EU warns of ‘big gap' in trade talks after Trump's 30% tariff threat
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Bloomberg
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Swiss Banking Watchdog Who Warned Credit Suisse Is Stepping Down
Thomas Hirschi, a crucial behind-the-scenes actor during the Credit Suisse crisis, is leaving the Swiss financial regulator Finma to pursue a new career. Hirschi, who was born in 1975, has led the watchdog's banks division since 2022 and the supervision of asset managers before that. He will depart on Aug. 31, Finma said in a statement on Tuesday.
Yahoo
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- Yahoo
Renault reports nearly €10 billion non-cash loss due to Nissan stake
Renault SA has changed the way it accounts for its stake in Japanese firm Nissan, leading to a non-cash loss of €9.5 billion, affecting its earnings in the first half of its 2025 fiscal year. The stake, previously accounted for using the equity method, will now be a financial asset, measured by the share price of Nissan, as of 30 June 2025. 'This approach aligns the value of the stake in Nissan in Renault Group's financial statements with the value of Nissan's share price,' Renault said in a statement. 'The non-cash loss has no impact on the calculation of the dividend paid by Renault Group.' The two carmakers have been cooperating for a little more than a quarter of a century, and the French brand owns nearly 36% of the ailing Japanese company. Since the start of this year, the Japanese carmaker's stocks have lost 28% of their value. Nissan also announced recently that it would shed 20,000 jobs worldwide after it reported a net loss of around €4bn for the fiscal year that ended in March 2025. Related Nissan to shed 20,000 jobs as Japanese automaker reports loss Shock at Renault: Shares plunge as CEO reportedly departs to Gucci-owner Kering Car giants Honda, Nissan and Mitsubishi end multi-billion dollar tie-up talks Renault Group, the owner of brands including Renault, Dacia, Alpine and Mobilize, successfully increased its sales against a broader market downturn in the first quarter of 2025, as carmakers across the globe face trade uncertainty triggered by US President Donald Trump's tariff policy. Renault's future became even more uncertain after CEO Luca de Meo recently resigned to take over the leadership of luxury group Kering. In terms of the long-term alliance between Nissan and Renault, this partnership has come into question as reports have emerged that the two carmakers are looking for a way out of the strategic cooperation, which has bound them since 1999. Renault has, however, sent a strong message to investors saying: 'The operational projects and collaboration resulting from the strategic cooperation between Renault Group and Nissan remain intact with a pragmatic and business-oriented approach.' Sign in to access your portfolio
Yahoo
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Nvidia to sell H20 chips to China again after US gives export approval
US tech giant Nvidia will start selling its H20 AI chip in China again after the Trump administration relaxed export restrictions. The White House gave assurances that it would grant licenses for the product in the Chinese market, the firm said on Tuesday in a blog post. The move is a U-turn for the government, which in April banned sales of the chip to China, linked to concerns that the technology could be used for military purposes. At the time, Nvidia said it had been told that the export control would stay in place for the 'indefinite future". Nvidia claimed in May that it had taken a $4.5 billion (€3.8bn) inventory cost hit in the April quarter because of the restrictions and added that it had missed out on an additional $2.5bn (€2.1bn) in sales. The announcement temporarily sent its share price plunging. The H20 chip was specifically designed for the Chinese market, in line with restrictions introduced by former president Joe Biden in 2023. When in office, Trump overhauled the Biden-era curbs but imposed restrictions on Nvidia's H20 AI chip. On Tuesday, Nvidia also announced a new China-specific AI chip it said was 'fully compliant' with export rules. Tuesday's announcement comes after Nvidia CEO Jensen Huang has spent months lobbying in both the US and China. Related Chipmaker Nvidia hits $4 trillion making it world's most valuable company Volvo Cars CEO: dual tech for China and the West is new trade reality Huang argued that Trump's restrictions were a 'failure' in the sense that they were boosting China's AI capabilities, notably as the market could no longer rely on American products. Exports of the chip do, however, help Chinese AI companies like DeepSeek, that use Nvidia chips to create their products. The breakthrough comes as relations between Washington and Beijing have thawed in recent weeks. Earlier this year, the Trump administration threatened a 145% duty on Chinese goods sent to the US, and Beijing responded with a 125% retaliatory tariff. The two sides decided to lower these taxes in May, and then agreed on a trade framework last month. The trade agreement seeks to ease restrictions on exports of raw materials and other critical technologies. Throughout earlier talks, Donald Trump had nonetheless suggested that curbs on the H20 AI chip wouldn't be relaxed as part of the framework. Both China and the US are seeking to find a permanent solution to replace the temporary trade truce before a 12 August deadline. Nvidia's Huang is currently in Beijing to hold talks with government officials, after meeting with President Trump last week. The CEO also announced plans to create a new graphics processing unit, the RTX PRO, for the Chinese market, which he said is fully compliant with US export controls.
