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☆ China's JD.com posts higher Q3 profit as supply snarls ease
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 15 (Reuters) - Chinese e-commerce firm JD.com reported quarterly revenue below estimates on Wednesday, but posted a surge in profit as supply chain problems eased. JD.com has fewer popular livestreamers than its competitors, such as Austin Li, who exclusively streams on Alibaba Group's (9988.HK) platform. The company reported net revenue of 247.7 billion yuan ($34.19 billion) for the third quarter, missing analysts' average estimate of 249.26 billion yuan according to LSEG data. But it posted net income attributable to shareholders of 7.94 billion yuan, up 33% from 5.96 billion yuan a year earlier.

Persons: Aly, JD.com, Xu Ran, Austin Li, Alibaba's Tmall, Arsheeya Bajwa, Akash Sriram, Sophie Yu, Varun, Kim Coghill Organizations: CES, REUTERS, JD Retail, HK, Citi, Daiwa, Jefferies, PDD Holdings, Thomson Locations: Asia, Shanghai, China, Bengaluru, Beijing

Data released on Thursday showing a drop in consumer prices to their lowest since the COVID-19 pandemic has increased the doubts in China's economic rebound after some months of indicators showing growth stabilising. China's big online shopping platforms did not release final sales figures for 2022, when analysts said COVID-19 restrictions inhibited spending and consumer confidence. Some indicators point to a slowdown in Singles Day sales. Data provider Syntun estimated e-commerce platforms sold 311 billion yuan of products from Oct. 31 to Nov. 3, a 7.1% decrease year-on-year. For Tan Jiapeng, a 35-year-old office worker in Beijing, his only Singles Day purchase so far has been a Descente winter jacket, an "essential purchase" for the winter.

Persons: Florence Lo, Jason Yu, Kantar, COVID, Bain, Jacob Cooke, Nomura, Tan Jiapeng, Tan, Casey Hall, Sophie Yu, Marius Zaharia Organizations: REUTERS, Rights, HK, PDD Holdings, Company, Technologies, Thomson Locations: Rights BEIJING, China, Beijing

☆ China Southern to honour $1.30 flight tickets sold during glitch
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 9 (Reuters) - Chinese carrier China Southern Airlines (600029.SS) said on Thursday it would honor the sale of tickets priced as cheaply as $1.30 during a two-hour technical glitch on its mobile phone app and some ticket-booking platforms late on Wednesday. Other online screenshots indicated the cheap prices were offered for about two hours on the carrier's app as well as across several ticket-booking platforms, including market leader Trip.com. On top of that price, buyers were required to pay at least an additional 110 yuan in airport fees and fuel surcharges. "Passengers can use them as normal," Guangzhou-based China Southern said, on the proviso that tickets were already paid for and issued. ($1 = 7.2852 Chinese yuan renminbi)Reporting by Sophie Yu and Casey Hall; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Trip.com, Sophie Yu, Casey Hall, Bernadette Baum Organizations: China Southern Airlines, Consumers, Thomson Locations: BEIJING, Chengdu, China, Beijing, Guangzhou, China Southern

☆ China's e-commerce platforms not doing enough on climate -Greenpeace
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of e-commerce app Pinduoduo is displayed next to mobile phones displaying the app, in this illustration picture taken October 25, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSINGAPORE, Nov 9 (Reuters) - China's top e-commerce platforms have made insufficient effort to steer consumers onto a more sustainable path that would help protect the environment and combat climate change, environment group Greenpeace said on Thursday. "But overall, China's e-commerce giants still don't do enough to leverage their platforms towards sustainability." In a report ranking the environmental record of six of China's e-commerce giants, Greenpeace said the discount online shopping platform Pinduoduo (PDD.O) performed the worst, making "no progress whatsoever" on climate and environmental protection. Pinduoduo was given a negative score on Greenpeace's list after failing to draw up strategies on issues like climate change, waste, dangerous chemicals and biodiversity.

Persons: Florence Lo, Tang Damin, Pinduoduo, Douyin, Bytedance, Alibaba, David Stanway, Sophie Yu, Josh Ye, Casey Hall, Edwina Gibbs Organizations: REUTERS, Rights, Greenpeace, HK, Thomson Locations: Rights SINGAPORE, Beijing

Alibaba's Taobao and Tmall Group did not respond to a request for comment. This year's Singles Day event is also the first since Alibaba Group split into six business units. This view is supported by recent polls on social media where the majority of respondents said Singles Day was no longer necessary. Meara He, a 21-year-old student from Wenzhou, says she often shops using Douyin live-streams and this year, "doesn't care" about Singles Day as much. "In the past I would wait for Double 11 (Singles Day) and do some shopping, but this time I just plan to buy products that I need," she said.

Persons: Alibaba, Pinduoduo, Josh Gardner, Alibaba's, Ashley Dudarenok, AlixPartners, Douyin, Melody Zhao, Casey, Sophie Yu, Brenda Goh Organizations: PDD Holdings, Kungfu, Tmall, Administration, Market, ByteDance, Alibaba, Suisse, Industry, Hua Gui Food Group, Casey Hall, Thomson Locations: SHANGHAI, HK, China, Wenzhou, Shanghai, Beijing

People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. Analysts say the iPhone 15 has not been selling as well in China as its predecessor. Counterpoint Research said last week that iPhone 15 sales in China were down 4.5% versus the iPhone 14 in the first 17 days after its market launch. The 512 GB iPhone 15 Pro Max, which has a 11,999 yuan price tag in Apple's store, can be bought for 10,698 yuan on Alibaba's e-commerce platform Taobao. The e-commerce platform iPhone 15 discounts were first reported by The Economic Observer weekly newspaper on Monday.

Persons: Aly, Alibaba, Sophie Yu, Brenda Goh, Alexander Smith Organizations: Apple, REUTERS, Rights, PDD Holdings, HK, Counterpoint Research, Reuters, Economic Observer, Shanghai, Thomson Locations: China, Shanghai, Rights BEIJING

☆ JD.com shares hit record low, banks cut Q3 growth target on retail slowdown
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

The logo of JD.com is seen at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates. Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut. Citi Research lowered its revenue assumption for JD.com by 3.4% and 4.3% for the third and fourth quarter, saying that it now estimates 0.8% and 1.3% growth respectively. JD.com is China's leading online platform for sales of digital and electronics products, such as mobile phones and domestic electrical appliances.

Persons: Florence, JD.com, Nomura, Sophie Yu, Donny Kwok, Brenda Goh Organizations: Fair for Trade, Services, REUTERS, Rights, Citi, Daiwa, Jefferies, Citi Research, Alibaba, HK, PDD, Thomson Locations: Beijing, China, Rights BEIJING, HK, Hong Kong, United States, JD.com, BEIJING, HONG KONG

U.S. air carriers United Airlines (UAL.O) and American Airlines (AAL.O) suspended direct flights to Israel after the Federal Aviation Administration urged airlines to exercise caution. Many European airlines have also cancelled flights. Norwegian Air (NAS.OL) cancelled its flights from Copenhagen and Stockholm to Tel Aviv this week and Ryanair (RYA.I) cancelled flights through to Wednesday. Lufthansa (LHAG.DE), also among the airlines most exposed to Israel according to Goodbody, cancelled flights to and from Tel Aviv through Monday. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, and other airlines flying from Hong Kong and South Korea cancelled flights to Tel Aviv.

Persons: We've, Matt Berna, Benjamin Netanyahu, Amir Cohen, Britain's, Goodbody, . Virgin Atlantic, IAG, Sharon Singleton, Rosalba O'Brien Organizations: Tel, United Airlines, American Airlines, Federal Aviation Administration, Delta Air Lines, El Al, Fighters, Tourism, Royal, Intrepid Travel, Regulators, FAA, European Union Aviation Safety Agency, Israeli, Ben Gurion International, REUTERS, Delta, Air, Portugal's TAP, Norwegian, Ryanair, Sunday, Wizz, Lufthansa, . Virgin, British Airways, Hainan Airlines, Reuters, Thomson Locations: Tel Aviv, Russia, Israel, Gaza, Israel's, Jerusalem, Americas, U.S, New York, Chicago, Washington, Miami, Lod, Europe, Air France, Copenhagen, Stockholm, Hungarian, China, Hong Kong, South Korea, Hainan, Beijing, Shenzhen, Cairo

On Sunday, U.S. air carriers United Airlines (UAL.O), Delta Air Lines (DAL.N) and American Airlines (AAL.O) suspended direct flights following the FAA's caution advisories. Britain's easyJet (EZJ.L) halted flights to Tel Aviv on Sunday and Monday, and said it would adjust the timings of flights over the next few days. Lufthansa (LHAG.DE) group, also among the airlines most exposed to Israel according to Goodbody, cancelled flights to and from Tel Aviv through Monday. Portugal's TAP suspended flights up until Monday and offered refunds or rescheduling at no additional cost. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, and other airlines flying from Hong Kong and South Korea, cancelled flights between Tel Aviv and Shanghai on Monday.

Persons: Benjamin Netanyahu, Amir Cohen, Finland's, Britain's, Goodbody, Virgin Atlantic, IAG, Ben, Ben Gurion, Douglas Gillison, Sophie Yu, Farah Master, Joyce Lee, Brenda Goh, Tim Hepher, Ilona Wissenbach, Sergio Goncalves, Anna Ringstrom, Sarah Young, Joanna Plucinska, Clarence Fernandez, Bernadette Baum Organizations: Israeli, Ben Gurion International, REUTERS, El Al, Fighters, Tourism, Regulators, Federal Aviation Administration, European Union Aviation Safety Agency, Sunday, United Airlines, Delta Air Lines, American Airlines, Delta, Air, Wizz, Lufthansa, Portugal's TAP, Virgin, East . British Airways, Ryanair, flyDubai, Hainan Airlines, Thomson Locations: Lod, Israel, Tel Aviv, Gaza, Israel's, United States, U.S, New York, Chicago, Washington, DC, Miami, United, Europe, Air France, Hungarian, East, Ben Gurion, China, Hong Kong, South Korea, Shanghai, Beijing, Shenzhen, Lisbon, Stockholm, London

☆ Several airlines suspend Tel Aviv flights until safety conditions improve
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amir Cohen/File Photo Acquire Licensing RightsOct 9 (Reuters) - Several international air carriers have suspended flight services with Tel Aviv in light of the Hamas militant attack on Israel, saying they were waiting for safety conditions to improve before resuming. Britain's easyjet (EZJ.L) said it had halted flights with Tel Aviv on Sunday and Monday, and would adjust the timings of flights in the next few days. Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, cancelled flights between Tel Aviv and Shanghai on Monday, citing the security situation in Israel. It said it would continue flights linking Beijing and the southern tech hub of Shenzhen with Tel Aviv while waiving fees for cancellations before Oct. 20. Korean Air (003490.KS) said it cancelled its Monday flight between the port city of Incheon and Tel Aviv and expects future flights to be irregular.

Persons: Benjamin Netanyahu, Amir Cohen, Finland's, United, Britain's, Douglas Gillison, Sophie Yu, Farah Master, Joyce Lee, Brenda Goh, Anna Ringstrom, Stockholm Sarah Young, Andrea Ricci, Clarence Fernandez Organizations: Israeli, Ben Gurion International, REUTERS, Fighters, Sunday, United Airlines, Delta Air Lines, American Airlines, Air, Delta, Hainan Airlines, Cathay, HK, Korean, Thomson Locations: Lod, Israel, Tel Aviv, Gaza, U.S, New York, Chicago, Washington, DC, Miami, United States, China, Shanghai, Beijing, Shenzhen, Hong Kong, KS, Incheon, Stockholm, London

[1/3] Tourists rest on the Bund ahead of the National Day holiday, in Shanghai, China September 26, 2023. China celebrates the Mid-Autumn Festival and National Day from Friday to Oct. 6 in the longest public holiday this year. The China Tourism Academy, part of the Ministry of Culture and Tourism, estimates people will make more than 100 million trips a day during "the most popular Golden Week in history". In 2019, mainland Chinese tourists spent $255 billion abroad, more than any other nationality, with group tours estimated to account for roughly 60% of that total. ($1 = 7.3030 Chinese yuan renminbi)Additional reporting by Wang Tao in Singapore; Editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, It's, Joe Zhang, I'm, haven't, Boon Sian Chai, Boon, Cao, Nancy Dai, Zhou Weihong, Wang Zheng, Wang Tao, Marius Zaharia Organizations: Bund, REUTERS, Rights, China Tourism Academy, Ministry of Culture, Trip.com, Spring, Thomson Locations: Shanghai, China, Beijing, Japan, Tourism, Anqing, Anhui, South Korea, United States, ForwardKeys, Thailand, Singapore

A Comac C919, China's first large passenger jet, flies away on its first commercial flight from the Shanghai Hongqiao International Airport in Shanghai, China May 28, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 28 (Reuters) - China Eastern Airlines (600115.SS) said on Thursday it will buy another 100 C919 airplanes in a deal worth $10 billion at list prices, in what would be the largest ever order for the jet made by the Commercial Aircraft Corporation of China (COMAC). The list price for the C919 is $99 million but aircraft can be sold at discounts of up to 50%, especially for new models. Next, the plane manufacturer will cooperate with China Eastern more closely, to show other potential users the reliability and performance of C919." China Eastern will get delivery of five aircraft in 2024, while ten are to be delivered each year from 2025 to 2027.

Persons: Aly, Li Hanming, Li, COMAC, COMAC's, Sophie Yu, Brenda Goh, Neil Fullick, Peter Graff, Miral Organizations: Shanghai Hongqiao International, REUTERS, Rights, China Eastern Airlines, Commercial Aircraft Corporation of China, Airbus, Boeing, China Eastern, Thomson Locations: Shanghai, China, Rights BEIJING, Beijing, Washington, Brunei

Some users and analysts who bought the Mate 60 Pro say it uses a Chinese-made chip and is capable of 5G speeds. We are working overtime urgently to manufacture more so that more people can buy our products," Yu said. [1/4]People check a Huawei Mate 60 smartphone displayed at a Huawei flagship store in Beijing, China September 25, 2023. Huawei updated its official website after the event to add prices for its Mate 60 Pro+, which will start from 8,999 yuan ($1,230), and the Mate 60 RS Ultimate Design version, which is priced from 12,999 yuan. One shopper in the Beijing store, 29-year-old engineer Zhang Nianrong, said he saw the Mate 60 Pro as "carrying significance far beyond its value" and planned to buy it.

Persons: Gina Raimondo's, Apple's, Yu Chengdong, Yu, Maniler, Nelson Mandela, Florence Lo, Bryan Ma, Meng Wanzhou's, Washington . Meng, Ren Zhengfei, Zhang Nianrong, Yelin Mo, Brenda Goh, Sophie Yu, Himani Sarkar Organizations: Huawei Technologies, Huawei, U.S . Commerce, Weibo, REUTERS, IDC, Thomson Locations: BEIJING, SHANGHAI, China, Hong Kong, South Africa, Beijing, Iran, U.S, Washington

BEIJING, Sept 4 (Reuters) - Kweichow Moutai (600519.SS) and coffee brand Luckin Coffee (LC0Ay.MU) on Monday launched in China a latte advertised as containing the fiery Chinese spirit baijiu, as the Chinese luxury liquor maker aims to pull in younger consumers. The companies said the latte alcohol content was lower than 0.5% of its volume. By Monday afternoon in Beijing and Shanghai, Luckin's app showed that the drink had sold out at several stores. "Moutai and Luckin are the leading enterprises in the domestic liquor and coffee sectors, respectively," Zhu said. ($1 = 7.2640 Chinese yuan)Reporting by Sophie Yu and Brenda Goh; Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Moutai, Kweichow Moutai, Zhu Danpeng, Zhu, Luckin, Sophie Yu, Brenda Goh, Gerry Doyle Organizations: Monday, Weibo, Luckin, Nasdaq, Thomson Locations: BEIJING, China, China's, Guizhou, Beijing, Shanghai

☆ Trustar plans to raise fund to manage McDonald’s China stake -sources
▼ + stars: | 2023-08-28 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

HONG KONG, Aug 28 (Reuters) - Chinese private equity firm Trustar Capital is planning to raise a so-called continuation fund that would allow it to sell down its stake in McDonald's China, two sources with knowledge of the matter said. That plan would be achieved by Trustar, formerly known as CITIC Capital, transferring some equity interest in McDonald's China from its private equity (PE) fund into the continuation fund, a new investment vehicle that would manage the asset. Currently, Trustar owns 42% of the business, while Carlyle and CITIC own 28% and 10% respectively, according to McDonald's China. Carlyle has also been considering options for its stake in McDonald's China, including setting up a continuation fund, Reuters has reported. "McDonald's China will continue to leverage the capital and other resources from CITIC (Trustar), Carlyle, and McDonald's Corp to achieve the future milestone of 10,000 stores," said McDonald's China.

Persons: Trustar, Mubadala, Carlyle, CITIC, Kane Wu, Yantoultra Ngui, Sophie Yu, Sumeet Chatterjee, Mark Potter Organizations: Trustar, Trustar's PE, McDonald's Corp, CITIC, HK, Carlyle Group, Reuters, Bloomberg, Thomson Locations: HONG KONG, McDonald's China, China, Trustar's, Abu, Chicago, CITIC, Hong Kong, Singapore, Beijing

BEIJING/SEOUL, Aug 22 (Reuters) - An Air Koryo flight from Pyongyang landed in Beijing early on Tuesday for the first time since the COVID-19 pandemic lockdowns began in 2020, as North Korea cracks open its border to some passenger travel. Cargo train and ship traffic has slowly increased over the past year, but North Korea has only just begun to allow some international passenger travel. Since the end of 2019, U.N. Security Council resolutions have required that all countries deport North Korean workers. The current Chinese ambassador to North Korea, Wang Yajun, had to wait 15 months after being named for the job before he could enter the country this March to take up his role. The Chinese foreign ministry said on Monday that Beijing had approved North Korea's state carrier Air Koryo resuming flights to China.

Persons: lockdowns, Koryo, Simon Cockerell, Kim Jong, Wang Yajun, Sophie Yu, Brenda Goh, Laurie Chen, Tian, Josh Smith, Jacqueline Wong, Raju Gopalakrishnan Organizations: North, Association of Asian Studies, Air Koryo, Civil Aviation Administration, China, Air China, Thomson Locations: BEIJING, SEOUL, Pyongyang, Beijing, North Korea, China, Russian, Kazakhstan, Vladivostok, Russia, U.N, Korea's, Koryo, Seoul

☆ China box office smashes summer records, Hollywood contributes little
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

So far, four films have surpassed the 2 billion yuan benchmark at the box office, another record for the summer film season, including suspense thriller "Lost in the Stars" and crime drama "No More Bets". According to the China Film Administration, this year's summer film revenue, which covers June to August, has surpassed the previous record of 17.78 billion yuan achieved in 2019. Margot Robbie-starrer "Barbie", which has performed well in global markets, brought in just 246 million yuan after almost a month on screen. Tom Cruise's "Mission: Impossible–Dead Reckoning Part One" made about 350 million yuan in more than a month of screening. ($1 = 7.2869 Chinese yuan renminbi)Reporting by Sophie Yu, Casey Hall; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Margot Robbie, Tom Cruise's, Sophie Yu, Casey Hall, Devika Organizations: China Film Administration, HK, Thomson Locations: BEIJING, China

☆ China's JD.com beats revenue estimates on sales amid slowing economy
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 16 (Reuters) - Chinese e-commerce firm JD.com (9618.HK), beat Wall Street estimates for second-quarter revenue on Wednesday, as its focus on lower-priced products to attract customers amid an economic slowdown paid off. Revenue grew 7.6% to 287.9 billion yuan ($39.7 billion), compared with analysts' average estimate of 278.85 billion yuan, Refinitiv Eikon data showed. After China abandoned its stringent COVID-19 lockdown policies, consumption failed to rebound immediately amid a slowdown in the country's overall economy. Recent official economic data has also been gloomy, with consumer price index tipping into deflation in July.

Persons: Aly, JD.com, Yuvraj Malik, Sophie Yu, Vinay Dwivedi, Jason Neely Organizations: CES, REUTERS, HK, Wall, Revenue, Analysts, Thomson Locations: Asia, Shanghai, China, U.S, JD.com, Bengaluru, Beijing

Travellers walk past an installation in the shape of five stars, at Beijing Daxing International Airport in Beijing, China April 24, 2023. REUTERS/Tingshu Wang/file photoBEIJING, Aug 10 (Reuters) - China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea and Australia in a potential boon for their tourism industries. Just how much outbound Chinese tourism will bounce back for the latest group of countries remains to be seen. Shares in firms in the latest group of countries with large exposure to Chinese travel demand jumped on the news. China has never publicly acknowledged limiting group tours to South Korea.

Persons: Tingshu Wang, Fumio Kishida, Don Farrell, Steve Saxon, Casey, Sophie Yu, Joyce Lee, Jamie Freed, Edwina Gibbs Organizations: Beijing Daxing International, REUTERS, Japanese, Trade, Tourism, Weibo, McKinsey & Co, South, Grand Korea, Reuters, Casey Hall, Thomson Locations: Beijing, China, BEIJING, United States, Japan, South Korea, Australia, Germany, Britain, Canada, Thailand, Russia, Cuba, Argentina, Nepal, France, Portugal, Brazil, Xinjiang, South Korean, U.S, Shanghai, Seoul

But there are new good deals all the time, you just have to go out to find them." That's what deflation looks like in China. As witnessed by Japan in the 1990s, deflation - if prolonged - can weigh on economic growth. "Good deals are needed to get consumers through the door so there is a lot of pressure on these businesses to find margins," said Ben Cavender, managing director at China Market Research Group in Shanghai. Restaurant worker Dong went to a wet market in central Beijing around lunchtime on Thursday, but did not buy anything.

Persons: Gao Yi, Ben Cavender, Zhu Danpeng, Joey Wat, Dong, Sophie Yu, Marius Zaharia, Sam Holmes Organizations: China Market Research Group, Guangdong Provincial Food Safety, Alliance, HK, KFC, Reuters, Thomson Locations: BEIJING, Beijing, China, Japan, Shanghai, Guangdong

☆ Major global firms warn of slow China sales as post-pandemic surge fades
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Aug 2 (Reuters) - From consumer goods giant Unilever (ULVR.L) to automaker Nissan (7201.T) and machinery maker Caterpillar (CAT.N), global firms have warned of slowing earnings in China as the world's second-largest economy loses its post-pandemic bounce. A continued rebound has been limited to a handful of sectors such as dining and luxury goods, driving double-digit China sales growth for the likes of Starbucks (SBUX.O) and LVMH (LVMH.PA). Volkswagen (VOWG_p.DE) cut its full-year sales target last week due to a sales dip in China, its top market. "Unfortunately, our (China) sales outlook is now falling far below our production capacity," Nissan CEO Makoto Uchida said last week. "We mentioned during our last earnings call that we expected sales in China to be below the typical 5% to 10% of our enterprise sales.

Persons: Graeme Pitkethly, we're, Makoto Uchida, Jim Umpleby, Jacob Stausholm, Louis Vuitton, Tiffany, Jean, Jacques Guiony, Mimosa Spencer, Sophie Yu, Brenda Goh, Richa Naidu, Melanie Burton, Daniel Leussink, Victoria Waldersee, Miranda Murray, Rishav Chatterjee, Deborah Sophia, Ananya Mariam Rajesh, Yuvraj Malik, Miyoung Kim, Christopher Cushing Organizations: Unilever, Nissan, Caterpillar, Starbucks, Procter, Gamble, L'Oreal, Global, Volkswagen, Samsung, SK Hynix, Apple, Rio Tinto, Tinto, Yum, HK, KFC, Kailyn, Thomson Locations: China, KS, Rio, Yum China, Kailyn Rhone, New York, Paris, Beijing, Shanghai, London, Melbourne, Tokyo, Victoria, Berlin, Bengaluru

[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.

Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's

☆ Apple opens store on China's WeChat platform
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. REUTERS/Thomas Peter/File PhotoBEIJING, July 11 (Reuters) - Tencent's (0700.HK) WeChat said on Tuesday that iPhone maker Apple (AAPL.O) had opened a store on its social media platform, marking an expansion of the U.S. firm's retail channels in the world's second largest economy. The announcement by WeChat, China's dominant messaging app which also provides e-commerce, livestreaming and payment services, said users would be able to buy Apple products including iPhones, iPads and Macs from the store. The move by Apple comes as Chinese consumers increasingly turn to social media platforms such as WeChat and ByteDance's Douyin, the Chinese version of TikTok, to shop. China's smartphone sales in the first quarter fell 5% year on year, marking the lowest first-quarter sales figure for the country since 2014, according to data from Counterpoint Research.

Persons: Thomas Peter, WeChat, Tencent, ByteDance's Douyin, Sophie Yu, Brenda Goh, Jacqueline Wong, Jamie Freed Organizations: Apple, REUTERS, HK, Counterpoint Research, Beijing, Thomson Locations: Beijing, China, BEIJING

☆ China urges Netherlands to not abuse export control measures
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 1 (Reuters) - China has urged the Netherlands to not hinder bilateral cooperation in the semiconductor industry and to not abuse export controls, China's Ministry of Commerce said in a statement. The statement was made in response to questions from the media, it said. It also said the two countries have communicated frequently and at various levels on the topic. The Dutch government on Friday announced new restrictions on exports of some semiconductor equipment, boosting a U.S.-led drive to curb supplies of high-tech components to China. Reporting by Sophie Yu and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Sophie Yu, Ryan Woo, Edwina Gibbs Organizations: China's Ministry of Commerce, Thomson Locations: BEIJING, China, Netherlands, U.S

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