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Is Trump’s AI executive order a Sputnik moment for the US?

US President Donald Trump’s executive order on artificial intelligence may be short on details, but its broader significance lies in his administration’s recognition that China has become a strategic competitor in a critical technology, industry watchers say. The executive order, which Trump described as his “American AI initiative”, was signed on Monday and directs federal agencies to prioritise investments in research and development of AI. While it did not specifically mention China, the executive order “has emerged under the context” of increased competition with China”, said Gregory Allen, an adjunct…

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Trump signs order prioritizing artificial intelligence research amid looming China ambitions

President Donald Trump signed an executive order Monday directing the U.S. government to prioritize artificial intelligence in its research and development spending, the White House said. The order, which comes amid concerns about China’s ambitions to dominate the sector and the likelihood of disruption for workers as the technology automates millions of jobs, doesn’t outline specific funding goals, but says it aims to ensure that AI develops in a manner that reflects U.S. values and to push training for the future workforce. Is China really snapping at the heels of…

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Property 

Discounts are the order of the day for Hong Kong’s property developers to clear their stock, as prices trend downward

Sun Hung Kai Properties, Hong Kong’s biggest home developer, sold all of its flats on offer at Ma Tau Kok over the weekend, after discounting prices by 50 per cent on average, compared with a similar project in the same neighbourhood. The developer sold every one of the 155 flats in the first batch at the Downtown 38 apartment complex on Pai Tak Street in Ma Tau Kok, where prices for the units ranged from between HK$5.4 million and HK$7.9 million, or HK$17,621 to HK$19,193 per square foot. That is…

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Singapore 

Apex court hears arguments for quashing court order against Li Shengwu for contempt, Singapore News

SINGAPORE – Lawyers for Mr Li Shengwu presented to the Court of Appeal on Friday (Jan 18) their arguments for quashing a court order that allowed the Attorney-General to serve papers on him in the United States for contempt of court. Their arguments involved two points that the Apex court told them and the Attorney-General’s Chambers (AGC) to address. The first is whether there was any statutory basis for the court to exercise substantive jurisdiction over someone who was overseas at the time contempt proceedings started. If the answer to…

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Singapore 

ISA order against former religious teacher shows Govt’s readiness to act against anyone who threatens society: Shanmugam, Singapore News

SINGAPORE – The issuing of an order under the Internal Security Act (ISA) against a formerly accredited religious teacher shows the Government’s readiness to act against anyone who threatens society, said Home Affairs and Law Minister K. Shanmugam. All Singaporeans can promote their religion, as long as it does not promote violence or put down other races or faiths, he said. “We have been very strict about it; we have said across all religions, promote your religion, but you cannot promote violence, you cannot run down another religion, you cannot…

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Boeing beats European rival Airbus in global aircraft order race for the first time since 2012

Airbus abandoned a five-year winning streak in the race for jetliner orders in 2018, slumping to its lowest share of the US$150 billion jet market in six years but narrowing a gap against US rival Boeing Co in aeroplane deliveries. The European company said it had won 747 net orders, down 33 per cent from 2017 despite a hefty contribution from the Canadian A220 jet which it took over in July. Boeing won the order race for the first time since 2012 with 893 orders. Why China is no closer…

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Will there be adults in the room when tokens disrupt the financial order of venture capitalists and angel investors?

After regulatory action against issuers of initial coin offering (ICO) seriously dampened investor enthusiasm this year, some blockchain evangelists are gearing up for another offshoot of start-up fundraising, which they believe could even disrupt the traditional venture capital model – security tokens. Start-ups working on various blockchain projects have in recent years been raising funds through ICOs – mainly bitcoin and ethereum – and in exchange issue investors with utility tokens that give them access to their application or service. But a number of fines imposed by the US Securities…

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White House said to mull new year executive order to bar Huawei, ZTE purchases

President Donald Trump is considering an executive order in the new year to declare a national emergency that would bar US companies from using telecommunications equipment made by China’s Huawei and ZTE, three sources familiar with the situation told Reuters.  It would be the latest step by the Trump administration to cut Huawei Technologies and ZTE Corp, two of China’s biggest network equipment companies, out of the US market. The United States alleges that the two companies work at the behest of the Chinese government and that their equipment could…

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China 

China orders crackdown on domestic online financial information providers to keep ‘economic order’

China’s cyber watchdog has issued new regulations for domestic financial information providers, in an apparent crackdown on online content deemed detrimental to the country’s financial stability as the economy slows. Financial information providers are now not allowed to distort Chinese fiscal and monetary policies, disturb economic order or to harm the nation’s interests, the Cyberspace Administration of China (CAC) said on Wednesday. Service providers being targeted include those involved in financial analysis, financial trading and financial decision-making, but do not include foreign wire services, according to the CAC. The CAC…

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China 

China sets about putting house in order, steps up supervision of financial institutions seen as too big to fail

Beijing began the process of improving its supervision of Chinese financial institutions viewed as too big to fail, in latest efforts aimed at defusing risks amid a slowing economy and heightened tensions related to its trade war with the United States. These “systemically” important banks, securities firms, insurance companies and financial holding companies are considered so large and interconnected with other institutions that their failure will threaten the stability of the Chinese – and global – financial system. Deleveraging is the wrong way to fix China’s economy, when it doesn’t…

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