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☆ US Senators say Credit Suisse did not review all records when probing Nazi-linked accounts
▼ + stars: | 2023-08-17 | by ( Chris Prentice | Brenna Hughes Neghaiwi | ) www.reuters.com time to read: +2 min

NEW YORK/ZURICH (Reuters) - Swiss lender Credit Suisse did not review all available records when it conducted an internal probe into the historical servicing of Nazi clients and Nazi-linked accounts, according to an investigation published by U.S. lawmakers on Thursday. The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. “Just under” 1,000 of 65,000 sets of records were available electronically for review, the report said. Neil Barofsky, the former ombudsman, and AlixPartners, the consulting firm Credit Suisse hired to conduct the probe, did not respond immediately to a requests for comment. A spokesperson for Credit Suisse referred Reuters to its April statement defending its review and raising concerns over the ombudsman’s work.

Persons: Tyrone Siu, “, Chuck Grassley, Neil Barofsky, Simon Wiesenthal Organizations: Credit Suisse, Nazi, U.S, REUTERS, Senate, Reuters, Simon, Simon Wiesenthal Center, Bloomberg Locations: ZURICH, Hong Kong, China

☆ Chile's Codelco at risk of insolvency as debt grows, CESCO report says
▼ + stars: | 2023-08-17 | by ( Julian Luk | ) www.reuters.com time to read: +4 min

REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Chile's Codelco, the world's largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chile’s Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters. At the heart of Chile's mining industry, Codelco needs to revive it's copper production from a 25-year low. "Codelco has explained...it will not redirect its focus from copper production or divert resources from other areas," Codelco said in an emailed response. Codelco's production in the first half of 2023 was 633,000 metric tons of copper, the lowest in 25 years. Over the past five years, its copper production has dropped 17% and is expected to keep falling until 2025.

Persons: Ivan Alvarado, Codelco, Andre Sougarret, Sougarret, CESCO, Julian Luk, Fabian Cambero, Pratima Desai, Veronica Brown, Kirsten Donovan Organizations: REUTERS, for Copper, Mining Studies, Reuters, Codelco, Thomson Locations: Santiago, Chile

The study found more than 110 pro-Wagner accounts operating in more than a dozen languages across Meta’s platforms. Even if the accounts are not directly affiliated with the Wagner group, ISD said, the content they created still likely violates Meta’s terms. The ISD report, meanwhile, highlights how there may be additional violating content that Meta has not detected and removed. Of these pages, ISD wrote, “the most viewed post, a video with over 712,000 views, shows Wagner mercenary forces testing tank traps set up at a defensive line in Ukraine. These pages were also found to be luring Facebook users to Telegram with links to graphic content showing dead bodies.”

Persons: Russia’s Wagner, Meta, Wagner, Biden, ISD, Yevgeny Prigozhin —, —, “, Prigozhin, dehumanizing, ” Wagner, ” Organizations: CNN, Facebook, Strategic, ISD, Internet Research Agency, Washington, Meta, Meta’s Locations: London, Ukraine

☆ Job seekers are scrambling to add new AI skills to their LinkedIn profiles as postings mentioning ChatGPT surge
▼ + stars: | 2023-08-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

The number of job postings mentioning ChatGPT has surged in recent months. LinkedIn job seekers are adding AI skills to their profiles at a rapid rate. Some AI skills are highly technical, but people skills still have a lot of value. On Indeed, the number of generative-AI job postings rose by about 50% from July 2022 to July 2023, company data provided to Insider said. Second, while companies may be seeking more people with AI skills, one thing hasn't changed.

Persons: ChatGPT, Karin Kimbrough, LinkedIn's, Kimbrough, they've, There's Organizations: Service, LinkedIn, Netflix Locations: Wall, Silicon

☆ Dolphins are dying in droves in the Black Sea, and Ukraine says it's evidence that Russia is committing a new kind of war crime
▼ + stars: | 2023-08-17 | by ( Sonam Sheth | Jenny Mcgrath | ) www.businessinsider.com time to read: +2 min

Ukrainian officials have documented an uptick in dolphin and porpoise deaths near the Black Sea. They may use the data to build a case accusing Russia of environmental war crimes, NYT reported. That's according to The New York Times, which reported that there's been a significant increase in dead dolphins and porpoises washing ashore in the Black Sea. In a peace plan he laid out last November, Ukrainian President Volodymyr Zelenskyy discussed the environmental damage Russia's war was causing. Currently, there are four acts that are considered international crimes that the International Criminal Court (ICC) oversees: genocide, crimes against humanity, war crimes, and crimes of aggression.

Persons: there's, Volodymyr Zelenskyy Organizations: Service, Ukraine, The New York Times, The Times, National Oceanic, Atmospheric Administration, Criminal Court, ICC Locations: Russia, Wall, Silicon, ecocide, Khmelnytskyi, Ukraine, Russian

☆ America’s richest 10% are responsible for 40% of its planet-heating pollution, new report finds
▼ + stars: | 2023-08-17 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

Robert Alexander/Getty ImagesTo do this, the researchers analyzed huge datasets spanning 30 years to connect financial transactions to carbon pollution. They found the wealthiest 10% in the US, households making more than about $178,000, were responsible for 40% of the nation’s human-caused, planet-heating pollution. But a household making money from the hospital industry would need to bring in $11 million to produce the same amount of planet-heating pollution. Identifying the main actors behind the climate crisis is vital for governments to develop policies that cut planet-heating pollution in a fair way, he added. “At the moment, the way the economy works is that it takes money and turns it into climate pollution that is destabilizing life on Earth,” Nicholas said.

Persons: CNN —, you’ve, it’s, ”, Jared Starr, Robert Alexander, ” Starr, Starr, Kimberly Nicholas, Mark Paul, ” Nicholas Organizations: CNN, University of Massachusetts Amherst, Santa, Santa Fe Municipal Airport, Lund University, Rutgers University, Oxfam, “ Locations: Santa Fe, Santa Fe , New Mexico, Sweden

☆ Pakistan appoints new caretaker cabinet ahead of elections - GEO News
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: 1 min

KARACHI, Aug 16 (Reuters) - Pakistan's caretaker Prime Minister Anwaar-ul-Haq Kakar on Thursday appointed a new cabinet ahead of the national elections due in early November, broadcaster GEO News reported, citing sources. Former U.S. ambassador Jalil Abbas Jilani was named foreign minister and former central bank chief Shamshad Akhtar was appointed finance minister as part of the new caretaker cabinet, the report said. Reporting by Ariba Shahid, Writing by Blassy Boben; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Anwaar, Haq Kakar, Jalil Abbas Jilani, Shamshad Akhtar, Ariba Shahid, Blassy Boben, Toby Chopra Organizations: GEO, U.S, Thomson Locations: KARACHI

☆ A.I. use rising in influence campaigns online, but impact limited - US cyber firm
▼ + stars: | 2023-08-17 | by ( Zeba Siddiqui | ) www.reuters.com time to read: +2 min

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Researchers at the Virginia-based company found "numerous instances" since 2019 in which AI-generated content, such as fabricated profile pictures, had been used in politically-motivated online influence campaigns. Generative AI would enable groups with limited resources to produce higher quality content at scale, Mandiant researchers said. Yet, the impact of such campaigns was limited. "Thus far, we haven't seen a single incident response where AI played a role," said Joyce.

Persons: Aly, Mandiant, Sandra Joyce, Joyce, Zeba Siddiqui, Alexandra Hudson Organizations: Artificial Intelligence, REUTERS, FRANCISCO, Google, Security, targetting, Mandiant Intelligence, Alexandra Hudson Our, Thomson Locations: Shanghai, China, Virginia, Russia, Iran, Ethiopia, Indonesia, Cuba, Argentina, Mexico, Ecuador, El Salvador, Hong Kong, North Korea, San Francisco

☆ Canadian fintech investment shrinks in first half of 2023 - report
▼ + stars: | 2023-08-17 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Investment in Canada's financial technology sector was reduced to less than half in the first six months of 2023 from last year, according to a report from accounting firm KPMG on Thursday. Reuters GraphicsIn comparison, the first half of 2022 saw $834.1 million invested across 109 deals. In the second half, $1.09 billion was invested across 87 deals, the report said. "We could see some stability coming back to financing markets by the end of 2023 or early 2024. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: PitchBook, Geoff Rush, Georges Pigeon, Manya Saini, Krishna Chandra Organizations: KPMG, Reuters, Canada, Thomson Locations: Canada, Bengaluru

☆ Global smartphone market to hit decade low in 2023 but Apple could take top spot, research shows
▼ + stars: | 2023-08-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On the same day, data released by TechInsights showed that Apple's iPhone sales in China surpassed the United States for the first time in the second quarter of 2023, becoming the largest single market for iPhone shipments. Costfoto | Nurphoto | Getty ImagesGlobal smartphone shipments this year are on track to be the worst in a decade, Counterpoint Research said in a report on Thursday, as the market is dragged down by the U.S. and China. However, Apple could become the biggest player in smartphones this year by shipments, as its high-end iPhone sales remain resilient, the report added. Measuring expected demand, shipments are not equivalent to sales and represent the number of devices that smartphones vendors send to retailers. Counterpoint Research said it expects smartphone shipments in 2023 to decline 6% year-on year to 1.15 billion devices.

Persons: TechInsights, Karn Chauhan Organizations: Apple, Nurphoto, Getty, Research, U.S, Counterpoint Research, CNBC Locations: Hangzhou, East China's Zhejiang province, China, United States, Asia, America

☆ Fact Check-Clip of 2014 Russian gas station explosion edited to add light beam
▼ + stars: | 2023-08-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A clip of a 2014 explosion at a gas station in Russia has been edited to make it appear as if a light beam was responsible for the fire. The earliest iteration Reuters could find of the unedited video was uploaded by a Russian news agency RIA Dagestan on Aug. 9, 2014 (timestamp 1:10) (youtu.be/-zvo7xXs-T0?t=72). The explosion was caused by a gas leak in the city of Makhachkala in Russia’s Republic of Dagestan, an RIA Dagestan report said (here). Reuters located the video to Prospekt Imama Shamilya, Makhachkala – the same location listed in the RIA Dagestan report (bit.ly/3saxAtT). The video has been online since at least August 2014 where no such beam can be seen before the explosion.

Persons: Read Organizations: Naval Research, Reuters Locations: Russia, Russian, Dagestan, Makhachkala, Russia’s Republic of Dagestan

☆ Fact Check-Louisiana video of electrical explosions not ‘direct energy attack’
▼ + stars: | 2023-08-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A video from 2018 of electrical explosions in Louisiana is being shared online as footage showing a “direct energy attack”. Direct energy weapons (DEW) are an emerging technology that uses concentrated electromagnetic energy to combat enemy forces and assets. People have claimed online that June 2023 wildfires in Canada, and August fires in Hawaii were caused by direct energy weapons. In another instance, social media users claimed a 2018 video of electrical explosions in Louisiana was evidence of DEWs in use in Hawaii (see Facebook users here), (here) and users on X, formerly known as Twitter, (here) (here). The video shows electrical explosions, not a “direct energy attack”, in Louisiana in 2018.

Persons: Kenner, Read Organizations: U.S . Department of Defense, Reuters, Twitter, Facebook Locations: Louisiana, Canada, Hawaii, Kenner , Louisiana, Local, West, Big

☆ China may 'miss the 5%' growth target this year as downside risks spread
▼ + stars: | 2023-08-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Greg Baker | Afp | Getty ImagesBEIJING — Without more stimulus, China is increasingly likely to miss its growth target of around 5% this year, economists said. "In such a case, economic momentum may stay subdued in the rest of the year and China may miss this year's growth target of around 5%," she said. China is the world's second-largest economy, and accounted for nearly 18% of global GDP in 2022, according to World Bank data. "We also see bigger downside risk to our 4.9% y-o-y growth forecast for both Q3 and Q4, and it is increasingly possible that annual GDP growth this year will miss the 5.0% mark," the report said. Growth vs. national securityChinese authorities' initial crackdown on real estate developers in 2020 was an attempt to curb their high reliance on growth.

Persons: Greg Baker, Tao Wang, spender, Nomura Ting Lu, Ting Lu, haven't, Louise Loo, Loo, that's, Xiangrong Yu, Gabriel Wildau, Teneo, Wildau Organizations: Afp, Getty, UBS Investment Bank, Bank, China, People's Bank of, Oxford Economics, Zhongrong International Trust, Information, Beijing, CNBC, Baoshang Bank, Anbang Locations: Beijing, BEIJING, China, Asia, People's Bank of China

☆ Lahaina wildfire insured property loss to be about $3.2 bln - KCC
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

The damage at the Ho'Onanea condominium complex is seen in the aftermath of a wildfire, in Lahaina, Maui, Hawaii, U.S. August 10, 2023. REUTERS/Jorge Garcia Acquire Licensing RightsAug 16 (Reuters) - Insured property losses from the wildfire that ravaged the resort town of Lahaina in Hawaii last week are estimated to be about $3.2 billion, catastrophe modeling firm Karen Clark & Company (KCC) said on Wednesday. More than 2,200 structures fall within the fire perimeter, KCC estimated, citing an independent geospatial analysis of satellite and aerial imagery. The high proportion of wood frame and older construction present in the Lahaina buildings likely contributed to the damage, it said. Moody's Investors' Service said on Tuesday that estimated insured losses from wildfires on Maui in Hawaii would be at least $1 billion.

Persons: Jorge Garcia, Karen Clark, KCC, Aon, Noor Zainab Hussain, Saumyadeb Organizations: REUTERS, Karen Clark & Company, Insurance, Investors, Tokio, Allstate, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Bengaluru

☆ US asks Iran to stop selling drones to Russia-FT
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] An image shows Iranian drone transfer to Russia, as evidence of new Russian-Iran cooperation, in this handout acquired June 9, 2023. White House/Handout via REUTERS/File Photo Acquire Licensing RightsAug 16 (Reuters) - U.S. is pushing Iran to stop selling armed drones to Russia as part of discussions on a broader unwritten understanding between Washington and Tehran to de-escalate tensions, the Financial Times said on Wednesday, citing people briefed on the matter. The U.S. is pressing Iran to stop selling armed drones to Russia, which Moscow is using in the war in Ukraine, as well as spare parts for the unmanned aircraft, the report said, citing an Iranian official and another person familiar with the talks. The news comes as Washington and Iran are trying to ease tensions and revive broader talks over Iran's nuclear program. Iran allowed four detained U.S. citizens to move into house arrest from Tehran's Evin prison while a fifth was already under home confinement.

Persons: Antony Blinken, Tehran's, Lavanya, Himani Sarkar, Kim Coghill Organizations: REUTERS, Financial Times, Iranian, U.S, Reuters, Thomson Locations: Russia, Russian, Iran, White, Washington, Tehran, de, U.S, Moscow, Ukraine, South Korea, Bengaluru

☆ Rust shooting: Charges against Alec Baldwin could be refiled as forensic report shows trigger on gun used in shooting had to be pulled
▼ + stars: | 2023-08-16 | by ( Jamiel Lynch | ) edition.cnn.com time to read: +3 min

At the time, special prosecutors Kari Morrissey and Jason Lewis said Baldwin could still face culpability and charges could be refiled. “The charges against Alec Baldwin were dismissed without prejudice because a possible malfunction of the gun significantly affects causation with regard to Baldwin, not with regard to Gutierrez. If it is determined that the gun did not malfunction, charges against Mr. Baldwin will proceed. When reached by CNN Wednesday, Morrissey said charges against Baldwin are still being considered and a final decision had not been made. According to the report attached to Gutierrez Reed’s motion, the experts say the trigger was in fact pulled on the weapon, which Baldwin has consistently denied.

Persons: Alec Baldwin, “, Hannah Gutierrez Reed, Halyna Hutchins, Joel Souza, Baldwin, CNN’s, Kari Morrissey, Jason Lewis, Gutierrez, Morrissey Organizations: CNN, Forensic Science Services, CNN Wednesday, Science Services, FBI Locations: Arizona, Mexico

☆ Russia's ruble spikes as Putin and officials mull ways to prop up the currency after it dropped below a penny this week
▼ + stars: | 2023-08-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Russia's ruble jumped 5% against the dollar on Wednesday as the Kremlin mulls capital controls. President Vladimir Putin reportedly held talks with officials on ways to prop up the ruble. The ruble crashed Monday, and on Tuesday Russia's central bank raised its benchmark rate to 12% from 8.5%. Sources told the Financial Times that Putin was set to hear proposals Wednesday from the finance ministry that include forcing exporters to sell up to 80% of their foreign currency revenue, capping currency swaps, and limiting how much foreign currency exporters can move out of Russia. The Kremlin then turned to a host of emergency capital controls as well as sharp rate hikes to stabilize the ruble.

Persons: Vladimir Putin, Putin Organizations: Kremlin, Service, Financial Times, Bloomberg Locations: Wall, Silicon, Russia, Ukraine, Moscow

☆ Visa's pricing of token technology under DOJ probe - Bloomberg News
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. The DOJ's antitrust probe against Visa, which began in early 2021, is investigating if the company uses anticompetitive practices in the debit card market. The DOJ declined to comment and Visa did not immediately respond to a Reuters request for comment. Mastercard also disclosed in April that it was being asked to provide additional information by the DOJ. In 2019, Visa had settled a European Union antitrust probe relating to card fees.

Persons: Benoit Tessier, Pritam Biswas, Pooja Desai Organizations: REUTERS, U.S . Department of Justice, Bloomberg, Visa, DOJ, Mastercard, U.S . Federal Trade Commission, Union, Thomson Locations: United States, Bengaluru

☆ Jennifer Aniston and Brad Pitt's 2000 wedding is still remembered fondly by one of their guests
▼ + stars: | 2023-08-16 | by ( Marianne Garvey | ) edition.cnn.com time to read: +1 min

CNN —Jennifer Aniston and Brad Pitt treated guests at their lavish 2000 wedding like VIPs. Actor Michael Rapaport was a guest on “Watch What Happens Live With Andy Cohen” earlier this week, where he revealed he was among the roughly 200 invited guests at the Malibu wedding. “I was at Brad Pitt and Jennifer Aniston’s wedding. Pitt and Aniston were married for five years before they announced their divorce but remain friendly. Michael Rapaport Recounts Brad Pitt and Jennifer Aniston’s Wedding | WWHLWatch Rapaport talk caviar here.

Persons: Jennifer Aniston, Brad Pitt, Michael Rapaport, Andy Cohen ”, “, Erin Lichy, ” Rapaport, Jennifer Aniston’s, ” Cohen, I’ve, Aniston, Pitt Organizations: CNN, “ Real Housewives, New, Hamptons Locations: New York City

☆ America Lost a Whole Lot of Millionaires Last Year
▼ + stars: | 2023-08-15 | by ( ) www.wsj.com time to read: 1 min

For the first time since 2008, global wealth declined, falling by 2.4% in dollar terms, largely because of whipsawing currencies, UBS and Credit Suisse economists said Tuesday. The banks’ global wealth report said Americans were hit hardest as stocks and bonds fell in value. That was partly offset by prices of houses and some other assets rising.

Organizations: UBS, Credit Suisse

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

☆ A Ukrainian says he paid $5,000 for a medical diagnosis to avoid conscription, an example of widespread corruption and draft-dodging
▼ + stars: | 2023-08-15 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Ukraine is facing increasing difficulties with military recruitment, with some avoiding the draft. One man paid $5,000 for a spine diagnosis, allowing him to leave the country, The Guardian reported. "Everyone knows where to find them," the man told the newspaper. Ukraine amended its conscription laws in January 2023 in an effort to close recruitment loopholes, as the Kyiv Post reported. But a year and a half into Russia's grueling invasion, the ongoing crackdown illustrates a pressing recruitment problem for Ukraine.

Persons: Zelenskyy, Volodymyr Zelenskyy, Vladimir Putin's, Putin Organizations: Guardian, dodgers, Service, Kyiv Post, Street, Freedom House, Ukraine Locations: Ukraine, Wall, Silicon, Ukrainian, Odesa, Europe, Russia

☆ U.K. Reveals 5 Espionage Arrests After BBC Reports Russia Link
▼ + stars: | 2023-08-15 | by ( Isabella Kwai | More About Isabella Kwai | ) www.nytimes.com time to read: +1 min

Specialist officers from a unit of the force that covers national security policing, carried out the arrests after an investigation, the police statement said, but none of the five have been formally charged with espionage. The statement did not address the BBC report directly. Three of the people were identified by both the BBC and by the police as Orlin Roussev, 45; Biser Dzambazov, 42; and Katrin Ivanova, 32. The police said they had been separately charged with possessing false identification documents with “improper intention.” The BBC report said they had been charged with possessing false documents, including passports and identity cards for Britain, Bulgaria, Croatia, the Czech Republic, France, Greece, Italy, Spain and Slovenia. The police said that Mr. Roussev lived in the eastern English county of Norfolk, and that Mr. Dzambazov and Ms. Ivanova lived in the London district of Harrow.

Persons: Orlin Roussev, Biser Dzambazov, Katrin Ivanova, Roussev, Dzambazov, Ivanova Organizations: London Metropolitan Police, BBC Locations: Britain, Bulgaria, Croatia, Czech Republic, France, Greece, Italy, Spain, Slovenia, English, Norfolk, London, Harrow

☆ China is on course to overtake Japan and become the world's No.1 car exporter
▼ + stars: | 2023-08-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

China, automobile, vehicles Vcg | Visual China Group | Getty ImagesChina is on course to overtake Japan as the world's top auto exporter by the end of 2023, according to Moody's Analytics. "At this pace, China is on track to overtake Japan by the end of the year," Moody's economists wrote, a global ranking which Japan has claimed since 2019. According to Moody's projections, China produces more than half the world's lithium supply, thanks to its low labor costs compared to rivals Japan and South Korea. Moody's AnalyticsAs a result, some of the world's largest auto companies have set up production facilities in China, including Tesla and BMW . The Asia-Pacific region, which is home to some of the world's largest auto exporting powerhouses such as South Korea, China and Japan, has seen a mixed recovery in auto exports, Moody's highlighted.

Persons: Moody's Organizations: Visual China, Getty, Japan, EV, Tesla, BMW, Chery, SAIC Locations: China, Japan, South Korea, Germany, Thailand, Asia, Pacific

☆ First Solar audit reveals forced labor at Malaysia factory
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Miniatures of solar panel and electric pole are seen in front of First Solar logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsCompanies First Solar Inc FollowAug 15 (Reuters) - Top U.S. solar panel maker First Solar (FSLR.O) on Tuesday said an audit of its manufacturing operations had uncovered unethical labor practices at its Malaysia factory, sending the company's shares down about 5%. The revelation is the latest to tie the fast-growing solar energy industry to concerns about forced labor. First Solar said it had taken steps to return passports, wages and recruitment fees to the affected workers. First Solar also produces panels in the U.S. and Vietnam, and is planning to open a factory in India.

Persons: Dado Ruvic, Nichola Groom, Jonathan Oatis, Marguerita Choy Organizations: REUTERS, U.S, Thomson Locations: Malaysia, Xinjiang, Tempe , Arizona, U.S, Vietnam, India

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