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☆ Chinese officials step up foreign travel in race to find investors
▼ + stars: | 2023-04-06 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

Their urgency highlights the pressure local governments face in boosting growth while burdened with cumulative debt of $9 trillion, said the sources who met Chinese officials in Hong Kong. The other executive and Yim said they had often attended as many as eight to 10 events a day with Chinese officials. Fengze, a district in the nearby city of Quanzhou, signed up procurement deals of up to 30 billion yuan from Hong Kong, the city's social media accounts showed. Shenzhen’s Boao district alone aims to attract 100 billion yuan in foreign investment this year, with 26 business managers and 10 officials responsible for key streets committing themselves to the task in a letter, Chinese media said. ($1=6.8810 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Marius Zaharia and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

The most immediate part of the plan earmarked 1 billion euros ($1.09 billion) to refund EU countries for sending urgently needed artillery shells from stockpiles to Ukraine. In announcing the package, EU foreign policy chief Josep Borrell said the munitions would come from "European industry and from Norway". Draft legislation agreed by ambassadors from EU countries, seen by Reuters, used the same formulation. Diplomats and officials expressed confidence that EU countries would finalise a deal after the Easter break. European financing must serve to buy European," the official said.

☆ South Africa revokes 'state of disaster' declared over power crisis
▼ + stars: | 2023-04-05 | by ( Kopano Gumbi | ) www.reuters.com time to read: +3 min

The state of disaster gave the government additional powers to respond to the crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. The newly appointed electricity minister Kgosientsho Ramokgopa said some crisis measures would remain in place. "The state is withdrawing the national state of disaster in response to OUTA's legal action challenging its rationality," said OUTA, a non-profit organisation that focuses on fighting government corruption and tax abuses. REUTERS/Esa AlexanderOUTA said the disaster regulations would have enabled corruption and that the crisis could be managed using existing laws. President Cyril Ramaphosa invoked disaster regulations on Feb. 9 to fight a paralysing power crisis that has included daily rolling power cuts by Eskom.

☆ The EV industry is gaining momentum. But public charging is a long way from being accessible to all
▼ + stars: | 2023-04-05 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +7 min

Equally important is making sure these EV chargers are accessible to all. Ensuring EV chargers are accessible to all is a big task, and organizations like Motability are pushing hard to create conditions for change. In collaboration with the U.K. government's Office for Zero Emission Vehicles, it commissioned the British Standards Institution to develop a "national accessible charging standard for EV chargepoints." Separately, it received funding from Motability to develop design guidance for those involved in the charging industry. In July 2022, the U.S. Access Board, an independent federal agency, issued design recommendations for accessible charging stations.

☆ Read the memo Google CFO Ruth Porat sent to staff about new cost-cutting, including paring back worker perks
▼ + stars: | 2023-04-04 | by ( Hugh Langley | Samantha Delouya | ) www.businessinsider.com time to read: +5 min

Googlers,This year, one of our important company OKRs is to deliver durable savings through improved velocity and efficiency. Since then, we've continued to rebalance based on data about how programs and services are being used. Improving external procurement is another area where data suggests significant savings — on everything from software to equipment to professional services. We set a high bar for industry-leading perks, benefits and office amenities, and will continue that into the future. Jen, Philipp, Prabhakar, Ruth and Thomas (co-owners of the OKR), on behalf of all PA and Functional leads

☆ Here's the 9-page pitch deck Tealbook used to raise its $50 million Series B and help businesses source from more diverse suppliers
▼ + stars: | 2023-04-02 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +3 min

The startup uses AI-boosted data to help institutions source from more diverse suppliers. Check out the nine-page pitch deck below. Ownership data can help meet diverse sourcing claims; raw-materials data can help with ethical sourcing goals; carbon-emissions data can help with climate goals. Here's the pitchbook Lapierre used to land her $50 million Series B round led by Ten Coves Capital, with participation from BDC Capital, Grand Ventures, RBC Ventures, Reciprocal Ventures, Refinery Ventures, S&P Global, Stand Up Ventures, RTP Global, Workday Ventures, CIBC Ventures, and Good Friends. Tealbook TealbookTealbook pitch deck TealbookTealbook pitch deck TealbookTealbook pitch deck TealbookTealbook TealbookTealbook pitch deck TealbookTealbook pitch deck TealbookTealbook pitch deck Tealbook

☆ Google announces a series of cost-saving measures across the company as it cuts some staff perks
▼ + stars: | 2023-03-31 | by ( Hugh Langley | ) www.businessinsider.com time to read: +6 min

Google has announced a series of cost-cutting measures across the company. Google has announced a series of cost-cutting measures as the company continues to tighten its belt and prioritize its work in artificial intelligence. While they wrote that some of these changes would not be noticeable to many staff, they added that other things "will impact some services Googlers use at work and beyond." The note added that Google is continuing to hire at a reduced pace, while redeploying teams to higher priority work. Here's the memo in full:Googlers,This year, one of our important company OKRs is to deliver durable savings through improved velocity and efficiency.

☆ It's really hard for foreign companies to break up with Russia — and there are 3 main reasons why
▼ + stars: | 2023-03-30 | by ( ) www.businessinsider.com time to read: +7 min

One year after Russia invaded Ukraine, just 520 firms have fully exited Russia, per a Yale study. Quite simply, it's just not that straightforward for a company to get out of Russia right now — and there are three main reasons why. Companies have been trying to exit Russia in an orderly fashionMany companies were quick to announce their intent to leave the Russian market after it invaded Ukraine. Thus, companies that want to exit Russia are pressed to find buyers for their Russian operations who would continue running the business under a different brand. Multinational companies face operation challenges in their exitsBecause many foreign companies operating in Russia are multinationals, shutting operations in the country can have a domino effect on their businesses elsewhere.

Repsol says the plant, which transforms used cooking oil into so-called sustainable aviation fuel (SAF), has attracted plenty of customers. But it is concerned Europe's investment environment will complicate the industry's efforts to take off. "Europe needs to step up and throw its weight behind a domestic SAF industry to ensure it does not fall behind." That's a bit under 1% of global aviation fuel demand," said Jonathan Wood, Neste's vice-president of renewable aviation. "America's programme of both federal and state incentives for SAF production is the mark of global leadership on the net-zero transition," IAG told Reuters.

☆ Biden invokes Defense Production Act for printed circuit board production
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 27 (Reuters) - U.S. President Joe Biden on Monday invoked the Defense Production Act to spend $50 million on domestic and Canadian production of printed circuit boards, citing the technology's importance to national defense. Printed circuit boards are incorporated into missiles and radars, as well as electronics used for energy and healthcare. "I find that action to expand the domestic production capability for printed circuit boards and advanced packaging is necessary to avert an industrial resource or critical technology item shortfall that would severely impair national defense capability," Biden said. Industry groups had called for such a move by Washington last year, saying there was not enough domestic production needed to support the U.S. electronics manufacturing industry. The Defense Production Act ruling also calls for more "advanced packaging" that allows multiple devices to be packaged and mounted on a single electronic device shrinking them and making power use more efficient.

☆ See the 14-slide pitch deck Labviva used to raise $20 million to overhaul a crucial but overlooked task for Big Pharma
▼ + stars: | 2023-03-27 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +1 min

The startup just raised $20 million to help expand its team and platform. Siamak Baharloo says there's a big time-consuming task that's taking researchers away from doing science in their labs: finding and buying the right supplies for their experiments. He added that the company expects to see $150 million in purchases on its platform in 2023. Labviva said on Monday that it had raised $20 million from investors in a Series A round led by Biospring Partners, bringing the company's total capital raised to $30 million. See the pitch deck Labviva used to raise its series A round:

☆ Labcorp to pay $2.1 million to settle allegations it overbilled Defense Department for genetic tests for military members
▼ + stars: | 2023-03-27 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Laboratory Corporation of America will pay the U.S. $2.1 million to settle allegations that it overbilled the Department of Defense for genetic tests that involved children and fetuses, the Justice Department announced Monday. Hecker-Gross' allegations surrounded genetic tests performed under a contract LabCorp entered with the Defense Department in 2012. Hecker-Gross alleged that LabCorp overcharged and double or triple-billed DOD for genetic tests performed by GeneDx. There were $210,959 in overcharges on 38 tests, including $113,525.50 for 21 tests billed between March 2016 and January 2017 alone, the lawsuit alleged. In 1996, LabCorp agreed to pay $187 million for fraudulently billing the government for unnecessary tests on elderly patients.

☆ Accenture to Cut 19,000 Jobs, 2.5% of Workforce
▼ + stars: | 2023-03-23 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Accenture PLC is cutting about 19,000 jobs, or 2.5% of the professional-services company’s workforce, as it looks to slash costs and streamline operations. The company, which offers various corporate services ranging from accounting and procurement to marketing and more, said most of the employees expected to be affected will be in nonbillable corporate roles. Accenture said it is still hiring elsewhere.

☆ NASA delays Boeing Starliner's debut crewed voyage
▼ + stars: | 2023-03-23 | by ( Joey Roulette | ) www.reuters.com time to read: +6 min

Starliner's debut crewed mission, which will carry commander Butch Wilmore and pilot Suni Williams, to the International Space Station will be a crucial moment for Boeing's space unit. The delay comes as Boeing and NASA performed extra testing on several areas of the spacecraft. "Boeing has conducted more than a dozen Starliner battery thermal runaway tests, stressing the battery cells beyond their intended limit. Federal procurement data shows NASA has agreed to pay Boeing at least $24.8 million for the upgrade of that system. NASA and Boeing's aim to have the valves redesigned for future missions initiated a dispute with Boeing's propulsion system supplier.

That will be discussed over lunch with Guterres before the U.N. secretary-general takes his leave and EU leaders get an update on the war from Ukrainian President Volodymyr Zelenskiy via video link, officials said. "We will, as always, reaffirm our unwavering commitment to assist Ukraine," declared Charles Michel, president of the European Council of EU leaders. Diplomats involved in preparing the summit of the 27 national EU leaders were sceptical of an imminent breakthrough. AMMUNITIONBeyond food security and sanctions, the leaders will also discuss bringing those responsible for the 13-month war to justice, as well as providing more military aid to Ukraine. "We will need to take measures to boost the manufacturing capacity of the European defence industry," Michel said in his letter inviting fellow EU leaders to the summit.

☆ China OKs its first mRNA vaccine, from drugmaker CSPC
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 22 (Reuters) - China's CSPC Pharmaceutical Group Limited (1093.HK) said on Wednesday its messenger RNA (mRNA) COVID-19 vaccine had received emergency use authorisation from Chinese health authorities, making it the country's first domestically developed mRNA shot. China has declined to use mRNA vaccines from abroad and vaccines available in China are widely considered less effective than the Moderna (MRNA.O) and Pfizer (PFE.N)-BioNTech (22UAy.DE) mRNA shots. The company said its independently developed mRNA vaccine SYS6006 targets some major Omicron variants and its booster dose showed good neutralization effect against Omicron subvariants BA.5, BF.7, BQ.1.1., XBB.1.5 and CH.1.1. The firm got emergency approval to conduct clinical trials of the mRNA shot in April last year, around the same time as CanSino, another China-based company that is testing an mRNA Omicron booster shot. Shares in the company rose as much as 7.7% after the result and the announcement of the mRNA approval.

[1/3] CEO of Moderna Stephane Bancel looks up at the session "State of the Pandemic" during the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2023. Moderna (MRNA.O) CEO Stephane Bancel was called to testify after the company flagged plans to raise the vaccine's price to as much as $130 per dose, drawing the ire of Democratic U.S. Senator Bernie Sanders, who chairs the influential Committee on Health, Education, Labor and Pensions (HELP). The government in May plans to end the COVID public health emergency, putting much of the vaccine purchasing in the hands of the private sector. Moderna in February forecast $5 billion in COVID vaccine sales this year, far less than the $18.4 billion windfall in 2022, due to decreasing demand for the shots.

☆ Moderna CEO Stephane Bancel defends fivefold price hike of Covid vaccine during Senate grilling
▼ + stars: | 2023-03-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Moderna plans to raise the list price of its vaccine 400% to $130 when the shots are sold on the private market as early as this fall. Moderna CEO Stephane Bancel on Wednesday defended the company's plans to hike the price of its Covid shots fivefold, deflecting pressure at a Senate hearing to abandon the increase while taking barbs over his compensation. Chairman Bernie Sanders, I-Vt., questions Stephane Bancel, CEO of Moderna, during the Senate Health, Education, Labor and Pensions Committee hearing titled Taxpayers Paid Billions For It: So Why Would Moderna Consider Quadrupling the Price of the COVID Vaccine? He told the committee that the Covid vaccine market is changing substantially as the U.S. government stops buying and distributing the shots for the entire country. The Covid vaccine remains Moderna's only product on the market at the moment.

BRUSSELS, March 20 (Reuters) - European Union countries on Monday agreed a 2 billion euro plan to send 1 million artillery rounds to Ukraine over the next year by digging into their own stockpiles and teaming up to buy more shells. The joint procurement will be limited to companies from the EU and Norway, which has close economic ties to the bloc. Some EU governments wanted the initiative to be open to a broader market, arguing this would help get munitions more quickly to Ukraine. But others said EU money should go to EU companies and insisted they would have capacity to meet demand. German Defence Minister Boris Pistorius, whose country is taking part in the joint procurement initiative, described it as "new territory" for the EU.

☆ Germany to buy Airbus civil helicopter and convert for combat, Business Insider reports
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 18 (Reuters) - Germany's Defence Ministry wants to buy 82 Airbus (AIR.PA) H-145M civilian helicopters and convert some of them into combat helicopters to replace its Tiger combat fleet, Business Insider reported, citing military internal documents. Germany last year shifted its defence policy after Russia invaded Ukraine, committing 100 billion euros ($107 billion) to modernize the Bundeswehr, Germany's armed forces. The Defence Ministry was not immediately available for comment. The H-145M helicopters are approved for military use but are not designed as combat aircraft and the Bundeswehr has concerns about the machine's combat suitability and crew protection, which the ministry has ignored so far, the report added. ($1 = 0.9376 euros)Reporting by Riham Alkousaa; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ How SAP is future-proofing business data with the unveiling of its newest technology and strategic partnerships
▼ + stars: | 2023-03-17 | by ( Sponsor Post | Created Insider Studios With Sap | ) www.businessinsider.com time to read: +5 min

SAP Datasphere is a new data fabric architecture that integrates data and contextual metadata across enterprises. A data fabric architecture can seamlessly incorporate new partners and deliver cutting-edge solutions as they evolve. What a business data fabric architecture can doSAP Datasphere's capabilities are enabled by its data fabric architecture, which integrates data from many sources into a single environment that can run multiple services and technologies. SAP Partnerships: Databricks integrates SAP data — including its complete business context — with its Data Lakehouse platform. As the volume of business data continues to expand, unleashing its capabilities with a data fabric architecture is becoming essential to success.

☆ EU to move towards joint buying of shells for Ukraine, says official
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] 155mm artillery shells are seen during the manufacturing process at the Scranton Army Ammunition Plant in Scranton, Pennsylvania, U.S., February 16, 2023. REUTERS/Brendan McDermidBRUSSELS, March 17 (Reuters) - A number of European Union countries are expected to sign a "Project Arrangement" on joint procurement of 155 mm artillery shells for Ukraine on Monday, a senior EU official said on Friday. "(The Project Arrangement) is the basis for the European Defense Agency and its member states to move on, ... basically the terms of reference that are the legal basis to move on." The official could not confirm how many countries would sign, but said they were "quite confident to see many signatures on Monday", adding the project was open to all EU members plus Norway and countries would be able to join it at any time. Reporting by Andrew Gray and Bart Meijer; Writing by Charlotte Van Campenhout; Editing by Andrew Cawthorne and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ SpaceX, Netflix, Boeing to join "biggest-ever" US business mission to Vietnam
▼ + stars: | 2023-03-17 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +3 min

HANOI, March 17 (Reuters) - SpaceX, Netflix and Boeing are among the companies joining the "biggest-ever" U.S. business mission to Vietnam next week to discuss investment and sales opportunities in the booming Southeast Asian nation, the organiser said. More than 50 companies, including defence, pharmaceutical and tech firms, will participate in the mission organised by the US-ASEAN Business Council, an industry body, according to a list seen by Reuters. "This is the biggest-ever mission in Vietnam," said Vu Tu Thanh, the US-ASEAN Business Council's representative in the country, noting that the body had been organising these events for three decades. The majority of the companies joining the business mission already have a business or manufacturing presence in Vietnam, including Apple (AAPL.O), Coca-Cola (KO.N) and PepsiCo (PEP.O), Thanh said, with some planning to expand it. Among them is SpaceX, which is looking to sell its satellite internet services to Vietnam and other countries in the region, Thanh said.

☆ Scholz to seek reforms to boost EU competitiveness at Brussels summit
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

BERLIN, March 16 (Reuters) - German Chancellor Olaf Scholz said on Thursday he will seek to boost European competitiveness through reforms at an EU summit in Brussels next week, including making state aid more flexible and completing capital markets and banking unions. In a speech to the German Bundestag, Scholz urged the European Union to pull together to face a raft of challenges, including in response to a massive U.S. subsidy programme for clean technologies known as the Inflation Reduction Act. The EU is unveiling a Critical Raw Materials Act aimed at keeping pace with the United States and China in access to raw materials. Scholz said raw material security will also top the agenda when he visits Japan for talks this week. Turning to the war in Ukraine, Scholz said that EU member states will agree further measures to improve the continued supply of arms and ammunition to Kyiv, without going into specifics.

While Xiaomi remained focused on selling mobile phones under 10,000 rupees ($120), Indian consumers were willing to pay up for better looking models with richer features. According to Counterpoint, the market share of the sub-$120 phones in India fell to 26% in 2022 from 41% two years ago. And premium phones - priced above 30,000 ($360) - saw their share double to 11% in the same period. Xiaomi and Samsung both count India as a key growth market, with smartphones their top selling electronic device. And premium phones accounted for only 0%-1% of Xiaomi's total India phone shipments in the last two years, when Samsung's higher-end phones more than doubled their share to 13%, Counterpoint data showed.

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