Domestic sales of gasoline cars fell 39% from a year earlier in May, according to the China Passenger Car Association, reducing their market share to a record low 37.1%. Photo: VCG China is grappling with an unintended consequence of its electric-vehicle (EV) boom: a growing shortfall in the tax revenue used to build and maintain roads. The urgency is increasing as domestic sales of gasoline cars ...
Domestic sales of gasoline cars fell 39% from a year earlier in May, according to the China Passenger Car Association, reducing their market share to a record low 37.1%. Photo: VCG China is grappling with an unintended consequence of its electric-vehicle (EV) boom: a growing shortfall in the tax revenue used to build and maintain roads. The urgency is increasing as domestic sales of gasoline cars fell 39% from a year earlier in May, according to the China Passenger Car Association, reducing their market share to a record low 37.1%. For years, taxes linked to gasoline consumption have helped fund the country’s vast network of roads. As more drivers switch to battery-powered cars that consume little or no fuel, that funding model is coming under increasing strain.
Oracle shares are in decline Thursday premarket after the software and cloud-computing company reported a more than twofold increase in capital expenditures. Capex for the fiscal year that closed at the end of May surged to $55.66 billion from nearly $21.22 billion a year earlier. Oracle shares closed 2.2% lower at $201.26 on Wednesday ahead of results.
Oracle shares are in decline Thursday premarket after the software and cloud-computing company reported a more than twofold increase in capital expenditures. Capex for the fiscal year that closed at the end of May surged to $55.66 billion from nearly $21.22 billion a year earlier. Oracle shares closed 2.2% lower at $201.26 on Wednesday ahead of results.
Three Indian sailors on a commercial vessel hit by the United States off the coast of Oman are dead, New Delhi’s shipping minister said on Thursday. “It is deeply unfortunate to learn of the tragic incident aboard the Palau-flagged MT Settebello,” Sarbananda Sonowal said in a statement, referring to the strike on the vessel a day earlier. “Sadly, three Indian seafarers initially reported missing a...
Three Indian sailors on a commercial vessel hit by the United States off the coast of Oman are dead, New Delhi’s shipping minister said on Thursday. “It is deeply unfortunate to learn of the tragic incident aboard the Palau-flagged MT Settebello,” Sarbananda Sonowal said in a statement, referring to the strike on the vessel a day earlier. “Sadly, three Indian seafarers initially reported missing are now confirmed dead after bodies have been located and identified.” India’s foreign ministry...
Indonesia’s rupiah — Asia’s worst-performing currency this year — has been under pressure since late 2024 when investors began reassessing the country’s fiscal outlook following the election of President Prabowo Subianto. Before this current period of volatility, the currency hadn’t traded at such weak levels since the Asian Financial Crisis of 1997-98. Investor concerns about Indonesia have, in r...
Indonesia’s rupiah — Asia’s worst-performing currency this year — has been under pressure since late 2024 when investors began reassessing the country’s fiscal outlook following the election of President Prabowo Subianto. Before this current period of volatility, the currency hadn’t traded at such weak levels since the Asian Financial Crisis of 1997-98. Investor concerns about Indonesia have, in recent months, been compounded by the Iran war which has driven up energy prices, adding pressure to an economy that is heavily dependent on imported oil. The rupiah fell by as much as 8% in the first six months of 2026 and by early June had sunk to a record low of 18,190 against the dollar. In a surprise move to stabilize the currency, Indonesia’s central bank on June 9 increased interest rates ahead of schedule. But with little sign of long-term relief, attention is turning to just how far the rupiah could still fall — and what that would mean for inflation, economic growth and the cost of living for Indonesia’s some 285 million people. Why is the rupiah so weak? The rupiah’s slide gathered pace in late 2024 after the election earlier that year of President Prabowo Subianto, who promised to roll out an ambitious social welfare agenda aimed at accelerating Indonesia’s economic growth. Investors grew increasingly concerned about how the government would finance its flagship programs — such as a $15 billion free-lunch initiative, the rollout of about 80,000 village cooperatives and a plan to build some three million homes for low-income households — while staying within Indonesia’s legally mandated budget-deficit limit of 3% of gross domestic product. Expectations of higher government borrowing fueled worries about fiscal sustainability and debt levels, triggering capital outflows from Indonesian markets. Those outflows increased demand for foreign currencies, putting pressure on the rupiah. Those fiscal concerns have since widened into a broader crisis of confidence. In earl...
On June 10, 2026, CNBC host Jim Cramer posted on X: “Bitcoin and gold, bad money, being liquidated for SpaceX. Apple and Nvidia, good money, being liquidated.” Bitcoin was trading near $62,796 at the time, having just bounced off the $60,000 level during one of the rougher weeks of this ...
On June 10, 2026, CNBC host Jim Cramer posted on X: “Bitcoin and gold, bad money, being liquidated for SpaceX. Apple and Nvidia, good money, being liquidated.” Bitcoin was trading near $62,796 at the time, having just bounced off the $60,000 level during one of the rougher weeks of this ...
(Bloomberg) -- When Applied Digital Corp. first tapped the junk-bond market in November to fund a data center project tied to CoreWeave Inc., it had to stomach a hefty yield to get the deal done. Fast forward to this week, and borrowing costs for another portion of the same project tumbled.Most Read from BloombergHouse Republican Says Hegseth’s D-Day Remarks ‘Inappropriate’Xbox Plans Significant L...
(Bloomberg) -- When Applied Digital Corp. first tapped the junk-bond market in November to fund a data center project tied to CoreWeave Inc., it had to stomach a hefty yield to get the deal done. Fast forward to this week, and borrowing costs for another portion of the same project tumbled.Most Read from BloombergHouse Republican Says Hegseth’s D-Day Remarks ‘Inappropriate’Xbox Plans Significant Layoffs as New CEO Plans OverhaulUS Strikes Iran in Trump Escalation Over Stalled Peace TalksTech Sto
Hilary Benn says 16 people arrested and 12 police officers injured during second night of disorder The Northern Ireland secretary has condemned “racist thuggery” in Belfast after a second night of violent anti-immigration protests, in which 16 people were arrested and 12 police officers were injured. Hilary Benn said during the violence, which followed a serious knife attack on Monday, people were...
Hilary Benn says 16 people arrested and 12 police officers injured during second night of disorder The Northern Ireland secretary has condemned “racist thuggery” in Belfast after a second night of violent anti-immigration protests, in which 16 people were arrested and 12 police officers were injured. Hilary Benn said during the violence, which followed a serious knife attack on Monday, people were stopped in their cars to be asked where they come from and were targeted because of the colour of their skin. Continue reading...
Chinese electric vehicle maker Xiaomi has filed with regulators to add an extended-range electric vehicle to its lineup, according to a notice from the industry ministry on Wednesday. The addition is subject to regulatory approval following a public comment period through June 17. The late EV entrant, which has rapidly emerged as a strong rival to established brands including Tesla,...
Chinese electric vehicle maker Xiaomi has filed with regulators to add an extended-range electric vehicle to its lineup, according to a notice from the industry ministry on Wednesday. The addition is subject to regulatory approval following a public comment period through June 17. The late EV entrant, which has rapidly emerged as a strong rival to established brands including Tesla, currently offers the battery-powered SU7 sedan and YU7 SUV.