DIRS.INFO The most relevant business & tech news

☆ China weighs ending freeze on Boeing purchases with 737 Max deal in US -Bloomberg News
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 12 (Reuters) - China is considering resuming purchases of Boeing's (BA.N) 737 Max aircraft when the U.S. and Chinese presidents meet this week at the APEC summit, Bloomberg News reported on Sunday, citing people familiar with the matter. Boeing is still waiting to resume deliveries of its bestselling 737 MAX to Chinese airlines more than four years after they were halted following two deadly crashes. The company had said that as of the end of June, about 90% of its 737 Max jets in China had resumed commercial operations. Boeing in September slightly increased its annual 20-year forecast for new plane deliveries to China, citing economic growth and increasing demand for domestic travel.

Persons: Gina Raimondo, Aly, Xi Jinping, planemaker, Gokul, Tom Hogue, Gerry Doyle Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Max, APEC, Bloomberg, Boeing, Reuters, U.S, Thomson Locations: Shanghai Pudong, Shanghai, China, U.S, Beijing, Washington, Bengaluru

☆ Schumer starts China trip amid tension with US, hopes to meet Xi
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

U.S. Senate Majority Leader Chuck Schumer (D-NY), and other members of the delegation arrive at Shanghai Pudong International Airport in Shanghai, China October 7, 2023. The goal of the trip to Asia, which includes stops in South Korea and Japan, is to advance U.S. economic and national security interests, and in China, the group hopes to meet Chinese President Xi Jinping, U.S. officials said. The trip follows visits by a series of high-level Biden administration officials, including Commerce Secretary Gina Raimondo in August. Other senators on the trip include Republicans Bill Cassidy and John Kennedy and Democrats Maggie Hassan and Jon Ossoff. China welcomes Schumer's visit and hopes it will deepen the U.S. Senate's "objective" understanding of China and facilitate dialogue between the nations' legislative agencies, China's foreign ministry said this week.

Persons: Chuck Schumer, Aly, Xi Jinping, Schumer, Biden, Gina Raimondo, Republican Mike Crapo, Bill Cassidy, John Kennedy, Maggie Hassan, Jon Ossoff, Schumer's, Raimondo, Antoni Slodkowski, Robert Birsel Organizations: International, REUTERS, Rights, U.S, Democratic, Republican, Thomson Locations: Shanghai, China, Washington, Beijing, Asia, South Korea, Japan, U.S, Taiwan, Shanghai's Pudong

☆ U.S. senators led by Majority Leader Schumer make first congressional visit to China since 2019
▼ + stars: | 2023-10-07 | by ( ) www.cnbc.com time to read: +3 min

Senator Mike Crapo (R-ID) and other members of the delegation arrive at Shanghai Pudong International Airport in Shanghai, China, on Oct. 7, 2023. A delegation of U.S. lawmakers led by Senate Majority Leader Chuck Schumer arrived in China on Saturday in the first congressional visit to the country since 2019. Asked about his expectations for the visit, Schumer, a New York Democrat, said he hoped it would be productive. The U.S. Commerce Department added the Chinese companies and seven others to its entity list on Friday. A Chinese international relations expert said that Schumer's visit is a sign of improvement in China-U.S. relations.

Persons: Chuck Schumer, Mike Crapo, Joe Biden, Xi Jinping, Idaho Sen, Schumer, Biden, Xi, Wang Yiwei, Karine Jean, Pierre Organizations: International, U.S, Senate, Republicans, Idaho, Senate Finance, New, New York Democrat, U.S . Congress, U.S . Commerce Department, Ukraine, Biden, Economic Cooperation, Institute of International Affairs, Renmin University of China, White House Press Locations: U.S, Shanghai, China, New York, Beijing, Russia, Asia, San Francisco, South Korea, Japan

☆ US Commerce head hopes to make first chips funding awards this fall
▼ + stars: | 2023-10-04 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsWASHINGTON, Oct 4 (Reuters) - U.S. Commerce Secretary Gina Raimondo said Wednesday she hopes to announce the first chips funding award announcements from the government's $39 billion semiconductor subsidy program this fall. "I hope we will have some chips funding announcements this fall." It is not clear how long from initial announcements it will take the Commerce Department to finalize funding agreements. Separately, Raimondo said she supports legislation that would give the Commerce Department new tools to address information and communications technology supply (ICTS) chain concerns posed by China and other foreign adversaries.

Persons: Gina Raimondo, Aly, Raimondo, Mark Warner, John Thune, TikTok, Maria Cantwell, David Shepardson, Diane Craft, Marguerita Choy Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Rights, . Commerce, Senate, Commerce Department, Guard, Thomson Locations: Shanghai Pudong, Shanghai, China

☆ US has no evidence Huawei can mass produce advanced smartphones
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - The U.S. has no evidence that Chinese manufacturer Huawei can produce smartphones with advanced chips in large volume, U.S. Commerce Secretary Gina Raimondo said on Tuesday. "We don't have any evidence that they can manufacture seven-nanometer (chips) at scale," Raimondo said at a U.S. House hearing, referencing an advanced chip. Raimondo told the House Science Committee hearing she was upset by the advanced Huawei smartphone report. Some Republicans think the Commerce Department should end all technology exports to Huawei and SMIC. Republican Representative Darrell Issa said at the hearing Raimondo was in China when the new Huawei phone was announced.

Persons: Gina Raimondo, Aly, Raimondo, Darrell Issa, Issa, Jake Sullivan, David Shepardson, Chizu Nomiyama, Josie Kao Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Rights, U.S, Huawei, . Commerce, Semiconductor Manufacturing International Corp, HK, Commerce Department, House, Republicans, House Foreign Affairs, Energy, Commerce, Armed Services, Republican, White, National, Thomson Locations: Shanghai Pudong, Shanghai, China, U.S

☆ US Commerce head to meet with CEOs after China trip -sources
▼ + stars: | 2023-09-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song Acquire Licensing RightsWASHINGTON, Sept 12 (Reuters) - U.S. Commerce Secretary Gina Raimondo expected to meet with the chief executives of major American companies this week, two weeks after a trip to China where she raised concerns about business conditions, sources told Reuters. She said last month she had spoken to more than 100 U.S. company CEOs ahead of her trip to China about difficulties doing business there. Raimondo in China talked up American companies' desire to do business in China and her hopes for further engagement with Chinese officials on market access. On Aug. 30 in Shanghai, Raimondo said she hoped to "see some results" in the next few months as a result of her four-day visit to Beijing and Shanghai.

Persons: Gina Raimondo, Aly, Raimondo, David Shepardson, Jonathan Oatis, David Gregorio Our Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Rights, . Commerce, Commerce Department, Thomson Locations: Shanghai Pudong, Shanghai, China, Washington, U.S, Beijing

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. "China is making it more difficult," Raimondo told CBS's Face the Nation. "I was very clear with China that we need to - patience is wearing thin among American business. "They suggested that they didn't know about it and they suggested that it wasn't intentional," she told CNN. And certainly they're having real, real significant challenges in the real estate sector," she told Face the Nation.

Persons: Gina Raimondo, Aly, China, Raimondo, CBS's, " Raimondo, Diane Bartz, Phil Stewart, Mary Milliken, Deepa Babington Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Garden Holdings, WASHINGTON, . Commerce, CNN, HK, Thomson Locations: Shanghai Pudong, Shanghai, China, Washington, Canada, Mexico, Beijing, Southeast Asia, U.S

☆ Chinese data center operator Chindata to go private in $3.16 bln deal
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Aug 11 (Reuters) - Chindata Group said on Friday it would go private in a sweetened $3.16 billion deal with investor Bain Capital, ending months of uncertainty over the future of the Chinese data center operator that also received interest from China Merchants Group. It also marks a premium of about 43% to the closing price of Chindata shares before the initial approach was made public. U.S.-listed shares of Chindata, which operates data centers in China, India and Southeast Asia, rose 3% after the bell. Data centers operators have enjoyed a surge in demand in recent years as more businesses take to the web. The go-private deal announced on Friday will be funded through a combination of cash and debt financing provided by Shanghai Pudong Development Bank, Chindata said.

Persons: Chindata, Manya Saini, Shinjini Organizations: Chindata, Bain Capital, China Merchants Group, Nasdaq, China Merchants Capital, Shanghai Pudong Development Bank, Thomson Locations: U.S, Chindata, China, India, Southeast Asia, Bengaluru

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ The Tesla factory where a worker was crushed to death had safety weaknesses, report says
▼ + stars: | 2023-04-19 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Chinese inspectors want to punish Tesla after the death of a Shanghai factory worker, Caixin Global reported. A Chinese goverment investigation into the death of a Tesla employee in Shanghai concluded the electric carmaker has safety weaknesses, Chinese news site Caixin Global reported Wednesday. Meanwhile, people claiming to work at the Tesla Shanghai factory have complained on social media, and have appealed to Tesla CEO Elon Musk, saying their performance bonuses were cut after the employee's death. "Please pay attention to the performance of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," one account tweeted. Two employees at Tesla's Shanghai factory told Reuters that supervisors pointed to a "safety incident" when they inquired about bonus cuts.

☆ China will make up nearly 40% of the rise in global oil demand in 2023, Wood Mackenzie says
▼ + stars: | 2023-03-23 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Vcg | Visual China Group | Getty ImagesChina will make up a sizeable portion of the world's demand recovery for oil as the global economy braces itself for a slowdown in the wake of interest rate hikes, Wood Mackenzie said. That means 38.5% of global oil demand recovery would come from China. Our China high-growth scenario centers on the economy growing by 7% in 2023 and 5.5% in 2024. The firm is, however, optimistic about global growth this year — despite the World Bank and the International Monetary Fund warning of a bumpy road ahead. "Our China high-growth scenario centers on the economy growing by 7% in 2023 and 5.5% in 2024," the firm said in the report.

☆ Over a dozen Chinese-based firms say they have minimal exposure to SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 13 (Reuters) - Over a dozen Hong Kong-listed companies have stepped forward to say they had little or no exposure to Silicon Valley Bank, the failed U.S. lender which has roiled investors and markets globally. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis. China-based drug developer Beigene Ltd (6160.HK) said it has uninsured cash deposits held at the bank representing 3.9% of its last reported total cash and cash equivalents. Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms also over the weekend disclosed cash deposits at Silicon Valley Bank. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash.

☆ Andon Health: Chinese company says it has full access to SVB-parked funds
▼ + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States during the pandemic, has cash deposits at SVB worth 5% of its total cash and cash equivalents. “Our deposits at Silicon Valley Bank can be used in full and have not suffered any losses,” the company said in a Tuesday filing to the Shenzhen Stock Exchange. Those measures include guaranteeing that customers of the bank will have access to all their money starting Monday. The SPD Silicon Valley Bank, which was owned 50-50 owned by SVB and local partner Shanghai Pudong Development Bank, said Saturday that its operations were “sound.”

☆ Chinese companies and tycoons rush to calm investors after SVB collapse causes anxiety
▼ + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —The collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent. “As China’s first technology bank, SPD Silicon Valley Bank is committed to serving Chinese science and technology companies, and has always had sound operations in accordance with Chinese laws and regulations.”It’s unclear what will happen to SVB’s ownership of the joint venture. BeiGene, one of China’s largest cancer-focused drug companies, said Monday it had more than $175 million uninsured cash deposits at SVB, which represents approximately 3.9% of its cash, cash equivalents and short-term investments. Zai Lab, a pharmaceutical firm, announced that its cash deposits at SVB were “immaterial” at about $23 million. “We never opened an account with Silicon Valley Bank, nor placed a deposit,” he said late Sunday on his Weibo account.

☆ SVB collapse will have limited impact on Asia, but one analyst says it could be a warning sign
▼ + stars: | 2023-03-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

HANGZHOU, CHINA - MARCH 12, 2023 - Photo taken on March 12, 2023 shows the logo of SPD Silicon Valley Bank in Hangzhou, Zhejiang province, China. Future Publishing | Future Publishing | Getty ImagesAnalysts say the collapse of Silicon Valley Bank is not likely to have a major contagion effect in Asia, but one person says it could be seen as a "warning" — especially for economies that haven't hiked interest rates aggressively. It came after U.S. regulators announced measures to further stem systemic risks from Silicon Valley Bank's collapse. While a number of companies within Asia's venture capital and tech start-up sector do have exposure to Silicon Valley Bank, not many have openly admitted to seeing major losses from SVB's bankruptcy. SPD Silicon Valley Bank, a joint venture between Shanghai Pudong Bank and Silicon Valley Bank sought to reassure investors over the weekend and said its operations have been "independent and stable."

☆ Six Hong Kong-listed firms say their deposits at SVB are immaterial
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, March 12 (Reuters) - Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors. Startup-focussed SVB Financial Group (SIVB.O), which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Broncus Holding Corporation (2216.HK) said it held $11.8 million at SVB, representing around 6.5% of its total cash. Noah Holdings Private Wealth and Asset Management Limited has less than $1 million with SVB, less than 0.2% of its total cash. CANbridge Pharmaceuticals Inc (1228.HK) said the amount of cash deposited with SVB is "immaterial and is generally within the amount guaranteed by the FDIC accordingly", without giving any figures.

☆ SVB collapse could add to China stock investors' anxiety
▼ + stars: | 2023-03-12 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

SHANGHAI, March 12 (Reuters) - China stock investors, already disillusioned by Beijing's lower-than-expected economic growth target for the year, will be further disheartened by the shock collapse of U.S. lender SVB Financial Group, market participants said. The market mood could be damped further following Friday's sudden collapse of start-up focused lender SVB (SIVB.O), which stirred heated discussion over the weekend in China about its fallout. But many Chinese tech start-ups, especially those with dollar funding, have opened U.S. accounts at SVB. He is cautious about tech stocks that could be impacted by US-China frictions. Still, domestic A-shares will likely outperform offshore China stocks, which are more vulnerable to potential spillover from the SVB collapse, analysts say.

The removal of inbound quarantine prompted a surge in demand for plane tickets in countries like Singapore which have large communities of overseas Chinese. “China remained closed off after Singapore reopened, so to go back, people needed to do PCR tests, undergo quarantine, and prices of flight tickets skyrocketed. Chu said she had missed her parents, her 83-year-old father and 78-year-old mother, and worried about their failing health. Her biggest wish was to spend as much time with them as possible when she goes back this time. “I haven’t seen them for three years, and they both got COVID, and are quite old.

☆ C919 narrowbody jet to make its first public appearance at China air show
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The fifth prototype of China's home-built C919 passenger plane takes off for its first test flight from Shanghai Pudong International Airport in Shanghai, China October 24, 2019. REUTERS/StringerSHENZHEN, China, Nov 5 (Reuters) - The C919 narrowbody jet will join the opening flight display in China's biggest air show in the southern city of Zhuhai on Tuesday, according to a schedule posted by the organisers, in what will be its first public flight or display. The C919, made by Commercial Aircraft Corp of China (COMAC) (CMAFC.UL), is designed to rival single-aisle jets made by Airbus SE (AIR.PA) and Boeing Co (BA.N) has never been displayed or publicly flown. China will show off its home-grown civil and military aviation technology at the air show, where 740 businesses are expected to take part both online and offline. The C919's presence was confirmed on the schedule on the organiser's official WeChat social media account.

☆ Haos pe aeroportul din Shanghai, după ce mai mulți angajați s-au infectat cu COVID-19
▼ + stars: | 2020-11-23 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

A fost haos pe cel mai mare aeroport internațional din Shanghai, duminică seară, după ce autoritățile au ordonat testarea în masă ca răspuns la un mic focar de COVID-19 izbucnit în rândul manipulatorilor de mărfuri, relatează digi24. De la începutul lunii noiembrie, șapte angajați ai Aeroportului Internațional Shanghai Pudong și contacți ai lor au fost diagnosticați cu COVID-19. Fotografiile și înregistrările video postate pe rețelele sociale chineze arată sute de oameni înghesuiți în parcare - opusul distanțării sociale - cu un șir oameni în costume specială care încearcă să oprească oamenii care se împing la coadă. Din cele 11.544 de probe care au fost testate, toate au primit rezultate negative, au declarat oficialii într-o o conferință de presă. Testarea în masă, care a început sâmbătă, urmează să fie finalizată în trei zile.

Locations: Shanghai, Internațional Shanghai Pudong, China, Tianjin

☆ VIDEO: Haos la testarea în masă pe aeroportul din Shanghai, după ce mai mulți angajați s-au infectat cu COVID-19
▼ + stars: | 2020-11-23 | by ( ) www.jurnal.md time to read: +2 min

De la începutul lunii noiembrie, șapte angajați ai Aeroportului Internațional Shanghai Pudong și contacți ai lor au fost diagnosticați cu COVID-19. Fotografiile și înregistrările video postate pe rețelele sociale chineze arată sute de oameni înghesuiți în parcare - opusul distanțării sociale - cu un șir oameni în costume specială care încearcă să oprească oamenii care se împing la coadă. Din cele 11.544 de probe care au fost testate, toate au primit rezultate negative, au declarat oficialii într-o o conferință de presă. Dacă haosul inițial a atras critici pe rețelele de socializare chineze, răspunsul rapid și drastic, în doar câteva ore, evidențiază cât de rapid acționează guvernul chinez pentru a elimina orice reapariție a virusului. Testarea în masă, care a început sâmbătă, urmează să fie finalizată în trei zile.

Locations: Internațional Shanghai Pudong, Shanghai, China, Tianjin

Search resuls for: "Shanghai Pudong"

21 mentions found