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MOFCOM refutes EU comments on anti-subsidy investigation into Chinese EVs

A spokesperson for the Ministry of Commerce (MOFCOM) on Monday rejected remarks from the EU Ambassador to China on the anti-subsidy investigation into Chinese electric vehicles (EVs).

MOFCOM said China had expressed strong opposition through various channels since October 2023 and has always advocated for handling economic and trade frictions through dialogue and consultation in order to maintain the overall strategic partnership between China and Europe.

EU Ambassador to China Jorge Toledo claimed on Sunday that the EU has been trying to engage with China for months regarding the imposition of tariffs on Chinese EVs but that China had only recently sought to initiate discussions. This is false, the spokesperson said.

MOFCOM said that after the European Commission (EC) officially filed a case, Chinese Commerce Minister Wang Wentao sent a letter to European Commission Executive Vice-President Valdis Dombrovskis on October 24, 2023, expressing hope to resolve the case through dialogue and negotiation.

On November 13, 2023, Wang sent another letter to the European side proposing negotiation suggestions.

In February 2024, Wang met with Dombrovskis during the WTO's 13th Ministerial Conference face to face and proposed dialogue and negotiation with the European side.

On May 19, 2024, Wang reiterated the hope for dialogue and negotiation to resolve the case in a letter to the European side.

Additionally, Chinese technical experts have been sending signals to the European side regarding on-site inspections, hearings, and other channels since the case was filed, expressing willingness to resolve trade frictions through dialogue and negotiation.

On the day the preliminary ruling was announced on June 12, Dombrovskis replied to Wang in a letter, expressing the desire for both sides to strengthen dialogue to resolve the case.

On June 22, Wang held a video conference with Dombrovskis, and they agreed to start negotiations on the EU's anti-subsidy investigation into Chinese EVs.

Subsequently, China sent a working group to Europe for negotiations on June 23, and multiple rounds of technical consultations were held simultaneously via video.

MOFCOM said that China has shown the utmost sincerity and hopes that the European side will meet China halfway, show sincerity, and push forward the negotiation process to reach a mutually acceptable solution as soon as possible.

China has always believed that trade protectionist measures are not conducive to the development of global green industries and automotive industry cooperation. Efforts should be made to adhere to dialogue and cooperation to promote economic green transformation, rather than creating divisions and disrupting global industrial and supply chains, MOFCOM said.

China firmly opposes any unilateralism and protectionism that politicizes and weaponizes economic and trade issues, and will take all necessary measures to defend its own interests against any abuse of rules and suppression of China, MOFCOM added.

Russian military launches massive missile attack, Kiev children's hospital hit; President Biden issues statement condemning Russia's "brutalism"
A children's hospital in the Ukrainian capital was hit by a Russian missile on Monday as part of a wave of airstrikes across Ukraine that has killed at least 31 people and injured 154 others. "Russian terrorists have once again launched a massive missile attack on Ukrainian cities - Kiev, Dnipro, Kryvyi Rih, Slaviansk, Kramatorsk," said Ukrainian President Volodymyr Zelenskyy. Zelensky said Russia fired more than 40 missiles of different types at the five cities in daytime attacks, hitting residential buildings and public infrastructure. The Ukrainian air force said it intercepted 30 missiles. Authorities said the attack on Kiev killed seven people, while the attack on Kryvyi Rih, Zelensky's birthplace in central Ukraine, killed 10 and injured 47. United Nations Secretary-General António Guterres condemned the attacks, calling the assault on the Kiev hospital and another medical facility in the capital's Dniprovsky district "particularly egregious," said his spokesman, Stephane Dujarric. "Direct attacks on civilians and civilian objects are prohibited under international humanitarian law. Any such attacks are unacceptable and must cease immediately," Dujarric said. The U.N. Security Council will meet Tuesday to discuss the Russian strikes, diplomats said. The Russian Defense Ministry said the strikes targeted Ukrainian defense factories and a military aviation base and were successful. It denied striking any civilian facilities and claimed, without evidence, that photos from Kiev showed the damage was caused by a Ukrainian anti-aircraft missile. Ukrainian Air Force Colonel Yurii Ignat said Russia has been improving the effectiveness of its air strikes by equipping its missiles with enhanced features, including so-called heat decoys that can throw air defense systems off target. In comments sent to The Associated Press, he said the cruise missiles flew low in Monday's attack -- just 50 meters off the ground -- making them harder to hit. Western countries, led by the United States, have provided Ukraine with billions of dollars in arms support. They will hold a three-day NATO summit in Washington starting Tuesday to work out how to reassure Kiev of NATO's strong support and give Ukrainians hope that their country can survive the largest conflict in Europe since World War II. "Today's Russian missile strike that killed dozens of Ukrainian civilians and caused damage and loss of life to Kyiv's largest children's hospital is a horrifying reminder of Russia's brutality," U.S. President Joe Biden said in a statement Monday. "It is critical that the world continues to stand with Ukraine at this important moment and that we do not ignore Russian aggression." Biden said in the statement that he will meet with President Zelensky during the NATO summit in Washington this week "to make clear our unwavering support for Ukraine." Biden continued: "We will join our allies in announcing new measures to strengthen Ukraine's air defenses and help protect their cities and civilians from Russian attacks. The United States stands with the Ukrainian people." Czech President Petr Pavel said the hospital attack was "inexcusable" and he hoped the NATO summit would reach a consensus that Russia is "the greatest threat and we must be fully prepared to deal with it." Zelensky said during a visit to Poland that he hoped the NATO summit would provide Ukraine with more air defense systems. The Ukrainian leader said rescuers were digging through the rubble of the Ohmatdit Children's Hospital in Kyiv and that the number of casualties was not yet known. Kyiv Mayor Vitali Klitschko said at least 16 people were injured, including seven children, and the attack caused a two-story wing of the hospital to partially collapse. Doors and windows were blown off the hospital's 10-story main building, and the walls were charred. The floor of one room was splattered with blood. Hospital officials said the intensive care unit, operating room and oncology department were damaged.
Rotten eggs chemical detected on Jupiter-like alien planet
WASHINGTON, July 8 (Reuters) - The planet known as HD 189733b, discovered in 2005, already had a reputation as a rather extreme place, a scorching hot gas giant a bit larger than Jupiter that is a striking cobalt blue color and has molten glass rain that blows sideways in its fierce atmospheric winds. So how can you top that? Add hydrogen sulfide, the chemical compound behind the stench of rotten eggs. Researchers said on Monday new data from the James Webb Space Telescope is giving a fuller picture of HD 189733b, already among the most thoroughly studied exoplanets, as planets beyond our solar system are called. A trace amount of hydrogen sulfide was detected in its atmosphere, a first for any exoplanet. "Yes, the stinky smell would certainly add to its already infamous reputation. This is not a planet we humans want to visit, but a valuable target for furthering our understanding of planetary science," said astrophysicist Guangwei Fu of Johns Hopkins University in Baltimore, lead author of the study published in the journal Nature, opens new tab. It is a type called a "hot Jupiter" - gas giants similar to the largest planet in our solar system, only much hotter owing to their close proximity to their host stars. This planet orbits 170 times closer to its host star than Jupiter does to the sun. It completes one orbit every two days as opposed to the 12 years Jupiter takes for one orbit of the sun. In fact, its orbit is 13 times nearer to its host star than our innermost planet Mercury is to the sun, leaving the temperature on the side of the planet facing the star at about 1,700 degrees Fahrenheit (930 degrees Celsius). "They are quite rare," Fu said of hot Jupiters. "About less than one in 100 star systems have them." This planet is located 64 light-years from Earth, considered in our neighborhood within the Milky Way galaxy, in the constellation Vulpecula. A light-year is the distance light travels in a year, 5.9 trillion miles (9.5 trillion km). "The close distance makes it bright and easy for detailed studies. For example, the hydrogen sulfide detection reported here would be much more challenging to make on other faraway planets," Fu said. The star it orbits is smaller and cooler than the sun, and only about a third as luminous. That star is part of a binary system, meaning it is gravitationally bound to another star. Webb, which became operational in 2022, observes a wider wavelength range than earlier space telescopes, allowing for more thorough examinations of exoplanet atmospheres.
TikTok to introduce a new feature that can clone your voice with AI in just 10 second
Use of AI is certainly the hottest topic in the tech industry and every major and minor player in this industry is using AI in some way. Tools like ChatGPT can help you do a wide range of task and even help you generate images. The other thing is - Voice Cloning. OpenAI recently introduced a voice engine that can generate clone of your voice with just 15 seconds of your audio. There is no shortage of voice cloning tools on the web which can help you do the same. The newest tech giant which is going to use AI to clone your voice is - TikTok. We all know TikTok, posting short videos with filters, effects and all other kind of things. So TikTok found a way to use the voice cloning AI in its app. TikTok is working on this feature, which does not seem to really have a proper name, it just references it as "Create your voice with AI" and "TikTok Voice Library". In the latest version of TikTok I came across some strings which indicates that TikTok is working on it. I was also able to access the initial UI which introduces the feature and was able to see the terms and condition of "TikTok Voice Library" which user have to accept in order to use the feature. Here are the screenshots from the app- As you can in the screenshot above, this is the initial screen which a user will see for the first time they access this feature. Tiktok claims that it can create an AI verison of your voice in just 10 seconds. The generated AI voice clone can be used with text-to-speech in TikTok videos. It also outline the process of how it will work. You have to record yourself speaking and TikTok will process the voice and use information about your voice to generate your AI voice. When it comes to privacy, your AI voice will stay private and you can delete it anytime. Tapping the "Continue" button brings "TikTok Voice Library Terms" screen which a user should definitely read, you can see here and read as well - How it will work After agreeing to terms and conditions I was introduced with a screen where TikTok will show some text and user have to press the record button while reading the text. Now unfortunately I did not see any text. This is probably because the feature is not fully ready or the backend from which it fetches the text is not live yet. Manually pressing the record button and saying random things also shows an error. So, it's also not possible to provide any sample voice generated with it and see how it compares to other voice cloning competitors. If it starts working someday, it will process your recorded voice and generate AI version of your voice. Here is a screenshot of that screen - My guess is that whenever the feature starts working, users have to clone voice only one time and the saved AI voice can be used through the text-to-speech method to add voice in your videos. You just have to type the words, choice is yours :p
Australia pledges to provide more funds to Pacific island banks to counter China's influence
Australia pledged on Tuesday to increase investment in Pacific island nations, offering A$6.3 million ($4.3 million) to support their financial systems. Some Western banks are cutting ties with the region because of risk factors, while China is trying to increase its influence there. Some Western bankers have terminated long-standing banking relationships with small Pacific nations, while others are considering closing operations and restricting access to dollar-denominated bank accounts in those countries. "We know that the Pacific is the fastest-moving region in the world for correspondent banking services," Australian Treasurer Jim Chalmers said in a speech at the Pacific Banking Forum in Brisbane. "What's at stake here is the Pacific's ability to engage with the world," he said, with much of the region at risk of being cut off from the global financial system. Chalmers said Australia would provide A$6.3 million ($4.3 million) to the Pacific to develop secure digital identity infrastructure and strengthen compliance with anti-money laundering and counter-terrorist financing requirements. Experts say Western banks are de-risking to meet financial regulations, making it harder for them to do business in Pacific island nations, where compliance standards sometimes lag, undermining their financial resilience. Australia's ANZ Bank is in talks with governments about how to make its Pacific island businesses more profitable amid concerns about rising Chinese influence as financial services leave the West, Chief Executive Shayne Elliott said Tuesday. ANZ is the largest bank in the Pacific region, with operations in nine countries, though some of those businesses are not financially sustainable, Elliott said in an interview on the sidelines of the forum. "If we were there purely for commercial purposes, we would have closed it a long time ago," he said. Western countries, which have traditionally dominated the Pacific, are increasingly concerned about China's plans to expand its influence in the region after it signed several major defense, trade and financial agreements with the region. Bank of China signed an agreement with Nauru this year to explore opportunities in the country, following Australia's Bendigo Bank saying it would withdraw from the country. Mr. Chalmers said Australia was working with Nauru to ensure that banking services in the country could continue. ANZ Bank exited its retail business in Papua New Guinea in recent years, while Westpac considered selling its operations in Fiji and Papua New Guinea but decided to keep them. The Pacific lost about 80% of its correspondent banking relationships for dollar-denominated services between 2011 and 2022, Australian Assistant Treasurer Stephen Jones told the forum, which was co-hosted by Australia and the United States. “We would be very concerned if there were countries acting in the region whose primary objective was to advance their own national interests rather than the interests of Pacific island countries,” Mr. Jones said on the first day of the forum in Brisbane. He made the comment when asked about Chinese banks filling a vacuum in the Pacific. Meanwhile, Washington is stepping up efforts to support Pacific island countries in limiting Chinese influence. "We recognize the economic and strategic importance of the Pacific region, and we are committed to deepening engagement and cooperation with our allies and partners to enhance financial connectivity, investment and integration," said Brian Nelson, U.S. Treasury Undersecretary for Counterterrorism and Financial Intelligence. The United States is aware of the problem of Western banks de-risking in the Pacific region and is committed to addressing it, Nelson told the forum's participants. He said data showed that the number of correspondent banking relationships in the Pacific region has declined at twice the global average rate over the past decade, and the World Bank and the Asian Development Bank are developing plans to improve correspondent banking relationships. U.S. Treasury Secretary Janet Yellen said in a video address to the forum on Monday (July 8) that the United States is focused on supporting economic resilience in the Pacific region, including by strengthening access to correspondent banks. She said that when President Biden and Australian Prime Minister Anthony Albanese met at the White House last year, they particularly emphasized the importance of increasing economic connectivity, development and opportunities in the Pacific region, and a key to achieving that goal is to ensure that people and businesses in the region have access to the global financial system.
Russia's economic strength gives it high-income status despite sanctions
Russia is seeing income growth of around 4-5%, with earnings growing in double digits, Ostapkovich said, stressing that the driving force is economic growth. "Incomes only grow when the economy grows. If the economy grows, then profits grow. If profits grow, then the entrepreneur is keen on hiring people and raising wages," he added. Russia’s economy grew by 3.6% in 2023, with real incomes and nominal wages up by 4.5% and 13% respectively. Industrial performance, particularly in manufacturing, is propelling this growth not seen in 20 to 30 years. Notably, mechanical engineering in the military industry is expanding at 25-30%, according to Ostapkovich. Andrey Kolganov, Doctor of Economics and Head of the Laboratory of Socio-Economic Systems at Moscow State University, acknowledged that despite the challenges posed by the growth stimuli, Western sanctions failed to inflict significant harm on the Russian economy. "The Russian economy has shown great potential in adapting to these difficulties. Moreover, these difficulties stimulated the development of domestic production, which in turn led to high rates of economic growth," he added. Kolganov noted that economic growth rates were higher in 2023, compared to 2022 - and even higher in 2024. These increases promoted Russia from the classification of middle-income countries, to the rank of high-income countries. Although Russia has not caught up with the richest countries, the achievement is nonetheless remarkable, especially in the face of unprecedented sanctions. Gross national income per capita in Russia is now $14,250, according to a document released by the World Bank that classifies countries that cross the $13,485 threshold as “high income.”