China, ASEAN to submit upgraded free trade deal to leaders in October, says China's foreign minister
Negotiations about the so-called 3.0 version of the free trade zone started in November 2022 and completed in May, seeking to cover areas such as the digital economy, green economy and supply chain connectivity.
China and ASEAN also agreed on a five-year action plan that specifies collaboration between the two sides in over 40 fields in the coming years, according to a statement published by the Ministry of Foreign Affairs, citing Wang's comments after attending the East Asia Summit in Kuala Lumpur on Friday.
Wang also said the two sides agreed to strive to complete consultations next year on a code of conduct in the South China Sea - a set of guidelines aiming to manage disputes in the region, where Beijing and several ASEAN members have overlapping maritime claims.
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Yahoo
38 minutes ago
- Yahoo
The Smartest EV Stocks to Buy With $500 Right Now
Nio is still thriving in China's crowded EV market. EVgo continues to expand its charging networks and is locking in more customers. Navitas' more advanced GaN and SiC chips could replace silicon chips in the future. 10 stocks we like better than Nio › Many electric vehicle (EV) stocks soared in 2020 and 2021, but a lot of them fizzled out over the following years as rising interest rates chilled the hot market. Price wars, supply chain disruptions, inflation, higher tariffs, and intensifying trade wars exacerbated that pressure. However, investors who can look past those near-term headwinds might find some promising plays in what has become an out-of-favor sector. I believe these three EV-oriented stocks -- Nio (NYSE: NIO), EVgo (NASDAQ: EVGO), and Navitas Semiconductor (NASDAQ: NVTS) -- could turn a modest $500 investment into a few thousand dollars in just a few years. Nio is a major producer of electric sedans and SUVs in China. Its core Nio brand sells higher-end vehicles; its Onvo brand sells cheaper SUVs; and its Firefly brand sells compact EVs. It differentiates itself from its competitors with swappable batteries which can be switched out at its own battery stations as a faster alternative to EV chargers. Nio faces tough competition in China, but it's gradually expanding into Europe. From 2019 to 2024, its deliveries surged nearly 11-fold from 20,565 to 221,970; its vehicle margin improved from negative 9.9% to positive 12.3%; and its revenue grew at a compound annual growth rate (CAGR) of 53%. That growth was fueled by its robust sales of its higher-end sedans and SUVs, the expansion of its swapping network and battery-as-a-service (BaaS) subscriptions, and its rising shipments in Europe. Government subsidies in China also helped it survive a severe credit crunch in early 2020. From 2024 to 2027, analysts expect Nio's revenue to grow at a CAGR of 26%. They also expect its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to turn positive in the final year as it sells a higher mix of premium vehicles, expands its battery subscriptions, and streamlines its spending. But with a market cap of $7.8 billion, Nio trades at just 0.6 times this year's sales. Its valuations are being compressed by the trade war and tariffs, but it could soar higher on any hint of a trade deal or milder macro and competitive headwinds. EVgo is a leading builder of EV charging stations in the U.S. with 4,240 charging stalls serving 1.4 million customers at the end of the first quarter of 2025. Its drivers can pay for each individual charge or sign up for discounted plans, which start at $6.99 a month. Since the end of 2022, EVgo's number of charging stations increased by more than 50% as its total number of customers grew by over 150%. From 2022 to 2024, its revenue grew at a CAGR of 117%. That expansion was fueled by its acquisition of Recargo, which coincided with its special purpose acquisition company (SPAC) merger in 2021; its partnerships with General Motors, Berkshire Hathaway's Pilot Flying J, and Chevron; and federal and state incentives for the construction of more charging stalls. From 2024 to 2027, analysts expect EVgo's revenue to grow at a CAGR of 32% as those tailwinds pick up again. They also expect its adjusted EBITDA to turn positive in 2024 and continue climbing through 2027 as economies of scale kick in. With a market cap of $462 million, EVgo trades at just 1.3 times this year's sales. The softness of the U.S. EV market is likely squeezing its valuations, but it could command a much higher valuation once the macroenvironment improves. Navitas is a leading producer of gallium nitride (GaN) and silicon carbide (SiC) chips. These types of chips can resist higher voltages, switch at higher speeds, and operate at higher temperatures than traditional silicon chips. Its GaN integrated circuits (ICs) are widely used in EV chargers, and it produces SiC devices for EV platforms. It also supplies chips for laptop adapters, data center power supplies, solar inverters, industrial motor drives, and energy storage solutions. From 2020 to 2024, Navitas' revenue grew at a CAGR of 62% as its adjusted gross margin expanded from 33% to 42%. It achieved that growth even as the EV, solar, and industrial markets -- which were expected to generate robust demand for its GaN and SiC chips -- faced tough macroheadwinds over the past few years. From 2024 to 2027, analysts expect Navitas' revenue to increase at a CAGR of 17% as its adjusted EBITDA turns positive by the final year. 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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $671,477!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,010,880!* Now, it's worth noting Stock Advisor's total average return is 1,047% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Leo Sun has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway, Chevron, and Nvidia. The Motley Fool recommends General Motors. The Motley Fool has a disclosure policy. The Smartest EV Stocks to Buy With $500 Right Now was originally published by The Motley Fool Error 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
Yahoo
an hour ago
- Yahoo
Marc Benioff says the narrative that AI will end white-collar jobs is wrong
AI is radically reshaping business at Salesforce. That doesn't mean that CEO Marc Benioff sees AI as a future mass killer of white-collar jobs. Instead, Benioff forsees "a radical augmentation of the workforce." Marc Benioff said that while artificial intelligence is drastically reshaping Salesforce, it doesn't mean that it will wipe out white-collar workers. "That isn't how I see AI," Benioff, Salesforce's CEO, told Atlantic CEO Nicholas Thompson during a recent onstage interview at the 2025 AI for Good Global Summit. "Maybe they have AI, I don't have. But in the AI I have, it's not going to be some huge mass layoff of white-collar workers, it is a radical augmentation of the workforce." Benioff's broader view of AI contrasts with how other in tech view the next decade. Anthropic CEO Dario Amodei, who was not mentioned directly during Benioff's appearance, has said AI may eliminate half of entry-level, white-collar jobs within the next five years. People need to get past this type of general "fear," Benioff said. "When I'm talking to our customers, I'm not hearing them say, "Oh, now I'm laying off these people because this A,B,C technology increase because of AI.' So, I think we need to somehow shed the fear of what that all means." For his own company, Benioff says he's paused Salesforce's hiring of engineers, lawyers, and customer service agents for the year so the company can "let AI productivity really take hold." "Right now, for engineering organization, because of the incredible productivity opportunity, for AI in engineering this year, let's take some time to actually incorporate that in so we're not focused on hiring another thousand, 2,000, 3,000 engineers," he said. At the same time, Benioff said Salesforce is ramping up sales-related hires due to customer demand to deploy AI. That's likely because, in his view, we're on the edge of "a radical explosion in small and medium businesses." "You're just going to see a lot more SMBs and a lot more general business and mid-market business, because their capabilities are radically amplified by the AI," he said. Read the original article on Business Insider
USA Today
an hour ago
- USA Today
What is a slot draft? Explaining MLB system, values, pool money for MLB Draft
It's draft day in Major League Baseball. Over the next two days down in Atlanta, nearly 300 draft-eligible players will be selected by 30 different MLB teams in the 2025 MLB Draft in hopes of being that next up-and-coming star like Bryce Harper or Bobby Witt Jr. or Paul Skenes and be that missing piece to a World Series championship puzzle. In recent years, the draft has become a spectacle, as it has bounced around from one All-Star Game city to another. But amid all that, the draft hasn't lost its touch or complexity for those at home to understand the ins and outs of it, as it is the longest draft among the four professional sports. REQUIRED READING: MLB mock draft 2025: Who's going No. 1? Final breakdown of top prospects That complexity has to do with the strategy MLB executives will be using to select and sign their picks, as the MLB draft is a strict slot draft through the first 10 rounds. It really puts scouting to the next level and turns the draft into a game of Monopoly of sorts for teams with a set pool of money at their disposal. Here's what to know about the MLB draft, why it is a slot draft and more: What is a slot draft? In short, a slot draft, such as the MLB draft, is when picks in the draft have a specific pre-determined slot value associated with them. The slot values for the draft are determined by Major League Baseball each year by matching growth in revenue sharing and are assigned to every pick for the first 10 rounds of the draft. However, just because there is a pre-determined slot value for each pick, that doesn't mean a team has to sign that player to that value. How so? Well, like free agency, teams negotiate a deal with their draft picks and can sign them to a lower value. If a team signs one of its picks to a lower number than the pick's value, that team can use that remaining pool money for another one of its picks. Noted by a team can be penalized for exceeding its overall slot value and bonus pool money: REQUIRED READING: How Otto Kemp went from undrafted D-II prospect to key bat for first-place Phillies How much does No. 1 overall pick in 2025 MLB Draft make? According to Jim Callis, the No. 1 overall pick to the Washington Nationals in the 2025 MLB Draft has an estimated slot value of $11,075,900, which is an increase of $505,300 more than what it was valued for last year when the Cleveland Guardians took Travis Bazzana. Here's a breakdown of how much past No. 1 overall pick was worth in each of the last two years according to MLB draft first round slot values Here are the slot values for each of the first 32 picks — Round 1, Prospect Promotion Incentive Pick and Free-Agent Compensation Picks — of the 2025 MLB Draft, courtesy of * Denotes First Round Pick ** Denotes Prospect Promotion Incentive Pick ** Denotes Free-Agent Compensation Pick Click here to view the slot values for remaining picks through Round 10. REQUIRED READING: MLB All-Star Game rosters 2025: Injury replacements, starters, pitchers and reserves MLB draft 2025 pool money Among the 30 MLB teams, the Seattle Mariners enter the 2025 MLB Draft with the highest pool money — slot and bonus pool values for the first 10 rounds — at $17,074,400, which is the fourth-highest total pool money since the pool bonus-pool era began in 2012. The New York Yankees have the smallest pool among all 30 teams at $5,383,600. The Yankees were originally slated to pick at No. 28 in the first round but fell to No. 38 in the second round after going into the second luxury tax threshold of the competitive balance tax with their free agency signing of Max Fried. Here's a full breakdown of pool money for all 30 MLB teams in the 2025 MLB Draft, per MLB draft first round order 2025 Here's the full first-round order of picks for the MLB draft: * Denotes Prospect Promotion Incentive Pick ** Denotes Free Agent Compensation Pick Note: The Los Angeles Dodgers, New York Mets and New York Yankees don't have a first-round pick due to receiving a 10-pick penalty on their first picks for exceeding the second tax threshold of the competitive balance tax MLB draft schedule 2025 The 2025 MLB Draft will be split up into two days, July 13 and July 14. Rounds 1 through 3 — including competitive balance rounds, compensation picks and prospect promotion incentive picks — will take place on July 13 at the Coca-Cola Roxy in Atlanta, with the remaining 16 rounds taking place on July 14. Here's a full look at the 2025 MLB Draft schedule: The USA TODAY app gets you to the heart of the news — fast. Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.
