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On August 26, Iranian Parliament Speaker Mohammad Qassem Ghalibaf, during a meeting with Iraqi Supreme Judicial Council Chairman Faik Zidaun, stated that Iran and Iraq play a crucial role in establishing regional order and emphasized the need for further cooperation between the two countries. Regarding the war between Iran and the United States, Ghalibaf stated that the US launched the war against Iran with the aim of overthrowing the Iranian government and expanding its hegemony in West Asia and the Muslim world. However, he asserted that thanks to the courageous resistance of the Iranian people and the efforts of the resistance front, the US has clearly failed to achieve this goal, a fact acknowledged by the entire world. He stated that the US has failed in its military and political war against Iran, and its economic actions will also end in failure. On the issue of Iraq, Ghalibaf stated that the withdrawal of the US-led coalition from Iraq was a historic achievement for the Iraqi government and people. He expressed his belief that Iran and Iraq can play a decisive role in regional order, especially in the Persian Gulf region.On August 26, Australian Prime Minister Barnes stated that he has secured the agreement of regional leaders, including Queensland, which had previously opposed the proposal, to push forward with new regulations on energy use for artificial intelligence (AI) data centers, with the goal of enacting them next year. The Australian National Cabinet has agreed to establish minimum requirements for data center electricity, water, and land use. The government stated that it plans to draft the new regulations by the end of this year and legislate them in early 2027. Barnes stated, “We have reached a consensus on national AI law for Australia. We want to ensure that while attracting investment, we don’t end up with eight different regulations running simultaneously across the country.” Queensland and the Northern Territory initially opposed Barnes’ proposal, which included requirements for high-energy-consuming data centers to use renewable energy. Queensland officials previously argued that this would give Canberra greater control and could hinder investment.On August 26th, the Shanghai Municipal Government General Office issued the "Shanghai Strategic Emerging Industries Development 15th Five-Year Plan". It mentions focusing on key areas to strengthen forward-looking planning and further comprehensively enhance the integrated circuit industrys capabilities. Key development areas include: 1. High-end chips and AI-enabled design. Accelerate the R&D and industrialization of high-end chips; build vertical models and intelligent agents for chip design, and achieve design process reshaping and simulation acceleration through AI empowerment. 2. Advanced packaging. Promote the R&D and mass production application of new technologies such as advanced packaging, and support the R&D of packaging equipment and materials. 3. New devices and new architecture chips. Support the R&D of new material devices such as two-dimensional materials, and promote the design and tape-out of three-dimensional stacked architecture chips.On August 26th, the Shanghai Municipal Government General Office issued the "Shanghai Strategic Emerging Industries Development 15th Five-Year Plan". It mentions strengthening the cultivation of new intelligent terminals, focusing on application scenarios such as next-generation mobile internet, smart homes, and smart factories, creating internationally competitive consumer-grade new intelligent terminal brands, and launching a number of blockbuster terminal products. Key development areas include: 1. Key Hardware: Accelerating breakthroughs in key technologies such as edge AI chips, next-generation new displays, and flexible material sensors, and promoting technological iteration in areas such as micro-LEDs, waveguide lenses, and high-performance rendering engines. 2. Edge Models: Creating lightweight, multimodal edge vertical models, optimizing iterative model compression algorithms, and achieving performance levels of edge models that are basically comparable to large cloud models in various application scenarios. 3. Intelligent Consumer Terminals: Developing new AI consumer terminals such as AI computers, AI phones, AI glasses, bionic robots, and intelligent wearable devices, supporting a new manufacturing model of "product design + standard parts assembly".According to Hong Kong Stock Exchange filings, HSBC Holdings (00005.HK) repurchased 325,600 shares on August 25, at a cost of HK$53.1 million.

As Japan plans a Cabinet reshuffle, GBP/JPY is aiming for a two-week high near 169.00

Alina Haynes

Nov 22, 2022 15:03

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During the Tokyo trading session, the GBP/JPY pair has extended its recovery and is seeking to cross the 168.00 threshold. As market sentiment improves, the cross approaches a two-week high close to 169.00. Despite projections of a slower pace of rate hikes by the Bank of England, the British pound is expected to continue its upward trajectory (BOE).

 

The public is still arguing if the Autumn Statement has restored confidence and capability in the UK's economic prospects or has worsened the forecasted picture.

 

Shell, a provider of renewable energy and energy solutions, is reconsidering its expansion plans in the British energy market after the incoming UK government announced windfall taxes. Prime Minister Rishi Sunak and Chancellor Jeremy Hunt increased the tax rate from 25% to 35% in the long-awaited "memorial service for Trussonomics."

 

The expanded tax mentioned in the Chancellor's Autumn Statement is leading Shell to reconsider a number of ongoing projects, including North Sea investments and renewable energy programs, according to David Bunch, chairman of Shell UK.

 

UOB economists maintain their prediction of a 50 basis point (bps) change in the United Kingdom's interest rate at its monetary policy meeting in December. They feel the BOE still has work to do, given that Hunt has decided to delay the majority of the severe repercussions of fiscal consolidation, which means fiscal policy will do little to combat inflation."

 

Prime Minister Fumio Kishida of Japan told Mainichi that investors in Tokyo are becoming anxious because the Japanese government expects to reshuffle its Cabinet before the end of the year. This may result in a period of Japanese yen volatility. On the economic front, Thursday's release of the PMI results is anticipated by investors. The Jibun Bank Manufacturing PMI is considered stable at 50.7. While Services PMI is expected to decline significantly to 53.1%, Manufacturing PMI is expected to climb marginally to 54.2%.

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