Author: HeraldStar

Semiconductor Manufacturing International Corp (SMIC) (0981.HK) reported a 59.1% decline in net profit for the second quarter on Thursday, although the results from China’s largest chip foundry surpassed expectations. SMIC posted an unaudited net profit of $164.6 million for the three months ending June 30, exceeding the $103.8 million anticipated by analysts surveyed by LSEG. Revenue for the quarter increased by 21.8% to $1.9 billion, also outperforming forecasts. These figures suggest signs of recovery in the global semiconductor industry, which has been in a downturn since late 2022. Global semiconductor sales grew by 18.3% to $149.9 billion in the second…

Russian forces continued to clash with Ukrainian troops for a third consecutive day on Thursday after Ukrainian forces breached the Russian border in the Kursk region. This bold offensive against one of the world’s most powerful nuclear nations has compelled Moscow to summon reserves. In what is considered one of the largest Ukrainian offensives on Russia during the two-year conflict, approximately 1,000 Ukrainian soldiers, supported by tanks, armored vehicles, drone swarms, and artillery, crossed the Russian border in the early hours of August 6, according to Russian officials. Intense fighting erupted near the town of Sudzha, a crucial location for…

Indonesia and Japan agreed on Thursday to amend an economic agreement aimed at reducing or eliminating trade barriers, with Indonesia anticipating a boost in bilateral trade as a result. Japan will lower import tariffs on 112 Indonesian items, including fishery products, fruit, food, and beverages, as stated by Indonesia’s trade ministry. In return, Indonesia will enhance market access for 25 Japanese products, such as stainless steel and automotive goods, under the revised Indonesia-Japan Economic Partnership Agreement (IJEPA), which is expected to be ratified next year. Indonesia’s exports to Japan are projected to increase to $35.9 billion by 2028, up from…

At a Texas school, wearing an all-black outfit now results in a dress code violation. Charles Middle School, part of the El Paso Independent School District, has banned students from wearing black clothing due to concerns about mental health. Principal Nick DeSantis informed parents that a new trend of students wearing all-black outfits had emerged on campus, according to local media reports. He stated that this look has become “more associated with depression and mental health issues and/or criminality than with happy and healthy kids ready to learn.” BBC News has reached out to the school district for comments. The…

Police in Barcelona are actively searching for Carles Puigdemont, the former separatist leader of Catalonia, who made a surprising return to Spain after seven years of exile, despite having an outstanding arrest warrant. The Catalan police, known as Mossos d’Esquadra, implemented roadblocks within and around the city as part of Operation Jaula (“cage”), aimed at locating Puigdemont, who was last seen departing a rally in a car. The operation concluded a few hours later. Puigdemont had resided in Brussels for much of his exile after being indicted by Spanish authorities on charges related to a failed attempt at Catalan independence…

Africa’s youth are rising up in discontent, fueled by frustration over corruption, soaring living costs, and widespread unemployment. The protests began in Kenya, where Gen Z led six weeks of demonstrations against a controversial tax bill, resulting in at least 50 deaths. President William Ruto retracted the bill and reshuffled his cabinet amidst pressure from protesters demanding action against corruption and police brutality. The unrest spread to neighboring Uganda, where citizens marched on parliament, prompting a heavy-handed response from security forces, with over 100 arrests. Protesters are demanding accountability for widespread corruption, estimated to cost the country $2.7 billion annually.…

Chilean President Gabriel Boric has intensified global criticism of Venezuela’s disputed election, accusing Nicolas Maduro’s regime of attempting to steal the vote and perpetrating severe human rights violations. Boric stated, “I am convinced that Maduro’s regime has attempted to commit electoral fraud. If they had genuinely won, they would have transparently released the voting records.” Boric’s administration has expressed distrust in the independence and impartiality of Venezuelan institutions, refusing to recognize Maduro’s claimed victory. “Chile will not validate unverified results,” Boric emphasized. “We demand international organizations independent of the regime to confirm the outcome.” Since taking office, Boric has consistently…

Electric Power Development Co., Ltd. (J-Power) has forged a strategic alliance with Australian carbon capture and storage innovators, deepC Store and Azuli, through a joint study agreement. This partnership aims to harness the potential of carbon capture and storage (CCS) technology to reduce emissions in Japan, Australia, and the surrounding region. The Australian duo has secured two greenhouse gas assessment permits for the Bonaparte and Browse Basins, located approximately 200-250 kilometers off Australia’s Northwest coast. These permits, also known as GHG acreages, have the potential to permanently store up to 1 billion metric tons of carbon dioxide (CO2). J-Power plans…

Vinesh Phogat’s Olympic dreams were shattered in a shocking turn of events, as the Indian wrestler’s drastic weight-cutting measures fell short, leading to her disqualification from the 50kg freestyle final at the Paris Games. Despite a Herculean effort to shed the extra kilos, Phogat’s weight ballooned overnight due to dehydration prevention measures, rendering her ineligible to compete. Phogat’s journey to the final was nothing short of remarkable, having stunned defending champion Yui Susaki in the earlier rounds. However, her natural weight of 55-56 kg proved a formidable obstacle, forcing her to undergo a grueling weight-cutting regimen. The Indian delegation’s medical…

“Today, we grieve yet another dubious milestone in the fiscal decline of the most powerful and prosperous nation in history,” stated the US House Budget Committee Chairman Jodey Arrington last week when referring to the alarming accumulation of gross national debt that hit a new record of $35 trillion. This rate of increase, equivalent to $6.4 billion of new debt per day, is pushing the US fiscal sustainability to its limit. By the early 2030s, government bill will exceed revenue, warned the US Congressional Budget Office. The escalating debt trajectory raises concerns about the feasibility of financing and the associated…