Latest Business News
Trump Announces 25% Tariffs on Countries Doing Business with Iran
US President Trump declared immediate 25% tariffs on any country engaging in business with Iran to pressure Tehran over protest crackdowns. The order is described as 'final and conclusive,' amid ongoing unrest with over 648 deaths reported. White House emphasizes diplomacy first but keeps military options open.
Spot Gold and Silver Prices Hit Record Highs
Spot gold and silver reached new all-time highs amid market volatility and geopolitical tensions. Shanghai Gold Exchange urges continued focus on market risk control in the near term. US indices closed slightly higher with Dow up 0.17% and Nasdaq up 0.26%.
Apple Partners with Google Gemini to Power New AI Siri
Apple has selected Google's Gemini AI to enhance Siri's capabilities for a launch this year. The deal bolsters Apple's AI features amid competition, with Musk hinting at Google's monopolistic practices. This partnership aims to improve AI-driven functionalities in Siri.
Trump to Interview BlackRock's Rick Rieder for Fed Chair
US media reports President Trump will interview BlackRock executive Rick Rieder this week for Federal Reserve Chair position. Bessent warns Fed investigation could spark market turbulence, possibly leading Powell to resist stepping down. This follows Trump's pattern of challenging Fed independence.
Xiaomi Reports 81% Q3 Profit Jump Driven by EV Sales
Xiaomi announced an 80.9% surge in third-quarter profit, fueled by strong electric vehicle sales and innovations. This marks the company's first net gain from EV operations in a single quarter. The results highlight Xiaomi's expanding role in the EV market.
AkzoNobel and Axalta to Merge into $25 Billion Paint Giant
AkzoNobel, maker of Dulux paint, and Axalta Coating Systems plan a merger creating a $25 billion enterprise. AkzoNobel shareholders will receive a 2.5 billion euro dividend. The deal aims to strengthen their position in the global paints industry.
Hyundai Pledges Record $85.8 Billion Investment in South Korea
Hyundai Motor Group announced an $85.8 billion investment in South Korea over five years. Funds will advance AI, robotics, and electric vehicles to boost innovation and exports. This is the largest investment commitment by the group in its home market.
China Completes First Commercial Aerospace Suborbital Test
China's commercial aerospace sector achieved its first suborbital parachute recovery test over 100 kilometers in Inner Mongolia. The milestone advances domestic space capabilities. It underscores China's push in commercial spaceflight technologies.
Meta Plans Layoffs in Reality Labs Division
Meta is set to conduct layoffs in its Reality Labs unit, affecting VR headset and Horizon Worlds teams. The move shifts focus toward AI development. Separately, Meta introduced a new Checkpoint program with up to 300% bonuses for top performers.
UN Forecasts Tepid Global Growth at 2.7% for 2026
The United Nations projects global economic growth at 2.7% this year, below pre-pandemic averages, due to US tariffs and geopolitical tensions. China's growth expected at 4.6%, with resilience from consumer spending noted. Developing economies like India show solid prospects amid risks.
Hong Kong Hang Seng Index Surges on Tech and AI Stocks
Hong Kong's Hang Seng Index rose over 300 points, breaking 26,500, driven by technology and AI application stocks. The Hang Seng Tech Index climbed over 3%. Nasdaq China Golden Dragon Index surged 4.2%, led by Alibaba and XPeng.
US Jobless Claims Hit Two-Month High Amid Shutdown Delay
Continued US jobless benefit claims rose to 1.957 million for the week ending October 18, per Labor Department data. The increase comes amid government shutdown delays. This signals potential labor market pressures.