Chinese premier proposes global AI cooperation organisation
Li said in his opening speech at the World AI Conference in Shanghai that AI governance is fragmented and that it is important to step up coordination to form a globally recognised framework for AI.
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Reuters
28 minutes ago
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Samsung Elec signs chip supply deal with Tesla, sources say
SEOUL, July 28 (Reuters) - Samsung Electronics ( opens new tab has signed a deal to supply chips to Tesla Inc (TSLA.O), opens new tab, two people briefed about the matter told Reuters on Monday, in a significant boost to the South Korean tech giant's loss-making contract manufacturing business. On Saturday, Samsung announced a $16.5 billion chip supply deal with a major global company, without naming the client. It said the customer had requested confidentiality about the details of the deal, which will run through the end of 2033. The deal comes as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix ( opens new tab. This lag has weighed heavily on its profits and share price. Samsung, the world's top memory chip maker, also makes logic chips designed by customers through its foundry business. Pak Yuak, an analyst at Kiwoom Securities, said the latest deal would help reduce losses at Samsung's foundry business, which he estimated exceeded more than 5 trillion won ($3.63 billion) in the first half of the year. Analysts say Samsung had struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple (AAPL.O), opens new tab, Nvidia (NVDA.O), opens new tab and Qualcomm (QCOM.O), opens new tab among its customers. The deal with Tesla comes as South Korea is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or cut potential 25% U.S. tariffs. It is not clear how the order would affect Samsung's plan to start production at its new factory in Texas, which has been delayed as it had struggled to win major customers. Samsung is grappling to boost production yields of its latest 2-nanometer technology, and the order is unlikely to involve the cutting-edge tech, Lee Min-hee, an analyst at BNK Investment & Securities, said. Samsung has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said. ($1 = 1,378.7000 won)
Daily Mail
an hour ago
- Daily Mail
EXCLUSIVE I ordered an everyday item of clothing from overseas when it was seized at the Australian border... then came the $2,500 bill to get it back
An Australian business owner has lashed out after his clothing shipment was seized at the border and he was forced to pay more than $2,500 before he could get it back. Andy Lowry, who runs clothing store Pamboes, had ordered a shipment of 'blanket hoodies' from China before they were withheld by the Australian Border Force. Authorities had searched the clothing for illegal materials, however they found nothing suspicious inside of them. Mr Lowry was slugged with a $2,524 bill for airport storage fees and informed he would not be able to collect the items until he settled it. 'Apparently because I'm the importer on record, I had to pay that $2,524 bill and they pretty much told me to get stuffed,' he said. 'This is like the cost of doing business essentially.' Mr Lowry claimed the seizure put him behind schedule for marketing the new clothes. 'I can confirm that [Master Air Waybill number] is subject to border processing and we're unable to provide a timeframe as to when it may be available,' an official advised in an email. 'At this point I'm getting stressed cause they like can't give me a timeframe. I'm like how long are they going to keep it for?' Mr Lowry said. In correspondence from the ABF, Mr Lowry was told he could not collect his items until he paid to lift the storage fees. He believed it would cost a few hundred dollars. 'After I wait a week and a half, I get my storage charges and it's storage for $2,524. For what? A hoodie?' Mr Lowry said. 'Then I sort of had this huge back and forth on why I'm having to pay for this, and lo and behold, it is legal. 'The Australian Border Force can do that to any person who is importing.' Mr Lowry said to chase a reimbursement he was deferred to the Department of Home Affairs. He was told he would have to lodge an investigation and complain. Mr Lowry told Daily Mail Australia any fee 'coming out of nowhere' makes it 'tough' to do business. He said the 'seasonal' business relies on customers purchasing his products at the beginning of winter, and estimates the border mishap in June cost him dearly. Mr Lowry began selling the loungewear during the Covid pandemic before realising there was a market for 'blanket'-style clothes. 'This delay cost us two weeks in June, which would be above a six-figure loss in lost sales,' he said. 'Understandably customers do their winter shopping at the beginning of winter so they can get full use out of whatever they have bought.' When he tried to chase an investigation, Mr Lowry found there was no way around paying the fees, as the importer on record is liable for the costs. 'In the time Australian Border Force is checking your goods, your shipping company is forced to hold the goods at their warehouses until Australian Border Force is finished and storage charges are imposed,' he said. 'Some companies may be kind enough to waive these charges, but understandably they are a business too.' Mr Lowry said the costs around occupying commercial real estate are expensive as port space is in high demand. In general, importing can be 'quite difficult' he said. He added Pamboes has thankfully had few issues but acknowledged he had heard 'horror stories'. 'Border holds cost companies millions each year and it's not something you can really prepare for, it's almost a random check,' he said. 'We understand they have to keep our borders safe, but we pay taxes at the border. You would think part of those taxes we pay would cover ABF's work.' He said it hasn't put him off doing business as Pamboes moves into more fashionable blanket-wear and tries to sell off remaining stock in a winter sale.
Reuters
an hour ago
- Reuters
Jiangsu Hengrui grants GSK global rights to drug portfolio in $500 million deal
HONG KONG, July 28 (Reuters) - China's Jiangsu Hengrui Pharmaceuticals ( opens new tab said on Monday it has agreed to license the global rights of its HRS-9821 drug and 11 other programmes to GlaxoSmithKline Intellectual Property (GSK) for $500 million upfront. The Chinese pharma group said, opens new tab it could earn up to $12 billion in milestone payments if all options are exercised and targets are met. HRS-9821 is being developed to treat chronic obstructive pulmonary disease (COPD), while the other projects are in early development across areas such as oncology, respiratory, immunology, and inflammation. Shanghai shares of Jiangsu Hengrui climbed 6.6% and its Hong Kong-listed stock jumped 8.5%, outperforming the blue-chip CSI 300 Index's (.CSI300), opens new tab 0.1% slip and the Hang Seng Index's (.HSI), opens new tab 0.3% gain.
