The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Politicians and technology executives have spent well over a year debating the proper role for regulators in the tech industry, which has assumed outsized influence over the U.S. economy.
Monday was the day that the chatter turned to early stages of action, and the market punished big tech.
Investors were most concerned about Facebook and Google parent Alphabet on Monday, sending shares of each down more than 6%. Amazon dropped more than 4.6% and Apple slid 1%. In total, they lost about $130 billion in market value and led a 1.6% slump in the Nasdaq Composite, sending the tech-heavy index into correction territory — down more than 10% off its record high set in April.
Following reports late Friday that the Justice Department is preparing an antitrust probe of Google, Reuters reported on Monday that the same department has been given jurisdiction over Apple's practices as part of a broader review into the behavior of tech companies.
The probes are at their early stages, based on the published accounts, so no significant fines, forced company breakups or changes in business practices are expected anytime soon.
But in assuming greater oversight over four of the world's five most valuable companies (Microsoft has the biggest market cap), regulators are suggesting that the days of unfettered growth for the tech industry may be numbered.
In a report Thursday about risks facing Amazon, D.A. Davidson analysts highlighted "the potential for antitrust and regulation across the globe" as a hurdle for future expansion. The U.S. represents only the latest concern.
"Additionally, foreign governments are also realizing the dangers of allowing a few tech titans to have such enormous influence on consumer's day-to-day lives, including not only Amazon, but also Apple, Facebook, and Google and the potential for regulatory disruption is increasing by the day, in our view, and, therefore, is something we are monitoring closely," the report said.