Markets

China’s Ministry of Finance has revised consumption tax regulations for luxury vehicles priced at 900,000 yuan (approximately $125,000 USD) or higher, impacting both traditional and electric vehicles. The new rules take effect on July 20th, 2025, prompting a surge in demand for high-end cars, particularly brands like Porsche. Dealerships report tight inventory and a buying frenzy as consumers rush to purchase vehicles before the tax hike, potentially saving thousands of yuan.

A video of a U.S. unicorn company’s CEO and CHRO in an intimate moment at a concert, projected onto the venue’s screen, has gone viral. The video, showing the pair embracing, garnered over 35 million views on TikTok. After the incident, the CEO issued an apology on X (formerly Twitter), prompting a reaction from Elon Musk.

South Korea’s UNESCO cultural heritage nominations, including Kimchi and the Gangneung Danoje Festival, face setbacks. Five nominations are on a “pending withdrawal” list due to insufficient evidence of unique Korean origin. China has challenged these claims, presenting historical evidence suggesting earlier origins for practices like pickling, Danoje rituals, and traditional carpentry. UNESCO has requested South Korea provide independent evidence, but reportedly, the submitted documentation was inadequate. This development raises questions about South Korea’s cultural origin claims.

Battery X Metals’ subsidiary, Battery X Rebalancing Technologies, enters a Commercial Revenue Share Agreement with a Vancouver auto service center specializing in Tesla vehicles. This agreement marks the first commercial deployment of their Prototype 2.0 lithium-ion battery rebalancing machine. Battery X will receive 20% of gross service revenue per rebalancing procedure. Trials saw Prototype 2.0 restore an electric truck’s driving range from 40km to 295km, a 637.5% improvement. This collaboration generates early revenue with no direct operating expenses and validates the platform’s commercial potential.

Japan is considering a joint bid with China, South Korea, Malaysia, Thailand, Indonesia, and Vietnam to host the 2046 FIFA World Cup. The Japan Football Association confirmed discussions about the unprecedented six-nation effort, echoing the growing trend of multi-nation hosting driven by tournament expansion and escalating costs. A previous joint-bid proposal by South Korea involving China and Japan for earlier World Cups was reportedly dismissed by China. The 2026 and 2030 World Cups will exemplify co-hosting, suggesting FIFA’s embrace of shared responsibility to ease financial strain and promote regional development.

Sunrun (NASDAQ: RUN) priced its fourteenth securitization since 2015, totaling $431 million in notes. The deal includes $331 million of Class A-1 Notes and $100 million of Class A-2 Notes. The Class A Notes offer a 6.15% coupon. This is backed by 63,318 systems across 12 states and Washington D.C., with a customer base averaging a FICO score of 757. The transaction is expected to close around July 30, 2025, demonstrating continued investor confidence in Sunrun’s solar assets.

Police in Quzhou, Zhejiang Province, China, prevented an elderly woman from losing 1.6 million yuan to telecom fraudsters posing as Douyin (TikTok’s Chinese counterpart) customer service. The scammers claimed she unknowingly subscribed to a premium service and threatened her credit score. Alerted by a fraud detection system, police raced to her home, stopped the scam in progress, uninstalled malicious software, froze her accounts, and reversed the scammers’ actions to access her savings. Authorities warn citizens against unsolicited membership offers and screen-sharing requests.

Crexendo (CXDO) will report Q2 2025 financial results on August 5, 2025, followed by a conference call at 4:30 PM ET. CEO Jeff Korn, President Doug Gaylor, and CFO Ron Vincent will present and answer questions. Dial 888-506-0062 (U.S.) or 973-528-0011 (International), access code 467741 to join. A replay will be available until August 12th via 877-481-4010 (U.S.) or 919-882-2331 (International), passcode 52756. Crexendo is a provider of cloud communication platform software and UCaaS offerings.

Duke Energy is preparing for severe weather forecasted to impact its Indiana service territory. The company is mobilizing resources and urges customers to prepare for potential power outages by charging devices, stocking emergency kits, and planning for special needs. Customers can report outages and receive updates via text, mobile app, website, or phone. Duke Energy is Indiana’s largest electric supplier, serving 920,000 customers. Duke Energy (NYSE: DUK) is committed to a cleaner energy future.

Xcel Energy plans a significant expansion of energy infrastructure in Texas and New Mexico to meet a projected 40% surge in electricity demand by 2030. The $5 billion investment includes adding 5,168 MW of capacity through 17 new power projects utilizing wind, solar, battery storage, and natural gas. The initiative aims to boost electric reliability, grid resilience, and economic growth. Regulatory approval is expected in the second half of 2025.