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00:00:13Asian stocks decline as the tech rally loses steam and oil prices
00:00:17stabilize.
00:00:18of Meanwhile, new US curves on
00:00:20of Chinese AI transceivers deepen global tech divisions and
00:00:24drone strikes targeting Russia's top online marketplace are disrupting
00:00:28supply chains and threat. thousands of small businesses.
00:00:32Hello, I'm with the Business News here on TRT
00:00:34Worlds.
00:00:47Asia Asian markets were mostly down on Thursday with tech stocks back under pressure
00:00:51after four-day rebound. South Korea's heavy tech heavy
00:00:55cosby led losses
00:00:57of slipping 4.5% dragged by SK. Samsung
00:01:01Electronics and Soul Semiconductor. In Japan Soft Bank group
00:01:04dropped 4% while chip equipment Maker Tokyo Electron
00:01:08fell more than 5% and Taiwan's
00:01:11of TSMC (the world's largest contract chipmaker) was also
00:01:141.6% lower. The pullback follows a week session
00:01:18on Wall Street overnight which saw shares of SpaceX and
00:01:22ADM stumble after their quarterly earnings. As Magnificent
00:01:26Seven stock struggled the Dow Jones rose to a fresh all-time high.
00:01:30for a third straight session. Meanwhile, oil traded in
00:01:33tight range as
00:01:34a Iran and Oman
00:01:37of of reached an agreement a shipping route through the street of Ramus, fueling expectations of increased
00:01:41energy flows through the critical waterway. Brent Crude held
00:01:45below $80 a barrel, its lowest level in
00:01:48of three weeks. Earlier I
00:01:51of spoke to Milad
00:01:52of Azar in Beirout. He's a market analyst at XCB. He
00:01:56says that despite the recent drop in Asian stocks, the tech sector.
00:02:00remains strong, we saw the the
00:02:03first
00:02:05of break that space x and ABM took
00:02:08a little
00:02:10of bit of it because
00:02:11of the disappointing result after that we saw last
00:02:14night sands and the semiconductor
00:02:17sectors and wester western digital
00:02:21disappoint the market again that's why we saw this downturn
00:02:25in the Asian market and especially in the
00:02:29uh market and the South Korea market, we saw SK
00:02:32Hinux, Samsung and other companies going into
00:02:36the red because of those results, we can see that it's
00:02:40more than profit taking, more than the deterioration
00:02:44of of of the basics of this
00:02:47sector right, and South Korean chipmakers in
00:02:50particularly have been most vulnerable recently, what does that signal
00:02:54about investor
00:02:55in confidence in the very stocks that have led the AI driven market rally this
00:02:59year?
00:03:02of Yeah, it's normal after every boom, there's a bust a little bit, we
00:03:06can see that first
00:03:08of the year, crospy took a very long term of a bullish
00:03:12momentum after that it very normal to get some retracement
00:03:16before continuing this bullish momentum, at the end
00:03:20we can see that the inflation
00:03:23in a way or another is weighing on those stocks, but at the end
00:03:26this sector
00:03:27of is still
00:03:28in a good position to continue this bullish momentum
00:03:32at the long term and despite weakness in the
00:03:35of magnificent 7 and major tech names, Dow Jones hit another
00:03:38record high on Wednesday, is the US market
00:03:42seeing a broader uh sector rotation away
00:03:46from technology into traditional
00:03:48industries? yes, this
00:03:52is very good question, in the last few weeks we saw some
00:03:56revaluation
00:03:57of the AI company, the tax sector ' and we saw
00:04:00that the data from the US, the real economy is
00:04:04still doing well from the ISM non
00:04:07of manufacturing to another ISM manufacturing, all the
00:04:10data are saying that the US company still
00:04:13strong, the US sorry economy is still strong,
00:04:17so on the long term we can see that the investor are rotating from
00:04:21the AI sector that need some revaluation to the
00:04:25real world sector and the real
00:04:28manufacturers. Right, and meanwhile, Iran and Oman have said
00:04:32they've reached an agreement to secure shipping through the straight of Romas,
00:04:36but Crude is still holding at around $80 a barrel. Does
00:04:40this suggest traders remain unconvinced that the lower
00:04:43geopolitical tensions will translate into lasting increase
00:04:47in global oil supplies? Yes,
00:04:51we can see even if we see a real some agreement, it's a
00:04:55short-term agreement at the end between Oman
00:04:57of and Iran, we did not see the... finish
00:05:00of the war between Iran and the US, there's a lot
00:05:04of misunderstanding about this
00:05:08agreement and this negotiation, so what we can say
00:05:12here that... the investor, no, they are not really convinced that
00:05:16the market will be uh, like before the
00:05:19war,
00:05:20we can, even if the world stop after two days, one week, we need
00:05:24more than six months to regain the production, to
00:05:28regain the export level before
00:05:31war. china has retaliated against the latest
00:05:35us tariffs announced by President Donald Trump two weeks ago, it's
00:05:39imposing export controls on US made drones and sanctioning
00:05:43six other companies, saying the US has harmed China's legitimate
00:05:47rights and economic interests. Mr. Boss
00:05:49reports. Traffic here
00:05:53a US port continues as usual, but shipments from
00:05:57China may soon become less frequent. That's after Beijing
00:06:01announced retaliatory measures, just days after the US imposed
00:06:05fresh duties on China and 59 other countries. The
00:06:08US says the countries on the list are those accused of violating labor.
00:06:13for China's officials a step too
00:06:15far. China's position on
00:06:19China US economic and trade issues is consistent
00:06:23and clear. We oppose all forms of unilateral tariff
00:06:27measures, tarif wars and trade wars are not in the interests
00:06:31of any party. But China has now imposed more export
00:06:35controls than US drones, their components, and related technology.
00:06:39They've also imposed counter measures on six US businesses.
00:06:42including biotech company applied DNA sciences and
00:06:46geoscience research firm stratum reservoir. China says those on
00:06:50the list support US sanctions related to Shinjang. They've
00:06:53also said Washington is willfully seeking to suppress Chinese
00:06:57companies. Last year the US-China tariff war continued
00:07:01escalate month by month. What began as baseline tariffs of
00:07:0420% each incrementally got higher. The US began with a
00:07:08tariff in February which it described as punishment forfense.
00:07:12flow into the US with China responding on US agricultural
00:07:16goods. The peak the tariff war was in April with Trump
00:07:20announcing what he called liberation day, hitting China's goods with
00:07:23125%. China then counted,
00:07:27imposing 125% duties on all US
00:07:30imports. Eventually, on
00:07:32May 14th, both nations agreed in Geneva to reduce
00:07:36reciprocal surcharges. Washington is yet to respond to this
00:07:40latest Chinese move, but there are fears.
00:07:49As the United States and China race toward technological
00:07:52self-sufficiency, the world is witnessing the emergence of two
00:07:56increasingly separate AI and technology supply
00:07:59chains. The US is draffing a ban on Chinese-made optical
00:08:02transceivers for American AI data centers. They act
00:08:06as high-speed connectors between AI chips, enabling the
00:08:10massive data flow needed to. train and run AI
00:08:13models. Companies in the US, Japan, Europe and
00:08:17Taiwan are leading the market. China is scaling up
00:08:21fast, but still depends on foreign technology for top tier
00:08:24components and equipment. Washington is steadily
00:08:28expanding restrictions to block China from accessing
00:08:32critical strategic technologies like advanced AI chips,
00:08:35semiconductor manufacturing tools, robotics, drones and
00:08:39next generation telecommunications hardware. to slow down
00:08:43Beijing's technological progress. TRT World's
00:08:47Abdul Wahab AUB joined me earlier, he says the US ban on
00:08:51optical transceivers is aimed at boosting domestic
00:08:54self-sufficiency in the AI data center
00:08:57market. Silicon Fortenics is the
00:09:01next big thing in AI uh infrastructure build
00:09:04out, is the next bottleneck basically, because uh
00:09:08just to put in context, as data center rapidly grow and
00:09:12the advanced AI chips uh go into hundreds of millions and
00:09:16eventually to billions, the uh transformation the data, the
00:09:20communication between these chips is crucial
00:09:23because so far has been done by coper,
00:09:27that's why coper prices have skyrockets recently, and now but that's
00:09:31not enough because that burns lot of energy, lot of um and the
00:09:35models become less efficient, so with this new technology
00:09:39with the now light is going to be the communicator. between
00:09:43tokens, between informations on chips, and this is
00:09:46that's why it's so critical uh for both countries uh on this
00:09:50now US, Japan and Taiwan are leading in this, so US
00:09:54trying this uh new uh let's say bottleneck
00:09:57trying to have a leadership and trying to prevent China from
00:10:01reaching it uh at least trying to gain time on this, and of
00:10:05course short term is going to increase fast uh the prices of data
00:10:09center build out in the US, but long run the...
00:10:13thinking of us is that as much as possible we
00:10:17delay china have access into this, we going to keep
00:10:21dominating the sector, so how long will it take for?
00:10:25to achieve complete supply chain independence across critical hardware
00:10:29manufacturing, well so far the
00:10:33both US and China are lot intertwined basically,
00:10:36it looks like both of countries are creating their
00:10:40own indigenization let's say the
00:10:44AI critical infrastructure so because that's
00:10:47crucial to better models to better robots to
00:10:50better satellites tomorrow and all other
00:10:54components. but uh so far uh China uh
00:10:58both countries b are leading China is leading uh massively on
00:11:02rare earth which is critical on everything build out like tech
00:11:06from EV to chips to everything is leading about 80%
00:11:10on humanoid robot so far at this stage but
00:11:14China United States is ahead on uh
00:11:18most advanced chips to 2 nanometers chips to
00:11:22designing them and these photonics uh trans
00:11:26photonics which as just mentioned before, so both
00:11:29countries are trying to create their own ecosystem, vertically
00:11:33integrated ecosystems, but it's far neither country
00:11:37to uh fully uh reach independence into
00:11:40this, and as the US expands sanctions across
00:11:44these technologies, what does the growing division
00:11:48mean for allied tech markets across Europe and
00:11:51Asia? well, that's everybody.
00:11:55is concerned about this, because as technology, as
00:11:59we see, indigenization the AI infrastructure
00:12:02continues, both countries now are really
00:12:06dependent into each other, so we going to mostly see the
00:12:10next cold war, tech cold war 2.0 where
00:12:13other countries like Europe, Taiwan, South Korea and the rest the
00:12:17world is going to force somehow to choose
00:12:20which uh, which AI or
00:12:23which... the going to use, whether it's going to be
00:12:27US or Chinese one, and that's of course going to increase
00:12:30cost of transportation, cost of building data
00:12:34centers, cost of chips itself, so it's going to uh
00:12:37pass over these costs on companies, which of course these
00:12:41companies are going to pass on to the consumers, so who using
00:12:45them and who pays for tokens spent on generating AI
00:12:49or tomorrow on agentic ai at the same
00:12:53time, so tech farms looking to expand
00:12:56overseas have been turning to Hong Kong to raise money, test their
00:13:00products and build credibility. firms flocking to the city's
00:13:04capital markets have helped drive the busiest start to the year for
00:13:08IPOs in half decade, but some Chinese companies are still
00:13:12facing barriers when looking for new trade overseas. Laura
00:13:15Westbrook reports from Hong
00:13:17Kong. This Chinese
00:13:20tech firm is hoping their smart blackboard is the future
00:13:24for. rooms, it's one the artificial intelligence products
00:13:28made by voice recognition
00:13:30company ifly tech. around 40 schools in Hong Kong have already bought
00:13:34their product and now it wants to expand further
00:13:37overseas. we think it is very good opportunity for
00:13:41us to go global because the standard of Hong Kong is very close to
00:13:45an international standard. the firm is targeting markets in southeast
00:13:48Asia and the middle east. we think that
00:13:52these countries is that we can't see the demands
00:13:55and we can see they are economies fast
00:13:59growing uh and we have very good relationships in term in terms
00:14:03of geopolitics so that's very important as well. partly
00:14:06state-owned ifly tech relies on domestic chips. it was put
00:14:10a us blacklist in 2019 for its alleged role in
00:14:14the surveillance of minorities in Shinjang, effectively barring the
00:14:18company from buying advanced US chips. one of Hong Kong's
00:14:22great advantages is its proximity to the mainland, also
00:14:26there are freeer capital flows and access to professional
00:14:29services. what has been different over the past few years
00:14:33is that the slower nominal growth in the Chinese economy
00:14:37basically has pushed firms to go more
00:14:41overseas to hunt for profit. tech firms based in mainland
00:14:44China have recently been flocking to list on the Hong Kong Stock
00:14:48Exchange. Hong Kong is a free market compared to the Mainland
00:14:51Chinese exchanges where there are stringent capital. controls,
00:14:55the city is benefiting from Chinese companies looking to raise money
00:14:59here to expand abroad. This is supported by policies
00:15:03from both local regulators and regulators on the mainland.
00:15:07While Beijing is encouraging companies to expand abroad,
00:15:10it is also tightening scrutiny of overseas investment,
00:15:14particularly if there are national security concerns, especially in the
00:15:18fields of tech data and talent, so it's not all plane sailing for
00:15:22Chinese firms moving beyond Hong Kong. If you look at the
00:15:26US or European markets, they are
00:15:29imposing various screening uh
00:15:33over incoming investment, particularly related
00:15:37to... companies involved in deep technology,
00:15:41um, AI, quantum, computing,
00:15:44semiconductors and tying all those investment to
00:15:48national security, data protection and so on.
00:15:52As the tech race heats up, Chinese firms like IFlytech are
00:15:56calculating where they position themselves in increasingly
00:16:00polarized geopolitical climate. Laura Westbrook, TRT
00:16:04World, Hong Kong, weeks of extreme. Heat and
00:16:07dry weather have left two of Europe's most important rivers facing
00:16:11severe water strats, with economic consequences for industries
00:16:15ranging from German chemicals to Italian ceramics,
00:16:19as Tulai Kalon has all reports. Europe's
00:16:23Ryan rivers are becoming a growing business risk. In
00:16:26Germany, the Riina has fallen to near record lows after weeks
00:16:30of dry weather. Stretching 1,230
00:16:34km across Western Europe is Germany. main commercial
00:16:38artery, carrying hundreds of millions of tons of coal,
00:16:42crude oil and grain every year, but falling water levels
00:16:46mean vessels can carry only a fraction their usual
00:16:49cargo. with normal water levels a rhine barge
00:16:53can carry around 500 containers, currently that capacity is down
00:16:57to just 20%, meaning only 100 containers, that leaves
00:17:01400 containers sitting idle somewhere, while the 100 that can be
00:17:05transported become much more expensive to ship. In Italy,
00:17:09the Poor River is also running low. The Pour plain
00:17:13is one of Europe's most concentrated manufacturing regions
00:17:16and Italy's agricultural backbone. Water
00:17:20shortages here don't just hurt farms, they hit factories
00:17:24too. The setia, one the Po's main tributories,
00:17:27runs through the heart of Italy's water intensive ceramics
00:17:31industry. Manufacturers rely heavily on water to
00:17:34grind raw materials and clean equipment.
00:17:38Geographic concentration, that is, the industrial cluster effect, is the
00:17:42most important characteristic of ceramic manufacturing. Over
00:17:4690% of tile production is concentrated within 20 square
00:17:50kilometers, enabling companies to form synergies in water
00:17:54recycling, waste recycling and technology research and
00:17:57development. But the machinery, textiles and
00:18:00pharmaceuticals have different water quality requirements and the
00:18:04cost of new equipment remains a financial b'. for
00:18:08smaller companies, water recycling systems and waste water
00:18:11treatment equipment are not widely adopted among small and
00:18:15medium enterprises, because they require significant capital
00:18:19investment, infrastructure investment and sufficient construction
00:18:23space. two rivers, two countries, one shared
00:18:26problem, europe's drought is turning water shortages into
00:18:30direct economic costs. as extreme weather becomes more
00:18:34common, investing in alternative transport and
00:18:45Let's take a look at some other stories we're following: new US tariffs will hit
00:18:49$7.4 billion dollars of Singapore exports with roughly a
00:18:53third of shipments facing a 12.5% duty.
00:18:57Washington introduced the measures over forced labor concerns targeting
00:19:01products like chemicals and optical equipment. Singapore
00:19:05says it found no evidence of forced labor in. exports, but warns the
00:19:08restrictions could hurt global supply
00:19:11chains. Australia posted a trade
00:19:15surplus of $1.4 billion dollars in June after deficit
00:19:19in May. the surprise recovery was driven by nearly 10%
00:19:23jump in exports led by stronger shipments of metal or
00:19:26and coal. but analysts say Australia's trade
00:19:30position is still weakening as the long run commodity boom
00:19:33begins to fade and alphabet.
00:19:37is reshaping its AI leadership with deepmind chief Demis
00:19:41Hasabis becoming the company's chief
00:19:44scientist while stepping back from day-to-day operations.
00:19:48He says the move will let him focus on long-term AI research and
00:19:52scientific breakthroughs including drug discovery. This
00:19:56reshuvel comes as Alphabet faces intense competition
00:20:00from Open AI and Anthropic emits delays to its next
00:20:04major AI release. Recent drone. tags on
00:20:08logistics hubs used by Russia's largest online retailer,
00:20:11Wildburies, have disrupted operations and forced the company
00:20:15to redirect shipments. The company
00:20:17is now expanding its logistics network into neighboring Kazakhstan,
00:20:21but analysts say thousands of small businesses that depend its
00:20:25warehouses could also take a hit. Desha Chanishover
00:20:28reports from Moscow. For thousands of
00:20:32small businesses, online shops are the sensor their entire
00:20:36operation from housing and logistics to deliveries. Maxim
00:20:40Papov sells a wide range of goods through Wildburies, which is widely seen as
00:20:44Russia's answer to Amazon. He says drone attacks have
00:20:47exposed how vulnerable small businesses can be.
00:20:57We are lucky that we stored only a small share of our goods at
00:21:01marketplace warehouses, we know how to adapt, plus we don't
00:21:05have heavy credit burden, that will help us lot, those who had
00:21:0980 to 90% their goods destroyed and bought that
00:21:12inventory with borrowed money are in very difficult
00:21:15situation. For many businesses, even a brief disruption can
00:21:19create serious. cash flow problems with inventory trapped inside damaged
00:21:23warehouses, sales stop, while storage fees, supplier payments
00:21:27and other operating costs continue to pile
00:21:29up. small and medium-sized
00:21:32businesses could suffer the most because their entire
00:21:36business model depends on infantry turnover.
00:21:40many bought their goods using borrowed money, and if they can't
00:21:43maintain the sales volumes they originally planned, they may
00:21:47struggle to repay those loans. The impact extends
00:21:51beyond salaries. Rerooted shipments means thousands of independently
00:21:54operated pickup points are seen few deliveries and lower customer
00:21:58traffic, but there are now plans to build additional warehouses in neighboring
00:22:02Kazakhstan and Belarus and strengthen security to make supply
00:22:06chains more resilient. This could affect the range of
00:22:10products available on the marketplaces and push of prices for some
00:22:14goods, but it won't fundamentally change the platform economy.
00:22:17Online marketplaces remain Russia's. dominant retail
00:22:21sales channel, and so we're more likely to see
00:22:24redistribution of sales than a collapse the system.
00:22:28analysts say Russia's well established trade links with China could help
00:22:32replace many low cost imported goods, limiting longer term
00:22:36disruption for consumers. recent drone strikes come a time
00:22:40when companies are already facing high borrowing costs and higher
00:22:43taxes, so any prolong disruption could add further pressure to one of
00:22:47Rush's fastest growing sectors.
00:22:54and earlier I spoke with Olga Krazniak, associate professor at the high school
00:22:58of economics in Moscow, she says it's too early to put a
00:23:02price tag on the disruption, but small and medium-sized businesses face
00:23:06growing risks as the war continues.
00:23:10It's still hard to see how this painful for
00:23:14small and middle size businesses, but uh this platform
00:23:18will be indeed one. the biggest one retail
00:23:21platform in in Russia, but also need to understand
00:23:24that the sellers goods, they redistributed in
00:23:28many uh different store houses, few them been
00:23:32destroyed, but not all them, and of
00:23:35course it cannot be denied some negative impact on small
00:23:39businesses, but at the same time businesses always have a certain
00:23:42risks especially considering that Russia a situation of
00:23:46war with Ukraine and with its western.
00:23:50partners
00:23:50so and
00:23:51in this case yes some risks
00:23:53are inevitable and does Russia have enough
00:23:57alternative logistics capacity if attacks on major hubs
00:24:01continue uh well this indeed is the
00:24:04biggest one but not the only one we have uh
00:24:08different uh platforms uh which do the same but will
00:24:11be um the annual revenue by the way it's
00:24:1575 billion dollars so it's one the biggest
00:24:19platforms. but at the same time we understand it's a private
00:24:22business and the founder of wild be one the richest
00:24:26person in Russia is far as I can see and in this case
00:24:30well high risks are imposed on this business but at the same
00:24:34time I do not believe that the logistics and the delivery of goods
00:24:37will be somehow destroyed or severe
00:24:40severely impacted by this drone
00:24:43attacks and could expanding into neighboring countries like
00:24:47Kazakhstan actually protect Russia's domestic? retail supply chain from
00:24:51ongoing infrastructure attacks? well, do not believe so it
00:24:55will would have certain negative impact on the Russian
00:24:58retail, but it is understandable that the founder of
00:25:02wildbrist Tatyana Kimshi wants to minimize the risks and
00:25:06of course she tries to uh maybe to use alternative
00:25:09platforms, alternative territories like Kazakhstan, but it's private
00:25:13business and she is in her own right to expand it towards
00:25:17Kazakhstan, but I do not see
00:25:20huge negative impact on the sellers and the buys like
00:25:24ordinary people in Russia because of some store houses being
00:25:28destroyed and could physical disruptions
00:25:31become inflation problem if fuel goods reach
00:25:35Russian consumers? well I do not think
00:25:39so that it would cause some inflation so the
00:25:43inflation can come from from different reasons
00:25:46and following few weeks uh this energy...
00:25:50prices indeed we had it and because this shortage of
00:25:54gasoline of of oil of course it's somehow
00:25:57increased the the price for logistics but now we
00:26:01overcome this crisis, energy crisis and uh,
00:26:05if some inflation would come, it just only from logistics
00:26:09and from the price for gasoline, but it's not
00:26:12about the infrastructure of store houses of wild
00:26:15be. and that's the business news, bye for
00:26:18now.
00:26:24sharp to the point, round table shuts out the
00:26:28noise and gives you the detail. John Kerry told roundtable
00:26:31poland. has we're here in Berlin. Take a seat and listen to those
00:26:35who really know what's going on. War in Europe, distrust our needs
00:26:39and argument. And there are very specific reasons why Trump has gone
00:26:43after them. Who's going to blink first? Confusing world. We're
00:26:47here to clear the blog. You'll understand exactly
00:26:51where you are. Round Table on TRT
00:26:53World.
00:26:58He's just coming into TRT world. Our TRT news team are the first on the
00:27:02seat.
00:27:06"We're piecing together all the facts, we've discovered more than we ever remember,
00:27:10days, or even weeks, it's taken months upon
00:27:13months, no storing has been left
00:27:16unturned, information has been sported from the
00:27:19darkest, the truth is coming to
00:27:22light, this is one story that will touch millions of
00:27:26people, new chapter in
00:27:30Afghanistan and even an attempt to..."
00:27:36You've seen the news, essentially Israel is an
00:27:40apart state, but the newsmakers dives deeper. We have to
00:27:43stop violence. We take the day's biggest story and debate the
00:27:47issues behind the headlines.
00:27:50Seating somehow, that's the whole point of negotiations. They want to stak in the governance
00:27:54their will be, we bring you in-depth look at the
00:27:58events, conflicts and decisions that impact us all. All
00:28:02of you have. failed, all of you have failed, Tunisia and
00:28:05Tunisians, the responsibility for dealing with that
00:28:08falls to the United Nations security cancel from every corner
00:28:12the globe. If fighting continues, what
00:28:16will there be left to fight for? hundreds of thousands of not millions of
00:28:20people are left to
00:28:22start. The newsmakers
00:28:25on TRT
00:28:26World.
00:30:10Iran and Oman reach an understanding over the straight of
00:30:13hormoos. They agree on coordinates for safe transit
00:30:16route. Hier welcome to TRT World's coverage
00:30:20live from Istanbul with me Neil Harvey. Also this hour
00:30:24Israel intensifies attacks on southern Lebanon despite an existing cease
00:30:27fire and ongoing peace talks that are now into a third day in
00:30:31Rome. Russia says it intercepted hundreds of
00:30:34Ukrainian drones overnight as Vlodimir Zelensky appeals to allies
00:30:38an urgent attempt to secure more missile interceptors
00:30:41and Myanmar's leader and former army chief is in
00:30:45Thailand seeking re-engagement and international
00:30:47legitimacy.