Zombie Oil Supertanker in China Points to Iran Trade Workarounds
After buckling under pressure from Beijing and Washington, the clandestine supply chain that carries Iranian crude to China is finding new workarounds.
A tanker identifying itself as Global discharged about 2 million barrels of Iranian oil at a port managed by a Chinese provincial government in late April, ship-tracking data show. However, the vessel was actually a very large crude carrier called Gather View that had been sanctioned by the US and took over the identity of a previously scrapped ship to evade a crackdown on the trade.
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Forbes
14 minutes ago
- Forbes
From Blue Sky Research To Next-Gen AI: Europe's Innovation Crossroads
By Dr. Stefano Tasselli Europe stands at an innovation crossroads. While the United States dominates the AI landscape and China leads in electric vehicle production, the European Union - despite representing 17% of global GDP - struggles to translate its research excellence into market-dominating technologies. New data reveals both challenges and opportunities for European innovation in an increasingly competitive global landscape. The wealth gap between the EU and US, which was 17% in 2002, has widened to 30% in 2023, with 72% of this gap attributed to productivity differentials rather than labor contribution. A stark illustration of this divide appears in market capitalisation figures: US companies' capitalisation is nearly nine times that of EU companies (20.4 versus 2.3 USD trillions), with both East Asia and Arab countries exceeding EU capitalisation. "Only four of the world's top 50 tech companies are European," notes a recent EU competitiveness report. This technological divide is particularly apparent in emerging sectors: Perhaps most concerning is Europe's struggle to retain its innovations. Between 2008 and 2021, EU countries produced 147 "unicorns" (startups valued over $1 billion) - but 40 subsequently relocated their headquarters abroad, primarily to the United States. (Original Caption) Space Center Houston: The Space Shuttle Challenger orbits over a blue Earth ... More speckled with white clouds during its STS-7 mission. This photo was taken by a remote camera aboard the SPAS satellite during the six day flight. Europe's complex regulatory environment may contribute to its innovation challenges. Currently, the EU operates with approximately 100 tech-focused laws and more than 270 digital networks regulators across member states. "The net effect of this burden of regulation is that only larger companies - which are often non-EU based - have the financial capacity and incentive to bear the costs of complying," the EU competitiveness report observes. This regulatory environment creates particularly high barriers for small and medium enterprises (SMEs), which form the backbone of the European economy. While 30% of large European companies utilize AI, only 7% of SMEs do - a critical gap considering that over 90% of European companies are classified as "micro" or "small." As AI development costs escalate - with training next-generation systems potentially reaching $10 billion by 2030 - the ability of European companies to compete independently diminishes without strategic intervention. Research investment reflects similar patterns. The aggregate R&D expenditure in the US reached 762 billion PPP USD in 2022, followed by China at 620 billion. Germany, the highest-spending EU country, invested just 131 billion USD, with all other EU nations below 100 billion. Education statistics tell a related story. Among OECD countries, Canada leads with 54% of its population holding tertiary education, followed by Israel (49%), Japan (48%), South Korea (46%), Taiwan (45%), and the US (44%). None of Europe's four largest economies exceeds 35%. Despite these challenges, several strategic approaches could strengthen Europe's position in the global innovation landscape: Europe could capitalise on its historical role as a global trade leader. The EU has traditionally accounted for nearly 20% of global trade in goods and services. By harmonis ing trade policies and investing in bridge-building technologies across different regions, Europe could position itself as a crucial connector in the global innovation ecosystem. "Recent estimates suggest that this role is declining, with 10% of potential EU GDP hampered by remaining trade frictions in the EU," according to a 2019 European Commission discussion paper - highlighting both the challenge and opportunity. Europe's emphasis on high-quality standards and sustainability presents another avenue for innovation leadership. Recent research suggests that "setting and implementing high standards of design, production and consumption might be a European way to reacquire centrality in the innovation value chain." This approach would leverage existing European strengths, including: The "European dream" of balancing growth with inclusion remains powerful. European countries dominate global rankings of healthcare systems characterized by universal access and defining health as a right rather than a commodity. While aging populations, migration pressures, and public deficits challenge these achievements, they represent distinctive European values that could drive innovation focused on social as well as economic returns. Europe's innovation future depends on balancing its regulatory tradition with growth-oriented policies. Energy costs remain a significant challenge, with European companies paying 2-3 times more for electricity and 4-5 times more for natural gas than their US counterparts. To compete in emerging technologies like AI and quantum computing, Europe must address these fundamental cost issues while creating environments where innovation can flourish within its distinctive model of sustainable, human-centered development. As Antoine de Saint-Exupéry observed, "A pile of rocks ceases to be a rock pile when somebody contemplates it with the idea of a cathedral in mind." Europe's innovation challenge now lies in constructing that cathedral - building on its foundational strengths while adapting to a rapidly changing technological landscape.
Washington Post
24 minutes ago
- Washington Post
Qudian: Q1 Earnings Snapshot
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Yahoo
25 minutes ago
- Yahoo
TIAN RUIXIANG Holdings Ltd to Acquire Ucare Inc. in US$150 Million All-Stock Deal, Advancing In-Hospital Health Insurance Strategy
BEIJING, May 30, 2025 (GLOBE NEWSWIRE) -- TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) (the "Company" or 'TRX'), a China-based insurance broker, today announced plans to acquire 100% of issued and outstanding shares of Ucare Inc. ('Ucare'), the sole operator of China's only cloud-based AI-driven hospital and health insurance risk management platform, in an all-share deal valued at US$150 million. This strategic move aims to unlock new growth opportunities in the health insurance segment. The Company and its wholly-owned subsidiary, VitaCare Limited ('VitaCare') have entered into a share exchange agreement (the 'Agreement') with certain shareholders (the 'Sellers') of Ucare and other parties. Under the Agreement, the Sellers will receive 101,486,575 newly-issued class A ordinary shares ('Shares') of TRX, each with a par value of US$0.025. The number of Shares is calculated based on the weighted average closing price of TRX's Class A ordinary shares over the three months preceding the Agreement, at a per-share price of US$1.478. The Shares will represent approximately 91.75% of the Company's total issued and outstanding Class A ordinary shares and approximately 13.70% of its total voting power upon closing, which is subject to customary conditions. Ucare develops innovative healthcare solutions that enable providers, payers, and institutions to reduce fraud, abuse, waste, and administrative costs. Powered by the largest hospital database, Ucare's cloud-based generative AI platform continuously refines disease models by integrating real-world data, the latest medical guidelines, and real-time intelligence. Ucare's vision is to ease the burden on patients, expand coverage, and ultimately improve access to healthcare for everyone. It currently serves over 4,000 hospitals and has contributed an estimated US$6.82 billion reduction in avoidable healthcare expenditures as of December 2024. For the fiscal year ended October 31, 2024, Ucare reported a net profit of US$0.6 million on revenues of US$5.4 million. This acquisition comes at a time when China's health insurance market is rapidly expanding to complement national health coverage reforms. By integrating Ucare's AI-driven data analytics, institutional channels, and clinical treatment guidance tools, TRX aims to build differentiated health insurance products, strengthen their distribution within hospital systems, and accelerate its transition into a data-powered, platform-based insurance service provider. The transaction is expected to close on or about July 2025. Shares issued to the Sellers will be held in escrow and released based on Ucare achieving a cumulative revenue target of at least RMB150 million over the three years following closing. Post-transaction, Ucare will operate as a wholly-owned subsidiary of VitaCare. Key Ucare management, including Chief Executive Officer Mr. Wei Zhu, will remain in their roles to drive continuity and growth. Mr. Wei Zhu, Chief Executive Officer of Ucare, stated, 'We are excited to join forces with TRX in a transaction that validates our mission and achievements. Over the years, we've built China's leading hospital management platform, powered by proprietary AI algorithms and a deep understanding of healthcare system dynamics. TRX's platform, capital access, and industry network will empower us to scale R&D, integrate the latest generative AI into clinical pathways, and expand our offerings from medical institutions to insurance companies. This marks a pivotal moment in building a unified ecosystem that brings hospitals, insurers, and patients closer together for more efficient, transparent healthcare.' Ms. Sheng Xu, Director, Chairwoman and Chief Executive Officer of TRX, commented, 'This Agreement with Ucare represents a critical acquisition that expands our business channels by adding health insurance offerings that complement our property insurance products. With its unique positioning and first-mover advantage as the sole provider of cloud-based AI solutions for health insurance risk management, Ucare gives us privileged access to healthcare data, decision-makers, and patient journeys. This will significantly enhance our ability to design tailored insurance products，recommend solutions, streamline claims and diversify revenues. We view Ucare not only as a growth engine but as a strategic hub that bridges insurance services with healthcare delivery—an integration we believe will define the next decade of our industry.' About TIAN RUIXIANG Holdings LtdTIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China through its China-based variable interest entity. It distributes a wide range of insurance products, which are categorized into two major groups: (1) property and casualty insurance, such as commercial property insurance, liability insurance, accidental insurance, and automobile insurance; and (2) other types of insurance, such as health insurance, life insurance, and other miscellaneous insurance. About Ucare Inc. develops innovative healthcare solutions that enable providers, payers, and institutions to reduce fraud, abuse, waste, and administrative costs. Powered by the largest hospital database, Ucare's cloud-based generative AI platform continuously refines disease models by integrating real-world data, the latest medical guidelines, and real-time intelligence. Ucare's vision is to ease the burden on patients, expand coverage, and ultimately improve access to healthcare for everyone. Forward-Looking StatementsCertain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission. For investor and media enquiries, please contact:TIAN RUIXIANG Holdings LtdInvestor Relations DepartmentEmail: ir@ Water Tower ResearchFeifei ShenEmail: feifei@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
