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On January 16th, the Shanghai Federation of Industry and Commerces Artificial Intelligence Committee held a themed event entitled "Building a Foundation for AI with Core Technologies, A Digital and Intelligent Future." During the event, the committee issued a proposal to the entire industry, advocating for open collaboration and breaking down barriers in the new stage of AI system integration and ecosystem building. The proposal calls for concerted efforts in data, models, computing power, and applications to jointly build a new industrial ecosystem of "core technologies, models, data, and intelligence." The proposal urges the entire industry to actively participate in the construction of a data circulation and trading system, strengthen data governance and security protection, jointly build a trustworthy data market, and unleash the value of data elements; increase investment in model research and development and collaborative innovation; and unite with universities, research institutions, and industry partners to build a capability foundation.On January 16, Liu Wei, Secretary of the Party Leadership Group and Minister of Transport, visited the China Transport Telecommunications Information Center and chaired a symposium. At the symposium, Liu Wei emphasized the need to focus on core responsibilities, cultivate new growth points, seize the opportunities presented by satellite internet development, promote the large-scale innovative application of artificial intelligence in the transportation sector, upgrade services such as the 12328 hotline, dynamic monitoring of passenger and hazardous goods vehicles, and maritime monitoring, popularize the application of intelligent agents, and integrate scientific research capabilities and high-quality resources to support the digital and intelligent upgrading of the industry.According to Futures News on January 16, as of 20:30 Beijing time, WTI crude oil futures rose 1.47% and US natural gas futures rose 1.34%.January 16 – A meeting of the Leading Group for the Promotion of the China (Shanghai) Pilot Free Trade Zone was held today (January 16). Gong Zheng pointed out that the focus should be on pioneering trials to achieve new breakthroughs in reform and opening up. Adhering to a systematic, holistic, and coordinated approach, the focus should be on key areas with application scenarios and the potential for breakthroughs, introducing more substantive reform and opening-up measures, further optimizing policy supply, expanding platform functions, and further optimizing the business environment to better leverage its demonstrative and leading role in the overall reform. The focus should also be on functional development to achieve new breakthroughs in building a global resource allocation hub.January 16th - Ukrainian President Volodymyr Zelenskyy announced on the 16th local time that the Ukrainian delegation will meet with representatives of US President Donald Trump in the United States in the coming days. Earlier, it was learned that Ukrainian Ambassador to the United States, Stefanishina, stated that the next round of bilateral negotiations between Ukraine and the US is expected to be held within the next two days.

Asian Stocks Fall as Economic Recession Concerns Persist

Aria Thomas

Jun 20, 2022 11:01

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The majority of Asia-Pacific equities were trading in the red on Monday morning, as investors fretted about a potential economic downturn brought on by major central banks' tightening monetary policies.


The Nikkei 225 dropped 1.72 percent on 10:24 PM ET (2:24 AM GMT).


The KOSPI decreased by 2.36 percent.


The Australian ASX 200 index fell 1.03 percent.


The Hang Seng index declined 0.74 percent.


The Shanghai Composite fell 0.38 percent, while the Shenzhen Composite rose 0.42 percent.


Last week, major central banks increased interest rates, heightening investors' fears of a recession. Wednesday, the U.S. Federal Reserve announced a 75 basis point increase in interest rates, the largest increase since 1994. The Swiss National Bank unexpectedly increased interest rates by 50 basis points on Thursday, the same day that the Bank of England lifted its rates to 1.25 percent.


"Market volatility has remained elevated, with the VIX index posting its highest weekly finish since late April," NAB analyst Rodrigo Catril told Reuters. "This pattern extends beyond stocks, with an increase in FX and rates volatility as well as wider credit spreads."


"At this juncture, it is difficult to foresee a turnaround in fortunes unless there is evidence of a significant reduction in inflationary pressures."


Wednesday and Thursday, Fed Chair Jerome Powell will speak before the House of Representatives. The Fed said last week that its commitment to taming inflation was "unconditional," and Fed Governor Christopher Waller stated on Saturday that he would back a 75-basis-point rate rise in July.


In an effort to combat inflation, U.S. President Joe Biden said on Saturday that he was contemplating eliminating certain tariffs on China and pausing the federal gas tax.


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