Trade war fears hit markets as Trump threatens China investments – business live

All the day’s economic and financial news, as shares are hit by Donald Trump’s latest salvo against China

Trump’s latest threat against China has hit European markets.

Shares are down across the region in early trading, with Britain’s FTSE 100 and Germany’s DAX both losing 0.6%.

In the latest escalation of the trade war Trump has decided to take aim at Chinese investments. A draft series of restrictions on inbound Chinese investments are due to be published later this week, in a move which could have great long-term consequences on the US – Sino economic relationship.

Once again details remain very sketchy, with the scope of such a measure still under discussion. It is now very difficult to get away from the fact that neither side has any intention of backing down in this game of economic “chicken”.

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The twin initiatives, set to be announced by the end of the week, are designed to prevent Beijing from moving ahead with plans outlined in its “made in China 2025” report to become a global leader in 10 broad areas of technology.

The Treasury Department is crafting rules that would block firms with at least 25% Chinese ownership from buying companies involved in what the White House calls “industrially significant technology.”

#FTSE100 called -40pts at 7642 with oil lower after OPEC, GBP flat and metals lower on multiple trade war threats pic.twitter.com/0cPHmsh8Zx

Related: Trump threatens car tariffs after EU sets up £2.5bn of levies on US

The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!

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Tencent becomes a Linux Foundation platinum member to increase its focus on open source

Tencent, the $500-billion Chinese internet giant, is increasing its focus on open source after it became a platinum member of the Linux Foundation.

The company has long been associated with the foundation and Linux generally, it is a founding member of the Linux Foundation’s deep learning program that launched earlier this year, and now as a platinum member (the highest tier) it will take a board of directors seat and work more closely with the organization. That works two ways, with Tencent pledging to offer “further support and resources” to foundation projects and communities, while the Chinese firm itself will also tap into the foundation’s expertise and experience.

Along those lines, the company said it will contribute its open source microservices project called TARS and an open source name service project (Tseer) to The Linux Foundation. It added that an open source AI project — Angel — will be contributed to the deep learning foundation.

“We are honored to be a Platinum member of The Linux Foundation. Open source is core Tencent’s technical strategy,” Liu Xin, general manager of Tencent’s Mobile Internet Group said in a statement.

Other platinum members include Cisco, Huawei, Microsoft, AT&T, Samsung and IBM.

Earlier this year, Tencent joined another open source industry body — the Open Compute Project (OCP) community — as part of a push for open source in the hardware space.

Tencent’s chief rival Alibaba also maintains a large presence in the open source community.

Alibaba is a gold member since last year, but more than that it has invested resources into projects directly as part of a push for its cloud computing service Alicloud. The Chinese firm led a $27 million investment in MariaDB, which became its first cloud investment outside of China. At home, its Alicloud-focused deals have included investments in cloud storage provider Qiniu and big data firm Dt Dream.

Russia says 70 Syrian rebels killed in fighting in country’s south: agencies

MOSCOW (Reuters) – The Syrian army, supported by the Russian Air Force, has repelled a rebel attack in the southern “de-escalation zone,” killing around 70 rebels, Russian news agencies cited the Russian Defence Ministry as saying on Monday.

Global shares slide on trade worries, oil gives up some gains

TOKYO (Reuters) – Global share prices fell on Monday on escalating trade tensions between the United States and major economies while crude oil prices gave up some of the hefty gains made after major oil exporters agreed to a modest increase in production.