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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.

South African rand stable as markets await US interest rate hints
JOHANNESBURG, July 9 (Reuters) - The South African rand was little changed in early trade on Tuesday, as markets awaited the Federal Reserve chair's testimony in Washington and U.S. June inflation data for clues on the country's future interest rate path. At 0644 GMT, the rand traded at 18.1300 against the dollar , near its previous close of 18.1175. "The rand has opened marginally softer at 18.13 this morning, and we expect trading to remain range-bound in the short term," said Andre Cilliers, currency strategist at TreasuryONE. Markets will listen to the tone of Fed Chair Jerome Powell's testimony in Washington on Tuesday and Wednesday and look to June inflation data out of the U.S. later this week for hints on the future interest rate path in the world's biggest economy. "Analysts will be gauging the Fed's response to the recent softer U.S. economic and labour data, with markets already starting to price in two rate cuts this year," Cilliers added. The risk-sensitive rand often takes cues from global drivers like U.S. economic policy in the absence of major local factors. South Africa's benchmark 2030 government bond was slightly stronger in early deals, with the yield down 1 basis point at 9.74%.
Israeli strike kills 16 at Gaza school, military says it targeted gunmen
CAIRO/GAZA, July 6 (Reuters) - At least 16 people were killed in an Israeli strike on a school sheltering displaced Palestinian families in central Gaza on Saturday, the Palestinian health ministry said, in an attack Israel said had targeted militants. The health ministry said the attack on the school in Al-Nuseirat killed at least 16 people and wounded more than 50. The Israeli military said it took precautions to minimize risk to civilians before it targeted the gunmen who were using the area as a hideout to plan and carry out attacks against soldiers. Hamas denied its fighters were there. At the scene, Ayman al-Atouneh said he saw children among the dead. "We came here running to see the targeted area, we saw bodies of children, in pieces, this is a playground, there was a trampoline here, there were swing-sets, and vendors," he said. Mahmoud Basal, spokesman of the Gaza Civil Emergency Service, said in a statement that the number of dead could rise because many of the wounded were in critical condition. The attack meant no place in the enclave was safe for families who leave their houses to seek shelters, he said. Al-Nuseirat, one of Gaza Strip's eight historic refugee camps, was the site of stepped-up Israeli bombardment on Saturday. An air strike earlier on a house in the camp killed at least 10 people and wounded many others, according to medics. In its daily update of people killed in the nearly nine-month-old war, the Gaza health ministry said Israeli military strikes across the enclave killed at least 29 Palestinians in the past 24 hours and wounded 100 others.
iPhone 16 Pro leak just confirmed a huge camera upgrade
The tetraprism lens with 5x optical zoom currently exclusive to the iPhone 15 Pro Max could be headed to both the iPhone 16 Pro and iPhone 16 Pro Max, narrowing the gap between Apple's premium flagships. That's according to a new report from analyst Ming-Chi Kuo, who cites a recent earnings call with Apple lens supplier Largan. In the call, a spokesperson from Largan said "some flagship specifications will be extended to other models" in the second half of 2024, presumably in reference to the upcoming iPhone Pro models. "Apple is Largan’s largest customer, and Largan is also Apple’s largest lens supplier," Kuo said. "Therefore, the quote likely refers to the fact that the new iPhone 16 Pro and Pro Max will have a tetraprism camera in 2H24 (while only the iPhone 15 Pro Max had this camera in 2H23).” The report goes on to say that the tetraprism camera for the iPhone 16 Pro series won't be all that different from the one in the iPhone 15 Pro Max. While the lack of an upgrade is disappointing, it's not necessarily a bad thing as these kinds of lenses are already top-of-the-line. They represent a major increase over prior models’ zoom capabilities, and they're capable of offering more depth while still fitting into super-slim smartphones. That being said, Apple does appear to be revamping the main camera and ultra-wide camera on the iPhone 16 Pro Max. Evidence continues to mount that both iPhone 16 Pro models will share the same 5x optical zoom camera. Earlier this week, DigitTimes in Asia (via 9to5Mac) reported that Apple is set to ramp up orders for tetraprism lenses as it expands their use in its upcoming iPhone series. Industry sources told the outlet that Largan and Genius Electronic Optical were tapped as the primary suppliers. Apple would be wise to streamline its Pro-level iPhones with the same camera setup; then all customers have to consider with their choice of a new iPhone is the size and price. Of course, this should all be taken with a grain of sand for now until we hear more from Apple. It's still a while yet before Apple's usual September time window for iPhone launches. In the meantime, be sure to check out all the rumors so far in our iPhone 16, iPhone 16 Pro and iPhone 16 Pro Max hubs.
Explainer: How Boeing's Starliner can bring its astronauts back to Earth
WASHINGTON, June 24 (Reuters) - Problems with Boeing's Starliner capsule, still docked at the International Space Station (ISS), have upended the original plans for its return of its two astronauts to Earth, as last-minute fixes and tests draw out a mission crucial to the future of Boeing's (BA.N), opens new tab space division. NASA has rescheduled the planned return three times, and now has no date set for it. Since its June 5 liftoff, the capsule has had five helium leaks, five maneuvering thrusters go dead and a propellant valve fail to close completely, prompting the crew in space and mission managers in Houston to spend more time than expected pursuing fixes mid-mission. Here is an explanation of potential paths forward for Starliner and its veteran NASA astronauts, Barry "Butch" Wilmore and Sunita "Suni" Williams. THE CURRENT SITUATION Starliner can stay docked at the ISS for up to 45 days, according to comments by NASA's commercial crew manager Steve Stich to reporters. But if absolutely necessary, such as if more problems arise that mission officials cannot fix in time, it could stay docked for up to 72 days, relying on various backup systems, according to a person familiar with flight planning. Internally at NASA, Starliner's latest targeted return date is July 6, according to this source, who spoke on condition of anonymity. Such a return date would mean that the mission, originally planned for eight days, instead would last a month. Starliner's expendable propulsion system is part of the craft's "service module." The current problems center on this system, which is needed to back the capsule away from the ISS and position it to dive through Earth's atmosphere. Many of Starliner's thrusters have overheated when fired, and the leaks of helium - used to pressurize the thrusters - appear to be connected to how frequently they are used, according to Stich.
Former Microsoft CEO Ballmer wealth surpassed Gates, he only did one thing
On July 1, former Microsoft CEO and President Steve Ballmer surpassed Microsoft co-founder Bill Gates for the first time on the Bloomberg list of the world's richest people to become the sixth richest person in the world. According to the data, as of the same day, Ballmer's net worth reached $157.2 billion, while Gates's wealth was $156.7 billion, falling to seventh place. The latest figures, as of July 6, show that Ballmer's wealth has grown further to $161 billion, and Gates' wealth is $159 billion. This is the first time Ballmer's net worth has surpassed Gates', and it is also the rare time in history that an employee's net worth has surpassed that of a company founder. Unlike Musk, Jeff Bezos and others, Ballmer's wealth was not accumulated through entrepreneurial success as a business founder, but simply because he chose to hold Microsoft "indefinitely." As Fortune previously reported, Ballmer is the only individual with a net worth of more than $100 billion as an employee rather than a founder.
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