REFILE-JPMorgan cuts at least six investment banking jobs in Hong Kong, sources say

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.
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
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.
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
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."
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.
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."
TechCrunch
OpenAI breach is a reminder that AI companies are treasure troves for hackers
There's no need to worry that your secret ChatGPT conversations were obtained in a recently reported breach of OpenAI's systems. No security breach should really be treated as trivial, and eavesdropping on internal OpenAI development talk certainly has its value. Let's talk about three kinds of data OpenAI and, to a lesser extent, other AI companies created or have access to: high-quality training data, bulk user interactions, and customer data.
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.
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
GOBankingRates
3 Money Moves Gen X Should Make Now as Retirement Looms
Let's start with some good news for Generation X workers. For the first time, they've now seen their 401(k) balance top those of Baby Boomers, according to Fidelity data. Net Worth for Gen X: How To...
South China Morning Post
Chinese tech executives discuss how AI large language models can shape businesses
Chinese tech executives - including those from Alibaba Group Holding and generative artificial intelligence start-up Zhipu AI - discussed how large language models (LLMs) can shape businesses at the annual conference held by Luohan Academy, the open research institute initiated by Alibaba. At the 2024 Luohan Academy Annual Digital Economy Conference, Zhang Fan, chief operating officer of Zhipu AI - one of China's "four artificial intelligence (AI) tigers" - talked about how the tech unicorn help
Yahoo Finance Video
Auto industry still on track for 'an electrified future'
Automakers continue to report sales growth, prompting investors to question whether this trend can persist into the second half of 2024. Cox Automotive executive analyst and senior director of economic and industry insights Erin Keating joins Market Domination Overtime to discuss her outlook on the auto industry. Keating calls the auto industry's performance "pretty good" in 2024 despite economic uncertainty that pointed to a potential slowdown. Addressing the electric vehicle (EV) sector, she notes that "a lot of the decline" in the EV market "is coming out of the Tesla (TSLA) share," noting Tesla's former position as the sole competitor in the market. With more automakers transitioning to EV production, Keating doesn't believe that "EV demand is completely falling off a cliff." Instead, she describes the market as "normalizing," reflecting a more competitive landscape. Looking ahead, Keating tells Yahoo Finance that 'the automotive market will have to balance itself out." She forecasts increased consolidation and collaboration among automakers as the industry adapts to evolving dynamics. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Angel Smith
Yahoo Finance Video
DOJ officials reportedly readying fraud charge against Boeing
Boeing (BA) may be confronting fresh legal hurdles as reports suggest the Justice Department is considering charging the aerospace manufacturing giant with fraud over fatal planes from years prior. This potential development adds to the company's ongoing legal challenges, which have primarily stemmed from safety concerns within its production process for its premier jet lines. Market Domination co-hosts Jared Blikre and Josh Lipton break down the details. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
The Telegraph
Wife wars? The real reason the Obamas are not standing up for Biden
When Joe Biden was inaugurated as the 46th President of the United States in 2021, much was made of his wife Dr Jill Biden becoming the first First Lady ever to hold a salaried outside job.
The Telegraph
‘Everything they touch will turn to gold’: What’s next for the Sunaks?
It’s all over for Rishi Sunak now that his party has lost the general election in emphatic fashion – despite retaining his seat, this is surely the beginning of the end of his frontline political career as he serves out the last of his days as leader of the party.
The Independent
Dad pleaded for daughter’s ex-boyfriend not to be freed from jail. Days later, her mutilated body was found in a car
‘If they let him out, he was going to kill her,’ Lauren Johansen’s father said he warned a judge just days before his daughter’s death

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REFILE-JPMorgan cuts at least six investment banking jobs in Hong Kong, sources say

Latest stories

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

Carmakers unhappy after EU hits China with tariffs on electric vehicles

Former ASML CEO says US-China chip fight will continue

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

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

China hints at targets in EV tariff battle

'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

OpenAI breach is a reminder that AI companies are treasure troves for hackers

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

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

3 Money Moves Gen X Should Make Now as Retirement Looms

Chinese tech executives discuss how AI large language models can shape businesses

Auto industry still on track for 'an electrified future'

DOJ officials reportedly readying fraud charge against Boeing

Wife wars? The real reason the Obamas are not standing up for Biden

‘Everything they touch will turn to gold’: What’s next for the Sunaks?

Dad pleaded for daughter’s ex-boyfriend not to be freed from jail. Days later, her mutilated body was found in a car