PRESS DIGEST- Financial Times

South China Morning Post
Tech war: China's top memory chip maker YMTC sees rising domestic demand, defying US curbs
China's top memory chip maker, Yangtze Memory Technologies Corporation (YMTC), is seeing a surge in demand for its flash memory chips, which have become a top choice for local clients, particularly those working in government and military-related projects, as Beijing strives to cut reliance on foreign semiconductor products. Demand for locally manufactured components, from graphics processing units to flash memory chips, has been surging, as China embarks on an ambitious drive to expand computin
Reuters
EU pork industry faces 'nightmare' if China restricts imports
Europe's pork industry faces a "nightmare scenario" of lower prices and falling profitability if China restricts imports from the region, industry executives and analysts said on Friday. China imported $6 billion worth of pork, including offal, in 2023 and more than half came from the EU, Chinese customs data showed. Ending those orders would result in a huge loss of business for Europe's meat industry.
The Telegraph
The world is using more oil, coal and gas than ever before and will use more. Net Zero is dead
A recent flurry of forecasts offers us a range of different views on what’s happening to the global demand for, and use of, crude oil. One thing seems to be clear, however: the chances of net zero carbon emissions in the near term – ie, by 2050 – are basically zero.
Reuters
Global airlines bet on India travel boom
Global airlines are launching new flights and expanding schedules in India, betting the South Asian giant will become one of the hottest travel markets over the next decade, airline officials and analysts say. India, among the fastest-growing major aviation markets, took centre stage at the industry's largest gathering of global airline CEOs and aircraft leasing companies in Dubai last week, with domestic and international air travel surging. The domestic air travel market in India is expected to double to 300 million passengers from a record 152 million in 2023, according to government data.
Simply Wall St.
Analyzing 3 SGX Dividend Stocks With Yields Ranging From 4.7% To 5.4%
In recent developments, the global financial landscape is witnessing significant technological advancements, as illustrated by major banks like Santander rolling out sophisticated cloud-based platforms. This trend underscores the importance of innovation and adaptability in today's dynamic market environment. In this context, selecting dividend stocks that not only offer attractive yields but also demonstrate resilience and strategic foresight in adapting to new technologies is crucial for...
Reuters
Canada's parliament grills bank CEOs on climate policy in rare meeting
The CEOs of Canada's big five banks on Thursday reassured members of parliament about their commitment to fighting climate change, but said reducing funding for fossil fuel extraction would take time and more works need to be done to reach net zero emissions. In a rare meeting, MPs grilled the heads of Royal Bank of Canada, TD Bank Bank of Montreal, Bank of Nova Scotia and CIBC appeared via videolink before a House of Commons committee to answer questions about any steps their banks are taking to help reduce greenhouse gas emissions and steer away from fossil fuel funding. Canadian banks, among the biggest oil and gas financiers in the world, have come under pressure over recent years with demands to change their lending practices that contribute to climate change.
Reuters
China firms seek probe into EU pork as trade row deepens
BEIJING (Reuters) -Chinese firms have formally applied for an anti-dumping probe into pork imports from the European Union, the state-backed Global Times reported, escalating tensions after the bloc imposed anti-subsidy duties on Chinese-made electric vehicles. The move opens a new front in bilateral strains in one of the world's key trading relationships after Brussels slapped tariffs of up to 38.1% on EVs made in China to shield its auto industry from competition. China imported $6 billion worth of pork in 2023, including offal, with the EU accounting for more than half, customs data showed.
Reuters
Oil dips, but posts weekly gain on solid 2024 demand outlook
NEW YORK (Reuters) -Oil futures prices settled slightly lower on Friday after a survey showed deteriorating U.S. consumer sentiment, but prices rose 4% for the week as investors weighed forecasts for solid demand for crude oil and fuel in 2024. Brent crude futures settled down 13 cents at $82.62 a barrel, while West Texas Intermediate (WTI) U.S. crude futures were down 17 cents at $78.54. Both benchmarks slipped after a survey showed U.S. consumer sentiment weakened in June to a seven-month low.
South China Morning Post
Could China strangle Europe's weapons output with cotton?
This is the first in a four-part series about China's military development, from weapons and aircraft to its role in the global supply chain and how it compares with the United States. In early May, a chemical plant in China's central Hubei province exploded, killing three people. The culprit was nitrocellulose, a highly flammable material made from cotton. The plant belonged to Hubei Xuefei Chemical, China's second largest producer of nitrocellulose. And within days, the accident in Laohekou ci
Oilprice.com
Russian Oil is Fueling Geopolitical Fragmentation
Russia's invasion of Ukraine has created a divide in global oil trade, with some countries decreasing or banning Russian oil imports and others increasing them, leading to shifting trade dependencies and geopolitical fragmentation.
Reuters
US manufacturing group calls for stronger protection against Chinese imports
WASHINGTON (Reuters) -A policy group led by the United Steelworkers union and domestic manufacturers is calling for the U.S. to enact stronger trade barriers to Chinese imports after President Joe Biden imposed steep tariffs on Chinese electric vehicles, solar panels and other strategic goods. The Alliance for American Manufacturing (AAM) on Friday published a report on China's excess industrial capacity that echoes concerns raised by the Biden administration and U.S. allies in recent months, saying quick action was needed to stem a rising tide of cheap and subsidized exports that threatens U.S. jobs. The group called for the return of a long-expired import surge protection tool that was created when Beijing joined the World Trade Organization in 2001, the event that turned China into a global export powerhouse.
South China Morning Post
EU's tariffs may stall SAIC's exports of EV but do little to keep BYD at bay, analysts say
The European Union's proposed import tariffs on electric vehicles (EVs) will do little to keep Chinese brands at Europe's gate, as the most innovative and cost-effective assemblers like BYD can overcome any hurdle, analysts said. "The tariffs will only affect Chinese brands' exports to Europe in the near term," said Guotai Junan Securities analyst Wu Xiaofei. That is a relief for an industry that had been awaiting the EU's nine-month anti-subsidy investigation, which culminated this week in puni
Reuters
Hyundai deepens India bet, files for IPO that could be country's biggest
NEW DELHI (Reuters) -Hyundai Motor's India unit sought regulatory approval on Saturday for a stock market listing in Mumbai which could be the nation's biggest and will see the South Korean parent sell a stake of up to 17.5% in the company. The IPO will make it the country's first car maker to go public in two decades since Maruti Suzuki in 2003, and would come just as Indian stock markets are trading near record highs. Hyundai counts India as a crucial growth market where it has two manufacturing units and has invested $5 billion, with commitments to pump in another $4 billion over the next decade.
Kotaku
Woman Caught Smuggling 350 Nintendo Switch Games In Her Bra
A nervous woman with a large bust size was stopped at an airport in China after officials grew suspicious. They inspected her and discovered she was allegedly trying to smuggle 350 Nintendo Switch carts out of the country by stuffing them into her bra.
The Independent
Shocking footage shows moments after a gator ate a 41-year-old woman in Florida
Family had last seen woman the day before fatal encounter in Largo, Florida
Hello!
Taylor Swift publicly praises boyfriend Travis Kelce amid separation
Taylor Swift took to Instagram to heap praise on her NFL boyfriend, Travis Kelce
KameraOne
Angry dad KARATE KICKS gorilla MASCOT that knocked over his child
An angry dad took matters into his own hands after a gorilla mascot knocked over his son in Shaanxi, China, on June 8. The defensive father unleashes a devastating karate kick on the mascot, sending him flying.
The Telegraph
Putin’s nuclear arsenal is crumbling. Ukraine can take it out for good
It’s high time that the West’s more timid leaders understood that the nuclear threats coming out of Moscow are all “bluff and bluster”, aimed at them and their wobbling lips.
The Independent
Her middle school security guard held her captive for 10 years. Now Tanya Kach is revealing how she survived a decade locked upstairs
Tanya Kach was 14 years old when she vanished in 1996. A decade later, she was found at her middle school security guard’s home, where she was being kept captive. Now, with the help of fellow kidnapping survivor Elizabeth Smart, she’s telling her story. Andrea Cavallier reports
The Telegraph
Cheating husband sues Apple after wife discovered ‘deleted’ messages sent to sex workers
Apple is to be sued by a businessman after “deleted” messages he sent to sex workers were found by his wife on another device.

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

PRESS DIGEST- Financial Times - May 16

Latest stories

Tech war: China's top memory chip maker YMTC sees rising domestic demand, defying US curbs

EU pork industry faces 'nightmare' if China restricts imports

The world is using more oil, coal and gas than ever before and will use more. Net Zero is dead

Global airlines bet on India travel boom

Analyzing 3 SGX Dividend Stocks With Yields Ranging From 4.7% To 5.4%

Canada's parliament grills bank CEOs on climate policy in rare meeting

China firms seek probe into EU pork as trade row deepens

Oil dips, but posts weekly gain on solid 2024 demand outlook

Could China strangle Europe's weapons output with cotton?

Russian Oil is Fueling Geopolitical Fragmentation

US manufacturing group calls for stronger protection against Chinese imports

EU's tariffs may stall SAIC's exports of EV but do little to keep BYD at bay, analysts say

Hyundai deepens India bet, files for IPO that could be country's biggest

Woman Caught Smuggling 350 Nintendo Switch Games In Her Bra

Shocking footage shows moments after a gator ate a 41-year-old woman in Florida

Taylor Swift publicly praises boyfriend Travis Kelce amid separation

Angry dad KARATE KICKS gorilla MASCOT that knocked over his child

Putin’s nuclear arsenal is crumbling. Ukraine can take it out for good

Her middle school security guard held her captive for 10 years. Now Tanya Kach is revealing how she survived a decade locked upstairs

Cheating husband sues Apple after wife discovered ‘deleted’ messages sent to sex workers