SoftBank's Ampere deal to face in-depth review by FTC, Bloomberg News reports
The probe, known formally as a second request for information, is a follow-up inquiry into the deal and suggests that the acquisition may undergo an extended government review, according to the report.
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Apple's top AI executive Ruoming Pang leaves for Meta, Bloomberg News reports
Apple's top executive in charge of artificial intelligence models, Ruoming Pang, is leaving the company for Meta Platforms, Bloomberg News reported on Monday, citing people with knowledge of the matter. Pang, manager in charge of the company's Apple foundation models team, will join Meta's new superintelligence team for a compensation package worth millions of dollars per year, the report added. Meta and Apple did not immediately respond to Reuters requests for comment. The development comes as tech giants such as Meta aggressively chase high-profile acquisitions and offer multi-million-dollar pay packages to attract top talent in the race to lead the next wave of AI. Meta CEO Mark Zuckerberg has reorganized the company's AI efforts under a new division called Meta Superintelligence Labs, Reuters reported last week. The division will be headed by Alexandr Wang, former CEO of data labeling startup Scale AI. He will be the chief AI officer of the new initiative at the social media giant, according to a source. Last month, Meta invested in Scale AI in a deal that valued the data-labeling startup at $29 billion and brought in its 28-year-old CEO Wang.
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Trump unveils 25% tariffs on Japan, South Korea in letters to leaders
WASHINGTON: President Donald Trump on Monday (Jul 7) began telling trade partners - from powerhouse suppliers like Japan and South Korea to minor players - that sharply higher US tariffs will start Aug 1, marking a new phase in the trade war he launched earlier this year. The 14 countries sent letters so far, which included smaller US exporters like Serbia, Thailand and Tunisia, hinted at opportunities for additional negotiations while at the same time warning that any reprisal steps would be met with a like-for-like response. Trump said on Monday that the United States would impose 25 per cent tariffs on Tunisia, Malaysia and Kazakhstan; 30 per cent on South Africa, Bosnia and Herzegovina; 32 per cent on Indonesia; 35 per cent on Serbia and Bangladesh; 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge," Trump said in letters, released on his Truth Social platform, to Japan and South Korea. The higher tariffs take effect Aug 1, and notably will not combine with previously announced sector tariffs such as those on automobiles and steel and aluminium. That means, for instance, that Japanese vehicle tariffs will remain at 25 per cent, rather than the existing 25 per cent sector tariff climbing to 50 per cent with the new reciprocal rate as has occurred with some of Trump's tariffs. The clock has been ticking for countries to conclude deals with the United States after Trump in April unleashed a global trade war that has roiled financial markets and sent policymakers scrambling to protect their economies. Trading partners got another reprieve as Trump signed an executive order on Monday extending the Wednesday deadline for negotiations to Aug 1. Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened. The rate for South Korea is the same as Trump initially announced, while the rate for Japan is 1 point higher than first announced on Apr 2. A week later, he capped all of the so-called reciprocal tariffs at 10 per cent until Wednesday. Only two agreements have so far been reached, with Britain and Vietnam. South Korea said it planned to intensify US trade talks and considers Trump's plan for a 25 per cent tariff from Aug 1 as effectively extending a grace period on implementing reciprocal tariffs.
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US stocks fall from records as tariff angst returns
NEW YORK: Wall Street stocks fell Monday (Jul 7), retreating from records after President Donald Trump announced fresh tariff threats, reviving anxiety about trade uncertainty. Both the S&P 500 and Nasdaq had closed at records last week following solid US jobs data and the passage of Trump's sprawling fiscal package that extended tax cuts. But Trump announced plans for 25 per cent levies on Japan and South Korea if the countries don't reach a deal with Washington, while also warning of another 10 per cent tariff on countries aligning themselves with the emerging BRICS nations. The moves lifted investor anxiety at a time when some investors have expressed worries about swelling equity valuations. The Dow Jones Industrial Average finished down 0.9 per cent at 44,406.36. The broad-based S&P 500 declined 0.8 per cent to 6,229.98, while the tech-rich Nasdaq Composite Index shed 0.9 per cent to 20,412.52. The likelihood that Trump's statements are a bargaining tactic is one reason losses weren't "even worse," said Steve Sosnick of Interactive Brokers. "No one really wants to overreact negatively right now, which is why we're seeing a bit of a sell-off, but not a major sell-off," he said. Trump's unresolved trade policy has received less attention in recent weeks as Congress weighed the president's fiscal package, which included controversial cuts to federal health care and other social service programs. The clash between Iran and Israel had also overshadowed trade. But trade was always going to come back into focus after the White House set a Jul 9 deadline to reach agreements. The administration now says it will hike tariffs on Aug 1 on trading partners that don't strike a deal. Among individual companies, Tesla tumbled 6.3 per cent after Trump blasted CEO Elon Musk's plan to launch a new political party in opposition to the president's hallmark legislation, the so-called Big Beautiful Bill. The back-and-forth escalated a conflict between the president and the world's richest man at a time when investors had hoped Musk would refocus on Tesla and his other ventures and shift attention from politics.
