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☆ Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
▼ + stars: | 2024-02-19 | by ( Laura He | Marc Stewart | ) edition.cnn.com time to read: +6 min

But according to CNN calculations based on official data, the average tourism-related spending per trip was below pre-pandemic levels, as consumer confidence remains weak amid deflationary pressure. However, the most recent holiday season took place over eight days from February 10 to February 18, which was one day more than previous periods. On average, 59.25 million domestic trips per day were made during this holiday period, slightly lower than the 59.29 million trips per day taken in 2019. Movie ticket sales reached a record 8 billion yuan ($1.11 billion) during the eight-day holiday season, according to data released on Sunday by China Film Administration. “The headwinds to growth remain severe and it will take more than a bump in holiday travel for market sentiment to recover,” said Neumann.

Persons: ” Nomura, ”, Frederic Neumann, Neumann, “ Organizations: Beijing CNN, CNN, Ministry of Culture, Tourism, Hangzhou East Railway, National Immigration Administration, China Film Administration, HSBC, China Index Holdings, Shenzhen Component Locations: China, Hong Kong, Beijing, Hangzhou, China's Zhejiang province, Macao, Asia, Shanghai, Shenzhen

☆ China's respiratory illness rise due to known pathogens - official
▼ + stars: | 2023-12-02 | by ( ) www.cnbc.com time to read: +1 min

A child gets an intravenous drip at a hospital in Hangzhou in east China's Zhejiang province. China's surge in respiratory illness is caused by known pathogens and there is no sign of new infectious diseases, a health official said on Saturday as the country faces its first full winter since lifting strict COVID-19 restrictions. The spike in illness in the country where COVID emerged in late 2019 attracted the spotlight when the World Health Organization sought information last week, citing a report on clusters of undiagnosed pneumonia in children. Chinese authorities will open more paediatric outpatient clinics, seek to ensure more elderly people and children receive flu vaccines and encourage people to wear masks and wash their hands, Mi Feng, an official with China's National Health Commission, told a press conference. Doctors in China and experts abroad have not expressed alarm about China's outbreaks, given that many other countries saw similar increases in respiratory diseases after easing pandemic measures, which China did at the end of last year.

Persons: Mi Feng Organizations: World Health Organization, China's National Health Commission Locations: Hangzhou, Zhejiang province, China

☆ Stellantis to buy about 20% stake in China's Zhejiang Leapmotor for $1.6 bln
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsOct 26 (Reuters) - Stellantis NV (STLAM.MI) said on Thursday it would invest 1.5 billion euros ($1.58 billion) to acquire approximately 20% of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK). After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor's total issued Hong Kong shares. Stellantis, whose brands include Fiat and Peugeot, has a very small presence in China, the world's largest auto market. The group last year closed its joint venture that makes Jeeps in China with local partner Guangzhou Automobile Group (601238.SS) amid disappointing results.

Persons: Pascal, Leapmotor, Stellantis, Carlos Tavares, Sameer Manekar, Kanjyik Ghosh, Devika Syamnath, Subhranshu Organizations: REUTERS, Stellantis, Zhejiang Leapmotor Technology, HK, Hong, Hong Kong, Chrysler, Fiat, Peugeot, Renault, Guangzhou Automobile Group, Thomson Locations: Hordain, France, Zhejiang, Hong Kong, Greater China, China, Europe, Bengaluru

☆ Samsung expected to report 80% profit plunge as losses mount at chip business
▼ + stars: | 2023-10-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Costfoto | Nurphoto | Getty ImagesSamsung Electronics earnings are expected to plunge nearly 80% in the third quarter, according to analyst forecasts, as the company's biggest profit-driving segment — semiconductors — continues to come under pressure. Analysts polled by LSEG expect operating profit of 2.3 trillion Korean won ($1.7 billion) for the September quarter, a 78.7% year-on-year decline. Revenue is expected to come in at 67.8 trillion won, a fall of 11.6%, according to LSEG consensus forecasts. Samsung's semiconductor business — typically the company's cash cow — is expected to post a more than 3 trillion won loss for the third quarter, according to analyst forecasts, as it continues to face headwinds. Daiwa analyst SK Kim sees operating profit for the third quarter at 1.65 trillion won, much lower than the average analyst estimate of 2.3 trillion won.

Organizations: Samsung, Nurphoto, Getty, LSEG, Revenue, Daiwa, Markets, SK Kim, Apple Locations: Hangzhou, East China's Zhejiang, Korean

☆ China's gallium, germanium exports drop to zero as tech war simmers
▼ + stars: | 2023-09-21 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s exports of two rare minerals essential for manufacturing semiconductors fell to zero in August, a month after Beijing imposed curbs on sales overseas, citing national security. In July, the country exported 5.15 metric tons of forged gallium products and 8.1 metric tons of forged germanium products. The curbs are indicative of China’s apparent willingness to retaliate against US export controls, despite concerns about economic growth, as a tech war simmers. Prices for gallium have fallen in China, as export controls caused inventories to pile up. The model is powered by an advanced chip, which was created despite US sanctions intended to cut the Chinese tech giant off from such technology.

Persons: Biden Organizations: Hong Kong CNN —, Eurasia Group, China's Zhejiang University, China's Zhejiang University Hangzhou International Science, Innovation, Publishing, Shanghai Metal, Micron, Huawei, Semiconductor Manufacturing International Corp, Jefferies, China Locations: China, Hong Kong, Beijing, China's Zhejiang University Hangzhou, Shanghai, United States, Japan, Netherlands, Washington

☆ Qualcomm says it will supply Apple with 5G modems for iPhones through 2026
▼ + stars: | 2023-09-11 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Qualcomm said Monday that it will supply Apple with 5G modems for smartphones through 2026. Wall Street analysts and Qualcomm officials had previously said they expected Apple to use an internally developed 5G modem starting in 2024. Qualcomm currently supplies Apple with 5G modems for its iPhones, but Apple has been working to build its own modems to move away from Qualcomm chips. A Qualcomm official said the company was not updating its guidance to take in account the Apple sales. Apple is expected to announce new iPhones, likely called iPhone 15, on Tuesday, which will use Qualcomm modems.

Persons: TechInsights Organizations: Apple, Qualcomm, Wall Street, UBS, Intel, CNBC Locations: Hangzhou, East China's Zhejiang province, China, United States

☆ Global smartphone market to hit decade low in 2023 but Apple could take top spot, research shows
▼ + stars: | 2023-08-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On the same day, data released by TechInsights showed that Apple's iPhone sales in China surpassed the United States for the first time in the second quarter of 2023, becoming the largest single market for iPhone shipments. Costfoto | Nurphoto | Getty ImagesGlobal smartphone shipments this year are on track to be the worst in a decade, Counterpoint Research said in a report on Thursday, as the market is dragged down by the U.S. and China. However, Apple could become the biggest player in smartphones this year by shipments, as its high-end iPhone sales remain resilient, the report added. Measuring expected demand, shipments are not equivalent to sales and represent the number of devices that smartphones vendors send to retailers. Counterpoint Research said it expects smartphone shipments in 2023 to decline 6% year-on year to 1.15 billion devices.

Persons: TechInsights, Karn Chauhan Organizations: Apple, Nurphoto, Getty, Research, U.S, Counterpoint Research, CNBC Locations: Hangzhou, East China's Zhejiang province, China, United States, Asia, America

☆ Paulissen strikes twice as Lee Man set up Urawa playoff clash
▼ + stars: | 2023-08-16 | by ( Michael Church | ) www.reuters.com time to read: +1 min

HONG KONG, Aug 16 (Reuters) - Defending champions Urawa Red Diamonds will take on Lee Man in the Asian Champions League playoffs next week after last season's Hong Kong Premier League runners-up cruised to a 5-1 win over Bali United at Hong Kong Stadium on Wednesday. Mitchel Paulissen put Lee Man in front after only eight minutes and, while the Indonesians equalised through a Tsui Wang Kit own goal four minutes later, the home side went back in front in the 13th minute with Gil Martins' acute finish. Defender Jose Angel added the fifth four minutes from time with a close range header. Lee Man complete the line-up for the east Asian playoffs, with Vietnam's Haiphong defeating Hong Kong Rangers on Tuesday to set up a meeting with Incheon United from South Korea. (This story has been corrected to rectify the spelling of Mitchel Paulissen in paragraph 2)Reporting by Michael Church, Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Lee, Mitchel Paulissen, Tsui Wang Kit, Gil Martins, Everton Camargo, Jose Angel, Lee Man, Michael Church, Alexandra Hudson Organizations: Urawa Red Diamonds, Asian Champions League, Hong Kong Premier League, Bali United, Hong Kong, Wednesday, Everton, Vietnam's Haiphong, Hong Kong Rangers, Incheon United, Zhejiang FC, Port FC, Shanghai Port, Pathum United, Alexandra Hudson Our, Thomson Locations: HONG KONG, South Korea, Zhejiang, Thailand, Shanghai, Kuala Lumpur

☆ China central bank cuts rates for second time in three months to support economy
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +3 min

A citizen walks past the Hangzhou Central branch of the People's Bank of China in Hangzhou, east China's Zhejiang province, June 13, 2023. China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery. Analysts said the move opened the door to a potential cut in China's lending benchmark loan prime rate (LPR) next week. In a Reuters poll of 26 market watchers conducted this week, 20 participants, or 77%, predicted that the central bank would leave the MLF rate unchanged. The PBOC lowered key policy rates in June to prop up the broad economy, but data has been increasingly weak since.

Persons: Tommy Wu, Ken Cheung Organizations: People's Bank of China, Mizuho Bank Locations: Hangzhou Central, Hangzhou, Zhejiang province, China's, China, United States

☆ Floods test China's disaster-response systems as emergency level raised
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] A bridge is damaged after remnants of Typhoon Doksuri brought rains and floods in Beijing, China August 2, 2023. REUTERS/Tingshu WangBEIJING, Aug 3 (Reuters) - China's disaster-response systems are being put to the test as floodwaters from record rainfall could take weeks to recede with thousands of people still unable to return to their homes, state media reported on Thursday. Authorities in northern Hebei province raised the natural disaster emergency response level to II from III, while Beijing kept a warning in place for landslides on its outskirts, the state broadcaster and city government said. Floodwaters could take up to a month to recede in Hebei province, where Zhuozhou is the hardest hit city, a water resources department official told state media. About 100,000 people in the city southwest of Beijing were forced to leave their homes by the rising waters.

Persons: Typhoon Doksuri, Tingshu Wang, III, Doksuri, Khanun, Tim Cook, Liz Lee, Ryan Woo, Ethan Wang, Muralikumar Anantharaman, Stephen Coates Organizations: REUTERS, Authorities, CCTV, Apple Inc, Weibo, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Hebei, Hebei province, East China, Japan, Zhejiang, Fujian, Shanghai

☆ Typhoon Khanun kills one man, knocks out power to one-third of Japan's Okinawa homes
▼ + stars: | 2023-08-02 | by ( Kantaro Komiya | Thomson Reuters | Kantaro Writes About Everything Japan'S Economic Indicators To North Korea'S Missiles To Global Regulation On Ai Companies. His Previous Stories Have Been Published In The Associated Press | ) www.reuters.com time to read: +3 min

TOKYO, Aug 2 (Reuters) - High winds hit power lines in Japan's popular tourist destination Okinawa, knocking out electricity to more than 200,000 households on Wednesday morning, as powerful and slow-moving typhoon Khanun neared the country's southwestern islands. A man was crushed under a collapsed garage and went into cardiac arrest, according to the Fire and Disaster Management Agency. A man was crushed under a collapsed garage and went into cardiac arrest, according to the Fire and Disaster Management Agency. Local utility Okinawa Electric Power (9511.T) said 212,530 households, or 34% of all houses covered, were experiencing power outages as of 10:55 a.m. Japan time (0155 GMT), according to its website. Kyushu Electric Power (9508.T) said power supply was down for 10,030 houses in Amami islands in Kagoshima prefecture, north of Okinawa.

Persons: Co's, Khanun, Kantaro Komiya, Sonali Paul Organizations: Disaster Management Agency, Japan Meteorological Agency, Local, Okinawa Electric, Kyushu Electric Power, Mobile, SoftBank Corp, Kadena Air Base, Thomson Locations: TOKYO, Okinawa, Japan's, Tokyo, Japan, Amami, Kagoshima prefecture, Naha, Okinawa's, U.S, East China, Zhejiang, Taiwan, Kyushu, China, Philippines

Visitor numbers at Hangzhou Zoo have gone up by 30 percent to around 20,000 a day since a video of the Malayan bear, named Angela, became a trending topic on Chinese social media over the weekend, Zhejiang province-based Chao News reported. It was when Angela was standing up that some netizens said she looked like someone wearing a bear suit. The zoo has sought to refute the rumour in posts on its official WeChat account and in interviews with local media, saying that Angela is "definitely not a human". "Our zoo is government-run, so that kind of situation would not happen," a member of staff said, according to local media. Reporting by Martin Quin Pollard; Additional reporting by Jiawei Wang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Angela, Chao, Qian Ming, netizens, Martin Quin Pollard, Jiawei Wang, Raju Gopalakrishnan Organizations: Hangzhou Zoo, Chao News, Hangzhou TV, Weibo, Thomson Locations: BEIJING, China's Zhejiang, Zhejiang province, Suzhou, Hangzhou

SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.

Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai

☆ EV brand Smart plans funding led by Tianqi Lithium
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 13 (Reuters) - EV brand Smart said on Thursday it planned to raise $250-300 million via series-A funding which it hoped would enhance its long-term sustainable development strategy and accelerate its global development. Chinese lithium producer Tianqi Lithium Corp (002466.SZ) has agreed to invest $150 million in the fund raising, Smart said in a statement. Smart, a joint venture of Germany's Mercedes-Benz Group AG (MBGn.DE) and China's Zhejiang Geely Holding Group (GEELY.UL), said both firms will remain equal controlling shareholders. "Thanks to the support from Mercedes-Benz and Geely, Smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium," Smart's Global CEO Tong Xiangbei said in the statement.

Persons: Smart, Germany's Mercedes, Tong Xiangbei, Zhang Yan, Brenda Goh, Meg Shen Organizations: Lithium Corp, Benz Group AG, Zhejiang Geely Holding, Mercedes, Benz, Smart, Thomson Locations: SHANGHAI, Zhejiang

☆ Stocks making the biggest moves midday: Starbucks, CarMax, Virgin Galactic and more
▼ + stars: | 2023-06-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A view of the Starbucks vending van during its debut in Hangzhou, the capital of China's Zhejiang province, June 7, 2022. Starbucks — Starbucks shares lost nearly 2.5% after a union representing workers said strikes are slated to begin Friday in response to claims the coffee shop chain is not allowing Pride decorations at cafes. More than 150 stores, and about 3,500 workers, plan to join the strike occurring over the next week, the union said. CarMax — The used-car retailer popped 10% after beating the consensus estimate of analysts for its first-quarter revenue. Virgin Galactic — Virgin Galactic shed 18% after announcing a $300 million capital raise via a common stock offering.

Persons: CarMax, Armour, Wells Fargo, TD Cowen, Morgan Stanley, Evotec, — CNBC's Michelle Fox, Alex Harring, Jesse Pound Organizations: Starbucks, StreetAccount ., Galactic, Deutsche Bank, Accenture —, Accenture, GSK — U.S, GSK Locations: Hangzhou, China's Zhejiang province, North America, Germany

☆ Ford signs battery material supply deals to charge up EV output
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

May 22 (Reuters) - Ford Motor Co (F.N) on Monday unveiled three deals for the supply of lithium products, including lithium hydroxide, as the automaker ramps up electric vehicle (EV) production to 2 million units by the end of 2026. The deals come as North American automakers race to secure supplies of battery materials to boost EV output and catch up with market leader Tesla Inc (TSLA.O) amid surging demand for environment-friendly vehicles. The long-term deal with Canada's Nemaska Lithium is for the supply of up to 13,000 tons of lithium hydroxide every year, while the contract with EnergySource Minerals will help Ford receive lithium hydroxide from the Imperial Valley, California site, expected to be operational in 2025. Ford also disclosed a five-year agreement with Albemarle Corp (ALB.N) to supply more than 100,000 metric tons of battery-grade lithium hydroxide for about 3 million future Ford EV batteries. The lithium hydroxide produced by Nemaska should help qualify Ford vehicles for consumer tax benefits under the U.S. Inflation Reduction Act, the automaker said.

☆ US Senator Rubio seeks probe of Ford's Chinese partnership on nickel plant
▼ + stars: | 2023-05-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Senator Marcio Rubio on Wednesday asked the Biden administration to investigate Ford Motor Co's (F.N) plan to partner with PT Vale Indonesia (INCO.JK) and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia. Indonesia, which has the world's biggest nickel reserves, has been trying to develop downstream industries for the metal, ultimately aiming to produce batteries and electric vehicles. Vale and Huayou began construction of the plant in November and commercial operation is expected to start in 2026. He had already asked the Biden administration to review the deal to use technology from CATL. Rubio wants to block tax credits for electric vehicle batteries produced using Chinese technology, in a bid to prevent Chinese companies from benefiting.

☆ One in 5 young people in Chinese cities are out of work. Beijing wants them to work in the fields
▼ + stars: | 2023-04-30 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Guangdong, the manufacturing powerhouse that abuts Hong Kong, said last month it will help college graduates and young entrepreneurs to find work in villages. Guangdong’s plan, which was widely panned on social media, coincided with the rate of urban unemployment among 16- to 24-year-olds surging to 19.6%, the second highest level on record. Kong Yiji, a famous literary figure from the early 20th century, has been one of the hottest memes on China’s social media since February. A tourist shop named 'Kong Yiji' in China's Zhejiang province. Other popular buzzwords have included “lying flat” and “letting it rot.”Authorities, uneasy about dissatisfaction expressed through memes, have banned the hashtag of Kong Yiji.

☆ The Warren Buffett of China, whose company just posted a 95% dip in annual profits, is selling billions of dollars of assets — but he says it's 'only pathetic if no one wants what we offer'
▼ + stars: | 2023-04-25 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

The company posted a 95% year-on-year dip in annual 2022 profits. "It's not pathetic that we are selling assets," he said at an entrepreneur forum in March, per Bloomberg. Hong Kong stock exchange-listed Fosun International's shares have rebounded to 5.4 Hong Kong dollars, or $0.7, apiece on Tuesday, from a low of 4.6 Hong Kong dollars in September. They're still down from about 7.8 Hong Kong dollars in late January. Fosun International's market capitalization is around 44 billion Hong Kong dollars now.

☆ Global rice shortage is set to be the largest in 20 years – here's why
▼ + stars: | 2023-04-19 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

The global rice market is set to log its largest shortfall in two decades in 2023, according to Fitch Solutions. "At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices," Fitch Solutions' commodities analyst Charles Hart said. That would mar the largest global rice deficit since 2003/2004, when the global rice markets generated a deficit of 18.6 million tonnes, said Hart. "The global rice production deficit situation will increase the cost of importing rice for major rice importers such as Indonesia, Philippines, Malaysia and African countries in 2023," said Tjakra. "It is our view that global rice production will stage a solid rebound in 2023/24, expecting total output to rise by 2.5% year on year," Fitch's report forecast, hinging on India being a "principal engine" of global rice output over the next five years.

Imbalance had long riled Nissan executives who complained Renault did not pay its fair share of costs for innovation and development. In a joint statement to Reuters, Nissan and Renault said they were working toward final partnership terms that would make them more competitive. Nissan will invest and provide technology for the venture but will limit its operational involvement, one of the people told Reuters. In rebalancing talks, Nissan has pushed for protection of its technology to limit any downside from continued partnership, people involved have said. Among technology Nissan wants to protect is its work on solid-state lithium-ion battery making and its e-Power electric hybrid powertrain, the people said.

☆ Ford signs $4.5 bln deal with Vale Indonesia, Huayou for EV battery material plant
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

SOROWAKO, Indonesia, March 30 (Reuters) - U.S. carmaker Ford Motor Co (F.N) signed a final investment agreement with PT Vale Indonesia (INCO.JK), and China's Zhejiang Huayou Cobalt on Thursday to build nickel processing plant, valued at around $4.5 billion. Indonesia, which has the biggest nickel reserve in the world, has been trying to develop downstream industries for the metal, with ambitions to eventually produce batteries and electric vehicles. Vale and Huayou commenced construction of the plant in November. Thursday's signing was a follow up to a non-binding memorandum of cooperation for the plant that the three companies had signed last year. Indonesia's government has from 2020 banned export of unprocessed nickel ore to ensure supply for existing and potential investors.

☆ China's Xi nominates Li Qiang to become premier
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 11 (Reuters) - Chinese President Xi Jinping on Saturday nominated Li Qiang, 63, to become premier during the ongoing annual meeting of China's rubber-stamp parliament, a role charged with managing the world's second-largest economy. Li, the former Communist Party chief of Shanghai, China's largest city, will replace Li Keqiang, who is retiring during the National People's Congress session that ends on Monday, after serving two five-year terms. Li Qiang is a close ally of Xi, serving as his chief of staff between 2004 and 2007, when Xi was provincial party secretary of eastern China's Zhejiang province. He was put on track for premier in October, when he was appointed to the number-two role on the Politburo Standing Committee during the once-in-five-years Communist Party Congress. Reporting by Laurie Chen and Tony Munroe; Editing by Sandra Maler and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ The property market is so bad in China that some banks are letting people be on mortgages till they are 80
▼ + stars: | 2023-02-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Some banks in China are now extending the upper age limit for mortgage borrowers to 80. Banks in cities like Beijing, Nanning, and Ningbo have raised the upper age cap. To attract more mortgage-seekers, some banks are starting to extend the upper age limit for homeowners servicing mortgages to 80 years old, according to various local media outlets. The upper age limit is typically 65 to 70 now, according to news outlet Sixth Tone. Banks have extended the upper age cap for mortgages in cities like Beijing and Nanning, the Beijing Youth Daily reported on February 14.

☆ Investments in Indonesia's nickel industry
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +4 min

Here are some of the major investment deals involving nickel in Indonesia:Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing. Dec. 2020: Indonesia's investment ministry signs an MOU with LG Energy Solution (373220.KS) on integrated EV battery investment with total investment of $9.8 billion. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain. Jan. 2022: Indonesia's Investment Ministry signs an MoU with Foxconn (2317.TW), Gogoro Inc, IBC and Indika Energy (INDY.JK) for investment in electric vehicle and battery development. Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.

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