Elon Musk expected to make speech at opening of Shanghai's World AI Conference

Reuters
China steps up pressure with EU brandy probe hearing as EV tariffs begin
BEIJING (Reuters) -China announced the next step in its anti-dumping investigation into European brandy imports on Friday, ramping up tension on the day the European Commission's provisional tariffs on Chinese-made electric vehicles take effect. Ahead of the bloc confirming tariffs of up to 37.6% on Chinese-made EVs on Thursday, a commerce ministry spokesperson told a news conference that Brussels and Beijing should keep negotiating, but kept the prospect of retaliation was alive with a reference to another investigation into EU pork imports.
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.
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.
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.
AFP News
Why are Chinese electric cars in EU crosshairs?
The European Union will impose additional provisional duties of up to 38 percent on Chinese electric cars from Friday after concluding manufacturers in China benefited from unfair state support.The EU will now impose provisional duties between 20 and 38 percent on top of the current 10 percent tariff on Chinese electric cars.
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
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
Analysis-China, struggling to make use of a boom in energy storage, calls for even more
BEIJING (Reuters) -Rows of what look like thin, white shipping containers are lined up on a barren dirt field in China's Shandong province. Filled with batteries, they form a 795 megawatt (MW) plant that can hold up to 1 million kilowatt-hours of electricity - enough to power 150,000 households for a day, making it China's largest such storage facility when it was connected to the grid last Saturday. Built by Lijin County Jinhui New Energy Co, the project is part of an explosion in development of energy storage in China, which has called for even more investment in the sector to boost renewable electricity and ease grid bottlenecks.
Reuters
Europe's top cognac makers to attend China meeting on anti-dumping probe, source says
LONDON (Reuters) -Leading European cognac producers will attend a hearing on China's anti-dumping probe of the industry in Beijing on July 18 - their first chance to defend themselves in person since the investigation began earlier this year, an industry source said. Companies behind major brands Martell, which is owned by Pernod Ricard, Remy Martin - part of Remy Cointreau - and Hennessy, owned by LVMH, received a summons overnight to attend the hearing, the source said.
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
Brent crude trades above $87, sets highest levels since April
(Reuters) -Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 21 cents, or 0.2%, at $87.55 a barrel by 1922 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 18 cents at $84.06 in trade thinned by the U.S. Independence Day holiday.
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.
Simply Wall St.
Three Top Growth Companies With High Insider Ownership And A Minimum 24% Earnings Increase
As global markets navigate through a period of relative calm with anticipation for upcoming earnings reports and key economic indicators, investors continue to assess opportunities across various sectors. In this context, growth companies with high insider ownership stand out as particularly intriguing, given their potential alignment of management interests with shareholder returns amid evolving market dynamics.
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.
CNN Business
Germany blocks another big business deal with China
Germany has blocked the sale of a Volkswagen subsidiary to a Chinese state-owned company on national security grounds, delivering a fresh blow to the already tense relationship with its biggest trading partner.
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.
Reuters
U.S. developer Panattoni says India should ease land acquisition process amid warehousing boom
The head of U.S.-based industrial real estate developer Panattoni has urged India to streamline its land acquisition processes which he said make it difficult for developers to cash in on a warehousing boom in the country. Foreign and domestic real estate developers are building more warehouses in India to cater to growing storage demand of companies, but land acquisition is often a sticking point in a country where multiple farmers or other people can own a piece of land, and transfer processes are complex and take time. While India offers opportunities for expansion, "the biggest challenge is land itself - permissions (and) availability of data to acquire land," said Robert Dobrzycki, CEO of Panattoni, which owns large industrial real estate assets in the U.S., Canada and Europe and entered the Indian market in 2022.
Zacks
Top Research Reports for Apple, Meta Platforms & Tesla
Today's Research Daily features new research reports on 16 major stocks, including Apple Inc. (AAPL), Meta Platforms, Inc. (META) and Tesla, Inc. (TSLA), as well as a micro-cap stock Natural Health Trends Corp. (NHTC)
Reuters
Volvo Cars' June sales rise on fully electric model boost
Volvo Cars' sales in June rose 8% to 71,514 cars from a year earlier, underpinned by strong performances in Europe and Latin America as well as for its new fully electric model EX30, the Sweden-based automaker said on Thursday. Volvo Cars, which is majority-owned by China's Geely Holding, said in a statement that sales of fully electric and plug-in hybrid models were up 41%, and also account for 48% of its global car sales. "As June comes to a close, the sales figures for the month are proof of the successful steps we have taken toward our long-term strategic direction and the continued demand for our cars," the company.
The Telegraph
The world must prepare for President Michelle Obama
The 2024 US Presidential race intensifies. Speculation abounds over potential replacements for President Joe Biden amid increasing pressure from his party and the media to step aside after a jaw-dropping, catastrophic debate against Donald Trump last week. Among the names circulating, a game-changer is emerging: Michelle Obama. Could this be America’s worst nightmare?

Straits Times Index

Nikkei

Hang Seng

FTSE 100

Bitcoin USD

CMC Crypto 200

S&P 500

Dow

Nasdaq

Gold

Crude Oil

10-Yr Bond

FTSE Bursa Malaysia

Jakarta Composite Index

PSE Index

Elon Musk expected to make speech at opening of Shanghai's World AI Conference

Latest stories

China steps up pressure with EU brandy probe hearing as EV tariffs begin

China's BYD opens first EV factory in Southeast Asia

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

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

Why are Chinese electric cars in EU crosshairs?

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

EU hits Chinese electric cars with new tariffs

Analysis-China, struggling to make use of a boom in energy storage, calls for even more

Europe's top cognac makers to attend China meeting on anti-dumping probe, source says

Bird flu hits McDonald's Australia breakfast hours

Brent crude trades above $87, sets highest levels since April

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

Three Top Growth Companies With High Insider Ownership And A Minimum 24% Earnings Increase

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

Germany blocks another big business deal with China

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

U.S. developer Panattoni says India should ease land acquisition process amid warehousing boom

Top Research Reports for Apple, Meta Platforms & Tesla

Volvo Cars' June sales rise on fully electric model boost

The world must prepare for President Michelle Obama