MEF BUSINESS NEWS 13 MARCH 2025 Following the EU, Canada has announced retaliatory tariffs on nearly C$30 billion worth of American imports after U.S. tariffs on steel and aluminum went into effect yesterday. The Canadian government said it would follow a “dollar-by-dollar” approach, imposing 25% tariffs on American imports, including steel, computers, and sports equipment. ——————————- At a meeting in Washington, D.C., CEOs from major companies like IBM and Qualcomm voiced concerns over President Trump’s tariffs, the Wall Street Journal reports. However, despite private frustrations, many executives continue to stay mum in public. It seems the only thing more valuable than a corporate tax cut these days is staying on the president’s good side. A recent survey shows business leaders’ optimism about the economy has sharply dropped, but don’t expect any of them to publicly point fingers—unless, of course, the stock market falls 20%. ————————————— Meanwhile, Blackstone CEO Stephen Schwarzman and Goldman Sachs chief David Solomon see potential benefits in Donald Trump’s policies, despite concerns over new tariffs. Schwarzman, a Trump donor, said the measures could boost US manufacturing, while Solomon acknowledged business leaders appreciate Trump’s engagement but seek more policy certainty. ———————————— US federal spending hit a record $603 billion last month despite Elon Musk’s aggressive efficiency drive, according to new Treasury data. Musk’s so-called Department of Government Efficiency claims to have saved over $100 billion, but overall spending still rose by 7% compared to the same period last year. His team, known as Doge, has infiltrated multiple government agencies, leading to mass dismissals and canceled contracts. While Musk insists the initiative is on track to cut $1 trillion annually, only a few departments, such as Education, have seen notable reductions, with a $6 billion drop reported. ———————————— Inflation cooled more than expected in February, offering relief to the Federal Reserve as it navigates price pressures and slower growth linked to Trump’s trade policies. The Consumer Price Index was at 2.8% in February in the U.S., easing from January’s sharp increase and falling below economists’ forecasts. While early tariffs on Chinese imports had little immediate impact, analysts warn that Trump’s expanded trade measures could drive prices higher in coming months. Consumer confidence has weakened, with more Americans expecting financial struggles ahead. The Fed’s inflation fight remains uneven, as grocery prices climb while fuel and airfare costs decline. ———————————— A volatile day is expected for stocks today after markets reacts to better-than-expected inflation data in the U.S. while grappling with uncertainty over Trump’s escalating tariffs. The S&P 500 rose 0.5% yesterday, recovering some losses, while the Nasdaq gained 1.2%. However, trade tensions remained in focus as the EU and Canada retaliated against new U.S. metal tariffs. Investors remain on edge, and analysts warn that the ongoing trade war could slow growth and push inflation higher in the months ahead. ————————————- Intel has named Lip-Bu Tan as its new CEO, ending months of uncertainty following Pat Gelsinger’s departure in December. Tan, former CEO of Cadence and an ex-Intel board member, steps in as the company faces financial struggles, mass layoffs, and stalled manufacturing projects. His appointment is seen as crucial for US efforts to bolster domestic chip production amid rising tensions with China. Investors reacted positively, with Intel shares jumping over 11% after the announcement. ———————————- LVMH has appointed Frederic Arnault, son of billionaire founder Bernard Arnault, as the new CEO of Italian brand Loro Piana, effective June 10. Currently leading LVMH’s watches division, he will replace Damien Bertrand, who moves to deputy CEO of Louis Vuitton. The leadership reshuffle fuels speculation over the group’s long-term succession plan. All five of Bernard Arnault’s children now hold key positions within the company. —— —— MEF MOBILE NEWS 13 MARCH 2025 Jio Platforms has struck a deal with SpaceX to bring Starlink’s satellite-based internet service to India, following a similar agreement with SpaceX and rival Bharti Airtel. It seems Elon Musk is on a mission to connect everyone, everywhere, and apparently, India is next. The deal is, however, dependent on government approval. plans to offer Starlink equipment in its retail outlets and assist with customer service installation. Reliance Jio CEO Mathew Oommen called the partnership a transformative step toward expanding broadband access. Meanwhile, SpaceX’s Gwynne Shotwell is hopeful the Indian government will give the green light, after Starlink’s previous regulatory hiccup in 2022. ————————————- Britain’s antitrust watchdog, the CMA, has launched an investigation into the mobile browser market, which is largely dominated by Apple and Google. The inquiry, initiated in January, found that the market is not functioning well for consumers or businesses. Most of the concerns focus on Apple’s policies around its Safari browser, which holds an 88% share on Apple devices. The CMA is exploring whether Apple and Google should be designated with “strategic market status,” which could lead to interventions to foster more competition. Both companies have expressed concerns about the findings but promised to work with the CMA on potential solutions. ——————————— Niantic has sold its gaming business, including “Pokémon GO,” to Scopely for $3.5 billion, backed by Saudi Arabia’s sovereign wealth fund. The deal adds top titles like “Pikmin Bloom” and “Monster Hunter Now” to Scopely’s mobile portfolio, which already includes hits like “MONOPOLY GO!” and “MARVEL Strike Force.” With 30 million active users, the acquisition strengthens Scopely’s position in the mobile gaming market. Niantic, focusing on geospatial AI, will spin off Niantic Spatial with $250 million in capital. This highlights the growing role of Saudi-backed investments in the mobile gaming ecosystem. ——————————— South Africa’s government is proposing to remove the luxury excise duty on smartphones priced below 2,500 rand ($136.37) from April 1, 2025. The 9% excise tax currently applied to smartphones would be reserved for higher-priced devices. The move is aimed at making smartphones more affordable for low-income households and promoting digital inclusion, as the country plans to phase out 2G and 3G networks by 2027 in favor of faster 4G and 5G technology. Critics had expressed concerns that the change could deepen the digital divide, particularly for those in remote areas. ————————————- The delayed rollout of an advanced Siri integrated into Apple Intelligence could slow iPhone upgrades next year, according to Morgan Stanley analysts. They also warn that Apple may face higher input costs due to increased tariffs on China. Without a “killer AI app” ahead of the iPhone 17 launch, the analysts believe AI features won’t significantly boost upgrade rates, prompting them to lower their 2026 revenue and earnings per share forecasts by 5%-6%. —— —— MEF TECH NEWS 13 MARCH 2025 Incoming Intel CEO Lip-Bu Tan has pledged to continue with the company’s strategy to become a leading foundry, producing chips for outside clients. This follows in the footsteps of his predecessor Pat Gelsinger, who was ousted in part due to the costly push into this competitive market. Despite the challenges, Tan aims to restore Intel’s status as a world-class product and foundry company. His appointment was well-received by investors — as I reported in the business news segment — with Intel’s stock jumping over 10% after the announcement. Intel’s push into the foundry business means going head-to-head with TSMC, the industry leader, while trying to catch up on advanced chip manufacturing. Tan’s success will depend on Intel’s ability to improve its products and navigate its expensive manufacturing plans. Despite delays in new plants, Intel is betting on future growth, but it remains unclear whether Tan will split the company’s foundry and chip design operations to streamline the business. —————————- D-Wave has claimed a milestone in quantum computing, announcing it has achieved “quantum supremacy,” a moment when a quantum machine solves problems too complex for traditional computers. The company’s quantum annealing technology, while limited in scope, has shown its potential in solving complex optimization problems. D-Wave’s latest breakthrough, demonstrated in a paper published in Science, involved simulating a material’s magnetic field in 20 minutes—something that would take a supercomputer almost a million years. Despite past financial struggles, the company has secured new funding and is positioning itself to commercialize its quantum technology, focusing on applications like material simulation. —————————- Google DeepMind has launched its Gemini Robotics models, designed to make robots more adaptable and capable of handling real-world tasks. Trained with large language models, these robots can perform tasks like folding origami and dunking a basketball. The development, in partnership with Apptronik, aims to advance robotics for industries like healthcare and manufacturing. Experts note the progress but caution that more work is needed before robots can be fully deployed in everyday environments. ————————— Alibaba unveiled a new version of its AI assistant mobile app, Quark, now powered by its latest in-house model, Qwen. The app integrates various functions like a chatbot, deep thinking, and task execution into a single platform. Users can now do everything from generating images to planning trips. The updated Quark app was launched as a pilot showcasing features like writing articles from images and creating meeting minutes. The launch follows Alibaba’s unveiling of its R1-Omni model, which can read emotions, signaling the company’s drive to stay competitive with China’s AI startups. As Alibaba pushes further into AI, it’s aiming to keep pace with rivals like ByteDance’s Doubao and startups like Manus AI. ————————————- A new OpenAI’s AI model, designed for creative writing, has not been released to the public yet but is already stirring legal concerns as it appears to have been trained on copyrighted materials. CEO Sam Altman shared a glimpse of the model’s impressive output, describing it as the first time he was “really struck” by something written by AI. The announcement comes amid ongoing lawsuits from the New York Times and authors accusing AI companies of using copyrighted works without permission. In the UK, a proposal allowing AI models to train on such materials without consent is facing opposition from the creative industries. —— ——

MEF BUSINESS NEWS 13 MARCH 2025 Following the EU, Canada has announced retaliatory tariffs on nearly C$30 billion worth of American imports after U.S. tariffs on steel and aluminum went into effect yesterday. The Canadian government said it would follow a “dollar-by-dollar” approach, imposing 25% tariffs on American imports, including steel, computers, and sports equipment. ——————————- At a meeting in Washington, D.C., CEOs from major companies like IBM and Qualcomm voiced concerns over President Trump’s tariffs, the Wall Street Journal reports. However, despite private frustrations, many executives continue to stay mum in public. It seems the only thing more valuable than a corporate tax cut these days is staying on the president’s good side. A recent survey shows business leaders’ optimism about the economy has sharply dropped, but don’t expect any of them to publicly point fingers—unless, of course, the stock market falls 20%. ————————————— Meanwhile, Blackstone CEO Stephen Schwarzman and Goldman Sachs chief David Solomon see potential benefits in Donald Trump’s policies, despite concerns over new tariffs. Schwarzman, a Trump donor, said the measures could boost US manufacturing, while Solomon acknowledged business leaders appreciate Trump’s engagement but seek more policy certainty. ———————————— US federal spending hit a record $603 billion last month despite Elon Musk’s aggressive efficiency drive, according to new Treasury data. Musk’s so-called Department of Government Efficiency claims to have saved over $100 billion, but overall spending still rose by 7% compared to the same period last year. His team, known as Doge, has infiltrated multiple government agencies, leading to mass dismissals and canceled contracts. While Musk insists the initiative is on track to cut $1 trillion annually, only a few departments, such as Education, have seen notable reductions, with a $6 billion drop reported. ———————————— Inflation cooled more than expected in February, offering relief to the Federal Reserve as it navigates price pressures and slower growth linked to Trump’s trade policies. The Consumer Price Index was at 2.8% in February in the U.S., easing from January’s sharp increase and falling below economists’ forecasts. While early tariffs on Chinese imports had little immediate impact, analysts warn that Trump’s expanded trade measures could drive prices higher in coming months. Consumer confidence has weakened, with more Americans expecting financial struggles ahead. The Fed’s inflation fight remains uneven, as grocery prices climb while fuel and airfare costs decline. ———————————— A volatile day is expected for stocks today after markets reacts to better-than-expected inflation data in the U.S. while grappling with uncertainty over Trump’s escalating tariffs. The S&P 500 rose 0.5% yesterday, recovering some losses, while the Nasdaq gained 1.2%. However, trade tensions remained in focus as the EU and Canada retaliated against new U.S. metal tariffs. Investors remain on edge, and analysts warn that the ongoing trade war could slow growth and push inflation higher in the months ahead. ————————————- Intel has named Lip-Bu Tan as its new CEO, ending months of uncertainty following Pat Gelsinger’s departure in December. Tan, former CEO of Cadence and an ex-Intel board member, steps in as the company faces financial struggles, mass layoffs, and stalled manufacturing projects. His appointment is seen as crucial for US efforts to bolster domestic chip production amid rising tensions with China. Investors reacted positively, with Intel shares jumping over 11% after the announcement. ———————————- LVMH has appointed Frederic Arnault, son of billionaire founder Bernard Arnault, as the new CEO of Italian brand Loro Piana, effective June 10. Currently leading LVMH’s watches division, he will replace Damien Bertrand, who moves to deputy CEO of Louis Vuitton. The leadership reshuffle fuels speculation over the group’s long-term succession plan. All five of Bernard Arnault’s children now hold key positions within the company. —— —— MEF MOBILE NEWS 13 MARCH 2025 Jio Platforms has struck a deal with SpaceX to bring Starlink’s satellite-based internet service to India, following a similar agreement with SpaceX and rival Bharti Airtel. It seems Elon Musk is on a mission to connect everyone, everywhere, and apparently, India is next. The deal is, however, dependent on government approval. plans to offer Starlink equipment in its retail outlets and assist with customer service installation. Reliance Jio CEO Mathew Oommen called the partnership a transformative step toward expanding broadband access. Meanwhile, SpaceX’s Gwynne Shotwell is hopeful the Indian government will give the green light, after Starlink’s previous regulatory hiccup in 2022. ————————————- Britain’s antitrust watchdog, the CMA, has launched an investigation into the mobile browser market, which is largely dominated by Apple and Google. The inquiry, initiated in January, found that the market is not functioning well for consumers or businesses. Most of the concerns focus on Apple’s policies around its Safari browser, which holds an 88% share on Apple devices. The CMA is exploring whether Apple and Google should be designated with “strategic market status,” which could lead to interventions to foster more competition. Both companies have expressed concerns about the findings but promised to work with the CMA on potential solutions. ——————————— Niantic has sold its gaming business, including “Pokémon GO,” to Scopely for $3.5 billion, backed by Saudi Arabia’s sovereign wealth fund. The deal adds top titles like “Pikmin Bloom” and “Monster Hunter Now” to Scopely’s mobile portfolio, which already includes hits like “MONOPOLY GO!” and “MARVEL Strike Force.” With 30 million active users, the acquisition strengthens Scopely’s position in the mobile gaming market. Niantic, focusing on geospatial AI, will spin off Niantic Spatial with $250 million in capital. This highlights the growing role of Saudi-backed investments in the mobile gaming ecosystem. ——————————— South Africa’s government is proposing to remove the luxury excise duty on smartphones priced below 2,500 rand ($136.37) from April 1, 2025. The 9% excise tax currently applied to smartphones would be reserved for higher-priced devices. The move is aimed at making smartphones more affordable for low-income households and promoting digital inclusion, as the country plans to phase out 2G and 3G networks by 2027 in favor of faster 4G and 5G technology. Critics had expressed concerns that the change could deepen the digital divide, particularly for those in remote areas. ————————————- The delayed rollout of an advanced Siri integrated into Apple Intelligence could slow iPhone upgrades next year, according to Morgan Stanley analysts. They also warn that Apple may face higher input costs due to increased tariffs on China. Without a “killer AI app” ahead of the iPhone 17 launch, the analysts believe AI features won’t significantly boost upgrade rates, prompting them to lower their 2026 revenue and earnings per share forecasts by 5%-6%. —— —— MEF TECH NEWS 13 MARCH 2025 Incoming Intel CEO Lip-Bu Tan has pledged to continue with the company’s strategy to become a leading foundry, producing chips for outside clients. This follows in the footsteps of his predecessor Pat Gelsinger, who was ousted in part due to the costly push into this competitive market. Despite the challenges, Tan aims to restore Intel’s status as a world-class product and foundry company. His appointment was well-received by investors — as I reported in the business news segment — with Intel’s stock jumping over 10% after the announcement. Intel’s push into the foundry business means going head-to-head with TSMC, the industry leader, while trying to catch up on advanced chip manufacturing. Tan’s success will depend on Intel’s ability to improve its products and navigate its expensive manufacturing plans. Despite delays in new plants, Intel is betting on future growth, but it remains unclear whether Tan will split the company’s foundry and chip design operations to streamline the business. —————————- D-Wave has claimed a milestone in quantum computing, announcing it has achieved “quantum supremacy,” a moment when a quantum machine solves problems too complex for traditional computers. The company’s quantum annealing technology, while limited in scope, has shown its potential in solving complex optimization problems. D-Wave’s latest breakthrough, demonstrated in a paper published in Science, involved simulating a material’s magnetic field in 20 minutes—something that would take a supercomputer almost a million years. Despite past financial struggles, the company has secured new funding and is positioning itself to commercialize its quantum technology, focusing on applications like material simulation. —————————- Google DeepMind has launched its Gemini Robotics models, designed to make robots more adaptable and capable of handling real-world tasks. Trained with large language models, these robots can perform tasks like folding origami and dunking a basketball. The development, in partnership with Apptronik, aims to advance robotics for industries like healthcare and manufacturing. Experts note the progress but caution that more work is needed before robots can be fully deployed in everyday environments. ————————— Alibaba unveiled a new version of its AI assistant mobile app, Quark, now powered by its latest in-house model, Qwen. The app integrates various functions like a chatbot, deep thinking, and task execution into a single platform. Users can now do everything from generating images to planning trips. The updated Quark app was launched as a pilot showcasing features like writing articles from images and creating meeting minutes. The launch follows Alibaba’s unveiling of its R1-Omni model, which can read emotions, signaling the company’s drive to stay competitive with China’s AI startups. As Alibaba pushes further into AI, it’s aiming to keep pace with rivals like ByteDance’s Doubao and startups like Manus AI. ————————————- A new OpenAI’s AI model, designed for creative writing, has not been released to the public yet but is already stirring legal concerns as it appears to have been trained on copyrighted materials. CEO Sam Altman shared a glimpse of the model’s impressive output, describing it as the first time he was “really struck” by something written by AI. The announcement comes amid ongoing lawsuits from the New York Times and authors accusing AI companies of using copyrighted works without permission. In the UK, a proposal allowing AI models to train on such materials without consent is facing opposition from the creative industries. —— ——