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☆ Huawei SUV crash kills three in China's Shanxi province, says state media
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: +1 min

AITO Automobile, a Huawei-backed new energy vehicle brand, is investigating the incident in collaboration with the local traffic police department, the company said in a statement released on its WeChat and Weibo public social media accounts on Sunday. Three people, including a two-year old boy, died after a Huawei-backed Aito M7 SUV burst into flames following a crash with a truck on a highway in the Chinese city of Yuncheng in the northern province of Shanxi, state media said. Aito Automobile, a Huawei-backed new energy vehicle brand, is investigating the accident along with traffic police, the company said on its WeChat and Weibo public social media accounts on Sunday. Video on social media showed bystanders trying to break the window and door of the SUV as it was lodged under the truck with the front of the vehicle engulfed in flames. The Aito M7, made by Huawei in partnership with Seres Group , was launched in 2022, with Huawei providing technology for the vehicle and help with marketing.

Persons: Aito Organizations: AITO, Huawei, Aito, Seres Group Locations: Yuncheng, Shanxi

☆ U.S. oil falls below $83 as war fears ease after Israel refrains from immediate Iran counterattack
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were mixed Thursday after a selloff earlier in the week as traders discounted fears of a war between Israel and Iran that could disrupt crude supplies. The West Texas Intermediate contract for May delivery added 4 cents, or 0.05%, to settle at $82.73 a barrel. U.S. crude oil had gained nearly 1% to a session high of $83.47 before pulling back. Oil sold off more than 3% Wednesday as Israel has refrained so far from striking back against Iran for the Islamic Republic's unprecedented weekend air assault, reducing fears of a major war in the Middle East. U.S. crude oil and the global benchmark have fallen below the prices reached after Israel's airstrike against Iran's diplomatic compound in Damascus, Syria at the start of the month, the event that triggered the current round of hostilities.

Persons: Brent, we've, Phil Flynn Organizations: The West Texas Intermediate, Oil, Price Futures Group, Israel's Locations: Israel, Iran, The, Damascus, Syria

☆ What is a wealth tax and can it work in reality?
▼ + stars: | 2024-03-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The so-called wealth tax is a politically divisive economic policy, but one that is regaining attention amid rising inequality and shifting demographics. It follows an earlier G20 meeting, in which finance leaders explored plans for a global minimum tax on the world's 3,000 billionaires. Colombia, Scotland and the U.S. have all proposed wealth taxes in recent years, joining the likes of Switzerland, Norway and Spain in imposing taxes specifically on the super-rich. And even some of the world's wealthy are backing such calls. But can such a policy work in reality, and is it likely to take hold?

Persons: Joe Biden, Phil White Organizations: U.S, Patriotic Millionaires, CNBC Locations: Colombia, Scotland, Switzerland, Norway, Spain

The declines have come from just about every sector, with the exception of technology, which has seen its earnings estimates rise since October 1. A good example: IBM , which beat earnings expectations and highlighted an uptick in demand for artificial intelligence products and services. Outside of technology, earnings expectations are lower than three months ago, but are now rising again. "The market has been anticipating improving earnings expectations, and it's getting them. By that I do not mean that earnings estimates are rising, I mean they are not getting cut as much anymore," Raich added.

Persons: Nick Raich, it's, Raich, Sherwin, Williams, Heidi Petz, Kimberly, Clark, Nelson Urdaneta, that's, shipper J.B, Hunt, John Roberts, McCormick, Gamble, STMicroelectronics, Jim Fitterling, DuPont, hasn't, ASML, Andre Schulten, Baker Hughes Organizations: IBM, Treasury, Scout, Paint Stores, Insurance, Procter, Swift Transportation, Dow Inc, Texas, 3M, Gamble, FedEx, Humana, Adobe, Dupont Locations: Americas, China

☆ U.S. crude oil falls 4% as Saudi price cut heightens global demand worries
▼ + stars: | 2024-01-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

An employee in a branded helmet is pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. U.S. crude oil declined 4% on Monday after Saudi Arabia slashed its prices, raising renewed worries that the market is oversupplied at the same time as demand is weakening. The Saudi price cut comes amid persistent market weakness due in large part to record U.S. crude production and softening demand in China. Maybe the landing might not be so soft," Phil Flynn of The Price Futures Group wrote on Monday. U.S. crude exports also rose by more than 1 million barrels per day to 5.2 million barrels per day in the same period.

Persons: Brent, Phil Flynn, Flynn, Antony Blinken, Bob Yawger, Yawger Organizations: West Texas Intermediate, Saudi Aramco, OPEC, The Price Futures, Mizuho, CNBC PRO Locations: Saudi Aramco, Abqaiq, Saudi Arabia, Saudi, China, ., Iran, Lebanon, Strait, Hormuz, U.S, Riyadh

☆ U.S. crude declines as skepticism mounts over OPEC+ cuts
▼ + stars: | 2023-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined Thursday, erasing early gains, as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts. Riyadh agreed to extend its voluntary production cut of 1 million barrels per day, a source in the Energy Ministry told the Saudi Press Agency. Iraq is cutting by 223,000 bpd, the United Arab Emirates 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd. OPEC+ has a major problem when it comes to cohesion and compliance on output cuts, said John Kilduff of Again Capital. "They have their hands full and to me it's not going to prove to be a winning strategy for them," he said of the output cuts.

Persons: Brent, Alexander Novak, Phil Flynn, Flynn, John Kilduff, Kilduff, CNBC's, it's Organizations: West Texas Intermediate, Energy Ministry, Saudi Press Agency, United Arab Emirates, Traders, Price Futures, U.S, OPEC, CNBC PRO Locations: OPEC, Saudi Arabia, Riyadh, Iraq, Kuwait, Kazakhstan, Algeria, Oman, Russia, Asia, China

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

☆ Huawei to move smart car operations to new joint company with Changan
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 26 (Reuters) - China's Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto. The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. "The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said. "The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing said. Huawei has repeatedly said it does not make cars on its own but only helps other automakers make better vehicles.

Persons: Yu Chengdong, Changan, Laurie Chen, Brenda Goh, Edmund Klamann Organizations: Huawei, Changan Auto, Chongqing Changan Automobile, Shenzhen Stock Exchange, Seres, Chery, Thomson Locations: BEIJING, Chongqing, China, Shenzhen, Beijing, Shanghai

☆ Oil slips 1% on concerns over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 75 cents, or 1%, to $76.35 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed a ministerial meeting at which they were expected to discuss oil output cuts to Nov. 30. OPEC+ members Angola and Nigeria are aiming for higher oil output, officials told Reuters on Thursday. "However, it may be more difficult to bridge the gap with Angola, which has been a moodier member of the producer group since it joined in 2007."

Persons: Angus Mordant, Helima Croft, Phil Flynn, Nia Williams, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson, Marguerita Choy, Jonathan Oatis Organizations: REUTERS, Brent, . U.S . West Texas, U.S, Organization of, Petroleum, Producers, Reuters, Capital Markets, Price Futures Group, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Nigeria, Saudi Arabia, Chicago, British Columbia, London, Houston, Beijing

☆ U.S. crude oil fell into a bear market this week and could head lower as China 'haunts the market'
▼ + stars: | 2023-11-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

U.S. crude oil prices entered a bear market this week, down 22% from September highs as traders wrangle over whether the spiral is driven by market fundamentals or just speculation. Phil Flynn, an oil market analyst with the Price Futures Group, said hedge funds have piled into short positions. There is still some "grind lower" in prices in store unless more positive data comes out of China, he said. If prices keep falling, the U.S. will slip from record production because shale producers will have trouble making money and stop investing, he said. The group has blamed speculators for the recent selloff and insisted market fundamentals are strong with China demand healthy.

Persons: Leo Mariani, Roth MKM, Phil Flynn, John Kilduff, Flynn, Kilduff, Matt Maley, Miller, Daniel Yergin, Yergin, Brent, — CNBC's Pippa Stevens Organizations: West Texas, Brent, Price Futures, Energy Information Agency, Again, Traders, P Global, Organization of, Petroleum, UBS, OPEC Locations: China, U.S, Canada, Brazil, Guyana, East, Israel, Persian, Hormuz

☆ U.S. crude prices fall nearly 4% as inventories rise amid demand worries
▼ + stars: | 2023-11-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. U.S. crude prices fell nearly 4% on Thursday as inventories rose while industrial production fell. U.S. crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day, according to data released by the Energy Information Agency Wednesday. Phil Flynn, an oil expert with the Price Futures Group, said slower industrial production combined with increased supply are playing into the slowing demand theory. OPEC said China's crude imports remain healthy, rising by 11.4 million barrels per day in October.

Persons: Phil Flynn, Flynn Organizations: Cushing , Oklahoma ., West Texas Intermediate, Brent, Energy Information Agency, United Auto Workers, Federal Reserve, Price Futures, National Bureau of Statistics, of Petroleum, International Monetary Fund, OPEC Locations: Cushing , Oklahoma, Cushing , Oklahoma . U.S, China

☆ Make America Build Again
▼ + stars: | 2023-11-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +37 min

America is the sixth-most-expensive place in the world to build subways and trolleys. The solutions will cost trillions of dollars and require a pace of building unseen in America since World War II. Perhaps the single most pressing question we face today is: How do we make America build again? "For this class of projects, federal environmental laws are more the exception." The prospect of overhauling our hard-won environmental laws might feel like sacrilege to anyone who cares about the Earth.

Persons: Anne, Marie Griger's, Griger, —, They're, Obama, I'm, we've, We've, I'd, It's, Matt Harrison Clough, Jamie Pleune, AECOM, Joe Biden's, There's, David Adelman, David Spence, Spence, James Coleman, NECA, Coleman, everyone's, Danielle Stokes, Nobody, Bill McKibben, Mother Jones, McKibben, Michael Gerrard, Columbia University —, they've, David Pettit, it's, Zachary Liscow, That's who's, Adam Rogers Organizations: RES Group, Environmental, Infrastructure Investment, Jobs, Land Management, Forest Service, University of Utah, Harvard Joint Center for Housing Studies, Brookings, Bureau of Ocean Energy Management, White, University of Texas, Greenpeace, Natural Resources Defense Council, Act, NEPA, Berkeley, University of California, University of Southern, Southern Methodist University, Ecosystems Conservation, GOP, Biden, Motorola, Telecommunications, Conservatives, Federal Energy Regulatory Commission, FERC, University of Richmond, UC Berkeley, USC, Star, Sabin, Climate, Columbia University, Natural Resources Defense, Republicans, Democrats, Management, Budget, Yale Law School Locations: Panama, Colorado, . California, Los Angeles, San Francisco, China, America, Washington, , Wyoming, Nantucket, New England, San Francisco ., University of Southern California, California, New York, Florida, Southern California, Las Vegas

☆ Oil is struggling this week but could be primed for a near-term bounce, analysts say
▼ + stars: | 2023-11-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices may be due for a pop after their recent struggles, according to two analysts. International benchmark Brent is down 3.7% this week, while U.S. West Texas Intermediate futures have lost nearly 4%. Flynn said virtually everyone in the market right now is short oil futures. "You could easily mount a recovery here because we're probably the most oversold in a year in the market," said Flynn. OPEC+ will meet in two weeks and could take action to defend prices while there's still a low risk of regional war.

Persons: Phil Flynn, Flynn, we're, Hossein Amir, Abdollahian, Qatar's Sheikh Mohammed bin Abdulrahman, Maximilian Layton, there's, Layton Organizations: Brent, U.S, West Texas, Price Futures, Iranian, Iran's Press, Citi Locations: Europe, China, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Gaza, OPEC, Israel, Iran

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Also weighing on prices, U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures. Data from China, the world's biggest crude oil importer, showed its total exports of goods and services contracted faster than expected, feeding worries about the energy demand outlook. Analysts from Goldman Sachs estimated seaborne net oil exports by six countries from oil producer group OPEC will remain only 600,000 bpd below April levels. The government eased restrictions on Oct. 6, allowing diesel exports by pipeline, but kept measures on gasoline exports.

Persons: Angus Mordant, Goldman Sachs, Warren Patterson, Ewa Manthey, Phil Flynn, Nikolai Shulginov, Brent, Stephanie Kelly, Paul Carsten, Muyu Xu, Marguerita Choy, David Gregorio Our Organizations: REUTERS, bbl, YORK, Brent, ING, American Petroleum Institute, U.S . Energy Information Administration, Price Futures, Goldman, OPEC, Barclays, Thomson Locations: Loving County , Texas, U.S, Russia, China, Israel, Gaza, Beijing, OPEC, Moscow

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures. Data from China, the world's biggest crude oil importer, showed its total exports of goods and services contracted faster than expected, feeding worries about the energy demand outlook. Tempering supply concerns, analysts from Goldman Sachs estimated seaborne net oil exports by six countries from oil producer group OPEC will remain only 0.6 million bpd below April levels. In more bullish news for crude prices, OPEC expects the global economy to grow and drive fuel demand despite economic challenges including high inflation and interest rates.

Persons: Angus Mordant, Goldman Sachs, Warren Patterson, Ewa Manthey, Phil Flynn, Stephanie Kelly, Paul Carsten, Muyu Xu, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, ING, U.S . Energy Information Administration, EIA, American Petroleum Institute, Price Futures, Goldman, OPEC, Thomson Locations: Loving County , Texas, U.S, United States, China, Israel, Gaza, Beijing

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSummary Oil prices drop on Friday but gain over 1% for the weekHamas releases two US hostages in GazaEarlier, Israeli minister said troops to see Gaza 'from inside'Global oil market already faces supply concernsBENGALURU, Oct 20 (Reuters) - Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies. Brent crude futures fell 22 cents, or 0.2%, to settle at $92.16 a barrel. U.S. West Texas Intermediate crude futures for November delivery , which expired after settlement on Friday, fell 62 cents, or 0.7%, to $88.75 a barrel. Hamas' armed wing released two U.S. hostages from Gaza - a mother and her daughter - "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday. "The report took some of the risk premium out of the market," said Phil Flynn, analyst at Price Futures Group.

Persons: Andrew Kelly, Abu Ubaida, Phil Flynn, Yoav Gallant, John Kilduff, Kilduff, Giovanni Staunovo, Brent, Staunovo, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio, Jane Merriman Organizations: REUTERS, Hamas, Brent, . West Texas, Price Futures, Israeli, Pentagon, UBS, U.S . Commodity Futures Trading Commission, Thomson Locations: Manhattan , New York City, U.S, Gaza, BENGALURU, Hamas, Israel, Yemen, New York, Saudi Arabia, Russia

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. Brent crude futures rose $1.00, or 1.1%, to $93.26 a barrel by 11:24 a.m. EDT (1524 GMT). Both front-month contracts were headed for a second weekly gain on heightened fears of the Middle East conflict spreading. "The Middle East remains a big focus of the market because of fears of a region-wide conflict that would likely involve a disruption of oil supplies," said John Kilduff, a partner at New York-based Again Capital. "Venezuelan oil production will not be a significant factor in shaping the global oil balance in the foreseeable future," Tamas Varga of oil broker PVM wrote in a note.

Persons: Andrew Kelly, Brent, John Kilduff, Kilduff, Yoav Gallant, Washington's, Phil Flynn, Tamas Varga, PVM, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio Our Organizations: REUTERS, . West Texas, Israeli, Pentagon, . Strategic Petroleum Reserve, Price Futures, Reuters, Thomson Locations: Manhattan , New York City, U.S, Gaza, Venezuela, BENGALURU, Israel, New York, Yemen, Saudi Arabia, Russia, OPEC

☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

☆ Huawei-backed Aito says gets 50,000 orders for M7 car since relaunch
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

SHENZHEN, China, Oct 9 (Reuters) - Huawei-backed electric vehicle (EV) brand Aito has received more than 50,000 orders for its revamped M7 model within the first 25 days since it went on sale, the company said. The orders, which required a non-refundable deposit, would put Aito among China's five top-selling new energy vehicle manufacturers, based on sales data for August. The Aito brand, which Huawei makes in partnership with Seres Group (601127.SS), launched the M7 in July last year. As of June, Aito had shipped just 27,405 of the original M7, according to data from the China Association of Automobile Manufacturers. Huawei's intelligent automotive solution business brought in one billion yuan revenue in the first half of this year, a tiny fraction of the 310.9 billion yuan ($42.63 billion) its total business earned over that period, the company said in August.

Persons: Richard Yu, Huawei's, Aito, Yu, David Kirton, Brenda Goh, Zoey Zhang, Edmund Klamann Organizations: Huawei, Huawei's Smart, Weibo, Seres, China Association of Automobile Manufacturers, Chery, Thomson Locations: SHENZHEN, China, Shenzhen, Shanghai

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were up 55 cents to $91.26 a barrel by 1:01 p.m. EDT (1701 GMT), after falling to a session low of $89.50, the lowest price since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, a day after Turkey said operations would start again this week after nearly a six-month stoppage. U.S. crude inventories were expected to have fallen by about 500,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Alexander Novak, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter, Paul Simao Organizations: REUTERS, Brent, . West Texas, U.S ., Federal Reserve, Price Futures Group, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, OPEC, Asia, Turkey, Gulf, Iraq

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were down 10 cents to $90.61 a barrel by 11:15 a.m. EDT (1515 GMT), after falling to a session low of $89.50, the lowest since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, one day after Turkey said operations would start again this week after a near six-month stoppage. U.S. crude inventories were expected to have fallen by about 100,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Craig Erlam, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter Organizations: REUTERS, Wednesday, Brent, . West Texas, U.S ., U.S, Reserve, Futures, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Saudi Arabia, Asia, Turkey, Gulf, Iraq, .

☆ Starbucks' former CEO Schultz to retire from board
▼ + stars: | 2023-09-13 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Former Starbucks CEO Howard Schultz speaks during his book tour in Seattle, Washington, U.S., January 31, 2019. In March, Schultz defended himself and the company against allegations of "union busting" at a U.S. Senate committee hearing. Schultz, 70, stepped down as CEO in March after he returned to the helm for the third time. He oversaw a major revamp in technology at Starbucks' stores during his latest stint, doubling down on equipment and employee training to improve service. Other members on the board include Microsoft (MSFT.O) CEO Satya Nadella and former Domino's Pizza (DPZ.N) boss Richard Allison.

Persons: Howard Schultz, Jason Redmond, Schultz, Stephens, Joshua Long, Wei Zhang, Zhang, Satya Nadella, Richard Allison, Deborah Sophia, Sriraj Organizations: Starbucks, REUTERS, U.S, Wall Street, Alibaba, Alibaba Pictures, Microsoft, Thomson Locations: Seattle , Washington , U.S, U.S, Bengaluru

☆ Former Starbucks CEO Howard Schultz steps down from coffee chain's board
▼ + stars: | 2023-09-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Former Starbucks CEO Howard Schultz testifies before the Senate Health, Education, Labor, and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill on March 29, 2023 in Washington, DC. Former Starbucks CEO Howard Schultz is stepping down from the coffee chain's board, the company said Wednesday. Schultz previously stepped down from Starbucks' board in June 2018 to prepare for a potential presidential run, before deciding against a bid. Zhang also previously held roles at News Corp China, CNBC China, Bain and General Electric. She is the third woman on Starbucks' nine-person board, which includes chair Mellody Hobson and Land O'Lakes CEO Beth Ford.

Persons: Howard Schultz, Schultz, Laxman Narasimhan, Kevin Johnson, Wei Zhang, Zhang, Alibaba, Bain, Ralph Lauren's, Mellody Hobson, Beth Ford Organizations: Starbucks, Health, Education, Labor, Washington , DC, CNBC, Alibaba Pictures, News Corp China, General, Land Locations: Dirksen, Washington ,, China, U.S, CNBC China

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