i'm steve lai. over the next four years. the move comes as president trump increases pressure the majority of apple's iphones are still produced in china. for more on this, here's our north america apple made a splash today ahead of its annual general meeting as the company seeks to navigate trump navigate the trump administration's on administration's tariffs on chinese imports which could push the cost of iphones. push up the cost of iphones. perhaps the most significant part of it is the plan open part of it is the plan to open a new manufacturing facility in houston in 2026 that is set to servers for apple's ai produce servers for apple's ai powered the company powered featurenghe'campa my the powered featurenghe'campe my the new powered featurenghe'compeny the new plant will claims the new plant will create thousands �*jobs. it create thousands ofjobs. it comes after the apple met

comes after the apple ceo met with trump last week and with donald trump last week and following that meeting, the ”f f??? they 77 they would they wsuld shift president said they would shift production to the united ereddeteied tetheédified' " w ereddeteied tetheédified' w w states. they will build here instead because _ states. they will build here instead because they - states. they will build here instead because they do . instead because they do not want — instead because they do not want to— instead because they do not want to pay tariffs. the want to pay the tariffs. the president _ want to pay the tariffs. the president has _ want to pay the tariffs. the president has made - want to pay the tariffs. tie president has made bringing presidenfhée’ medepfingifig’ back to america a manufacturing back to america a top and top priority and apple's follows announcement follows commitments from other tech giants, like microsoft and 5: if” 7_ ramp up 7 to ramp up'us openai, to ramp up us a statement, the investment. in a statement, the apple ceo said... it all fi— a trend of similar follows a trend of similar promises made by apple during promises maderrbyrapplerd-dring the biden promises maderroyrapplerd-dring the biden trump both the biden and trump administrations, but they didn't follow through on those pledges. staying in the us and with the trump administration approach towards china. on the one hand, the us president is

threatening more tariffs, but on the other hand, a trade deal between the world's two largest economies is still on the table. for chinese business & economics at the center for strategic & international studies. he gave me his view. the us and chinese are _ he gave me his view. the us and chinese are having _ he gave me his view. the us and chinese are having talks - he gave me his view. the us and chinese are having talks at - he gave me his view. the us and chinese are having talks at a - chinese are having talks at a low level but in terms of action, we have seen the us issue a variety of executive orders, put on fentanyl orders, put tariffs on fentanyl and to roll—out other and prepare to roll—out other tariffs and have appointed a slew of officials that are tariffs and have appointed a slew hawkish .s that are tariffs and have appointed a slew hawkish and at are tariffs and have appointed a slew hawkish and the �*e quite hawkish and the chinese have threatened more = there are signs retaliation. there are signs of a possible escalation may a possible escalation and may outnumber a it outnumber a potential deal. it has only beenjust outnumber a potential deal. it has only been just over outnumber a potential deal. it has only beenjust over a has only been just over a month president trump actions on these execdtive actions on and so has that tariffs and so forth, has that been any impact on consumers

tariffs and so forth, has that been a is impact on consumers tariffs and so forth, has that i been - consumers tariffs and so forth, has that i been _nsumers tariffs and so forth, has that been , , ., ri’s far? it is probably too early know far? it is probably too early i know for _ far? it is probably too early i know for sure _ far? it is probably too early i know for sure but - far? it is probably too early i know for sure but prices| far? it is probably too early i i know for sure but prices in to know for sure but prices in us are probably higher than the us are probably higher than most would like and there is the possibility of prices �* and possibly 77 77 �*and possibly tariffs 77 higher and possibly tariffs wwwwwww’wwwww'w up. higher and possibly tariffs '" ,, up. 10% on higher and possibly tariffs ,,, w up. 10% on tariffs, so going up. 10% on tariffs. so just started tracking they just started tracking tariffs, but will not tarjffsgggut will not impact now. but other easiness newz bet ether making plans eesiness new: bet ether making plans to from china ’ ifromchgirfaiifw " diversify away from china if is the possibility of there is the possibility of tariffs and other business imposed. are "on time and on schedule." the import levies were previously delayed for a month to alleged failures from mexico and canada to stop crime and drug trafficking at the border.

menu as the coffee chain looks to improve its poor performance in its home market. the company has been struggling with a sustained fall in sales since last year, with the us market a particular struggle. over the next year as it aims to reduce wait times and improve quality and consistency. south korea's central bank has cut interest as it looks to boost the country's slowing economy. the bank of korea has lowered rates to 2.75% — that's the third cut in their last four meetings. the decision was in line with economists' expectations, with the central bank revising down its growth forecast

to indonesia now and president prabowo subianto has launched a sovereign wealth fund as part of plans to use the new fund will manage the assets of the country's state—owned enterprises, said to be worth about $900 billion. projects such as new housing developments and attracting foreign investment into factories. eveline danubrata — a financial it was pitched as an aim to consolidate assets and leveraged them to promote consolidate assets and leveragec prabowo promote consolidate assets and leveragec prabowo �*s >mote consolidate assets and leveragec prabowo �*s key te president frsaawa'e key ' but to provide some projects. but to provide some context, president prabowo has said there are assets worth , c 7 ”see w ..

billion, said there are assets worth 7 e e ”a”, w ~ billion, but said there are assets worth 7 e e ”a”, 777 ~ billion, but singapore's qqa" l"“ ls't �*é’noene�*e’e�*c' ,,, w ' w w ,,, manages qqa" l"“ la"; �*é’noene�*e’e�*c' ,,, w ' w w ,,, manages close qqa" l"“ ls't �*é’noene�*e’e�*c' ,,, w ' w w ww manages close to that gi manages close to that figure, so it is a lot more established and has a longer record as well. there are ttéisi; rstfifd §§e§§fifith¥r§§f§ "7" 7" investors who question how some investors who question how he got that figure. in short, the scale of president ambitions and the d'elaa“ eml�*a'" en�*j'le w w w , , w w w w , w at which he has tried to speed at which he has tried to achieve are hallmarks of achieve them are hallmarks of his presidency, but the viifliis,’ ”whe question is, how will he balance his vision with the commercial _ —— t balance the books? so �*is he �* is he looking to fund this wealtif w 7 " wealthgfuindti sovereign wealth fundl§ll aim is to sovereign wealth fund?é*�*=:§£e - aim is to consolidate - sovereign wealth fund?éj�*=:§£e - aim is to consolidate the. the aim is to consolidate the different and on paper makes sense. their plan is it makes sense. their plan is to find the assets and achieve

some of economy of scale. some kind of economy of scale. then they can try to attract n to support investors to support domestic growth. but beekeeping is for investors are really governance and independence from political aggression. basically, § fl investors do not want it to become a cash cow for political that is what they have 7-7 7 w=—— have to pay close 7 will have to pay close attention . will have to pay close attention wealth the will have to pay close attention is 'ealth the will have to pay close attention is �*ealt to cling the will have to pay close attention is �*ealt to bring 1e will have to pay close attention is �*ealt to bring in objective is also to bring in foreign investment as well. when investors are looking at has somewhere to park indonesia has somewhere to park their money, do they see an their moneyfdo they see an on the rise? they have economy on the rise? they have recently seen protests overjob in the government. recently seen p , ' - in the government. cuts in the government. that is a key factor _ cuts in the government. that is a key factor to _ a key factor to consider, right? president prabowo has to balance his ambitions balance his grand ambitions with the commercial reality on the ground. to understand the source of this discontent on

streets, some of the budget the streets, some of the budget cuts announced are pretty drastic. imagine you are a civil servant, you find out sisit sense nte see find'eet ' �* office sisit aersente see find'eet ' �* office lights are eisit eersente see find'eet ' �* office lights are slightly or“: “f�*we �*olw�*ae-�*oms ' ' �*and sew “he lam=ee=ams ' ' �*and part of or“: “f�*we �*olw�*ae-�*oms ' ' �*and part of budget dimmer and part of the budget cut is this new cut is towards this new investment fund. ., . ., , , investmentr’end legalised in 38 inseatnn’entr’end legalised in 38 states has been legalised in 38 states as well as washington, dc and that has opened the floodgates a huge number of new to a huge number of new pundits. many have put money pundits..manyehave putmoney on many according a survey. the 7 a survey. the boss 7 a survey. the boss of 7 a survey. the kingsf 7 a survey. the kings remains industry—leading kings remains bullish on growth for 2025. we eglliii�*i 135. effifiifi for $953; h? ”p hellish 135. effifiifi fl??? $2355. ed? up with eqlli5i�*7! 155. effifiifi fl??? §q§5 $5 up with him and eqlli5i�*7! 155. effifiifi fl??? 5q55 $115 up with him and asked caught up with him and asked the event is that what the biggest event is that drives betting the drives betting in the united states. fix. drives betting in the united states. �* ., ., ., .,

drives betting in the united states. ., ., ., ., , states. a lot of our action is at stake _ states. a lot of our action is at stake level, _ states. a lot of our action is at stake level, we _ states. a lot of our action is at stake level, we are - at stake level, we are in at stake level, we are _ in 28- at stake level, we are in 28 states and regulated in 28 states and there _ regulated in 28 states and there are opportunities to _ repeal- there are opportunities to repeal federal potentially repeal the federal excise — potentially repeal the federal excise tax which does not make sense _ excise tax which does not make sense any— excise tax which does not make sense any put in place to sense any more, put in place to g betting _ sense any more, put in place to ”z betting back in trams and does ideas and does not dppii? to = _77 77 77 most policymakers understand it's incredibly important —77 keep tax at a reasonable rate to compete with the illegal rampant in the us now market, rampant in the us now and generating billions of dollars— and generating billions of dollars not paying any dollars and not paying any taxes _ dollars and not paying any taxes and not any taxes and not following any regulations or rules. be regulations or rules. to be _ with _ regulations or rules. to be with them, we need competitive with them, we need good _ competitive with them, we need good tax — competitive with them, we need aood tax �* ., , good tax rates. and it has a urowth good tax rates. and it has a growth wind _ good tax rates. and it has a growth wind from _ good tax rates. and it has a growth wind from the - growth wind from the legalisation but where do you lensiwetrfineratwhfirfi safe see the next growth will come think the next growth will come from? ~ . . from? we have a tremendous amount in _ from? we have a tremendous amount in the _ from? we have a tremendous amount in the existing - from? we have a tremendous| amount in the existing states, some — amount in the existing states, some have only been around for -== and some less, l few- and some less, so i a few years and some less, so there — a few years and some less, so there is— a few years and some less, so

there is a _ a few years and some less, so there is a lot markets there is a lot of markets he". as ,, 7 out there we are building out there we are starting to 71: up. we 7 $715: :7-—:m: alsobelievet - - .' -- .. to also believe thetaamlllblatl _ to exoand - also believe there will be an to expand outside 7:7: 7- apple has announced a plan to invest $500 billion in the us 7777 20,000 750,000 people 7777 20,000 people in 7777 7 7 270,000 people in7the and hire 20,000 people in the country over the next four years and the will 7 with 77hith 7 7753§a7h7tea77 start with a new advanced in manufacturing facility in texas. and that's it for this edition of business today. thanks for watching.

thanks on watching. thanks on the :hing. three years of war in ukraine and