Australia cuts interest rate to 3.85% amid cooling inflation
Australia's central bank says the risks of rising inflation had eased and international developments were likely to weigh on the economy
China cuts key lending rates to boost slowing economy
People’s Bank of China lowered the one-year loan prime rate by 10 basis points to 3.0% and the five-year rate to 3.5%
Foxconn to build AI data center with Nvidia, targets 100 MW power
Data center will require significant power and will start with 20 megawatts, gradually increasing to 100 megawatts, says Foxconn Chairman
Xiaomi begins mass production of self-developed Xring O1 mobile chip
The first devices to use the chip will be the Xiaomi 15S Pro smartphone and the Xiaomi Pad 7 Ultra
World Bank clarifies role in payments for Afghanistan projects
The payments concern debts owed by the former Afghan government to contractors under World Bank projects
Waymo gets California approval to expand robotaxi service
The approval comes as Tesla prepares to launch a paid robotaxi service in Austin, Texas, next month
Trump reverses halt on $5 billion New York offshore wind project
Trump promotes expanding domestic energy production but excludes wind energy, calling it costly and harmful to wildlife
U.S. Justice Department opens probe into Coinbase data breach
The company expects financial losses from the breach to range between $180 million and $400 million
Dell unveils new AI servers powered by Nvidia’s latest chips
The servers come in air-cooled and liquid-cooled models and can support up to 192 Blackwell Ultra chips
China urges U.S. to reverse chip warning, threatens firm response
China says U.S. chip restrictions violate trade talks agreement
Choose France summit secures €20 billion in new investments
According to EY’s Investment Monitor, France has been Europe’s top spot for foreign investment for six years straight
Indian retailers, consumers launch boycott of Turkish products amid rising tensions over Pakistan support
From grocery shops to major online fashion platforms, Indian businesses pull Turkish goods amid political fallout, while travel and import bans add to the strain
UK and EU agree major post-Brexit reset covering trade, defence, migration, and energy
New agreements include a defence pact, food standards deal, youth mobility talks, and extended fisheries access, marking the most significant shift in UK-EU relations since Brexit
China’s factory output slows in April but holds firm amid trade war turbulence
Resilient industrial growth and government stimulus offset some pressure from U.S. tariffs; retail sales and property sector show continued weakness
Oil slips as demand signals weaken in U.S. and China
Brent crude falls 0.2% to $65.27 a barrel, while U.S. West Texas Intermediate (WTI) crude drops 0.1% to $62.45