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☆ Safe-haven yen, Swiss franc soar as U.S. slowdown fears flare
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +2 min

Swiss Franc banknotes sit in the office of a bank in this arranged photograph in Zurich, Switzerland, on Friday, Nov. 20, 2015. The safe-haven Japanese yen and Swiss franc traded near multi-month highs against the dollar on Friday after an unexpected slump in U.S. manufacturing fuelled fears of a downturn, sending stocks and bond yields tumbling. The yen traded around 0.2% stronger at 149.085 per dollar, after popping as high as 148.51 overnight for the first time since mid-March. They were the only two major currencies to outperform the dollar overnight, which itself draws safe-haven flows, paradoxically even when the United States is the cause for concern. ECB policymaker Yannis Stournaras raised the risk of a weak euro zone economy sending inflation below the 2% target in an interview published on Thursday, reaffirming his expectation for two rate cuts this year.

Persons: Sterling, Tony Sycamore, Sycamore, BoE Governor Andrew Bailey, ECB policymaker Yannis Stournaras Organizations: Swiss, Bank of England, European Central Bank, Japan's Nikkei, IG, Federal Reserve, ECB policymaker Locations: Zurich, Switzerland, United States, Asia, U.S

☆ The end of the 'carry trade'? How Japan's yen could be ripping through U.S. stocks
▼ + stars: | 2024-08-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Stocks are experiencing a broad slump, with many market participants caught off guard by the speed of the yen's rally. The Japanese national flag is seen at the Bank of Japan (BoJ) headquarters in Tokyo on July 31, 2024. 'An implosion of the carry trade'U.S. stocks kicked off the month sharply lower, as fresh data prompted fears of a worsening economic outlook. "First of all, the hawkish Bank of Japan caused an implosion of the carry trade over a short-term basis. And all of that helps push equity markets, which had been quite expensive, even lower," he continued.

Persons: Nogi, Russell Napier, Napier, Cedric Chehab, Chehab, CNBC's Organizations: Afp, Getty, U.S ., U.S, Bank of Japan, The Bank of Japan, Federal, Dow Jones, Nasdaq, BMI, hawkish Bank of Japan Locations: Tokyo, China, Japan, U.S

☆ Opinion | The Gaza Conflict Enters ‘Uncharted Territory’
▼ + stars: | 2024-08-02 | by ( Serge Schmemann | ) www.nytimes.com time to read: +2 min

He was right; war is never inevitable until it breaks out. He was killed by an explosive device planted in an Iranian guesthouse weeks earlier, and both Iran and Hamas accused Israel of doing it. For Iran, the killing of a senior Hamas leader while he was attending the inauguration of the new Iranian president was a humiliation that the supreme leader, Ayatollah Ali Khamenei, declared it was “our duty” to avenge. Mr. Haniyeh, moreover, was a top Hamas negotiator in cease-fire talks, raising questions about whether those negotiations would be put on a long hold. Nonetheless, Mr. Austin, who was on a visit to the Philippines, went on to suggest that there was still room for diplomacy.

Persons: Lloyd Austin, Israel, Fuad Shukr, Ismail Haniyeh, Ayatollah Ali Khamenei, ”, Haniyeh, Austin, Antony Blinken Organizations: ”, Mr Locations: Beirut, Lebanon, Tehran, Israel, Iran, United States, Philippines, Asia

☆ An August stocks slump is ‘absolutely normal’ — but strategists urge caution on buying the dip
▼ + stars: | 2024-08-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A trader works on the floor of the New York Stock Exchange (NYSE) on August 1, 2024 in New York City. U.S. stocks kicked off August sharply lower as fresh data prompted fears of a worsening economic outlook. The ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8%, worse than expected and a signal of economic contraction. European stocks fell around 1.6% on Friday morning, tracking a slide on Wall Street. We also had bad manufacturing data out of the U.S. and some employment sub-indicators which scared markets," he continued.

Persons: Cedric Chehab, Chehab, CNBC's Organizations: New York Stock Exchange, Nikkei, Reuters, BMI, hawkish Bank of Japan Locations: New York City ., U.S, Asia

☆ Japan stock sell-off shows a 'fundamental shift' is underway, Goldman Sachs' equity strategist says
▼ + stars: | 2024-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

A pedestrian looks at an electronic stock board outside a securities firm in Tokyo, Japan, on Tuesday, Dec. 25, 2018. Japan's stock markets have hit a six-month low, declining for two straight days, after the Bank of Japan raised benchmark interest rates to their highest level since 2008. Speaking to CNBC's "Squawk Box Asia," Bruce Kirk, chief Japan equity strategist at Goldman Sachs said that the Japanese market rally had reached a "transitional phase." Yes, there's a fundamental shift taking place in the market, but it's not unusual," Kirk said. "I think people are now looking for areas that are more domestic demand focused, and that's really putting the interest back on Japan's small [and] mid-caps."

Persons: Bruce Kirk, Goldman Sachs, Kirk Organizations: Bank of Japan, Nikkei, CNBC Locations: Tokyo, Japan

☆ I spent 18 months and $34,000 traveling the world, and felt more lost than ever—4 lessons I learned about happiness
▼ + stars: | 2024-08-02 | by ( Helen Zhao | ) www.cnbc.com time to read: +5 min

I had quit my dream job as a video journalist to heal my burnout and find happiness beyond traditional measures of success and prestige. Happiness is not about extremes, but balanceFor years, I thought working my dream job would bring me the ultimate happiness. I realized that I won't find lasting happiness unless I'm living a life balanced between adventure, rest, productivity, and learning. I realized that I won't find lasting happiness unless I'm living a life balanced between adventure, rest, productivity, and learning. I was jealous — my life felt lame in comparison to the epic, picture-perfect lives they seemed to lead.

Persons: I'd, Helen Zhao, doesn't Locations: Los Angeles, South America, Asia, Indonesia, Vietnam, Patagonia, Los Angeles and New York City, Southeast Asia, LA, Bali

☆ Intel's 22% share plunge drags down global chip stocks from TSMC to Samsung
▼ + stars: | 2024-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Pat Gelsinger, chief executive officer of Intel Corp., speaks during the Computex conference in Taipei, Taiwan, on Monday, June 4, 2024. Intel shares fell 21.51% at 04:37 a.m. In Asia, Taiwan Semiconductor Manufacturing Co. — known as TSMC — closed 4.6% lower in Taiwan, and Samsung was also more than 4% lower at the end of the session in South Korea. TSMC is the world's biggest manufacturer of chips, while Samsung is the largest memory semiconductor firm globally. Samsung rival SK Hynix, which supplies U.S. giant Nvidia, also fell sharply to close more than 10% lower.

Persons: Pat Gelsinger, Gelsinger, Annabelle Chih Organizations: Intel Corp, Nvidia Corp, Bloomberg, Getty, Intel, Taiwan Semiconductor Manufacturing, Samsung, SK Hynix, Nvidia Locations: Taipei, Taiwan, U.S, Asia, South Korea, TSMC

☆ Oil set to fall for fourth week as demand concerns weigh on sentiment
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures gained 33 cents, or 0.4%, to $79.85 a barrel by 0020 GMT, after falling 1.5% in the previous session, while U.S. West Texas Intermediate crude futures rose 38 cents, or 0.5%, to $76.69, after a 2.1% drop on Thursday. On a weekly basis, Brent futures are on track to fall 1.7%, while WTI futures are set to drop 1.1%. "Markets continue to remain wary of Chinese oil demand after June data came in weaker-than-expected," analysts at consultancy firm FGE said. Asia's crude oil imports dropped to the lowest in two years in July on weak demand in China and India, according to data compiled by LSEG Oil Research. Still, the outlook for Chinese crude oil imports is brightening, FGE analysts noted, citing an increase in strategic purchases and a recovery in refining rates in the country.

Persons: Brent, FGE Organizations: Brent, U.S, West Texas, LSEG Oil Research Locations: Long Beach , California, United States, Europe, Asia, China, India, Iran, Israel

☆ 2 renowned strategists say the US should defend Taiwan with nuclear strikes. Experts say such talk is just a taste of what's to come.
▼ + stars: | 2024-08-02 | by ( Matthew Loh | ) www.businessinsider.com time to read: +13 min

The US once floated nuclear retaliation in 1958 if China invaded Taiwan, and stationed nuclear weapons on the island until 1974. It would essentially tell Beijing that an invasion of the island risks nuclear war, he said. "What's the benefit of reassuring Xi that our nuclear weapons are not relevant?" "So relatively low-yield nuclear weapons could destroy that amphibious force and do little to no collateral damage onshore in Taiwan." He added that threatening war — much less nuclear war — over Taiwan would be deeply unpopular at home.

Persons: —, David Kearn, Kearn, — he'd, Greg Weaver, Weaver, Obama, Matthew Kroenig, James Acton, Greg, Matt, Kroenig, Lyle Goldstein, Goldstein, we're, Acton, Francesca Giovannini, Giovannini, Xi Jinping, Xi, It's, Marshall Billingslea, Billingslea, Rebeccah Heinrichs, Jake Werner Organizations: Service, John's, Atlantic Council, Pentagon, Business, RAND, US Defense, Joint Chiefs of Staff, Defense Department, Nuclear, Carnegie Endowment, International, China Initiative, Brown University, International Peace, Harvard University's Kennedy, Georgetown University, US State Department, Hudson, Keystone Defense Initiative, Kroenig, East Asia, Quincy Institute, Responsible, Johns University Locations: St, Taiwan, China, Beijing, Washington, Korea, Japan, Taiwan Strait, Washington , DC, Guam, South China, Russia, United States, Bejing, South Korea

☆ Battle for Lashio: Civilians caught in the crossfire as rebels claim major victory over Myanmar’s junta
▼ + stars: | 2024-08-02 | by ( Helen Regan | Angus Watson | ) edition.cnn.com time to read: +12 min

Displaced people fleeing fighting in Lashio try to cross the flooded road to Taunggyi in Myanmar's northern Shan state on July 9, 2024. For Lashio to fall, “it basically eliminates the junta as an effective organized force from a huge part of the country,” Ruser said. The road on the way was badly damaged,” he said as he traveled to Taunggyi, the Shan state capital some nine hours south of Lashio. People queue for food at a monastery turned temporary shelter for internally displaced people in Lashio, Shan state on November 15, 2023. There were also reports in local media that the junta had ordered its staff to leave Lashio as fighting got closer.

Persons: Khin, ” Khin Swe, ”, “, Lashio “, Zaw Min Tun, Lashio, Stringer, Nathan Ruser, ” Ruser, Swe, Khin Swe, –, Arakan Army –, “ They’re, Miemie Winn Byrd, Daniel K, Inouye, ” Byrd, “ I’m, Min Aung, I’m, they’re Organizations: CNN, Northeastern Military Command, Myanmar National Democratic Alliance Army, Junta, Getty, Analysts, Australian Strategic Policy Institute, “ Artillery, Facebook, Rebels, Three Brotherhood Alliance, People’s Defence Force, National Liberation Army, Arakan Army, US Army, Pacific Center for Security, Brotherhood Alliance Locations: Myanmar, Lashio, Shan, Zaw, Taunggyi, AFP, Zin Ann, Hsipaw, Mandalay, Arakan, Inouye Asia

☆ Linde extends its streak of earnings beats, flexes ability to handle any economy
▼ + stars: | 2024-08-02 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

Linde Why we own it: The industrial gas supplier and engineering firm has a stellar track record of consistent earnings growth. We're not the only investors who have come to covet the company's ability to deliver steady earnings growth regardless of the economic conditions. But if there is a worsening of economic conditions, Lamba said Linde will take action quickly to protect profits. "That was just a very solid quarter," Jim Cramer said Friday. Guidance For the third quarter, Linde expects adjusted EPS in the range of $3.82 to $3.92, implying 5% to 8% growth compared with the year-ago period.

Persons: Linde, LSEG, . Linde, —, We're, South America —, Sanjiv Lamba, Lamba, Matthew White, White, Jim Cramer, Jim Cramer's, Lin, Jim, Rolf Schulten Organizations: Revenue, Products, Linde, LIN, Taiwan Semiconductor Manufacturing Company, Linde's, CNBC, Bloomberg, Getty Locations: North America, America, South America, U.S, It's, Arizona, Americas, Europe, Middle East, Africa, Linde's Asia, China, Leuna, Germany

☆ Nikkei 225: Japan plans to raise interest rates and investors are spooked
▼ + stars: | 2024-08-02 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Nikkei 225 sank 4.5% on Friday, extending a global stock rout that started following the release of weak US economic data. The Bank of Japan (BOJ) raised interest rates by 15 basis points to 0.25% on Wednesday, its second hike this year, and announced plans to taper off its policy of bond buying. ”The hike has narrowed the difference in interest rate between the United States and Japan, which pushed the Japanese yen higher against the greenback. Combined with strong corporate earnings and effective corporate governance reforms, the weak yen propelled the Nikkei 225 to all-time highs this year. “From a Japanese equity perspective, the earnings boost from a weak yen is set to diminish,” Citi analysts said on Thursday.

Persons: ”, Ken Cheung, Frank Benzimra, Korea’s, Australia’s Organizations: Hong Kong CNN — Japan’s Nikkei, Nikkei, Bank of Japan, Traders, Mizuho Securities, greenback, Societe Generale, ” Citi, Dow, Nasdaq, Labor Department, “, ” ANZ, Federal Reserve Locations: Hong Kong, United States, Japan, Asia, Shanghai

☆ I skipped college and became a boatbuilder. My friends who aren't in trade jobs envy me.
▼ + stars: | 2024-08-01 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +6 min

When I returned to France at 26, I enrolled in a yearlong boatbuilding course. I enrolled in a yearlong boatbuilding course, which was free because the government subsidized it. AdvertisementI'm very happy in my career and can see myself progressing, especially in the job I'm in now. I'm more suited to my trade job than a corporate settingNone of my close friends do a trade job. I don't tend to compare myself to others, but I think I'm just as happy and fulfilled as my friends.

Persons: —, Clémentine Mollier, I'd, I've, I'm Organizations: Service, Business, —, Portsmouth, National Museum of, Royal Navy, HMS Locations: Portsmouth, England, France, Australia, Asia, Canada, Costa Rica

☆ Stitch by Stitch, Pacita Abad Crossed Continents and Cultures
▼ + stars: | 2024-08-01 | by ( Andrew Russeth | ) www.nytimes.com time to read: +1 min

However, in New York, where Abad lived briefly in the 1970s, while studying painting at the Art Students League, her work has been scarce. The Museum of Modern Art owns nothing by her, and the Metropolitan Museum of Art just acquired its first piece. During her life, she proposed shows to U.S. museums and received around 100 rejection letters, her family has said. MoMA PS1 is hosting the first retrospective dedicated to Abad, which was organized by Victoria Sung at the Walker Art Center in Minneapolis, where it ran last year. It consists of more than 50 works, and while it should be two or four times larger — she was protean and prolific — it is still thrilling.

Persons: Pacita Abad, Abad, Victoria Sung Organizations: Art Students League, Modern Art, Metropolitan Museum of Art, Walker Art Center Locations: Singapore, Asia, Manila, New York, Minneapolis

☆ Singapore's UOB maintains 2024 guidance even as second-quarter profit misses forecasts
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: +1 min

Singapore's United Overseas Bank (UOB) maintained earnings guidance for 2024 after posting on Thursday a 1% year-on-year rise in second quarter net profit that slightly missed expectations. Singapore's United Overseas Bank maintained earnings guidance for 2024 after posting on Thursday a 1% year-on-year rise in second quarter net profit that slightly missed expectations. However, we expect ASEAN to stay relatively resilient," said UOB Deputy Chairman and CEO Wee Ee Cheong in a statement. UOB maintained its 2024 projections of low single-digit loan growth, double-digit fee growth and positive growth in total income, according to Wee's presentation slides accompanying the earnings results. UOB said its April-June net profit rose to 1.43 billion Singapore dollars ($1.07 billion) from SG$1.42 billion a year earlier on the back of higher net fee income, a rebound in loan-related fees and wealth management fees, and double-digit growth in credit card fees.

Persons: Wee Ee Cheong, UOB Organizations: Singapore's United Overseas Bank, ASEAN Locations: Southeast

☆ Dollar nurses losses after Fed hints rate cuts on the way; yen firms
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: +3 min

Markets have been fully pricing in a 25 basis points of rate cut in September for some time and added to wagers of the Fed going big even after Powell said policymakers are not thinking about a 50-basis-point interest rate cut "right now." Goldman Sachs strategists said Powell comments suggest the bar is not very high for a rate cut in September. The dollar index , which measures the U.S. currency against six peers, was little changed at 104.02, having dropped 0.38% on Wednesday. But the BOJ seem keen to get interest rates up and normalize policy. It probably leads to more yen strength, but it could weigh on the local economy and equity markets."

Persons: Jerome Powell, Powell, Goldman Sachs, Kazuo Ueda, Ben Bennett Organizations: U.S, Federal Reserve, Bank of Japan, The U.S, Fed, Traders, Reuters, Bank of England, Legal, General Investment Management Locations: The, Japan, Asia, Pacific

Many people consume alcohol to relax and relieve stress, which are some of the top reasons people travel, too. How is sober travel discussed on TikTok? Sentiment in the past year shows that among social media interactions 32% is positive, 38% is neutral and 30% is negative. The ranking, however, isn't a list of countries where alcohol sales are banned — places like Brunei, Saudi Arabia and Iran. Costa Rica ranked high on the list of "sober travel" destinations, in part, because of its outdoor activities and national parks.

Persons: He's, Virgin Mary, Dublin's, Artur Widak, Jordan – Organizations: Airports, CNBC Travel, Virgin, Nurphoto, YouTube, Social, Costa Rica, Siemens, Digitalvision, Getty, UNESCO, Heritage Locations: Koh Samui, Thailand, Brunei, Texas, Asia, United States, United Kingdom, Canada, South Africa, Australia, Saudi Arabia, Iran, U.S, Nepal, Morocco, Costa Rica, Turkey, Greece, Indonesia, Italy, Singapore, India, InsureMyTrip, North America

☆ Australia hits new highs after Powell signals possible rate cut in September; Nikkei tumbles over 2%
▼ + stars: | 2024-08-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Top view of Seoul in the morning in autumn 2016. Asia-Pacific markets largely rose on Thursday, after comments from U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut could come in September if inflation data remains "encouraging." This comes after the Fed's Federal Open Market Committee meeting concluded Wednesday, where it opted to hold the federal funds rate at its current level of 5.25% to 5.5%. Powell cautioned that a rate cut is not guaranteed, though he also seemed to rule out a 50-basis-point reduction. "I don't want to be really specific about what we're going to do, but that's not something we're thinking about right now," he said.

Persons: Jerome Powell, Powell Organizations: U.S . Federal, Investors Locations: Seoul, Asia, Pacific, U.S, China, Japan, South Korea

☆ ‘I’m really desperate now’: Temu sellers revolt against fines and withheld pay
▼ + stars: | 2024-08-01 | by ( Juliana Liu | ) edition.cnn.com time to read: +6 min

Hundreds of them staged a demonstration this week at an office affiliated with Temu in the southern Chinese city of Guangzhou. They were protesting what they called “unjust” fines levied by the company or withheld payment on goods already sold, among other complaints. Temu operates as an online store, carrying cut-price merchandise from self-employed sellers. Four sellers interviewed by CNN said the fines ranged from one to five times the wholesale price of the product. CNN has seen screenshots of the seller’s Temu account showing a total of just under two million yuan was ineligible for withdrawal.

Persons: Temu, “ I’m, ”, Shein, ” Temu, Abe Yousef, Goldman Sachs, Ivy Yang, “, Peng Organizations: Hong Kong CNN —, Temu, CNN, Super, Shein, Consumers Locations: China, Hong Kong, Guangzhou, Chinese, Thailand, Temu, “, United States, Latin America, East, Southeast Asia

☆ CNBC's Inside India newsletter: Can India's hot deal-making season extend to a free trade agreement?
▼ + stars: | 2024-08-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Customers browse the S1 Pro electric scooter of Ola Electric Mobility Pvt. SoftBank -backed Ola Electric is set to raise nearly three quarters of a billion dollars with a stock market listing. India and four European nations — Iceland, Liechtenstein, Norway and Switzerland — struck a free trade agreement (FTA) earlier this year. "Our Free Trade Agreement negotiations is the floor not the ceiling of our ambitions to unlock our shared potential and deliver growth, from Bengaluru to Birmingham," Lammy said last week before his visit. India and the U.K. also have high rankings on the World Bank's Trade Complementarity Index, which indicates whether countries are natural trade partners.

Persons: Ola, Samyukta Lakshmi, Bharat, Switzerland —, David Lammy, Lammy, Chietigj Bajpaee, Narendra Modi's, Aastha Gudwani, Murugesh Organizations: Ola Electric Mobility, Ola Experience, Ola, Bloomberg, Getty, Mankind, Vaccines, South, House, India, Indian, Bank of America's, NYSE Locations: Bengaluru, India, Iceland, Liechtenstein, Norway, Switzerland, New Delhi, Birmingham, South Asia, Bank of America's India, Singapore, Japan

☆ Why Ukraine May Not Use New F-16s in Frontline Attacks
▼ + stars: | 2024-08-01 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

Officials later confirmed to the Associated Press that some F-16s were indeed in Ukraine. AdvertisementThis means Ukraine may not use its F-16s for the frontline offensives it would prefer, according to military experts and Ukraine's top general. Peter Layton, a fellow at the Griffith Asia Institute who served in Australia's air force, said Ukraine would have to be cautious. He said its small number of aircraft and few pilots would mean Ukraine has to prioritize avoiding losses, so it can fly the F-16s as long as possible. Ukraine also faces challenges when it comes to logistics around the F-16s.

Persons: —, Netherlands —, Peter Layton, Justin Bronk, Gen, Oleksandr Syrskyi, Marina Miron, Volodymyr Zelenskyy Organizations: Service, Bloomberg, Associated Press, NATO, Business, Times, Griffith Asia Institute, Russian, Royal United Services Institute, Guardian, War Studies Department, King's College London, Department of Defense, Politico, Washington Post, Reagan Locations: Ukraine, — Belgium, Denmark, Norway, Netherlands, London, Russia, Col, Ukrainian

☆ The US is sending less natural gas to Europe, complicating Europe's plans to cut off Russian gas
▼ + stars: | 2024-08-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewEurope has pledged to wean itself from Russian natural gas following Moscow's invasion of Ukraine, but it's still buying the fuel. Europe's monthly imports of Russian liquefied natural gas — the supercooled version of natural gas that can be transported on ships — have been holding relatively steady, in the 850,000 to 1.6 million metric ton range, since the invasion of Ukraine, per Bloomberg records. This continued import of Russian fuel shows the complications of cutting off Russian gas completely in the global energy market. AdvertisementBefore the invasion, Europe imported over 40% of its natural gas from Russia — its single largest supplier and a major energy producer — mainly via pipelines. At the end of January, Europe imported 5.2 million tons of LNG from the US and just 1.5 million tons from Russia.

Persons: —, Masanori Odaka Organizations: Service, Bloomberg, Business, Brookings, Reuters Locations: wean, Ukraine, Europe, Russia, Asia, North Asia, Japan

☆ 'Internal battle' in Modi's BJP on whether India needs Chinese investments, Natixis chief Asia economist says
▼ + stars: | 2024-08-01 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +5 min

Supporters of Bharatiya Janata Party (BJP) hold party flags as they celebrate Narendra Modi's swearing-in ceremony on June 9, 2024. Sopa Images | Lightrocket | Getty ImagesThere is an "internal battle" happening within India's ruling Bharatiya Janata Party over inviting Chinese investments, as the country strives to become Asia's manufacturing powerhouse, Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis said. This proposal was shot down by Trade Minister Piyush Goyal on Tuesday who said that there was "no rethinking at present" on allowing Chinese investments into India, Reuters reported. Experts told CNBC that Chinese investments are needed in India's solar panel and battery manufacturing sectors — two areas that a report, citing Indian government sources last week, mentioned could see easing restrictions on Chinese investments. India increased scrutiny on Chinese investments into the country, and also blocked several Chinese mobile apps including TikTok following the incident.

Persons: Narendra Modi's, Alicia Garcia, Herrero, Natixis, V Anantha, Piyush Goyal, Modi, Garcia, Rajesh Kumar Singh, Harsh, Pant, Tauseef Mustafa, Jaishankar, Punit Paranjpe Organizations: Bharatiya Janata Party, BJP, Asia, Trade, Reuters, CNBC, Department, Promotion of Industry, Internal, Bloomberg, ICT, Communication Technologies, New Delhi's Observer Research Foundation, Afp, Getty, India's Foreign, Adani Locations: Asia Pacific, China, India, Europe, loggerheads, Eastern Ladakh, Tokyo, U.S, Mundra

☆ Russia's war pushed Europe to a tipping point on wind and solar
▼ + stars: | 2024-08-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

For the first time, wind and solar generated more of the European Union's electricity than fossil fuels during the first half of the year. Wind and solar accounted for an all-time high of 30% of the region's energy needs, according to an analysis by the think tank Ember . In a separate report , Ember forecasted a global LNG supply glut by 2026 and a substantial drop in EU gas demand by 2030. But the rush to increase LNG exports from places like the US ignores the reality of rapidly declining gas demand in Europe, she added. Ember's report said that while it's unclear how swiftly fossil-fuel use will drop across Europe, a pipeline of solar and wind projects suggests this tipping point could be permanent.

Persons: it's, Chris Rosslowe, Ember, Sarah Brown, Brown, Rosslowe Organizations: Service, Business, US Energy Information Administration Locations: Europe, Russia, Ukraine, Canada, Germany, Spain, France, Netherlands, Belgium, Australia, Qatar, Asia

☆ ‘Terrible’: Apple’s new promo video sparks backlash in Thailand
▼ + stars: | 2024-07-31 | by ( Chris Lau | Kocha Olarn | ) edition.cnn.com time to read: +4 min

CNN —A new promotional video by tech giant Apple has been met with heavy criticism in Thailand, with many social media users claiming it offers an unrealistic, outdated view of the country. The plot follows four characters – known as the underdogs – and their attempts to overcome workplace crises using Apple devices and software. Since the series’ debut in 2019, the characters have left their corporate jobs and founded their own company. It’s fine,” wrote Thai social media user Sakchawit Attasillekha on Facebook, pointing out there are “plenty of old hotels in Bangkok” and “old taxis decorated with Buddha amulets.”“However, we also have good things too,” he added. Sombat Boonngamanong, a prominent social activist, also weighed in on Facebook saying that he was surprised the video had caused such a stir.

Persons: Christopher Mintz, ” David William, he’s, ”, John F, “, Nipawan Labbunruang, Lillian Suwanrumpha, Chai Wacharonke, Srettha Thavisin, Sombat Organizations: CNN, YouTube, Plasse, Kennedy International Airport, Bangkok, Getty, Indochina Productions, Apple, Facebook Locations: Thailand, tuk, Thai, “ Thailand, Bangkok, AFP, Bangkok ”

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