Pubs in England and Wales to allow digital ID apps to prove age
New rules introduced on Tuesday mean establishments will be able to accept digital ID apps alongside physical documents.
International
Business and economy news from other publishers, in Malaysia, the region and the world.
Trump Blames Ukraine for Global Diesel Shortage
President Trump said Ukraine’s attacks on Russian oil refineries were “hurting the world,” amid a global energy shock driven primarily by the U.S.-Israeli war with Iran.
U.S. Imposes Sanctions on Russia’s VTB Bank Over Ties to Iran
The move, which targeted a bank that is already under U.S. sanctions, was part of the Trump administration’s Operation Economic Outcast initiative.
10-Year Treasury Yield Touches 5%, Highest Level in Years
One of the world’s most important interest rates hit a level recorded only once since the global financial crisis, as investors rebuffed the Trump administration’s efforts to sway the bond market.
US stocks fall on AI fears as bond yields rise
Wall Street ended down on Monday, weighed down by losses in Nvidia and other chipmakers after top executives in US artificial intelligence companies raised safety concerns and called for a slowdown in the development of AI. Investors were also jittery after the benchmark 10-year US Treasury yield briefly surpassed 5 percent for the first time since 2023 ahead of this week's Federal Reserve meeting. The US central bank is widely expected to raise interest rates. AI-linked stocks plunged worldwide after the leaders of Anthropic, OpenAI and xAI warned of risks from rapid development, the starkest threat yet to the billions of dollars being poured into the industry that have driven markets to record highs. Shares of Nvidia declined 3.4 percent, while Micron Technology dropped over 5 percent. Broadcom and Advanced Micro Devices each fell over 4 percent. Brent crude futures settled 1 percent higher at US$105.68 per barrel as worries about energy supplies mounted following new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East. High inflation, heavy corporate and government borrowing and concerns about the long-term US fiscal trajectory have sent US Treasury yields higher in the past month. The 5 percent mark that the 10-year yield hit on Monday is a threshold that analysts warned could ripple through the US economy and threaten the bull market in stocks by denting the relative appeal of US equities. Traders are pricing in a 90 percent chance that the Fed will raise interest rates by 25 basis points at its policy meeting on Wednesday to fight inflation related to high oil prices, according to CME's FedWatch. "The 10-year going above 5 percent is huge and speaks volumes, and it may pressure the Fed to do more than just one rate hike," said Jake Dollarhide, CEO of Longbow Asset Management. The S&P 500 declined 0.5 percent to end the session at 7,619 points. The Nasdaq declined 0.6 percent to 26,186 points, while the Dow Jones Industrial Average declined 0.3 percent to 52,421 points. Volume on US exchanges was relatively heavy, with 15.3 billion shares traded, compared to an average of 14.8 billion shares over the previous 20 sessions. (Reuters) Edited by Cecil Wong
China says AI CEOs' call for a slowdown is 'fear mongering'
Chinese state media's reports of the daily press conference also noted that all groups should work together for AI openness and inclusivity.
Warsh's credibility is on the line this week as Trump policies put pressure on Fed to hike
With inflation above target and no visibility on lower oil prices or stability of tariffs, the Fed chairman needs to pass the test that has faced his predecessors
Bank of America expects third-quarter investment banking fees to fall more than 10%; shares slide
The muted outlook from the country's second-largest bank by assets could be an early signal that Wall Street's AI boom might have hit turbulence.
Tech Stocks Tumble After AI Leaders Call for Industry to Slow Down
Companies at the forefront of artificial intelligence in Asia, Europe and the United States posted declines after tech leaders expressed worries about the safety of “frontier” A.I. technology.
Oil Prices Jump as Attacks Choke Off Saudi Energy Supply
Traders sold oil futures on concerns that energy supplies from the Persian Gulf would be further diminished by a drone attack on a critical pipeline in Saudi Arabia.
