23/09/2025

BIZ & FINANCE TUESDAY | SEPT 23, 2025

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Nvidia, Abu Dhabi institute launch AI and robotics lab DUBAI: Abu Dhabi’s Technology Innovation Institute and Nvidia have launched a joint research lab in the United Arab Emirates that will focus on developing next-generation AI models and robotics platforms, TII said yesterday. The joint research hub is the first Nvidia AI Technology Centre in the Middle East, TII said in a statement, combining its multidisciplinary research with the US company’s AI models and computing power, which are fuelling a global artificial intelligence boom. Under the agreement, the institute will be able to use specific edge GPU chips to advance its research on robotics among other areas, said Najwa Aaraj, the CEO of TII, which is working on humanoids, four-legged robots and robotic arms. “It will be a chip that we will newly use. It’s called the Thor chip, and it is a chip that enables advanced robotic systems development,” Najwa said in an interview. TII is the applied research arm of the Advanced Technology Research Council, an Abu Dhabi government entity that is part of the UAE’s efforts to become a global AI player. The Gulf country, a major oil exporter, has been spending billions of dollars in recent years on its AI push, looking to leverage its strong relations with the United States to secure access to technology. During a Gulf visit by US President Donald Trump in May, the UAE signed a multi-billion dollar deal to build one of the world’s largest data centre hubs in Abu Dhabi with American technology, including the most advanced Nvidia chips. However, the deal has not been finalised amid security concerns due to the UAE’s close ties to China, Reuters previously reported citing sources. TII has worked closely with the US company for some time, Najwa said, adding that TII has been using Nvidia chips to train its own language models.

Australian economy in a good place: Central bank

o RBA expects recovery in household spending to be sustained

SYDNEY: Australia’s economy is in a good place, its top central banker said yesterday, while slowing inflation and a resilient labour market mean policymakers have room to ease policy further if needed to deal with shifting risks. Appearing before lawmakers, Reserve Bank of Australia governor Michele Bullock said the recent rate cuts were expected to support spending by households and businesses, but the global environment was uncertain and unpredictable. “Since the August meeting, domestic data have been broadly in line with our expectations or if anything slightly stronger – the Board will discuss this and other developments at our meeting next week,” Bullock said. “But the economic outlook continues to be clouded by uncertainty. So we need to be alert to the risk that circumstances may change and be prepared to respond if necessary.”

consumer spending finally picked up, while monthly inflation unexpectedly spiked higher in July. Bullock said the recovery in household consumption is forecast to sustain as real incomes grow and the economy picks up over the next year. The slowdown in job creation is in line with forecasts, but policymakers do not see a sharp deterioration with the unemployment rate still at a historically low 4.2%. If changes in global trade end up badly affecting China, Australia’s biggest trade partner, Bullock said the central bank has room to ease policy further, adding that the recent Chinese data has not been encouraging. “We are sort of in a good position. We have got pretty strong labour markets still and inflation is back in the band,” she said. “The interest rates are still at 3.6% and therefore we have got room to move if we need to.” – Reuters

some further modest easing of monetary policy. Investors are wagering the RBA will skip a move in interest rates at its Sept 29-30 meeting, although a move in November is still about 75% priced in. Swaps imply a total easing of 48 basis points by the middle of next year, equivalent to fewer than two more rate cuts. The central bank indicated this month that it was close to achieving both of its mandates, inflation and employment. Inflation was on track to return to the midpoint of the 2-3% target band, while the labour market was operating close to full employment. The economy also grew at its fastest annual pace in almost two years in the June quarter as

When asked about the biggest risks to economic outlook, Bullock highlighted the global environment and the possibility that the recovery in consumption may not pick up as expected. “That might not be good for the labour market, and we will find ourselves in a position where we are perhaps lower on inflation and worse on employment than we would like to be,” she said. The RBA has so far adopted a gradual and cautious approach to policy easing, having cut rates in February, May and August to reach the current 3.6% after assessing inflation data for each quarter. It has said the pace of further policy easing depends on the flow of data. Its forecasts were conditioned on

Customers speaking with a salesman at a BYD dealership in Sant Cugat del Valles, near Barcelona, Spain. – REUTERSPIC

Berkshire Hathaway exits BYD, filing shows BEIJING: Warren Buffett’s Berkshire Hathaway has fully exited Chinese automaker BYD, a filing showed, ending a 17-year investment that grew over 20-fold in value in that period. investing in Shenzhen-based BYD in 2008, when it paid US$230 million for about 225 million shares, equivalent to a 10% stake at the time.

quarterly profit fall for the first time in three and a half years as its expansion hit a speed bump amid a government campaign against price wars. BYD’s domestic sales, which make up nearly 80% of its global shipments, fell for a fourth straight month in August. It has cut the annual sales target by as much as 16% to 4.6 million vehicles. – Reuters well in a low-interest-rate environment, has risen nearly 42% this year, driven by broader geopolitical and economic uncertainty, central bank buying, and monetary policy easing. Spot silver rose 1.3% to US$43.64 per ounce, hovering near a 14-year high. Platinum gained 1.2% to US$1,420.48 and palladium rose 1.2% to US$1,163.24. – Reuters

exiting its stake on Sunday. Li Yunfei, BYD’s general manager of branding and public relations, in a post on his official Weibo account thanked Berkshire for its“investment, help and companionship over the past 17 years”. He described the stake sale as a “normal” stock investment trade. BYD did not immediately respond to a request for further comment. The biggest rival to Tesla saw hit by the precious metal this week if US macro data continues to support the dovish Fed narrative,” Waterer said. Investors are broadly expecting two more rate cuts this year – 25 bps each in October and December – with probabilities of 93% and 81%, respectively, according to the CME FedWatch tool. Bullion, which typically performs

The filing by Berkshire’s energy subsidiary recorded the value of its BYD investment as zero as of end-March, down from US$415 million at the end of 2024. Buffett’s company began Discussions for the joint lab started around a year ago and the hub will host teams from both parties, Najwa said, with more staff to be hired specifically for the project. – Reuters Gold at record high as further Fed rate cut hopes spur investor demand It began selling those shares in 2022 after BYD’s share price had risen more than twentyfold. Berkshire did not immediately respond to a request for comment yesterday. NBC first reported Berkshire

NEW YORK: Gold prices surged to a record high yesterday as investors turned to the yellow metal following last week’s US interest rate cut and the Federal Reserve’s signal of potential further easing. Also on their radar are a series of speeches from Fed officials and key US inflation data later this week. Spot gold rose 0.7% at US$3,709.29 per ounce, as of 0637

also continues to support gold’s momentum. The US core Personal Consumption Expenditures (PCE) price index, the central bank’s preferred inflation gauge, on Friday, and speeches of at least a dozen Fed officials, including chairman Jerome Powell, could give further insights into the bank’s monetary policy outlook. “New high watermarks could be

GMT (2.37pm in Malaysia), after hitting a record high of US$3,711.55. US gold futures for December delivery climbed 1% to US$3,743.40. “Gold is finding its feet again today, with traders focusing on upside price potential between now and year-end fuelled by projected further rate cuts from the Fed,” said KCM Trade chief market analyst Tim Waterer, adding that sustained central bank buying