AFP
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The AI boom hits a crossroads in 2026
After three years of breakneck growth and soaring valuations, the AI industry enters 2026 with some of the euphoria giving way to tough questions. Anthropic founder Dario Amodei contends the next level of AI could debut in 2026 and become smarter than Nobel Prize winners.
Asian stocks extend global rally as data boost rate cut hopes
Asia extended a global equities rally Wednesday after another round of tepid US data reinforced expectations that the Federal Reserve will cut interest rates again next month.
How China leveraged its rare earths dominance over the US
China's stranglehold on the rare earths industry -- from natural reserves and mining through processing and innovation -- is the result of a decades-long drive, now giving Beijing crucial leverage in its trade war with the United States.
UK to unveil tax-raising budget
Britain's centre-left Labour government is set to unveil a tax-raising budget Wednesday to curb debt and fund public services, while aiming to reassure financial markets and voters alike. Reeves hiked a tax on businesses in her inaugural budget last year -- a move that has been blamed for Britain's weak economic growth.
Serbia's sole refinery faces shutdown after US sanctions
Serbia's only oil refinery prepared to shut down on Tuesday, as the country's president set a deadline for the firm's Russian majority-owners to sell out and end US sanctions. "It has not been shut down yet, but it is already running at a reduced level compared to normal," Vucic said, weeks after sanctions cut off the refinery's supply of crude oil.
EU gives Germany free pass over defence spending
Germany will escape EU punishment for breaking the bloc's budget rules because of a defence spending exemption, the European Commission said on Tuesday. Germany's public deficit is expected to be above three percent in 2025, but it will not be punished because it is "fully explained by the increase in defence spending", the EU executive said.
US retail sales miss expectations as consumers see higher costs
US retail sales grew at a slower pace than anticipated in September, government data showed Tuesday, as higher prices added to affordability concerns while firms grappled with an uptick in business costs. On Tuesday, Commerce Department figures showed that September retail sales were up 4.3 percent from a year ago.
EU says must 'step up' against China rare earths 'racket'
The European Union must ramp up efforts to break its dependence on China for rare earths faced with export curbs that amount to a "racket" by Beijing, the bloc's industry chief Stephane Sejourne said Tuesday. China, the world's top producer of rare earths, in October announced new controls on the export of the elements, used to make magnets crucial to the auto, electronics and defence industries.
Kyrgyzstan arrests Chinese CEO of gold mining firm
Kyrgyzstan said Tuesday it had arrested the Chinese CEO of a gold mining firm accused of causing "large-scale" environmental damage, amid growing public scrutiny over Beijing's influence in the Central Asian country. "The activities of the mine ... caused particularly large-scale damage," it said.
AFP
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