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China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months.

Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, August 7, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain.

Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis.

“China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates.

A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-has-wired-nuclear-power-plant-with-explosives-ukraine-504910" hreflang="en">Russia has wired nuclear power plant with explosives: Ukraine</a>

China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from lockdowns in spring will be slower and bumpier than expected.

But there were signs that transport and supply chain disruptions caused by COVID-19 restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand.

Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association.

Container throughput at the COVID-19-hit Shanghai port hit a record high last month.

July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note.

Moreover, amid negative real interest rate and surging inflation, some European and US customers may have front-loaded orders to ensure they had goods on hand with lower costs, he added.

Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute.

“Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said.

Chinese exporters are facing mounting headwinds, one company executive told Reuters.

“I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters.

“If retaliatory tariffs like those in the Trump era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70% to 80% in July year-on-year.

Imports still tepid

After a shaky second quarter, most analysts had expected China’s import momentum to pick up modestly in the latter half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending.

But imports last month were again weaker than expected, suggesting domestic demand remains soft.

Imports rose 2.3% from a year earlier, compared with June’s 1% gain and missing a forecast for a 3.7% rise.

“Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports,” said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID-19 flare-ups may hinder the economy’s recovery.

Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-block-sale-of-chinese-phones-priced-below-150-report-504811">India to block sale of Chinese phones priced below $150: Report</a>

The volume of imported integrated circuits – a major Chinese import – dropped 19.6% in July from a year earlier, according to Reuters’ calculations.

 
That may be an additional red flag for exports, as a significant amount of the country’s imports are components for goods that are then re-exported.

China posted a record $101.26-billion trade surplus last month, well above the $90-billion surplus analysts had expected.

The country’s top economic planner said last week that the economy is in the “critical window” of stabilization and recovery, and the third quarter is “vital.”

Top leaders recently signaled they were prepared to miss the government growth target of around 5.5% for 2022, which analysts said had been looking increasingly unattainable after the economy narrowly avoided contracting in the second quarter.

The International Monetary Fund in late July sharply cut its 2022 growth forecast for China to 3.3% from 4.4% in April, citing COVID-19 lockdowns and the worsening crisis in the country’s property sector.

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months.

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months. Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, August 7, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain. Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis. “China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates. A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020. Also read | Russia has wired nuclear power plant with explosives: Ukraine China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from lockdowns in spring will be slower and bumpier than expected. But there were signs that transport and supply chain disruptions caused by COVID-19 restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand. Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association. Container throughput at the COVID-19-hit Shanghai port hit a record high last month. July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note. Moreover, amid negative real interest rate and surging inflation, some European and US customers may have front-loaded orders to ensure they had goods on hand with lower costs, he added. Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute. “Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said. Chinese exporters are facing mounting headwinds, one company executive told Reuters. “I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters. “If retaliatory tariffs like those in the Trump era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70% to 80% in July year-on-year. Imports still tepid After a shaky second quarter, most analysts had expected China’s import momentum to pick up modestly in the latter half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending. But imports last month were again weaker than expected, suggesting domestic demand remains soft. Imports rose 2.3% from a year earlier, compared with June’s 1% gain and missing a forecast for a 3.7% rise. “Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports,” said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID-19 flare-ups may hinder the economy’s recovery. Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks. Also read | India to block sale of Chinese phones priced below $150: Report The volume of imported integrated circuits – a major Chinese import – dropped 19.6% in July from a year earlier, according to Reuters’ calculations. That may be an additional red flag for exports, as a significant amount of the country’s imports are components for goods that are then re-exported. China posted a record $101.26-billion trade surplus last month, well above the $90-billion surplus analysts had expected. The country’s top economic planner said last week that the economy is in the “critical window” of stabilization and recovery, and the third quarter is “vital.” Top leaders recently signaled they were prepared to miss the government growth target of around 5.5% for 2022, which analysts said had been looking increasingly unattainable after the economy narrowly avoided contracting in the second quarter. The International Monetary Fund in late July sharply cut its 2022 growth forecast for China to 3.3% from 4.4% in April, citing COVID-19 lockdowns and the worsening crisis in the country’s property sector.

China posts record $101 billion trade surplus but export boom could fade

Apple is asking its suppliers in Taiwan to label its products that are bound for Mainland China as Chinese, Taipei or Taiwan China. The labeling suggests that the island is part of the people's Republic of China.

Apple asks Taiwanese suppliers to label products as 'Made in China'

Global Investment Funds have lost their valuations, putting the investors in massive losses. Japanese investor Softbank is the latest in the list as it has suffered a net loss of 3.16 trillion yen or 23.34 billion dollars for the quarter end.

Softbank: Global startups feeling the heat of a slowing economy

American drugmaker&nbsp;Pfizer&nbsp;announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.4 billion.

With the agreement,&nbsp;Pfizer, one of the top makers of Covid-19 vaccines, acquires GBT's Oxbryta to treat the potentially fatal blood disorder that primarily affects people of African, Middle Eastern or South Asian descent.

The drug was authorized for those over 12 years old in 2019 but gained federal approval in December for children aged four to 11.&nbsp;

"We are excited to welcome GBT colleagues into&nbsp;Pfizer&nbsp;and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community,"&nbsp;Pfizer&nbsp;Chairman and CEO Albert Bourla said in a statement.&nbsp;

Net sales for Oxbryta were approximately $195 million in 2021, and&nbsp;Pfizer&nbsp;said GBT's suite of SCD treatments have the potential to generate more than $3 billion in worldwide sales.&nbsp;

Bourla said the merger will help "accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible."

Sales of Oxbryta helped GBT generate first-quarter turnover of $55 million (up 41 percent), while the company registered a net loss of $81.4 million.

The San Francisco-based firm is due to publish its second-quarter numbers on Monday, but will not hold a previously scheduled call to discuss the earnings report.

Pfizer's second-quarter turnover jumped 47 percent -- to a record $27.74 billion -- boosted by sales of its Covid vaccine and pills.

Its net profit soared by 78 percent, to $9.9 billion.

Following the merger announcement, GBT shares rose 4.4 percent in early trading Monday, while&nbsp;Pfizer&nbsp;shares slipped 0.7 percent.

American drugmaker Pfizer announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.

American drugmaker Pfizer announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.4 billion. With the agreement, Pfizer, one of the top makers of Covid-19 vaccines, acquires GBT's Oxbryta to treat the potentially fatal blood disorder that primarily affects people of African, Middle Eastern or South Asian descent. The drug was authorized for those over 12 years old in 2019 but gained federal approval in December for children aged four to 11. "We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community," Pfizer Chairman and CEO Albert Bourla said in a statement. Net sales for Oxbryta were approximately $195 million in 2021, and Pfizer said GBT's suite of SCD treatments have the potential to generate more than $3 billion in worldwide sales. Bourla said the merger will help "accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible." Sales of Oxbryta helped GBT generate first-quarter turnover of $55 million (up 41 percent), while the company registered a net loss of $81.4 million. The San Francisco-based firm is due to publish its second-quarter numbers on Monday, but will not hold a previously scheduled call to discuss the earnings report. Pfizer's second-quarter turnover jumped 47 percent -- to a record $27.74 billion -- boosted by sales of its Covid vaccine and pills. Its net profit soared by 78 percent, to $9.9 billion. Following the merger announcement, GBT shares rose 4.4 percent in early trading Monday, while Pfizer shares slipped 0.7 percent.

Pfizer to acquire sickle cell drugmaker GBT for $5 bn

Since the pandemic forced many people to reevaluate their priorities, the four-day workweek has gained attention as a potential means of enhancing employees' work-life balance and welfare. While many see it as a revolutionary break from the monotony of a Monday through Friday workweek, it has proven to be a major inconvenience for many others.

The four-day workweek has been extensively tested around the world (though not everyone has had the opportunity to try it), and it has even been adopted permanently by numerous companies in several countries after trials revealed that the shorter workweek improved employees' wellbeing and happiness while maintaining the same level of productivity.

However, the four-day workweek proved challenging and even divisive in many organisations. In some businesses, it is simply not possible to work on Fridays, and in those where employees are given a three-day weekend, the time off sometimes follows a long, shortened workweek in which workers have to put in even more effort to make up for the "lost" day.

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<h5>The six-hour day is a schedule that requires contributors from an institution to put in six hours a day. This contrasts with the typical eight-hour day or any other type of time structure. It has also been suggested as a superior substitute for the four-day workweek, another suggested method of cutting back on working hours.</h5>
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Certain organisational psychologists suggest shortening the workday. In addition to being more viable for more types of enterprises, wrapping up in less time—say, six instead of eight hours—could also significantly improve the lives of employees.

However, there are compelling arguments in favour of a shorter workday that are connected to improved employee wellbeing and perhaps higher productivity. Contrary to ingrained conventions, it's possible that workers could be more productive and focused if they left the office earlier.

The fact that nations cannot afford such trials at a time when the economy is in such bad shape is one of the key worries regarding cutting working hours.

The OECD has advised these nations to enhance their productivity in order to hasten the recovery from the COVID-19 pandemic as they deal with growing inflation and a cost-of-living issue, despite the favourable economic outlook in countries like the Netherlands, Denmark, and Norway, for instance.

Trials to enact novel regulations, such as the six-hour workday, are frequently pricey; in some cases, the expenses are found to outweigh the advantages.

(With inputs from agencies) 
&nbsp;

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Since the pandemic forced many people to reevaluate their priorities, the four-day workweek has gained attention as a potential means of enhancing employees' work-life balance and welfare.

Since the pandemic forced many people to reevaluate their priorities, the four-day workweek has gained attention as a potential means of enhancing employees' work-life balance and welfare. While many see it as a revolutionary break from the monotony of a Monday through Friday workweek, it has proven to be a major inconvenience for many others. The four-day workweek has been extensively tested around the world (though not everyone has had the opportunity to try it), and it has even been adopted permanently by numerous companies in several countries after trials revealed that the shorter workweek improved employees' wellbeing and happiness while maintaining the same level of productivity. However, the four-day workweek proved challenging and even divisive in many organisations. In some businesses, it is simply not possible to work on Fridays, and in those where employees are given a three-day weekend, the time off sometimes follows a long, shortened workweek in which workers have to put in even more effort to make up for the "lost" day. The six-hour day is a schedule that requires contributors from an institution to put in six hours a day. This contrasts with the typical eight-hour day or any other type of time structure. It has also been suggested as a superior substitute for the four-day workweek, another suggested method of cutting back on working hours. × Certain organisational psychologists suggest shortening the workday. In addition to being more viable for more types of enterprises, wrapping up in less time—say, six instead of eight hours—could also significantly improve the lives of employees. However, there are compelling arguments in favour of a shorter workday that are connected to improved employee wellbeing and perhaps higher productivity. Contrary to ingrained conventions, it's possible that workers could be more productive and focused if they left the office earlier. The fact that nations cannot afford such trials at a time when the economy is in such bad shape is one of the key worries regarding cutting working hours. The OECD has advised these nations to enhance their productivity in order to hasten the recovery from the COVID-19 pandemic as they deal with growing inflation and a cost-of-living issue, despite the favourable economic outlook in countries like the Netherlands, Denmark, and Norway, for instance. Trials to enact novel regulations, such as the six-hour workday, are frequently pricey; in some cases, the expenses are found to outweigh the advantages. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Is a 6-hour workday the solution to a more favourable work-life balance?

SoftBank (SFTBF) unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit.

The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, when rising interest rates and political instability disrupted global markets and could test investor willingness to stomach further big losses.

SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn and on Monday he signaled cuts to headcount at the Vision Fund, saying there were no "sacred areas."

"The world is in great confusion," Son told a briefing after the release of the results, remarking on the tech sell-off. But he acknowledged the company had invested in more startups than it should have and that valuations had been "in a bubble."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-block-sale-of-chinese-phones-priced-below-150-report-504811" hreflang="en">India to block sale of Chinese phones priced below $150: Report</a>

SoftBank also said it had authorized a share repurchase program worth up to 400 billion yen, something that could assuage investors.

Overall, the sliding portfolio pushed SoftBank to a 3.16 trillion yen ($23.4 billion) net loss in the latest quarter — its largest loss ever. That compared with profit of 761.5 billion yen in the same period a year earlier.

The Vision Fund unit saw a $23.1 billion hit in value.

Listed investments that suffered a fall in value included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc.

SoftBank said it wrote down the value of unlisted assets across its two Vision Funds by 1.14 trillion yen. Analysts have said writedowns of these private assets were unlikely to reflect the extent of current market weakness.

To raise cash, SoftBank has exited companies including ridehailer Uber Technologies (UBER) and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.

SoftBank sold Uber at an average share price of $41.47, compared to the Friday closing price of $32.01. 
The second Vision Fund's stakes in 269 firms were worth $37.2 billion at end-June, compared with an acquisition cost of $48.2 billion.

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Plunging initial public offering volumes and market skepticism towards money-losing startups have squeezed an important source of capital for SoftBank, which hopes to list chip designer Arm following the collapse of a sale to Nvidia (NVDA).

SoftBank hasn't been the only casualty of the tech sell-off.

Hedge fund Tiger Global, which competes with "unicorn hunter" Son on deals, saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets.

Berkshire Hathaway booked a $44 billion quarterly loss on its investments and derivatives, with Chief Executive Warren Buffett urging investors to ignore the fluctuations.

SoftBank (SFTBF) unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit.

SoftBank (SFTBF) unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit. The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, when rising interest rates and political instability disrupted global markets and could test investor willingness to stomach further big losses. SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn and on Monday he signaled cuts to headcount at the Vision Fund, saying there were no "sacred areas." "The world is in great confusion," Son told a briefing after the release of the results, remarking on the tech sell-off. But he acknowledged the company had invested in more startups than it should have and that valuations had been "in a bubble." Also read | India to block sale of Chinese phones priced below $150: Report SoftBank also said it had authorized a share repurchase program worth up to 400 billion yen, something that could assuage investors. Overall, the sliding portfolio pushed SoftBank to a 3.16 trillion yen ($23.4 billion) net loss in the latest quarter — its largest loss ever. That compared with profit of 761.5 billion yen in the same period a year earlier. The Vision Fund unit saw a $23.1 billion hit in value. Listed investments that suffered a fall in value included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc. SoftBank said it wrote down the value of unlisted assets across its two Vision Funds by 1.14 trillion yen. Analysts have said writedowns of these private assets were unlikely to reflect the extent of current market weakness. To raise cash, SoftBank has exited companies including ridehailer Uber Technologies (UBER) and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion. SoftBank sold Uber at an average share price of $41.47, compared to the Friday closing price of $32.01. The second Vision Fund's stakes in 269 firms were worth $37.2 billion at end-June, compared with an acquisition cost of $48.2 billion. Also read | Bangladesh: People queue up at fuel stations after 52% surge in fuel prices Plunging initial public offering volumes and market skepticism towards money-losing startups have squeezed an important source of capital for SoftBank, which hopes to list chip designer Arm following the collapse of a sale to Nvidia (NVDA). SoftBank hasn't been the only casualty of the tech sell-off. Hedge fund Tiger Global, which competes with "unicorn hunter" Son on deals, saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets. Berkshire Hathaway booked a $44 billion quarterly loss on its investments and derivatives, with Chief Executive Warren Buffett urging investors to ignore the fluctuations.

SoftBank posts record $23 billion loss on Vision Fund pain

Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million).

The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand.

On Sunday, the two companies signed a unit transfer agreement (UTA), Tata Motors said in a statement.

“With our manufacturing capacity nearing saturation, this acquisition is timely and a win-win for all stakeholders,” it said.

Ford’s manufacturing unit is near the existing manufacturing plant of Tata Motors Passenger Vehicles Limited. The Indian automaker said that the acquisition of the Sanand plant will unlock a manufacturing capacity of 300,000 units per year that could increase to 420,000.

Watch |&nbsp;Tata motors to buy Ford's India plant

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It added that Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric Mobility on mutually agreed terms.

Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, in a statement said, "The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors' strong aspiration to further strengthen its market position in the Passenger Vehicles segment and to continue to build on its leadership position in the Electric Vehicle segment. It will accelerate the growth and development of the Indian auto industry by taking a progressive step forward towards building a future-ready Atmanirbhar (self-reliant) Bharat".&nbsp;

Last year, Ford stopped production in the country after failing to make a dent in the Indian passenger vehicle market despite having a presence for over two decades. It had captured less than 2 per cent of the vehicle market.

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Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million). The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand.

Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million). The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand. On Sunday, the two companies signed a unit transfer agreement (UTA), Tata Motors said in a statement. “With our manufacturing capacity nearing saturation, this acquisition is timely and a win-win for all stakeholders,” it said. Ford’s manufacturing unit is near the existing manufacturing plant of Tata Motors Passenger Vehicles Limited. The Indian automaker said that the acquisition of the Sanand plant will unlock a manufacturing capacity of 300,000 units per year that could increase to 420,000. Watch | Tata motors to buy Ford's India plant It added that Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric Mobility on mutually agreed terms. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, in a statement said, "The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors' strong aspiration to further strengthen its market position in the Passenger Vehicles segment and to continue to build on its leadership position in the Electric Vehicle segment. It will accelerate the growth and development of the Indian auto industry by taking a progressive step forward towards building a future-ready Atmanirbhar (self-reliant) Bharat". Last year, Ford stopped production in the country after failing to make a dent in the Indian passenger vehicle market despite having a presence for over two decades. It had captured less than 2 per cent of the vehicle market. WATCH WION LIVE HERE

Tata Motors to acquire Ford’s Indian manufacturing plant for over $91 million

Staff at some of Amazon's distribution centers in the UK have refused to return to work following anger over 35p-an-hour pay rise. They vowed to block lorries to disrupt the company's supply network, The Sun reported. Notably, the workers are protesting against the negligible rise in view of the rising cost of living, even as Jeff Bezos enjoys a lavish holiday&nbsp;with his girlfriend in London.

Hundreds of Amazon employees at the online retailer’s Tilbury warehouse in Essex stopped work on Wednesday night and gathered in the canteen to stage a protest against the measly hike. Bosses at the facility tried to get the workers to return, but to no avail.

Also Read |&nbsp;<a href="https://www.wionews.com/world/just-when-bezos-yacht-demands-unexpected-costs-amazon-prime-raises-price-450426">Just when Bezos’ yacht demands unexpected costs, Amazon Prime raises price</a>

Slowly the news spread to other facilities and employees at the company's Rugeley Distribution Centre near Lichfield and at its Coventry site also joined in the protests.

"Amazon has always rejected working with trade unions to deliver better working conditions and fair pay. Their repeated use of short-term contracts is designed to undermine worker’s rights," Steve Garelick, GMB regional organiser, was quoted as saying the Metro.

Workers are seeking a £2 per hour rise to "better match the demands of the role and cope with the cost of living crisis," GMB union says.

Also Read |&nbsp;<a href="https://www.wionews.com/world/earth-ambassadors-jeff-bezos-predicts-planet-will-soon-become-natural-resort-429176">Earth ambassadors? Jeff Bezos predicts planet will soon become 'natural resort'</a>

Garelick further said that Amazon is taking disciplinary action against many staff members, including holding their salaries. However, Amazon has denied all such reports.

The company posted its second consecutive quarterly loss last week, but since its revenue surpassed Wall Street expectations, its stock prices rose.

(With inputs from agencies)

&nbsp;

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Staff at some of Amazon's distribution centers in the UK have refused to return to work following anger over 35p-an-hour pay rise. They vowed to block lorries to disrupt the company's supply network, The Sun reported.

Staff at some of Amazon's distribution centers in the UK have refused to return to work following anger over 35p-an-hour pay rise. They vowed to block lorries to disrupt the company's supply network, The Sun reported. Notably, the workers are protesting against the negligible rise in view of the rising cost of living, even as Jeff Bezos enjoys a lavish holiday with his girlfriend in London. Hundreds of Amazon employees at the online retailer’s Tilbury warehouse in Essex stopped work on Wednesday night and gathered in the canteen to stage a protest against the measly hike. Bosses at the facility tried to get the workers to return, but to no avail. Also Read | Just when Bezos’ yacht demands unexpected costs, Amazon Prime raises price Slowly the news spread to other facilities and employees at the company's Rugeley Distribution Centre near Lichfield and at its Coventry site also joined in the protests. "Amazon has always rejected working with trade unions to deliver better working conditions and fair pay. Their repeated use of short-term contracts is designed to undermine worker’s rights," Steve Garelick, GMB regional organiser, was quoted as saying the Metro. Workers are seeking a £2 per hour rise to "better match the demands of the role and cope with the cost of living crisis," GMB union says. Also Read | Earth ambassadors? Jeff Bezos predicts planet will soon become 'natural resort' Garelick further said that Amazon is taking disciplinary action against many staff members, including holding their salaries. However, Amazon has denied all such reports. The company posted its second consecutive quarterly loss last week, but since its revenue surpassed Wall Street expectations, its stock prices rose. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amazon staff in Essex walk out over measly hike, refuse to return to work

The Bank of England (BoE) raised interest rates by the most in 25 years on August 4, despite warning that a long recession is on its way. It has raised the interest rates by 0.5 points also known as 50 basis points, highest interest rate rise since 1997 amid looming recession.

Bank of England raises rates by most in 25 years even as long recession looms

Strict Covid-19 measures have started to bite China's tech firms now. E-commerce major Alibaba group has reported flat quarterly revenue growth for the first time in its history.

China: Alibaba revenue growth flatlines for first time

Beyond Meat Inc on Thursday lowered its revenue forecast for the year and announced job cuts as rising inflation hurt the company's efforts to make its pricier plant-based meat more affordable for consumers.

Beyond Meat cuts sales forecast as consumers shun pricier faux meat

Japan’s households increased spending for the first time in four months in June, as demand for travel services rose in a positive sign for broader economic recovery prospects.

Japan’s households raise spending for first time in 4 months

Saudi Arabia, the world's top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins.

Saudi Arabia raises oil prices for Asia

The Indian rupee firmed ahead of a central bank monetary policy decision on Friday, supported by overnight weakness in oil prices and the dollar.

Indian rupee strengthens ahead of RBI decision

Struggling European lender, Credit Suisse, is seeking to slash its overall cost base by additional one billion dollar. The executives of the company are discussing to reduce thousands of jobs globally to achieve this objective.

Struggling Credit Suisse to reduce headcount

KFC, the fast food chain which is well known for its finger licking good campaign has added chicken feet now to its menu for customers in China.

KFC puts chicken feet on menu in China

India's biggest airline IndiGo said on Wednesday the wait for new planes was limiting its growth during a strong pick-up in demand for air travel as pandemic restrictions are lifted. SpcieJet is also exploring the possibility of stake sale.

SpiceJet explores possibility of stake sale

Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher. Amid a cost-of-living crisis, borrowing is becoming more expensive.&nbsp;

Notably, this is the sixth consecutive hike by BoE's Monetary Policy Committee (MPC) since December. Today, MPC voted 8-1 to lift its key rate by 0.50 percentage points from 1.25 per cent to 1.75 per cent.&nbsp;

The hike means there will be an immediate increase in mortgage bills for millions of homeowners on the tracker. Or even the variable mortgages that are in line with the BoE rate.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/time-running-out-for-archie-battersbee-as-his-parents-make-legal-bid-to-move-him-to-hospice-503588">Time running out for Archie Battersbee as his parents make legal bid to move him to hospice</a>&nbsp;

The BoE said that the "inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly" since May.&nbsp;

The bank added, "That largely reflects a near-doubling in wholesale gas prices since May, owing to Russia's restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/nancy-pelosi-lands-in-japan-china-fires-missile-on-japan-and-cancels-bilateral-meeting-on-the-same-day-503653">Nancy Pelosi lands in Japan: China fires missile on Japan and cancels bilateral meeting on the same day</a>&nbsp;

Now, the BoE has anticipated that the UK economy would enter a period of recession at a time when the nation is facing a cost-of-living crisis. The bank said that the recession will last until late 2023. It was predicted that UK inflation will peak this year at just over 13 per cent. In June, UK inflation had already jumped to a four-decade high of 9.4 per cent.&nbsp;

The BoE added: "The latest rise in gas prices has led to another significant deterioration in the outlook for (economic) activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year."&nbsp;

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Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher.

Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher. Amid a cost-of-living crisis, borrowing is becoming more expensive. Notably, this is the sixth consecutive hike by BoE's Monetary Policy Committee (MPC) since December. Today, MPC voted 8-1 to lift its key rate by 0.50 percentage points from 1.25 per cent to 1.75 per cent. The hike means there will be an immediate increase in mortgage bills for millions of homeowners on the tracker. Or even the variable mortgages that are in line with the BoE rate. ALSO READ | Time running out for Archie Battersbee as his parents make legal bid to move him to hospice The BoE said that the "inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly" since May. The bank added, "That largely reflects a near-doubling in wholesale gas prices since May, owing to Russia's restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term." ALSO READ | Nancy Pelosi lands in Japan: China fires missile on Japan and cancels bilateral meeting on the same day Now, the BoE has anticipated that the UK economy would enter a period of recession at a time when the nation is facing a cost-of-living crisis. The bank said that the recession will last until late 2023. It was predicted that UK inflation will peak this year at just over 13 per cent. In June, UK inflation had already jumped to a four-decade high of 9.4 per cent. The BoE added: "The latest rise in gas prices has led to another significant deterioration in the outlook for (economic) activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bank of England unveils biggest interest rate hike in 27 years, warns of lengthy recession

On Thursday, several U.S. Federal Reserve officials pushed back against rumours that they might limit the pace of interest rate increases, which helped the dollar gain ground. In contrast, the pound was unchanged ahead of a meeting of the Bank of England. The dollar index, which compares the value of the dollar to those of six other currencies, had somewhat increased overnight but was unchanged in early trade at 106.39. This week, it is up about 0.5%, reversing the pattern from the previous two weeks.

Mary Daly of the San Francisco Fed and Neel Kashkari of the Minneapolis Fed both expressed their desire to control excessive inflation overnight, echoing similar sentiments expressed by other officials the day before. Even after the dollar index reached a two-decade high in July, according to a Reuters survey of economists earlier this week, 70% said the dollar had yet to top in this cycle.

The market is pricing in a 58 per cent chance of a 50 basis point rate hike at the Fed's September meeting and a 42 per cent possibility of an additional significant 75 basis point increase, according to CME's FedWatch tool. Sim, however, said that the dollar's recent performance was mixed since riskier currencies have been supported by the increased risk sentiment, which has also aided U.S. market prices.

Also Read:<a href="https://www.wionews.com/business-economy/india-relying-heavily-on-oil-palm-to-reduce-19-billion-vegetable-oil-imports-503080">&nbsp;India relying heavily on oil palm to reduce $19 billion vegetable oil imports</a>

The Australian dollar, which had gained 0.46 per cent the previous day, was at $0.695 on Thursday morning as it attempted to climb back over the significant $0.7 level it had fallen from earlier in the week as a result of what appeared to be dovish comments from the central bank. Prior to a BOE meeting later on in the day, when most investors anticipate the central bank to hike the rate by 50 basis points to 1.75 per cent, the highest level since late 2008, the pound was little moved at $1.2158. This is related to central bank news.

(with inputs from agencies)

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On Thursday, several U.S. Federal Reserve officials pushed back against rumours that they might limit the pace of interest rate increases, which helped the dollar gain ground.

On Thursday, several U.S. Federal Reserve officials pushed back against rumours that they might limit the pace of interest rate increases, which helped the dollar gain ground. In contrast, the pound was unchanged ahead of a meeting of the Bank of England. The dollar index, which compares the value of the dollar to those of six other currencies, had somewhat increased overnight but was unchanged in early trade at 106.39. This week, it is up about 0.5%, reversing the pattern from the previous two weeks. Mary Daly of the San Francisco Fed and Neel Kashkari of the Minneapolis Fed both expressed their desire to control excessive inflation overnight, echoing similar sentiments expressed by other officials the day before. Even after the dollar index reached a two-decade high in July, according to a Reuters survey of economists earlier this week, 70% said the dollar had yet to top in this cycle. The market is pricing in a 58 per cent chance of a 50 basis point rate hike at the Fed's September meeting and a 42 per cent possibility of an additional significant 75 basis point increase, according to CME's FedWatch tool. Sim, however, said that the dollar's recent performance was mixed since riskier currencies have been supported by the increased risk sentiment, which has also aided U.S. market prices. Also Read: India relying heavily on oil palm to reduce $19 billion vegetable oil imports The Australian dollar, which had gained 0.46 per cent the previous day, was at $0.695 on Thursday morning as it attempted to climb back over the significant $0.7 level it had fallen from earlier in the week as a result of what appeared to be dovish comments from the central bank. Prior to a BOE meeting later on in the day, when most investors anticipate the central bank to hike the rate by 50 basis points to 1.75 per cent, the highest level since late 2008, the pound was little moved at $1.2158. This is related to central bank news. (with inputs from agencies)

Dollar surges reversing previous two-week trend as Fed officials anticipate further rate hikes

Airbus has revoked its entire outstanding order from Qatar Airways for A350 jets, severing all new jetliner business with the Gulf carrier in a dramatic new twist to a dispute clouding World Cup preparations, two industry sources said.

Reports: Airbus axes remaining A350 jet deal with Qatar Airways

US job openings fell by the most in just over two years in June as demand for workers eased in the retail and wholesale trade industries, but overall the labor market remains tight, allowing the Federal Reserve to continue raising interest rates.

US job openings at nine-month low

Robinhood Markets Inc said on Tuesday it was slashing 23% of its staff as it posted a 44% decline in revenue on slumping trading activity.

Robinhood cutting workforce by 23%

With the US considering crackdown on memory chip makers in China, semiconductor wars have taken a new turn, US is now planning to put a limit on exports of American chip making equipment.

US-China battle over semiconductors

Electric vehicle sales and registrations have skyrocketed in numbers in the last few years. There were more electric vehicle registrations in 2021 alone than in the previous five-year purchases combined.

All the leading automobile companies are coming up with their own models of electric cars. However, motor dealers are acutely struggling to complete their orders.

Challenges in the supply chain and the ongoing pandemic are causing trouble for carmakers globally. A global computer chip shortage has become the biggest worry for carmakers.

Elon Musk Tesla vehicles dominate the entire EV market, with over 79% of all EV purchases in the last year. Despite Tesla's popularity, it had to delay Cybertruck production and other upcoming electric cars.

Several industries face massive challenges as semiconductor chips are in short supply. Low investment in chip manufacturing globally adds to the crisis as the deficit is only growing with the increasing demand.

What’s with the global shortage?

The entire world is facing the consequences of various ongoing challenges affecting the supply chain. COVID hit every industry and caused a lot of unrest following the global shutdown.

Computer chip businesses' growth is on a steady rise even during the pandemic. Economic instability, the Ukraine-Russia conflict, and rising demand are major explanations for the global shortage.

Many leading automotive companies cancelled their previous chip orders because of the shutdown in the last two years. Chipmakers had to stall their production as the demand went down.

The semiconductor computer chip industry could not gauge the automobile demand recovery, and the supply eventually plummeted.

What is the take of carmakers on shortage?

A traditional Ford Focus needs roughly 300 chips, but electric cars can use up to 3000 semiconductor chips. But the scarcity of computer chips leaves EV carmakers struggling to make ends meet.

GM Motors had to shut down production at its Indiana plant amid the recent shortage. Ford also paused F-150 pickup production for a week, facing challenges in procuring enough semiconductors.

Tesla, being proactive, is sourcing in-house, so there is no dependency on other sectors for supplies. However, most carmakers anticipate shutting down the production line if the shortage persists.

Semiconductor demand around the world

Semiconductor industries face challenges in sourcing raw materials and low production infrastructure capacity. However, TSMC, a Taiwanese semiconductor maker, has recently posted a significant rise in its revenue, defying the challenges.

In 2020, the enormous demand for semiconductor chips was worth more than $439 billion.The automobile industry is not the only buyer of computer chips. Therefore, chip demand is only going to go up in the future.

All-electric automotive leaders like Ford, Tesla, Volkswagen, and GM Motors are delaying their electric vehicle production.

What will happen if the EV companies do not get enough chips?

Modern cars are equipped with autonomous driving programs, mobile apps, digital windshield displays, side-view cameras, etc. The use of advanced semiconductors made these things possible and still look seamlessly unnoticeable.

Tesla came up with a brilliant idea to reprogram their EVs to use fewer semiconductor chips and leave a few features out. However, it is still unsure how this will work out for the companies in the long run.

The current shortage is accounting for automakers' leaving several functions out of OEMs. Moreover, buyers are also not giving much thought to the lack of a few features to get their hands on EVs. It is also stated that an EV with fewer features is preferable to no car.

Companies are struggling to keep the production line operations going. China too houses a big chunk of semiconductor production companies, but the recent COVID outbreak has led to lockdowns again. The Shanghai Gigafactory of Tesla is also not operating due to the pandemic.

The worldwide shortage has led to a steep decline in EV production lines. Sourcing raw materials for semiconductor chips has become extremely difficult for the semiconductor industry. As a result, both the sectors' suppliers and automotive makers are struggling with the consequences.

Automobile companies' response to the shortage

Carmakers are struggling with their production being affected by the shortage of essential semiconductor chips. Numerous assembly lines are being affected, and companies are shipping cars without adding features based on additional chips.

Tesla sources its semiconductor chips directly from chip manufacturers. Therefore, the company does not necessarily rely on any third party or mediator for sourcing the raw materials.

Direct business is helping Tesla to enjoy better relationships with its suppliers and customers. Chip manufacturers also try to accommodate Tesla's requirements, as they see the market potential of the leading electric car maker.

Elon Musk is known for his witty responses to troubling issues, even for his company, Tesla. His engineering teams can gauge the supply chain issues like global chip shortages and promptly work on the problems. Tesla decided to draw back some features from their cars to make timely deliveries despite the shortage of semiconductor chips.

Tesla's clear mindset and robust technology make the company safe from any changes in EV future demands. It would be interesting to see how the company deals with the further global shortage of chips and other future challenges.

What to expect in the future?

Automobile makers are preparing for the challenges of raw materials and supplies. It would be worth waiting for the response, as some might even start building chips and other supplies in-house, as Tesla is doing.

The current shortage can lead to more delays and alternative automobile purchases. Buyers will have to wait longer for their Cybertruck delivery or get their hands on other EVs.

Used vehicle sales can go up as buyers will have no choice but to wait for production to resume to meet demand. However, buyers might turn to used EV cars while in the waiting period.

The Russia-Ukraine conflict, pandemic, supply challenges, tremendous demand, etcetera will put more pressure on chip suppliers. No matter how challenging the supply conditions are in the future, the demand for semiconductor chips seems to be growing.

New technology-driven innovative automobile designs would need additional fabrication of semiconductor chips. The global shortage indicates a massive expansion and investment in the semiconductor production industry. 
 
&nbsp;

Electric vehicle sales and registrations have skyrocketed in numbers in the last few years. There were more electric vehicle registrations in 2021 alone than in the previous five-year purchases combined.

Electric vehicle sales and registrations have skyrocketed in numbers in the last few years. There were more electric vehicle registrations in 2021 alone than in the previous five-year purchases combined. All the leading automobile companies are coming up with their own models of electric cars. However, motor dealers are acutely struggling to complete their orders. Challenges in the supply chain and the ongoing pandemic are causing trouble for carmakers globally. A global computer chip shortage has become the biggest worry for carmakers. Elon Musk Tesla vehicles dominate the entire EV market, with over 79% of all EV purchases in the last year. Despite Tesla's popularity, it had to delay Cybertruck production and other upcoming electric cars. Several industries face massive challenges as semiconductor chips are in short supply. Low investment in chip manufacturing globally adds to the crisis as the deficit is only growing with the increasing demand. What’s with the global shortage? The entire world is facing the consequences of various ongoing challenges affecting the supply chain. COVID hit every industry and caused a lot of unrest following the global shutdown. Computer chip businesses' growth is on a steady rise even during the pandemic. Economic instability, the Ukraine-Russia conflict, and rising demand are major explanations for the global shortage. Many leading automotive companies cancelled their previous chip orders because of the shutdown in the last two years. Chipmakers had to stall their production as the demand went down. The semiconductor computer chip industry could not gauge the automobile demand recovery, and the supply eventually plummeted. What is the take of carmakers on shortage? A traditional Ford Focus needs roughly 300 chips, but electric cars can use up to 3000 semiconductor chips. But the scarcity of computer chips leaves EV carmakers struggling to make ends meet. GM Motors had to shut down production at its Indiana plant amid the recent shortage. Ford also paused F-150 pickup production for a week, facing challenges in procuring enough semiconductors. Tesla, being proactive, is sourcing in-house, so there is no dependency on other sectors for supplies. However, most carmakers anticipate shutting down the production line if the shortage persists. Semiconductor demand around the world Semiconductor industries face challenges in sourcing raw materials and low production infrastructure capacity. However, TSMC, a Taiwanese semiconductor maker, has recently posted a significant rise in its revenue, defying the challenges. In 2020, the enormous demand for semiconductor chips was worth more than $439 billion.The automobile industry is not the only buyer of computer chips. Therefore, chip demand is only going to go up in the future. All-electric automotive leaders like Ford, Tesla, Volkswagen, and GM Motors are delaying their electric vehicle production. What will happen if the EV companies do not get enough chips? Modern cars are equipped with autonomous driving programs, mobile apps, digital windshield displays, side-view cameras, etc. The use of advanced semiconductors made these things possible and still look seamlessly unnoticeable. Tesla came up with a brilliant idea to reprogram their EVs to use fewer semiconductor chips and leave a few features out. However, it is still unsure how this will work out for the companies in the long run. The current shortage is accounting for automakers' leaving several functions out of OEMs. Moreover, buyers are also not giving much thought to the lack of a few features to get their hands on EVs. It is also stated that an EV with fewer features is preferable to no car. Companies are struggling to keep the production line operations going. China too houses a big chunk of semiconductor production companies, but the recent COVID outbreak has led to lockdowns again. The Shanghai Gigafactory of Tesla is also not operating due to the pandemic. The worldwide shortage has led to a steep decline in EV production lines. Sourcing raw materials for semiconductor chips has become extremely difficult for the semiconductor industry. As a result, both the sectors' suppliers and automotive makers are struggling with the consequences. Automobile companies' response to the shortage Carmakers are struggling with their production being affected by the shortage of essential semiconductor chips. Numerous assembly lines are being affected, and companies are shipping cars without adding features based on additional chips. Tesla sources its semiconductor chips directly from chip manufacturers. Therefore, the company does not necessarily rely on any third party or mediator for sourcing the raw materials. Direct business is helping Tesla to enjoy better relationships with its suppliers and customers. Chip manufacturers also try to accommodate Tesla's requirements, as they see the market potential of the leading electric car maker. Elon Musk is known for his witty responses to troubling issues, even for his company, Tesla. His engineering teams can gauge the supply chain issues like global chip shortages and promptly work on the problems. Tesla decided to draw back some features from their cars to make timely deliveries despite the shortage of semiconductor chips. Tesla's clear mindset and robust technology make the company safe from any changes in EV future demands. It would be interesting to see how the company deals with the further global shortage of chips and other future challenges. What to expect in the future? Automobile makers are preparing for the challenges of raw materials and supplies. It would be worth waiting for the response, as some might even start building chips and other supplies in-house, as Tesla is doing. The current shortage can lead to more delays and alternative automobile purchases. Buyers will have to wait longer for their Cybertruck delivery or get their hands on other EVs. Used vehicle sales can go up as buyers will have no choice but to wait for production to resume to meet demand. However, buyers might turn to used EV cars while in the waiting period. The Russia-Ukraine conflict, pandemic, supply challenges, tremendous demand, etcetera will put more pressure on chip suppliers. No matter how challenging the supply conditions are in the future, the demand for semiconductor chips seems to be growing. New technology-driven innovative automobile designs would need additional fabrication of semiconductor chips. The global shortage indicates a massive expansion and investment in the semiconductor production industry.

How global chip shortage is affecting the electric vehicle industry

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

Oil sinks about 4% after weak factory data sparks demand concerns

Apple Inc was sued on Monday by French app developers that accused the iPhone maker of violating US antitrust law by overcharging them to use its app store.

Apple in legal battle over store fees