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The Bank of Japan (BoJ) raised its benchmark interest rate by 25 basis points from 0.25% to 0.5% in an 8-1 vote on Friday, to its highest level in 17 years, with the yen strengthening modestly against the US dollar after the announcement
The European Central Bank and the Federal Reserve are due to meet next week as policymakers digest early moves of the Trump administration.
The Fed is expected to keep interest rates on hold but the larger story unfolding will be how the central bank confronts early moves by Trump that are likely to shape the economy this year, including demands the Fed continue lowering borrowing costs.
The services sector accounted for the drop in the PMI, with manufacturing expanding for the first time in seven months on hopes of "looser regulation, lower taxes and heightened protectionism" under President Donald Trump's new administration. But some worried that potential tariffs would "disrupt supply chains and impact sales, or stoke inflation."
There were also fears the U.S. central bank could adopt a more hawkish posture to deal with inflation.
When asked about the risk of US sanctions should YTL Power provide the processing power to China clients, Yeoh says “our legal and commercial team will have mitigated such risk before we can invest”.
Artificial intelligence darling Nvidia’s shares fell on Friday following the launch of Chinese generative AI program DeepSeek last week, which claimed to be able to outperform rival offerings at a fraction of their cost.
DeepSeek- which is funded by Chinese quant firm High-Flyer- made its R1 LLM open source, and also released a paper outlining how advanced LLMs
DeepSeek- which is funded by Chinese quant firm High-Flyer- made its R1 LLM open source, and also released a paper outlining how advanced LLMs can be built on much smaller budgets.
DeepSeek had access to about 50,000 Nvidia H100 AI GPUs- the previous generation of Nvidia’s AI GPUs, which are set to be replaced by the Blackwell series. It was unclear to what extent the company had leveraged this access for its LLM.
But the biggest point of contention over DeepSeek R1 was that the LLM was able
But the biggest point of contention over DeepSeek R1 was that the LLM was able to achieve competitive results despite its rivals, such as OpenAI’s ChatGPT and Meta’s Lama, having access to substantially bigger budgets and more advanced technology. This notion was relevant in the light of recent U.S. export controls on chip technology to China, as well U.S. President Donald Trump announcing $500 billion in private spending t