UPDATE 1-Oracle to invest over $8 bln in Japan in cloud computing, AI

Reuters
German car industry urges EU to drop tariffs on China-made cars
BERLIN (Reuters) -Germany's VDA auto association has urged the European Commission to drop its planned tariffs on China-made electric vehicles in a last-ditch effort to influence negotiations ahead of the tariffs which take effect on Thursday. The association said in a statement on Wednesday the tariffs would hurt European and U.S. carmakers exporting from China and risked retaliation by China with counter-tariffs, which would hit the German industry hard given its high volume of exports to China.
Associated Press
Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies
After the United States passed new subsidies designed to boost domestic electric vehicle production and cut into Beijing’s supply chain dominance, Chinese manufacturers began investing in an unlikely place: Morocco. In the rolling hills near Tangiers and in industrial parks near the Atlantic Ocean, they have announced plans for new factories to make parts for EVs that may qualify for $7,500 credits to car buyers in the United States. Similar investments have been announced in other countries that share free trade agreements with the United States, including South Korea and Mexico.
Reuters
EU takes aim at China's Temu and Shein with proposed import duty, FT reports
The European Commission later this month will suggest scrapping a current 150 euros ($161) threshold under which items can be bought duty free, the report said. Under current EU regulations, packages purchased online from a non-EU country are not subject to customs duties if their value is under 150 euros. Two billion parcels with a declared value of less than 150 euros arrived in the EU from outside countries in 2023, according to the Commission, which says "the sheer volumes of e-commerce are testing customs' limits".
AFP News
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union on Thursday slapped extra provisional duties of up to 38 percent on Chinese electric car imports because of Beijing's "unfair" support, a move that risks escalating tensions with Beijing.- Expected cut to imports - The United States has already hiked customs duties on Chinese electric cars to 100 percent, while Canada is considering similar action.
The Telegraph
BMW attacks EU tariffs on Chinese electric car imports
BMW has accused the European Union of protectionism as Brussels prepares to hit imported Chinese electric cars with a wave of tariffs.
BBC
EU hits Chinese electric cars with new tariffs
The move poses a challenge to Beijing, which hopes EVs will help revive the country's flagging economy.
Reuters
MG, Nio hint at car price increases this year following EU EV tariff decision
Chinese brands MG and Nio suggested on Thursday they might raise prices of their cars in Europe later this year, following the European Union's decision to confirm tariffs on Chinese-imported EVs. The EU will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet. Chinese automaker Nio said in a statement it might adjust prices of its cars in Europe as a result of the EU's decision on tariffs.
BBC
How Microsoft and Nvidia bet correctly to leapfrog Apple
The two tech firms were among the first to see the commercial potential of AI.
BBC
Bird flu hits McDonald's Australia breakfast hours
The fast food giant is serving its full breakfast menu in the country until 10:30am, instead of midday.
Reuters
China EV makers brace for tariffs as Beijing, EU engage in talks
With the clock ticking for the European Commission to impose provisional tariffs on electric vehicles made in China, automakers are bracing for billions of dollars in new costs that analysts expect will slow their European expansion. "The Chinese EV brands' march into Europe will continue on," said Lei Xing, founder of consultancy AutoXing. China and the European Commission have been in negotiations since last week over the curbs that Beijing and some European automakers want scrapped.
Euronews
Climate scientists urge responsible use of AI as Google’s emissions soar by 48% since 2019
Scientists have asked individuals to think twice before using AI to generate memes.
Reuters
Ambani's Reliance to launch IPO-bound Shein in India, ET reports
BENGALURU (Reuters) -Indian bilionaire Mukesh Ambani's Reliance Retail Ventures will launch Chinese fast fashion label Shein in the coming weeks, selling the latter's products on its app and brick-and-mortar stores, The Economic Times reported on Thursday. The retail unit of Ambani's oil-to-telecom conglomerate Reliance Industries reportedly teamed up with the IPO-bound fashion brand last year and is likely to tap former Meta director Manish Chopra to head Shein's operations in India, the newspaper said, citing executives aware of the development. The partnership is the latest in a string of deals by Reliance Retail, which has brought international brands such as American jewellery maker Tiffany & Co and British online retailer ASOS to India.
South China Morning Post
China kicks off largest AI conference in Shanghai as tech rivalry with the US heats up
China's largest artificial intelligence (AI) conference will kick off in Shanghai this Thursday, with mainland enterprises expected to present innovations that could help the country narrow the gap with the United States in the technology's development. Premier Li Qiang will deliver the opening speech at the 2024 World Artificial Intelligence Conference (WAIC), which concludes on Saturday, as the event's main theme of "Governing AI for Good and for All" highlights the country's efforts to lead t
Reuters Videos
China's BYD opens first EV factory in Southeast Asia
STORY: Step inside BYD's first electric vehicle plant in Thailand.It's part of the Chinese automaker's plan to expand in Southeast Asia, where BYD has become the dominant player.BYD CEO and President Wang Chuanfu."We are convinced that Thailand will have a golden development period for new energy vehicles. China and Thailand are geographically close, culturally close, and economic and trade cooperation is booming. New energy vehicles are not only a bridge between China and Thailand to enhance friendship, but also a link between BYD and Thailand."Thailand is a regional auto assembly and export hub.The country aims to convert 30% of its annual production of 2.5 million vehicles into EVs by 2030.Chinese EV makers clearly like the lure of the Thai government's subsidies and tax incentives.They've invested more than $1.4 billion setting up factories in the country, with BYD's new plant the latest addition.The sprawling facility is worth $490 million.And it will have a production capacity of 150,000 vehicles per year, including plug-in hybrids."It will provide over 10,000 jobs after reaching full capacity."As part of its expansion outside China, the world's largest EV maker is also building its first European production base in Hungary.Although BYD could feel some pain in that particular market.The European Commission has imposed tariffs of up to nearly 38% on Chinese-made EVs.
Reuters
US crude exports to Europe hit two-year low in June
U.S. crude shipments bound for Europe fell to a two-year low in June as European buyers bought cheaper regional and West African oil, traders and analysts told Reuters. Exports of U.S. crude to Europe slowed to 1.45 million barrels per day (bpd) last month, the lowest for any month since July 2022, according to data from ship tracking firm Kpler. The fall came as a result of a narrowing difference between the price of U.S. benchmark WTI crude and European benchmark Brent crude, as Brent futures fell at a faster pace on average through May than WTI, as North Sea crudes weakened.
Oilprice.com
Can the West Afford to Ditch Cheap Chinese Green Tech Imports?
The U.S. and EU are imposing tariffs on Chinese clean energy products to boost domestic industries, but experts warn this could slow the global green transition and increase consumer costs.
Reuters
China-built EVs hit with duties in biggest EU trade case yet
BRUSSELS (Reuters) -The European Union will impose tariffs of up to 37.6% from Friday on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet. There is however a four-month window during which the tariffs are provisional and intensive talks are expected to continue between the two sides as Beijing threatens wide-ranging retaliation. The European Commission's provisional duties of between 17.4% and 37.6% without backdating are designed to prevent what its president Ursula von der Leyen has said is a threatened flood of cheap EVs built with state subsidies.
Simply Wall St.
Avoid Estée Lauder Companies And Explore This One Attractive Dividend Stock Instead
The allure of dividend stocks is evident, especially in the U.S. market where they promise a source of regular income. However, the stability of these dividends is crucial; companies like Estée Lauder Companies that have experienced significant cuts in their dividends may signal underlying financial challenges or a lack of resilience in maintaining shareholder returns. This distinction is vital for investors looking for dependable income streams from their stock investments.
Reuters
Hyundai Motor, LG Energy Solution launch Indonesia's first EV battery plant
JAKARTA (Reuters) -South Korea's Hyundai Motor Group and LG Energy Solution (LGES) on Wednesday inaugurated Indonesia's first battery cell production plant for electric vehicles with an annual capacity of 10 Gigawatt hours (GWh) of battery cells. The plant is part of a commitment by Hyundai Motor and LGES to invest up to $9.8 billion in Southeast Asia's largest economy to develop an EV supply chain, the Indonesian government said, to benefit from rich resources of nickel and copper.
Reuters
Nippon Steel's Mori to visit US again next week for talks on US Steel takeover
Nippon Steel's vice chairman plans to return to the United States next week again to discuss its proposed acquisition of U.S. Steel, a company spokesperson said on Wednesday. The planned visit by Takahiro Mori, the Japanese firm's key negotiator for the deal, follows trips to the U.S. in May and June, highlighting the importance of the $15 billion takeover offer to the world's No. 4 steelmaker. U.S. Steel's management has backed the bid but the deal faces resistance from the White House and the powerful United Steelworkers (USW) union.

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UPDATE 1-Oracle to invest over $8 bln in Japan in cloud computing, AI

Latest stories

German car industry urges EU to drop tariffs on China-made cars

Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies

EU takes aim at China's Temu and Shein with proposed import duty, FT reports

EU slaps Chinese electric cars with tariffs of up to 38%

BMW attacks EU tariffs on Chinese electric car imports

EU hits Chinese electric cars with new tariffs

MG, Nio hint at car price increases this year following EU EV tariff decision

How Microsoft and Nvidia bet correctly to leapfrog Apple

Bird flu hits McDonald's Australia breakfast hours

China EV makers brace for tariffs as Beijing, EU engage in talks

Climate scientists urge responsible use of AI as Google’s emissions soar by 48% since 2019

Ambani's Reliance to launch IPO-bound Shein in India, ET reports

China kicks off largest AI conference in Shanghai as tech rivalry with the US heats up

China's BYD opens first EV factory in Southeast Asia

US crude exports to Europe hit two-year low in June

Can the West Afford to Ditch Cheap Chinese Green Tech Imports?

China-built EVs hit with duties in biggest EU trade case yet

Avoid Estée Lauder Companies And Explore This One Attractive Dividend Stock Instead

Hyundai Motor, LG Energy Solution launch Indonesia's first EV battery plant

Nippon Steel's Mori to visit US again next week for talks on US Steel takeover