Global stocks sank Wednesday after US President Donald Trump said he was not satisfied with talks that are aimed at averting a trade war with China. Equities were also dented by poor eurozone economic data, and as Trump cast doubt on a planned summit with North Korean leader Kim Jong Un. “Trump (is) continuing to drive uncertainty over global trade,” said analyst Joshua Mahony at trading firm IG. “European markets are following their Asian counterparts lower, as a pessimistic tone from Trump is compounded by downbeat economic data,” he added. Markets had surged Monday after US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He said they had agreed to pull back from imposing threatened tariffs on billions of dollars of goods, and continue talks on a variety of trade issues. However, Trump has declared that he was “not satisfied” with the status of the talks, fuelling worries that the world’s top two economies could still slug out an economically pain
Chinese e-commerce giant Alibaba on Wednesday opened an artificial intelligence research institute in Singapore in partnership with a local university, as the battle to develop AI technology heats up. The institute, a tie-up with Nanyang Technological University (NTU), is Alibaba’s first joint research centre outside mainland China. It aims to develop cutting-edge AI technologies in areas such as elderly care and urban transport. The institute will carry out research on artificial intelligence technologies for an initial five years, starting with a pool of 50 researchers from both organisations, according to a joint press statement. Alibaba chief technology officer Jeff Zhang said the Singapore venture was part of research and development efforts by Alibaba’s DAMO Academy, which was launched last year. A focus of the institute will be on technologies to help in caring for the elderly, including developing robot