United News of Bangladesh

The Tokyo Mobility Show this year is showcasing not only electric and hydrogen-powered cars but also futuristic forms of personal transport — from robotic chairs to flying vehicles. Among the highlights is Honda Motor Co.’s Uni-One, a compact, box-shaped robotic chair designed for individual transport by 2035. “It’s all about personal mobility,” said the Tokyo-based automaker known for the Accord sedan. Toyota Motor Corp. unveiled a prototype of a helicopter-like aircraft equipped with six propellers, developed in partnership with U.S. aviation firm Joby. These innovations, along with a range of more traditional vehicles, are being displayed at Tokyo Big Sight through November 9. The exhibition opened to the public Thursday after a media preview the previous day. However, excitement around the event is clouded by U.S. President Donald Trump’s decision to raise auto tariffs to 15% from 2.5%, though the rate was reduced from an earlier 25%. The new tariffs could cost Japanese automakers more than 2 trillion yen ($13 billion) in annual operating profits, according to industry estimates. Mazda Motor Corp. CEO Masahiro Moro, whose company is among the hardest hit, said Mazda engineers are developing cars that can sense drivers’ emotions and promote sustainability. “We believe the joy of driving has the power to shape the future,” Moro told reporters. Nissan Motor Corp. presented a prototype of its Sakura electric car featuring a retractable solar roof — dubbed the “Ao-Solar Extender” — that generates electricity when parked. The power can be used for household appliances or as an emergency source during disasters. The concept targets eco-conscious families, Nissan said. Japan's exports and imports grow in September despite Trump's tariffs “Japan is at the center of what we do because we are a Japanese company,” said Nissan Chief Ivan Espinosa, who also met President Trump earlier this week during his visit to Japan. Espinosa described the meeting, which included discussions with business leaders and Prime Minister Sanae Takaichi, as “constructive.” To offset trade imbalances, Nissan and Toyota said they are considering importing models built in the United States back to Japan. Meanwhile, the Japanese government has pledged to buy Ford vehicles and invest $550 billion in the U.S. Japan exports over a million vehicles to the U.S. each year while selling 4.4 million domestically. Only about 16,000 American cars are sold annually in Japan, a small share of its auto market. Japanese brands, by contrast, account for roughly 40% of vehicles sold in the U.S., many of them made in American factories. Toyota CEO Koji Sato noted that consumer preferences differ across regions, saying, “We want to be an important part of the American auto industry with a long-term perspective.” Toyota also displayed a foldable electric bicycle called the Land Hopper, designed to fit inside the upcoming Land Cruiser FJ — the latest version of the company’s iconic off-road vehicle, which debuted in 1951 as the Toyota BJ. The Land Cruiser, with sales exceeding 12 million units in 190 countries and regions, remains a flagship model. The new FJ version, powered by a 2.7-liter gasoline engine, will go on sale in Japan next year. Japanese auto exports to the U.S. have recently surged as companies try to get ahead of the tariff hike, which analysts say will begin to bite next year. “Automakers will look to increase U.S. production where possible and diversify exports to markets like Australia and Canada,” said Darcey Bowling, auto analyst at BMI. “Japan’s vehicle market will likely face challenges due to the elevated U.S. tariffs.” Source: AP

Wall Street futures edged higher Wednesday as investors awaited corporate earnings reports and the Federal Reserve’s interest rate decision later in the day. S&P 500 futures rose 0.3%, Dow Jones futures gained 0.2%, and Nasdaq futures climbed 0.5% in premarket trading. All three indexes set record highs in the previous session for a third consecutive day. Asian markets closed mostly higher, buoyed by U.S. President Donald Trump’s optimistic remarks on relations with China and Japan during his ongoing Asian tour. Tokyo’s Nikkei 225 surged 2.2% to a record 51,307.65, while South Korea’s Kospi jumped 1.8% to 4,081.15. Shanghai’s Composite index advanced 0.7%, trading near decade-high levels ahead of Trump’s expected meeting with Chinese President Xi Jinping. Tech giant Nvidia extended gains overnight, rising 3.8% to touch $207.80 per share in premarket trading, making it the first company with a market value above $5 trillion. The rally follows CEO Jensen Huang’s announcement of $500 billion in chip orders and Trump’s indication that the company’s Blackwell chips would be discussed with Xi. Industrial equipment maker Caterpillar shares jumped 4.4% after reporting a 10% revenue increase over the same quarter last year, surpassing Wall Street expectations. Later Wednesday, Alphabet, Meta, Microsoft, and Starbucks are scheduled to report earnings. Investors widely anticipate the Fed will cut interest rates by 25 basis points due to a slowing U.S. job market. Analysts note the nearly monthlong government shutdown has left policymakers with limited fresh data, prompting a cautious approach. In Europe, Britain’s FTSE 100 gained 0.7%, Germany’s DAX fell 0.1%, and Paris’s CAC 40 remained flat. In other Asian markets, Taiwan’s Taiex rose 1.2%, and India’s Sensex climbed 0.4%, while Australia’s S&P/ASX 200 fell 1% following higher-than-expected inflation data. In energy trading, U.S. crude rose 25 cents to $60.40 a barrel, while Brent crude gained 24 cents to $64.07 a barrel.  

OpenAI said Tuesday it has completed a major restructuring of its business to become a public benefit corporation, after attorneys general in Delaware and California confirmed they would not oppose the plan. The move allows the developer of ChatGPT to more easily generate profits while its nonprofit arm retains overall control. The announcement follows more than a year of negotiations centered on the company’s governance and investor influence. Chief Executive Sam Altman told reporters that the most likely path for the company now includes a future public listing to meet growing capital demands, although no timeline was announced. OpenAI also finalized a new partnership agreement with longtime backer Microsoft, which will now hold roughly a 27% stake in the for-profit entity — just ahead of the nonprofit’s stake. Microsoft’s investment, valued at $135 billion, remains a crucial part of OpenAI’s funding and infrastructure strategy. Delaware Attorney General Kathy Jennings said her office would continue to monitor whether OpenAI maintains its charitable mission and AI safety standards. California Attorney General Rob Bonta delivered a similar assurance, saying officials will “keep a close eye” on the tech firm. Bret Taylor, chair of OpenAI’s board, said the restructure simplifies the corporate framework and ensures the nonprofit remains in control “with a direct path to major resources before AGI arrives.” AGI — or artificial general intelligence — refers to highly autonomous systems that outperform humans in most economically valuable tasks. The revised Microsoft agreement keeps the tech giant as a key commercial partner. It grants Microsoft access to OpenAI’s advanced technology until at least 2030, or until AGI is independently verified by an expert panel. Microsoft will also retain product rights through 2032. Analysts at JP Morgan called the deal a “positive development,” noting Microsoft can now count on seven years of guaranteed cooperation. The restructuring follows OpenAI’s recent expansion plans, including a massive data center project in Texas in partnership with Oracle and SoftBank, and additional facilities across several continents. Altman said these investments bring the company’s long-term financial commitments to roughly $1.4 trillion. OpenAI’s nonprofit arm — now named the OpenAI Foundation — plans to allocate up to $25 billion to initiatives in healthcare, disease prevention and cybersecurity. Details on the funding timeline were not disclosed. Despite safeguards ensuring nonprofit oversight, some critics remain unconvinced. Robert Weissman of Public Citizen said the arrangement risks prioritizing commercial interests over public benefit, arguing that nonprofit control “is illusory.” The restructuring comes nearly a year after Altman’s brief ousting by the nonprofit’s board sparked internal turmoil and a push for governance reforms. OpenAI continues to face a legal challenge from Tesla and xAI CEO Elon Musk, who claims the organization abandoned its original mission. A federal judge earlier declined to block the restructuring but signaled Musk’s lawsuit could proceed quickly. Source: AP

Wall Street posted modest gains on Tuesday as investors awaited the Federal Reserve’s interest rate announcement and a planned meeting between President Donald Trump and Chinese President Xi Jinping later this week. Futures for the S&P 500 rose less than 0.1%, Dow Jones futures gained 0.3%, and Nasdaq futures were up 0.1% before the opening bell. Investor attention was also on corporate earnings, with Amazon shares climbing slightly following the announcement of 14,000 corporate job cuts aimed at cost reductions and AI investment. UPS surged 12% after reporting strong third-quarter sales and profits, benefiting from cost-cutting measures. Traders widely expect the Fed to lower the federal funds rate by 0.25 percentage points to support the slowing job market, though officials have cautioned that rising inflation could alter plans. Key U.S. companies, including Alphabet, Meta, Microsoft, Amazon, and Apple, are set to release earnings reports this week. In Asia, Japan’s Nikkei 225 fell 0.6% after hitting record highs earlier this month following Prime Minister Sanae Takaichi’s economic stimulus and defense pledges. Other Asian markets, including Hong Kong, Shanghai, South Korea, and Australia, also saw minor declines. European markets showed mixed results, with slight losses in France and Germany and a small gain in the U.K. Crude oil prices fell early Tuesday, with U.S. benchmark crude down 83 cents to $60.49 per barrel and Brent crude at $64.08.    

China’s long-term effort to challenge the global dominance of Boeing and Airbus with a homegrown commercial jet is facing mounting obstacles, with deliveries of its C919 aircraft expected to fall significantly below targets set for this year. The C919, a single-aisle jet positioned to compete with Boeing’s 737 and Airbus’ A320, is developed by state-owned manufacturer COMAC. Beijing has held it up as a symbol of technological progress and growing self-reliance, despite the aircraft’s heavy use of Western components. Ongoing trade tensions with the United States are threatening access to crucial parts needed for COMAC’s production plans, a program that has relied on extensive Chinese government funding. “COMAC faces substantial risks in the current unpredictable policy climate, as its supply chain remains exposed to export controls and retaliatory measures between Washington and Beijing,” said Max J. Zenglein, Asia-Pacific senior economist at The Conference Board. Analysts at Bank of America say the C919 program depends on 48 major U.S. suppliers such as GE, Honeywell and Collins Aerospace, along with 26 European and 14 Chinese firms. Trump has signaled potential new export curbs on “critical” software, following China’s tighter restrictions on rare earths. “Existing choke points are increasingly being used as leverage between governments,” Zenglein noted. “This trend is likely to continue as strategic dependencies become political bargaining chips.” The C919 completed its first commercial flight in 2023 and is expected to help meet huge domestic demand for new aircraft over the coming decades, with hopes of eventual international expansion across Southeast Asia, Africa and Europe. According to aviation consultancy Cirium, COMAC delivered 13 C919s last year but only seven so far this year, falling behind plans to boost production and supply 30 jets in 2025. At present, only China’s three largest state-owned carriers — Air China, China Eastern and China Southern — are flying around 20 C919s in total. Dan Taylor, head of consulting at IBA, said trade friction has “directly affected” delivery timelines. The U.S. suspension of export licenses for the aircraft’s LEAP-1C engines earlier this year, only reinstated in July, disrupted production plans, he added. Trump vows extra 10% tariff on Canadian imports over Ontario ad dispute The LEAP-1C engines, jointly built by GE Aerospace of the U.S. and France’s Safran, require U.S. export clearance, making the jet highly sensitive to political shifts. “Reliance on Western engines and avionics continues to leave the program vulnerable to policy decisions outside COMAC’s control,” Taylor said. Operational caution has also slowed progress, said Zenglein, noting that quality and safety priorities have contributed to the slower-than-expected production increase. Efforts to replace foreign parts remain complex, and China’s alternative engine, the CJ-1000A, is still undergoing tests, according to IBA. Interest from foreign airlines including AirAsia has yet to translate into global operations due to the absence of U.S. and European certifications, which analysts say may take years. For the C919 to become competitive worldwide, it will require strong economics, a reliable global support network and approvals from major safety regulators, said Richard Aboulafia of AeroDynamic Advisory. China could require 9,570 new commercial aircraft between 2025 and 2044, Airbus forecasts, with single-aisle jets like the C919 making up the bulk of demand. Yet Airbus itself is ramping up its presence in China, adding a second A320 production line in 2026. Trump halts Canada trade talks after Ontario’s anti-tariff ad Analysts say breaking the Boeing-Airbus duopoly will take time. The C919 could expand its footprint within China and begin regional exports by the late 2020s, Taylor said. For now, limited certification and export control uncertainties are expected to continue restraining its international ambitions. Source: AP 

President Donald Trump on Saturday threatened to impose an additional 10% tariff on Canadian imports after an anti-tariff television commercial from Ontario angered him. The ad, aired during the first two games of the World Series, used a speech by former US President Ronald Reagan to criticize Trump’s trade policies. Trump said the campaign should have been canceled immediately and accused Ontario of spreading misinformation. “Their advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump wrote on Truth Social while traveling to Malaysia. “Because of their serious misrepresentation of the facts, and hostile act, I am increasing the tariff on Canada by 10% over and above what they are paying now.” Ontario Premier Doug Ford said the ad would be pulled after the weekend. It remained unclear what specific authority Trump would invoke to implement the new tax, when it would take effect, and which categories of goods it would cover. The White House has yet to comment. Dominic LeBlanc, Canada’s minister responsible for US trade relations, stressed that negotiations are managed by the federal government, not the provinces. “Progress is best achieved through direct engagement with the U.S. administration,” he said. Trump halts Canada trade talks after Ontario’s anti-tariff ad Canada’s economy is already under pressure from US trade restrictions. More than three-quarters of Canadian exports go to the United States, with roughly C$3.6 billion (US$2.7 billion) in goods and services moving across the border daily. Many Canadian products currently face a 35% tariff, while steel and aluminum enter at 50%. Energy shipments are taxed at 10%. Most other trade flows through the U.S.-Canada-Mexico Agreement, which is due for review. Canadian Prime Minister Mark Carney has been working to reduce tariff tensions but has not yet commented on Trump’s latest threat. Spokespersons for both Carney and Ford also declined immediate comment. Trump and Carney are expected to attend the Association of Southeast Asian Nations summit in Malaysia. Trump told reporters he has no plans to meet the Canadian leader during the event. Trump claimed Ontario’s ad distorted Reagan’s positions and suggested it was intended to influence a looming Supreme Court case on the legality of his wide-ranging tariff actions, after lower courts ruled he exceeded his authority. Source: AP

President Donald Trump has announced an end to “all trade negotiations” with Canada, citing anger over a television commercial sponsored by the province of Ontario that uses Ronald Reagan’s words to oppose U.S. tariffs. The move escalates tensions with Washington’s closest trading partner. Trump’s post on his social media platform late Thursday came shortly after Canadian Prime Minister Mark Carney reiterated his intention to boost the country’s exports to markets beyond the United States, saying Trump’s tariff threats were driving the shift. White House officials said the president’s response reflected deep frustration over Canada’s recent trade strategy. By Friday afternoon, Ontario Premier Doug Ford agreed to pull the ad, saying it will stop airing after the weekend so negotiations can restart. He said the message had already reached “U.S. audiences at the highest levels.” “Our intention was always to initiate a conversation about the kind of economy that Americans want to build and the impact of tariffs on workers and businesses,” Ford said, adding that the campaign had “achieved our goal.” Trump argued the ad distorted Reagan’s stance and was aimed at influencing a looming Supreme Court case that could determine the president’s authority to impose sweeping tariffs, a cornerstone of his economic agenda. He has indicated he may personally attend the court arguments. Oil prices surge as Trump sanctions Russian giants; Wall Street opens mixed “You know, it’s a crooked ad,” Trump told reporters Friday before leaving for Asia. “They could have pulled it tonight. Well, that’s dirty play — but I can play dirtier than they can, you know.” The dispute grew after the Reagan Presidential Foundation said the ad “misrepresents” a 1987 radio address on free and fair trade and was used without permission. Trump claimed online the advertisement was “FAKE” and said, “ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.” While Reagan routinely warned against tariffs, Trump maintains they are vital to America’s security and economy. Officials at the White House suggested the reaction was not solely about the ad. “It’s not just about one ad,” said Kevin Hassett, director of the National Economic Council, pointing to Canada’s “lack of flexibility” and “leftover behaviors from the Trudeau folks.” Carney said Canada remains open to talks to reduce tariffs in key sectors, though he acknowledged American trade policy has “fundamentally changed.” Trump, however, dismissed the possibility of meeting Carney at the ASEAN summit in Malaysia, where both are traveling. Carney vows to double Canada’s non-U.S. exports, says country ‘can’t rely on one partner’ Ontario invested more than $275,000 to air the Reagan-themed ad across most major U.S. media markets this month. It follows previous trade tensions between Ford and Trump, including retaliatory tariff exchanges that hit Canada’s auto industry hardest. Earlier this month, automaker Stellantis revealed plans to shift a production line from Ontario to Illinois due to the tariff dispute. Despite the current freeze, more than three-quarters of Canada’s exports still head to the United States, with nearly $2.7 billion in goods and services crossing the border each day. Source: AP 

For most business leaders, a year marked by plunging profits, lawsuits, boycotts, and federal investigations would spell disaster. But Elon Musk is not most business leaders. Despite a string of setbacks, the world’s richest man has become even wealthier this year — and shareholders at Tesla could soon make him richer still. The electric carmaker is set to vote next month on a proposed trillion-dollar pay package for Musk, betting that his bold vision for a “robot army” and other futuristic technologies will pay off, even as some of his earlier promises remain unmet. “The genius of Elon Musk is keeping investors focused on what the company might look like in five or ten years — while ignoring very near-term challenges,” said Garrett Nelson of CFRA Research. Zacks Investment’s Brian Mulberry put it more bluntly: “Your average CEO would likely not survive this.” Musk began the year with a controversial government role as head of President Donald Trump’s Department of Government Efficiency (DOGE), pledging to slash $2 trillion in spending — a goal he later halved. DOGE ultimately claimed $240 billion in savings, though experts question whether those cuts were sustainable, with many essential roles now being refilled. “He cuts without a plan, without regard to function,” said Elaine Kamarck, a senior fellow at the Brookings Institution, noting that 17,000 government positions are now being reinstated. Musk’s cost-cutting tactics have also resurfaced in his management of X, formerly Twitter. In recent months, he quietly settled lawsuits brought by about 2,000 former employees and executives who alleged wrongful termination or unpaid severance. The settlements’ total cost remains undisclosed but could amount to hundreds of millions of dollars for a company still struggling with a collapse in advertising revenue. Adding to his woes, Tesla reported a 37% plunge in third-quarter earnings on Wednesday. While vehicle sales rose 6% as customers rushed to take advantage of an expiring tax credit, overall demand is expected to drop sharply, as consumers turned off by Musk’s polarizing political views continue to boycott the brand. A year ago, Musk had projected sales growth of up to 30%. Despite the decline, Tesla shares have rebounded in recent months, doubling since May after Musk’s much-publicized exit from DOGE. The stock is now up nearly 9% for the year, boosting his personal fortune by $62 billion to $483 billion, according to Forbes. Investors appear willing to overlook short-term turbulence, focusing instead on Musk’s next ventures — from driverless robotaxis to home and factory robots. Yet many of these projects remain in early stages. Tesla’s robotaxi service, operating in Austin and San Francisco, still requires human “safety monitors,” and regulators are scrutinizing its self-driving technology. U.S. authorities have opened four investigations this year, including one into Tesla’s failure to promptly report accidents involving its software. Musk has a history of overpromising and missing deadlines, only to rebound later. Investors who endured Tesla’s production struggles in 2018 eventually saw the stock soar as the Model 3 found success. “He frequently teeters on the edge of disaster,” said Nancy Tengler, a longtime Tesla investor. “And then he pulls back just in the nick of time.” Even so, analysts warn that expectations are sky-high. While the average S&P 500 company trades at 24 times next year’s projected earnings, Tesla’s valuation stands at a staggering 250 times — reflecting both boundless faith in Musk’s vision and the enormous risks if he falters. For Elon Musk, a year that would have broken most CEOs is shaping up to be another paradoxical triumph — a turbulent yet spectacular ride that only he could pull off. Source: AP

Wall Street opened Thursday with modest, mixed trading, while oil prices spiked more than 5% after U.S. President Donald Trump announced sweeping sanctions on Russia’s top energy companies. Futures for the S&P 500 and Nasdaq inched up less than 0.1%, while the Dow Jones industrials slipped about 0.1%. The sanctions on Rosneft and Lukoil aim to pressure Russian President Vladimir Putin into peace talks and help end Moscow’s war on Ukraine. In Europe, leaders meeting in Brussels were preparing to approve additional sanctions on Russia and move forward with plans to use Moscow’s frozen assets to fund Ukraine’s war effort and stabilize its economy for the next two years. U.S. benchmark crude jumped $3.13 to $61.63 per barrel, and Brent crude rose the same amount to $65.72. Corporate earnings weighed on markets. Tesla shares fell 3.2% after reporting a 37% year-over-year drop in quarterly profit — its fourth straight decline. CEO Elon Musk downplayed car sales, instead promoting the company’s robotaxi service, AI products, and humanoid robot line. IBM tumbled 6.8% after showing slower cloud revenue growth, despite beating forecasts. Molina Healthcare plunged more than 20% after missing earnings expectations and cutting its annual profit outlook amid high costs. Across Europe, Germany’s DAX slipped 0.3%, while London’s FTSE 100 gained 0.6% and France’s CAC 40 rose 0.4%. In Asia, markets were mixed as China wrapped up a key Communist Party meeting outlining its five-year economic strategy. Hong Kong’s Hang Seng gained 0.7% to 25,967.98, and the Shanghai Composite added 0.2% to 3,922.41, amid reports of tighter U.S. export controls on China. Japan’s Nikkei 225 fell 1.4% to 48,641.61 after reports that Prime Minister Sanae Takaichi is planning a stimulus package exceeding 14 trillion yen ($92 billion). SoftBank shares dropped over 4% after announcing bond plans to fund AI investments. The yen weakened as Takaichi signaled support for low interest rates, with the dollar rising to 152.75 yen from 151.94. South Korea’s Kospi fell 1% to 3,845.56 amid slow progress in U.S. trade talks, while Australia’s S&P/ASX 200 edged up 0.1%. Taiwan’s Taiex slipped 0.4%, and India’s Sensex rose 0.6%. Gold prices rebounded 1.6% to $4,131.80 after two days of declines from record highs.

Prime Minister Mark Carney has set a goal to double Canada’s non-U.S. exports within the next decade, saying that rising American tariffs are undermining investment and threatening Canadian jobs. Speaking ahead of his government’s budget release on November 4, Carney said Wednesday that Canada’s long-standing economic dependence on the United States has turned from a strength into a vulnerability. “The jobs of workers in our industries most affected by U.S. tariffs — autos, steel, lumber — are under threat. Our businesses are holding back investments, restrained by the pall of uncertainty that is hanging over all of us,” Carney said. U.S. President Donald Trump has imposed tariffs on several Canadian sectors and recently claimed Canada could become “the 51st state,” remarks that have further strained relations between the two neighbors. In a televised address, Carney said the decades-long process of deepening economic ties between Ottawa and Washington has effectively ended. “The U.S. has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression,” he said. “We have to take care of ourselves because we can’t rely on one foreign partner.” Japan's exports and imports grow in September despite Trump's tariffs While tensions have eased slightly as Carney pursues a new trade deal with Washington, tariffs continue to hit key industries such as steel, aluminum, autos, and lumber. More than 75% of Canada’s exports currently go to the United States. Carney said Canada is “re-engaging with the global giants India and China” in an effort to diversify its trade. Canada remains a vital supplier of energy and resources to the U.S., providing 60% of its crude oil imports, 85% of its electricity imports, and large shares of steel, aluminum, and uranium. The country also holds 34 critical minerals and metals sought by the Pentagon for national security. “Canada is an energy superpower,” Carney said, noting the country’s third-largest oil reserves and fourth-largest natural gas reserves globally. The 2026 review of the Canada-U.S. free trade agreement is expected to further test the economic relationship between the two allies. China’s economic growth slows to 4.8% in Jul–Sep amid tariffs, weak demands “I will always be straight about the challenges we have to face and the choices we must make,” Carney said. “To be clear, we won’t transform our economy easily or in a few months — it will take some sacrifices and some time.” Source: AP