China memory chipmaker CXMT's shares soar in a blockbuster share listing in Shanghai
HONG KONG (AP) — Shares of Chinese memory chipmaker CXMT have soared as the company began trading in Shanghai in mainland China’s biggest IPO in recent years. CXMT raised at least $8.6 billion with the IPO. Founded in 2016, the company is China’s leading memory chip manufacturer, making chips that are used in areas including AI servers to consumer electronics like smartphones. This comes as China is increasingly pushing for self-sufficiency in its tech race with the U.S., despite American-led export controls having blocked the country from accessing the world's most cutting-edge chipmaking machineries. Though the company still trails behind giants like SK Hynix and Micron, it is now playing a critical role in China’s artificial intelligence push.
Mediators see progress in efforts to halt Iran war as drone attacks rattle region
CAIRO (AP) — Mediators have made progress in efforts to bring the United States and Iran back to negotiations and prevent an all-out war in the Middle East. That's according to two regional officials who spoke to The Associated Press. But scattered attacks by armed groups across the region underscored the lingering tensions. Neither the U.S. nor Iran have claimed any strikes for three days. Mediators led by Qatar and Pakistan are working to bridge the gap between Washington and Tehran. The U.S. has paused attacks after targeting Iranian areas in response to Iran firing at ships in the Strait of Hormuz.
Stocks drift on Wall Street and crude oil prices drop as Mideast tensions cool
Stocks drifted to a mixed close on Wall Street and oil prices fell after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end their war. The S&P 500 ended barely changed Monday, up less than 0.1%. The index is coming off two straight weekly losses. The Dow Jones Industrial Average rose 0.5%. The Nasdaq composite fell 0.2%, weighed down by a 5% drop in AI chip giant Nvidia. After shooting as high as $102 a barrel last week, Brent crude fell 6.3% to settle at $85.87 per barrel. Treasury yields fell in the bond market.
Trump defends his sweeping tariffs and watches 'America First' drag races during Michigan stop
MILFORD, Mich. (AP) — President Donald Trump says his economic policies have revived the auto industry and American manufacturing. His comments in the Detroit suburb of Milford on Monday came as many businesses there contend that sweeping tariffs he's imposed against Canada and the rest of the world have hurt Michigan. The Republican president watched General Motors vehicles compete in drag races and looked at other vehicles at a GM facility before he delivered a speech. His tariffs have affected many businesses in Michigan, where the economy relies heavily on trade with Canada.
Cracker Barrel CEO steps down a year after logo debacle
Cracker Barrel’s CEO is stepping down nearly a year after an attempted rebrand of the chain led to fierce customer backlash. Lebanon, Tennessee-based Cracker Barrel said Monday that CEO Julie Masino will step down next month but remain with the company until Oct. 9 in an advisory capacity. David Deno will succeed Masino on Aug. 10 as CEO. Deno served as the CEO of Bloomin’ Brands, which owns Outback Steakhouse and other chains, from 2019 to 2024. The move comes a year after Cracker Barrel announced a simplified logo and other changes that angered longtime fans.
IMF chief says Argentina is better positioned to meet debt obligations under Milei
BUENOS AIRES, Argentina (AP) — International Monetary Fund Managing Director Kristalina Georgieva praised President Javier Milei’s austerity policies during a visit to Buenos Aires. She said Monday that Argentina has regained market confidence and is better positioned to meet its debt obligations. Georgieva said the IMF sees no need for additional disbursements before the 2027 presidential election, despite the country’s looming repayment schedule. She pointed to falling inflation, stronger reserves and improved credit ratings as signs of economic progress. Investors, however, remain focused on Argentina’s ability to meet rising debt payments and on whether Milei can sustain his reform agenda through the next election.
Oil prices ease after US and Iran pause their attacks
NEW YORK (AP) — Oil prices have fallen further in early trading after setting a two-month high set last week. The price for a barrel of Brent crude oil to be delivered in September dropped 4.9% to $92.02 as the United States and Iran witheld their strikes for a second straight day. The decline followed a 3.9% drop on Friday. U.S. oil fell 5.6% when trading resumed on Sunday .Oil prices surged this month as it appeared Iran and the U.S. might return to all-out war. Brent crude, the international standard, briefly hit $102 a barrel last week. The ability of tankers to pass safely through the Strait of Hormuz has been the central concern for the oil market.
Clinton Foundation launches an institute to help state governments find nonpartisan solutions
The Clinton Foundation has launched a new initiative to develop nonpartisan policy solutions with state and local governments. The Clinton Policy Institute focuses on improving health outcomes, economic security, and democracy, especially for women and children. The initiative has already collaborated with New York state to ban cellphones in schools, improving classroom behavior. Kansas Gov. Laura Kelly praised the institute's nonpartisan approach. Dr. Jerome Adams, former U.S. Surgeon General, noted the challenge of finding nonpartisan solutions but acknowledged CPI's success in addressing adverse childhood experiences. The foundation aims to share and expand innovative policies nationwide.
A forced-labor crackdown or an end-run around Congress? Dissecting Trump's new tariffs
NEW YORK (AP) — The Trump administration has levied tariffs on more than 60 countries, using a legal justification that permits the president to impose import taxes and other sanctions against countries found to engage in “unjustifiable,” “unreasonable” or “discriminatory” trade practices. Specifically, the tariffs announced on Thursday were levied under Section 301 of the Trade Act of 1974 on countries the U.S. found failed “to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.” Protests from the affected countries — which account for 99% of U.S. imports — were swift. Critics say the claims are unfounded and arbitrary.
Cheaper, open and intelligent: Chinese AI models gain ground, as they make inroads in the US
HONG KONG (AP) — Chinese AI models are gaining popularity in the U.S. for their affordability and efficiency. More American executives and companies are switching to Chinese models by startups such as DeepSeek, Moonshot AI and Z.ai for daily tasks. These models are way cheaper and nearly as advanced as those of their U.S. rivals, technology analysts say. The rapid rise of Chinese AI this year, with stronger players beyond last year's DeepSeek moment, highlights the increasingly competitive AI race between the U.S. and China. Despite blocks on their access to some advanced technologies, Chinese models have become serious global competitors to their U.S. counterparts. Analysts say U.S. models are still superior overall, but Chinese open-source models are closing the gap.
