Chinese AI firms are developing proprietary chips for better hardware-software synergy and lower long-term costs, mirroring a global trend. However, significant upfront investments pose risks, with companies like DeepSeek actively hiring chip design talent for custom inference chips.
The UAE has announced a sharp reduction in petrol and diesel prices for July 2026, effective July 1. This marks the end of a four-month price increase streak, offering relief to motorists and businesses.
Hong Kong and China Gas Company (Towngas) will increase tariffs by 4.4%, affecting commercial and industrial customers with an extra HK$320/month and residential customers with HK$10/month. The company cites rising operating and labor costs, and significant investment in new developments.
IndiGo, India's largest airline, is temporarily suspending flights to six international destinations, including Hong Kong and Shanghai, from July 1 to September 30. The decision is driven by softer travel demand and rising operating costs, exacerbated by geopolitical disruptions and high fuel prices affecting the entire Indian aviation sector.
SpaceX's IPO filing details $131m in Cybertruck purchases, risks associated with its xAI Grok chatbot's explicit content generation, and significant financial losses, raising questions about future profitability.
Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over ‘windfall’ profits from Iran warDanny Gross, climate campaigner at Friends of the Earth, says Shell’s profits are ‘indefensible’, after the company doubled its quarterly earnings to $6.9bn this morning.Gross says:“Once again, fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.“Our fossil fuel-reliant energy system siphons money away from ordinary people to the rich and powerful.“In the twenty-first century we have cheaper, cleaner alternatives that we can use to power Britain without anybody being bombed. We don’t need to let the fossil fuel industry hold us to ransom and pass on the costs of endless wars and limitless pollution.The cost of living crisis, the climate crisis, the middle-east crisis, these are all oil industry operating costs. We need to stop subsidising them, introduce new taxes to make them pay and start taxing their obscene profits properly.”Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.“While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit. The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship.“Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy. Continue reading...
Operating costs for Hong Kong's industrial and commercial sectors have jumped 50 per cent since the start of the US-Israel war with Iran, according to an oil industry representative. The government has launched a HK$1.8 billion subsidy scheme effective Thursday, providing HK$3 per litre of diesel to support public and commercial vehicles and vessels for two months. Taxi unions are calling for extension of LPG subsidies if oil prices continue rising.
Operating costs for Hong Kong’s industrial and commercial sectors have jumped 50 per cent since the start of the US-Israel war with Iran, according to an oil industry representative, who said distributors would pass on subsidies to customers. A taxi union leader on Thursday also called on the government to extend its subsidy on liquefied petroleum gas (LPG) beyond two months if oil prices rise further. The government’s subsidy of HK$3 (38 US cents) per litre of diesel to support public and...
