International News 09/07
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BYD Starts to Build Factory in Thailand.
BYD, a Chinese electric vehicle manufacturer, is opening its first factory in Southeast Asia in Thailand. BYD is investing over US$1.44 billion in Thailand. The government is supporting this investment with subsidies and tax incentives. BYD CEO Wang Chuanfu said Thailand is a good place for the new factory because it's committed to electric vehicles and is becoming a new car manufacturing hub. The factory makes vehicles for export to Southeast Asia and other countries. Thailand is BYD's biggest overseas market. The company has a 46% share of the electric car market there. BYD is also the third largest car manufacturer in Thailand and is building a factory in Hungary.
https://internasional.kontan.co.id/news/byd-mulai-bangun-pabrik-di-thailand
Jeff Bezos to sell Amazon shares worth IDR 81.6 trillion.
Amazon's founder and CEO, Jeff Bezos, has announced plans to sell nearly $5 billion worth of shares in the company following a record high stock price. The sale of 25 million shares would result in Bezos retaining approximately 8.8% ownership of Amazon. This follows the sale of shares worth $8.5 billion in February due to a significant increase in the share price. Mr. Bezos is currently the second richest person globally, with a net worth of $214.4 billion. Amazon reported positive first-quarter results in April, benefiting from the growing trend of artificial intelligence. Mr. Bezos is also the founder of Blue Origin, a space company that successfully launched a six-person crew to the edge of space in May.
Oil prices dip after data show a slowdown in the US economy.
Oil prices in the Asian session trading fell as weaker-than-expected US employment and business activity data indicated a potential weakening in the largest oil consumer's economy. Brent crude oil futures for September 2024 delivery dropped 30 cents per barrel or 0.34% to $87.04, while WTI crude oil futures for August 2024 delivery fell 32 cents or 0.38% to $83.56, with reduced activity due to the US Independence Day. The US reported an increase in first-time applications for unemployment benefits as well as a rise in the number of unemployed individuals to a 2.5-year high in June. The ADP Employment report also showed a lower-than-expected increase in private payrolls in June. Moreover, the ISM Non-Manufacturing index, which measures US service sector activity, hit a four-year low in June. These indicators suggest a loss of economic momentum.