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What Elon Musk needs from China

Economic TimesEconomic Times · 9m ago
What Elon Musk needs from China
Medial

Elon Musk, CEO of Tesla, has a complex relationship with China, a country that President-elect Donald Trump has vowed to confront with higher tariffs. Tesla makes half its cars in China and faces strong competition from Chinese automakers. Musk has personally appealed to China's premier for permission to proceed with Tesla's Full Self-Driving technology. Experts speculate that China may use Musk as an ally to persuade Trump to take a more conciliatory approach on trade. Musk's other companies also face formidable competition from Chinese businesses in the solar energy, battery, and space launch industries. However, Tesla remains at a disadvantage in China as it has not received approval for Full Self-Driving, while Chinese companies have introduced similar technologies. Moreover, Tesla faces potential political risks in China, as the Biden administration considers banning cars from China or Russia with connections to digital networks. It remains uncertain how long Musk's alliance with Trump can last and its impact on Sino-American commercial relations.

Russian lawmakers approve use of digital assets in international transactions

ReutersReuters · 1y ago
Russian lawmakers approve use of digital assets in international transactions
Medial

Russian lawmakers have passed draft legislation allowing digital financial assets (DFAs) to be used in international settlements, potentially shielding cross-border money flows from international scrutiny. The move comes amid threats from the West, particularly the United States, to impose secondary sanctions on banks facilitating trade with Russia. The legislation aims to bypass the traditional banking system in transactions, reducing external influence. Approval is still required from Russia's upper house of parliament and President Vladimir Putin before it becomes law. Both Turkey and China have experienced disruptions in payments due to threats of sanctions for conducting business with Russia.

South Korea hosted summit warns of AI risks to democracy

Economic TimesEconomic Times · 1y ago
South Korea hosted summit warns of AI risks to democracy
Medial

South Korean President Yoon Suk Yeol has labeled fake news and disinformation, fueled by AI and digital technology, as threats to democracy. At the Summit for Democracy in Seoul, Yoon emphasized the need for countries to share experiences and use technology to promote democracy, while also sounding the alarm on the violation of individual freedom and human rights. The conference aims to address democratic backsliding and erosion of rights. China criticized South Korea for inviting Taiwan's Digital Minister to contribute, as China considers Taiwan its own territory. Digital threats to democracy and countering disinformation were the focus of discussions, with US Secretary of State Antony Blinken highlighting the risks and Russia and China's involvement in manipulation campaigns.

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