Indonesia has upheld its ban on Apple’s iPhone 16, rejecting the tech giant’s $100M investment offer. The government maintains that Apple failed to meet regulations requiring 40% of phone components to be locally produced, a rule aimed at fostering domestic manufacturing.
Indonesian industry Minister Agus Gumiwang Kartasasmita stated Apple’s proposal lacked fairness, particularly when compared to the company’s investments in other nations. He urged the company to establish a production facility in Indonesia to avoid repeated investment negotiations.
While iPhone 16 sales remain prohibited, approximately 9,000 units have entered Indonesia for personal use. The government has imposed similar restrictions on Google Pixel phones, highlighting a firm stance on enforcing local manufacturing policies.
Margrethe Vestager, the European Union’s outgoing competition chief, is stepping down after a decade of high-profile confrontations with tech giants like Apple and Google. In an exit interview, she expressed regret over not being more aggressive in regulating Big Tech, acknowledging the continued dominance of major platforms despite billions in fines. She described her tenure as ‘partly successful,’ noting the slow pace of change in the tech landscape.
Vestager was instrumental in shaping the EU’s regulatory framework, pushing for initiatives like the Digital Markets Act (DMA) to curb monopolistic behaviour. However, she conceded that the full impact of these measures may take years to be felt. She emphasised the importance of stronger enforcement and deterrence, advocating for a bolder approach to regulating tech firms globally.
Her reflections also highlighted the role of the Digital Services Act (DSA) in overseeing social media platforms and addressing harmful content. Platforms like X and Telegram, which face criticism for inadequate content moderation, were pointed out as examples of why robust regulation is necessary. Vestager stressed that platforms undermining democracy must comply with the EU’s stringent laws.
As she prepares to transition to academia, Vestager’s departure marks the end of an era. While her legacy includes significant strides in holding tech companies accountable, the ongoing influence of these firms signals that the battle for better regulation is far from over. Teresa Ribera Rodríguez will succeed her, tasked with continuing this critical work.
South Korea announced plans to provide 14 trillion won ($10 billion) in low-interest loans next year to support its chip sector amid growing competition from China and uncertainty over US trade policies under President-elect Donald Trump. The funds, managed by state-run banks, will include 1.8 trillion won for infrastructure like power lines at a new high-tech chip complex in Yongin and Pyeongtaek, designed to attract advanced chipmakers.
The government highlighted challenges posed by rapid advancements in China’s semiconductor industry and potential changes to US policies like the Inflation Reduction Act and Chips Act, which could alter global trade incentives. Trump has also pledged new tariffs on goods from China, Mexico, and Canada, raising additional concerns for South Korean exporters.
While South Korea leads in memory chip manufacturing through giants like Samsung Electronics and SK Hynix, it faces setbacks in chip design and contract manufacturing, where rivals are gaining ground. The government vowed to use all available resources to help the industry overcome its current challenges and maintain global competitiveness.
Vietnam’s Prime Minister Pham Minh Chinh called on the United States to remove export restrictions on certain technologies during an event in Hanoi hosted by the American Chamber of Commerce. Chinh emphasised Vietnam’s interest in satellite communications development and revealed ongoing talks with SpaceX to boost aerospace cooperation. He also urged the US to recognise Vietnam as a market economy, a step that could lower trade tariffs.
The US currently restricts Vietnam’s access to technologies deemed critical to national security, though Vietnam is allowed to import conventional weapons and some advanced technologies. Chinh questioned the necessity of the embargo, stating, “We are not fighting anyone, so why do you keep the embargo?”
Despite potential US tariffs of up to 20% on imports under the next Trump administration, Chinh avoided addressing the issue directly. He instead highlighted Vietnam’s $25 billion in expected foreign investment this year and stressed the importance of maintaining strong US-Vietnam relations to tackle global challenges.
Samsung Electronics made significant leadership changes on Wednesday, aiming to strengthen its position in the competitive AI chip market. Semiconductor chief Jun Young-hyun was named co-CEO, gaining direct control of the struggling memory chip business, while US chip head Han Jin-man was promoted to lead the foundry division. The moves reflect Samsung’s strategy to address declining profits and regain its edge against rivals SK Hynix and Taiwan’s TSMC.
The reshuffle comes amid growing investor concerns over Samsung’s lagging performance in AI chip supply, particularly to key client Nvidia. Samsung’s semiconductor profits dropped sharply in the third quarter, attributed to delays with a major customer. Despite some progress since, analysts remain sceptical about the leadership structure, with Chung Hyun-ho retaining his influential role in the Business Support Task Force.
Chairman Jay Y. Lee acknowledged public and investor concerns during a hearing this week, emphasising the need to navigate business uncertainty and intensifying competition, particularly from Chinese chipmakers. Samsung hopes the leadership overhaul will drive innovation and stabilise its chip business in a rapidly evolving market.
OpenAI is allowing employees to sell up to $1.5 billion worth of shares to Japan’s SoftBank Group in a new tender offer, according to sources familiar with the deal. This follows SoftBank’s $500 million investment in OpenAI during an October funding round that valued the Microsoft-backed AI startup at $157 billion. Employees have until 24 December to decide whether to sell their shares, with the offer price matching the last funding round.
SoftBank’s Vision Fund 2 will finance the purchase, reflecting CEO Masayoshi Son’s strategy to increase his stake in AI ventures. Son has aggressively expanded his AI portfolio, including investments in OpenAI and chip startup Graphcore, as he positions the conglomerate to ride the AI boom.
OpenAI continues to attract global attention with its flagship product ChatGPT, which now boasts 250 million weekly active users. The company’s rapid growth and high valuation highlight its central role in shaping the AI revolution.
Qualcomm’s interest in acquiring Intel has reportedly cooled due to the complexities involved in such a massive deal, according to Bloomberg. While a full acquisition now appears unlikely, Qualcomm may consider pursuing specific parts of Intel’s business or revisiting the idea in the future. Neither company has commented publicly on the report.
Qualcomm initially approached Intel in September, sparking speculation about a potential acquisition. Any deal would face significant antitrust scrutiny as it would unite two of the semiconductor industry’s biggest players. Qualcomm had previously explored acquiring sections of Intel’s design business, but no formal offer materialised.
Intel, once a dominant chipmaking powerhouse, has struggled in recent years, losing market share to competitors like TSMC and missing key opportunities in generative AI. The company’s declining fortunes have been reflected in a 50% drop in its stock price this year and its recent removal from the Dow Jones Industrial Average.
Biotech startup Cradle has raised $73 million to expand its labs and team, aiming to make AI-powered protein design more accessible. Founded in 2022, the company uses language models to analyse proteins, often described as “an alien programming language,” to suggest modifications that improve functionality, such as heat resistance or manufacturability.
Cradle’s software has gained traction among biotech and pharmaceutical companies by reducing the time and cost of experimental rounds, which can be both expensive and unpredictable. Its simple SaaS model eliminates concerns about royalties or intellectual property, offering a streamlined approach compared to competitors that co-develop drugs or processes.
Despite being a software provider, Cradle maintains a laboratory in Amsterdam to validate protein designs and build datasets to refine its models. The latest funding, led by IVP with participation from Index Ventures and Kindred Capital, will support lab expansion and further hiring. CEO Stef van Grieken aims to scale Cradle’s tools to reach a million scientists worldwide.
The Australian Securities Exchange (ASX) faces rising expenses as the second phase of its software upgrade is now expected to cost up to A$320 million. Completion of this stage is projected for 2029, with the first phase, focused on clearing services, set to finish by 2026 at an increased cost of up to A$125 million.
Investors reacted negatively to the announcement, sending ASX shares down 4.7% to A$65.87, the steepest fall since mid-June. Citi analysts noted the escalating costs are driving capital expenditure towards the higher end of earlier guidance. The news comes amid heightened scrutiny of the bourse operator’s project timelines and expenditure.
ASX initially hired Tata Consultancy Services to revamp its CHESS system after abandoning a blockchain-based upgrade that led to a A$250 million write-down. Regulators and shareholders criticised the failed project, prompting a lawsuit from the Australian Securities and Investments Commission for allegedly misleading investors.
CEO Helen Lofthouse defended the new approach, citing enhanced reliability with a phased implementation. The TCS software, already operational in markets like New Zealand and South Africa, is intended to restore confidence. However, analysts suggest the company’s focus remains on meeting regulatory demands, leaving investors waiting for returns.
Meta has proposed a unified system for age verification and safety standards across the EU to better protect teenagers online. The plan includes requiring parental approval for app downloads by users under 16, with app stores notifying parents for consent. Meta also advocates for consistent age-appropriate content guidelines and supervision tools for teens that parents can manage.
The proposal follows calls from incoming EU technology commissioner Henna Virkkunen, who emphasised protecting minors as a priority. Meta’s global head of safety, Antigone Davis, highlighted the fragmented nature of current European regulations, urging the adoption of uniform rules to ensure better protections for teens.
Although some EU frameworks like the Digital Services Act and Audiovisual Media Services Directive touch on youth safety, the lack of EU-wide standards leaves much to member states. Meta’s proposal aligns with ongoing discussions around the Child Sexual Abuse Material regulation, which aims to enhance online protections for minors.
