Finance news

Dispute over secrets: Apple sues ChatGPT company OpenAI

The ChatGPT company OpenAI is developing a device specifically for use with artificial intelligence. Apple employees were also hired. Now there is a lawsuit.

Transfer of power in South America: USA calls for an orderly transfer of power in Colombia

The left-wing President Petro does not recognize the defeat of his candidate in the presidential election. The US and allies insist on compliance with the constitution and an orderly transition.

Apple sues OpenAI for alleged theft of confidential info — and says that’s just ‘the tip of the iceberg’

The iPhone maker claims “misconduct is normalized and exemplified by leadership” at OpenAI.

Car: Dudenhöffer calls for an end to the 35-hour week at VW

Car expert Ferdinand Dudenhöffer sees overtime without wage compensation as a way to reduce Volkswagen's high production costs. At the same time, he expects tough times.

Europe’s Nuclear Plants Can’t Beat the Heat

Europe’s blistering heat wave is threatening energy security across the continent as power plants shut down and the risk of rolling blackouts rises. Electric grids are overstressed, and ecosystems are too. Rivers are greatly affected by soaring temperatures, which in turn impacts the energy industry and power plants that rely on that water supply for their cooling systems. Just this week, France announced that it will reduce production at as many as five nuclear power plants, with two already cu

China accuses US of ignoring Trump, Xi rapport and targeting Chinese firms

China on Friday accused the United States of misusing its national power by blacklisting more than 60 Chinese companies, alleging that Washington has “disregarded the consensus” reached between US President Donald Trump and Chinese leader Xi Jinping in Beijing in May. In early June, the Pentagon blacklisted dozens of Chinese companies – including Alibaba, Baidu and BYD – as “Chinese military companies operating in the United States”. Days later, China announced export controls against leading US

AI capex spend and AI-driven revenue

I recently found out about Ed Zitron and read his article "Am I meant to be impressed?" that was deep dive into the problems with AI surrounding the 5 hyperscalers. That got me thinking if there would ever be a point of 'No Return' where the 5 AI hyperscalers spend so much capex on AI that eventually becoming profitable from AI-driven revenue becomes mathematically impossible. Google Gemini says yes there is and this point will occur sometime between late 2026 and 2028. The numbers that Gemini u

Apple sues OpenAI for stealing trade secrets

Apple on Friday sued OpenAI, accusing the artificial intelligence company of orchestrating a campaign to steal the iPhone maker’s trade secrets as it tries to develop its own consumer hardware device. The lawsuit – filed in a federal court in San Jose, California – paints a picture of an aggressive effort by OpenAI to poach Apple employees and extract confidential information to build its own device. The lawsuit marks a dramatic escalation in tensions between two companies that partnered in 2024

South China Sea expert Wu Shicun on Beijing’s red lines

Wu Shicun is the founding president of China’s National Institute for South China Sea Studies and chairman of the Huayang Centre for Maritime Cooperation and Ocean Governance. In this interview he discusses ways Beijing can respond to rival claimants in the disputed waters. SCMP Plus readers get early access to articles in the Open Questions series. With Manila intensifying its “transparency” campaign, how does China view the current situation and what challenges does it face? Manila’s so-called

Trump built walls out of tariffs on ‘Liberation Day’. Has the US been boxed in?

As the United States marks the 250th anniversary of its founding, it confronts a new world order dominated by its relationship with China. In this wide-ranging series, we examine the pressure points and possibilities in those ties, from hard tech to soft power. Here, Xinyi Wu examines how changes to Washington’s trade policy have reverberated through the formerly secure international economic order. When US President Donald Trump announced sweeping tariffs against virtually all Washington’s...

Silicon Valley: Apple files lawsuit against OpenAI

The background is the alleged theft of trade secrets. Apple is making serious allegations against a former employee.

AI: Apple files lawsuit against ChatGPT maker OpenAI

The iPhone company accuses OpenAI of stealing trade secrets. The company wants to stop the alleged misconduct with a lawsuit in California. OpenAI rejects the allegations.

How the New Left won the battle of ideas for 21st-century China

We are all used to Western assessments of Deng Xiaoping. You may even be convinced by them, as I was for a long time. Ezra Vogel, for example, wrote in Deng Xiaoping and the Transformation of China: “It was [Deng] who would finally realise the mission that others had tried for almost two centuries to achieve, of finding a path that would make China rich and powerful.” And, according to Orville Schell and John Delury in Wealth and Power: China’s Long March to the Twenty-first Century, “Once in...

The AI race is shifting from bigger models to cheaper, smarter systems

Companies are starting to choose AI models by task, cost and control, not just leaderboard rank.

Miniso banks on finding the next Labubu as it opens 100 US stores

Japan to expand research grants, seeking 20,000 Ph.Ds a year

China's Nexchip has global ambitions as legacy chips thrive in AI's shadow

China anime festival shows Japan fandom undimmed by diplomatic chill

Japan's Yoshinoya to bulk up ramen business with US acquisition

South Korea's beauty tourism boom draws doctors away from hospital work

Mitsubishi Estate embarks on $9bn data center building spree in Japan

Japan shoe store giant ABC-Mart targets big strides across Southeast Asia

SK Hynix rallies in biggest-ever foreign share sale in US

Kazakhstan Extends Petroleum Export Ban Six Months as Hormuz Tensions Flare

Kazakhstan is growing more possessive of its petroleum products as a gasoline shortage tightens its grip in Russia and the US-Iran conflict reignites. Kazakh officials have established new police checkpoints on almost 60 roads along the country’s lengthy border with Russia to curb ‘gasoline tourism,’ according to local news reports. In addition, new restrictions have been introduced at border checkpoints, limiting trucks and cars to one crossing per day. In recent weeks, as gasoline shortages ha

OpenAI power consolidates under co-founder Greg Brockman ahead of prospective IPO

With Fidji Simo's official departure from OpenAI due to a chronic medical issue, Greg Brockman's role has become clearer.

Apple sues OpenAI alleging trade secret theft, says scheme was 'at every level'

The two companies entered into a high-profile partnership in 2024 when ChatGPT was integrated into the iPhone's operating system.

Security questions swirl over Trump’s new plane given to him by Qatar

US President Donald Trump faces questions about the security of his new Air Force One plane gifted by Qatar, after he took an older jet home from a Nato summit this week. The billionaire president has barely been able to contain his excitement over the retrofitted Boeing 747-8 aircraft, which took him to Ankara on its maiden trip outside the United States. But then Trump abruptly announced in Turkey that he was sending the luxury plane on ahead to a British airbase – saying it was so US troops..

How Apple stock rode the AI rollercoaster to record highs in 1 chart

Apple stayed true to itself in the AI race, and Wall Street is finally rewarding the stock for it.

IEA Says UAE Oil Output Surged to Record High in June

The country pumped 4.1 million barrels a day on average in June, the International Energy Agency said in its monthly report.

Trump Accounts may help foster children build a financial safety net. What to know

Advocates say that Trump Accounts for foster children may end up being helpful, as long as concerns about flexibility and accessibility are addressed.