Slovakia wins EU nod for $289 million aid to Volvo's EV plant

Associated Press
Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies
After the United States passed new subsidies designed to boost domestic electric vehicle production and cut into Beijing’s supply chain dominance, Chinese manufacturers began investing in an unlikely place: Morocco. In the rolling hills near Tangiers and in industrial parks near the Atlantic Ocean, they have announced plans for new factories to make parts for EVs that may qualify for $7,500 credits to car buyers in the United States. Similar investments have been announced in other countries that share free trade agreements with the United States, including South Korea and Mexico.
Reuters
German car industry urges EU to drop tariffs on China-made cars
Germany's VDA auto association urged the European Commission to drop its planned tariffs on China-made electric vehicles on Wednesday, in a last-ditch effort to influence negotiations ahead of the tariffs kicking in on Thursday. The association highlighted that the tariffs were hurting European and U.S. carmakers exporting from China and that the risk of retaliation by China with counter-tariffs would hit the German industry hard given its high volume of export to China.
Reuters
EU takes aim at China's Temu and Shein with proposed import duty, FT reports
The European Commission later this month will suggest scrapping a current 150 euros ($161) threshold under which items can be bought duty free, the report said. Under current EU regulations, packages purchased online from a non-EU country are not subject to customs duties if their value is under 150 euros. Two billion parcels with a declared value of less than 150 euros arrived in the EU from outside countries in 2023, according to the Commission, which says "the sheer volumes of e-commerce are testing customs' limits".
Yahoo Finance
Oil to rise to $90 a barrel this year as tensions in Middle East escalate, says analyst
Rising tensions in the Middle East are adding a premium to oil prices as traders weigh the potential of an interruption to Iran's oil supply.
Reuters
Airbus deliveries rose 2% in first half, sources say
PARIS (Reuters) -Airbus delivered a preliminary total of around 67 airplanes in June, bringing the total for the first half of the year to around 323 aircraft, up 2% from the same period last year, industry sources said on Monday. Airbus, which last week cut its delivery forecast for the full year to 770 planes from 800 amid supply chain concerns, declined to comment ahead of the release of monthly and half-yearly data expected on July 8. Underscoring trends which prompted Airbus to cut targets last week, the June total also falls short of the company's original ambitions for the month by about 10 aircraft, on top of single-digit shortfalls in prior months, suppliers said.
Reuters
Red Sea disruptions to continue into Q3, Maersk CEO says
The coming months will be challenging for carriers and businesses, as disruptions to container shipping via the Red Sea continue into the third quarter, Danish shipping company Maersk said on Monday. Maersk and other shipping companies have diverted vessels around Africa's Cape of Good Hope since December to avoid attacks by Iran-aligned Houthi militants in the Red Sea, with the longer voyage times pushing freight rates higher. "The longer that this lasts, the more our costs will get deeply ingrained," Maersk said in a statement, citing comments made by CEO Vincent Clerc at "a recent online event with customers".
BBC
How Microsoft and Nvidia bet correctly to leapfrog Apple
The two tech firms were among the first to see the commercial potential of AI.
Yahoo Finance
Oil prices rise amid Hurricane Beryl concerns, Middle East tensions
Hurricane Beryl is the earliest Category 5 storm on record. It's increasingly threatening to disrupt the oil market.
Investing.com
Oil prices steady amid summer demand hopes, supply risks
Investing.com-- Oil prices steadied in Asian trade on Tuesday after running up sharply in recent sessions as traders bet on increased demand during the Independence Day holiday and potential supply risks from geopolitics and weather-related disruptions.
Reuters
Hyundai Motor, LG Energy Solution launch Indonesia's first EV battery plant
JAKARTA (Reuters) -South Korea's Hyundai Motor Group and LG Energy Solution (LGES) on Wednesday inaugurated Indonesia's first battery cell production plant for electric vehicles with an annual capacity of 10 Gigawatt hours (GWh) of battery cells. The plant is part of a commitment by Hyundai Motor and LGES to invest up to $9.8 billion in Southeast Asia's largest economy to develop an EV supply chain, the Indonesian government said, to benefit from rich resources of nickel and copper.
Zacks
U.S. EV Battery Plants to Spark a New Era in E-Mobility
Read on to know about the battery production investments currently underway in the United States by major automakers including TSLA, GM, F, TM and STLA.
South China Morning Post
Chinese e-commerce giant JD.com pursues budget-minded consumers in slow economy
China's e-commerce giant JD.com is said to be doubling down on its budget shopping platform Jingxi in its latest move to win consumers in the "sink" market, made up mostly of small towns where shoppers have limited spending power, amid fierce competition with rivals such as PDD Holdings. Borrowing a page from PDD's playbook, JD.com is taking full control over Jingxi's operation, logistics and after-sales services in what is known as a "whole custodian" model, hoping to better serve price-sensiti
Oilprice.com
China Sets Out To Develop More Local Oil, Gas
A new Chinese umbrella company grouping all the state majors will drill for ultradeep oil and gas, and explore shale formations in China.
Oilprice.com
Can the West Afford to Ditch Cheap Chinese Green Tech Imports?
The U.S. and EU are imposing tariffs on Chinese clean energy products to boost domestic industries, but experts warn this could slow the global green transition and increase consumer costs.
Reuters
Berlin to block sale of MAN Energy Solution's gas turbine unit to China, sources say
BERLIN (Reuters) -Germany will block the planned sale of Volkswagen subsidiary MAN Energy Solutions' gas turbine division to a Chinese company, three people familiar with the matter told Reuters on Tuesday. GHGT belongs to the China State Shipbuilding Corporation (CSSC), which dominates the Chinese shipbuilding industry. MAN Energy Solutions said last September that the German government would take a closer look at the planned sale to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT), which was first announced in June 2023 at an undisclosed price.
Simply Wall St.
Top Dividend Stocks To Watch In July 2024
The Indian stock market has shown robust performance, with a significant 44% increase over the past year and a recent rise of 1.1% in just the last week. In this context of strong market growth and promising earnings forecasts, dividend stocks emerge as particularly attractive for their potential to provide investors with steady income alongside capital appreciation.
Reuters Videos
Spirit Aero to be broken up in $4.7 bln Boeing deal
STORY: Boeing said Monday it will buy its supplier Spirit Aerosystems for $4.7 billion.The U.S. planemaker moved after a crisis caused by a mid-air blowout on a 737 MAX jet led to questions over quality.Boeing rival Airbus has also agreed to take on the supplier's loss-making Europe-focused activities, in return for hundreds of millions of dollars of compensation.Boeing spun off Spirit in 2005, and has long considered a buyback.The decision to go ahead now comes as the aerospace giant tries to resolve a crisis at one of the industry's key suppliers.January's blowout incident involved a door plug made by Spirit, and contributed to a major slowdown in output at Boeing.The planemaker announced the planned departure of CEO Dave Calhoun in the wake of the crisis.Now the deal is due to close around midway through next year, and is seen as an effort to address its safety problems and shore up its production line.Airbus is also a Spirit customer, and didn't want arch-rival Boeing building parts for its latest jets. It has now confirmed it will take over core activities at four of the supplier's plants to avoid that.Sources said the move was loosely coordinated between the three companies. Airbus said it would receive $559 million in compensation from Spirit, depending on the final outlines of the deal.
Reuters
German industry turns to solar in race to cut energy costs
For months, Philip Matthias tried to convince his father to install solar panels on their company's roof in the eastern German state of Thuringia, aiming to cut electricity costs and carbon emissions at the metal products factory. Since the war in Ukraine and the sudden drop in Russia fossil fuel exports to Germany, Berlin has introduced laws to accelerate solar power expansion, part of its plan to cover 80% of the country's energy from renewables by 2030. Encouraged by a feed-in tariff providing a guaranteed price to renewable energy producers selling their power, as well as reduced solar panel costs, German companies are increasingly turning to solar to get around high energy costs.
Reuters
Oil rises on US crude inventory draw, Mideast tensions
SINGAPORE (Reuters) -Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East. Brent crude futures edged up 46 cents, or 0.5%, to $86.70 per barrel at 0645 GMT. On Tuesday, both benchmarks rose to their highest since the end of April in intraday trading but closed down on the day as fears faded that Hurricane Beryl would disrupt production in the Gulf of Mexico.
Investing.com
Bitcoin mining stocks rally in June amid AI frenzy - JPMorgan
Bitcoin mining stocks outperformed the underlying cryptocurrency in June, driven by excitement around AI data centers, the value of power access, and a decline in network hashrate. According to a note from JPMorgan, dated Monday, these factors contributed to a 19% sequential increase in the aggregate market cap of 14 U.S.-listed bitcoin miners, which reached $22 billion. Despite an overall decline, the average Bitcoin price in June hovered around $66,000, up merely 1% from May. However, it exited the month lower at a $61,200 seven-day rolling average, an 11% decrease from the previous month's figure.

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Slovakia wins EU nod for $289 million aid to Volvo's EV plant

Latest stories

Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies

German car industry urges EU to drop tariffs on China-made cars

EU takes aim at China's Temu and Shein with proposed import duty, FT reports

Oil to rise to $90 a barrel this year as tensions in Middle East escalate, says analyst

Airbus deliveries rose 2% in first half, sources say

Red Sea disruptions to continue into Q3, Maersk CEO says

How Microsoft and Nvidia bet correctly to leapfrog Apple

Oil prices rise amid Hurricane Beryl concerns, Middle East tensions

Oil prices steady amid summer demand hopes, supply risks

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

U.S. EV Battery Plants to Spark a New Era in E-Mobility

Chinese e-commerce giant JD.com pursues budget-minded consumers in slow economy

China Sets Out To Develop More Local Oil, Gas

Can the West Afford to Ditch Cheap Chinese Green Tech Imports?

Berlin to block sale of MAN Energy Solution's gas turbine unit to China, sources say

Top Dividend Stocks To Watch In July 2024

Spirit Aero to be broken up in $4.7 bln Boeing deal

German industry turns to solar in race to cut energy costs

Oil rises on US crude inventory draw, Mideast tensions

Bitcoin mining stocks rally in June amid AI frenzy - JPMorgan