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SenseTime IPO could help HSBC gain recognition
  + stars: | 2021-11-26 | by ( Jennifer Hughes | )   time to read: +3 min
HONG KONG, Nov 26 (Reuters Breakingviews) - Some deals are about more than just the money. SenseTime recently secured approval read more in Hong Kong for its initial public offering, which might raise as much as $2 billion. It will be the biggest overseas IPO by a Chinese company since Didi Global’s (DIDI.N) disastrous $4 billion IPO in July triggered a regulatory crackdown that hit Chinese stocks hard. The bank is moving Greg Guyett, the unit’s co-head, to Hong Kong, and recruited several industry bankers in the region to bolster its boardroom-level access. Alongside HSBC for the SenseTime IPO are Chinese peers China International Capital Corporation (3908.HK) and Haitong International (0665.HK).
Persons: SenseTime, Didi Global’s, John Studzinski, Matthew Westerman, Noel Quinn, Greg Guyett, Quinn isn’t, Jeffrey Goldfarb, Katrina Hamlin Organizations: Reuters, HSBC, HK, U.S . Commerce, Global Banking, Markets, China International Capital Corporation, Haitong, Thomson Locations: HONG KONG, Hong Kong, Xinjiang, Asia, Japan, Britain
Activists are pushing companies to "fully extricate their supply chains from the Uyghur Region," meaning Xinjiang. Researchers say that cotton from that region of China is still ending up in stores. In 2020, the United States banned the import of certain Xinjiang products, including cotton, over concerns about forced labor in the region. Murphy spearheaded the report "Laundering Cotton: How Xinjiang Cotton is Obscured in International Supply Chains." In her research, she initially identified five Chinese companies selling cotton yarn or fabric that was sourced from the Xinjiang region.
Persons: that's, Laura Murphy, Helena Kennedy, Murphy, Joe Biden's, Wang Yi, Eileen Fisher, Marks, Jo Ann, . Bean, Brooks, Eddie Bauer, Guess, Hanes, Hugo Boss, Levi Strauss, Lilly Pulitzer, Lucky Brand, Madewell, Marco Polo, Michael Kors, Ralph Lauren, Uniqlo, JCPenney, L.L . Bean, Bean, Lacoste, Timothy Voit Organizations: Service, Privacy, Coalition, Labour, United, China's International Press Center, Helena, Helena Kennedy Center for International Justice, Sheffield Hallam University, US Treasury Department, Rights Watch, UN Human Rights, Reuters, Spencer Group, Carrefour, Costco, Home Depot, Ikea, Kmart, Kohl's, Sears, Target, Walmart, American Eagle Outfitters, Brooks Brothers, Duluth Trading, Inc, Vineyard, Nike, Tesco Locations: China, Xinjiang, Uyghur Region, Xinjiang Uyghur Autonomous Region, People's Republic of China, Beijing, United States, Indonesia, Sri Lanka, Bangladesh, Vietnam, India, Pakistan, Kenya, Ethiopia, Mexico, Macy's, Patagonia, Chico's, Duluth, Xinjiang Uyghur Autonomous, Lacoste, Australia, Turkey, Peru, Thomaston
HONG KONG — A Chinese fashion photographer has apologized after backlash over work she did for French luxury brand Dior. The picture featured a tan, freckled model of Asian descent wearing traditional Chinese clothing while holding a black Lady Dior bag. The photo was removed from display at a Dior fashion exhibition in Shanghai in the wake of the controversy. I think that I must still formally apologize to everyone,” Chen said as she addressed her followers on social media earlier this week. “Dior is unwaveringly loyal to Chinese consumers and society.”NBC News has reached out to Dior for comment.
Persons: Dior, Chen Man, , ” Chen, , Chen, Annie Leibovitz, she's, ” “ Dior, “ Dior, It’s, Gabbana Organizations: Dior, Twitter, Global Times, Communist Party, British, China, NBC, Nike, Burberry, Dolce Locations: HONG KONG, Shanghai, Weibo, China, Taiwan, Xinjiang
In China, high energy prices have led to power rationing, hurting industry and sparking concern about winter heating supplies. Combined, the United States and China consume nearly 35 million barrels of oil a day, more than a third of global demand. U.S. oil prices hit a seven-year high in late October driving inflation and hitting Biden's approval rating ahead of midterm elections next year. But in the short term, the action by consuming countries is likely to put pressure on oil prices, Yergin said. "This also comes at a time when the supply/demand balance is on a course to improve over the next few months, and this oil deal will add to that.
Persons: Joe Biden, Xi Jinping, Jonathan Ernst WASHINGTON, Joe Biden's, Biden, Daniel Yergin, Yergin, Amy Myers Jaffee, Jaffee, Trump, Timothy Gardner, Jarrett Renshaw, Jessica Resnick, Ault, David Gaffen, Heather Timmons, Alistair Bell Organizations: White, REUTERS, IHS, U.S, Biden, Glasgow, Tufts University, OPEC, Reuters Graphics China, United, Reuters Graphics Reuters, ClearView Energy Partners, Congress, Thomson Locations: Washington , U.S, China, United States, India, Cooperation, Beijing, Japan, U.S, Glasgow, Scotland, Washington, Xinjiang, Hong Kong, Tibet, Taiwan, Saudi Arabia, Russia, Canada, South Korea
China experts in the United States said his quick apology should ensure no serious damage was done. I was trying to emphasize the strength and longevity of our company," Dimon said in a statement issued by the bank. Dimon realized immediately after he made the comment that it was a mistake, according to a source familiar with his thinking. "I don't think this will have any longer term consequences," said Leland Miller, chief executive at data firm China Beige Book and an expert on China's financial system. BACKLASHGlobal executives typically choose their words carefully when discussing China, where foreign companies have occasionally been subject to backlash for perceived offenses.
Persons: Morgan, Jamie Dimon, Brian Snyder HONG, JPMorgan Chase, Dimon, It's, Hu Xijin, Hu, Eswar Prasad, Leland Miller, Zhao Lijian, Cornell's Prasad, Jamie Dimon's, Wells, Mike Mayo, Megan Davies, David Henry, Yew Lun Tian, Anirban Sen, Cynthia Osterman, Christopher Cushing Organizations: Boston College, Club, REUTERS, Brian Snyder HONG KONG, JPMorgan, China's Communist Party, CPC, Twitter, Global Times, Morgan's, Communist Party, Cornell University, Bloomberg, Global, UBS, Nike Inc, Hong, Thomson Locations: Boston , Massachusetts, U.S, China, United States, Washington, Beijing, Swiss, Swedish, Xinjiang, Hong Kong, New York, Bengaluru
Hu Binchen, left, the deputy director-general of the international cooperation department at the Chinese Public Security Ministry. Secretary of State Antony Blinken said in March that Beijing continued “to commit genocide and crimes against humanity” against the group. China has defended the election bid by Hu, who is the deputy director-general of the Public Security Ministry’s international cooperation department. Interpol has been led by an official from China’s Public Security Ministry before. In a separate public appeal, dozens of Chinese, Uyghur, Hong Kong and Taiwanese activists and dissidents in exile also signed an open letter opposing Hu’s election.
Persons: Hu Binchen, Sen, Marco Rubio, Mike Gallagher, , Hong Konger, Idris Hasan, Hasan, Antony Blinken, , Hu, Meng Hongwei, Xi Jinping’s, Dolkun Isa, Ted Hui, Hui Organizations: Interpol, Inter, Parliamentary Alliance, Chinese Public Security Ministry, Xinhua,, Public Security, Foreign Ministry, NBC, China’s Public Security Ministry, Uyghur, Messenger Locations: China, Asia, Australia, Hong, People’s Republic of China, Xinjiang, Beijing, Singapore, India, Turkey’s, Ankara, France, Hong Kong, Uyghur Congress, dissents
"It's a paradox that there's so much money in North America and the Pacific ports are saturated with goods from Asia," Lopez Obrador said. "Why can't we produce in North America what we consume?" On Thursday, Trudeau and Biden "underscored their commitment to supply chain security," according to a statement after their meeting. The comments marked a welcome return to putting North America first, said Ildefonso Guajardo, a former Mexican economy minister who oversaw trade negotiations with the Trump administration. "The new reality of the supply chains and logistical disruptions caused by COVID to international trade obviously means we have to give more priority to North America," he said.
Persons: Joe Biden, Justin Trudeau, Andres Manuel Lopez Obrador, Jonathan Ernst WASHINGTON, Biden, Donald Trump, Lopez Obrador, Trudeau, Ildefonso Guajardo, Trump, COVID, Trevor Hunnicutt, Steve Scherer, Dave Graham, Heather Timmons, Daniel Wallis Organizations: Canada's, North American Leaders ', White, REUTERS, MEXICO CITY, U.S, Canadian, Biden, Republican, North American Free Trade, Trump, Beijing, World Trade Organization, Huawei Technologies, North America, Thomson Locations: Washington , U.S, OTTAWA, MEXICO, China, United States, Mexican, Xinjiang, Beijing, North America, Asia, Washington, Canada, Mexico, East Asia, Ottawa, Mexico City
Last month, after South Korea tested a new missile, Pyongyang admonished Seoul for its "reckless ambition." Arzan Tarapore, South Asia research scholar at Stanford University, said Beijing's aggressive posturing and diplomacy under Xi was alarming its neighbors. While Japan's neighbor North Korea is often in the news for its missile program, South Korea is also rapidly expanding its forces. Arzan Tarapore, South Asia research scholar at Stanford UniversityThe limits were put in place in 1979 to prevent a missile development arms race between the two Koreas. But he warned any further aggression by Beijing in the South China Sea could push countries to adopt a more militaristic stance.
Persons: Malcolm Davis, Xi Jinping, Mark Milley, Xi, Joe Biden, Arzan, Donald Trump, Biden, Tarapore, Fumio Kishida, Lionel Fatton, Sung Kim, Joko Widodo, ASPI's Davis, Nguyen, Delfin Lorenzana, Davis, Stanford's Tarapore, Peter Layton, Layton, acquiescing Organizations: CNN, Jiangnan Shipyard, South, Australian Strategic Policy Institute, PLA, Pentagon, US Joint Chiefs, Staff, Communist Party, Australian Strategic Policy, Stanford University, Trump, JUST, Japanese, Taiwan, Defense Forces, ., Webster University, US, Beijing, Philippines Defense, ASEAN, Air Defense, Stockholm International Peace Research Institute, Air Force, Navy, of Navigation Operations, Chinese Foreign Ministry, Griffith University's Asia Institute Locations: Hong Kong, Jiangnan, Taipei, Beijing, Asia, Taiwan, East Asia, Japan, South Korea, China, North Korea, Pyongyang, Seoul, Pakistan, South, Shanghai, South Asia, Philippines, Afghanistan, American, Tokyo, Okinawa, United States, . South Korea, Switzerland, Australia, Washington, London, Southeast Asia, Malaysia, Indonesia, Jakarta, South China, Vietnam, India, Galwan, Xinjiang, Ladakh, Delhi, Stockholm, Islamabad, Asia Pacific, Taiwan Strait, Europe
WASHINGTON, Nov 18 (Reuters) - The United States is considering a diplomatic boycott of the Beijing Olympics, President Joe Biden confirmed on Thursday, a move that would be aimed at protesting China's human rights record, including what Washington says is genocide against minority Muslims. "Something we're considering," Biden said when asked if a diplomatic boycott was under consideration as he sat down for a meeting with Canadian Prime Minister Justin Trudeau. A diplomatic boycott would mean that U.S. officials would not attend the opening of the Beijing Winter Olympics in February. White House spokesperson Jen Psaki told a regular briefing on Thursday that U.S. consideration of a diplomatic boycott of the Winter Olympics was driven by concerns about human rights practices in Xinjiang province. read moreDemocratic House Speaker Nancy Pelosi has also called for a diplomatic boycott, saying global leaders who attend would lose their moral authority.
Persons: Joe Biden, Biden, Justin Trudeau, Xi Jinping, Xi, Jen Psaki, Psaki, Thomas Peter, Antony Blinken, Washington, Nancy Pelosi, Tom Cotton of, Nikki Haley, America, Trevor Hunnicutt, Steve Holland, David Brunnstrom, Katharine Jackson, Tim Ahmann, Bill Berkrot Organizations: Beijing, Washington, Canadian, Olympics, Muslim, REUTERS, Reuters, Games, U.S . State Department, Democratic, Republican, United Nations, Thomson Locations: United States, China, Xinjiang, Beijing, Shougang Park, Tom Cotton of Arkansas, U.S
President Biden spent his first nine months in office trying to gain leverage over China: He patched up trade disputes with America’s allies. The message was unmistakable: The United States will work with China to address common challenges while competing from a position of strength. Take climate change, the single greatest long-term danger to life in the United States — and everywhere else. To reduce carbon emissions, the United States must rapidly switch to cleaner energy sources like solar. In so doing, however, it is making solar energy more expensive for Americans, which delays the United States’ transition away from fossil fuels.
Persons: Biden, Xi Jinping, , it’s, John Kerry Organizations: NATO, State Department, Biden, U.S, Trump, China’s Locations: China, United States, India, Japan, Australia, Washington, Beijing, U.S, Glasgow, Xinjiang, States
The woman’s first doppa was embroidered with a rose bed and intertwining black leaves — a motif signifying beauty, spiritual connectedness and resistance. Ms. Bora, 31, who grew up in Sydney after her parents fled China, had conflicting feelings about her different cultural identities and never wore the hat outside her home. But as the repression against Uyghurs in Xinjiang has become more brutal in recent years, the crisis ignited a sense of urgency to reconnect with her heritage. That set Ms. Bora on a trip to Central Asia to find a traditional doppa like the one she was given as a child. That journey turned into a storytelling project and an initiative to connect doppa makers and buyers online, which has gained momentum in recent months.
Persons: Subhi Bora, Bora Locations: Central Asia, Xinjiang, China, Sydney
In a call with reporters, a senior administration official described the meeting as "respectful," "straight-forward" and "open." President Joe Biden meets virtually with Chinese President Xi Jinping from the Roosevelt Room of the White House, on Nov. 15, 2021. The White House had hoped to hold the meeting in person, but Xi has not left China since January 2020, when the coronavirus first began to spread. "Meeting virtually is not quite the same as meeting in person, but it certainly was very different than just a phone call," the senior Biden administration official said. Biden and Xi, who spoke to each other Monday through interpreters, shared conciliatory words as they sat down for their three-and-a-half-hour video conference.
Persons: Joe Biden, Xi Jinping, Biden, Xi, Roosevelt, Susan Walsh, Trump, Jen Psaki, Scotland —, Psaki, Antony Blinken, Yang Jiechi, Yang, Janet Yellen, Jake Sullivan, Kurt Campbell, Laura Rosenberger, Jon Czin Organizations: WASHINGTON, White, U.S ., Taiwan, Global Times, Biden, of, People, Xinhua, U.S, Huawei, Chinese Communist Party Locations: U.S, China, Xinjiang, Taiwan, Beijing, United States, Rome, Scotland, China's, Washington, Alaska
METALS-Copper rises as investors cheer Xi-Biden talks
  + stars: | 2021-11-16 | by ( Mai Nguyen | )   time to read: +2 min
The yuan scaled a five-month high as traders welcomed a dialogue between the U.S. and Chinese presidents. In a virtual call , Xi called Biden an “old friend” and said the two sides must increase communication and cooperation. But the two went on to discuss China’s practices in Tibet, Hong Kong and Xinjiang, among other areas of friction. * ShFE nickel fell 2.1% to 143,500 yuan a tonne, zinc declined 2.4% to 22,635 yuan a tonne, aluminium shed 3.8% to 18,705 yuan a tonne and lead decreased 1.3% to 15,195 yuan a tonne. * LME nickel rose 0.1% to $19,605 a tonne and zinc dipped 0.6% to $3,196.50 a tonne.
Persons: Joe Biden, Xi Jinping, Anna Stablum, ” Stablum, Xi, Biden, Organizations: London Metal Exchange, Shanghai Futures, U.S Locations: U.S, Tibet, Hong Kong, Xinjiang
Mr. Biden raised concerns about human rights abuses in Xinjiang, Tibet and Hong Kong, and about China’s “unfair trade and economic policies” harming American workers, the White House statement said. Mr. Xi, according to China’s own readout, said that American support for Taiwan was “playing with fire,” and explicitly warned that the world risked slipping back into the superpower confrontations of a half-century ago. “Engaging in ideological demarcation, camp division, group confrontation, will inevitably bring disaster to the world,” Mr. Xi said, a clear reference to a pillar of the new administration’s strategy for challenging China by teaming up with like-minded nations that fear China or oppose its authoritarian model. The tone of the meeting was a reminder that China, perhaps inevitably, remains what Mr. Biden and his top advisers have cast as the greatest geopolitical challenge to the United States in its history. “And the United States is not going anywhere, and we’re not going anywhere in the Indo-Pacific either.
Persons: Biden, Xi, Mr, Jake Sullivan, it’s, Sullivan, we’re Organizations: Lowy Institute Locations: Xinjiang, Tibet, Hong Kong, Taiwan, China, Washington, U.S, United States, Soviet, Australia, Pacific
Footage broadcast on CCTV showed an H-6K bomber flying in a mountainous region. The images were calibrated to send warning to India to ease tensions, analysts say. The aircraft was armed with short-range KD-63 missiles — and not the long-range CJ-20 cruise missiles that it is also designed to carry. Macau-based military observer Antony Wong Tong said the apparent deployment was "definitely a warning to India." "New Delhi is within the combat range of the H-6K and the striking range of the CJ-20," Wong said.
Persons: Guo Wei, Antony Wong Tong, Wong, Song Zhongping, Zhou Chenming, Yuan Wang, Zhou Organizations: Service, Liberation Army, PLA Air, China Central Television, Western Theatre Command, PLA, Indian Air Force, LAC Locations: India, Beijing, Shaanxi, Kashgar, Xinjiang, Tibet, China, Xinhua, Macau, New Delhi, Delhi, Ladakh, Sikkim, Arunachal Pradesh, Galwan
WASHINGTON — Two issues that dominate the U.S.-China economic relationship, tariffs and supply chain woes, will take a backseat Monday to more pressing security concerns when President Joe Biden holds a virtual summit with Chinese President Xi Jinping. One thing is clear, however: Rising tensions between mainland China and Taiwan will be a priority for the United States. In March, the United States and its allies imposed sanctions on several officials in Xinjiang Province, the traditional homeland of the Uyghur people. Together, the United States and China are responsible for more than 35% of greenhouse gas emissions worldwide, although China produces more than double what America does. Under Xi, China's one-party Communist government has strived to dethrone the United States as the world's number one economic and political power.
Persons: Xi Jinping, Joe Biden, Biden, Xi, Donald Trump, I'm, Tony Blinken, autocrats Organizations: U.S, White, Washington , D.C, WASHINGTON, U.S ., Biden, ., U.S . State Department, Beijing, White House, Communist, NATO Locations: China, Washington ,, U.S, United States, Beijing, Taiwan, Xinjiang Province, Washington, Glasgow, Scotland, Hong Kong, British
Hong Kong (CNN) It's been nearly two years since China shut its international borders as part of its efforts to keep Covid-19 out. But Shih noted that attempts to eliminate "foreign influence" were unlikely to work, when China eventually resumes contact with the world. Unfavorable views of China have reached record highs among much of the developed world, according to surveys conducted by the Pew Research Service. "Other political parties, or even maybe Xi's predecessors, might have seen this dramatic reduction in contact between China and the rest of the world as a big problem. "(If) China wants to persuade the world that it is a benign power ... it needs to engage the world."
Persons: It's, Xi Jinping, hasn't, Xi, Li Keqiang, Carl Minzner, they've, Victor Shih, Shih, that's, China —, Lucas Li, Li, California's Shih Organizations: CNN, Communist Party, Police, Chinese Communist Party, Initiative, Council, Foreign Relations, of, People, BBC, Los Angeles Times, Foreign, of China, University of California, Daxing Airport, US, Shanghai, Shanghai Pudong International Airport, Pew Research Service, University, California's Locations: Hong Kong, China, Wuhan, Beijing, United States, Covid, Altay prefecture, Xinjiang, Guangzhou, Myanmar, Asia, Europe, Africa, San Diego, Britain, Australia, Shanghai Pudong, West, Guangdong province, Hubei, California
WASHINGTON — President Joe Biden will meet virtually with Chinese President Xi Jinping on Monday evening, as the two countries show some signs of progress on working together to address climate change despite continued divisions on other key issues such as Taiwan. "Throughout, President Biden will make clear U.S. intentions and priorities and be clear and candid about our concerns with the PRC," she added. Beijing has sent dozens of warplanes near Taiwan in recent weeks, leading the U.S. to criticize China’s actions as "destabilizing." Xi is seen as China's most powerful leader since Mao Zedong. Biden said it was "a big mistake" for Xi to not attend in-person.
Persons: Joe Biden, Xi Jinping, Biden, Jen Psaki, Mao Zedong, Antony Blinken, Yang Jiechi, Xi Organizations: WASHINGTON, White, U.S, Communist Party, Chinese Communist Party Locations: Taiwan, United States, China, Hong Kong, Xinjiang, cybersecurity, Beijing, U.S, Washington, Alaska, Rome, Scotland
HONG KONG — At first, “Fragile,” a Mandarin-language song that has gone viral in Asia, might come across as a saccharine piece of pop. I hear a sound, fragile self-esteem has broken into pieces,” the pair sing as the panda dances around. Mostly without ever mentioning them directly, the song, which uses Chinese and Taiwanese internet slang, makes many topical references. “Common prosperity”: This phrase used in the song is what Xi calls his drive to redistribute China’s wealth more evenly among the population. His 2015 music video satirizing K-pop was also criticized as racially insensitive.
Persons: Xi Jinping, Namewee, Kimberley Chen, , , Chen, , ’ ”, he’s, Xi, ” Hatfield, China’s, Jeroen de Kloet, Gene Wang, Wee Meng Chee, He’s, Islam, it’s, ” Chen, De Kloet, Weibo Organizations: Communist Party, YouTube, Graduate, of Musicology, National Taiwan University, Apple Daily, University of Amsterdam, Chinese Communist Party, Weibo, Facebook, Malaysian Locations: HONG KONG, Asia, China, Malaysian, Hong Kong, Malaysia, Singapore, Taiwan, Australia, New Zealand, Hatfield, Taipei, Xinjiang, Beijing, , United States, Weibo, Kimberley, Afghanistan, Chinese, Australian, Melbourne
Chinese President Xi Jinping shakes hands with U.S. Vice President Joe Biden (L) inside the Great Hall of the People in Beijing December 4, 2013. WASHINGTON -- President Joe Biden will hold a highly anticipated virtual summit with Chinese President Xi Jinping on Monday evening, CNBC has confirmed. Biden and Xi have held two phone calls since Biden took office in January, the most recently on September 9. But Monday's summit will be the first time in Biden's term that they have communicated face-to-face in a formal summit format. "As President Biden has made clear, he welcomes the stiff competition, but does not want conflict."
Persons: Xi Jinping, Joe Biden, Biden, Xi, Tony Blinken Organizations: U.S, of, People, CNBC, White, Trump, Washington, White House Locations: Beijing, WASHINGTON, United States, China, Taiwan, cybersecurity, Xinjiang Province
The State Department has condemned the "mass detention and political indoctrination campaign" against China's ethnic minority, which it estimates are engaged in forced labor in some 1,200 "state-run internment camps." In April, State Department spokesman Ned Price said a coordinated boycott is "something we certainly wish to discuss" with allies. And at the G-20 summit in Rome, the U.S. and Canada blocked language praising the upcoming Beijing Games from inclusion in the joint statement, according to Politico. Biden will enter the talks with Xi coming off a domestic win, with the passage of the bipartisan infrastructure deal. If it appears Western leaders will not attend the Beijing Games in person, Xi may also opt not to attend, citing Covid-19 risk, according to the diplomats.
Persons: Karine Jean, Pierre, White, Biden, Xi Jinping, Joe Biden, Ned Price, Sen, Mitt Romney, Antony Blinken, Blinken, Andrew Ross Sorkin, Xi, Katherine Tai, Trump, Japan's, Yoshihide Suga, Jill Biden Organizations: House, National Security, International Olympic Committee, State Department, Games, Beijing, Politico, CNBC, The New York Times DealBook, Trade, Biden, Beijing Games, Tokyo, White, NBCUniversal, NBC Sports, NBC Olympics, NBC Locations: Yanqing, Beijing, China, United States, Xinjiang, R, Utah, Rome, U.S, Canada, Glasgow, Japan, Tokyo
BERLIN (Reuters) -German sportswear company Adidas warned on Wednesday of a 1 billion euro ($1.2 billion) hit to sales from factory closures in COVID-hit Vietnam and supply chain bottlenecks that it expects to affect business into next year. Adidas expects “flattish” sales in the fourth quarter, meaning about 17-18% sales growth for the full year, Chief Executive Kasper Rorsted said. The company expects sales growth of at least 8-10% for 2022, Ohlmeyer said. Third-quarter sales rose a currency-neutral 3% to 5.752 billion euros while operating profit fell 8.5% to 672 million euros, missing analysts’ average forecast. Adidas has launched an action plan to try to revive its fortunes in China, long its most important growth market.
Persons: Harm Ohlmeyer, Ohlmeyer, Puma, , Kasper Rorsted Organizations: BERLIN, Adidas, Beijing Locations: COVID, Vietnam, Asia, China, Indonesia, Xinjiang, Muslims
Adidas trims 2021 forecast on sourcing disruptions
  + stars: | 2021-11-10 | by ( )   time to read: +1 min
German sportswear company Adidas pared full-year sales and profit forecasts on Wednesday, citing sourcing disruptions and a tough market environment in China after third-quarter results missed analyst expectations. Adidas reported third-quarter sales up a currency-neutral 3% year on year at 5.752 billion euros ($6.65 billion) while operating profit fell 8.5% to 672 million euros, missing average analyst forecasts for 5.83 billion and 682 million euros respectively. Adidas rival Puma has warned that supply bottlenecks would mean a shortage of its products well into 2022. Adidas said the challenging market in Greater China, COVID-19 lockdowns in the Asia-Pacific region and supply chain disruptions had cut revenue growth by about 600 million euros in the third quarter. Adidas said it still expects 2021 currency-neutral revenue to rise by up to 20%, but it now expects growth to come in lower, without being more specific.
Persons: nCoV, Puma Organizations: Adidas, Factories, Beijing Locations: China, Frankfurt, Vietnam, Greater China, Asia, Pacific, Xinjiang, Muslims
That includes China, a nation whose government has been accused of human rights violations. That includes China, where human rights advocates have said the Party persecutes thousands in the Uyghur Muslim minority. And a March 2020 report from the Australian Strategic Policy Institute also found connections between Apple suppliers and forced Uyghur labor. Human Rights Watch estimates 1 million Uyghur Muslims are being persecuted in China. Human Rights Watch said in April that China is committing "crimes against humanity" through its prison centers for Uyghurs.
Persons: Tim Cook, Apple, , Cook, Andrew Sorkin, Tom Watson, Alexandra Ma Organizations: Apple, The New York Times, IBM, Australian Strategic Policy Institute, Rights, Rights Watch, LinkedIn, Party Locations: China, Xinjiang
On Wednesday the world’s two largest greenhouse gas emitters sounded more like allies in the fight against climate change than fierce rivals, with both Mr. Xie and Mr. Kerry saying both nations were responsible for keeping rising global temperatures from reaching dangerous levels. “We both see the challenge of climate change is existential and a severe one,” Mr. Xie said. “As two major powers in the world, China and the United States, we need to take our due responsibility and work together and work with others in the spirit of cooperation to address climate change.”Tensions between the United States and China are at their highest point in years. That moment was groundbreaking because China, as a developing country despite its skyrocketing emissions, was exempt under the rules of the U.N. climate body from taking mandatory action to cut emissions. The 2014 deal helped spur the Paris climate agreement one year later, in which nearly 200 nations of all levels of wealth and responsibility for causing climate change agreed to act.
Persons: Xie, Kerry, Mr, Guterres, ” Laurence Tubiana Organizations: United Nations Locations: China, United States, China’s semiautonomous Xinjiang, Paris
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