US stocks fall amid lingering trade war unease

Trader Tommy Kalikas works on the floor of the New York Stock Exchange, in this file photo from Wednesday. (AP Photo/Richard Drew)
Updated 23 July 2018
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US stocks fall amid lingering trade war unease

  • About 40 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 25,031.47
  • European Commission President Jean-Claude Juncker heads to Washington on Wednesday to meet with President Donald Trump

NEW YORK: Wall Street stocks retreated early Monday ahead of major earnings reports later this week amid lingering unease over US trade conflicts.
About 40 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 25,031.47.
The broad-based S&P 500 dipped 0.1 percent to 2,799.59, while the tech-rich Nasdaq Composite Index slid 0.2 percent to 7,801.58.
European Commission President Jean-Claude Juncker heads to Washington on Wednesday to meet with President Donald Trump and try to avert an escalation of tit-for-tat trade tariffs.
Trump already is embroiled in a messy trade spat with China, while negotiations with Canada and Mexico to revamp the North American Free Trade Agreement have stalled.
“It is hard to imagine a more difficult trading environment due to worsening trade-war rhetoric, a sharp devaluation of the Chinese currency, an unsynchronized global recovery, and the President commenting on Fed policy,” said Canaccord Genuity strategist Tony Dwyer.
Dwyer noted that any pullback would be a buying opportunity given strong corporate earnings.
Earnings season will heat up further in the coming days with reports from Google-parent Alphabet, Boeing and Amazon, among others.
Also on tap this week will be the first reading on second-quarter US growth, which is forecast to be a blockbuster, albeit a one-time burst.
Among individual stocks, US-listed shares of Fiat Chrysler fell 2.3 percent, while Ferrari slumped 4.8 percent after the sudden exit of chief executive Sergio Marchionne due to health reasons.
Amazon dipped 0.7 percent after Trump again attacked the company on Twitter, swiping at the “Amazon Washington Post” and suggesting the company should face antitrust charges.
The Washington Post is owned by Amazon chief executive Jeff Bezos, but is now owned by the online retail giant.


Search engine Baidu becomes first China firm to join US AI ethics group

Updated 17 October 2018
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Search engine Baidu becomes first China firm to join US AI ethics group

  • The Partnership on AI (PAI), which counts Alphabet Inc’s Google, Apple Inc. and Facebook Inc. as members, is a body that develops ethical guidelines for AI research
  • Baidu’s inclusion in the group comes as Chinese and US companies are looking to ramp up cooperation on AI

BEIJING: Chinese search engine Baidu has become the first Chinese company to join an artificial intelligence (AI) ethics group led by top US tech firms, amid wider political clashes over AI competition between China and the US.
The Partnership on AI (PAI), which counts Alphabet Inc’s Google, Apple Inc. and Facebook Inc. as members, is a body that develops ethical guidelines for AI research, including ensuring research does not violate international conventions or human rights.
Last year China’s industry ministry named Baidu as one of four national AI champions, and the search firm has invested heavily in autonomous driving and deep learning in recent years.
“Baidu’s admission represents the beginning of PAI’s entrance into China. We will continue to add new members in China and around the world as we grow,” said PAI in a statement on Tuesday.

 

Baidu’s inclusion in the group comes as Chinese and US companies are looking to ramp up cooperation on AI, despite a looming political scuffle between the US and China over technology transfers.
Last year China set out a roadmap to become a world leader in AI by 2025, with plans to invest roughly $400 billion in the industry in the coming years.
The ambitions have rankled the US government, which has discussed plans to bolster security reviews of cutting-edge technology, including AI, over fears that China could access technology of strategic military importance.
China’s AI roadmap encourages technology sharing between private, public and military research groups.
Despite the clash, US companies have expanded their AI presence in China while Baidu and other Chinese firms have launched AI research labs in the US.
Last month China’s cyber ministry hosted Google, Amazon Inc. and Microsoft Corp. at its annual AI forum. All three companies have launched AI research labs in China over the past year, despite tightening censorship and data restrictions that limit the companies’ involvement in the market.
At the forum, top government officials stressed that China’s development of AI technology would be ethically conducted, adding that they have plans to retrain workers who lose their jobs to AI.

Decoder

China’s AI roadmap encourages technology sharing between private, public and military research groups.