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

Reuters
China reveals next steps in EU brandy probe as EV tariffs take effect
BEIJING (Reuters) -China announced on Friday the next step in its anti-dumping investigation into European brandy imports, ramping up tension on the same day the European Commission's provisional tariffs on Chinese-made electric vehicles take effect. While a commerce ministry spokesperson stressed at a news conference on Thursday that Brussels and Beijing should stay at the negotiating table ahead of the bloc confirming tariffs of up to 37.6% on Chinese-made EVs, the prospect of retaliation was kept alive by a reference to another probe into EU pork imports. On Friday, the commerce ministry said it would hold a hearing on July 18 to discuss an investigation into claims that European brandy producers are selling into China at below market rates.
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.
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.
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.
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.
Simply Wall St.
Exploring Three SGX Stocks With Intrinsic Value Discounts Ranging From 43% To 47.2%
Amidst a landscape of heightened vigilance against financial fraud, as highlighted by initiatives from major banks like National Australia Bank, investors in the Singapore market may find reassurance in focusing on fundamentally sound investments. In this context, identifying stocks trading below their intrinsic value can offer a prudent strategy, especially when market conditions underscore the need for careful investment choices.
AFP News
China's BYD opens EV plant in Thailand despite slowdown, tariff row
China's electric vehicle giant BYD opened a factory in Thailand on Thursday, continuing its international expansion despite a market slowdown and hours before the European Union was due to impose swingeing tariffs on Chinese EV firms.China has led the global shift to electric vehicles, with almost one in three cars on its roads set to be electric by 2030, according to the International Energy Agency's annual Global EV Outlook.
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
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.
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.
Moneywise
Is retiring at 65 a huge mistake? Here's what you need to consider
Deciding when to retire is deeply personal.
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.
Yahoo Life Shopping
DeWalt's top-selling driver is 40% off, plus more brand deals for the 4th
Score top-of-the-line tools at rock-bottom prices, just in time for all your summer DIY projects.
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.
Twentytwo13
Data centres will create a thriving ecosystem around them; talent development remains govt’s priority
In this week’s Digital Ministry round up, we look at how data centres can help create jobs, and the importance of talent development to ensure no one is left behind in the digital race. The post Data centres will create a thriving ecosystem around them; talent development remains govt’s priority appeared first on Twentytwo13.
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
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
ASML expansion in Veldhoven can proceed, Dutch court rules
Semiconductor production equipment maker ASML may continue with an expansion under way at its headquarters in Veldhoven, the Netherlands' Council of State ruled on Wednesday, rejecting objections from two neighbours. The country's highest administrative court said complaints that the new facilities would lead to traffic and noise problems were insufficient grounds to stop or alter the project, which was approved by Veldhoven's town council in 2022. The court said that suggestions the company could build its facilities partly below ground would not work in practice because of the delicate nature of the large machines ASML will assemble at the site.
Euronews
Microsoft to pay millions in settlement over California worker discrimination allegations
The global software giant will pay millions to settle allegations it discriminated against employees who took leave.
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.

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

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

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

Latest stories

China reveals next steps in EU brandy probe as EV tariffs take effect

China's BYD opens first EV factory in Southeast Asia

Why are Chinese electric cars in EU crosshairs?

BMW attacks EU tariffs on Chinese electric car imports

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

Exploring Three SGX Stocks With Intrinsic Value Discounts Ranging From 43% To 47.2%

China's BYD opens EV plant in Thailand despite slowdown, tariff row

EU hits Chinese electric cars with new tariffs

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

Bird flu hits McDonald's Australia breakfast hours

Is retiring at 65 a huge mistake? Here's what you need to consider

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

DeWalt's top-selling driver is 40% off, plus more brand deals for the 4th

Germany blocks another big business deal with China

Data centres will create a thriving ecosystem around them; talent development remains govt’s priority

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

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

ASML expansion in Veldhoven can proceed, Dutch court rules

Microsoft to pay millions in settlement over California worker discrimination allegations

China hints at targets in EV tariff battle