July 9 (Reuters) - Futures linked to Canada's main stock index rose on the back of metal prices on Tuesday, while investors awaited U.S. Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy later in the day. The S&P/TSX 60 futures were up 0.25% by 06:28 a.m. ET (1028 GMT). The Toronto Stock Exchange's materials sector was set to re Oil futures , dipped as fears over supply disruption eased after Hurricane Beryl, which hit major refineries along with the U.S. Gulf Coast, caused minimal impact. Markets will be heavily focussed on Powell's two-day monetary policy testimony before the Senate Banking Committee, starting at 10 a.m. ET (1400 GMT), which can help investors gauge the Fed's rate-cut path. Following last week's softer jobs data, market participants are now pricing in a 77% chance of a rate cut by the U.S. central bank in September. The main macro event for the markets this week will be the U.S. consumer prices data due on Thursday, which can help assess the trajectory of inflation in the world' biggest economy. Wall Street futures were also up on Tuesday after the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab touched record closing highs in the previous session. In Canada, fears of the economy slipping into recession advanced after the latest data showed that the unemployment rate rose to a 29-month high in June. Traders are now pricing in a 65% chance of another cut by the Bank of Canada, which already trimmed interest rates last month. In corporate news, Cenovus Energy (CVE.TO), opens new tab said it is demobilizing some staff at its Sunrise oil sands project in northern Alberta as a precaution due to the evolving wildfire situation in the area.

Koenigsegg Agera RS Chimera combines technologies from Agera RS, CC850, and Jesko. An Agera RS platform features the engine from the Jesko and the simulated manual gearbox from the CC850. Development took three years, thanks to software and hardware integration challenges. A "chimera," for the uninitiated, is described as a mythical creature whose anatomy comes from multiple animals, creating a hybrid of two or more creatures' best bits. It's also the name of the latest one-off creation from Koenigsegg, and it's certainly apt; the Koenigsegg Agera RS Chimera is an amalgam of technologies from the decade-old, record-breaking Agera RS, the fascinatingly innovative CC850, and the awe-inspiring Jesko - which just recently set four new acceleration records. There's also a hint of Regera in here, which had some impressive records of its own. As reported by Mr. JWW, the strictly one-off special edition was commissioned by FIA President Mohammed Ben Sulayem, and both he and one of Koenigsegg's engineers arrived at the same name. Let's take a closer look and see exactly why this is a hybrid, even though it's not electrified. Three Cars In One The Chimera was originally a regular Agera RS and one of several Koenigsegg megacars owned by Ben Sulayem, but he asked Christian and the team to initiate a special project on his behalf. Around the same time, the extraordinary Koenigsegg CC850 was revealed at Monterey Car Week 2022, introducing the innovative Engage Shift System (ESS). This was based on the already astonishingly fast nine-speed Light Speed Transmission, with new actuators and sensors added to enable the simulation of a manual transmission without a physical link between the shifter and the gearbox. Like the rest of the world, the FIA boss was enamored by this novel technology, and as a wealthy 'Egg collector, he asked for it to be put into his special Agera-based project. Christian pondered this and ultimately decided to fulfill the request, in the process turning Ben Sulayem's special edition into something of a development mule for the ESS. But unlike the CC850, the Chimera got the larger turbos of the Jesko, enabling around 1,280 horsepower on regular gas and up to 1,600 hp on E85. That means this is an Agera RS with a CC850 transmission and a Jesko engine. On paper, that sounds simple, but the reality was anything but... Three Shifting Experiences Took Three Years To Combine According to a video from YouTuber and Koenigsegg distributor Mr. JWW, this development process took three years and required the relocation of the battery, new mounts for the powertrain, new harnesses, new software and controllers, and even a new infotainment system. To ensure all the electronics worked seamlessly was a challenge, but then Ben Sulayem asked for another layer of intricacy, requesting that paddle shifters be added, like in the Jesko Absolut and Jesko Attack. In the CC850, you could only switch between the simulated manual mode and fully automatic shifts, but now, the Chimera's development has unlocked manually operable paddles, which have now been added as the only option you can add to a CC850. There was also significant relocation and redesigning of suspension components, with parts from the Jesko and the Regera forming the subframe and elements of the suspension, respectively. A new scoop for the new transmission's cooler was also added, but it looks like it was always planned. Christian von Koenigsegg says this is a true one-off, saying that it would be cheaper and easier to start something all-new from scratch than to mix new and old technologies again, and that it's simply "too much work" to tackle a retrofit project. The Chimera is not completed just yet, as there are still subtle elements to refine, such as the bite point of the clutch pedal, but these minor issues will surely be resolved soon. It's an amazing feat, combining three hypercars in one, and we can't even fathom how Koenigsegg will top this in the future, but we don't doubt that Christian and his team will continue to do just that.

McDonald's China, together with its four major suppliers announced the launch of an industrial park in Xiaogan city, Central China's Hubei Province on Wednesday, highlighting the importance of Chinese market in terms of supply chain for food business. With a combined investment of 1.5 billion yuan ($206 million), the park, named Hubei Smart Food Industrial Park, is a joint project with Bimbo QSR, XH Supply Chain, Tyson Foods Inc, and Zidan, according to information provided to the Global Times. The park is expected to produce 34,000 tons of meat products, 270 million buns, 30 million pastries, and 2 billion packaged products annually. It also features a 25,000-square-meter high-standard automated warehouse for frozen, refrigerated, and dry goods, reducing logistics time by 90 percent from manufacturing to arriving at the destination. Leveraging local geographical advantages, the park will become a supply hub for McDonald's in central and western China, enhancing supply efficiency and stability for its outlets there, the company said. "McDonald's has been deeply rooted in China for over 30 years, and the park is an echo of our long-term development in China," said Phyllis Cheung, CEO of McDonald's China. "Without any long-term strategy, we don't have any structural advantage in China," Cheung noted. The US food giant continues to expand its business map in China. As of the end of June in 2024, there were over 6,000 restaurants and over 200,000 employees in the market. China has become the second largest and fastest-growing market of McDonald's. In 2023, McDonald's China unveiled the ambition of operating 10,000 restaurants by 2028. To support this, McDonald's and its suppliers have invested over 12 billion yuan from between 2018 to 2023 to develop new production capacities and enhance supply chain sustainability. Observers said that the industrial park reflect foreign companies' confidence in operating in China as the country takes concrete measures in furthering reform and opening-up. China's foreign direct investment from January to May 2024 reached 412.51 billion yuan, with the number of newly-established foreign-backed companies reaching 21,764, rising by 17.4 percent year-on-year, data from China's Ministry of Commerce revealed. According to a recent survey by the American Chamber of Commerce in China, the majority of US companies saw improved profitability in China in 2023, and half of the survey participants put China as their first choice or within their top three investment destinations globally. Olaf Korzinovski, EVP of Volkswagen China, who is responsible for production and components, also shared his understanding of supply chains in China with the Global Times. Volkswagen has been operating in China for about 40 years. "In order to seize greater value for our customers," Volkswagen Group is stepping up pace of innovation in China, and systematically purshing forward the digitalization process, Korzinovski noted, adding the company is strengthening local capabilities with accelerated decision-making efficiency. Global Times

At the Apple Developer Conference held earlier, the iPhone 16 series will be equipped with iOS 18 has been revealed. At the event, Apple showed off a series of convenient interactive experiences brought by Apple Intelligence, including a more powerful Siri voice assistant, Mail app that can generate complex responses, and Safari that aggregates web information. These upgrades will no doubt make the iPhone 16 line even more attractive. In order to use Apple Intelligence, a new feature of iOS 18, the iPhone 16 and 16 Pro series are equipped with A18 chips. An external blogger found in Apple's back end that the iPhone 16 series will use the same A-series chip, and the back end code mentions A new model unrelated to the existing iPhone. It includes four iPhone 16 series models, and the four identifiers all start with the same number, indicating that Apple is attributing them to the same platform. The new iPhone will have a stainless steel battery case, which will make it easier to remove the battery to meet EU market standards, while also allowing Apple to increase the density of the battery cell in line with safety regulations.

On Monday, executives from the three major chip giants in the US - Intel, Qualcomm, and Nvidia - met with US officials, including Antony Blinken, to voice their opposition to the Biden administration's plan of imposing further restrictions on chip sales to Chinese companies and investments in China. The Semiconductor Industry Association also released a similar statement, opposing the exclusion of US semiconductor companies from the Chinese market. First of all, we mustn't believe that the appeals of these companies and industry associations will collectively change the determination of US political elites to stifle China's progress. These US elites are very fearful of China's rapid development, and they see "chip chokehold" as a new discovery and a successful tactic formed under US leadership and with the cooperation of allies. Currently, the chip industry is the most complex technology in human history, with only a few companies being at the forefront. They are mainly from the Netherlands, Taiwan island, South Korea, and Japan, most of which are in the Western Pacific. These countries and regions are heavily influenced by the US. Although these companies have their own expertise, they still use some American technologies in their products. Therefore, Washington quickly persuaded them to form an alliance to collectively prevent the Chinese mainland from obtaining chips and manufacturing technology. Washington is proud of this and wants to continuously tighten the noose on China. The New York Times directly titled an article "'An Act of War': Inside America's Silicon Blockade Against China, " in which an American AI expert, Gregory Allen, publicly claimed that this is an act of war against China. He further stated that there are two dates that will echo in history from 2022: The first is February 24, when the Russia-Ukraine conflict broke out, and the second is October 7, when the US imposed a sweeping set of export controls on selling microchips to China. China must abandon its illusions and launch a challenging and effective counterattack. We already have the capability to produce 28nm chips, and we can use "small chip" technology to assemble small semiconductors into a more powerful "brain," exploring 14nm or even 7nm. Additionally, China is the world's largest commercial market for commodity semiconductors. Last year, semiconductor procurement in China amounted to $180 billion, surpassing one-third of the global total. In the past, China had been faced with the choice between independent innovation and external purchases. Due to the high returns from external purchases, it is easy for it to become the overwhelming choice over independent research and development. However, now the US is gradually blocking the option of external purchases, and China has no strategic choice but to independently innovate, which in turn puts tremendous pressure on American companies. Scientists generally expect that, although China may take some detours, such as recently apprehending several company leaders who fraudulently obtained subsidies from national semiconductor policies, China has the ability to gradually overcome the chip difficulties. And we will form our own breakthroughs and industrial chain, which is expected to put quite a lot of pressure on US companies. If domestic firms acquire half of China's $180 billion per year in chip acquisitions, this would provide a significant boost for the industry as a whole and help it advance steadily. The New York Times refers to the battle on chips as a bet by Washington. "If the controls are successful, they could handicap China for a generation; if they fail, they may backfire spectacularly, hastening the very future the United States is trying desperately to avoid," it argued. Whether it is a war or a game, when the future is uncertain, what US companies hope for most of all is that they can sell simplified versions of high-end chips to China, so that the option of external purchases by China continues to exist and remains attractive. This can not only maintain the interests of the US companies, enabling them to obtain sufficient funds to develop more advanced technologies, but also disrupt China's plans for independent innovation. This idea is entirely based on their own commercial interests and also has a certain political and national strategic appeal. Hence, there is no shortage of supporters within the US government. US Secretary of the Treasury Janet Yellen seems to be one of them, as she has repeatedly stated that the US' restrictions on China will not "fundamentally" hurt China, but will only be "narrowly targeted." The US will balance its strict suppression on China from the perspective of maintaining its technological hegemony, while also leaving some room for China, in order to undermine China's determination to counterattack in terms of independent innovation. China needs to use this mentality of the US to its advantage. On the one hand, China should continue to purchase US chips to maintain its economic fundamentals, and on the other hand, it should firmly support the development of domestic semiconductor companies from both financial and market perspectives. If China were to continue relying on exploiting the gaps in US chip policies in the long term, akin to a dependency on opium, it would only serve to weaken China further as it becomes increasingly addicted. China's market is extremely vast, and its innovation capabilities are generally improving and expanding. Although the chip industry is highly advanced, if there is one country that can win this counterattack, it is China. As long as we resolutely continue on the path of independent innovation, this road will definitely become wider. Various breakthroughs and turning points that are unimaginable today may soon occur.