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Good morning, I’m back to Firstft Asia. In today’s newsletter:
Attack on Trump’s economic data
TSMC Probe “Potential Trade Secret Leak”
Openai’s first open artificial intelligence model since ChatGpt
Investors and economists have warned about Donald Trump’s decision to loot the heads of top statistical agencies, warning that the move could undermine investors’ confidence in the integrity of US economic data and hinder policy decisions.
What we know: Late Friday, Trump fired Erica Mantelfer, Commissioner of the Bureau of Labor Statistics. Hours after the July employment report, it showed that employment nearly fell this summer, marking a sharp decline in employment growth in May and June. In an interview with CNBC yesterday, the president argued without evidence that BLS data was “fully equipped” for him, and that the agency had become “very political.”
Spooky Investors: Executives and economists told the Financial Times that the unprecedented move against the BLS will erode investors’ belief in the institution that compiled the labor and inflation report, supporting the trillion dollar prices of assets. Marieke Blom, chief economist for the Dutch Bank ING Group, said Mcentarfer’s firing was “another way to erode US institutional strength in a step-by-step manner.”
“There’s a risk that this will affect statistics, so how do we have to read them from now on?” she added. Read the whole story, “Regaining trust will be more difficult than giving up.”
Other US news: Trump accused JPMorgan Chase and Bank of America of refusing his business, and right-wing claims claim the industry has refused to serve conservatives on political grounds.
Here is the other thing we keep tabs today:
Economic Data: Vietnam, Taiwan and Thailand report CPI inflation data for July.
Monetary Policy: Reserve Bank of India announces interest rate decisions.
Results: Honda, Disney and Uber report revenue.
Five more top stories
1. Two former employees and a third suspect at a Taiwanese semiconductor manufacturer have been arrested on suspicion of stealing their own technology from the world’s largest chipmaker, Taiwan’s prosecutors said yesterday. The investigation into “potential trade secret leaks” is the first case since three years ago, provisions to protect key technologies were added to Taiwan’s national security law.
2. Openai has released its first open artificial intelligence model since launching ChatGPT as the $300 million group is about to abandon its rising competition with Chinese startup Deepseek. The two “openweight” models released yesterday are now freely accessible and customisable by developers, offering a more transparent alternative to existing closed AI products.
3. If Trump’s administration does not agree to a Ukraine ceasefire by Friday, the administration is considering additional sanctions on the “shadow fleet” of oil tankers against the Russian “shadow fleet.” The fleet’s blacklisted ship is the first time the US has imposed sanctions directed at Moscow since Trump returned to the White House in January.
4. The dive capacity that collapsed near a Titanic shipwreck two years ago and killed five people was lost due to inadequate design, certification, maintenance and inspection, the US Coast Guard discovered. The 300-page report on the loss of Titans depicts an extraordinary picture of the criminally negligent behavior of Stockton Rush, the founder of Ocean Gate, the vessel operator.
5. Trump’s copper tariffs risk strengthening China’s control in smelting, rather than encouraging metal processing in the US, top mining executives warn. Andrew Forrest, billionaire chairman of Australian miner Fortescue Metals Group, said the tariffs would “stop cultivation of production in North America,” resulting in employment and “exports” of industry. Please read the entire story.
FT Survey
FT’s investigation revealed that last year an Iranian delegation visited a Russian scientific institution that produces double-use technology. It has civilian applications, but experts say it has potential relevance to nuclear weapons research. The secret trip to Russia came when the Western government noticed a pattern of suspicious activity carried out by Iranian scientists.
We’re reading too. . .
Edward Ruth: The Future of the World is written in China, and Trump is an unconscious co-author.
Dynamic Wages: Food distribution companies’ new pay models use algorithms to determine bespoke fees, but practice leaves gig workers in the dark, writes Sarah O’Connor.
Book Review: The crushed land of Sam Dalimpur, a poor history of Britain’s disbandment of India, is a reminder of the role of chance in the creation of the nation.
The day’s map
The US claimed that an 800-mile pipeline linking Alaska’s Northern Gasfield to Nikiski’s South Port would promote supply to Pacific Allies. The Trump administration had been pushing Japan and South Korea to bundle it together in tariff talks and support the plan, but struggled to persuade their skeptical Asian partners to board.
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Take a break from the news. . .
For fans of sustainable fashion, it can be difficult to avoid or resist buying new clothes. However, if that’s the case, there are a few rules of thumb when choosing a brand to support.
