Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from Sept 1

The Independent
World’s biggest solar farm goes online, big enough to power a country
5GW facility is roughly the same area as New York City
Reuters
China says it never uses EV subsidies barred by WTO
BEIJING (Reuters) -China never makes use of subsidies for electric vehicles that have been prohibited by the World Trade Organization, a spokesperson for its foreign ministry said on Thursday. Chinese companies are producing waves of low-priced EVs that some worry could harm big U.S. automakers, some of which have focused recently on big gasoline-powered sports utility vehicles. "China's new energy products, including electric vehicles, are widely popular in the international market," Mao Ning, the spokesperson, told a regular press briefing.
Reuters
Exclusive-Chinese AI chip firms downgrading designs to secure TSMC production, sources say
Some Chinese AI chip companies are now designing less powerful processors to retain access to Taiwan Semiconductor Manufacturing Co (TSMC) production in the face of U.S. sanctions, four people with knowledge of the matter said. Aiming to impede breakthroughs in artificial intelligence and supercomputing by China's military, Washington has imposed a series of export controls on highly sophisticated processors from companies such as Nvidia and on chip manufacturing equipment.
Reuters Videos
Why Costco might fire up Japan's low-pay economy
STORY: When a branch of Costco opened last year in a small country town north of Tokyo, it caused ripples across the local economy - and, maybe, right across Japan. Because the U.S. retail giant was offering pay that caused a stir. At 1,500 yen, or nearly $10 per hour, its minimum wage is 60% above the minimum in the surrounding area, and would be good even in Tokyo. That gave local firms something to think about. At a nearby noodle shop, marketing manager Takehiro Ehashi decided he had no option but to hike wages to compete: "For us, even a one- or two-yen rise in raw material cost is tough, so to increase hourly pay by even 10 yen is extremely challenging as we need to generate far more sales. But since Costco opened it's become a kind of magnet and we have more customers, so it's overall a positive."Economists see a very hopeful signal. If higher salaries at foreign firms force local companies to raise pay too, it might just spark a virtuous cycle of rising wages and consumption. That would be huge news in a country where real wages barely grew at all between 1995 and 2021. Better pay might mean people like Costco worker Ryu Kawane feel more ready to spend money and boost the economy: "Partly due to COVID, my income really fluctuated before I joined Costco. Since starting at Costco I've received a high, stable salary so I've felt more stability in my everyday life as well.” Prime Minister Fumio Kishida has made sustainable wage rises a key goal, while the Bank of Japan wants to see similar signs before it does more rate hikes. Not everyone is happy though. Some local businesses have complained about the pressure to raise wages, and the challenge in competing for workers. But town mayor Motosuke Tomizuka says the store’s arrival has boosted pay all over the area, and sparked a tangible upturn: "When the local economy enters a phase of rising wages, what do business owners do? They do their best to make money. That's how the economic pie finally grows and spurs revitalization.”Now Costco plans to open many more stores in Japan, while other major foreign firms, including furniture giant IKEA, are also paying relatively well. The government will be hoping that just might be the start of something big.
The Independent
Kanye West says he will counter-sue former assistant claiming she ‘pursued him sexually’ for blackmail
A statement from Ye accuses former assistant Lauren Pisciotta of ‘sexual coercion’
The Independent
Ikea is paying real people $16.80 an hour to work at its virtual Roblox game
Ikea is launching a game inside Roblox, where virtual employees will be paid a real hourly wage
The Independent
Colorado residents livid over rancid odor from pet food factory that’s ruining their lives: ‘Like someone barfed... then baked it’
Residents have brought a class action lawsuit over what they say are two years of misery caused by the stench from a nearby pet food factory
The Telegraph
Electric car discounts now ‘unsustainable’ amid record price cuts
Manufacturers have warned that high levels of discounting for electric cars cannot continue “indefinitely” amid a downturn in household sales.
Reuters
US sets stage for antitrust probes into Microsoft, OpenAI and Nvidia
The U.S. Justice Department and the Federal Trade Commission have reached a deal that clears the way for potential antitrust investigations into the dominant roles that Microsoft, OpenAI and Nvidia play in the artificial intelligence industry, according to a source familiar with the matter. The agreement between the two agencies shows regulatory scrutiny is gathering steam amid concerns over concentration in the industries that make up AI. Microsoft and Nvidia not only dominate their industries but are two of the world's biggest companies by market capitalization since Nvidia's market value recently surpassed $3 trillion.
Reuters SG
Asia high-sulphur fuel oil market to take a breather in strong rally
A rally in Asia's high-sulphur fuel oil (HSFO) market, boosted by lower Middle East exports and OPEC+ cuts, is expected to take a breather as Russian exports remain elevated and will ease tight supply, industry sources said. Tighter supply has driven HSFO spot premiums and refining margins in Asia to over nine-month highs, raising costs for shippers, utilities and refineries that use the fuel. Asia's HSFO imports have dropped in recent weeks, with more barrels moving towards or remaining in the Middle East to meet higher power consumption in summer.
Reuters
US private payroll growth slows to 4-month low; small firms cut jobs
(Reuters) -Hiring by U.S. private employers slid to a four-month low in May, with small firms reducing staff, and wage gains for job changers moderated for a second month, according to a report on Wednesday that added to signs the job market is cooling. Private payrolls increased by 152,000 jobs last month - the fewest since January and well below the average of 194,000 over the past year - after rising by a downwardly revised 188,000 in April, the ADP Employment report showed. Economists polled by Reuters had forecast private employment increasing by 175,000 last month.
The Independent
Boeing worker told Senators they had nightmares of planes ‘falling out of the sky’ and begged for safety fixes
Exclusive: In an anonymous letter sent to a Senate Committee the individual alleged that workers were ‘pressured’ to sign off on safety inspections that had not been completed
LA Times
Inside the race to train more workers in the chip-making capital of the world
Taiwan, which makes one-fifth of the world's semiconductors, is facing a severe shortage of workers.
Investing.com
Oil prices settle higher on global rate-cut optimism after ECB delivers first cut
Investing.com -- Oil prices settled higher Thursday, as signs that global rates cuts are underway boosted optimism on the global economy easing demand worries somewhat following an unexpected build in U.S. inventories a day earlier.
Reuters
Scorching heat drives India's gas-fired power use to multi-year highs in May
Sweltering heat and policy measures are fuelling a surge in the use of gas-fired power in India, with imports of liquefied natural gas (LNG) forecast to rise sharply over the next two years, industry officials and experts say. The country's gas-fired power generation doubled in April and May to 8.9 billion kilowatt-hours (kWh) compared with the same period last year, data from Grid India showed, eating into the share of coal-fuelled electricity for the first time since the COVID-19 pandemic. More than 75% of India's power generation was from coal in 2023, while gas-fired plants have accounted for only about 2% in recent years, largely because of the high cost of gas relative to coal.
Evening Standard
How teens can overcome hurdles to the job market
Facing disadvantages or living with neurodiversity can make taking the next step harder. Julie Henry explores how teenagers with challenges are getting access to work experience, employment and education
GOBankingRates
100 Side Gigs That Can Make You $100 a Month
If you could use an extra $1,200 a year to invest, save or spend, there are at least 100 ways to earn $100 per month. Check Out: How I Make $5,000 a Month in Passive Income Doing Just 10 Hours of Work...
Reuters
Exclusive-India plans new shipping firm to capture revenue from growing trade
India plans to set up a new shipping company to expand its fleet by at least 1,000 ships in the next decade, as Asia's third-largest economy seeks a bigger chunk of revenue from surging trade, two government officials said. The South Asian nation is spending billions of dollars to refurbish infrastructure in its race to become a world-class manufacturer with Prime Minister Narendra Modi, who won a third term this week, aiming for it to be a developed nation by 2047. The yet-to-be-named firm will be jointly owned by state-run companies in the oil, gas and fertiliser industries, which would provide it with business, along with the state-run Shipping Corp of India and foreign companies.
Associated Press
A Colorado woman who was handcuffed in a police car hit by a train receives an $8.5M settlement
A Colorado woman who was seriously injured when a freight train hit the parked police vehicle in which she sat handcuffed has reached an $8.5 million settlement, a lawyer representing two of the involved police officers said Wednesday. The city of Fort Lupton and nearby town of Platteville, which together employed the three officers sued in the 2022 crash, will each pay half of the settlement to Yareni Rios, said attorney Eric Ziporin. Ziporin represents the two officers who worked for Fort Lupton at the time, Jordan Steinke and Ryan Thomeczek.
INSIDER
Florida locals endorse Disney World's new $17 billion development
Local businesses are urging the Central Florida Tourism Oversight District board to approve a $17 billion development deal with Disney.

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Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from Sept 1

Latest stories

World’s biggest solar farm goes online, big enough to power a country

China says it never uses EV subsidies barred by WTO

Exclusive-Chinese AI chip firms downgrading designs to secure TSMC production, sources say

Why Costco might fire up Japan's low-pay economy

Kanye West says he will counter-sue former assistant claiming she ‘pursued him sexually’ for blackmail

Ikea is paying real people $16.80 an hour to work at its virtual Roblox game

Colorado residents livid over rancid odor from pet food factory that’s ruining their lives: ‘Like someone barfed... then baked it’

Electric car discounts now ‘unsustainable’ amid record price cuts

US sets stage for antitrust probes into Microsoft, OpenAI and Nvidia

Asia high-sulphur fuel oil market to take a breather in strong rally

US private payroll growth slows to 4-month low; small firms cut jobs

Boeing worker told Senators they had nightmares of planes ‘falling out of the sky’ and begged for safety fixes

Inside the race to train more workers in the chip-making capital of the world

Oil prices settle higher on global rate-cut optimism after ECB delivers first cut

Scorching heat drives India's gas-fired power use to multi-year highs in May

How teens can overcome hurdles to the job market

100 Side Gigs That Can Make You $100 a Month

Exclusive-India plans new shipping firm to capture revenue from growing trade

A Colorado woman who was handcuffed in a police car hit by a train receives an $8.5M settlement

Florida locals endorse Disney World's new $17 billion development