Joey Logano set to become youngest driver in NASCAR with 600 starts. How much does he have left?
Set to make his 600th career start, the youngest driver in NASCAR history to reach that milestone, the 35-year-old Logano has constructed a Hall of Fame career.
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Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Chinese investors snap up stocks on hopes for an end to price wars and overcapacity
BEIJING (AP) — China's stock market is buzzing over government promises to tackle price wars that have hurt profits and worsened global trade tensions. The prevailing catchphrase is 'anti-involution,' and it reflects efforts to curb intense competition and overcapacity in industries like solar panels, steel, and electric vehicles. With rising trade barriers such as President Donald Trump's higher tariffs, and relatively weak domestic demand, manufacturers have been slashing prices, undermining their bottom lines and driving some out of business. The producer price index, which measures the price that factories receive for their goods, has fallen steadily for nearly three years in China in a prolonged bout of deflation. The long-running issue spilled over into global markets as low-priced Chinese exports worsen trade friction with key trading partners including the United States and Europe. Solar panel glass makers agree to cut output by 30% In a series of recent statements, the Chinese government and industry associations have signaled they're getting serious about reining in cut-throat competition, known as invollution or 'neijuan' in Chinese. The top 10 makers of glass for solar panels agreed on June 30 to shut kilns and cut production by 30%, an industry association said. The government has launched an auto safety inspection campaign, addressing concerns that automakers were skimping on quality to cut costs. It's unclear whether these efforts will succeed, but the sense that China may finally be tackling this chronic problem was enough to spark a rally in stocks in some of those under-pressure sectors. Shares of Liuzhou Iron & Steel Co. gained 10% on Friday and have risen more than 70% since June 30. Solar panel glass producer Changzhou Almaden Co. fell at the end of last week but is still up about 50%. More broadly, two exchange traded funds in solar panels and steel have risen about 10%, outpacing a 3.2% rise in the Shanghai Composite, China's leading market index. The performance of EV-maker stocks has been mixed, with Li Auto and Nio recording double-digit percentage gains while market leader BYD declined. Foreigners can't buy Chinese stocks directly but they are able to invest in about 2,700 stocks and 250 exchange traded funds through the Hong Kong exchange. Government calls intense price wars 'disorderly' The gains follow high-level government pronouncements against disorderly price wars. On June 29, the People's Daily newspaper, the mouthpiece of the ruling Communist Party, ran a lengthy page 1 article on involution, saying they run counter to the party's goal of high quality economic development. Chinese leader Xi Jinping weighed in at a closed-door economic meeting, calling for better regulating competition and incentives by local governments to attract factory investments that are blamed for overinvestment in affected industries. The tougher talk began with a focus on automakers in late May, specifically around electric vehicle price wars that began more than three years ago. Analysts at investment bank UBS said the shift is good news for auto industry profits and company stocks. 'Though it's difficult to imagine a sudden U-turn of the industry from fierce competition to orderly consolidation, it's indeed possible to have near-term ceasefire of the price war,' they wrote. Weak demand and overcapacity bring a fight for survival After BYD launched another round of price cuts on May 23, some competitors, the main industry association and government all called for fair and sustainable competition. The EV battery industry, the cement association and major construction companies have issued statements echoing calls for an end to excess competition. The term involution, which suggests a spiraling inward and shrinking, was initially applied in China to students and young workers, who felt they were caught up in meaningless competition that led nowhere as the job market weakened and wages stagnated in recent years. At the industry level, it has come to mean sectors that have too many companies competing for a slice of the pie, leading to fierce price cutting to try to gain market share. The mismatch between production capacity — how much an industry can make — and actual demand for the product, reflects overcapacity that forces companies to compete for survival in a limited market space, said a recent article in the Communist Party magazine Qiushi. Obstacles to fixing the problem Some Chinese industries, especially steel and cement, have long suffered from overcapacity. A government push to promote green industries has fostered similar problems in that sector, including solar panels, wind turbines and electric vehicles. A flood of Chinese exports is leading to more trade barriers in Europe and the U.S. and in some emerging markets such as Mexico, Indonesia and India. Monday Mornings The latest local business news and a lookahead to the coming week. Ultimately, economists say industries need to consolidate through company mergers and bankruptcies. But the process will take time. A major obstacle is provincial governments that want to protect local companies and jobs. Alicia García-Herrero, the chief economist for Asia-Pacific at the Natixis investment bank, said that recent comments by top Chinese economic officials suggest they realize something needs to be done. 'How much is action versus words, I don't know,' she said. 'But I do think it's a big problem for China.' ___ Associated Press researcher Yu Bing contributed.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Owen Farrell to captain Lions against First Nations and Pasifika XV
MELBOURNE, Australia (AP) — Owen Farrell will lead the British and Irish Lions in their last midweek game of the Australian tour on Tuesday against the First Nations and Pasifika XV in Melbourne. It will be the 20th time Farrell has played for the Lions and his first starting appearance since being drafted into the 2025 squad late as injury cover by his father Andy Farrell, the head coach. The Lions are 6-0 so far on the tour Down Under, including a 27-19 victory over the Wallabies in the first test at Brisbane on Saturday night. Leading into the test series, the Lions beat Super Rugby franchises Western Force, Queensland Reds, Waratahs and Brumbies and an Australia-New Zealand invitational XV. After the First Nations and Pasifika XV game, the Lions will turn their attention back to trying to clinch the test series in Melbourne on Saturday night. The third test is in Sydney on Aug. 2. Owen Farrell will play at inside center in a midfield partnership with Jamie Osborne of Ireland. Scotland scrumhalf Ben White will combine with England flyhalf Fin Smith in the halves. Blair Kinghorn will return from injury to play fullback in an all-Scotland back three with Darcy Graham and Duhan van der Merwe. Jac Morgan, the only Welshman left in the 44-man squad, will start on the blindside flank in the tour game in a backrow that also includes young England No. 8 Henry Pollock. Three days after being involved in the 23-man squad for the first test, backrower Ben Earl and inside backs Alex Mitchell and Marcus Smith will sit on the bench for the tour game. Garry Ringrose is returning from injury to take a spot on the replacements bench. Andy Farrell said the match gave all Lions players 'another opportunity to put their hand up for selection for the final two tests.' 'The coaches' minds are open when it comes to selection, they have to be with so many players performing and pushing for places.' __ AP rugby:
Toronto Star
3 hours ago
- Toronto Star
Majors-best Tigers end 6-game skid with All-Star Tarik Skubal's strong start
ARLINGTON, Texas (AP) — It was naturally a superb start by Tarik Skubal that resulted in a 2-1 Detroit Tigers win over the Texas Rangers on Sunday night that ended a season-worst six-game losing streak for the team with the best record in the major leagues. However, Skubal didn't get credit for the victory. The reigning AL Cy Young Award winner and starter in Tuesday's All-Star Game cruised into the seventh inning with a two-hit shutout and a tenuous 1-0 lead. He left with runners at the corners and two outs, and the Rangers' Adolis García scored on a wild pitch by Tyler Holton.
