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Striking United Auto Workers (UAW) union workers picket outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 23, 2023. Striking auto workers say they would like to see more support from elected officials as they push to get companies to share more of the profits. Republicans believe Biden's push to electrify America's vehicle fleet, by pumping billions of dollars of tax rebates into EV manufacturing, is unpopular with auto workers. In Michigan, Trump will criticize Biden's economic policies and incentives promoting EVs and say he would do a better job of protecting blue-collar workers if elected to a second term, Miller added. Biden's Michigan visit represents the most support a sitting president has shown striking workers since Theodore Roosevelt invited striking coal workers to the White House in 1902, historians said.

Persons: Nalio Chery, Joe Biden, Donald Trump, Biden, Shawn Fain, Fain, Dave Urban, Brandon Cappelletty, Trump, Robert Bruno, Ronald Reagan, Jason Miller, Miller, Karen Finney, Finney, Theodore Roosevelt, Nandita Bose, Jarrett Renshaw, Nathan Layne, David Shepardson, Heather Timmons, Jamie Freed Organizations: United Auto Workers, UAW, Ford Michigan Assembly Plant, REUTERS, Rights, Republican, Biden, Trump, General Motors, Ford, Chrysler, University of Illinois, Michigan, EV, Democratic, White House, Thomson Locations: Wayne , Michigan, U.S, Dieu, Michigan, Wayne County , Michigan, Detroit, Toledo , Ohio, Pennsylvania, Wisconsin, Biden's Michigan, Kansas City

☆ Renault to maintain mixed ethanol combustion engines in Brazil
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. "It still pays to invest in combustion in Brazil," top executive Ricardo Gondo said at an event, adding that the industry will need more federal incentives to accelerate its EV transition. Renault is planning to launch Brazilian sales of an electric version of its French-made Kangoo van in October, when it will also launch its Kardian combustion engine SUV, set to be manufactured locally. Earlier this month, Renault CEO Luca de Meo warned a "very competitive" industry in China and that it will need to "catch up fast". ($1 = 4.9256 reais)Reporting by Alberto Alerigi Jr.; Writing by Carolina Pulice; Editing by Sarah Morland and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ricardo Gondo, Gondo, van, JAC, Luca de Meo, Luiz Inacio Lula da Silva, Jair Bolsonaro, Alberto Alerigi Jr, Carolina Pulice, Sarah Morland, Marguerita Choy Organizations: Renault, Viva Technology, Porte de, REUTERS, SAO PAULO, EV, Wall Motor Co, Chery, Qualcomm, Nissan, Brazilian, Thomson Locations: Porte, Paris, France, Brazil, French, Parana, China

☆ Bank of America names 2 European chip stocks as its 'top picks' into year-end
▼ + stars: | 2023-09-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America named European chip stocks ASM International and STMicro as its "top picks" going into the end of the year. The Wall Street bank said it continues to favor ASMI with a 521 euro ($559) price target, which represents 25% upside potential from the current share price. Bank of America's $72 price target for STM points to a 62% upside potential over the next 12 months. STM ASMXF YTD line Bank of America analysts cited "resilient pricing and secular growth drivers in silicon carbide (SiC)" as reasons the stock should benefit into year-end. Bank of America cautioned that mixed signals on smartphone demand are an issue for the semiconductor sector more broadly.

Persons: Didier Scemama, Jean, Marc Chery Organizations: of America, ASM International, " Bank, America's, Bank of America, carmakers Locations: United States, Paris

☆ The IPO market has 'lost a lot of relevance,' says Swiss asset manager Partners Group
▼ + stars: | 2023-09-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

watch nowThe IPO market has lost relevance in the real economy, but there are "absolutely enormous" opportunities in the health-care sector, according to the executive chairman of global private markets firm Partners Group. Private markets are switching places with public markets as the stewards of the real economy. "Private markets are switching places with public markets as the stewards of the real economy," said Partners Group. Partners' Group recorded $142 billion worth of assets under management as of the first half of 2023. Asked whether Partners Group will someday open up the window for retail investors to tap into the private equity market, Meister said it's already happening, marking a "democratization" of the private market industry.

Persons: Steffen Meister, CNBC's Chery Kang, Meister, it's Organizations: Partners, Milken Asia Summit, Bain & Company, Private, CNBC, McKinsey Locations: Singapore

☆ 'Just a temporary blip’: Chinese travelers will be back, says Banyan Tree founder
▼ + stars: | 2023-09-14 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

A dearth of Chinese travelers is nothing to "worry about," said Banyan Tree Holdings founder Ho Kwon Ping. "Most of us in the hospitality industry, a year or so ago, predicted that Chinese tourism would only start to rebound around maybe this year or even next year." For Banyan Tree Holdings — which operates more than 60 hotels in 17 countries — Ho said "Chinese tourism [is] coming back quite strongly." What's missing are the "mass group tours, which provide the numbers, but they don't come to our hotels anyway," he said. "So you have a lot more free individual travelers … and they're the ones who can pay the higher airfares and so on."

Persons: Ho Kwon Ping, CNBC's Chery Kang, — Ho Organizations: Tree Holdings, Milken, Holdings Locations: China

☆ Steve Forbes says the Fed's not going to cut rates soon
▼ + stars: | 2023-09-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Steve Forbes doesn't expect the Federal Reserve to raise rates in upcoming meetings, but the Forbes Media chairman doesn't see cuts in the near term either. "I think the Federal Reserve is not going to increase interest rates in the next few months. I think they're going to pause," Forbes said, citing the slew of contradictory U.S. economic data. The Federal Open Market Committee's next meeting is scheduled for Sept. 19 to 20. There's a 92% chance the central bank will leave rates unchanged after its September meeting, according to the CME's FedWatch tool.

Persons: Steve Forbes doesn't, doesn't, Forbes, CNBC's Chery Kang, There's Organizations: Federal Reserve, Forbes Media, Forbes Global, Fed Locations: Singapore

Those charges center around a voting system breach in Coffee County, Georgia, a rural, Republican district that voted overwhelmingly for Trump in 2020. Willis’ indictment describes the breach, and Powell’s alleged involvement, as central to the broader conspiracy to overturn the 2020 election results in Georgia. Powell has also been identified by CNN as one of Trump’s un-indicted co-conspirators listed in Smith’s federal election indictment. New details about Smith’s ongoing investigation indicate federal prosecutors are scrutinizing a series of voting breaches following the 2020 election that state investigators have been probing for more than a year. Network of operativesIn addition, special counsel prosecutors have also heard from other witnesses about efforts to breach voting equipment in other states.

Persons: Jack Smith, indicting Donald Trump, Smith, Joe Biden, Sidney Powell, Powell’s, Powell, Fani Willis, Willis ’, Smith’s, Donald Trump, Al Drago, Biden, ”, Hugo Chavez, Bernie Kerik, Kerik, Tim Parlatore, Parlatore, Mike Ryan, Bill Bachenberg, Ryan, Bachenberg, Rudy Giuliani, John Eastman –, Jocelyn Benson, Benson, Stefanie Lambert, Nalio Chery, “, ” Benson, Lambert, Trump Organizations: Washington CNN, Trump, CNN, Biden, Republican, Republican National Committee, Bloomberg, Getty, The Coalition, Good Governance, Systems, Network, FBI, Smith’s, Michigan Michigan, Reuters, Pennsylvania, American, Pennsylvania Senate Locations: Georgia, Pennsylvania, Michigan, Arizona, Atlanta, Coffee County , Georgia, Washington , DC, Republic, Coffee, Antrim County , Michigan, Coffee County, Detroit , Michigan, Dieu, Antrim County, Fulton County , Pennsylvania, Fulton County

☆ China's auto workers bear the brunt of price war as fallout widens
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +9 min

Millions of auto workers and suppliers in China are feeling the heat as an electric vehicle price war forces carmakers to shave costs anywhere they can. State-run China Automotive News estimates there are over 100,000 auto suppliers in the country. Suppliers typically negotiate prices once a year, but many have been pressed to lower prices on a quarterly basis in 2023, two senior executives at auto suppliers said. And in June, a group of small suppliers wrote to state-owned Changan Automobile to push back against 10% price reductions. Three months later, he told Reuters that price cuts had been more aggressive in 2023 than in previous years.

Persons: Aly, Mike Chen, Chen, carmakers, Tesla, George Magnus, Elon Musk, Mike Chen's, Li Auto, Liu, Changan Automobile's, Chen Yudong, They've, Zhang Yan, Brenda Goh, Kripa Jayaram, Marius Zaharia, David Clarke Organizations: SAIC Volkswagen, REUTERS, Rights, Shanghai, SAIC, Volkswagen, VW, Oxford University's China, China Passenger Car Association, Tesla, GM, HK, Changan Automobile, Mitsubishi Motors, Toyota, Hyundai, China Automotive, Automobile, EV, Reuters, Thomson Locations: Shanghai, China, China's, Beijing, Shenzhen, Hefei, Chongqing, Chery's, Qingdao

☆ China is on course to overtake Japan and become the world's No.1 car exporter
▼ + stars: | 2023-08-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

China, automobile, vehicles Vcg | Visual China Group | Getty ImagesChina is on course to overtake Japan as the world's top auto exporter by the end of 2023, according to Moody's Analytics. "At this pace, China is on track to overtake Japan by the end of the year," Moody's economists wrote, a global ranking which Japan has claimed since 2019. According to Moody's projections, China produces more than half the world's lithium supply, thanks to its low labor costs compared to rivals Japan and South Korea. Moody's AnalyticsAs a result, some of the world's largest auto companies have set up production facilities in China, including Tesla and BMW . The Asia-Pacific region, which is home to some of the world's largest auto exporting powerhouses such as South Korea, China and Japan, has seen a mixed recovery in auto exports, Moody's highlighted.

Persons: Moody's Organizations: Visual China, Getty, Japan, EV, Tesla, BMW, Chery, SAIC Locations: China, Japan, South Korea, Germany, Thailand, Asia, Pacific

☆ South Korea's airlines and tourism plays surge on reports China will allow group tours
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's airlines and tourism plays surge on reports China will allow group toursIn South Korea, tourism-related stocks were green across the board after local media reported that China is poised to allow group tours to South Korea. CNBC Chery Kang reports.

Persons: CNBC Chery Kang Organizations: CNBC Locations: China, South Korea

"I said that this should be absolutely excluded and all officials of the country should drive domestic cars," Putin said, telling officials they should strive to develop domestic brands, domestic cars, and other domestic products. Chinese carmakers are seizing market share in Russia, capitalising on the departure of Western players, auto industry data shows. Russia's Lada holds the number one spot in the domestic market, with its share for January-June at 32.6%, up from 21.6% last year. Lada's share slipped slightly in July year on year, as Chinese carmakers' sales continued rising rapidly, the data showed. Chinese brands, such as Haval (601633.SS), Chery and Geely (0175.HK), accounted for the next six spots in terms of market share in July.

Persons: VAZ, Alexey Malgavko, Vladimir Putin, PPK, Putin, capitalising, Russia's Lada, Lada's, Gleb Stolyarov, Alexander Marrow, Mark Potter Organizations: Lada, REUTERS, Mercedes, Benz, Renault, Nissan, Reuters, Chery, Geely, HK, Thomson Locations: Soviet, Izhevsk, Russia, Ukraine, Crimean, Kyiv, Moscow, Crimea

☆ South Korea's environment minister discusses the country's nuclear energy plans
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's environment minister discusses the country's nuclear energy plansCNBC's Chery Kang speaks to South Korea's Environment Minister Han Wha-jin about why the government reversed policies on nuclear energy.

Persons: Chery Kang, Han Organizations: Korea's

☆ Automakers promote advanced tech to compete in China — the world's top EV market
▼ + stars: | 2023-08-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market. China is the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to Canalys. Counterpoint Research data showed that domestic brands command 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players. BofA Securities in a May report said it expects China to still be the world's largest EV market in 2025, standing at 40%-45% market share. China EV products are much more competitive than before, and China will continue to see EV penetration expanding, in our view," said the BofA Securities analysts.

Persons: EVs, Canalys Organizations: Inc, Shanghai Auto Show, Global, EV, Chery, Changan, GAC, BofA Securities, China EV Locations: Shanghai, China

☆ Global cooperation is key to achieving carbon neutrality: South Korea minister
▼ + stars: | 2023-08-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal cooperation is key to achieving carbon neutrality: South Korea ministerCNBC's Chery Kang speaks to South Korea's Environment Minister Han Wha-jin about her lifelong interest in the environment, and what the country needs to do to address sustainability issues.

Persons: CNBC's Chery Kang, Han Organizations: Global, Korea's Locations: Korea

☆ STMicroelectronics posts higher Q2 sales helped by automotive demand
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - European chipmaker STMicroelectronics <STMPA.PA> on Thursday projected improvement in third-quarter sales as it slightly beat market expectations for the second quarter, defying earlier downbeat statements by some of its peers. STM said it expects third-quarter net revenues of $4.38 billion, a touch above the $4.32 billion it posted in the third quarter last year. STM's second-quarter sales rose 12.7% year-over-year to $4.33 billion, slightly above a consensus from Refinitiv data, which had expected $4.27 billion. It now expects revenues in 2023 of $17.4 billion, give or take $150 million. In April, it guided for a range of 17.0 billion to $17.8 billion.

Persons: Chipmakers, Taiwan's TSMC, Jean, Marc Chery, Olivier Sorgho, Jacqueline Wong, Kim Coghill Organizations: Texas, NXP Semiconductors, Industrial, Electronics, Thomson

IMPORTED ASSEMBLY KITSAfter a chaotic decade following the collapse of the Soviet Union in 1991, Russia encouraged Western carmakers to build factories. "Undoubtedly, the expansion of Chinese carmakers on the Russian market will continue," said Andrey Olkhovsky, the head of dealership chain Avtodom. It is a radical change of fortunes for Chinese carmakers in Russia. Production of Chinese vehicles only began in Russia in 2019 with the arrival of Chinese automotive company Great Wall Motor (601633.SS). LESS LOCAL INPUTUnder the partnership with Chinese firms, less of the production at former Western factories is currently conducted in Russia, the sources said.

Persons: Jetour, Maxim Shemetov, Moscow's, Sergei Sobyanin, French carmaker, JAC, Sehol, Moskvich, capitalising, Vladimir Bespalov, Vladimir Putin, Andrey Olkhovsky, Olkhovsky, Wall, Sollers, Avtovaz, Denis Manturov, Gleb Stolyarov, Alexander Marrow, Zhang Yan, Daniel Flynn Organizations: REUTERS, French, French carmaker Renault, Moscow Automobile Factory, JAC Motors, Reuters, Renault, Nissan, Russia's Industry, Trade Ministry, Wall, Chery, Geely, HK, Argo, Ford Transit, Nissan's St, Lada, China's FAW Group's, FAW, Western, Trade, Thomson Locations: Lyubertsy, Moscow Region, Russia, Soviet, Moscow, Anhui, Ukraine, Soviet Union, Western, Tula, Autostat, Tatarstan, Nissan's, Nissan's St Petersburg, St Petersburg, Leningrad, Japan, Europe, China, Shanghai

☆ Explainer: What's behind China's failed 'truce' in EV price war?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. Toyota (7203.T) offered a discount on its bZ4X EV, and Nissan (7201.T) offered an incentive on its Ariya EV. Volkswagen's (VOWG_p.DE) joint ventures with SAIC and FAW also announced price cuts in China on their ID-series EVs on Friday. AlixPartners said while China's EV market will continue to grow rapidly, intensifying competition and excess capacity will also drive a shakeout. In one example, Chinese automakers have invested $1.4 billion in Thailand since 2020, now dominating the Thai EV market after taking share from the Japanese brands that have long operated there.

Persons: Florence Lo, Tesla, CAAM, Li Auto, Liu Xu, furloughs, AlixPartners, Zhang Yan, Kevin Krolicki, Tom Hogue Organizations: Tesla, Fair for Trade, Services, REUTERS, China Association of Auto Manufacturers, stoke, HK, Volvo, Chery Automobile, Global, Ford, Toyota, Nissan, EV, General Motors, Honda, Consultancy, Consumers, SAIC, GAC, Dongfeng, FAW Group, China's Ministry of Industry, Information Technology, FAW, National Strategy Institute of Tsinghua University, International, Hyundai, Thai EV, Thomson Locations: Beijing, China, Shanghai, Europe, Southeast Asia, Thailand, Singapore

☆ Chinese electric vehicle investment plans in Thailand
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +4 min

July 10 (Reuters) - Chinese electric vehicle manufacturers are pouring into Thailand, having committed to invest $1.44 billion in production facilities in Southeast Asia's biggest automaking hub that has long been dominated by Japanese companies. IN THE PIPELINESeveral deals are also in the pipeline, according to the Thailand Board of Investment (BOI), which has been pursuing Chinese automakers. Chongqing Changan, GAC and Chery did not respond to requests for comment on their plans for Thailand. RISING POPULARITYThe influx of Chinese models appears to be helping to boost the popularity of EVs in Thailand, the second-largest car market in Southeast Asia. On Toyota's (7203.T) Thailand website, the Corolla Altis is priced at 894,000 baht and the Yaris Ativ at 549,000 baht.

Persons: China's, Thailand's, BOI, Geely, Wall's Ora, Devjyot, Jamie Freed Organizations: Asia's, General Motors, EV, Electronics, Auto, SAIC, Charoen, New Energy, Assembly, of Investment, State, Chongqing Changan Automobile, Ford, Mazda, Guangzhou Automobile Group, China's Chery, Chongqing Changan, GAC, Chery, Reuters, Corolla, Thomson Locations: Thailand, EVs, Southeast Asia, Europe, Chongqing, China, BOI, Bangkok

Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

☆ Asian Development Bank’s new financing plan aims to unlock up to $15 billion for climate action
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsian Development Bank’s new financing plan aims to unlock up to $15 billion for climate actionCNBC's Chery Kang goes to Incheon, South Korea, for the 2023 annual meeting of the Asian Development Bank, where a new financing plan, titled "IF-CAP" was announced. It aims to unlock up to $15 billion for new ADB climate projects.

Persons: Chery Kang Organizations: Asian Development Bank, CAP Locations: Incheon, South Korea

☆ Partnerships with China remain crucial, says ADB governors from Switzerland and Germany
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPartnerships with China remain crucial, says ADB governors from Switzerland and GermanyAt the ADB Annual Meeting 2023, CNBC's Chery Kang caught up with ADB governors from Switzerland and Germany on their geopolitical strategy regarding China. Sri Mulyani Indrawati, Indonesia's finance minister, also spoke about the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting that happened on the sidelines of the ADB event.

Persons: CNBC's Chery Kang, Mulyani Organizations: ADB, ASEAN, Ministers, Central Bank Governors Locations: China, Switzerland, Germany

☆ Little Haiti Residents Fear Losing Their ‘Home Away from Home’
▼ + stars: | 2023-06-12 | by ( Dieu-Nalio Chéry | Christina Morales | ) www.nytimes.com time to read: +1 min

In July 1973, the Haitian activist Viter Juste moved his family and his belongings in a U-Haul truck from Bushwick, Brooklyn, to a neighborhood in Miami-Dade County known as one of the earliest settlements in the area. Mr. Juste’s move — about a decade after he relocated to the United States — was the catalyst for a change in the neighborhood then known as Buena Vista. Thousands of others later migrated from Haiti and created a new community that Mr. Juste is credited for naming Little Haiti. Little Haiti’s proximity to the hippest restaurants, bars, shops and clubs in Miami is enticing for developers. And as much of Miami-Dade County endures torrents brought on by climate change, the neighborhood’s elevation — about 10 feet above sea level and in an area of minimal flood hazards — is particularly attractive.

Persons: Viter Juste, Juste’s, United States —, Juste Organizations: Little Locations: Haitian, Bushwick , Brooklyn, Miami, Dade, United States, Buena Vista, New York City, Haiti, Little Haiti

☆ STMicroelectronics and Sanan plan silicon carbide venture in China
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 7 (Reuters) - Semiconductor supplier STMicroelectronics (STMPA.PA) and Sanan Optoelectronics (600703.SS) plan to set up a silicon carbide manufacturing joint venture in Chongqing, China, they said on Wednesday. The companies said the cost of the venture was expected to be about $3.2 billion, including capital expenditure of about $2.4 billion over the next five years. The venture will produce silicon carbide devices exclusively for STMicroelectronics which are used in electric cars and other industrial power and energy applications. "China is moving fast towards electrification in automotive and industrial and this is a market where ST is already well-established with many engaged customer programs. Reporting by Sudip Kar-Gupta; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanan, Jean, Marc Chery, Sudip Kar, David Goodman, Jason Neely Organizations: Semiconductor, Thomson Locations: Chongqing, China

☆ North Korea's failed satellite launch sent Seoul into 'panic mode'
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorth Korea's failed satellite launch sent Seoul into 'panic mode'After the launch, an alert message was sent out to Seoul residents in error, causing panic and an increase in internet search traffic on Naver, CNBC's Chery Kang reports.

Persons: CNBC's Chery Kang Locations: Seoul, Naver

☆ Staging partial recovery, Russia's April car sales leap 170.4% y/y - Autostat
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Car sales in Russia leapt by 170.4% year-on-year in April, analytical agency Autostat said on Thursday, with the country's bruised car market staging a partial recovery from the soaring prices and reduced deliveries of the same month last year. All of the top 10 models sold in April were either Russian or Chinese, Autostat's data showed. Avtovaz earlier on Thursday said its April sales had jumped 225% year-on-year in April and rose 18.4% month-on-month. Lada held 33% market share in April, up from 23% a year ago, but the growing share of Chinese models is most noticeable. Sales of South Korea's Kia (000270.KS) and Hyundai, and Japan's Toyota (7203.T) were down 67%, 68.1% and 67.8%.

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