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That's due, in part, to new American tariffs on China-made EVs, Tavares said, citing among other reasons as well. The Biden administration on Tuesday announced stiff new tariff rates on billions' worth of Chinese imports, including quadrupling tariffs on imported Chinese electric vehicles, from 25% to 100%. The joint venture's expansion plans include at least six EVs by 2027, according to a presentation by Stellantis and Leapmotor. The announcement comes amid increasing geopolitical tensions surrounding China-made electric vehicles in the U.S., Europe and other regions. Many in and around the automotive industry fear the less-expensive, China-made vehicles will flood the markets, undercutting domestic-produced EVs.
Persons: Carlos Tavares, Zhu Jiangming, EVs, Tavares, Biden, " Tavares, Stellantis Organizations: Stellantis, Leapmotor, Europe —, Asia Pacific Locations: China, Europe, Europe — France, Italy, Germany, Netherlands, Spain, Portugal, Belgium, Greece, Romania, East, Africa, India, Asia, South America, U.S, Hangzhou
Joseph R. Biden Jr. ran for the White House as a sharp critic of President Donald J. Trump’s crackdown on trade with China. In office, though, he has taken Mr. Trump’s trade war with Beijing and escalated it, albeit with a very different aim. Those tariffs were first imposed by Mr. Trump and have been maintained by President Biden. But Mr. Biden’s trade war differs from Mr. Trump’s in important ways. Mr. Trump was trying to bring back a broad swath of factory jobs outsourced to China.
Persons: Joseph R, Biden, Donald J, Trump, Trump’s Organizations: White, Mr Locations: China, Beijing
So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco. Forecasters expect that cohort of older , working Americans to double over the next decade. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That’s people who are changing jobs, younger workers and non-college educated workers.” Older workers tend not to change jobs, and they’re more likely to have a college degree. The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.
Persons: Hope Murray, , Murray, she’ll, , Murray isn’t, Gal Wettstein, Monique Morrissey, ” Morrissey, What’s, Heidi Brockway, Brockway, Morrissey, ageism, Bob Vaughn, Wettstein, Vaughn, Mary Susan, they’ve, Mary Susan’s, they’d, They’re, Diane Reiter, ” Reiter, she’s, I’d, She’s Organizations: New, New York CNN, Gas, Costco, , Pew Research Center, Center for Retirement Research, Boston College, Economic Policy Institute, Social, Social Security Agency, Social Security, Lawmakers, AARP, Retirement Research, Amazon, Economic, Worker, Brookings Locations: New York, Hollywood, San Diego, Los Angeles, Southeast Florida, Florida, United States, Charlotte , North Carolina, Asheville, Chicago
Ukraine’s military had only one Bohdana artillery cannon in its arsenal when Russia invaded the country two years ago. Now, Ukraine’s arms industry is building eight of the self-propelled Bohdana artillery systems each month, and although officials will not say how many they’ve made in total, the increased output signals a potential boom in the country’s domestic weapons production. Russia’s war machine is already quadrupling weapons production in round-the-clock operations. Ukraine’s forces are losing territory in some key areas, including the strategic eastern town of Avdiivka, where they withdrew from in February. And while European defense firms are gingerly opening operations in Ukraine, major American weapons producers have yet to commit to setting up shop in the middle of a war.
Organizations: NATO Locations: Russia, Ukraine, Kharkiv, Avdiivka, U.S
Wall Street analysts are ignoring the short-term noise and remain focused on companies that have strong fundamentals and can generate attractive returns in the long run. Bearing that in mind, here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. Micron TechnologyThis week's first stock pick is memory chipmaker Micron Technology (MU), which impressed investors with its strong quarterly performance. Bolton noted that Micron's HBM3E memory solution generated revenue in the fiscal second quarter and has already sold out for calendar year 2024. He highlighted management's commentary about generating several hundred million dollars of revenue from HBM3E in fiscal 2024 and driving fiscal 2025 revenue to record highs.
Persons: Needham, Quinn Bolton, Bolton, TipRanks, LULU, Robert Drbul, Drbul, Christopher Rolland, Rolland Organizations: Wall Street, Micron, Micron Technology, MU, Bolton, Broadcom, Susquehanna, Symantec, VMware Locations: Santa Monica, United States, U.S
Tribeca has been a shareholder of Glencore for seven years and has been engaging with management for a year. The company has excellent core asset quality in copper, zinc and coal, as well as a world-leading commodity trading business. Notably, Bluebell Capital Partners agitated for a demerger of Glencore's thermal coal business in 2021. However, in 2023, after acquiring a 77% interest in Teck's steelmaking coal business, Glencore stated its intention to demerge its combined coal and carbon steel businesses. The same can be said for the divestment of the trading business.
Persons: Glencore, David Aylward, Gary Nagle, astutely, Berkshire Hathaway, Ivan Glasenberg, Ken Squire Organizations: Glencore, Tribeca Investment Partners, Tribeca, Financial Times, Australian Securities Exchange, London Stock Exchange, BHP, Rio Tinto, Bluebell Capital Partners, LSE, Rio, NYSE, 13D Locations: Switzerland, Australia, Africa, South America, Sydney, Melbourne, Singapore, London, Tribeca, Glencore, Swiss, Rio, Europe, cyclicality, Berkshire
“The apparent spike in VPN searches in Texas shows that these types of age verification laws aren’t just unconstitutional, they’re also silly and ineffective,” Greer said. “Similar search spikes have been reported after other states passed age verification laws, which EFF opposes,” said Hudson Hongo, a spokesperson for the group. It also highlights the running debate in statehouses nationwide about how and whether governments can require websites to perform age verification. It requires adult websites to implement “reasonable age verification” methods to ensure that pornography is not being distributed to minors. The 5th Circuit court’s latest decision formally lifts the injunction against the Texas law.
Persons: Pornhub, , VPNs, , Evan Greer, they’re, ” Greer, Hudson Hongo, ” Pornhub, David Alan Ezra, Ezra, Ken Paxton Organizations: CNN, Texas, Pornhub’s, Google, Texans, Frontier Foundation, EFF, Court, Western, Western District of, Circuit, Locations: Texas, China, Russia, Turkey, Montana , Utah, Virginia, statehouses, Western District, Western District of Texas
Last week, House Republicans passed a budget proposal outlining their priorities, which are far afield from what Democrats have called for. Mr. Biden has sought to reclaim strength on economic issues with voters who have given him low marks amid rapid inflation. But Mr. Biden has been unwavering in his core economic-policy strategy, and the budget is not expected to deviate from that plan. White House officials, previewing the budget release, said Mr. Biden would propose about $3 trillion in new measures to reduce the budget deficit over the next decade. House Republicans released a budget last week that seeks to reduce deficits much faster — balancing the budget by the end of the decade.
Persons: Biden, Donald J, Trump, , , ” Mr, ” Shalanda Young, Trump’s, Mr, Biden’s, . Young, Jared Bernstein Organizations: Republicans, Democrats, Republican, Tax, White, Budget, Mr, White House Council, Economic Advisers Locations: Israel, Ukraine
In today's big story, we're looking at pharma companies' surging stocks and threatening tech darlings thanks to their weight-loss drugs. And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America , which predicts that number could rise to 15% by 2035. Weight-loss drugs are also cutting more than just fat. For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said.
Persons: , Joe Biden, Donald Trump —, Trump, Zhan, Eli Lilly, Tesla, Hannah Latham, Octavio Jones, Christian Rodriguez, Laura MacPherson, Jenny Chang, Rodriguez, they're, Goldman Sachs, Biden, Barry Sternlicht, Fernando Gutierrez, It's, Elon Musk, TikTok, Pete Ryan, RJ Scaringe, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, pharma, Business, Tesla, Microsoft, JPMorgan, Pfizer, Novo Nordisk, Bank of America, Nvidia, Companies, Fed, Infrastructure Investment, Alpha, Commission, Elon, EV, Nike, Congress, White, Meta, SXSW Locations: China, US, New York, London
Read previewLightBeam.ai, a data privacy and security startup, has raised $17.8 million in fresh funds. Founded in 2020, the company wants to help businesses adapt their data security in an increasingly AI-powered world. "In the era of generative AI breakthroughs, organizations are empowered to unlock valuable insights from customer data," Prasad told Business Insider. Advertisement"However, this advancement poses the crucial challenge of ensuring secure and compliant handling of customer data within the evolving landscape of AI governance and privacy regulations." The new funding will go towards scaling the San Francisco-based startup's head count having previously focused predominantly on technology investment.
Persons: , Priyadarshi Prasad, Prasad Organizations: Service, Business, Vertex Ventures, Dropbox Ventures Locations: Francisco
CNN —Former President Donald Trump made several false claims in a speech Tuesday night after CNN and other media outlets projected that he would win the Republican presidential primary in New Hampshire. CNN also watched rival candidate Nikki Haley’s Tuesday night speech in New Hampshire; Haley’s claims were either accurate or too general to fact check. He lost the 2020 election fair and square to Joe Biden, by a 306 to 232 margin in the Electoral College, and also lost New Hampshire in that election. Chris Sununu, a supporter of Haley, Trump said that because of Sununu’s incompetence, “in the Republican primary, they accepted Democrats to vote. In fact, I think they had 4,000 Democrats – Democrats before October 6 – they already voted.
Persons: Donald Trump, Nikki Haley’s, Haley’s, dismissively, Joe Biden, , Biden, ” Howard Gleckman, , ” Gleckman, ” Trump, Hillary Clinton, Chris Sununu, Haley, Trump, , it’s, Sununu, can’t Organizations: CNN, Republican, Trump, Electoral College, New Hampshire, Brookings Tax, Urban Institute, New Hampshire Trump, Democratic, Republican New Hampshire Gov, – Democrats, GOP, New Hampshire Bulletin Locations: New Hampshire, , New, Trump’s, Florida, Hampshire
FIBI, Israel's fifth largest bank, also said on Wednesday it would keep unchanged its dividend policy of paying out 50% of annual net profit. Net profit for the July-September quarter was 455 million shekels ($124 million), down from 467 million shekels a year earlier. FIBI said it had 165 million shekels in credit loss expenses in the quarter, versus 43 million the previous year. FIBI recorded a non-interest financing expense of 1 million shekels in the quarter versus income of 48 million the year before. FIBI said its board approved a dividend distribution of 90 million shekels.
Persons: Baz Ratner, FIBI, Smadar Barber, Steven Scheer, Mark Potter Organizations: International Bank of Israel, REUTERS, Rights, Bank of, Thomson Locations: Jerusalem, Bank of Israel
A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. The Swedish telecom equipment maker's shares fell 9% in early trade to lows last seen in 2017, when the company was going through another downturn. Gear makers such as Ericsson and Nokia (NOKIA.HE) have been hit by a slowdown in spending by telecoms companies. Mellander said the company had increased its previously announced 2023 cost saving target of 11 billion Swedish crowns ($1.01 billion), including the laying off 8,500 employees, to 12 billion crowns. India has been a rare growth area with sales quadrupling to about 10 billion crowns, but that is expected to slow down next year.
Persons: Fredrik Sandberg, Carl Mellander, Mellander, Borje Ekholm, Supantha Mukherjee, Terje Solsvik, Kirsten Donovan Organizations: Ericsson, TT News Agency, REUTERS, Reuters, Gear, Nokia, Jefferies, Thomson Locations: Stockholm, Sweden, India, STOCKHOLM, North America, Swedish
The impact on oil prices would be enormous with one prediction of $150 per barrel. A surge in oil prices could undo the fight against inflation and cause prices to soar again. International Monetary Fund managing director Kristalina Georgieva expressed concern on Thursday over how global oil markets would be impacted by the war. If that were to happen, they predict that oil prices would skyrocket more than 70% to $150 per barrel from just under $90 we have now. An estimated 20-30% of global oil supply passes through the Strait of Hormuz, which is controlled by Iran.
Persons: , Kristalina Georgieva, Steven Mnuchin, That's, Mnuchin, Mustafa Hassona, there's, Jerome Powell, Liu Jie Organizations: Service, Hamas, Monetary Fund, Bloomberg Economics, Bloomberg, US, Fox Business, Anadolu Agency, Getty, Biden, US Strategic Petroleum Reserve, Strategic Petroleum Reserve Locations: Israel, Iran, Hormuz, Iraq, Kuwait, Abu Nasr, Gaza City, Ukraine, Washington ,, Xinhua
A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 13 (Reuters) - Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes. Citi Chief Financial Officer Mark Mason said the proposal would lead to a 16% to 20% increase in the bank's capital. The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Citi is also reviewing credit products and where they may need to reprice those, and whether they need to restructure any of their markets positions.
Persons: Brendan McDermid, Jeremy Barnum, Barnum, Michael Barr, Banks, Mark Mason, Mason, Wells, Michael Santomassimo, Santomassimo, Tatiana Bautzer Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Rights, Big, JPMorgan, . Federal, Basel III, Thomson Locations: Wells Fargo, Basel
Cars for sale are parked at used car dealerships in Singapore October 17, 2022. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 ($183,000) in Singapore, compared with $28,855 in the U.S. A small, government-subsidised flat in Singapore costs about S$125,000. Now Guan lives without a car, focusing on other perks that Singapore offers for his family. "As a family man, it doesn’t affect me much as Singapore still has a good and stable education system. ($1 = 1.3725 Singapore dollars)Reporting by Xinghui Kok; Editing by Miyoung Kim and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.
Persons: Edgar Su, COEs, Tan Ern Ser, Tan, Jason Guan, Guan, Xinghui Kok, Miyoung Kim, Gerry Doyle Organizations: REUTERS, Rights, Toyota Camry, Toyota Rush, COE, Singapore, Thomson Locations: Singapore, Rights SINGAPORE, U.S
A coalition of 25 state governors announced a major push to reach 20 million deployed heat pumps by 2030, they said in New York City on Thursday. Heat pumps are energy efficient replacements for fossil fuel powered furnaces and air conditioners. Heat pumps can also save consumers money -- around $300 a year in the United States, according to the IEA. In places like Europe, where gas prices are higher, having a heat pump can save customers around $900 a year, the IEA says. Maine, for example, has been remarkably successful in installing heat pumps with its own legislative action.
Persons: Matt Johnson, Jay Inslee, Inslee, Kathy Hochul, Ali Zaidi, Zaidi Organizations: Energy, RMI, International Energy Agency, IEA, U.S . Climate Alliance, Washington, Washington State Department of Health, Brookings Institution, New, Infrastructure Investment, Jobs Locations: New England, Windham , Maine, New York City, United States, Europe, U.S, Washington , New York, California, Seattle , Washington, Seattle, Georgia, it's Maine, Maine
CNN —Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters, new data shows. It’s another alarming sign for the future of America’s homeowners’ insurance market. “We’re still kind of at the forefront of the insurance industry pricing in climate risk into the real estate market,” Porter told CNN. Premiums are at risk of surging to a lesser extent in cities across the country, First Street data shows. “I know where the places are where people are dropping their insurance — it’s Florida, Louisiana, California and Colorado,” Bach told CNN.
Persons: , David Jones, Jeremy Porter, , ” Porter, Hurricane Ian, Matias J, Jones, ” Jones, Amy Bach, Bach, ” Bach, Kyle Grillot, Reuters Jones, Porter, ‘ I’m, it’s Organizations: CNN, Foundation, UC Berkeley’s Center for Law, Energy, Hurricane, Miami Herald, Tribune, Service, Los, National Flood Insurance, FEMA, United, Residents, Reuters Locations: California , Florida, Louisiana, California, Matlacha , Florida, Florida, Texas, Vermont, Montpelier . Kentucky, West Virginia, Miami, Jacksonville, New Orleans, East Coast, Atlantic City , New Jersey, Virginia Beach, Norfolk , Virginia, Wilmington , North Carolina, Charleston , South Carolina, Savannah , Georgia, New York City, Phoenix, Chicago , Pittsburgh, Louisville, Cincinnati, West Coast, Riverside , California, Los Angeles, Gulf Coast, Plaquemines Parish , Louisiana, Collier County , Florida, Colorado, Wrightwood , California
SHANGHAI, Sept 14 (Reuters) - China's central bank is expected to boost liquidity while keeping the borrowing cost steady when rolling over its medium-term policy loans on Friday, a Reuters survey showed, after a string of data showed some signs of economic stabilisation. China has already lowered the medium-term policy rate twice since June to stimulate credit demand and support a faltering economic recovery. New bank lending in China beat expectations by nearly quadrupling in August from July's level, as the central bank sought to shore up economic growth amid soft demand at home and abroad. To revive broad credit demand and rescue the troubled property sector, China unexpectedly cut the MLF rate last month. For this reason alone, it seems unlikely that the PBOC will embrace large-scale rate cuts."
Persons: Frances Cheung, Julian Evans, Pritchard, Shri Navaratnam Organizations: People's Bank of China, OCBC Bank, U.S, Capital Economics, Shanghai, Thomson Locations: SHANGHAI, China, United States, OCBC Bank .
LAUNCESTON, Australia, Sept 14 (Reuters) - The spot price of iron ore has climbed to a five-month high amid improving sentiment and some supportive fundamentals in China, the world's top buyer of the steel raw material. China, which buys about 70% of global seaborne iron ore, imported 106.42 million metric tons in August, the most since October 2020, according to customs data. For the first eight months of the year, imports were 775.66 million metric tons, up 7.4% on the same period in 2022. The need to rebuild stockpiles and nascent signs of a recovery in the property sector do support the recent rally in iron ore prices. This works out at around 76.7 million metric tons a month, which is well below the 90.8 million produced in July.
Persons: It's, it's, SteelHome, Christian Schmollinger Organizations: Dalian Commodity Exchange, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Singapore, July's, Beijing
China's central bank vows to support demand, price rebound
  + stars: | 2023-09-13 | by ( ) www.reuters.com   time to read: +3 min
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People's Bank of China (PBOC) said on Wednesday, citing a unnamed senior central bank official. The central bank "will create an appropriate monetary and financial environment to promote effective demand in the real economy, support a moderate recovery in prices and enhance economic vitality," the official said. New bank loans beat expectations by nearly quadrupling in August from July, as the central bank sought to shore up economic growth amid soft demand at home and abroad. The central bank last cut the reserve requirement ratio (RRR) - the amount of cash that banks must hold as reserves - in March.
Persons: Jason Lee, Zhou Maohua, Kevin Yao, Liangping Gao, Tom Hogue, Sam Holmes, Miral Organizations: People's Bank of China, REUTERS, Rights, Financial, China Everbright Bank, Officials, Beijing Newsroom, Thomson Locations: Beijing, China, Rights BEIJING
Yen stands tall, dollar finds floor ahead of US inflation
  + stars: | 2023-09-12 | by ( Rae Wee | ) www.reuters.com   time to read: +3 min
Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index , which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.
Persons: Florence Lo, Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, New Zealand, Fed, Capital.com, Thomson Locations: Rights SINGAPORE, United States, U.S, Tony Sycamore ., Monday's, China
Yen stands tall, dollar finds floor ahead of U.S. inflation
  + stars: | 2023-09-12 | by ( ) www.cnbc.com   time to read: +3 min
Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index, which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.
Persons: Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda Organizations: U.S, Bank of Japan, Federal Reserve, New Zealand, Fed Locations: Tokyo, Japan, United States, U.S, Tony Sycamore ., Monday's, China
They're widely viewed as the best chips for training AI models, and Nvidia's financial forecasts suggest insatiable demand. Even with all that momentum and seemingly insatiable demand, baked into Nvidia's stock price is a slew of assumptions about growth, including the doubling of sales in coming quarters and the almost quadrupling of net income this fiscal year. Looking at the last 12 months of company earnings, Nvidia has a price-to-earnings ratio of 220, which is stunningly rich even compared with notoriously high-valued tech companies. Should Nvidia meet analysts' projections, the current price still looks high compared to most of the tech industry, but certainly more reasonable. It's the steepest weekly decline for Nvidia's stock since September of last year.
Persons: Jensen Huang, Piper Sandler, Harsh Kumar, Amazon's, There's, Christopher Gannatti Organizations: Nvidia, Apple, Microsoft, Amazon, Tesla, Google, AMD, Nasdaq Locations: Taipei, Silicon, Friday's, U.S
There were plenty of reasons to think the “Barbie” movie might have a hard time finding an audience in China. It’s an American film, when Chinese moviegoers’ interest in, and government approval of, Hollywood movies is falling. It’s been widely described as feminist, when women’s rights and political representation in China are backsliding. But not only did the film screen in China — it has been something of a sleeper hit, precisely because of its unusual nature in the Chinese movie landscape. It has an 8.3 rating on the movie rating site Douban, higher than any other currently showing live-action feature.
Persons: Barbie, It’s, , Mina Li, Greta Gerwig, “ Barbie ” Locations: China, Beijing, Weibo
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