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☆ Asia markets rise after S&P 500, Nasdaq close at all-time highs; Aussie consumer confidence dips
▼ + stars: | 2024-07-09 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets opened higher on Tuesday, tracking gains on Wall Street that saw the S&P 500 and the Nasdaq Composite closing at record highs overnight. Hyundai on the other hand reached a tentative wage agreement with its labor union, averting a strike. Hyundai shares slid 1.59%. Last week, the European Union had hiked tariffs on electric vehicles imported from China. Traders in Asia will also watch out for Australia's business confidence data due later in the day.

Persons: Kospi, Mehmet Fatih Kacir, Australia's Organizations: Nasdaq, Nikkei, Samsung Electronics, Hyundai, European Union, Traders Locations: Asia, Pacific, Turkey, China

☆ China EV maker BYD to build $1 billion plant in Turkey
▼ + stars: | 2024-07-09 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s BYD, which vies with Tesla for the title of the world’s top maker of battery electric vehicles, has agreed to build a $1 billion car factory in Turkey, the Turkish government has announced. “We aim to meet the growing demand for new-energy vehicles in the region and reach consumers in Europe,” the statement cited BYD representatives as saying. The EU’s decision earlier this year imposed an extra 17.4% tariff on the vehicles BYD ships from China to the bloc, which also has a standard 10% duty on all car imports. Talks between the EU and China are expected to continue but, if no agreement is reached, the additional tariffs will become definitive in November. BYD already announced in December that it would build an EV factory in EU member Hungary, becoming the first major Chinese automaker to build passenger cars in Europe.

Persons: China’s, Tesla, Wang Chuanfu, Mehmet Fatih Kaci, Recep Tayyip Erdogan, BYD, hasn’t Organizations: Hong Kong CNN, Turkey’s Industry, Technology, European Union, EU, CNN Locations: Hong Kong, Turkey, Istanbul, Europe, China, Hungary

☆ Beware, Elon Musk — BYD just took its next step toward world domination
▼ + stars: | 2024-07-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Business Insider contacted BYD for comment but didn't immediately hear back. Turkey is part of the EU's Customs Union, and any BYD cars manufactured there could avoid the 17.4% additional tariff the EU slapped on BYD vehicles imported from China. Plans by Chinese EV giants BYD, MG, and Chery to build factories in Mexico have sparked concern among US officials over fears they could be used as a "backdoor" into the US market.

Persons: —, Elon, Mehmet Fatih, BYD, didn't, It's, Philip Nothard, Nothard, Elon Musk, Tesla Organizations: Service, Business, Union, EV, EU's Customs Union, BYD, Chery, Cox Automotive Locations: Turkey, Europe, China, Mexico, Germany

ISTANBUL (AP) — Turkey’s first astronaut returned home to a hero’s welcome Monday, portrayed as a symbol of the country’s advances in technology and aerospace. Alper Gezeravci was greeted by bouquet-laden children at Ankara’s Esenboga Airport as he returned from a private three-week mission to the International Space Station. His space flight, for which Turkey paid roughly $55 million, was the third such journey organized by Houston-based Axiom Space with NASA and SpaceX. A new page has been opened in space science and technologies for Turkey.”Turkey established its own space agency in 2018, and said it will land on the moon by 2026. They enjoyed a few extra days at the space station, waiting for the weather to improve in the splashdown zone.

Persons: — Turkey’s, Gezeravci, Recep Tayyip Erdogan, Erdogan, “, Mehmet Fatih Kacir, Walter Villadei, Sweden’s Marcus Wandt, Michael Lopez, Alegria Organizations: Ankara’s, International Space, Turkey, NASA, SpaceX, ” Industry, Technology Locations: ISTANBUL, Turkish, Turkey, ”, Florida, Houston, ” Turkey

ISTANBUL (AP) — Turkish President Recep Tayyip Erdogan called on Elon Musk, the head of electric carmaker Tesla, to establish a factory in Turkey during a meeting in New York, Erdogan’s office said Monday. Erdogan, who is in the U.S. to attend the U.N. General Assembly, also discussed potential cooperation between Musk’s space exploration firm SpaceX and Turkey’s space program, the Turkish president's office said. The statement said Erdogan told Musk that Turkey would welcome cooperation on artificial intelligence and Starlink, SpaceX’s satellite internet service. Musk said SpaceX wanted to secure the necessary license to offer Starlink in Turkey. Images of the meeting showed Musk holding one of his sons as he talked to Erdogan.

Persons: Recep Tayyip Erdogan, Elon Musk, Erdogan, Musk, Mehmet Fatih Kacir Organizations: Elon, General Assembly, SpaceX, Turkish Industry and Technology Locations: ISTANBUL, Turkey, New York, U.S, Turkish, Starlink

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