UPDATE 2-ADNOC Trading snaps up June-loading Upper Zakum crude, tightens Mideast supply

Reuters
BYD's steep EV discounting in Thailand sparks backlash, PM seeks assurances
Thailand's consumer protection agency has received about 70 complaints since initiating a probe into aggressive discounting by BYD dealers that has left some buyers feeling they overpaid for their Chinese electric vehicles. Prime Minister Srettha Thavisin told BYD Chief Executive Wang Chuanfu, who was in Thailand to mark the opening of its first Southeast Asian factory this week and paid a courtesy call to the premier on Friday, to better manage customer expectations about pricing and ensure local buyers were protected. Wang gave assurances that future pricing would be appropriate and affected customers would receive support, according to a government spokesman.
RFI
Carmakers unhappy after EU hits China with tariffs on electric vehicles
The European Union has slapped extra provisional duties of up to 38 percent on Chinese electric car imports because of "unfair" state subsidies, despite Beijing's warnings the move would unleash a trade war. But company reps in both China and Europe are critical of the steps. Brussels launched an investigation last year into Chinese electric vehicle manufacturers to probe whether state subsidies were unfairly undercutting European automakers.Since announcing the planned tariff hike last month, o
South China Morning Post
In China's Guangzhou, a web of factories gives rise to fast-fashion juggernaut Shein
The mercantile history of Guangzhou, the city once called Canton that is about two hours' drive from Hong Kong, can be traced back to Wu Bingjian, one of the richest men to have ever lived on Earth. Better known among foreigners as Howqua, the 18th-century merchant accumulated enormous wealth running one of the 13 trading houses, or hong, that were granted exclusive rights by the Manchu rulers in Peking to sell tea, porcelain, silk and other exotic goods to Westerners, until the Opium War shatte
Reuters
Former ASML CEO says US-China chip fight will continue
The recently retired CEO of semiconductor equipment maker ASML said in an interview with Dutch radio station BNR on Saturday that U.S.-China disputes over computer chips are ideological and not based on facts, and they are set to continue. Wennink left in April after a ten year term at the helm of ASML that saw it become Europe's largest technology firm. Since 2018, the U.S. has imposed increasing restrictions on what tools the company can export to China, its second-largest market after Taiwan, citing security concerns.
CoinDesk
As Bitcoin Bellyflops to $54K Only Five Mining Rigs Remain Profitable, Says F2Pool
Miners need to continually sell bitcoin rewards to keep operations afloat, and they are stressed during a market downturn.
Fortune
China is poised to dominate the market for legacy chips, and the U.S. may only have itself to blame
U.S. Commerce Secretary Gina Raimondo warned in April that 60% of all mature chips coming into the market will come from China.
Reuters
Exclusive-Europe seeks industry views on China's older generation chips
AMSTERDAM/LONDON (Reuters) -The European Commission has begun canvassing the region's semiconductor industry for its views on China's expanded production of older generation computer chips, two sources familiar with the matter told Reuters. The Commission, the EU executive, has sought feedback ahead of two voluntary surveys for the chip industry and major chip-using industrial firms that will be due in September. A spokesperson on Friday confirmed the Commission had begun a "targeted consultation (with) the industry to assess further the use of legacy chips in supply chains."
South China Morning Post
'Too many' AI models in China: Baidu CEO warns of wasted resources, lack of applications
Baidu co-founder and CEO Robin Li Yanhong said China has too many large language models (LLMs) and called for tech leaders to focus more on building real-world applications powered by artificial intelligence (AI). "In 2023, intense competition among over 100 LLMs has emerged in China, resulting in a significant waste of resources, particularly computing power," Li said during a panel discussion at the World Artificial Intelligence Conference (WAIC) in Shanghai on Thursday. Li called on developer
BuzzFeed
14 Times Disgruntled Employees Got Petty Revenge On Their Terrible Bosses In The Best Way
"She effectively shut down the store bakery for a week. It took not one, but two people to replace my 67-year-old mother. She never went back. The department manager was fired."
South China Morning Post
China seeks to hop tech hurdles with robots, 6G as industrial development hits crossroads
China pledged on Friday to make breakthroughs in emerging industries - including bleeding-edge fields like humanoid robots, 6G mobile technology and atomic-level manufacturing - that could enhance its strength in the high-growth tech arena while preserving traditional sectors as a bedrock. The country's unique system - which can concentrate resources on specific benchmarks - can be marshalled to fill gaps in core technologies created by containment efforts from the United States, said Jin Zhuang
Reuters Videos
China hints at targets in EV tariff battle
STORY: China has dropped some hints about how it could retaliate against EU tariffs on its electric vehicle exports. The Commerce Ministry said Friday it would hold a hearing to examine claims European brandy producers are selling into the country at below market rates. Officials have also referred to another probe into EU pork exports. Analysts say the targets were chosen to pressure Spain and France - which have been among the strongest backers of the new levies. Europe this week imposed import tariffs of up to 37.6% on China-made EVs. That will hit local brands like BYD, but also Chinese-made cars from western firms including Tesla. The tariffs are provisional, while Brussels conducts a probe in Beijing’s support for its carmakers. China has said both sides should stay at the negotiating table for now. Officials have said they don’t want another trade war, but will take all necessary steps to protect Chinese firms. Reports in state-backed media indicate other possible targets for retaliation. That could include dairy products and luxury cars. The EU tariffs have also divided opinion in Europe. German automakers have called for them to be scrapped, fearing they could be a target for Beijing’s response.
MediaOutReach
Malaysian companies have significant scope to promote diversity at the workplace - according to a foundit survey
Here are some of the key findings from the survey - 49% of respondents state that their organisations do not have diversity training programs - 32% of employees believe their workplace is highly committed to hiring a diverse team - 28% of respondents are not familiar with the concept of diversity hiring - 36% of respondents state that their organisations support work-life balance, especially for women caregivers and differently-abled individuals. - 47% of employees are aware of employee resource
GOBankingRates
Here’s How Much You Need Saved to Retire Rich in the Average American Suburb
With years of painful inflation squeezing budgets and making it harder to save, millions of Americans are wondering if they'll ever be able to retire at all -- and many of those who thought they had...
The Guardian
China to hold hearing into brandy imports as tension grows with EU over tariffs on EVs
Ministry will discuss investigation into claims that European producers are selling goods below market rates
Reuters
China autos group 'strongly dissatisfied' with EU anti-subsidy tariffs
The China Association of Automobile Manufacturers (CAAM) is "strongly dissatisfied" with anti-subsidy tariffs proposed by the European Union, the industry group said in a statement on Saturday. Manufacturers had cooperated with the European Commission's investigation into Chinese subsidies, but the inquiry had ignored the facts and preselected results, CAAM said in a post on the Chinese messaging app WeChat. The EU imposed tariffs of up to 37.6% on imports of electric vehicles made in China from Friday, with a four-month window during which the tariffs are provisional with intensive talks expected between the two sides.
INSIDER
California put up its fast-food wage to $20. Its governor is adamant it's not causing employment to fall.
Critics of the legislation warned that the higher wages could lead to restaurants laying off some of their workers, or even closing down.
Reuters
China's BYD acquires 20% stake in Thai dealer Rever Automotive
China's BYD will acquire a 20% stake in its local distributor Rever Automotive in Thailand, its largest market outside of China where it is an electric vehicle market leader, the companies said Saturday. The Shenzhen-based automaker opened its first factory in Southeast Asia in Thailand this week. Rever Automotive, which has over 100 showrooms in Thailand, launched the sale of BYD vehicles in 2022 and BYD soon became the country's top-selling EV brand.
Simply Wall St.
Avoid Cracker Barrel Old Country Store And Explore One Better Dividend Stock Option
In the quest for reliable income from dividend stocks in the United States, where average yields hover around 1.7%, investors often face a mix of opportunities and risks. A key factor in evaluating these stocks is the stability of their dividends. Companies like Cracker Barrel Old Country Store, which have experienced significant dividend cuts, highlight the importance of assessing not just the yield but also the consistency and reliability of dividend payments over time. This article will...
GOBankingRates
I Have Regrets About Retiring Early: 4 Expenses I Should Have Prepared For
Early retirement sounds like a dream come true, but it's not all rainbows and roses for most people. Find Out: These 8 Expenses Can Kill Your Retirement -- Should You Ditch Them ASAP? Be Aware: The...
Reuters
Australian court rules PayPal's local unit used unfair contract term for small businesses
The court found the term was unfair because customers who did not bring the overcharging errors to PayPal's notice within 60 days were forced to accept the fees as accurate, the Australian Securities & Investments Commission (ASIC) said. The ASIC had initiated court proceedings against PayPal over this issue last September. "Today's decision serves as a reminder to all businesses that unfair contract terms contained within standard form contracts with small businesses will not be tolerated, and that ASIC will take decisive action where appropriate to protect the rights of consumers and small businesses," ASIC Deputy Chair Sarah Court said.

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UPDATE 2-ADNOC Trading snaps up June-loading Upper Zakum crude, tightens Mideast supply

Latest stories

BYD's steep EV discounting in Thailand sparks backlash, PM seeks assurances

Carmakers unhappy after EU hits China with tariffs on electric vehicles

In China's Guangzhou, a web of factories gives rise to fast-fashion juggernaut Shein

Former ASML CEO says US-China chip fight will continue

As Bitcoin Bellyflops to $54K Only Five Mining Rigs Remain Profitable, Says F2Pool

China is poised to dominate the market for legacy chips, and the U.S. may only have itself to blame

Exclusive-Europe seeks industry views on China's older generation chips

'Too many' AI models in China: Baidu CEO warns of wasted resources, lack of applications

14 Times Disgruntled Employees Got Petty Revenge On Their Terrible Bosses In The Best Way

China seeks to hop tech hurdles with robots, 6G as industrial development hits crossroads

China hints at targets in EV tariff battle

Malaysian companies have significant scope to promote diversity at the workplace - according to a foundit survey

Here’s How Much You Need Saved to Retire Rich in the Average American Suburb

China to hold hearing into brandy imports as tension grows with EU over tariffs on EVs

China autos group 'strongly dissatisfied' with EU anti-subsidy tariffs

California put up its fast-food wage to $20. Its governor is adamant it's not causing employment to fall.

China's BYD acquires 20% stake in Thai dealer Rever Automotive

Avoid Cracker Barrel Old Country Store And Explore One Better Dividend Stock Option

I Have Regrets About Retiring Early: 4 Expenses I Should Have Prepared For

Australian court rules PayPal's local unit used unfair contract term for small businesses