DIRS.INFO The most relevant business & tech news

☆ U.S. and China trade divisions threaten a 'reversal' for global economy, IMF official warns
▼ + stars: | 2024-05-08 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Carlos Barria | Afp | Getty ImagesDifferences between U.S.-led Western and China-aligned economic blocs threaten global trade cooperation and economic growth, a top official with the International Monetary Fund warned on Tuesday. IMF Deputy Managing Director Gita Gopinath said in a speech at Stanford University that events such as the global pandemic and Russia's invasion of Ukraine have disrupted global trade relations in ways not seen since the Cold War. "Increasingly, countries around the world are guided by economic security and national security concerns in determining who they trade with and invest in," she said, adding that this has resulted in countries increasingly picking sides between China and the U.S. Trade between the China and U.S. blocs has declined compared with trade among countries within the groupings, Gopinath said. The U.S. bloc mainly includes Europe, Canada, Australia and New Zealand, while China-leaning countries include Russia, Eritrea, Mali, Nicaragua and Syria.

Persons: Xi Jinping, Carlos Barria, Gita Gopinath, Gopinath Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, International Monetary Fund, Stanford University, U.S, IMF, Trade, West Locations: Asia, San Francisco , California, China, Ukraine, Washington, Beijing, U.S, South, Taiwan, Europe, Canada, Australia, New Zealand, Russia, Eritrea, Mali, Nicaragua, Syria

☆ Eric Schmidt shares 4 reasons why China is behind the US in AI
▼ + stars: | 2024-05-08 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

Former Google CEO Eric Schmidt said the US is "way ahead of China" in AI development. Schmidt cited chip shortages and more English language material to train AI models. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFormer Google CEO Eric Schmidt thinks the US is "way ahead of China" when it comes to AI. Following his departure, Schmidt has invested in various AI companies, including Anthropic.

Persons: Eric Schmidt, Schmidt, — Organizations: Google, Service, Bloomberg, Department of Defense's Innovation, National Security, Artificial Intelligence, Business Locations: China

☆ U.S. revokes some export licenses to sell chips to Huawei in a bid to curb China's tech power
▼ + stars: | 2024-05-08 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

The IFA 2020 Special Edition will take place from September 3-5. (Photo by Sean Gallup/Getty Images)The U.S. has revoked certain licenses for chip exports to Chinese tech giant Huawei, the Commerce Department told CNBC on Tuesday, in its latest efforts to curb China's tech power. "As part of this process, as we have done in the past, we sometimes revoke export licenses," the spokesperson said, declining to comment on specific licenses. "But we can confirm that we have revoked certain licenses for exports to Huawei." In 2020, the U.S. tightened chip restrictions on Huawei, requiring foreign manufacturers using American chipmaking equipment to obtain a license before they can sell semiconductors to Huawei.

Persons: Sean Gallup Organizations: Huawei, IFA, Getty, U.S, Commerce Department, CNBC Locations: BERLIN, GERMANY, Berlin, Germany, U.S

☆ 2 Chinese EV companies seem to be ganging up on Elon Musk's Tesla
▼ + stars: | 2024-05-08 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

EV company Nio is launching a new affordable EV brand in China. The alliance between the two companies will likely intensify pressure on Tesla in China. BYD will reportedly provide a small battery pack for one version of the Onvo EV, with Chinese battery maker CALB supplying a larger 85-kilowatt-hour battery pack. AdvertisementThe alliance between Nio and BYD will likely intensify pressure on Elon Musk in China, where Tesla sales have slumped amid brutal competition for EVs. Once again, however, he is likely to face stiff competition from BYD and Nio, who are developing their own driving assistance software.

Persons: —, Elon, BYD, confirmeded, Nio, didn't, Musk Organizations: Nio, Service, Tesla's, Elon Musk, Reuters, Business, EV, Elon, EVs, China's Passenger Car Association, Bloomberg, Baidu Locations: China, Europe, Nio, Tesla's Shanghai, Beijing, BYD

☆ The US dollar is so strong that China's central bank, among others, just keeps loading up on gold
▼ + stars: | 2024-05-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks are on a gold-buying spree, contributing to record-high spot gold prices. Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback. Other central banks are also loading up on gold. Emerging market central banks that bought gold in the first quarter of the year include Kazakhstan, Oman, Kyrgyzstan, and Poland. There are political motivations for central banks to diversify their assets, too.

Persons: —, it's, bode Organizations: Service, People's Bank of China, greenback, Gold, JPMorgan, Allianz Locations: China, Turkey, India, Kazakhstan, Oman, Kyrgyzstan, Poland, United States

☆ European markets head for muted, mixed open ahead of more earnings reports
▼ + stars: | 2024-05-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts. The Dow Jones Industrial Average had its fourth consecutive winning session on Monday, and the S&P 500 also climbed for the past four days. Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector. CNBC Pro screened FactSet for stocks from four exchange-traded funds. — Weizhen Tan

Persons: Weizhen Tan Organizations: Dow Jones, Tech, CNBC Locations: China

☆ These global tech stocks have beaten the S&P 500 this year — and analysts give them over 20% upside
▼ + stars: | 2024-05-08 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts. Tech stocks, which would be boosted by rate cuts, have been a big part of that rally — with Meta , Alphabet and Amazon in particular having a strong showing over the past couple of weeks. Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector. Kevin Liu, managing director and strategist at CICC Research, said his conviction call would be a structural barbell allocation with themes including tech names "with high-end upgrading opportunities," among others. Stock screen Against this backdrop, CNBC Pro screened FactSet for stocks from four exchange-traded funds (KraneShares CSI China Internet ETF, Vanguard Information Technology ETF, Invesco China Technology ETF and the iShares MSCI China Multisector Tech ETF) to find stocks that: have beaten the S & P 500's around 9% year-to-date performance.

Persons: Bernstein, Kevin Liu Organizations: Dow Jones, Tech, UBS, CICC Research, CNBC Pro, CSI China Internet, Vanguard Information Technology, China Technology ETF, China Multisector Tech Locations: China

☆ For US renters, the chance of owning a home is going from bad to worse
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —The American dream of homeownership is looking more like a nightmare. With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings. That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday. Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found. The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.

Persons: That’s, Kenny Lee, Aditya Bhave, Neel Kashkari, Bhave, ” Bhave, “, Perdue “, ”, Read, TikTok, Joe Biden, Brian Fung, Bytedance Organizations: CNN Business, Bell, New York CNN, Federal, New, Fed, Zillow, Bank of America, CNN, Minneapolis, Bloomberg, United States Department of Labor, Seaboard Triumph Foods, Perdue, Labor Department, Seaboard, Labor, Packers Sanitation Services, Appeals, District of Columbia Circuit Locations: New York, New York City, Fayette, DOL, Sioux City , Iowa, Accomac , Virginia, China

☆ A millennial couple moved from Arizona to China to teach at an international school. The cost of living is much cheaper, though the language barrier is challenging.
▼ + stars: | 2024-05-08 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

His wife, a teacher, had been to China before and realized she could get a visa to teach at an international school there and bring Scott along. The school that hired her also hired Scott, and the two put their lives in the US on hold and relocated to China. His wife got a job as a teacher at an international school, and the two moved to China on her visa. Related storiesBefore moving to China, the couple paid $1,900 a month in rent in Arizona. He said their internet bill was $130 a month, their cellphone bill was $70, and their electricity bill was $100.

Persons: Scott Vleeschouwer, weren't, Scott, Vleeschouwer, it's, they've, China Vleeschouwer, DiDi —, He's, they're Organizations: Service, China's, Business Locations: China, Shenzhen, Maryland, Roanoke , Virginia, San Antonio, Phoenix, Mexico, Beijing, Shanghai, India, Hong Kong, Philippines, Indonesia, Kenya, Southeast Asia, Arizona, They've

DavidCallanAsia-Pacific markets are mixed on Wednesday, mirroring moves in Wall Street's Tuesday session. Investors in the region will parse through earnings reports including those of Japanese giants Toyota and Mitsubishi, as well as Singapore's UOB. Traders will also brace for key economic data out of China and Japan on Thursday, with China releasing its April trade data and Japan announcing its March pay statistics. Japan's Nikkei 225 slipped 0.33% on its open, while the broad based Topix was down 0.3%. South Korea's Kospi extended gains and rose 0.1% after leading Asian markets on Tuesday.

Persons: HSI Organizations: Toyota, Mitsubishi, Traders, Nikkei Locations: DavidCallan Asia, Pacific, Wall, China, Japan

☆ Hong Kong Court Bans Democracy Song, Calling It a ‘Weapon’
▼ + stars: | 2024-05-08 | by ( Tiffany May | ) www.nytimes.com time to read: +1 min

A Hong Kong court on Wednesday granted a government request to ban a popular pro-democracy anthem, raising further concerns about free speech in the city. The decision, which overturned an initial ruling, could give the government power to force Google and other tech companies to restrict online access to the song in Hong Kong. At issue in the case is “Glory to Hong Kong,” which emerged in 2019 as an unofficial anthem for democracy protests and a flashpoint for the authorities, who considered it an insult to China’s national anthem. The song has been banned from Hong Kong schools and has drawn angry official rebukes when played, apparently by mistake, at international sports events. People convicted of posting seditious content online have gone to prison.

Organizations: Google Locations: Hong Kong, Beijing, British

CNN —The world has passed a clean energy milestone, as a boom in wind and solar meant a record-breaking 30% of the world’s electricity was produced by renewables last year, new data shows. The planet is reaching “a crucial turning point” toward clean energy, according to the Global Electricity Review published Wednesday by climate think tank Ember. Record-breaking renewablesIn 2000, renewables made up less than 19% of the global energy mix. It made up nearly twice as much new electricity generation as coal last year. Electricity demand is set to soar from 2024 onward, Ember’s analysis found.

Persons: It’s, Dave Jones, Ember, ” Jones, “ We’re, Jones, “, ”, Niklas Höhne, Nancy Haegel Organizations: CNN, Global, NewClimate Institute, European Union, EU, National Renewable Energy Laboratory Locations: China, India, Chile, Australia, Netherlands, California, United States

☆ Opinion | Iran and Israel Weren’t Always Enemies
▼ + stars: | 2024-05-08 | by ( Karim Sadjadpour | ) www.nytimes.com time to read: +1 min

“History is littered,” the British writer and politician Enoch Powell said, “with the wars which everybody knew would never happen.”A full-blown conflict between the Islamic Republic of Iran and Israel once seemed implausible. Iran and Israel are not natural adversaries. In contrast to other modern conflicts — between Israel and Palestine, Russia and Ukraine, China and Taiwan — Iran and Israel have no bilateral land or resource disputes. Their national strengths — Iran is an energy titan and Israel is a tech innovator — are more complementary than competitive. Iran was the second Muslim nation, after Turkey, to recognize Israel after its founding in 1948.

Persons: Enoch Powell, specter, King Cyrus the Great Locations: Islamic Republic of Iran, Israel, United States, Iran, Palestine, Russia, Ukraine, China, Taiwan, Turkey

☆ iPhone price cuts might have saved Apple from an even bigger China crisis
▼ + stars: | 2024-05-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +1 min

Tim Cook might have helped Apple avert a wider crisis in China. iPhone sales rose 12% in China in March after months of decline. AdvertisementIt looks like Tim Cook can breathe a small sigh of relief about Apple's prospects in China — for now. After months of freefallling iPhone sales there, signs are emerging of a rebound in what is arguably Apple's most important international market. Official government data, first reported by Bloomberg, suggests iPhone sales rose 12% in China in March, with overall shipments of non-Chinese smartphones jumping to 3.75 million units.

Persons: Tim Cook, Apple, — Organizations: Apple, Service, Bloomberg, Business Locations: China

☆ Stocks making the biggest moves premarket: Uber, Reddit, Electronic Arts and more
▼ + stars: | 2024-05-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

Reddit reported a loss of $8.19 per share on $243 million of revenue. Analysts surveyed by FactSet were expecting a loss of $8.75 per share on $214 million of revenue. Electronic Arts – The video game stock fell more than 3% after disappointing results for the fiscal fourth quarter. Cirrus Logic posted fourth-quarter adjusted earnings of $1.24 per share, exceeding the 64 cents per-share earnings analysts polled by StreetAccount anticipated. Match projected between $850 million and $860 million of revenue, while analysts surveyed by StreetAccount were looking for $882.7 million.

Persons: Reddit, FactSet, StreetAccount, Rivian, LSEG, —, Fred Imbert, Michelle Fox Theobald, Yun Li, Sarah Min Organizations: Technologies, Arts, EA, Intel —, Intel, Department of Commerce, LSEG, Bros, Cirrus, Logic, Revenue, Arista Networks, Arista Locations: China

☆ Gold slips as dollar firms, traders brood on rate cut timing
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was down 0.1% at $2,311.07 per ounce as of 0235 GMT. The dollar index rose 0.1%, making greenback-priced gold more expensive for other currency holders. If the upcoming reports show scary inflation, then the Fed can't cut rates and it will pressure gold, he added. Bullion is used as a hedge against inflation, but higher rates reduce the appeal of holding the non-yielding asset. Markets are currently seeing a 65% chance of a U.S. rate cut in September, as per CME's FedWatch Tool.

Persons: Ilya Spivak, Neel Kashkari, Spivak Organizations: University of, Minneapolis Locations: U.S, China's, China

☆ Beer giant AB InBev beats profit estimates, with Bud Light boycott set to ease one year on
▼ + stars: | 2024-05-08 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

AB InBev Budweiser and Bud Light brand beer cans at a store in the Queens borough of New York on Feb. 28, 2024. Shares of Belgium's AB InBev rose 5% Wednesday morning after the company posted higher revenue and profit in the first quarter, as analysts said it had escaped the drag from a year-long boycott of its Bud Light brand relatively unscathed. The company nonetheless managed to increase revenue by 7.8% last year, driven by higher sales in the Asia-Pacific and Central America regions. The first-quarter results showed a 11.1% drop in sales of AB InBev's own beer brands in North America, which it said was primarily due to Bud Light. The results also flagged growth in its Corona brand, particularly for its non-alcoholic beer brand Corona Cero.

Persons: Stella Artois, Bud Light, influencer Dylan Mulvaney, Donald Trump, Jason Warner Organizations: InBev Budweiser, Bud Light, Belgium's, InBev, Light, Corona, Former U.S, InBev's, U.K, Revenue Locations: Queens, New York, Asia, Pacific, Central America, North America, China, Brazil, Colombia, Europe, Mexico, South Africa, Corona

☆ China would welcome Tesla's robotaxi tests in the country, state media report says
▼ + stars: | 2024-05-08 | by ( Eunice Yoon | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina would welcome Tesla's robotaxi tests in the country, state media report saysCNBC's Eunice Yoon joins 'Squawk Box' from Beijing with the latest news.

Persons: Eunice Yoon Locations: Beijing

☆ Huawei: US revokes some export licenses for selling semiconductors to Chinese company
▼ + stars: | 2024-05-08 | by ( ) edition.cnn.com time to read: +4 min

A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies. “We have revoked certain licenses for exports to Huawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn. The move could hurt Huawei, which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company. In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue from Huawei beyond this year.

Persons: Biden, Elise Stefanik, Trump, Critics, SMIC Organizations: Singapore Reuters, Intel, Qualcomm, Huawei Technologies, U.S . Commerce Department, Huawei, Republican, Commerce Department, “, Reuters, US Locations: Washington, Singapore, United States, Republican China, American, Communist, Qualcomm’s

☆ Generative AI is speeding up human-like robot development. What that means for jobs
▼ + stars: | 2024-05-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — ChatGPT-like artificial intelligence is speeding up research and bringing humanoid robots closer to reality in China, home to many of the world's factories. What's changed with the emergence of OpenAI's ChatGPT chatbot is the ability of AI to better understand and generate content in a human-like way. While the U.S.-based tech is not officially available in China, local companies such as Baidu have released similar chatbots and AI models. In robotics, the development of generative AI can help machines with understanding and perceiving their environment, said Li Zhang, chief operating officer of Shenzhen-based LimX Dynamics. "It has accelerated our entire research and development cycle," he said.

Persons: What's, Li Zhang, Li Organizations: BEIJING, Baidu, Dynamics, CNBC Locations: China, U.S, Shenzhen

☆ Elon Musk is looking to deploy Tesla's robotaxis in China, state media reports say
▼ + stars: | 2024-05-08 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Tesla is planning to rollout its robotaxis in China, state-owned newspaper China Daily reported. Elon Musk suggested implementing Tesla's Full Self-Driving technology in China's taxi services. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla CEO Elon Musk is looking to to deploy his company's Full Self-Driving (FSD) technology in China's taxi services, Chinese state-owned newspaper China Daily reported on Tuesday. The Tesla chief made a surprise visit to China last month, where he met the country's second-highest-ranking politician, Premier Li Qiang.

Persons: Tesla, Elon Musk, —, Li Qiang Organizations: China Daily, Service, Tesla, Bloomberg Locations: China

☆ Chinese climbers stuck on cliff for more than an hour due to overcrowding
▼ + stars: | 2024-05-07 | by ( Lilit Marcus | Wayne Chang | ) edition.cnn.com time to read: +2 min

Earlier this week, groups of travelers climbing Yandang Mountain in eastern China were stuck partway up a cliff, clinging to a rope along a fixed climbing route, for more than an hour. Someone like me afraid of heights might just wet myself up there!” wrote one Chinese online commenter. Wenzhou Dingcheng Sports Development Co., Ltd, which manages the via ferrata, said it had underestimated the number of people interested in climbing the mountain. Yandang Mountain is about 410 km (255 miles) south of Shanghai, in Zhejiang province, and is 1150 meters (3,773 feet) high. A popular site for holidaymakers in China, Yandang Mountain was submitted for UNESCO World Heritage site designation in 2001 and remains on the tentative list.

Persons: Everest, rungs, ”, I’m Organizations: CNN, Sports Development Co, Labor, UNESCO Locations: China, Wenzhou, Shanghai, Zhejiang province

☆ Xi to Head for Friendly Ports in an Eastern Europe Disenchanted With China
▼ + stars: | 2024-05-07 | by ( Andrew Higgins | ) www.nytimes.com time to read: +1 min

That vessel has since sunk, scuppered by China’s support for Russia in the war in Ukraine and bitter disappointment over projects that never materialized. Also capsized are many of the high hopes that took hold across Eastern and Central Europe for a bonanza of Chinese money. So when Mr. Xi returns to the region this week, after a visit to France, he will travel to Serbia and Hungary, two countries whose long-serving authoritarian leaders still offer a haven for China in increasingly turbulent political and economic waters. “The Czechs, the Poles and nearly everyone else are really pissed at China because of the war,” said Tamas Matura, a foreign relations scholar at Corvinus University of Budapest. “But in Hungary that is not a problem, at least not for the government” of Prime Minister Viktor Orban, Mr. Matura said.

Persons: Xi Jinping, Europe’s, Xi, ”, Tamas Matura, Viktor Orban, Matura Organizations: Corvinus University of Budapest Locations: Czech Republic, Russia, Ukraine, Eastern, Central Europe, France, Serbia, Hungary, China, “

☆ Eric Schmidt says China trails behind the US in AI for these 4 reasons
▼ + stars: | 2024-05-07 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

Persons: Eric Schmidt, Schmidt, — Organizations: Google, Service, Bloomberg, Department of Defense's Innovation, National Security, Artificial Intelligence, Business Locations: China

☆ In Europe, Xi looks to counter claims it’s aiding Russia in Ukraine
▼ + stars: | 2024-05-07 | by ( Simone Mccarthy | Xiaofei Xu | ) edition.cnn.com time to read: +6 min

“China is neither the creator of the crisis, nor a party to it or a participant. The trip will also see Xi visit Serbia and Hungary, with the leader’s visit to Belgrade coinciding with the 25th anniversary of NATO’s bombing of the Chinese embassy in the city that killed three. Beijing has defended its trade with Russia as part of normal bilateral ties; it also says it does not provide weapons to parties in conflict. It has not been accused of sending lethal weapons to Russia, but rather goods with military use. Beijing supports efforts recognized by both Russia and Ukraine, with “equal and just discussions of all possible peace plans at the conference,” he said.

Persons: Xi Jinping, ” Xi, Emmanuel Macron, Ursula von der, “, ramped, Macron, Xi “, he’s, ”, ” Macron, presser, Xi, Vladimir Putin, von der Leyen, Putin Organizations: Hong Kong CNN, French, European, NATO, Biden, Kyiv Locations: Hong Kong, Ukraine, China, Europe, Moscow, “ China, Paris, Washington, Beijing, Russian, Serbia, Hungary, Belgrade, Serbian, Balkans, Russia, France, “, Israel, Switzerland

Search resuls for: "CHINA"

25 mentions found