Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "The Shanghai"


25 mentions found


Volkswagen revenue jumps on growth in Europe, North America
  + stars: | 2023-05-04 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Aly SongBERLIN, May 4 (Reuters) - Volkswagen (VOWG_p.DE) posted a 21.5% gain in first-quarter revenue on Thursday, boosted by higher prices and strong growth in Europe and North America, but operating profit declined from last year when the period benefited from commodity hedging. Revenue for the quarter was 76 billion euros ($84.22 billion). Operating profit fell to 5.7 billion euros from 8 billion euros last year, but still beat expectations of five analysts polled by Refinitiv SmartEstimate of 5.48 billion euros. Excluding the valuation effect from commodity hedging, operating profit rose by 35% to 7.1 billion euros, yielding a margin of 9.3%. Volkswagen attributed the rise in group revenue largely to strong growth in Europe and North America, and said its order book in western Europe totalled 1.8 million vehicles, including 260,000 battery-electric cars.
But a drumbeat of government security measures, including a broadening of counterespionage laws, and unannounced visits by investigators to the Chinese offices of several foreign firms have sent a shiver of worry that under Xi Jinping, economic pragmatism could again give way to a heightened focus on state control. International consulting and advisory firms are among those that have faced questioning from Chinese security officers in recent weeks, adding to fears among foreign investors that the authorities may be trying to choke off their access to unvarnished information about markets, competitors and potential deals in China. The scrutiny has left some companies questioning whether their China operations are at risk. Officers visited the Shanghai office of Bain & Company, a major American consulting firm, and questioned employees, Bain said in late April. And the Mintz Group, an American company specializing in corporate investigations, said in late March that officials visited its Beijing office and detained five Chinese employees.
In this article MBG-FF Follow your favorite stocks CREATE FREE ACCOUNTLewis Hamilton of Great Britain drives the Mercedes AMG Petronas F1 Team W13 on race day during the 2023 Australian Grand Prix at Albert Park on April 2, 2023 in Melbourne. But Mercedes' F1 collaboration to build more efficient EVs faster is unprecedented because it embeds that racing mindset and technological expertise directly in product development. After decades of leadership in combustion-engine technology, legacy carmakers like Mercedes have lagged Tesla in electric vehicles. Mercedes' F1 team can help it get back in the race, said Steven Merkt, head of transportation solutions at TE Connectivity , a major autos supplier. Last year, Mercedes unveiled its EQXX concept car, a super-efficient EV capable of a range of more than 1,200 km (745 miles), which was jointly developed with the German premium carmaker's F1 team in England.
This time last year, Shanghai — China’s capital of fashion and luxury — was in the throes of a ruthlessly enforced Covid lockdown. The city’s glittering high-end malls and avenues lined with flagship stores stood practically empty. Ms. Zhang, who works for a consulting firm, used to buy six handbags a year. “I change my handbag every day,” Ms Zhang added. “I felt that everything was meaningless during the Shanghai lockdown, so we should enjoy the present moment in time.”
New Governor of Bank of Japan Kazuo Ueda waits for Japanese Prime Minister Fumio Kishida in Tokyo on April 10, 2023. Asia-Pacific markets largely rose on Friday after the Bank of Japan kept its monetary policy unchanged in the first monetary policy meeting chaired by new governor Kazuo Ueda. Japanese markets were all higher and led gains in the region, with the Nikkei 225 closing 1.4% higher at 28,856.44 following the central bank's decision and the Topix rose 1.23% to end the day at 2057,48. Hong Kong's Hang Seng index climbed 0.42% in its final hour, while the Hang Seng Tech index jumped 1.12%. In mainland China, the Shenzhen Component ticked up 1.08% to end at 11,338.67 and the Shanghai Composite rose 1.14% to close at 3,323.27.
The blockbuster debut bodes well for several other games due to launch this summer in the world's largest video games market. As of Thursday, the Shanghai-based company's strategy game "Honkai: Star Rail", where anime characters battle space monsters, had amassed 20 million downloads across smartphones and personal computers, miHoYo said. 1 on the iOS game download chart in more countries than any prior game," Niko Partners analyst Daniel Ahmad said on Twitter. It is scheduled to test action game "Valorant" in May ahead of its official release this year. Tencent will invest in launching an esports league in China for the game.
It is unlikely to be resolved quickly even if the markets keep rallying and China economy keeps global growth ticking. Data paints a murky picture, but supports brokers' analysis that the bid from long-only money managers is absent. Allocation analysis from data firm EPFR shows a broad downtrend, especially to U.S.-domiciled China funds. EPFR figures show allocation to China funds outside the U.S. has increased for two years and mainland markets' recent performance has also been encouraging. "Our reservations about China's long-term investment prospects are based on our outlook for returns to capital."
Chinese Authorities Question Bain Staff in Shanghai
  + stars: | 2023-04-27 | by ( Dan Strumpf | ) www.wsj.com   time to read: 1 min
Bain & Co.’s presence in China includes offices in Shanghai, as well as Beijing and Hong Kong. Photo: hector retamal/Agence France-Presse/Getty ImagesHONG KONG—Authorities visited the Shanghai offices of Bain & Co. and questioned staff, the management-consulting firm said, becoming the latest foreign firm to be targeted in China where authorities have been increasing pressure on selected American and other Western businesses. The Boston-based company said Wednesday U.S. time that it was cooperating with authorities and declined to comment further. Shanghai police didn’t immediately respond to a request for comment on the reason for the visit, previously reported by the Financial Times, which also said police took away computers and phones.
LONDON, April 27 (Reuters) - The nickel market is facing a massive supply glut this year as surging Indonesian production continues to outpace global demand. The INSG expects only "mild growth" in the stainless sector this year. Taking up the slack from a weak stainless sector is demand for nickel from the electric vehicle (EV) battery sector. This changes the nature of this particular nickel surplus. LME stocks of Class I nickel continue to slide even as surplus builds in other parts of the supply chain.
Singh "categorically conveyed that development of relations between India and China is premised on prevalence of peace and tranquillity at the borders", it said. India accuses China of frequently intruding into its side of the disputed border in violation of agreements signed since the 1990s. China pushed for engagement and cooperation between the two militaries but was told by India that could happen only if there is tranquillity on the border, two Indian sources told Reuters. The two ministers met ahead of the Shanghai Cooperation Organisation's (SCO) defence ministers' gathering in New Delhi. It is also the first visit by a Chinese defence minister to India since the violence in the Himalayas began in May 2020.
The jets were captured being released from a black hole 6.5 billion times the size of our sun. The image is the first to connect the jets to the edge of the supermassive black hole. The black hole, located at the center of the M87 galaxy 55 million light-years away, is around 6.5 billion times bigger than our sun. Black holes don't only swallow matter, they sometimes shoot it outMost galaxies, including our own, swirl around a supermassive black hole. Material swirling around a black hole needs to lose speed and energy before it can fall inwards.
Chinese EV giant BYD's first-quarter profit jumps fivefold
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +1 min
BEIJING/SHANGHAI, April 27 (Reuters) - Chinese electric vehicle giant BYD Co. (002594.SZ) posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing. The company sold more than 1.86 million vehicles in 2022, mostly in China. The price cuts have eaten into automakers' earnings, with Tesla reporting a 24% plunge in first-quarter net income. ($1 = 6.9230 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
In the latest official scrutiny of a prominent American business in China, the authorities visited the Shanghai offices of the U.S. management consulting firm Bain & Company this month to question its employees. The questioning at Bain came less than a month after the authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The five Chinese nationals were held overnight before their families were notified that they had been detained. China’s foreign ministry later said that the company was suspected of engaging in unlawful business operations. Mintz had no immediate response on Thursday to a request for comment on whether any of its five employees had been released.
Asia markets mixed as Wall Street banking fears reignite
  + stars: | 2023-04-26 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: +1 min
Asia-Pacific markets were trading mixed on Wednesday after banking fears were reignited on Wall Street. Investors were also watching Australia's inflation numbers for the first quarter of 2023, which slowed to 7% year-on-year, down from a 23-year high of 7.8% the previous quarter. In Japan, the Nikkei 225 fell 0.71% to end the day at 28,416.47 , and the Topix dropped 0.89% to finish at 2,023.9. Mainland Chinese markets ended mixed, with the Shenzhen Component up 0.33% to finish at 11,185.68 and the Shanghai Composite closing 0.02% lower at 3,264.1 . Hong Kong's Hang Seng index climbed 0.7% up, while the Hang Seng Tech index rose 1.32%.
But a black hole can also send powerful jets of material blasting across space and beyond its home galaxy. Previous observations have shown the jet and black hole separately, including the first direct image of a black hole, released in 2019. Astronomers believe that more material is falling toward the black hole in the new image, which is why the ring looks bigger. Studying black holesRecently, astronomers also used machine learning to release a cleaner, sharper version of the original M87 black hole image from 2019. The central region is darker and larger, surrounded by a bright ring as hot gas falls into the black hole.
BYD lowers starting price for Seagull electric hatchback
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
Companies BYD Co Ltd FollowSHANGHAI, April 26 (Reuters) - Chinese electric car maker BYD (002594.SZ) has set the starting price for its Seagull hatchback at 73,800 yuan ($10,658.89), about 6.3% lower than its initial advertised price, its website showed. The vehicle attracted significant attention at the Shanghai auto show at a price starting from 78,800 yuan - half the price of the cheapest new energy vehicles available elsewhere. It had advertised the two versions at 78,800 yuan and 83,800 yuan during the auto show. The company's longer-range version will be priced at 89,800 yuan, down from the 95,800 yuan advertised at the show. ($1 = 6.9238 Chinese yuan renminbi)Reporting by Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
Huawei's co-developed Aito electric car brand is now selling an updated version of the M5 model that comes with new driver-assist tech. Around the Shanghai auto show that kicked off last week, electric car startups and Chinese tech companies alike made several announcements about their driver-assist tech. But McKinsey estimates assisted and fully autonomous driving systems in passenger cars could generate $300 billion to $400 billion in global revenue by 2035. Those maps, used by autonomous driving companies such as Alphabet 's Waymo, give a car a detailed picture of city streets. Xpeng, considered one of the most advanced technologically, saw deliveries plunge in the first quarter ahead of a more widespread rollout of its assisted driving tech.
Hong Kong markets led losses in Asia on Tuesday, with the Hang Seng sliding 1.97% as Asian stocks largely fell ahead of earnings from Big Tech firms. The Hang Seng Tech index saw a larger loss, tumbling 4% as technology stocks led losses on the HSI. Alphabet, Microsoft, Amazon and Meta are among the high-interest names scheduled to announce their results for the first quarter. "Everyone's just waiting for tech earnings," said Chris Harvey, head of equity strategy at Wells Fargo Securities. "This is a very, very busy week for earnings, so we're just treading water."
Hong Kong CNN —BMW has landed in hot water in China over tubs of ice cream. The luxury German automaker’s Mini Cooper unit had to apologize repeatedly after being accused of discrimination against Chinese visitors when handing out free ice cream at the Shanghai auto show this week. Reserved for staffOn Friday morning, Mini China issued another apology, saying the Westerners in the videos who got the ice cream were its staff members. The company said it handed out 300 tubs of ice cream per day to visitors at its booth on Tuesday and Wednesday. It called for the public to be more understanding of the two female Chinese workers who handed out the ice cream, saying they were young and inexperienced.
Volkswagen's ID.7 is set for release in Europe and China in the fall of 2023, and in North America in 2024. CNBC | Evelyn ChengBEIJING — German automaker Volkswagen is investing about $1 billion in China for electric car development, and releasing a vehicle targeted at a higher end of the market. German investment in China grew by nearly 61% in the first quarter from a year ago, China's Ministry of Commerce said Thursday. Overall, foreign investment in China grew by 4.9% year-on-year in the first three months of the year to 408.45 billion yuan ($59.33 billion). Vehicles for China will be produced locally, while those for Europe and North America will be produced in Germany, Volkswagen said.
Ford must rethink its brand for China as EVs boom, CEO says
  + stars: | 2023-04-21 | by ( ) www.reuters.com   time to read: +3 min
DETROIT, April 20 (Reuters) - Facing a booming and hyper-competitive market for electric vehicles (EVs) in China, Ford Motor Co (F.N) needs to reshape its brand for the world's largest car market, Chief Executive Jim Farley said. "We're going to have to rethink what the Ford brand means in a place like China," Farley told reporters on Thursday evening in Detroit, speaking on the sidelines of a charity event. Even state-owned automakers in China had created new brands for EVs, he said. "That's why they're going big on Europe. "They're totally vertically integrated, completely, all the way to batteries.
Chinese auto startup XPeng unveiled its fifth electric model on Tuesday at the Shanghai auto show — and it's shaping up to be a pain for Tesla and Elon Musk. The XPeng G6 electric SUV.
The London Stock Exchange Group (LSEG) (LSEG.L) and UK trade officials visited several cities in China to promote UK capital markets recently. Wilson Xu, a banking veteran from CITIC Securities pioneering the Stock Connect programme, said liquidity will improve when there is a critical mass of Chinese listings. The Shanghai-London Stock Connect was launched in 2019 and the link was expanded last year to include Shenzhen and Switzerland. Even arrangements by SIX to allow roughly 2.5 hours of trading in a session for Chinese GDRs didn't help. Chinese companies, however, have been positive in public disclosures about their forays in Europe which have given them an alternative channel to raise funds and access foreign currency for their operations abroad.
BMW skids into ice cream melee at Shanghai auto show
  + stars: | 2023-04-20 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A BMW booth is pictured at the Auto Shanghai show, in Shanghai, China, April 19, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Chinese internet users berated German automaker BMW (BMWG.DE) on Thursday, accusing it of discrimination at the Shanghai auto show amid claims workers at its Mini booth favoured foreign over domestic visitors during an ice cream giveaway promotion. The controversy comes as BMW and fellow German automakers participate in the Shanghai auto show in full force as they fight to stay on top of consumer trends in a country where domestic rivals have been aggressively taking market share. One video showed two Chinese workers telling some local visitors to the Mini stand that the free ice cream had run out, only to offer a tub moments later to a Western attendee. "This has taken away my good feelings towards BMW," said one Weibo commentator.
Toyota reveals two more electric cars for China
  + stars: | 2023-04-20 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
Toyota displays a new concept electric car — developed jointly with BYD and FAW — at the Shanghai auto show in April 2023. CNBC | Evelyn ChengBEIJING — Toyota this week began taking orders for its first electric sedan in China, and announced two more models are set to come to the local market next year. The three cars are part of the Japanese car giant's bZ, or "beyond zero" lineup of battery-electric cars. Toyota, the world's largest automaker by vehicles sold, has been relatively cautious about investing in fully electric cars. The bZ sports car concept sedan is jointly developed by Toyota, BYD and Chinese state-owned FAW.
Total: 25