EU seeks 'digital sovereignty'
The State Bank is working on a project to prevent digital frauds through deploying artificial intelligence. photo: file
Listen to article
At a market stall in Berlin run by charity Topio, volunteers help people who want to purge their phones of the influence of US tech firms. Since Donald Trump's inauguration, the queue for their services has grown.
Interest in European-based digital services has jumped in recent months, data from digital market intelligence company Similarweb shows. More people are looking for e-mail, messaging and even search providers outside the United States.
The first months of Trump's second presidency have shaken some Europeans' confidence in their long-time ally, after he signalled his country would step back from its role in Europe's security and then launched a trade war.
"It's about the concentration of power in US firms," said Topio's founder Michael Wirths, as his colleague installed on a customer's phone a version of the Android operating system without hooks into the Google ecosystem.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Yemeni Houthi's response to US attack on Iran ‘only a matter of time', official says
CAIRO: A Yemeni Houthi official said on Sunday that the Iran-aligned group's response to the US attack on Iran was 'only a matter of time'. Mohammed al-Bukhaiti, a member of the Houthi movement's political bureau, told Al Jazeera Mubasher TV that its ceasefire deal with Washington was before the 'war' on Iran. The group has been launching attacks on shipping lanes and Israel in what it says is in solidarity with Palestinians in Gaza during the Israeli war. Trump says US forces bombed Iran nuclear sites; says 'Fordow is gone' It agreed on a ceasefire deal with the United States in May to stop attacking US ships in exchange for an end to Washington's bombings of the group.
Business Recorder
2 hours ago
- Business Recorder
Investors brace for oil price spike, rush to havens after US bombs Iran nuclear sites
NEW YORK: A US attack on Iranian nuclear sites could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy. The attack, which was announced by President Donald Trump on social media site Truth Social, deepens U.S. involvement in the Middle East conflict. That was the question going into the weekend, when investors were mulling a host of different market scenarios. In the immediate aftermath of the announcement, they expected the U.S. involvement was likely to cause a selloff in equities and a possible bid for the dollar and other safe-haven assets when trading begins, but also said much uncertainty about the course of the conflict remained. US B-2 bombers involved in Iran strikes, U.S. official says Trump called the attack 'a spectacular military success' in a televised address to the nation and said Iran's 'key nuclear enrichment facilities have been completely and totally obliterated'. He said the U.S. military could go after other targets in Iran if the country did not agree to peace. 'I think the markets are going to be initially alarmed, and I think oil will open higher,' said Mark Spindel, chief investment officer at Potomac River Capital. 'We don't have any damage assessment and that will take some time. Even though he has described this as 'done', we're engaged. What comes next?' Spindel said. 'I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil,' he added. Spindel, however, said there was time to digest the news before markets open and said he was making arrangements to talk to other market participants. Oil prices, inflation A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts. 'This adds a complicated new layer of risk that we'll have to consider and pay attention to,' said Jack Ablin, chief investment officer of Cresset Capital. 'This is definitely going to have an impact on energy prices and potentially on inflation as well.' While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13. Trump says US forces bombed Iran nuclear sites; says 'Fordow is gone' Before the U.S. attack on Saturday, analysts at Oxford Economics modeled three scenarios, including a de-escalation of the conflict, a complete shutdown in Iranian oil production and a closure of the Strait of Hormuz, 'each with increasingly large impacts on global oil prices.' In the most severe case, global oil prices jump to around $130 per barrel, driving U.S. inflation near 6% by the end of this year, Oxford said in the note. 'Although the price shock inevitably dampens consumer spending because of the hit to real incomes, the scale of the rise in inflation and concerns about the potential for second-round inflation effects likely ruin any chance of rate cuts in the U.S. this year,' Oxford said in the note, which was published before the U.S. strikes. In comments after the announcement on Saturday, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level in a few days as the attacks could lead Iran to seek a peace deal with Israel and the United States. 'With this demonstration of force and total annihilation of its nuclear capabilities, they've lost all of their leverage and will likely hit the escape button to a peace deal,' Cox said. Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump's tariffs. Still, any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead. World leaders react to US attack on Iran On average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro. Dollar woes An escalation in the conflict could have mixed implications for the U.S. dollar, which has tumbled this year amid worries over diminished U.S. exceptionalism. In the event of U.S. direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said. 'Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger,' said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. 'It's hard to imagine stocks not reacting negatively and the question is how much. It will depend on Iranian reaction and whether oil prices spike.'
Business Recorder
2 hours ago
- Business Recorder
World leaders react to US attack on Iran
The reaction of world leaders after U.S. forces struck three Iranian nuclear sites on Sunday Iran time ranged from Israel lauding President Donald Trump's decision to the U.N. calling for de-escalation and some countries condemning the attacks. Israel prime minister Benjamin Netanyahu, recorded statement: 'Congratulations, President Trump. Your bold decision to target Iran's nuclear facilities with the awesome and righteous might of the United States will change history… History will record that President Trump acted to deny the world's most dangerous regime the world's most dangerous weapons.' UN secretar-general Antonio Guterres, statement 'I am gravely alarmed by the use of force by the United States against Iran today. This is a dangerous escalation in a region already on the edge – and a direct threat to international peace and security. There is a growing risk that this conflict could rapidly get out of control – with catastrophic consequences for civilians, the region, and the world. I call on Member States to de-escalate and to uphold their obligations under the UN Charter and other rules of international law. At this perilous hour, it is critical to avoid a spiral of chaos. There is no military solution. The only path forward is diplomacy. The only hope is peace.' New Zealand foreign minister Winston Peters, statement 'We acknowledge developments in the last 24 hours, including President Trump's announcement of US strikes on nuclear facilities in Iran. Ongoing military action in the Middle East is extremely worrying, and it is critical further escalation is avoided. New Zealand strongly supports efforts towards diplomacy. We urge all parties to return to talks. Diplomacy will deliver a more enduring resolution than further military action.' Australia government spokesperson, statement 'We have been clear that Iran's nuclear and ballistic missile program has been a threat to international peace and security. We note the US President's statement that now is the time for peace. The security situation in the region is highly volatile. We continue to call for de-escalation, dialogue and diplomacy.' Mexico foreign minister, on X: 'The ministry urgently calls for diplomatic dialogue for peace between the parties involved in the Middle East conflict. In keeping with our constitutional principles of foreign policy and our country's pacifist conviction, we reiterate our call to de-escalate tensions in the region. The restoration of peaceful coexistence among the states of the region is the highest priority.' Venezuela foreign minister Yvan Gil , on Telegram 'Venezuela Condemns U.S. Military Aggression Against Iran and Demands an Immediate Cessation of Hostilities. The Bolivarian Republic of Venezuela firmly and categorically condemns the bombing carried out by the United States military, at the request of the State of Israel, against nuclear facilities in the Islamic Republic of Iran, including the Fordow, Natanz, and Isfahan complexes.' Cuba Persident Miguel Diaz-Canel, on X: 'We strongly condemn the US bombing of Iran's nuclear facilities, which constitutes a dangerous escalation of the conflict in the Middle East. The aggression seriously violates the UN Charter and international law and plunges humanity into a crisis with irreversible consequences.'
