DIRS.INFO The most relevant business & tech news

Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Narendra Modi, Elon Musk, Elon, BYD, Tesla, Modi, Musk, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: India's, India's Press, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: New York City , New York, U.S, India, New Delhi, Thailand, New York, China, Shanghai

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Elon Musk, Tingshu Wang, Elon, BYD, Tesla, Narendra Modi, Modi, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: Tesla, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: Beijing, China, India, New Delhi, Thailand, New York, Shanghai

People sort items outside a supermarket, after the rains and floods brought by remnants of Typhoon Doksuri, in Beijing, China August 2, 2023. Zhuozhou borders Beijing, which was inundated with the most rainfall in 140 years between Saturday and early Wednesday, official data showed. Residents forced to leave their homes were temporarily resettled in high-rise buildings, but lacked access to electricity and water, local media reported. Many Zhuozhou residents took to social media to complain about how long rescue and recovery efforts were taking. Nearly 100 employees were trapped without food and water, and a toxic gas leaking from a neighbouring tape factory complicated rescue efforts, local media reported.

Persons: Doksuri, Tingshu Wang, Liz Lee, Ryan Woo, Ella Cao, Miral Organizations: REUTERS, Weibo, Global Times, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Zhuozhou, Paris, Hebei province, Hebei, Weibo, Yongding River, Shanghai

☆ Russia's economic isolation from the West is deepening its China dependency – car imports from the Asian nation shot up 540%
▼ + stars: | 2023-07-28 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Russian imports of Chinese cars rocketed 543% in the first half, local media reported. Russia now gets 70% of its imported cars from China, compared with just 10% prior to the Ukraine war. That highlights Russia's growing economic dependency on China – thanks to Moscow's deepening from the West. Before the Ukraine war, Chinese cars made up just 10% of Russia's car imports, according to the report. Xi has not publicly condemned Russia's war on Ukraine and continues to ramp up trading ties with Moscow.

Persons: Putin, Cui Dongshu, Vladimir Putin, Xi Organizations: Service, Motors, Ford, Mercedes, Benz, RBC, Federal Customs Service, European Union, –, China Passenger Car Association, Global Times, UN Security Council Locations: Russia, China, Ukraine, Wall, Silicon, – Russia, Western, Moscow

☆ Taiwan reports record number of Chinese warships in waters around the island
▼ + stars: | 2023-07-17 | by ( Brad Lendon | ) edition.cnn.com time to read: +3 min

CNN —A record 16 Chinese warships were spotted in waters around Taiwan in a 24-hour period late last week, the island’s Defense Ministry reported, in what analysts said was the latest sign of an intimidation campaign against Taipei by China’s ruling Communist Party. During that same period, nine PLA vessels were reported in waters around Taiwan in three consecutive days. The 16 Chinese ships around Taiwan on Friday into Saturday was the most since the island’s Defense Ministry began providing daily updates of PLA activity around the island in August 2022. “Analysts said Sunday that the recent intensive exercises demonstrate the PLA’s capabilities in encircling the island,” the Global Times story said. Neither Taiwan’s Defense Ministry nor the Global Times article gave details on what PLA warships were in the waters around Taiwan.

Persons: ” Carl Schuster, ” Schuster, China’s, “, ” Organizations: CNN, island’s Defense Ministry, Taipei, Communist Party, People’s Liberation Army Navy, PLA, Pacific Command’s Joint Intelligence Center, Sunday, Global Times, “, Taiwan’s Defense Ministry Locations: Taiwan, Beijing, Hawaii

☆ China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +6 min

Shares in some Chinese metals companies rallied for a second session as investors bet that higher prices for gallium and germanium, which Beijing's export restrictions target, could boost revenues. China is the world's biggest producer of rare earths, a group of metals used in EVs and military equipment. Asked about the metals export curbs, Chinese foreign ministry spokesman Wang Wenbin said on Wednesday the government's actions were reasonable and lawful. WARNING SHOTSome larger chip manufacturers view China's export controls on gallium as more of a warning shot about what economic pain the country could inflict. China's germanium ingot was priced at 9,150 yuan per kg on Tuesday, also flat on the day and on the week, Refinitiv data showed.

Persons: Janet Yellen, Wei Jianguo, Wei, Yellen, Biden, China's, Wang Wenbin, Wang, Gecamines, Belgium's Umicore, Xi Jinping, Eikon, Brenda Goh, Amy Lv, Tian, Nick Carey, Muralikumar Anantharaman, Jacqueline Wong, Catherine Evans Organizations: Treasury, Thursday Analysts, Washington, Commerce, China Daily, China Center for International Economic, Independence, Analysts, Micron, Global Times, Union, Benchmark Mineral Intelligence, AMS, Democratic, Shanghai Cooperation Organisation, Shanghai Metal Exchange, Beijing, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, U.S, Japan, Netherlands, United States, Swiss, Teck Resources, North, Democratic Republic of Congo, Russia, Washington, Yunnan, London

[1/6] U.S. Treasury Secretary Janet Yellen arrives at Beijing Capital International Airport in Beijing, China, Thursday, July 6, 2023. Both sides are sceptical that Yellen's visit will be able to take much heat out of U.S.-China ties, however, with officials accepting that both countries have placed safeguarding national security above economic ties. Yellen will address "unfair" practices by China, including recent punitive actions against U.S. firms and market access barriers, the official added. On Friday she will meet China's Premier Li Qiang and former economy tsar Liu He, who is widely seen as a close confidant of President Xi Jinping. They come ahead of a possible meeting between President Joe Biden and Xi at the Asia-Pacific Economic Cooperation gathering scheduled for November in San Francisco.

Persons: Janet Yellen, Mark Schiefelbein, Yellen, Nicholas Burns, Li Qiang, Liu He, Xi Jinping, Wang Huiyao, Yellen's, Zhu Feng, Xie Feng, Trump, Wu Xinbo, Antony Blinken, Joe Biden, Xi, Yew Lun Tian, Andrea Shalal, Joe Cash, Clarence Fernandez Organizations: . Treasury, Beijing Capital International Airport, REUTERS, U.S, Center for, Nanjing University, Global Times, Fudan University, Economic Cooperation, Thomson Locations: Beijing, China, REUTERS BEIJING, U.S, Center for China, United States, Russia, Washington, Asia, San Francisco

☆ China's metal export curbs a 'warning' to US and its allies - Global Times
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, July 5 (Reuters) - China's move to restrict the exports of two metals crucial for making some types of semiconductors and electric vehicles is a warning that China will not be passively squeezed out of the global chips supply chain, the Global Times said. It also argued that China had for years exploited its own rare earth resources at the expense of the environment to supply the global semiconductor industry. "There's no reason for China to continue exhausting its own mineral resources, only to be blocked from pursuing technological development...," it said. China's abrupt announcement of controls from Aug. 1 on exports of the metals has ramped up a trade war with the United States and could potentially cause more disruption to global supply chains. Analysts saw the move, which the Chinese commerce ministry said was to protect national security, as a response to escalating efforts by Washington to curb China's technological advances.

Persons: Janet Yellen, Brenda Goh, Muralikumar Organizations: Global Times, U.S, Independence, Reuters, Thomson Locations: SHANGHAI, China, United States, Washington, Beijing

☆ China adviser warns chipmaking export curbs are 'just a start', as Yellen visit looms
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +4 min

Shares in some Chinese metals companies rallied for a second session, with investors betting that higher prices on gallium and germanium, which Beijing's export restrictions target, could boost revenues. Germanium is used in high-speed computer chips, plastics, and in military applications such as night-vision devices as well as satellite imagery sensors. China is the world's biggest producer of rare earths, a group of metals used in EVs and military equipment. CURBS ON EXPORTS TO CHINAWashington is considering new restrictions on the shipment of high-tech microchips to China, following a series of curbs over the past few years. China's germanium ingot was priced at 9,150 yuan per kg on Tuesday, also flat on the day and on the week, Refinitiv data showed.

Persons: Janet Yellen, Yellen's, Biden, China's, Wei Jianguo, Wei, Xi Jinping, Eikon, Brenda Goh, Amy Lv, Christopher Cushing, Muralikumar Organizations: Independence, Analysts, Micron, Commerce, China Daily, China Center for International Economic Exchanges, Global Times, Shanghai Cooperation Organization, Shanghai Metal Exchange, Beijing, Thomson Locations: BEIJING, SHANGHAI, Beijing, Japan, Netherlands, China, CHINA Washington, United States, Yunnan

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

☆ China aircraft monitored US, France, Canada, Japan navy drill - media
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - China deployed a reconnaissance aircraft over Pacific waters east of Taiwan last week that Chinese media said monitored and gathered intelligence on an exercise involving the navies of the United States, Japan, France and Canada. The islands separate the East China Sea from the Philippine Sea, and dot the West Pacific between Japan and Taiwan, which China claims as its territory. The Japanese defence ministry reported a sighting of a Y-9 reconnaissance variant in the Pacific on Thursday. A spokesperson for the Japanese ministry said on Monday it was analysing a piece of equipment attached to the undercarriage of the Y-9 variant that had not been seen before. Days before the quadrilateral exercise, the coast guards of the Philippines, United States and Japan held their first trilateral exercise off the coast of a western Philippine province.

Persons: USS Nimitz, Ronald Reagan, Albee Zhang, Ryan Woo, Tim Kelly, Gerry Doyle, Robeert Organizations: Global Times, U.S, USS, U.S ., U.S . 7th Fleet, Military, South China, Thomson Locations: BEIJING, China, Taiwan, United States, Japan, France, Canada, Ryukyu, Philippine, Beijing, East, Pacific, U.S, South, Philippines, Tokyo

☆ Chinese state media dismiss U.S. diplomat's Beijing visit
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 5 (Reuters) - A Chinese state-backed newspaper criticised the visit of a senior U.S. State Department official to China, saying his visit was motivated more by Washington's own goal to portray itself as the side seeking communication and not Beijing. Sino-U.S. relations have sunk to new lows since U.S. State Secretary Antony Blinken scrapped a planned trip to China in February after an alleged Chinese spy balloon flew through U.S. airspace. Some experts have great doubts as to whether the U.S. side can inject some positive energy into bilateral relations ahead of the next U.S. presidential elections, the Global Times said. "The U.S. has been seeking dialogue while continuing to be provocative," it reported, quoting an expert at a Chinese state think tank. "We haven't seen any positive statements from the U.S. concerning the core interests or bilateral relations."

Persons: Washington's, Pacific Affairs Daniel Kritenbrink, Antony Blinken, Laura Rosenberger, Lloyd Austin, Li Shangfu, Ryan Woo, Ben Blanchard, Michael Perry, Stephen Coates Organizations: U.S . State Department, United, Global Times, State, East Asian, Pacific Affairs, State Department, American Institute, Washington, Central News Agency, . Defense, China's, Austin, Thomson Locations: BEIJING, U.S, China, Beijing, United States, Taiwan, South China, Taipei, Singapore, Russia

Speaking at the Shangri-La Dialogue, Asia's top security summit, Austin said that open lines of communication between U.S. and Chinese defence and military leaders were essential to avoid conflict and bolster stability in the Asia-Pacific. "The more that we talk, the more that we can avoid the misunderstandings and miscalculations that could lead to crisis or conflict." China's Minister of National Defence Li Shangfu had this week declined an invitation to meet Austin at the security summit. On Friday, the two shook hands on the sidelines of the conference but did not hold detailed talks, the Pentagon said. "(AUKUS) promotes greater stability and security," Austin said.

Persons: Defense Lloyd Austin, Caroline Chia, Austin, Austin Austin, National Defence Li Shangfu, Antony Blinken, Liu Pengyu, General, Lei, Zhao Xiaozhuo, Zhao, Xi Jinping, Joe Biden, Xinghui Kok, Joe Brock, Chen Lin, Gerry Doyle, Kanupriya Kapoor, Greg Torode, Ryan Woo, Idrees Ali, Phil Stewart, Yew, Raju Gopalakrishnan Organizations: Defense, REUTERS, United, People's, National Defence, Austin, Pentagon, Academy of Military Sciences, Global Times, U.S, China's Academy of Military Sciences, Australia, Thomson Locations: Singapore, China, Taiwan, Asia, Pacific SINGAPORE, United States, South China, People's Republic of China, U.S, Washington, TAIWAN, Beijing, Ukraine, Pacific, Australia, Japan, India, Philippines

☆ Russia predicts trade with China will hit record $200 billion in 2023
▼ + stars: | 2023-05-24 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Trade between Russia and China is expected to hit a new record level of $200 billion this year, according to Russian Prime Minister Mikhail Mishustin during his trip to China, as Moscow faces growing isolation from the West. Last year, bilateral trade jumped nearly 30% to a record $190 billion, mainly boosted by China buying Russian energy. This year, their trade continued to surge, up 41% in the first four months, according to Chinese customs figures. Russian Prime Minister Mikhail Mishustin and Chinese Premier Li Qiang attend a welcoming ceremony in Beijing on May 24, 2023. The two countries have also planned to build the Power-of-Siberia 2 pipeline to deliver more Russian gas to China via Mongolia.

BEIJING, May 8 (Reuters) - The Global Times, a hawkish Chinese state media tabloid, on Monday criticised a letter of protest sent to it by South Korea's embassy in China, the latest public spat amid worsening ties between the Asian neighbours. The South Korean embassy "expressed strong regret over a series of unreasonable slanderous articles" from the Global Times, in a letter of protest published Friday on its website. In its editorial, the Global Times slammed the embassy's "brutal interference in (its) independent reporting". South Korea's embassy in China did not immediately respond to a request for comment. In a similar incident last December, China's ambassador in South Korea criticised Korean media for stoking anti-China sentiment.

☆ A downed US jet, a bombed embassy, and 25 years of rumors about how China built its first stealth fighter
▼ + stars: | 2023-05-02 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

China continues to expand its fleet of J-20 stealth jets and to operate them farther from home. On March 24, 1999, NATO began airstrikes against Serbian military targets in response to Serbian atrocities in Kosovo. On May 7, 1999, US B-2 stealth bombers hit the Chinese embassy in the Serbian capital of Belgrade, killing three Chinese citizens. ReutersUnder the circumstances, there would seem to be little connection between the destruction of an American warplane and the bombing of the Chinese embassy. The US detected signals from the debris and bombed the embassy but failed to destroy the F-117 wreckage there, the articles claimed.

☆ 'Era has passed' as Beijing subway drops mandatory COVID mask rule
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

"It's as if an era has passed," a user said on China's popular social e-commerce app Xiaohongshu, as social media was abuzz with news of the rules being eased. Staff at a Beijing subway station tore down signs reminding people to wear masks, Beijing Daily reported. Some people on social media voiced concerns over the relaxation of mask rules, saying the virus remains a threat. "Let's hope there will not be a second wave of infections," a user on China's Twitter-like social media Weibo site said. Chinese cities have been scrapping mask mandates for several weeks, including Hong Kong, which ended mask requirements on March 1.

[1/3] An applicant is measured for height during a recruiting session for cabin crew jobs at Hainan Airlines in Beijing, China, March 30, 2023. Carriers including Xiamen Airlines, China Southern Airlines (600029.SS) and Spring Airlines (601021.SS) are now on a hiring spree as domestic travel recovers and they plan to resume flights to popular international destinations. China Southern, which plans to hire 3,000 cabin crew this year, said it already had more than seven times as many applicants by the end of December. Before the pandemic, around 10% of cabin crew applications were typically successful, industry experts said. As the peak summer season approaches, Chinese airlines are adding international capacity.

[1/2] French President Emmanuel Macron delivers a speech to inaugurate the Festival Croisements at the Red Brick Museum in Beijing, China, April 5, 2023. For Macron's visit at least, there are high expectations in Beijing. "In other words, not everyone wants to see Macron's visit to China go smoothly and successfully." Later in the afternoon, Macron and von der Leyen will separately hold talks with President Xi Jinping before all three hold trilateral talks in the evening. "Three-quarters of the delegation are business leaders: the goal is first and foremost to sign contracts," left-wing MEP Raphael Glucksmann wrote on Twitter ahead of Macron's visit.

ZURICH/BERLIN/LONDON, March 20 (Reuters) - Urs Kessler, who runs Jungfrau Railways, a train that takes tourists up the highest mountain in Switzerland, was excited for the return of Chinese tourists after COVID-19 restrictions were lifted late last year. Chinese outbound flight bookings to Europe during March and August are only 32% that of pre-pandemic levels, according to travel data firm ForwardKeys. OPTIMISM FOR THE FUTUREMany tourist operators and retailers hope the second half will bring a relaxation in visa policies, more flights and the long-expected influx of Chinese tourists. Harrods launched branded stickers, including its iconic teddy bear, on China's popular WeChat messaging platform this year to attract Chinese tourists. Kessler believes his Lang Lang campaign was still worth it.

☆ China cuts reserve ratio given domestic pressures, overseas risks - state media
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, March 18 (Reuters) - China's central bank made a "timely" move by pumping liquidity into the banking system to respond to rising pressures in the domestic banking industry and growing risks abroad, a state-owned Chinese newspaper said on Saturday. The central bank on Friday reduced the amount of cash banks must hold as reserves for the first time this year to support a nascent recovery in the world's second-biggest economy. The early release of liquidity will also help prepare for the next stage of demand expansion, it said. "Currently the risks in the overseas banking industry are increasing and the external environment is becoming more and more complicated," the newspaper said. Global markets this week have been hit by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank and uncertainty over Credit Suisse Group AG (CSGN.S), which tapped $54 billion in central bank funding.

☆ China to raise retirement age to deal with aging population - media
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 14 (Reuters) - China is planning to raise its retirement age gradually and in phases to cope with the country's rapidly aging population, the state-backed Global Times said on Tuesday, citing a senior expert from China's Ministry of Human Resources. Jin Weigang, president of the Chinese Academy of Labor and Social Security Sciences, said China was eyeing a "progressive, flexible and differentiated path to raising the retirement age", meaning that it would be delayed initially by a few months, which would be subsequently increased. "People nearing retirement age will only have to delay retirement for several months," the Global Times said, citing Jin. China has yet to formally announce a change to its retirement age, which is among the lowest in the world at 60 for men, 55 for white-collar women and 50 for women who work in factories. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035.

Reps. Lauren Boebert and Marjorie Taylor Greene have both inadvertently slammed the Trump administration in recent weeks. Greene falsely blamed the Biden administration for fentanyl deaths that happened while Trump was in office. MAGA-faithful Reps. Lauren Boebert and Marjorie Taylor Greene have both inadvertently slammed the Trump administration in recent weeks while trying to take shots at President Joe Biden. Rep. Matt Gaetz, meanwhile, got schooled for unknowingly basing a critique of Biden's policies on a Communist newspaper. Gaetz tried to recover, pressing Kahl to "just tell me if the allegation is true or false."

☆ Free education, equal rights for unmarried women among proposals to boost China's fertility
▼ + stars: | 2023-03-02 | by ( Farah Master | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangHONG KONG, March 2 (Reuters) - Free college education and equal rights for unmarried women are among proposals being urged by members of China’s top political advisory body to boost the country's birth rate after its population fell last year for the first time in six decades. The proposals come ahead of the upcoming Chinese People's Political Consultative Conference (CPPCC), which kicks off on March 4. China should remove restrictions on marital status used to register newborns, allowing unmarried women to enjoy fertility services like married women do, Xie Wenmin, a member of China's top political advisory body, told the state-backed Global Times this week. Even after authorities scrapped the rule, high childcare and education costs are cited as a key reason for having fewer children. Currently IVF and egg freezing in China are banned for unmarried women.

☆ Matt Gaetz unknowingly cites Chinese Communist newspaper during Ukraine military funding hearing
▼ + stars: | 2023-02-28 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +3 min

Rep. Matt Gaetz unknowingly cited from a Chinese propaganda outlet during a congressional hearing. Gaetz asked Colin Kahl, the US's undersecretary of defense for policy. Gaetz asked Kahl. "Is this the — I'm sorry, is this the Global Times from China?" Watch the exchange below:Asked for comment, a spokesman for Gaetz told Insider: "Congressman Gaetz wanted to ask if the report was true.

Search resuls for: "The Global Times"

25 mentions found