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☆ Tesla Chairwoman Robyn Denholm has sold over $50 million worth of stock in 2024
▼ + stars: | 2024-05-07 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Tesla Chairwoman Robyn Denholm has just sold $17.3 million worth of her shares in the electric vehicle maker, according to a filing Monday, bringing her total stock sales this year to more than $50 million. Former Tesla Senior Vice President Drew Baglino, who announced his resignation in mid-April, sold shares worth around $181.5 million soon after his departure, according to a filing. In Denholm's early years on the Tesla board, she served on the audit committee. Before joining the Tesla board, Denholm served in executive roles at Sun Microsystems, and in finance roles at Toyota in Australia and at accounting firm Arthur Andersen. In her opinion, Chancellor Kathaleen McCormick wrote that by serving on Tesla's board, Denholm received "life-changing" compensation, which "far exceeded the compensation she received from other sources."

Persons: Robyn Denholm, Tesla, Denholm, Drew Baglino, Kathleen Wilson, Thompson, Elon Musk, hasn't, Musk, Arthur Andersen, —, Chancellor Kathaleen McCormick Organizations: Tesla Inc, American, of Commerce, Tesla, SEC, Sun Microsystems, Toyota Locations: Australia, Sydney, what's, Delaware

☆ CNBC Daily Open: Risk aversion in vogue
▼ + stars: | 2024-04-05 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hong Kong's Hang Seng Index edged up 0.1%., while mainland China markets remain shut for a public holiday. The Dow Jones Industrial Average closed down Thursday 1.35% at 38,596.98 in its biggest loss since March 2023 and fourth-straight daily loss. The profit guidance for 6.6 trillion Korean won ($4.89 billion) exceeded even LSEG's estimate of 5.24 trillion won.

Persons: Korea's Kospi, Brent, nonfarm payrolls, Dow, Janet Yellen, Yellen, hasn't Organizations: CNBC, Japan, Federal Reserve, Nikkei, West Texas, Dow Jones, U.S . Federal, Treasury, American, of Commerce, Chips, Samsung Electronics, Tech, Apple Locations: Asia, China, China U.S, Guangzhou, California

☆ China is producing too much stuff. The West is worried.
▼ + stars: | 2024-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.

Persons: —, Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua

☆ China’s Xi meets American CEOs to boost confidence in world’s second largest economy
▼ + stars: | 2024-03-27 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +3 min

Foreign direct investment in China has slumped in recent months as a combination of slower growth, regulatory crackdowns, onerous national security legislation and questions about the country’s long-term growth prospects have shaken confidence in the world’s second biggest economy. But global investors remain wary of China’s rising scrutiny of Western companies as well as a structural slowdown. In the first two months of 2024, foreign direct investment (FDI) into the country shrank nearly 20% from a year ago, underscoring weak confidence among global executives. Another gauge of FDI — direct investment liabilities — showed a 82% slump in 2023, according to figures released by the State Administration of Foreign Exchange. China has set this year’s economic growth target at around 5%, the same as last year’s.

Persons: Xi Jinping, Cristiano Amon, Raj Subramaniam, Stephen Schwarzman Organizations: Taipei CNN, Qualcomm, FedEx, Blackstone, of, International Monetary Fund, World Bank, China Development, Commerce Ministry, State Administration of Foreign Exchange, American Chamber of Commerce Locations: China, Hong Kong, Taipei, Beijing, United States

☆ China's Xi meets U.S. executives as businesses navigate bilateral tensions
▼ + stars: | 2024-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +8 min

The forum this year coincided with other efforts to attract foreign business. However, a combination of geopolitical tensions, regulatory uncertainty and slower economic growth have made it more challenging for foreign businesses in China. ... foreign companies share the same lack of confidence and worries about an uncertain future that is felt amongst much of China's domestic industry. Looking for economic clarityFor businesses considering China investment plans, the country's near-term growth outlook is another factor. He emphasized China's large market, industrial supply chain, and pointed out how China has worked on issues such as data exports and equal market treatment for foreign businesses.

Persons: Tim Cook, Management Dean Bai Chong, Xi Jinping, Stephen Schwarzman, Cristiano Amon, Mark Carney, Rajesh Subramaniam, Joe Biden, Carlos Gutierrez, Sean Stein, Gutierrez, Biden, Scott Kennedy, Peter Bachmann, Bachmann, Kennedy, Stephen S, Roach, Yale Law School's Paul Tsai, he's, China's, Han Zheng, Amin H, Nasser Organizations: Apple, China Development Forum, Tsinghua University School of Economics, Management, China News Service, Getty, U.S . Blackstone, Qualcomm, Bloomberg, FedEx, China, Cyberspace Administration, U.S, American Chamber of Commerce, of Commerce, Scott, Scott Kennedy Center for Strategic, Studies, China Centre, University of Applied Sciences, Arts Northwestern Switzerland, Center for Strategic, International Studies, Yale Law, Yale Law School's Paul Tsai China, Communist Party, Invest, CNBC, Aramco Locations: China, BEIJING, U.S, San Francisco, Beijing, Shanghai, Washington ,, Saudi

The work report presented Tuesday by Premier Li Qiang to the National People’s Congress outlined plans for modest increases in overall spending and a hefty 7.2% jump in funding for the military. Li's work report is designed to showcase for the nation achievements in the past year and convey the top leadership's priorities for this year. Photos You Should See View All 60 ImagesApart from the ambitious growth target, “There is no reform, no liberalization, no action plan and no messaging of reassurance,” he said. — Another 10.4 billion yuan ($1.4 billion) will go to upgrading industries and modernizing manufacturing. “We will work to build China's self-reliance and strength in science and technology,” the report said.

Persons: it’s, Premier Li Qiang, Li, Xi Jinping's, James Zimmerman, ”, Tianchen Xu, What's, —, Xu, ” Lynn Song Organizations: BEIJING, Premier, National People’s, Communist, American Chamber of Commerce, Economist Intelligence Unit, Baidu, Greater China, ING Economics, — Locations: China, Beijing, Washington, Hong Kong, Greater

☆ China calls on foreign businesses to share their problems as investment slumps
▼ + stars: | 2024-03-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

While the Commerce Ministry meeting did not reveal much new progress on the 24 measures to support foreign business that were announced last summer, attendees said they were able to share specific challenges about doing business in China. The ministry said representatives from more than 60 foreign businesses and 9 associations attended Wednesday's roundtable. Foreign direct investment into China has fallen to its lowest level in three years, according to official data, amid geopolitical tensions and slowing growth in the country. Hart said that it's hard for companies not yet in China to complete due diligence and approve new investments. Biden, who faces re-election this fall, has emphasized the need to compete with China while finding areas of cooperation.

Persons: Aly Song, MofCom, Jens Eskelund, Eskelund, Michael Hart, Hart, Joe Biden, Xi Jinping, Biden Organizations: Chinese Communist Party, Reuters, Reuters BEIJING — China's Ministry of Commerce, Commerce Ministry, EU Chamber of Commerce, Cyberspace Administration of, China's Ministry of Commerce, American Chamber of Commerce, U.S, U.S . Transportation Department Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Beijing, Cyberspace Administration of China, San Francisco

☆ This college professor turned out to be an economic oracle last year. Here's her outlook for 2024.
▼ + stars: | 2024-02-17 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Read previewAt the start of 2023, most US economists were bracing for a recession. An economics professor at St Mary’s University, a tiny Roman Catholic college in San Antonio, Texas, bucked the trend. Last January, Belinda Román told surveyors from The Wall Street Journal that she was expecting the economy to have a strong 2023. No recession, low unemploymentIn January 2023, Román locked in her forecast for the year, telling the WSJ that she was expecting the US’s Gross Domestic Product (GDP) to expand by 2.8%. 2024 predictionsMany forecasters are now bullish on the US economy off the back of a stellar 2023 — and Román is no exception.

Persons: —, Belinda Román, Román, That's, Taylor Swift, “, ”, who’s, St Mary’s, we’ve, ” Román, Goldman Sachs ’ Jan Hatzius, London —, I’d, there’s Organizations: Service, St Mary’s University, Roman Catholic, Wall Street Journal, Business, Bank of America, JPMorgan, The Commerce Department, St, American Chamber of Commerce Locations: San Antonio , Texas, London

☆ CNBC Daily Open: Hopes sink for March rate cuts
▼ + stars: | 2024-02-01 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, U.S. stocks were sharply lower after Fed chair Jerome Powell said the central bank likely won't be ready to cut rates in March. China tough place for U.S. firmsMore U.S. companies are finding it tougher to be profitable in China compared to before the pandemic. [PRO] Jefferies top picksAlibaba, ASML are some of Jefferies' "highest-conviction" stock picks to buy.

Persons: Jerome Powell, Hang Seng, Paytm, Michael Hart, Meta's, Victor Lee, Jefferies Organizations: Federal Reserve, New York Stock Exchange, CNBC, Treasury, U.S, American Chamber of Commerce, Qualcomm, Jefferies Locations: New York City, U.S, Asia, Hong Kong, South Korea, India, Mumbai, China

☆ U.S. companies say it's harder to make money in China now than before the pandemic
▼ + stars: | 2024-02-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Aly Song | ReutersBEIJING — More U.S. companies are finding it harder to make money in China than before the pandemic, raising concerns that businesses may not stay long. "It is concerning when our member companies are not profitable," Michael Hart, AmCham China president, told reporters Thursday. It found that by far, the main reason for respondents to increase investment in China was to remain competitive there. Asked Thursday about those efforts, AmCham China Chair Sean Stein noted the measures incorporate suggestions from foreign business chambers in China, but AmCham would like Beijing "to make more tangible progress." Rising U.S.-China tensions were the top concern for members for a fourth-straight year, the AmCham survey found.

Persons: Aly Song, Michael Hart, Michael Hart AmCham, Hart, Wang Wentao, Sean Stein, Stein, AmCham Organizations: Bund, Reuters, Reuters BEIJING —, American Chamber of Commerce, of Commerce, German Chamber of Commerce, Commerce, U.S Locations: Shanghai, China, Reuters BEIJING, U.S, Beijing, Michael Hart AmCham China

☆ APEC Summit Biden Aims to Fortify Ties With Asian Nations at Summit in San Francisco
▼ + stars: | 2023-11-16 | by ( Katie Rogers | ) www.nytimes.com time to read: +12 min

Image President Xi Jinping of China spoke to a crowd of U.S. business executives at a dinner in San Francisco on Wednesday evening. “There are hundreds and hundreds of activists —” Crowd: “Go home Xi Jinping!” “— who are coming together from all corners of this nation.” “We are really upset. 1 question for us is: Are we adversaries or partners?” Mr. Xi asked. Mr. Orlins said the Chinese had prepared three versions of a speech Mr. Xi could deliver that night. After Wednesday’s events with Mr. Biden, Mr. Xi picked the friendliest one.

Persons: Xi Jinping, Carlos Barria, Xi, —, Xi Jinping doesn’t, ”, ” “, Jinping, Josh Edelson, Xi —, Mr, Tim Cook, Larry Fink, BlackRock, Jerry Brown, Elon Musk, ” John L, Holden, Biden, Doug Mills, ” Michael Hart, Jim Wilson, Angus, Gina M, Raimondo, “, Ms, “ I’m, Stephen A, United States — Deng Xiaoping, Jiang Zemin, Hu Jintao, Deng, It’s, ” Mr, Orlins, “ They’re, Jeff Chiu, Biden’s Organizations: Visit, Credit, Agence France, Hyatt Regency, Apple, Boeing, Pfizer, Nike, FedEx, Elon, McLarty Associates, San Francisco . Credit, New York Times, U.S, American Chamber of Commerce, ., Mr, National Committee, United, China Relations, Associated, U.S ., China Business Council, Economic Cooperation, Consulate Locations: China, U.S, San Francisco, Hong Kong, Tibet, United States, California, Filoli, San Francisco ., ”, Iowa, Asia, Pacific

☆ UBS boss Ermotti says 'incredible' bond demand is 'a signal to the Swiss banking system'
▼ + stars: | 2023-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Sergio Ermotti, CEO of UBS gestures during a panel discussion at the Swiss-American Chamber of Commerce in Zurich, Switzerland January 18, 2019. UBS Group CEO Sergio Ermotti says the "incredible" market demand for the bank's recent issuance of AT1 (additional tier one) bonds is a "signal to the Swiss banking system." The Swiss lender last week began selling the bonds — which were at the heart of controversy during its emergency rescue of Credit Suisse earlier this year — for the first time since the takeover. Ermotti told CNBC on Wednesday that he was "more than encouraged" by the massive oversubscription received for last week's return to the market. "The AT1 demand was incredible — 36 billion euros ($39.1 billion) of demand for what happened to be 3.5 billion [euros] of placements — and in my point of view, it was probably the highlight in a sense of the confidence is restoring not only for UBS, I would say also it is a signal to the Swiss financial system," Ermotti said.

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Swiss, American Chamber of Commerce, Credit Suisse, CNBC Locations: Zurich, Switzerland, Swiss

☆ 3 things to know about the most important relationship in the global economy
▼ + stars: | 2023-11-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +10 min

Even so, finding ways to “get back on a normal course” — in the words of Biden — matters hugely to the global economy. He also pointed to some American companies leaving China altogether, such as asset management giant Vanguard. In the third quarter, a measure of foreign direct investment into China turned negative for the first time in 25 years. The country is by far the world’s biggest gallium producer, and a leading global producer of germanium, according to the US Geological Survey. Listed American companies with big business in China, such as Apple (AAPL) and Tesla (TSLA), may face higher scrutiny, too.

Persons: Joe Biden, Xi Jinping, “, Biden, ”, Scott Kennedy, Chenggang Xu, California Justin Sullivan, Xu, Gina Raimondo, Adam Glanzman, Zongyuan Zoe Liu, Donald Trump, Liu, … Organizations: Hong Kong CNN —, Economic Cooperation, CNN, Center for Strategic, International Studies, Stanford Center, China’s, Shipping, Port, Association of Southeast Asian Nations, European Union, American Chamber of Commerce, Vanguard, Companies, US, Nvidia, Semiconductor Industry Association, Bloomberg, Getty, Geological Survey, Council, Foreign Relations, Communist Party of China Finances, Capital, Apple, Chinese Communist Party, China Economic, Security, Commission, Biden, CFR Locations: China, Hong Kong, San Francisco, Asia, United States, Mexico, Canada, Port of Oakland, California, Shanghai, Ukraine, Moscow, Washington, Beijing, American, New York, US, Japan, Netherlands, Sequoia

☆ China FDI: Foreign investors are really frustrated with country’s economic challenges
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The world’s second largest economy is struggling to attract foreign companies and investments, despite Beijing’s efforts to address its myriad economic challenges, according to new data from China. A gauge of foreign direct investment (FDI) into China has slipped into the red for the first time since 1998, underscoring the country’s failure to stem capital outflows. It suggests foreign companies may be taking their money out of the country, instead of re-investing in their operations. Direct investment liabilities include profits belonging to foreign companies that have not yet been repatriated or distributed to shareholders, as well as foreign investment in financial institutions, according to the government. Late last month, China’s legislature approved one trillion yuan ($137 billion) in sovereign bonds to support the economy.

Persons: Refinitiv, Ant, “, Xu jingbai, ICHPL, Xi Jinping, ”, ” Carlo D’Andrea, Shanghai —, JP Morgan, Tesla Organizations: Hong Kong CNN, State Administration of Foreign Exchange, Commerce Ministry, Vanguard, BlackRock, CNN, Bloomberg, China, European Union Chamber of Commerce, People’s Bank of, HSBC, American Chamber of Commerce Locations: China, Hong Kong, Shanghai, Beijing, outflows, People’s Bank of China

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

Tokyo CNN —China has formally arrested a Japanese man who was detained in March, according to officials from Japan’s Ministry of Foreign Affairs (MOFA) and the Japanese Embassy in Beijing. The arrest of the Japanese national, who was reportedly an employee of a Tokyo-based pharmaceutical firm, could further rattle foreign businesses in China, which have reported feeling more unsettled this year amid a crackdown on international consulting firms on national security grounds. According to Japanese public broadcaster NHK, the man was an employee of drugmaker Astellas Pharma and was detained in March by Chinese security authorities in Beijing on suspicion of violating the country’s criminal law and anti-espionage law. In May, state security authorities said they had raided several offices of Capvision, an advisory network. The issue has been cited as headache for foreign businesses, some of which were already having trouble convincing workers to relocate to China.

Persons: Hirokazu Matsuno, Japan’s MOFA, Mao Ning, “, ”, Weeks, Bain, — CNN’s Michelle Toh, Sophie Jeong, Mengchen Zhang Organizations: Tokyo CNN, Japan’s Ministry of Foreign Affairs, Embassy, NHK, drugmaker, Pharma, CNN, Foreign Ministry, Ministry of State Security, Mintz Group, American Chamber of Commerce, China’s Commerce Ministry, State Administration of Foreign Exchange Locations: China, Tokyo, Beijing, MOFA, Shanghai, Hong Kong

[1/5] China's and Hong Kong's flags are seen on the pedestrian footbridge as decorations for the celebration of National Day, at the financial central district in Hong Kong, China October 3, 2023. "The last few years have created a very negative image of Hong Kong," said Inaki Amate, chairman of the European chamber in Hong Kong, one of the speakers at the M+ event. Executives point to the changing fabric of Hong Kong with mainlanders making up more than nine-out-of-ten of all those approved to work under government talent schemes. "If we believe that Hong Kong will be able to recover its most international Asia city status by continuing on this trend, we are very wrong," said Amate. “You’ve got what happened with the national security law, the pandemic and now you’ve got a pretty big problem with China’s economy.

Persons: Tyrone Siu, Inaki Amate, Paul Chan, haven’t, ”, Tara Joseph, “ You’ve, you’ve, Hong, Robert Walters, Patrick Ip, David Baverez, Baverez, Dorothy Kam, Scott Murdoch, Simon Cameron, Moore Organizations: REUTERS, Tyrone, European Union, Hong, Monetary, American Chamber of Commerce, Colliers, Companies, National Bank Australia, ASEAN Investment Cooperation, COVID ., COVID . Asia Pacific, Thomson Locations: Hong Kong, China, HONG KONG, Hong, British, Asia, Singapore, Dubai, COVID, COVID . Asia, Europe, “

That means the relationship between the two nations is interlaced and complex and far more nuanced than much of the debate might have suggested. “We need a totally new approach to China,” DeSantis said in the first half hour of the debate. “We’re going to have economic independence from China, where we’re decoupling our economy.”But the two economies are in fact deeply intertwined, and still depend on each other despite rising tension. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security. “We benefit greatly from access to cheaper products, a wide array of products and products in some cases where China has a technological lead.

Persons: Ron DeSantis, Vivek Ramaswamy, Doug Burgum, ” DeSantis, “ We’re, Janet Yellen, ”, Gina Raimondo, Yellen’s, ” Raimondo, ‘, “, Laxman, Jamie Dimon, Tim Cook, Eric Zheng, Burgum, Vladimir Putin, China —, Biden Organizations: CNN, Florida Gov, North Dakota Gov, Republican, US, Elon, Tesla, Starbucks, JPMorgan, Apple, American Chamber of Commerce, Geological Service Locations: China, ”, United States, Beijing, Shanghai, Moscow, Washington

☆ Shanghai, Beijing capital controls relaxed as China entices badly needed foreign investment
▼ + stars: | 2023-09-22 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Shanghai’s free trade zone is one of China’s largest and is slightly bigger than the city of Seattle. The policies are aimed at attracting foreign investment to build an open economy, the government said. Thursday’s measures are the latest effort by Chinese leader Xi Jinping’s government to woo foreign capital and stabilize ties with the West. China has made a series of moves recently to stabilize foreign trade and investment, including cutting a tax on stock trading for the first time since 2008. The latest relaxation in capital controls is part of a policy package announced by Beijing and Shanghai, the country’s two biggest cities, to facilitate foreign trade and investment.

Persons: Tesla’s Gigafactory, Stringer, Xi Jinping’s, JP Morgan, Tesla Organizations: Hong Kong CNN, HP, AstraZeneca, Getty, State Administration of Foreign Exchange, American Chamber of Commerce, People’s Bank of, HSBC Locations: China, Hong Kong, Shanghai, Beijing, Seattle, BlackRock, AFP, People’s Bank of China, Macao, Taiwan

☆ China's PBOC woos foreign businesses as economic challenges grow
▼ + stars: | 2023-09-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.

Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, ”, ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing

American companies doing business in China are less optimistic about the future than at any other time in more than two decades. These are some of the takeaways from reports released Tuesday by organizations representing close to 2,000 European and American firms. The papers by the American Chamber of Commerce in Shanghai and the European Union Chamber of Commerce in China portray a business environment that has become more difficult to navigate. Nearly two-thirds of European companies in China have seen business opportunities thwarted by China’s ever more complex web of regulations. The reports also make clear that despite the troublesome landscape, China remains an enticing lure for Western corporations.

Persons: China’s Organizations: American Chamber of Commerce, European Union Chamber of Commerce, Companies Locations: China, Shanghai, Beijing

Such disruptions were a major “push factor” that companies cited in expanding their operations outside China, the survey showed. Foreign companies are on edge following unexplained raids on two consulting firms and a due diligence firm. Foreign investment into China fell 2.7% from a year earlier in the first half of 2023, according to official data. A survey by the British Chamber of Commerce in China found 70% of foreign companies want “greater clarity” before making new investments. Despite the relatively gloomy perspective evinced by the survey, some things have improved, American Chamber of Commerce members said.

Persons: ”, Sean Stein, AmCham, ” Stein Organizations: American Chamber of Commerce, U.S ., Companies, Washington, U.S, “, British Chamber of Commerce, European Union Chamber of Commerce Locations: China, Washington, Shanghai, U.S, Southeast Asia, Mexico

☆ Morning Bid: Messy market mood as oil irks
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +5 min

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. The crude spur is more supply than demand related and most fingers point to the latest output cuts from Saudi Arabia and Russia. Headline inflation rates are already backing up as a result of the energy price rebound and U.S. gas pump prices rose last week to $3.88 per gallon - the highest since October 2022. Stock markets around the world were mixed to positive and U.S. futures were up a fraction ahead of Wall St's open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Mike Dolan, Claudio Borio, Mehmet Simsek, Goldman Sachs, Christina Fincher Organizations: REUTERS, U.S . Energy, Administration, Federal Reserve, Bank for International, U.S, Economic, American Chamber of Commerce, Stock, Kingfisher, . Federal Reserve, Treasury, Turkey's, Goldman, Reuters Graphics, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Saudi Arabia, Russia, Treasuries, China, Shanghai, Europe, Canada, New York

☆ U.S. business optimism about China outlook falls to record low - survey
▼ + stars: | 2023-09-19 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Even after the ending of COVID curbs, which weighed heavily on both revenues and sentiment in 2022, the percentage of surveyed U.S. firms optimistic about the five-year China business outlook fell to 52%, according to the annual survey published by American Chamber of Commerce (AmCham) in Shanghai. This was the lowest level of optimism reported since the AmCham Shanghai Annual China Business Report was first introduced in 1999. "Frankly, if there was one thing that surprised me about the survey this year it was that number," said AmCham Shanghai Chairman, Sean Stein. China has criticised U.S. efforts to block China's access to advanced technology and U.S. firms have expressed concern about fines, raids and other actions that make doing business in China risky. Last month, U.S. Commerce Secretary Gina Raimondo said during a visit to China that U.S. companies have complained to her that China has become "uninvestible".

Persons: Dado Ruvic, Sean Stein, Gina Raimondo, AmCham's Stein, Casey Hall, Alex Richardson Organizations: REUTERS, Rights, American Chamber of Commerce, Shanghai, U.S, Companies, . Commerce, Group, Thomson Locations: China, U.S, Shanghai, Southeast Asia, India, Mexico, Vietnam, Malaysia

☆ Family of late U.S. billionaire return looted artifacts to Cambodia
▼ + stars: | 2023-09-13 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

The family of late American pipeline billionaire George Lindemann has agreed to return 33 looted artifacts to Cambodia, according to the US Attorney’s Office, a decision described as “momentous” by the Southeast Asian country. In a statement it said the family’s decision to return the artifacts was voluntary. Lawyers for the Lindemann family did not immediately respond to a request for comment. He said he understood the Lindemann family had paid more than $20 million for the artifacts. US authorities have spent more than a decade working on locating artifacts from Cambodia and have so far repatriated 65.

Persons: George Lindemann, Koh Ker, Lindemann, Bradley Gordon, Hun Manet, ”, Douglas Latchford Organizations: US, Office, Southern, of, Lawyers, Attorney's, Southern District of, United, Cambodia’s Ministry of Culture and Fine Arts, American Chamber of Commerce Locations: Cambodia, Angkor, of New York, Koh Ker, Southern District, Southern District of New York, United States

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