Yemen's Sanaa airport to resume operations on Wednesday, official says
http://content.reuters.com/auth-server/content/tag:reuters.com,2025:newsml_RC2XCEA3WB8G:681680088/tag:reuters.com,2025:binary_RC2XCEA3WB8G-BASEIMAGE?action=download&mediatype=picture&mex_media_type=picture&token=4bQXkNcHFnggUL2KLL9agpb3cbkb2jPgImvrSv5CoSE%3D Operations were suspended since May 7 due to damage after an Israeli strike during conflict with the Iran-backed Houthis group.
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CNBC
14 minutes ago
- CNBC
Swiss tensions run high as clock ticks on U.S. tariff deadline
Tensions and fears are running high in Switzerland, as the deadline to strike a trade agreement with the U.S. looms just days away. Without a deal, Switzerland faces 39% duties on its goods imported into the U.S., after it was hit with one of the highest new tariff rates under U.S. President Donald Trump's latest trade policy shift last week. The higher duty surprised many, as widespread reports had previously suggested a trade agreement was near, and was just missing Trump's signature. Over the weekend, reports emerged that the higher tariffs followed a disagreeable Thursday phone call between Swiss President Karin Keller-Sutter and Trump — which Swiss officials rejected, according to Reuters. Guy Parmelin, Swiss federal council member and head of the Department of Economic Affairs, Education and Research, told local media that the government was open to tweaking its proposal to the U.S. — but that it may prove difficult to finalize by the Aug. 7 deadline, Reuters reported. Swiss leaders are set to meet Monday to discuss the latest developments. Elsewhere, U.S. Trade Representative Jamieson Greer somewhat dashed hopes of a flurry of imminent trade agreements, telling CBS News that he was not expecting the latest tariffs to be negotiated lower in the coming days, and that "these tariff rates are pretty much set." Industry groups and business leaders have raised the alarm on potential fallout for businesses, which could include massive job losses. "It was far more than a surprise. We were all shocked," Jan Atteslander, head of the department international relations and member of the executive board at Economiesuisse, told CNBC's Carolin Roth and Ritika Gupta on "Europe Early Edition" on Monday. It would be difficult for Swiss businesses to offset the impact of a 39% tariff, Atteslander noted. "Such a high rate for many companies will just cut off trade, and we are convinced that a deal is still better for both sides than just cutting trade." He added that "there's no substitute for the United States" in terms of export markets, despite Switzerland prioritizing diversification and Swiss businesses finding success around the world. Key Swiss exports include chemical and pharmaceutical products, watches and jewelry, gold, chocolate and electronics. Switzerland's blue-chip SMI index was closed for a national holiday when the new U.S. tariff was announced Friday, but opened lower by around 1.2% at 8:30 a.m. in London on Monday. Shares of chemicals firm Sika fell 2.1%, while luxury groups Richemont and Roche traded around 1.5% lower. The broader Swiss All Share Index was down by 1.5% in early deals. Analysts at UBS said Friday that the direct impact on the overall Swiss equity market from the new duties would be "negative, but not destructive." They flagged the worst-hit firms would include watch and machinery manufacturers, some medtech businesses and smaller companies bthat are more reliant on exports. Fears have also emerged over the Swiss economic outlook in a no-deal scenario. GianLuigi Mandruzzato, senior economist at EFG Asset Management, told CNBC's "Europe Early Edition" on Monday that the risk of a Swiss recession had increased after the announcement, with U.S. export tariffs set to affect about 10% of the economy. The levies would also put deflationary pressure on the economy and therefore on the Swiss National Bank, which has already cut interest rates to zero to stave off weak inflation and the strength of the Swiss franc, Mandruzzato added. While business leaders are hoping for a Swiss-U.S. deal to be reached in time, there is currently a lot of uncertainty, according to Economiesuisse's Atteslander. While the Swiss government was working on a new offer, "it's totally open at the moment," he said. It remains "very hard to tell" whether the government will be able to negotiate a better deal that the current 39% rate before the deadline, Mandruzzato said, with potential bargaining tools including higher purchases of U.S. energy or more direct investment by Swiss companies into the U.S. "It seems that the trade negotiations with the U.S. eventually boils down to what Donald Trump prefers," Mandruzzato said, adding that it was also difficult to assess what the final negotiation points could be.
Business Insider
44 minutes ago
- Business Insider
The cofounder of Wiz, Google's $32 billion acquisition target, says vibe coding must be met with 'vibe security'
When Google agreed to buy Israeli-American cloud security firm Wiz earlier this year, making for the search giant's largest acquisition, it threw a $32 billion bucket of water on the idea that the mega-deal drought was here to stay. In March, Google agreed to acquire the five-year-old startup at an all-cash price roughly equal to Iceland's gross domestic product last year, pending regulatory sign-off. The acquisition now stands as an early litmus test of the Trump administration's willingness to green-light pricey Big Tech mergers and acquisitions. For Wiz cofounder and chief technology officer Ami Luttwak, the moment feels like déjà‑vu— the same founding team sold its last outfit, Adallom, to Microsoft in 2015. Founded in March of 2020, Wiz crash-landed in a pandemic that yanked workloads out of on-prem server racks and thrust them into the cloud almost overnight. The crew pivoted from network exposure to cloud security and says that within 18 months, it was posting $100 million in annual recurring revenue. Now the company finds itself riding an even wilder wave. The ability of artificial intelligence to write code has turned every developer into a feature factory. However, Luttwak says the proliferation of new attack surfaces leaves most security teams overwhelmed and outnumbered. Luttwak's answer? If builders can " vibe-code" an app in an hour, security has to vibe right alongside. In an interview at Business Insider's headquarters in New York City, we asked Luttwak about building a company through a pandemic, a new tech paradigm, and making cloud security part of an engineer's workflow. He declined to answer any questions about Google's planned acquisition. This Q&A has been edited for clarity and length. This is pretty much the same team between your first startup and Wiz? It is the same team, basically. The team is what makes the company and defines how it operates. It's not the specific direction or idea. When we left Microsoft, we didn't know what we wanted to build. We just said, 'We have a chance to get back together, so let's do it.' We started in networking, then COVID hit, and no one wanted to talk about a future network architecture. It was all about, 'How can you help me now?' We had to pivot, but we like to pivot. That's the fun of startups — to find real problems, not the theoretical problems you think exist. Cloud security at the time was already a mature market. There were hundreds of solutions in the market. It's like when you go to a concert, the crowd is full, and you say, 'I got here too late, there's no way I can get close to the stage.' But in reality, none of the solutions actually solved the real problem. The market existed to help customers securely manage the cloud, but what companies actually needed was security for everything they had in the cloud. In the first year, we got to $14 million in annual recurring revenue, which was 10 times what we expected. Wiz grew as part of a mad dash of companies moving to the cloud. How does the disruption of the pandemic compare to what's happening now with artificial intelligence? We were remote first. We could hire any candidate we wanted. We could get any customer we wanted. This really helped us in the sense that the big companies had no advantage over us. The pandemic accelerated stuff. AI changes stuff. We must forget everything we've done until now and approach security very differently. The reason is simple: Everyone can build very fast. I'm talking a hundred times as fast as before. It's not just the number of applications increasing — it's the number of people in the company who can build stuff. The history of security in the enterprise was much more centralized. 'You want to build something? Come to me. I will tell you what to do.' That's approaching it like a building inspector. In today's world, a builder can " vibe code" something in one hour. And there are hundreds of developers to every one security person. The challenge for us is making security teams and developers work together when the business pushes them to move fast. Engineers clash with security. They say, 'I don't have time for it. I'll deal with it later.' It's second-class, but it's also boring. If you want to build an application, you think about how cool it will be. Are you thinking about security? We say security has to be democratized — self-service. We simplify the complexity so anyone can own security. If you build it, you have to own it. It doesn't scale any other way. We need to find a way as an industry to allow you to vibe code, but also vibe security while you do it. How do you do that? It has to be designed so it's easy to use. The iPhone was nice to use — it wasn't just about the features. You have to enable anyone to use the features that, before, you needed to be an expert. You probably see some of the same challenges with hiring— pitching talent to do boring, but impactful work. How has your pitch to candidates evolved through the years? I don't have to explain to technical people why cyber is cool. There's good and bad, and we are the people who find the problem before the bad guy comes. We're just five years old, although I admit there is a challenge around people saying, 'you're not a startup anymore.' I tell them, I'm forty-something. You decide if you're young or not. I feel like we're still a startup. What are you hearing from customers lately? I'm trying to cope with two different pressures. Some customers expect us to use AI to be smarter, and some are so afraid of the risks that they say in our contracts, 'do not use it at all.' We have a lot of discussions with customers. I try to tell them there's no way I can commit to that. There's a chance a support email will come, and a summary will run. We are a highly regulated entity, but we are also expected to run very fast. The challenge is: how can we leverage AI internally without putting data or customers at risk? I've read about how much code AI writes at Google or Microsoft, and it seems like showboating. We don't know the real impact on productivity yet, that's the truth. The amount of code being generated doesn't really mean that you can take away strong engineers from complex systems. We are starting to build different pipelines: an internal flow for employees and an external flow for the product. Support automation is a whole team we're now building that connects to sensitive systems and does very complex analysis. So, you accelerated during the pandemic. You're now riding the AI wave. Do you worry about an AI-native generation of cloud security startups coming to eat your lunch? Every company on the face of the earth feels there is a risk to its business. If they feel safe, they're probably even less safe. AI is only as smart as the data that you give it. Our advantage is that we understand your environment better than anyone. We are like Google Maps. You have a lot of layers: traffic, satellite, and businesses. You need all the layers to ask how long it is going to take me to get to the restaurant. We have all the layers. We understand the code, the network, the identity, the secrets, the applications, the malware, and the exposure. So we have the data. Now, for us, it's all about enabling the security teams to use the data in an AI-friendly way.
CNBC
an hour ago
- CNBC
Trump's penalty threat puts India in a bind over Russian oil
India is navigating a tricky balancing act after U.S. President Donald Trump threatened a "penalty" over its continued imports of Russian oil — a trade that New Delhi appears reluctant to end anytime soon. Despite Trump telling reporters Friday that he "heard" India would halt purchases, officials in New Delhi have remained noncommittal. Foreign ministry spokesperson Randhir Jaiswal said that the country decides its energy import sources "based on the price at which oil is available in the international market and depending on the global situation at that time." "The Indians must be having some confusion" following Trump's threat — a reversal from the more tolerant approach taken under the Biden administration, Bob McNally, president of consulting firm Rapidan Energy Group, told CNBC's "Squawk Box Asia." "Now we're flipping around and saying, 'What are you doing taking all this Russian oil?'" McNally said. In March 2022 — a month after Russia launched its full-scale invasion of Ukraine — Daleep Singh, a former U.S. deputy national security adviser for international economics in the Biden administration, reportedly said that "friends don't set red lines" and "there is no prohibition at present on energy imports from Russia." "What we would not like to see is a rapid acceleration of India's imports from Russia as it relates to energy or any other exports that are currently being prohibited by us or by other aspects of the international sanctions regime," Singh said. On July 30, Trump announced that India would face a 25% tariff beginning Aug. 1, along with an unspecified "penalty" for buying Russian oil and military equipment. But analysts suggest that India, which is the third-largest energy consumer in the world, isn't blinking. Reuters reported that there are no immediate changes planned to India's long-term contracts with Russian suppliers, citing two anonymous Indian government sources that did not wish to be identified due to the sensitivity of the matter. Russia has become the leading oil supplier to India since the war in Ukraine began, increasing from just under 100,000 barrels per day before the invasion, or a 2.5% share of total imports, to more than 1.8 million barrels per day in 2023, or 39%. According to the International Energy Agency, 70% of Russian crude was exported to India in 2024. India's energy minister Hardeep Singh Puri defended New Delhi's actions in a July 10 interview with CNBC, saying that it helped stabilize global prices and was even encouraged by the U.S. "If people or countries had stopped buying at that stage, the price of oil would have gone up to 130 dollars a barrel. That was a situation in which we were advised, including by our friends in the United States, to please buy Russian oil, but within the price cap." Russian oil exports had been capped at $60 per barrel in December 2022 by the Group of Seven nations, representing the world's top economies, while the European Union had lowered the price cap to just above $47 per barrel in July. Still, pressure is mounting. Vishnu Varathan, Managing Director at Mizuho Securities, said that the U.S. threats present a "clear and present danger" to India. He said that New Delhi is likely to remain non-committal on oil purchases as it assesses the trade-offs of this "Russia option" as a bargaining chip. India will need to scour the global market for comparable oil bargains with Russian oil, Varathan, who is also the head of macro research for Asia ex-Japan, added. New Delhi could explore alternatives, including Iran — if an exemption from the U.S. can be negotiated — as well as a few other producers "either within or outside of the OPEC+ that have been pressured by the U.S," Varathan said. The OPEC+ bloc had agreed on Sunday to raise output by 547,000 barrels per day in September, as concerns mount over potential supply disruptions linked to Russia. India is going to face a tough choice, Rapidan's McNally said. "Trump is serious. He's frustrated with Putin... India is going to have a tough choice to make, but it's hard to see them continuing to import that a million and a half barrels [of] Russian crude if Donald Trump decides to really put the whole relationship on the line over it."
