China Vows to Increase Oversight of Wayward Solar Sector
The Ministry of Industry and Information Technology said in a statement that it would strengthen its guidance over the industry to help it solve urgent problems. Minister Li Lecheng met Thursday with leaders from 14 solar companies, and stressed that they need to better manage disorderly competition and speed up the elimination of outdated production capacity, echoing words from a high-level meeting earlier this week chaired by President Xi Jinping.
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Yahoo
23 minutes ago
- Yahoo
Polestar to Build SUV in Europe by 2028 to Offset Tariffs
Polestar (PSNY, Financials) said Thursday it will build its upcoming Polestar 7 sport utility vehicle at Volvo Cars new factory in Slovakia, aiming to lower its exposure to rising European and U.S. tariffs on China-made electric vehicles. Warning! GuruFocus has detected 6 Warning Signs with PSNY. The company said it signed a memorandum of understanding with Volvo Cars, both of which are controlled by Chinas Geely. Volvos Kosice plant is expected to begin production in 2026 and will have an annual capacity of 250,000 vehicles. Polestar, which has yet to reach profitability, faces 28.8% tariffs on China-made EVs shipped to Europe and more than 100% on those sent to the United States. Most of its production currently takes place in China through Geely and Volvo. The firm already assembles some Polestar 3 units in South Carolina and will export the Polestar 4 to the United States from South Korea later this year. However, it stopped accepting U.S. orders for the China-built Polestar 2 earlier in 2025. Polestar said diversifying production to Europe reflects a broader strategy to manage geopolitical trade friction and improve cost competitiveness. Investors will be watching how these shifts affect margins and delivery timelines as the company works toward profitability. This article first appeared on GuruFocus. Sign in to access your portfolio
The Verge
37 minutes ago
- The Verge
Meet Soham Parekh, the engineer burning through tech by working at three to four startups simultaneously
One name is popping up a lot across tech startup social media right now, and you might've heard it: Soham Parekh. On X, people are joking that Parekh is single-handedly holding up all modern digital infrastructure, while others are posting memes about him working in front of a dozen different monitors or filling in for the thousands of people that Microsoft just laid off. From what social media posts suggest, Parekh is actually a software engineer who seems to have interviewed at dozens of tech startups over the years, while also juggling multiple jobs at the same time. Several startups had this revelation on July 2nd, when Suhail Doshi, founder of the AI design tool Playground, posted a PSA on X, saying: PSA: there's a guy named Soham Parekh (in India) who works at 3-4 startups at the same time. He's been preying on YC companies and more. Beware. I fired this guy in his first week and told him to stop lying / scamming people. He hasn't stopped a year later. No more excuses. Doshi's post was quickly flooded with replies that included similar stories. 'We interviewed this guy too, but caught this during references checks,' Variant founder Ben South said. 'Turns out he had 5-6 profiles each with 5+ places he actually worked at.' When asked what tipped him off about Parekh, South told The Verge that his suspicions arose during Parekh's interview, prompting his team to do a reference check earlier than they usually would. 'That's when we learned he was working multiple jobs,' South said. Parekh's resume and pitch email look good at first glance, which helps him garner interest from multiple companies. 'He had a prolific GitHub contribution graph and prior startup experience,' Marcus Lowe, founder of the AI app builder Create, told The Verge. 'He was also extremely technically strong during our interview process.' Just one day after this all unfolded, Parekh came forward in an interview with the daily tech show TBPN. Parekh confirmed what many tech startup founders had suspected: he had been working for multiple companies at the same time. 'I'm not proud of what I've done. That's not something I endorse either. But no one really likes to work 140 hours a week, I had to do it out of necessity,' Parekh said. 'I was in extremely dire financial circumstances.' Parekh seems to have made a good first impression on many people. Digger CEO Igor Zalutski said his company 'nearly hired him,' as he 'seemed so sharp' during interviews, while cofounder Justin Harvey similarly said that he was 'THIS close to hiring him,' adding that 'he actually crushed the interview.' Vapi cofounder Jordan Dearsley said Parekh 'was the best technical interview' he's seen, but he 'did not deliver on his projects.' The startups that did hire Parekh didn't seem to keep him around for long. Lowe said that he noticed something was off when Parekh kept making excuses to push back his start date. After telling Lowe that he had to delay working because he had a trip planned to see his sister in New York, Parekh later claimed that he couldn't start working following the trip because he was sick. 'For whatever reason, something just felt off,' Lowe said. That's when Lowe visited Parekh's GitHub profile and realized he was committing code to a private repository during the time he was supposed to be sick. Lowe also found recent commits to another San Francisco-based startup. 'Did some digging, noticed that he was in some of their marketing materials,' Lowe said. 'I was like, 'Huh, but he didn't declare this on his resume. This feels weird.'' Create ended up letting Parekh go after he failed to complete an assignment. It looks like Parekh even had a stint at Meta. In 2021, the company published a post highlighting his story as a contributor working on mixed-reality experiences in WebXR. In the post, Parekh said that he found 'that the best way to get better at software development is to not only practice it but to use it to solve real world problems.' Meta didn't immediately respond to The Verge's request for comment. Parekh's purported scheme may have been uncovered, but his outlook might not be all bad — if you believe him. Parekh claims he landed a job at Darwin, an AI video remixing startup. 'Earlier today, I signed an exclusive founding deal to be founding engineer at one company and one company only,' Parekh posted on X. 'They were the only ones willing to bet on me at this time.'
Forbes
an hour ago
- Forbes
Shifting Sands: UAE's Business Evolution Amid US Uncertainty
Forced or organically, the world continues to evolve beyond the United States. It's not the United States is less important – it's just that our constant policy swings from Republican to Democrat Administration's and back have pushed the rest of the world to plan for a less US-centric world, to develop their own markets and trade partnerships, and invest in the industries of the future. At the recent Make it in the Emirates conference in Abu Dhabi, the ambivalence of the world towards the United States was on clear display. On the one hand, UAE officials – from government leaders to investment funds and corporate leaders, were bullish on the United States after the successful visit by President Trump's to the region a few weeks ago. The UAE announced a $10 billion collaboration on artificial intelligence with the United States - officially to build modern AI chips and create joint research facilities. In reality, the UAE will be building data centers for US companies, subsidizing the energy costs of AI, and will receive tech transfer in return. But both sides hope that it leads to greater research collaboration down the line. On the other hand, the 500 exhibitors at the event – manufacturers of everything from autos to food products, were not talking about US markets. They were talking about expansion towards Asia – (South Asia, East Asia and Australia), and towards Eastern Europe, Turkey and the Central Asian republics. The most common refrain was that the United States might changes the rules in the middle of the game – and that's if they even get visas to do business. Financiers line up to support UAE Manufacturing Alongside manufacturers, the banking and financial sectors had a strong presence, including home-grown fintech's providing a range of services to consumers and business. These were not just government-backed entities, but also consumer-facing fintechs, vendor financing arms and family offices. An interesting startup that has been rapidly growing in the UAE is amana, a fintech company with over 350,000 users and rapid recent growth. Founded in 2022 by Zaid Aboujeh and Karim Farra, a Wharton MBA and YPO member, amana is an online platform for trading stocks, crypto and other assets. When US tariffs were announced, traders flocked to its site to quickly adjust their portfolios; benefiting from the ability to balance their portfolios across multiple assets, including crypto, in one platform – an opportunity not available historically to many in the region. With uncertainty in the mainstream economy, it's not a surprise that crypto trading has been a key growth driver this year as well. amana has over 450 coins available for trading and investing - with 68% of amana's active traders engaging in crypto alongside other assets, while 20% trade only crypto. In a region that has long limited access to capital to the connected, elite and certain national groups– amana and others are democratizing market access and providing services for a rapidly growing financial ecosystem. The UAE, Saudi Arabia, Qatar and other countries in the region have two advantages that fintech's like amana can take advantage of – a strong digital public infrastructure where most residents are connected electronically, and a large population from South Asia that is very comfortable with online banking and fintech services. Beyond that, amana says that 20% of its usage last year came from Lebanon, and future growth will come from large, emerging markets in the region, including Egypt, Bahrain, Qatar and Jordan. The Founders of amana There are other signs that the UAE and other nations are clearly taking advantage of US policy fluctuations to build their own competitive advantages. Dubai and Abu Dhabi have both greatly expanded their free trade zones to attract businesses from other nations hit by the Trump tariffs. If a company can legitimately establish itself in the UAE, it can bypass harsh Trump tariffs and access UAE government-backed financing for business creation, expansion and manufacturing. For most businesses seeking access to global markets, this is really a win-win. As immigration policies tighten in the United States, many highly skilled professionals are exploring opportunities in the Gulf. Countries like the UAE are actively attracting global talent through strategic initiatives such as their AI partnership with the US – designed to support advanced research in state-of-the-art facilities. For many researchers, especially in nearby hubs like Bangalore, the Gulf offers both proximity and access to cutting-edge infrastructure without the barriers often faced when seeking entry into the US. The growth of startups like amana, the investments in the manufacturing and tech sectors, alongside free trade zones and an improved financial ecosystem suggest a country, and region, committed to growth. Similar growth is occurring across the GCC, including Saudi Arabia and Qatar. The implications for the United States may not be much at first glance. The Trump Administration has backed off on tariffs just as fast as its announced them in many cases. As a result, the UAE and other nations may not have time to launch all of these efforts to take advantage of US policy – there may be a completely different policy in place in 4 months and certainly again in 3 years. But that uncertainty makes the investment all the more critical for them and concerning to the United States.
