Latest news with #China
The Guardian
12 minutes ago
- Business
- The Guardian
Nike expects Trump tariffs to cost it $1bn
Nike has said it expects costs to increase by about $1bn (£728m) as a result of Donald Trump's tariff war as the sportswear company looks to reduce its manufacturing in China. The market value of the company has dropped by a third over the past year and it is taking action to reduce the hit, including increasing prices in the US and sourcing from other countries. 'These tariffs represent a new and meaningful cost headwind,' said Matthew Friend, Nike's chief financial officer. 'With the new tariff rates in place today, we estimate a gross incremental cost increase to Nike of approximately $1bn. We intend to fully mitigate the impact of these headwinds over time.' Last year almost 60% of all Nike-branded apparel was made in Vietnam, China and Cambodia. Vietnam, Indonesia and China manufactured 95% of all Nike footwear last year. 'We have strong relationships with our factory partners, and our leadership team is experienced in managing through disruption,' Friend said. 'Nike has consistently been a top payer of US duties. We will optimise our sourcing mix and allocate production differently across countries to mitigate the new cost headwind into the United States.' He said manufacturing capacity and capability still remains important to the company, despite the 60% tariff rate imposed by the US, accounting for about 16% of footwear imports to America. Friend said the business was working to minimise the impact on consumers. However, he added that the company would implement a 'surgical price increase' in the US from this autumn, and will aim to reduce overheads through 'corporate cost reduction'. Friend's comments came as Nike reported its worst quarterly earnings in more than three years, as revenues slumped 12% to $11.1bn in the three months to the end of May. Elliott Hill, the chief executive of Nike, said: 'The results are where we planned. That said, we're not happy with where we are.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Mamta Valechha, an analyst at Quilter Cheviot, said: 'Nike continues to slump, with its fourth quarter the worst in at least two decades.' She said the figures indicated Nike 'may nearly be at rock bottom', adding: 'It has been a difficult period for Nike following the pandemic, and the threat of tariffs simply is not helping the situation for the company.'
Bloomberg
26 minutes ago
- Business
- Bloomberg
Bloomberg Tech: Nvidia Closes In On a $4 Trillion Market Value
Bloomberg's Ed Ludlow discusses the prospects of Nvidia becoming the first company to reach a $4 trillion market capitalization. Plus, US Commerce Secretary Howard Lutnick says the US and China have reached an understanding on a trade deal. And data center builder Crusoe announces an energy partnership with Redwood Materials.
Globe and Mail
28 minutes ago
- Business
- Globe and Mail
iFLYTEK Unveils AINOTE Air 2: Revolutionary AI-Powered Tablet Redefines Productivity for Professionals Worldwide
Chengdu, China--(Newsfile Corp. - June 27, 2025) - iFLYTEK has announced the launch of the AINOTE Air 2, a new AI-powered tablet aimed at enhancing productivity for professionals. Targeting users involved in multilingual meetings, detailed research, and critical documentation, the device combines advanced artificial intelligence capabilities with high-quality hardware to support improved digital productivity. At only 230 grams and 5mm thin, the Air 2 offers professionals unparalleled portability without sacrificing power. Featuring an 8.2-inch E Ink display with a crisp resolution of 1440×1920 pixels (293 PPI), it ensures a comfortable reading and writing experience ideal for sustained use, reducing eye strain significantly compared to conventional screens. The Wacom stylus, boasting 4,096 levels of pressure sensitivity, transforms note-taking and sketching into a natural, lag-free experience, eliminating the digital disruptions commonly experienced by professionals and academics. With real-time transcription across 15 languages and translation in 10 languages, users can confidently navigate multilingual interactions, capturing clear, precise transcripts effortlessly. Its advanced quad-microphone setup and noise suppression allow professionals to be fully engaged in meetings without worrying about language barriers or missed details. Users will particularly appreciate the Air 2's AI Meeting Summary feature, which transforms extensive recordings into concise, actionable summaries at a single touch. This dramatically simplifies tasks for legal, educational, and consulting professionals who regularly process large amounts of information. Additionally, the synchronization between handwritten notes and audio recordings ensures users never miss critical details. Each pen stroke is timestamped, allowing easy and accurate review of important discussions-an indispensable tool for fast-paced environments like courtrooms and academic lectures. The intuitive gesture recognition of the Air 2 significantly streamlines task management. Users simply mark words or phrases to instantly convert notes into organized tasks, eliminating the hassle of switching between different apps and enhancing productivity seamlessly. The AINOTE Air 2 keeps its AI-driven toolkit refined and effective, featuring ChatGPT-enhanced functionalities including AI Meeting Summary, AI Search, and AI-assisted chat. Additional practical features include handwriting-to-text conversion in 83 languages, a built-in 5MP document scanning camera, and audiobook support, all delivered seamlessly through 4GB RAM, 32GB storage, Wi-Fi 6, and Bluetooth 5.0. AINOTE Air 2 encapsulates decades of iFLYTEK's pioneering AI and natural language processing expertise, setting a new benchmark in professional productivity tools, its mission is to empower professionals with clarity and efficiency in their daily workflows. Available now for just $479 on iFLYTEK's official store and $499 via Amazon, the AINOTE Air 2 is your gateway to enhanced productivity and clear, efficient communication. Don't miss out-upgrade your workflow today and experience firsthand the transformative impact of smart technology. For more information about the AINOTE Air 2, visit iFLYTEK's official website.
Globe and Mail
33 minutes ago
- Business
- Globe and Mail
Breaking Down Barriers, Lighting Up the Stars: Tiens Group's 30-Year Journey of Fulfilling Educational Dreams
In the heart of Mr. Li Jinyuan, founder of Tiens Group, education is not only the warm transmission of one lamp lighting another, but also the cornerstone of a nation's lasting prosperity. For more than thirty years, this globally minded entrepreneur has, with unwavering determination, transformed his personal success into fertile soil for education: from the difficult moment of selling his Mercedes-Benz to pay employees' wages, to investing tens of billions to build a comprehensive educational ecosystem spanning from primary schools to higher education; from the first brick-and-mortar classroom on the Tibetan plateau to the resonant voices of students in an international secondary school in Singapore... Mr. Li, together with Tiens Group, has exemplified what it means to "benefit all people and fulfill responsibilities through action." In his eyes, every child deserves the right to gaze at the stars, and Tiens' mission is precisely to tear down the barriers of geography and birth, allowing the clear stream of knowledge to nourish every inch of land yearning for growth. A Childlike Wish: Ensuring Every Child Has the Right to Pursue Their Dreams Every child is a born dreamer, painting visions of the future with innocent voices—some wish to become scientists, others aspire to be teachers, and some long to soar into space. Yet not all children have equal access to these dreams. Mr. Li Jinyuan deeply understands that education is the key to transforming one's destiny. Since 1996, under his leadership, Tiens Group has used education as a powerful lever to uplift and reshape the futures of countless children. In Nagqu, Tibet, the primary school funded and built by Tiens gave children on the plateau their first bright and welcoming classrooms. In Tianjin, the transformation of Tianshi College from a vocational institution to a full-fledged undergraduate college opened wider starting lines for millions of aspiring students. In Singapore, the international secondary school under the Tiens banner has become a bridge connecting Chinese students to world-renowned universities. These efforts are more than just financial contributions—they are weighty promises: Tiens is committed to ensuring that every child, regardless of background, can pursue their dreams with courage. Footprints of Love: From a Single Classroom to a Fertile Land of Education Tiens' path in education is an epic written with responsibility. In the early days, when the company faced hardships, founder Mr. Li Jinyuan resolutely sold his Mercedes-Benz to pay employees' wages. As the enterprise grew, that same sense of duty evolved into a comprehensive educational commitment—from the first classroom in Nagqu, Tibet, to an educational landscape that spans across China and beyond. Every step Tiens has taken to support children's dreams has been fueled by a heart full of sincerity. In 1996, Mr. Li Jinyuan invested 80 million yuan to establish Tianjin Tianshi College. Over the following two decades, he continued to invest heavily, transforming a barren land into a modern educational park spanning 320 hectares. Today, thanks to Mr. Li's tireless dedication, Tiens Group operates not only a university capable of accommodating more than 40,000 students, but also the Six Forces Primary and Secondary Schools, covering the entire educational spectrum from elementary to high school. The remarkable achievements of Tianshi College have even drawn Nobel laureates and Olympic champions from around the world to visit and exchange ideas. For nearly thirty years, Tiens Group's unwavering commitment to education has demonstrated that education is not a fleeting act of charity, but a flame passed down through generations. Through education, Mr. Li Jinyuan and Tiens Group have nurtured children's dreams with deep care and dedication, bringing the notion of 'social responsibility' to life in the most vivid and concrete way. A Torch of Aspiration: The Entrepreneurial Spirit Illuminates the Future of the Nation and Home "When an enterprise is small, it belongs to individuals; as it grows, it belongs to society, and ultimately to the nation." This humble yet profound remark from Mr. Li Jinyuan reveals the spiritual core of Tiens Group. From launching a patriotic venture amid China's reform and opening-up, to expanding its global footprint across 224 countries and regions; from selling his car to support the company in times of difficulty and setting an example in the real economy, to generously contributing 21 billion yuan to educational philanthropy—Tiens has always closely linked its corporate growth to the destiny of the nation. Amidst the nation's vibrant development and days filled with promise, investing in education takes on even deeper meaning. Over the years, Tiens has not only provided material donations but has also built a comprehensive 'educational ecosystem'—from primary schools to universities, from China to the world, from financial contributions to resource integration. This systematic investment stands as a vivid embodiment of the national strategy of 'Revitalizing the Nation Through Science and Education.' In the Name of Love, Journeying Together Toward the Stars and the Sea When children recite aloud in classrooms built by Tiens, and when students step onto the global stage through Tianshi College's '3+1,' '2+2' undergraduate training models, or the '3+1+1' bachelor-master integrated program, what we see is not merely a charitable act by a corporation, but a national enterprise's heartfelt investment in the future of both individuals and the country. Under the leadership of Mr. Li Jinyuan, Tiens has used education to offer children one of life's most precious gifts—the opportunity for their dreams to blossom. "Feel Love, Create Love, Share Love"—Tiens Group's philanthropic philosophy has taken root like a seed in the hearts of countless children. Behind this vision stands Mr. Li Jinyuan, who, with the resilience of an entrepreneur and the compassion of a patriot, is writing a noble chapter of dedication to both nation and people. Such an enterprise is worthy of every ounce of trust; such a story deserves to be passed down for generations. As the echoes of the exam bell linger, the scroll of life quietly unfolds. Tiens Group firmly believes that education is the finest support for one's journey—letting the starlight of knowledge illuminate the road ahead, empowering the striving youth to reach distant mountains and seas, and building a ladder to lift every young dream toward the skies. Media Contact Company Name: Tiens Group Contact Person: Hefei Li Email: Send Email Country: China Website:
CBC
37 minutes ago
- Health
- CBC
Origins of COVID-19 still unclear according to final report from WHO expert group
An expert group charged by the World Health Organization to investigate how the COVID-19 pandemic started released its final report on Friday, reaching an unsatisfying conclusion: Scientists still aren't sure how the worst health emergency in a century began. At a news briefing, Marietjie Venter, the group's chair, said that most scientific data supports the hypothesis that the new coronavirus jumped to humans from animals. That was also the conclusion drawn by the first WHO expert group that investigated the pandemic's origins in 2021, when scientists concluded the virus likely spread from bats to humans, via another intermediary animal. At the time, WHO said a lab leak was "extremely unlikely." Venter said that after more than three years of work, WHO's expert group was unable to get the necessary data to evaluate whether or not COVID-19 was the result of a lab accident, despite repeated requests for hundreds of genetic sequences and more detailed biosecurity information that were made to the Chinese government. "Therefore, this hypothesis could not be investigated or excluded," she said. "It was deemed to be very speculative, based on political opinions and not backed up by science." She said that the 27-member group did not reach a consensus; one member resigned earlier this week and three others asked for their names to be removed from the report. Venter said there was no evidence to prove that COVID-19 had been manipulated in a lab, nor was there any indication that the virus had been spreading before December 2019 anywhere outside of China. "Until more scientific data becomes available, the origins of how SARS-CoV-2 entered human populations will remain inconclusive," Venter said, referring to the scientific name for the COVID-19 virus. WHO Director General Tedros Adhanom Ghebreyesus said it was a "moral imperative" to determine how COVID began, noting that the virus killed at least 20 million people, wiped at least $10 trillion US from the global economy and upended the lives of billions. Last year, The Associated Press found that the Chinese government froze meaningful domestic and international efforts to trace the virus's origins in the first weeks of the outbreak in 2020 and that WHO itself may have missed early opportunities to investigate how COVID-19 began. U.S. President Donald Trump has long blamed the emergence of the coronavirus on a laboratory accident in China, while a U.S. intelligence analysis found there was insufficient evidence to prove the theory. Chinese officials have repeatedly dismissed the idea that the pandemic could have started in a lab, saying that the search for its origins should be conducted in other countries.
