Honda China begins Guangdong EV plant project
Honda Motor Co Ltd and Guangzhou Automobile Group Co. have made an initial investment of $3.49 billion yuan ($522 million) in the construction of an electric vehicle factory in the province of Guangdong.
The Japanese manufacturer stated in a statement that it planned to open the factory in 2024. A total of 120,000 units can be produced at the new factory per year.
In China, where competition for battery-powered vehicles is intensifying, the specialized EV plant will assist Honda's "core operation" of EV manufacture.
MACROECONOMIC DATA ANALYSIS
Bank Indonesia will maintain its benchmark interest rate at 3.50 percent on Thursday, but according to more than one-quarter of economists surveyed by Reuters, a rate increase is necessary to combat imported inflation brought on by the weak rupiah as the U.S. Federal Reserve tightens monetary policy. Since inflation has remained within its target range of 2 percent to 4 percent, Indonesia's central bank is one of the few significant Asian central banks that has not hiked rates from a historic record low.
According to a Reuters poll, the Philippine central bank will hike rates by a modest 25 basis points for a second consecutive meeting in June, choosing to move more cautiously than its global counterparts in an effort to lower surging inflation. The Bangko Sentral ng Pilipinas (BSP) is under pressure to take action immediately to keep the economy from overheating as the Southeast Asian country's economy makes a strong recovery from the pandemic and inflation hits a more than three-year high of 5.4 percent.
The dollar edged lower on Tuesday morning, as investors closely monitor major central banks' actions to control inflation. The dollar index, which tracks the greenback against a basket of other currencies, fell 0.16% to 104.085.
Gold futures were down in Tuesday’s early hours despite the drop in the US dollar which normally moves inversely to gold. While investors kept an eye on major central banks' rhetoric regarding interest rate increases. Gold futures dropped 0.33% to $1,834 per ounce.
Tuesday saw an increase in oil prices of 1%, recovering much of the losses from the previous week as investors paid more attention to the limited availability of crude and fuel than future demand concerns due to the recession. Brent futures rose 1.00% to $115.25 per barrel, while WTI futures jump by 1.70% to $109.83 a barrel.
USA: S&P500 +0.22%, Dow Jones Industrial Average -0.13%, Nasdaq Composite +1.24%
Europe: FTSE 100 +0.72%, DAX +0.76%, CAC 40 +1.37%
Asia: Nikkei 225 +1.84%, Hang Seng +1.87%, CSI 300 -0.11%, Nifty 50 +1.88%
Tim Cook, the CEO of Apple, has provided the closest thing to a confirmation that the company is developing a headset.
In a recent interview with China Daily USA, Cook was questioned about what, in his opinion, are the essential elements for augmented reality, or AR, to be successful in the consumer market.
“I am incredibly excited about AR as you might know. And the critical thing to any technology, including AR, is putting humanity at the center of it,” he said, echoing comments he’s made in the past about how important AR is to the company.
Meta, Microsoft, and other tech titans racing to build the emerging metaverse concept have formed a group to encourage the development of industry standards that will make the companies' nascent digital worlds compatible with one another.
The World Wide Web Consortium (W3C), as well as other well-known standards-setting organizations, are among the participants in the Metaverse Standards Forum, according to a statement released by the group on Tuesday announcing its formation.