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☆ Container explodes on cargo ship at China's key Ningbo port
▼ + stars: | 2024-08-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

An aerial photo is showing containers at Beilun Port in Ningbo, Zhejiang province, China, on April 11, 2024. BEIJING — A hazardous goods container exploded Friday on a cargo ship in China's high-traffic Ningbo port, Taiwanese vessel owner Yang Ming Marine Transport Corp. told CNBC in a statement. State-owned port operator Ningbo-Zhoushan said the ship was docked at the Beilun 2 container terminal, according to a post on Chinese social media. The port operator and Yang Ming both said the cause of the incident was not yet clear. Ningbo-Zhoushan is China's second-highest traffic port, located in eastern China's Zhejiang province.

Persons: Yang, Zhoushan, Yang Ming, Ruxandra Iordache Organizations: Yang Ming Marine Transport Corp, CNBC, YM, Shanghai Locations: Port, Ningbo, Zhejiang province, China, BEIJING, Liberia, Zhoushan, China's Zhejiang, Shanghai, Singapore

☆ Stellantis to offer broad buyouts to U.S. salaried workers, warns of possible layoffs
▼ + stars: | 2024-07-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

CEO of auto giant Stellantis Carlos Tavares speaks to journalists during a joint media event by Stellantis and Leapmotor in Hangzhou, in eastern China's Zhejiang province on May 14, 2024. DETROIT – Automaker Stellantis plans to once again reduce its U.S. employee headcount through a broad voluntary buyout, as the company attempts to reduce costs and boost profits. The company, which reported disappointing first-half results last week, said if not enough employees participate in the buyout program, involuntary terminations could follow. Stellantis confirmed the buyout program, which was first by Automotive News, early Tuesday afternoon. Stellantis last conducted a voluntary buyout program in November, offering the deals to roughly half of its U.S. white-collar employees.

Persons: Carlos Tavares, headcount, Stellantis, excessiveness, Tavares Organizations: DETROIT –, U.S, Automotive News, Fiat Chrysler, France's PSA Groupe, CNBC Locations: Leapmotor, Hangzhou, China's Zhejiang province, Italy

☆ Japan is scrambling to explain why its naval destroyer pushed into Chinese waters where Beijing was conducting live-fire drills near Taiwan
▼ + stars: | 2024-07-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewJapan's defense ministry is investigating officers of a naval destroyer that entered Chinese territorial waters for about 20 minutes on July 4, according to local reports. Kyodo News reported on Thursday that the Maritime Self-Defense Force destroyer Suzutsuki was monitoring Chinese live-fire drills on the coast of China's Zhejiang province when it pushed into Chinese territory. Related storiesHowever, Kyodo News cited Chinese diplomatic officials saying that Beijing believes the Suzutsuki broke Chinese laws by failing to request entry. Tokyo has also often noted China's incursions into its own waters, Chong said. AdvertisementChinese naval ships have also entered Japanese waters before, including in February 2023, when a survey vessel encroached into Japan's territorial waters near Kagoshima prefecture.

Persons: —, Suzutsuki, Lin Jian, Ian Ja Chong, Chong, China's Organizations: Service, Kyodo, Self, Defense Force, Business, Kyodo News, Sankei, Reuters, Chinese Foreign Ministry, Sankei Shimbun, National University of Singapore, Kagoshima prefecture . Press Locations: China's Zhejiang, Zhejiang's, Zhejiang, China's, Taiwan, Beijing, Akita, Hachinohe, Aomori, Tokyo, China, Kagoshima prefecture

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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.

☆ 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.

☆ In rural eastern China, not testing for COVID becomes the norm
▼ + stars: | 2023-01-10 | by ( Brenda Goh | ) www.reuters.com time to read: +4 min

Breathing problems, body aches and lethargy had prompted her to visit a hospital in her home village in Tonglu county in eastern China's Zhejiang province' for treatment. It was a common reaction among patients in Tonglu, illustrating how COVID-19 is spreading across China without recognition, especially in its vast rural regions. Several residents around Tonglu county told Reuters they had COVID symptoms or believed they had been infected previously, but that testing was not that common, especially for those living in the villages. Medical facilities visited this week by Reuters in Tonglu county, in one of China's most prosperous regions and known for farming, were relatively calm. In Tonglu county, residents described how crowded the local crematorium was, echoing what funeral home staff in other cities such as Beijing and Shanghai have told Reuters.

☆ As China abandons zero-Covid, what will the economy look like in 2023?
▼ + stars: | 2022-12-29 | by ( Laura He | ) edition.cnn.com time to read: +6 min

And with the global economy now facing significant challenges, including energy shortages, slowing growth and high inflation, China’s reopening could provide a much-needed and timely boost. China’s historic property downturn and a potential global recession could also cause more headaches in the new year, they added. They expect China’s economy to contract by 0.8% in the first quarter of 2023, before rebounding in the second quarter. Trade had powered much of China’s economic growth earlier this year, as exports were boosted by rising prices of the country’s goods and a weaker currency. “But a looming global recession means they probably have further to fall over the next few quarters.”

☆ Russia and China hold naval drills, practise submarine capture
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 28 (Reuters) - Russia and China have completed naval drills in the East China Sea, after a week of joint exercises which included practising how to capture an enemy submarine with depth charges and firing artillery at a warship, Russia's defence ministry said. "Detachments of warships of the Pacific Fleet and the Naval Forces of the People's Liberation Army of China have completed practical tasks within the framework of the bilateral naval exercise," Russia's defence ministry said. The ministry published video showing a group of Russian and Chinese warships in the East China Sea, with Russian sailors speaking in Mandarin to their Chinese counterparts and Russian ships firing missiles. Chinese leader Xi Jinping is due to speak to President Vladimir Putin before the end of the year, TASS news agency said. Reporting by Guy Faulconbridge, +79856400243 Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Take a look at China's fleet of destroyers, including the Type 055, which cost $920 million to build and is considered one of the country's most powerful warships
▼ + stars: | 2022-09-27 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +2 min

China has the world's largest navy, with more than 355 vessels in its fleet, according to a 2021 report by the United States Naval Institute. Officers and soldiers of the Chinese naval fleet for escort mission line up on the deck at a port in Zhoushan, east China's Zhejiang Province, April 28, 2020. The report stated that "increasing capabilities of Chinese warships" like destroyers is crucial to the country's military plans. In addition to China's newest class, the Type 055, there are six other locally made active destroyer classes: Type 052A, Type 051B, Type 051C, Type 052B, Type 052C, and Type 052D(L), per a 2018 report by CRS. Keep reading for a look at all eight of China's destroyer classes.

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