AI drop is cool and all, but he's still playing catch-up with Sam Altman
▼ + stars: | 2024-04-19 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Mark Zuckerberg just dropped Meta's new AI models. Bt what Llama 3 does not do is beat OpenAI's GPT-4. AdvertisementPerhaps the most important detail was that Meta's open-source models will soon be on par with their closed-source counterparts. For open-source AI developers, that'll be a huge deal. The AI models they were working on looked pretty rudimentary as recently as last year as they struggled to complete sentences without repeating themselves.

Persons: Mark Zuckerberg, OpenAI's GPT, —, Meta, Nick Clegg, Claude, OpenAI's, that'll, Sharon Zhou, Sam Altman's, Sam Altman, Justin Sullivan, Google's, That's, Jim Fan, Altman, Zuckerberg, Gary Marcus Organizations: Service, Financial, Google, GPT, Nvidia, Facebook, New York University

☆ TSMC's stalled Arizona chip factory is 'well on track' to start production next year — and it'll be charging more for US-made chips
▼ + stars: | 2024-04-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Last year, Taiwan Semiconductor Manufacturing Company reported its first profit decline in four years. The company said engineering wafer production began at the factory in April, an important step toward the eventual chip production. Last July, TSMC announced that chip production for the first factory would be postponed from 2024 to 2025. Barring further setbacks, TSMC's update could mean the first factory will begin production of chips in 2025. This funding could be particularly important for TSMC, given the cost of factory construction and chip manufacturing can differ between the US and Taiwan.

Persons: —, TSMC, Biden, Joe Biden, — TSMC, Dylan Patel, SemiAnalysis, that's, Morris Chang, C.C, Wei Organizations: Service, Taiwan Semiconductor Manufacturing Company, Business, Biden, Financial Times Locations: Taiwan, Arizona, Phoenix, Japan, Germany

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because they no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday. WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. In January 2022, Trump Media instead turned to a smaller accounting firm to conduct the audit, BF Borgers, which has less than stellar record with regulators. The company's shares initially skyrocketed when it went public in March, only for prices to plunge just a week later. That isn't great for Trump, whose net worth is tied to his holdings in Trump Media.

Persons: —, Donald Trump's, WithumSmith, Brown, Trump Media & Technology Group's financials, Trump, Borgers, BF Borgers, Forbes, Jean Carroll, Stormy Daniels Organizations: Service, Financial Times, Trump Media & Technology, Business, Trump Media, Public Company, BF Borgers, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media's, Prosecutors, WithumSmith, Trump Media & Technology Group, Business Insider Locations: freefall, Manhattan

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

☆ UK Royal Navy recruits no longer need to know how to swim as enlistment problems mount, report says
▼ + stars: | 2024-04-14 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

The UK's Royal Navy has relaxed its entry requirements due to recruitment problems. AdvertisementThe UK's Royal Navy has relaxed its entry requirements for new recruits, no longer requiring them to demonstrate swimming proficiency prior to joining, Sky News reported. It exemplifies how the Royal Navy, the most feared world sea power in the 19th and early 20th centuries, is struggling to stay fit for purpose in the 21st century. A Royal Navy spokesperson rebuffed claims of lowered standards, telling Sky News that all recruits would still undergo a swim test during training. Business Insider contacted the Royal Navy for comment.

Persons: —, Danny Kruger, Elizabeth, HMS, Wales, Richard Barrons Organizations: Royal Navy, Service, Sky News, Elizabeth British Royal Navy, Royal, NATO, Financial Times Locations: British, Isle of Wight

☆ Ukraine’s attacks on Russian oil refineries shows the growing threat AI drones pose to energy markets
▼ + stars: | 2024-04-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Ukraine's campaign of attacks against Russian oil refineries is demonstrating how relatively cheap drones that utilize artificial intelligence could pose a major threat to global energy markets. Ukraine-launched drones have hit 18 Russian oil refineries this year with a combined capacity of 3.9 million barrels per day, according to report published by JPMorgan earlier this month. Some 670,000 bpd of Russian refining capacity is currently offline due to the strikes, according to the bank. "Certainly, those attacks could have a knock-on effect in terms of the global energy situation," Austin told the Senate Armed Services Committee. The deployment of AI drones also has broader implications for global energy markets, according to Bob Brackett, a senior research analyst at Bernstein.

Persons: Natasha Kaneva, Lloyd Austin, Biden, Austin, we've, John Kilduff, Bob Brackett, Bernstein, Brackett Organizations: Reuters, JPMorgan, Kyiv, . Defense, Senate Armed Services Committee, Financial, Again Locations: Ukraine, Ryazan, Ryazan Region, Russia, Taneco, Kyiv, Moscow, Russian, China, India

☆ AMD and Intel dip on report China told telecoms to remove foreign chips
▼ + stars: | 2024-04-12 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Shares of Advanced Micro Devices and Intel dipped on Friday after The Wall Street Journal reported that China is ordering the country's largest telecommunications carriers to cease use of foreign chips. Chinese officials issued the directive earlier this year for the telecom systems to replace non-Chinese core processors by 2027, the Journal reported, citing people familiar with the matter. The report said the mandate would impact AMD and Intel. China set new guidelines in December to remove U.S. chips from government computers and servers, blocking processors from AMD and Intel, the Financial Times reported last month. Intel has reportedly survived a push by AMD to end its sale of hundreds of millions of dollars' worth of laptop chips to the U.S.-sanctioned Chinese telecom company Huawei.

Persons: Hong Kong Organizations: U.S, Devices, Intel, Street Journal, AMD, Financial Times, Bloomberg, Huawei Locations: China, Hong, U.S

☆ Goldman Sachs taps Carey Halio as treasurer amid criticisms of its handling of women's careers — read the full memo here
▼ + stars: | 2024-04-11 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Beth Hammack, a past treasurer and CEO of Goldman Sachs Bank USA, recently left after reportedly being passed over for the CFO job. April 11, 2024Carey Halio Named Global Treasurer of Goldman SachsI am pleased to announce that Carey Halio has been named global treasurer of Goldman Sachs and will become a member of the Management Committee. Previously, Carey was chief executive officer of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. He first joined Goldman Sachs in 2006 in Investment Banking, where he advised US financial institutions on capital markets and regulatory capital issues. Please join us in congratulating Jehan on his new responsibilities, and in wishing him and the Investor Relations team continued success.

Persons: Goldman Sachs, Philip Berlinski, Berlinski, Goldman, Denis Coleman, Carey Halio, Halio, David Solomon, she'll, Jehan Ilahi, who's, Coleman, Russell Horwitz, Beth Hammack, Stephanie Cohen, Solomon, Horwitz, Carey, David, Jehan, Morgan, Denis Coleman Russell Horwitz Organizations: Financial Times, Goldman Sachs Bank USA, Business, BI, Street Journal, Goldman, Management, Investor Relations, Goldman Sachs Bank, Financial, Investment Banking, Equity Investor Relations, Banking Locations: New York

☆ AI is coming for Wall Street: Banks are reportedly weighing cutting analyst hiring by two-thirds
▼ + stars: | 2024-04-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewIncoming junior Wall Street analysts could be in danger of losing their jobs to AI, sources within banks told the New York Times. Big firms are reportedly mulling whether to pull back on hiring new analysts as Wall Street leans more heavily on AI, several people familiar with the matter at Goldman Sachs, Morgan Stanley, and other banks told the publication this week. This story is available exclusively to Business Insider subscribers. Deutsche Bank told Business Insider it was too early to comment on any potential job cuts. Advertisement"AI will enable us to do tasks that take 10 hours in 10 seconds," JPMorgan's head of investment banking Jay Horine told the Times, speaking of Wall Street analysts.

Persons: —, Goldman Sachs, Morgan Stanley, Christoph Rabenseifner, Banks, Socrates, Jamie Dimon, Larry Fink, Jay Horine Organizations: Service, Wall Street, New York Times, Business, Deutsche Bank, Times, JPMorgan, BlackRock, Financial, McKinsey, Accenture

☆ An OpenAI investor says TikTok is China's 'programmable fentanyl,' a CCP-controlled tool used to manipulate US citizens
▼ + stars: | 2024-04-11 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

TikTok is an "AI-powered subversion weapon" wielded by the CCP, says OpenAI investor Vinod Khosla. Khosla said the platform could be used by China to "surreptitiously manipulate US citizens." "TikTok is a programmable fentanyl whose effects are under the control of the CCP," he said. AdvertisementBillionaire and early OpenAI backer Vinod Khosla says he supports the forced divestiture of the social media platform TikTok from its Chinese parent company, ByteDance. This story is available exclusively to Business Insider subscribers.

Persons: Vinod Khosla, Khosla, —, ByteDance Organizations: CCP, Service, Financial Times, Business Locations: China

☆ Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer
▼ + stars: | 2024-04-11 | by ( Leslie Picker | ) www.cnbc.com time to read: +1 min

Carey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Prior to running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings on Monday.

Persons: Carey Halio, Goldman Sachs, Denis Coleman, Philip Berlinski, Halio, Carey, David Solomon, Jehan Ilahi Organizations: Millennium Management, Financial Times, CNBC, Goldman Sachs Bank USA, Financial

☆ OpenAI and Meta are on the verge of releasing AI models capable of reasoning like humans, report says
▼ + stars: | 2024-04-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

OpenAI and Meta are close to unveiling AI models that can reason and plan, the FT reported. AdvertisementOpenAI and Meta are reportedly preparing to release more advanced AI models that would be able to help problem-solve and take on more complex tasks. Representatives for Meta and OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours. Getting AI models to reason and plan is an important step toward achieving artificial general intelligence (AGI), which both Meta and OpenAI have claimed to be aiming for. Elon Musk, a longtime AI skeptic, recently estimated that AI would outsmart humans within two years.

Persons: —, Brad Lightcap, Joelle Pineau, OpenAI, John Carmack, Bengio, Geoffrey Hinton, Elon Musk, Musk Organizations: Meta, Service, Financial Times, Business

☆ 'Mr Bates vs the Post Office' — the TV drama that shook Britain — comes to PBS
▼ + stars: | 2024-04-07 | by ( Chris Johnston | ) www.businessinsider.com time to read: +9 min

"Mr Bates vs the Post Office" had a remarkable impact after airing in Britain and now comes to PBS. Jo Hamilton, who ran the Village Shop and Post Office in South Warnborough, Hampshire, was wrongly convicted of theft in the Post Office Horizon scandal. ITVThe program focused on Alan Bates, who along with his partner invested in a post office store in Wales in 1998. Why did the Post Office — which has been owned by the government since 2012 – continue to prosecute people when there were doubts about the software? Advertisement"Mr Bates vs the Post Office" is being broadcast on PBS weekly from Sunday April 7.

Persons: Mr Bates, —, Rishi Sunak, Seema Misra, Peter Huxham, Martin Griffiths, Julian Wilson, Jo Hamilton, Adrian Dennis, Toby Jones, who's, Harry Potter, Alan Bates, Bates, wasn't, John Beer of, –, Kevin Hollinrake, Gwyneth Hughes, Innocent, Paula Vennells, Vennells, it's, James Strong, we'd, Polly Hill Organizations: PBS, Service, ITV, of, Post, Japan's Fujitsu, Office, Getty, Journalists, Computer, BBC, Post Office, Guardian, Fujitsu, Financial Times, subpostmasters, Channel Locations: Britain, Ellesmere Port, Liverpool, South Warnborough, Hampshire, AFP, Wales, John Beer of Farnham, Surrey

☆ Surging oil prices may challenge the Federal Reserve's inflation fight
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Rising energy prices may affect the timing or magnitude of interest rate cuts, he said. The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices. Escalating attacks are coming against a backdrop of an already tightening global crude market.

Persons: Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't Organizations: Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi Locations: East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia

☆ Sam Bankman-Fried was the 'the poster child' of the effective altruism movement, now the charity he bankrolled is shutting down
▼ + stars: | 2024-04-06 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

An "effective altruism" charity backed by Sam Bankman-Fried is set to close. The jailed former crypto billionaire was a major proponent of effective altruism. AdvertisementA UK-based "effective altruism" charity funded by the disgraced former cryptocurrency billionaire Sam Bankman-Fried is set to close. Effective Ventures Foundation UK, originally incorporated in 2012, reported income of more than £140 million in 2022, which is around $177 million as of April 2024. The UK Charity Commission also opened an inquiry into Effective Ventures UK in December 2022 in order to assess any potential risks to the charity's assets.

Persons: Sam Bankman, —, Luke Kemp, Michael Lewis, Fried Organizations: Service, Ventures Foundation, University of Oxford, University of Cambridge's, Harvard Law School, Alameda Research, Financial Times, UK, Commission, Ventures UK Locations: Oxford, Silicon Valley, FTX

☆ Critics are calling Netflix's 'Ripley' a stunning Hitchcockian thriller. But like its criminal anti-hero, it ends up overstaying its welcome.
▼ + stars: | 2024-04-05 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +1 min

The series is a slow-burn thriller that might not work for everyone. NetflixAs many critics have pointed out, "Ripley" indulges in every minute of its almost eight-hour run time. It may take a few episodes to engross audience members, but it's well worth the ride. "This kind of meticulous artistry deserves equally attentive viewing," Lena Wilson argued for IGN, adding: "Despite streaming in full on Netflix, 'Ripley' works best when watched in moderation." However, Aramide Tinubu, writing for Variety, disagreed, arguing that "the episodes are painfully overlong and full of dead space."

Persons: Dakota Fanning, Johnny Flynn, Andrew Scott, Ripley, Dan Einav, Lucy Mangan, Lena Wilson, Aramide Tinubu, Maurizio Lombardi, —, Brian Lowry Organizations: Netflix, Financial Times, The Guardian, IGN, Variety Locations: Ripley, Dickie's

☆ Google's AI search tool doesn't seem to have mastered math yet
▼ + stars: | 2024-04-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Google's AI search tool got simple mathematics wrong, a review by The Washington Post said. The experimental tool, Search Generative Experience, was introduced in May. AdvertisementGoogle's AI search tool appears to struggle when it comes to simple mathematics. Google previously said it was "supercharging" and "improving" its search experience with a generative AI-infused version called Search Generative Experience (SGE). AdvertisementThe company told the FT, "With our generative AI experiments in Search, we've already served billions of queries, and we're seeing positive Search query growth in all of our major markets.

Persons: —, Geoffrey A, Fowler, we're, you'll, SGE, Mark Zuckerberg's, we've, Google didn't Organizations: Washington Post, Google, Financial Times, Service

☆ Disney beat back activist investor Nelson Peltz. Now the real work begins
▼ + stars: | 2024-04-04 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

That would mark a milestone for the company, which launched Disney+ on Nov. 12, 2019. It would be the first time Disney showed it can make money from Disney+, Hulu and ESPN+. Disney will need to sustain and grow streaming profit to justify Iger's five-year-old strategy to go "all in" on the segment. Disney has already offered ESPN+, a sports streaming service that has some but not all of ESPN's content. Trian Partners' Nelson Peltz, who failed to join Disney's board Wednesday after securing just 31% of the vote, publicly questioned what he has called Disney's "woke" content strategy.

Persons: Bob Iger, Sun Valley , Idaho David A, Iger, Disney, they've, Cowen, Doug Creutz, Needham, Laura Martin, Gabby Jones, David Greenbaum, Sean Bailey, Alan Bergman, Indiana Jones, Nelson Peltz, Peltz, shouldn't, Bob Chapek, He'll, Bergman, Jimmy Pitaro, Josh D'Amaro, Dana Walden, They've, Cowen's, you've, That's, it's, — CNBC's Sarah Whitten, Needman's Martin Organizations: Disney, Allen & Company Sun Valley Conference, Grogan, CNBC Disney, Disney Disney, Hulu, ESPN, Co, Warner Bros . Discovery, Fox, CNBC, Athletic, Bloomberg, Getty, Marvel, Star Wars, Searchlight, Walt Disney Motion, Disney Entertainment, Century Fox, Sony, Disney's Marvel Studios, Trian Partners, Financial Times, Resorts, Iger Locations: Sun Valley , Idaho, Brooklyn , New York, Iger, Parks, Disney

☆ It looks like it could be the end of the AI hype cycle
▼ + stars: | 2024-04-03 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read previewSome AI leaders are starting to ask themselves the question: should we be buying the hype? Almost a year and a half on from the launch of ChatGPT, the hype around the technology is seemingly everywhere. AI image generator Stability AI also lost its chief, Emad Mostaque, amid reports of financial pressure. Others though, like Google deep learning expert François Chollet, are keen to stress just how far off human intelligence today's AI models actually are. Until some real signs of money-making, human-level intelligence do emerge, expect more to call it all hype.

Persons: —, Bill Gates, Elon Musk, it's, Gary Marcus, Sam Altman, Marcus, GmjUDKhc6k — Gary Marcus, @GaryMarcus, Mustafa Suleyman, Emad Mostaque, Eric Schmidt, Demis Hassabis, Musk, François Organizations: Service, Business, Google, Invest, Investors, New York University, Nvidia, NVidia, Blackwell, Microsoft, Financial Locations: OpenAI, Sequoia

☆ Disney proxy battle is about a lot more than just two board seats
▼ + stars: | 2024-04-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

As for the newsletter, in today's big story, we're breaking down Disney's big proxy fight . Activist investor Nelson Peltz's proxy fight against Disney for two seats on the company's board comes to a head at its annual shareholder meeting today. The total amount spent between Disney and its rivals wrangling votes is estimated to be at least $70 million, a record for a proxy fight. The statue of Walt Disney and Mickey Mouse at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida. 3 things in businessWin McNamee/Getty Images; Chelsea Jia Feng/BIIn other newsAdvertisementWhat's happening todayThe Walt Disney Company's annual meeting will be held today.

Persons: —, Congrats, ya, Bob Iger, Nelson Peltz, Neilson Barnard, David A, Grogan, Nelson, Madeline Berg, BI's Peter Kafka, BI's Grace Eliza Goodwin, Walt Disney, Mickey Mouse, Joe Burbank, Rowe Price, Peltz's Trian, Neuberger Berman, Peltz, It's, Trian, they're, Stocks, Ray Dalio, it's, Quincy Krosby, Jeffrey Buchbinder, Alyssa Powell, Win McNamee, Chelsea Jia Feng, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, National, Getty, Disney, Magic, Walt Disney World, Orlando Sentinel, Tribune, Wall, BlackRock, Peltz's Trian Partners, California Public Employees, Financial Times, DuPont, Fed, JPMorgan, Bridgewater Associates, Astera Labs, Arm Holdings, LPL Financial, Apple, Nvidia, BI, Walt Locations: —, Virginia, Lake Buena Vista , Florida, China, Haiti's, New York, London

☆ Disney trounces activist shareholders in a major win for Bob Iger
▼ + stars: | 2024-04-03 | by ( Allison Morrow | Hadas Gold | ) edition.cnn.com time to read: +5 min

New York CNN —Disney won a hard-fought proxy battle against a group of activist investors who sought to secure seats on the company’s board of directors. Disney’s board triumphed by what the company called “a substantial margin” over the nominees put forward by Trian Fund Management and Blackwells Capital at its annual shareholder meeting. Iger didn’t just beat Trian’s Nelson Peltz, but trounced him, according to a person familiar with the vote count. Jay Rasulo, the former Disney finance chief who joined Peltz’s attempt, also lost by a wide margin, the person said. Retail shareholders, which hold roughly 35% of Disney stock, also voted overwhelmingly – 75% – for Disney’s candidates.

Persons: New York CNN — Disney, Bob Iger, Disney’s, —, Trian, didn’t, Trian’s Nelson Peltz, Jay Rasulo, Peltz’s, Peltz, ”, ” Iger, ” Peltz, Iger, CNN’s Oliver Darcy, Samantha Delouya, Oliver Darcy Organizations: New, New York CNN, Trian Fund Management, Blackwells, Disney, Retail, Financial Times, Republicans, Marvel, CNBC, Trian Partners Locations: New York, refocusing, Trian

☆ China has flooded the market with so many solar panels that people are using them as garden fencing
▼ + stars: | 2024-04-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Chinese manufacturers are causing a global glut of solar panels. Solar panels have become so cheap that some people are using them to line fences. US Treasury Secretary Janet Yellen is set to discuss the overcapacity during her trip to China starting Wednesday. Solar panels — 80% of which are made in China — are so cheap that they are now being used to line garden fences in Germany and the Netherlands, the Financial Times reported on Tuesday. Solar panels are typically installed on rooftops, where they can capture the most sunlight — but there's so much excess supply that people in these two countries are now putting them on fences.

Persons: Janet Yellen Organizations: Service, Financial Times, Business Locations: China, Germany, Netherlands

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ India wants to become the top manufacturing alternative to China. But first it needs to beat Vietnam
▼ + stars: | 2024-04-02 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +6 min

The Biden administration has encouraged American companies to move electronics and technology manufacturing operations out of China and into friendlier countries, particularly Vietnam and India in Asia-Pacific. Vietnam's head startIndia and Vietnam are attractive manufacturing alternatives for foreign investors and companies, due in part to low labor costs. Import taxes remain highOne hurdle for India's manufacturing hub ambitions is the country's 10% import duty for information and communication technologies. India's import taxes were intended to protect domestic manufacturers, but lowering those duties will be part of the government's efforts to attract foreign firms to manufacture goods within the country. For example, India in January lowered import taxes for certain metal and plastic parts used in manufacturing mobile phones from 15% to 10%.

Persons: Biden, Mukesh Aghi, Samir Kapadia, Narendra Modi's, Aghi, Nari Viswanathan, Viswanathan, Tim Cook, Narendra Modi, Andy Ho, Modi, Kapadia, Pankaj Mahindroo, VinaCapital's Ho, Ho Organizations: Hindustan Times, Getty, Republicans, U.S ., India Strategic Partnership, India Index, Vogel Group, U.S, White House, Washington, Financial Times, Apple, Indian, Google, Dixon Technologies, Samsung, Motorola, India Cellular and Electronics Association, CNBC, corporates Locations: Noida, India, Asia, China, Vietnam, The U.S, U.S, United States, Singapore

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