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People walk through a gate in the Forbidden City in Beijing, capital of China, March 27, 2023. China's factory activity in August shrank for a fifth straight month, while non-manufacturing activity hit a new low for the year — signs that the slowdown in the world's second-largest economy may not yet have bottomed out. The official manufacturing purchasing managers' index rose slightly to 49.7 in August from 49.3 in July, according to data from the National Bureau of Statistics released Thursday. This was better than the median forecast for 49.4 in a Reuters poll. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.
Persons: Zhao Qinghe Organizations: National Bureau of Statistics, PMI, NBS Locations: City, Beijing, China
Closure of Mont Blanc tunnel between Italy and France postponed
  + stars: | 2023-08-31 | by ( ) www.reuters.com   time to read: +2 min
An aerial view shows the French-side entrance to the Mont Blanc road tunnel which links France and Italy beneath the Alps December 17, 2013. The 11.6 kilometre Mont Blanc tunnel had been due to close from next Monday for 15 weeks for works to be carried out. The closure of the Mont Blanc tunnel would be delayed for a few days at least, Beaune added. A decision on the rescheduling of the Mont Blanc tunnel work is expected next week. The Mont Blanc and Frejus tunnels are key to Italy's exports to France, and there were concerns that their double closure would come at heavy economic cost.
Persons: Mont, Robert Pratta, Matteo Salvini, Federica Urso, Armellini, Jean, Stephane Brosse, Keith Weir Organizations: REUTERS, Rights, Thomson Locations: Mont Blanc, France, Italy, Beaune, Frejus, Italian, Mont, Rome, Paris
Sen. Chuck Schumer is hosting sessions to help lawmakers understand and shape future rules on AI. AdvertisementAdvertisementMeredith Whittaker, president of messaging app Signal and former director of AI think tank the AI Now Institute, posted on X: "This is the room you pull together when your staffers want pictures with tech industry AI celebrities. It's not the room you'd assemble when you want to better understand what AI is, how (and for whom) it functions, and what to do about it." This is the room you pull together when your staffers want pictures with tech industry AI celebrities. It's not the room you'd assemble when you want to better understand what AI is, how (and for whom) it functions, and what to do about it.
Persons: Sen, Chuck Schumer, Axios, Mark Zuckerberg —, Sam Altman, Sundar Pichai, Satya Nadella, Elon Musk, Mark Zuckerberg, Per, Maria Curi, Rumman Chowdhury, Deborah Raji, Tristan Harris, b9mJhW39NW — Maria Cristina Curi, OpenAI, Alex Karp, Jack Clark, Clement Delangue, Meredith Whittaker, It's, UM1EhFNb1H — Meredith Whittaker, Face's Delangue Organizations: Morning, Google, Microsoft, Mozilla, Center of Humane, Meta, Nvidia Locations: Washington
Presidential candidate Tan Kin Lian (left) waves as he arrives at the nomination center for the presidential election in Singapore on August 22, 2023. Song is standing in the city-state's 2023 presidential election. Presidential candidate Tharman Shanmugaratnam waves to his supporters at the nomination center for the upcoming presidential election in Singapore on Aug. 22, 2023. Xinhua News Agency | Xinhua News Agency | Getty ImagesThe full scale of Singapore's reserves is not publicly available, though public information of some institutions charged with investing its reserves offer a glimpse into the size of the reserves. Local independent news outlet Jom estimated that only 0.044% of Singaporean adults qualify to run as Singapore president.
Persons: , incorruptibility, Eugene Tan, Tan Kin Lian, Roslan Rahman, Tan, Ng Kok, Lee Kuan Yew, Tharman, Ng, Shanmugaratnam, Tan Meng, Singapore's, Lee Kuan, Kevin Tan, Cherian, Halimah Yacob —, Cherian George, who's Organizations: Getty, SINGAPORE, Observers, Singapore Management University, NTUC, Afp, Monetary Fund, Party, CNBC, Bloomberg, Presidential Advisors, Xinhua News Agency, Temasek, Singapore, Monetary Authority of, Cherian George National University of Singapore, Hong Kong Baptist University, Malay, National University of Singapore, Hong, Hong Kong Baptist University's School of Communication Locations: Singapore's Marina Bay, Singapore, State, Monetary Authority of Singapore, Hong, Hong Kong
Carrière’s mother, Jennifer Bartlett (1941-2022), was an American conceptual artist renowned for her “massive canvases” that moved from mathematical abstraction into realism. In 1983, she married the author’s father, Mathieu Carrière, a German intellectual, activist and actor whose first starring role was in “Young Törless,” directed by Volker Schlöndorff. Even before her parents’ divorce, when she was 6, Carrière grew up shuttling back and forth between a 17,000-square-foot townhouse in New York City’s West Village and a penthouse in Paris, according to her parents’ work and social schedules. “It was hard to know what was true in my house,” she writes. “I had taken something of my father’s into me, something intimate — his liquids and his lonely need,” she writes.
Persons: Alice Carrière Alice Carrière’s, Jennifer Bartlett, Bartlett, , Mathieu Carrière, “ Young, Volker Schlöndorff, Carrière, Organizations: New Locations: American, New York City, German, , New York, Paris
Australia wants trade ties with China to be normalized, but Beijing must first remove the remaining trade curbs, said Australia's assistant minister for trade told CNBC. Canberra is in dialogue with its largest trading partner to drop tariffs on Australian wine imports that were introduced in March 2021. At the peak of diplomatic tensions in 2020 and 2021, Beijing slapped import tariffs on several Australian exports, from wine and red meat to lobsters and timber. "That is a good outcome, but I want to see — and the Australian government wants to see — trade with China return to normal and to be stabilized across the board," Tim Ayres told CNBC's Martin Soong in an interview on the sidelines of the B20 summit in New Delhi over the weekend. "Until we remove all of those impediments, it's not possible to say that the trade is back to normal," Ayres added.
Persons: Tim Ayres, CNBC's Martin Soong, Ayres Organizations: CNBC, Canberra Locations: Australia, China, Beijing, New Delhi
Pope Francis holds the weekly general audience, in Paul VI hall at the Vatican, August 9, 2023. You are heirs of the great Russia - the great Russia of the saints, of kings, the great Russia of Peter the Great, of Catherine II, the great Russian empire, cultured, so much culture, so much humanity. An editorial on Italy's Il Sismografo website, which specialises in Catholic affairs, called the pope's words "odd" at a delicate moment in history. Pope Francis is a Jesuit. The comment prompted Ukrainian Foreign Minister Dmytro Kuleba to summon the Vatican's ambassador in Kyiv to protest, saying the pope's words were "unfair" and had "broken Ukraine's heart".
Persons: Pope Francis, Paul VI, Peter the Great, Vladimir Putin, Francis, Catherine II, Russia, Oleg Nikolenko, Nikolenko, Sviatoslav Shevchuk, Italy's, Catherine, Catherine the Great, Pope Clement XIV, Last, Putin, Tsar Peter the Great, propounding, Toomas Hendrik Ilves, Nexta, Darya, Dmytro Kuleba, Ron Popeski, Tomasz Janowski, Alex Richardson Organizations: Vatican, Handout, REUTERS, CITY, Kremlin, Ukrainian Foreign Ministry, Facebook, Rite Catholic Church, Ukrainian, Thomson Locations: Ukraine, St . Petersburg, Russia, Crimea, Russian, Estonian, Belarus, Poland, Lithuania, Moscow, Kyiv
Hugging Face, an AI firm based in New York, has raised $235 million at a $4.5 billion valuation from some of technology's biggest companies. Hugging Face CEO Clement Delangue said the funds are to be focused on hiring talent to be competitive in the artificial intelligence space. He hopes that AI developers will rely on Hugging Face on a daily basis to get their work done. And if all of them use Hugging Face all day, every day, we'll obviously be in a good position," he said. Hugging Face hosts 500,000 different AI models, 250,000 data sets, and has 10,000 paying customers, the company said.
Persons: Clement Delangue, OpenAI, BLOOM, Delangue Organizations: Google, Nvidia, Salesforce, AMD, Intel, IBM, Qualcomm, Microsoft, Facebook, Meta, CNBC, IDEFICS Locations: New York
Aug 24 (Reuters) - AI startup Hugging Face said on Thursday it was valued at $4.5 billion in a $235-million funding round backed by technology heavyweights, including Salesforce (CRM.N), Alphabet's (GOOGL.O) Google and Nvidia (NVDA.O). The latest round of funding outlines the rapidly growing adoption of artificial intelligence (AI), which has been hailed by many as the next frontier of technology and has attracted some of the biggest investors in Silicon Valley. Following the launch of OpenAI's popular chatbot ChatGPT, several AI startups like Microsoft-backed (MSFT.O) Inflection AI and Google-backed Runway have raised funds. Intel (INTC.O), Advanced Micro Devices (AMD.O), Qualcomm (QCOM.O), IBM (IBM.N), Amazon (AMZN.O) and Ashton Kutcher-backed venture capital firm Sound Ventures also participated in Hugging Face's latest funding round. "In five years, every tech company will be an AI company," Delangue added.
Persons: Ashton Kutcher, Face's, Clément Delangue, Delangue, Shubhendu Satish Deshmukh, Niket, Shweta Agarwal Organizations: Google, Nvidia, Microsoft, Intel, Devices, Qualcomm, IBM, Sound Ventures, Thomson Locations: Silicon Valley, Bengaluru
Tesla's groundbreaking move with Malaysia is a boost to Southeast Asia's place in the EV supply chain and the first deal under the country's Battery Electric Vehicle Global Leaders initiative. There are also plans for Tesla to embark on EV battery manufacturing in Malaysia. Anwar said Malaysia is open to more EV investments, including from Chinese automakers. Tesla Inc. signage during a launch of company's Model Y electric vehicle in Kuala Lumpur, Malaysia, on Thursday, July 20, 2023. Building readinessStill, Anwar was hesitant to say a full electric vehicle assembly line is in the pipeline.
Persons: Tesla, Anwar Ibrahim, CNBC's Martin Soong, Anwar, Elon Organizations: country's, Vehicle Global, U.S, EV, Bumiputeras, CNBC, Tesla Inc, Bloomberg, Getty, IT, Zhejiang, Infineon Technologies, Proton Locations: Malaysia, Southeast Asia, Putrajaya, Kuala Lumpur, China, Shanghai, Selangor, Malay, Tanjong Malim, Perak, Kedah, Geely
"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.
Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia
Nurphoto | Nurphoto | Getty ImagesMalaysia's Prime Minister Anwar Ibrahim has vowed to recover the money Malaysians are owed from the 1MDB money laundering scandal, and says he hasn't ruled out the possibility of a lawsuit against Goldman Sachs. Anwar said Malaysian agencies were still in talks with Goldman Sachs, though ongoing discussions are "a bit complex." Asked to comment on Anwar's interview, Goldman Sachs referred CNBC to its second quarter earnings statement. It remains to be seen what would come out of the standoff between Malaysia and Goldman Sachs. "No one can deny the fact that Goldman Sachs was used, and partly used the authorities," Anwar said in his interview.
Persons: Malaysia's, Anwar Ibrahim, Malaysia's King, hasn't, Goldman Sachs, Anwar, CNBC's Martin Soong, Goldman, Muhyiddin Yassin, I've, , Mahathir Mohamad, Anwar Malaysia's, Anwar's Pakatan, Najib Razak, Muhyiddin, Islam that's Organizations: Nurphoto, Getty, Malaysia's, 1Malaysia, Malaysia, CNBC, of, Malaysian, Barisan Nasional, Barisan, Perikatan Nasional coalition, Islamic, Malay Locations: Kuala Lumpur, Putrajaya, Malaysia, Malaysian, Anwar Ibrahim Malaysia, U.S, of Malaysia, United States, Malay, Federal
China's central bank cut its one-year loan prime rate Monday, while leaving its five-year rate unchanged. This was the second time China has cut this rate in three months. The PBOC left its five-year loan prime rate — the peg for most mortgages — unchanged at 4.2%, while economists expected a 15 basis point cut due to default risks from festering liquidity woes in the country's property sector. Country Garden is on the verge of default, while Evergrande filed last week for bankruptcy protection in a Manhattan court. "Hopes for a stimulus-led turnaround in economic activity largely depend on the prospect of greater fiscal support," he added.
Persons: Evergrande, China Julian Evans, Pritchard Organizations: People's Bank of China, Index, China Enterprises, CSI Locations: China, Manhattan, Hong Kong
LONDON — European stock markets were higher on Monday after closing Friday at a six-week low. China's central bank cut its one-year loan prime rate by less than expected Monday, and left its five-year rate unchanged. Zoe Gillespie, chartered wealth manager at RBC Brewin Dolphin, said the moves showed a "lack of ambition," but that China faced a "tough play." There's a lot for central policymakers to do to their protect the currency and also stimulate the economy." Asia-Pacific stock markets traded mixed Monday, while U.S. stock futures were slightly lower.
Persons: Zoe Gillespie, it's, CNBC's, You've, Jackson, — Clement Tan Organizations: LONDON, RBC, People's Bank of China, Federal Locations: China, Asia, Pacific
"We think the situation is probably getting a little bit worse because of this Country Garden incident," Chan told CNBC in a phone interview Thursday. The debt troubles at Country Garden and the uncertainty of government support are feeding into broader unease in the Chinese housing market. Louise Loo Oxford EconomicsThe Chinese property sector has been reeling since 2020, when Beijing cracked down on the debt levels of mainland property developers. Chan said S&P's bear case for China's property sector is for 11 trillion yuan in sales this year, and 10 trillion yuan for 2024. Land sales divergenceAs China's property sector consolidates amid the debt and credit malaise, state-owned developers are better positioned to grow than non-state ones.
Persons: Edward Chan, Chan, Evergrande, Louise Loo, Global's Chan, That's, China's, Gary Ng Organizations: Future Publishing, CNBC, JPMorgan, Louise Loo Oxford, Oxford Economics, Natixis Corporate, Investment Banking Locations: Chengdong, Hai, City, East China's Jiangsu Province, China, U.S, China's, Beijing
Japan posted its first monthly decline in exports in more than 2 years, as weaker demand in its biggest trading partners in China and the rest of Asia dimmed prospects for growth in the world's third-largest economy. Exports fell 0.3% in July from a year earlier for the first time since February 2021, according to provisional data released Thursday by Japan's Ministry of Finance. Exports to Asia plunged almost 37%, while those to China contracted 13.4% in an eighth consecutive monthly decline, underscoring the magnitude of the slowdown in the mainland. Japan's domestic demand showed no meaningful improvement, underscored by imports that slumped 13.5% in July. A surge in imports had propelled a provisional 6% growth in Japan in the second quarter, though economists are expecting global demand to weaken in the second half of the year.
Persons: Sayuri Shirai Organizations: Japan's Ministry of Finance, Exports, Keio University, CNBC Locations: Japan, China, Asia, U.S, Europe
Bloomberg | Bloomberg | Getty ImagesJPMorgan raised its global emerging markets corporate high-yield default forecast, largely due to rising contagion fears in China's property sector from a possible Country Garden default. It also raised its Asia high-yield default rate forecast to 10% from 4.1% — that figure drops to just 1%, if China property is excluded. JPMorgan expects China property to account for nearly 40% of all default volumes in 2023, followed by 35% from Russian corporates and 12% from Brazilian issuers. watch nowThe magnitude of the increase in JPMorgan's default risk assessment underscores fears that a Country Garden debt default will have a far broader ripple effect on the Chinese property sector and the broader economy. In the same note, JPMorgan said a Country Garden default could add $9.9 billion to the year-to-date global emerging markets high-yield corporate default tally, taking the total default volume for the Chinese property sector to $17 billion to date in 2023.
Persons: JPMorgan Organizations: HK, Country Garden Holdings Co, Bloomberg, Getty, JPMorgan, China Evergrande Group Locations: Baoding, Hebei province, China, China's, U.S, Asia, Russian
Tokyo Skytree and Mount Fuji are seen from the I-link Town observatory in Ichikawa city, Chiba prefecture, east of Tokyo on July 2, 2023. Japan's economy posted its third straight quarterly expansion, provisional government data showed Tuesday, as robust exports growth helped the world's third-largest economy expand 6% in the second quarter, handily beating market expectations. Economist surveyed by Reuters had expected the world's third-largest economy to post 3.1% growth in the April-June quarter. Quarter-on-quarter, the Japanese economy expanded 1.5%, topping expectations for 0.8% growth. The benchmark Nikkei 225 index extended gains to trade up nearly 1%, while the Japanese yen pared losses against the U.S. dollar.
Organizations: Mount, Reuters, Nikkei, U.S . Locations: Tokyo, Mount Fuji, Ichikawa city, Chiba prefecture
CNBC Daily Open: Is China a no-go for U.S. investment?
  + stars: | 2023-08-11 | by ( Clement Tan | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Almost all of the monthly inflation increase came from shelter costs, which rose 0.4% and were up 7.7% from a year ago. Markets reacted favorably, expecting July's tame inflation reading to mean no more interest rate hikes from the Federal Reserve. Investors may want to consider using the recent weakness in chipmaker Nvidia to snatch up shares of the artificial intelligence darling, some Wall Street analysts are saying.
Persons: Dow Jones, Hong, Joe Biden, Biden, they're Organizations: CNBC, of Labor Statistics, Federal Reserve, Dow, Nasdaq, U.S, Wednesday, Oceanic, Atmospheric Administration, Nvidia, Investors Locations: United States, China, U.S, Japan, Hawaii, Maui
CNBC Daily Open: Chilling effect
  + stars: | 2023-08-11 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets reacted favorably, expecting July's tame inflation reading to mean no more interest rate hikes from the Federal Reserve. U.S. stocks pare early gainsThe Dow Jones Industrial Average edged higher Thursday, helped by a post-earnings Disney rally and a key inflation reading showing slightly less year-over-year inflation growth than expected. In the last quarter, the Chinese tech giant also recorded its biggest annual increase in sales since the September 2021 quarter.
Persons: Dow Jones, pare, Alibaba Organizations: CNBC, of Labor Statistics, Federal Reserve, Dow Jones, Disney, Nasdaq, Semiconductor Manufacturing International Corp, Nvidia, Investors Locations: United States, China, U.S, Ukraine, Ukrainian, Russia
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hong Kong's Hang Seng Index dropped 0.95%, while mainland Chinese indexes extended their losses. Markets are waiting for Thursday's July consumer price index report, which will likely show that the pace of price increases is easing — but not enough to get the Federal Reserve to retreat on its inflation fight. The Food and Agriculture Organization All Rice Price Index for July rose 19.7% from a year ago to its highest nominal value since September 2011.
Persons: Hong, Joe Biden's Organizations: CNBC, Nikkei, Dow Jones, Nasdaq, Federal Reserve, Ministry, Disney, Wall, United Nations, Agriculture, Rice, Index Locations: China, , Beijing, China , Hong Kong, Macao, Panama, United, Thailand
Dong Wenjie | Moment | Getty ImagesChina criticized President Joe Biden's long-awaited executive order regulating fresh U.S. investment in technology — but stopped short of issuing immediate counter measures. "China expresses its grave concern and reserves the right to implement measures," the Chinese Commerce Ministry said in the statement, according to a CNBC translation. Biden's order comes amid an escalating race for global technology supremacy. watch now"This seriously deviates from the market economy and fair competition principles that the U.S. has always advocated," the Chinese Ministry of Commerce added. The wording on Biden's executive order appears similar to a toned-down version of the initial Outbound Investment Transparency Act the Senate recently introduced.
Persons: Dong Wenjie, Joe Biden's, Prasad, Janet Yellen Organizations: Images China, Chinese Commerce Ministry, Biden, CNBC, Chinese Ministry of Commerce, Cornell University, Treasury, Senate Locations: Shanghai, Asia, China, China , Hong Kong, Macao, U.S, Japan, Netherlands, Beijing
CNBC Daily Open: The American consumer
  + stars: | 2023-08-10 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 min
A view of the Stuart The Minion balloon during the 2022 Macy's Thanksgiving Day Parade on November 24, 2022 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Biden's order appears similar to a toned-down version of the initial Outbound Investment Transparency Act the Senate recently introduced. At its earnings release, Disney reported subscriber losses continued over the last three months, declining 7.4% decline from the previous quarter — a larger loss than Wall Street expected.
Persons: Stuart, Joe Biden Organizations: CNBC, Dow Jones, Nasdaq, Federal Reserve, Department, Senate, Disney, Wall Locations: New York City, U.S, Panama
REUTERS/Jonathan ErnstAug 10 (Reuters) - A federal appeals court on Thursday will weigh lifting a Louisiana judge's order limiting the Biden administration's ability to communicate with social media companies to urge them to moderate information it deems harmful or misleading. Circuit Court of Appeals in New Orleans is set to hear arguments in the administration's appeal of the judge's ruling, which found that the government wrongly pushed social media firms to suppress disfavored political views. The Biden administration quickly appealed, and the 5th Circuit temporarily put the judge's ruling on hold while it heard the case. The administration denies forcing social media companies to take down any posts. The panel that will hear the Biden administration's appeal includes three judges who were all appointed by Republican presidents, U.S.
Persons: Joe Biden, Jonathan Ernst, Terry Doughty's, Doughty, Donald Trump, Trump, lockdowns, Biden, Edith Brown Clement, Jennifer Walker Elrod, Don Willett, Brendan Pierson, Nate Raymond, Aurora Ellis Organizations: REUTERS, Biden, Circuit, District, Democratic, Meta, Inc, YouTube, Twitter, X Corp, Trump, Department of Health, Human Services, Federal Bureau of, 5th Circuit, Republican, Thomson Locations: Arcosa, Belen , New Mexico, U.S, Louisiana, New Orleans, Missouri, Monroe, New York
CNBC Daily Open: Treasury bets
  + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. stocks reboundAsia-Pacific markets were tepid on Tuesday, and didn't track a rebound on U.S. indexes overnight. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. Tesla's chief accounting officer, Vaibhav Taneja, is its new CFO and will hold both roles concurrently.
Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, CSI, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Asia, Pacific, China, Omaha
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