Norway ’s revocation of export licences for a naval missile system sold to Malaysia has thrust into sharp relief the United States ’ ability to kill an arms deal between two other sovereign nations simply by restricting components its own industries supplied. Analysts suspect a gyroscope used in the guidance system of Kongsberg Defence & Aerospace’s Naval Strike Missile and other US-made component...
Norway ’s revocation of export licences for a naval missile system sold to Malaysia has thrust into sharp relief the United States ’ ability to kill an arms deal between two other sovereign nations simply by restricting components its own industries supplied. Analysts suspect a gyroscope used in the guidance system of Kongsberg Defence & Aerospace’s Naval Strike Missile and other US-made components are the reason Malaysia’s navy will not be receiving the weapons it contracted for – and paid nearly €126 million (US$146.6 million) towards – under a 2018 deal. Malaysian Prime Minister Anwar Ibrahim did not hide his fury. Speaking on Thursday, he said he had conveyed Malaysia’s “vehement objection” directly to his Norwegian counterpart, Jonas Gahr Stoere, in a telephone call. Signed contracts are solemn instruments, they are not confetti Malaysian Prime Minister Anwar Ibrahim “Signed contracts are solemn instruments,” Anwar declared. “They are not confetti to be scattered in so capricious a manner.” He warned that if European defence suppliers felt entitled to renege “with impunity”, then they had no value as strategic partners. Advertisement On Tuesday, Defence Minister Mohamed Khaled Nordin went further, announcing Malaysia would be pursuing a compensation claim of more than US$251 million – covering not just the sums already paid but the downstream costs of reopening ship installations, retraining crews and integrating an entirely new missile system into vessels designed from the keel up to carry the Norwegian one. He also issued a pointed warning to the wider region: think carefully before buying Norwegian. A Naval Strike Missile manufactured by Norwegian company Kongsberg on display at an arms expo in Madrid, Spain, last year. Photo: AFP Washington’s hidden veto
Nvidia (NVDA 0.79%) will post its earnings report for the first quarter of fiscal 2027 (which ended on April 26) on May 20 after the market closes. Many investors will be closely watching this report, since Nvidia is a bellwether and linchpin of the booming AI market. Should you invest in Nvidia, which has rallied more than 60% over the past 12 months and is hovering near its record high, before t...
Nvidia (NVDA 0.79%) will post its earnings report for the first quarter of fiscal 2027 (which ended on April 26) on May 20 after the market closes. Many investors will be closely watching this report, since Nvidia is a bellwether and linchpin of the booming AI market. Should you invest in Nvidia, which has rallied more than 60% over the past 12 months and is hovering near its record high, before that report? What are investors expecting from Nvidia? Nvidia is the world's leading producer of discrete GPUs. Most of the world's largest AI companies are using its data center GPUs to train their large language models (LLMs) and algorithms. It also locks in those clients with its proprietary software and services. Expand NASDAQ : NVDA Nvidia Today's Change ( -0.79 %) $ -1.75 Current Price $ 220.57 Key Data Points Market Cap $5.4T Day's Range $ 217.92 - $ 224.47 52wk Range $ 129.16 - $ 236.54 Volume 3.5M Avg Vol 170M Gross Margin 71.07 % Dividend Yield 0.02 % Nvidia has easily beaten analysts' top- and bottom-line estimates over the past year, but its stock has declined in three of the four quarters in the day after the earnings release. That profit-taking pattern isn't surprising, but investors who exited Nvidia after those earnings reports left a lot of money on the table over the past year. Analysts expect Nvidia's revenue and EPS to grow 73% and 67%, respectively, in fiscal 2027 -- and its stock still looks cheap at 27 times this year's earnings. Therefore, if you expect all of that AI capex from the top hyperscalers to keep boosting Nvidia's revenue and profits -- and you plan to hold its stock for a few years instead of a few quarters -- it won't matter if you buy it before or after its next earnings report.
Xi Jinping has welcomed Vladimir Putin in Beijing, shaking hands with the Russian leader outside the Great Hall of the People, days after the Chinese leader hosted Donald Trump in the same location. Putin and Xi walked down a red carpet rolled out to greet the Russian president, and stood as a military band played their two national anthems. The summit will centre on discussions over bilateral and...
Xi Jinping has welcomed Vladimir Putin in Beijing, shaking hands with the Russian leader outside the Great Hall of the People, days after the Chinese leader hosted Donald Trump in the same location. Putin and Xi walked down a red carpet rolled out to greet the Russian president, and stood as a military band played their two national anthems. The summit will centre on discussions over bilateral and international issues, capped by an intimate tete-a-tete between “old friends” over tea. Coming on the heels of the US president’s visit to the Chinese capital, the optics and outcomes of the meeting between will be closely scrutinised and compared. Xi is known for hosting visiting leaders over tea, but the setting and manner of such encounters can be viewed as a signal of the Chinese leader’s regard for his guest. When Xi hosted Putin for talks in May 2024, the pair ditched their ties as they spoke over tea outdoors in Zhongnanhai, a former imperial garden that now houses the offices of the ruling Communist party and the government. In contrast, Trump’s stroll through the garden and tea with Xi in the same compound, as well as a tour of the Temple of Heaven last week, appeared more choreographed. The rare back-to-back visits to Beijing by the leaders of two major countries deeply at odds with each other politically, militarily and economically have been hailed by Chinese state media as recognition of China’s global standing in an increasingly fragmented world order. Putin was greeted by China’s foreign minister Wang Yi when he landed on Tuesday evening, with an honour guard alongside Chinese youths waving China and Russia’s national flags in a welcome ceremony on the tarmac. About 40 documents are expected to be signed and a 47-page joint statement on their strengthening partnership will be issued, according to the Kremlin. The so-called “no limits” partnership between China and Russia has strengthened since the West imposed sanctions to punish Russia for the war in Ukrain...
Copper edged lower and iron ore declined for a fifth day as concerns mount that global central banks will take a hawkish turn to fight inflation stemming from the war in the Middle East. The red metal fell as much as 0.5% to touch $13,350 a ton in London, its lowest since May 8, while iron ore futures shed as much as 0.9% to hit $106.80 a ton in Singapore. Turmoil in global bond markets has dragge...
Copper edged lower and iron ore declined for a fifth day as concerns mount that global central banks will take a hawkish turn to fight inflation stemming from the war in the Middle East. The red metal fell as much as 0.5% to touch $13,350 a ton in London, its lowest since May 8, while iron ore futures shed as much as 0.9% to hit $106.80 a ton in Singapore. Turmoil in global bond markets has dragged metals lower as the stalemate between the US and Iran threatens to intensify the energy shock sweeping the world. Treasuries climbed to their highest since 2007 as speculation grows for a rate hike from the Federal Reserve. “Expectations for rate cuts in major economies have faded after the inflation surge,” said Wei Ying, analyst with China Industrial Futures Ltd. Metals had rallied earlier in May, with copper hitting a record close and iron ore notching its highest since 2024. But that’s given way to caution as the Iran crisis persists. US President Donald Trump on Tuesday threatened the Islamic Republic with a “ big hit ” if it doesn’t agree a peace deal, although he has previously backed off after similar warnings. Mixed data on China’s economy has also muddied the outlook. Figures released earlier this week showed a marked slowdown in local consumption, with exports no longer enough to ease domestic headwinds. Fixed-asset investment made a surprise return to contraction. “Global growth is largely driven by capital expenditure on artificial intelligence and other technologies, while traditional industries stay weak,” China Industrial’s Wei said. Copper was down 0.2% at $13,390 by 11:34 a.m. Shanghai time, while other base metals fell on the London Metal Exchange. Iron ore on the Singapore Exchange fell 0.7% to trade at $107 a ton.