World Street | EU regulators probe Apple; Canada considers tariffs on China-made EVs; Nvidia stock tumbles; Shein files for London IPO, and more

World Street offers a sneak peek into the world of business and the economy.

EU regulators accuse Apple of breaching tech rules by limiting App Store customer options. Canada considers tariffs on China-made EVs. Novo Nordisk plans a $4.1 billion North Carolina plant to increase supply of Wegovy and Ozempic. Nvidia's stock falls as investors secure profits after a strong year. Ark Invest's Cathie Wood backs Trump over Biden for the economy. Shein explores a London listing. All this and more on this edition of World Street.

EU bites Apple

European Union regulators on Monday said Apple is in breach of sweeping new tech rules because it does not allow customers of its App Store to be steered to alternatives. The EU’s executive arm, the European Commission, also said it had opened a new probe into Apple over new contractual terms with developers.

Subsidy Squeeze

Canada on Monday said that it was considering whether to impose tariffs on China-made electric vehicles as it seeks to align itself with allies against what they see as a heavily subsidized Chinese industry.

Canadian Finance Minister Chrystia Freeland said the domestic auto sector faced unfair competition from China's "state-directed policy of overcapacity." Ottawa will open a 30-day public consultation period on July 2 on possible responses.

Dose Depot

Novo Nordisk on Monday said it will spend $4.1 billion to build a new manufacturing plant in Clayton, North Carolina, in a bid to boost the supply of its blockbuster weight loss drug Wegovy, diabetes treatment Ozempic and other injectable therapies.

The new manufacturing facility will be responsible for filling and packaging syringes and injection pens for the drugs

Nvidia's slump

Nvidia stock fell 6.7 percent on Monday, its second steepest drop of the year. The decline brought with it a slide in chipmakers and other tech companies tied to the artificial intelligence (AI) boom.

Nvidia’s value has nearly tripled in the past year even after the three-day slump. According to experts, investors may be taking an opportunity to lock in gains after a stellar run over the last few hot months.

Cathie’s Call

Ark Invest CEO Cathie Wood said she would vote for former President Trump over President Biden in the November presidential election, solely basing her decision on who she believes would be the best for the country’s economy.

Wood's informal endorsement comes on the heels of several billionaires sending money and support toward Trump’s presidential campaign.

Miner Meltdown

Bitcoin prices fell below the psychologically significant $60,000 level as multiple factors, including profit-taking and miner selling, weighed on the digital currency.

The total market value of the world’s most valuable cryptocurrency dropped to nearly $58,400 and the digital asset was trading at its lowest value since early May.

London Listing

Shein confidentially filed papers with Britain's markets regulator in early June, kicking off the process for a potential London listing by the online fast-fashion retailer later in the year, reported Reuters.

The China-founded company, which was valued at $66 billion in a fundraising round last year, began to explore a listing on the London Stock Exchange early in 2024. Shein's original plan to list in New York came unstuck following opposition from U.S. lawmakers.

China Challenge

Xi Jinping called on China to step up innovation because other countries dominate certain key technologies, comments that underscore his nation’s escalating semiconductor confrontation with the US.

While China had “made great progress” in science, he said that “original innovation ability is still relatively weak; some key, core technologies are controlled by others; and there is a shortage of top scientific and technological talents.”