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May 11 - According to data from the China Passenger Car Association, retail sales of new energy passenger vehicles in April reached 849,000 units, a year-on-year decrease of 6.8% and a month-on-month decrease of 0.3%; from January to April, retail sales of new energy passenger vehicles reached 2.758 million units, a year-on-year decrease of 17.2%.China Passenger Car Association (CPCA) reported that retail sales of passenger cars in China reached 1.384 million units in April, a year-on-year decrease of 21.5%.N Changyu triggered a second temporary suspension, with its stock price surging nearly 700% intraday and trading volume exceeding 1.6 billion yuan.May 11th - As competition intensifies in the artificial intelligence field, Alphabet (GOOG.O) plans its first-ever issuance of yen bonds, a move that could help raise funds for its investments. Googles parent company is expanding its financing channels as it has become a leader in almost every aspect of artificial intelligence. The tech giant has raised its capital expenditure forecast for this year to $190 billion, up from its previous estimate of $185 billion, which is already double its 2025 spending estimate.On May 11th, Qianwen and Taobao fully integrated, launching a brand-new AI shopping experience. Users can open the Qianwen App, converse with AI, and select, compare, and place orders for products on Taobao. Open the Taobao App, click "Qianwen AI Shopping Assistant," and use AI shopping features such as AI try-on, AI discount calculation, and AI-assisted low-price grabbing. This marks the first deep integration between a global mega-e-commerce platform and a top-tier big data application. Alibaba is the first in the industry to establish a complete AI shopping chain, achieving a closed loop from product recommendation to order placement, fulfillment, and after-sales service, signifying a significant step forward for Alibabas AI e-commerce.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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