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☆ IEA trims oil demand forecast for the first time this year on 'persistent' economic headwinds
▼ + stars: | 2023-07-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. The International Energy Agency on Thursday cut its global oil demand growth forecast for the first time this year, primarily citing a worsening economic outlook that weighs "especially heavy" on wealthy countries. The world's leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day. China is set to account for 70% of the demand growth increase, the IEA said. This forecast nevertheless represents a downward revision of 220,000 barrels per day from last month's report, when the IEA predicted an increase of 2.4 million barrels per day of worldwide growth.

Organizations: International Energy Agency, IEA, Federal, Brent, U.S, West Texas Locations: Yantai Port, Shandong Province, China, London

☆ Oil prices ease as worries over global economic slowdown weigh
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August. Brent crude was down 14 cents, or 0.2%, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday. "Oil prices came under pressure again due to lingering worries over a slowdown in the global economy and further hikes of interest rates in the United States and Europe," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting. The latest decision by Saudi and Russia could be viewed as a bearish signal for prices, as it confirms that optimistic views on demand growth are faltering. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe.

Persons: paring, Brent, Tomomichi Akuta Organizations: Raffles, . West Texas, Mitsubishi UFJ Research, Consulting, Saudi, OPEC, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters Locations: Yantai, East China's Shandong province, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria

[1/2] An aerial view shows cars for export at a port in Yantai, Shandong province, China May 3, 2023. China Daily via REUTERS/File PhotoJune 30 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Goldman's emerging markets financial conditions index is the lowest in 16 months, which stands in contrast to developed economies where rates, bond yields borrowing costs of all stripes are rising sharply. The U.S. two-year yield jumped 15 basis points on Thursday, its biggest rise in a month, and traders are now pricing in at least one more quarter point rate hike this year. Here are key developments that could provide more direction to markets on Friday:- China PMIs (June)- Japan - Tokyo inflation (June)- U.S. PCE inflation (May)By Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Goldman Sachs, Jerome Powell, China PMIs Organizations: REUTERS, Asia's, Bank of Japan, U.S, PCE, Thomson, Reuters Locations: Yantai, Shandong province, China, Japan, Tokyo, South Korea, U.S

☆ China can't rely on Southeast Asian exports to offset a U.S. slowdown
▼ + stars: | 2023-06-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Exports to the Association of Southeast Asia Nations have been growing. The 10-member bloc surpassed the European Union during the pandemic to become China's largest trading partner on a regional basis. Data showed that exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China's overall exports. Exports to the U.S. — China's largest trading partner on a single-country basis — fell by 18% from a year ago in U.S. dollar terms in May. At $42.48 billion, the U.S. exports in May were more than the $41.49 billion China exported to Southeast Asia that month, according to customs data.

Persons: That's, Bruce Pang, Pang Organizations: Association of Southeast Asia Nations, Union, Exports, —, ASEAN Locations: China's, Indonesia, BEIJING, China, Southeast Asia, U.S, Asia, JLL, Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, The U.S

☆ Chinese EV startup Li Auto says car deliveries more than doubled in May
▼ + stars: | 2023-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Li Auto store inside a shopping mall in Yantai, Shandong province on May 6, 2023. BEIJING — Chinese electric car startup Li Auto said it delivered more than twice as many cars in May versus a year ago. Li Auto differs from the two startups in that its electric cars come with a fuel tank for charging the battery and extending driving range. That divergence comes as China's fast-growing electric car market grows more competitive. She expects China's electric car market to grow by 27% this year to 8.7 million units, with penetration of overall auto sales set to grow to 32% this year, versus 26% last year.

Persons: Li Auto, Li, Matty Zhao Organizations: Li, Bank of America Securities, Asia Locations: Yantai, Shandong province, BEIJING, Asia Pacific

☆ China’s Youth Unemployment Tops 20% Amid Signs of Stalling Recovery
▼ + stars: | 2023-05-16 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

Fresh graduates attended a job fair in Yantai, China, earlier this year. Photo: Cfoto/Zuma PressHONG KONG—China’s youth unemployment rate rose above 20% for the first time since Beijing began tracking the data five years ago, the latest sign of uncertainty around the country’s economic recovery. A bundle of new economic indicators for April, released Tuesday by China’s National Bureau of Statistics, also showed measures of retail sales, factory production and fixed-asset investment all falling short of economists’ expectations.

REUTERS/Siyi LiuAustralian trade data shows exports worth A$60.5 million ($41.04 million) of copper ore and concentrate to China in January, though the cargoes have not appeared in Chinese customs data. It was the first month of exports since December 2020, Australian data showed. Copper ore and concentrate imports are likely to resume if the talks go well, according to an official surnamed Wang at a Chinese copper smelter, who said smelters want extra supply from Australia. China imported just over one million tonnes of copper ore and concentrate from Australia in 2019, according to customs data, worth about $1.67 billion at the time. Australian trade data showed A$78,000 worth of barley exports to China in January, the first since November 2020.

Copper ore and concentrate imports are likely to resume if the talks go well, according to an official surnamed Wang at a Chinese copper smelter, who said smelters want extra supply from Australia. Australian copper accounted for just 5% of Chinese imports in 2019 but is an important source of supply in what is expected to become a tight global market. Australian copper returns to ChinahereChinese customs data showed 10kg (22.05 lb) of copper ore and concentrate in the first quarter of this year, roughly the same as 2022. China imported just over one million tonnes of copper ore and concentrate from Australia in 2019, according to customs data. Australian trade data showed A$78,000 worth of barley exports to China in January, the first since November 2020.

HONG KONG, May 10 (Reuters) - China will appoint Li Yunze as the head of a new financial regulator as part of a broader restructuring of its financial regulatory regime, three sources with knowledge of the matter said on Wednesday. Li, 52, a banking veteran and currently vice governor of southwestern Sichuan province, will take the helm of the National Financial Regulatory Administration (NFRA), the sources told Reuters. The NFRA is a new government body under the State Council tasked to supervise the multi-trillion dollar financial industry, excluding the securities sector. Li has a relatively low-profile in the sector compared to previous financial regulatory heads. In 2018, he was appointed as vice governor of Sichuan province.

☆ China's navy is looking to junior high schools as it scrambles to find pilots for its growing aircraft carrier fleet
▼ + stars: | 2023-03-31 | by ( Minnie Chan | South China Morning Post | ) www.businessinsider.com time to read: +3 min

The Chinese Navy's youth aviation schools have recruited about 4,500 boys aged 15 to 16 this month. China's navy needs pilots for its fleet of aircraft carriers, which grew to three ships in June. The navy draws on talent from the 14 schools for its aircraft carrier cadet pilot programme. AFP via Getty ImagesIt is unclear if this is the first year that students so young will attend the aviation schools. The average age of the newest crop of cadet pilots is 20, much younger than in previous years.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ Foxconn unit to sell stake in Chinese chip firm Unigroup
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Ann WangTAIPEI, Dec 17 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Friday its subsidiary in China has agreed to sell its entire equity stake in embattled Chinese chip conglomerate Tsinghua Unigroup. Foxconn, a major Apple Inc (AAPL.O) supplier and iPhone maker, disclosed in July it was a shareholder of Tsinghua Unigroup. Xingwei controls a 48.9% stake in a different entity that holds a 20% stake in the vehicle owning all of Unigroup. The company has been seeking to acquire chip plants globally as a worldwide chip shortage rattles producers of goods from cars to electronics. Originating as a branch of China's prestigious Tsinghua University, Tsinghua Unigroup emerged in the previous decade as a would-be domestic champion for China's laggard chip industry.

☆ Barclays cuts China GDP outlook after forecasting U.S., Europe recession
▼ + stars: | 2022-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's export growth has slowed in recent months after surging during the height of the pandemic globally. BEIJING — Barclays cut its forecast for China's economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods. As a result, they now expect China's exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said. "China's share of global exports has been shrinking this year," the analysts said. China's exports surged by 29.8% last year in U.S. dollar terms, following a 3.6% increase in 2020, according to the customs agency.

☆ 12 mineri chinezi au dat un semn de viață la o săptămână de la explozia care i-a îngropat în subteran
▼ + stars: | 2021-01-18 | by ( ) www.jurnal.md time to read: +2 min

12 mineri chinezi au dat un semn de viață la o săptămână de la explozia care i-a îngropat în subteranO explozie puternică a avut loc pe 10 ianuarie la o mină din China, afectând calea de ieșire și sistemele de comunicații, iar mulți mineri au rămas blocați în subteran. Acum, responsabilii operațiunii de salvare au anunțat că 12 mineri blocați la aproximativ 600 de metri de ieșire sunt încă în viață. Soarta altor 10 mineri dați dispăruți în urma exploziei rămâne necunoscută, scrie BBC. În decembrie 2020, 23 de mineri chinezi au murit după o scurgere de monoxid de carbon într-o mină. În decembrie 2019, o explozie produsă la o mină din provincia Guizhou a ucis cel puțin 14 oameni.

Organizations: BBC, Partidului Comunist chinez Locations: China, Husan, Shandong, Chinei, Yantai, Chongqing, Guizhou

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