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☆ Meta strikes deal to sell VR headset in China - WSJ
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsNov 9 (Reuters) - Meta Platforms (META.O) has struck a deal with Tencent Holdings (0700.HK) to sell a new, lower-priced version of its virtual-reality (VR) headset in China, a return to the country 14 years after Facebook was shut out, the Wall Street Journal reported on Thursday. The preliminary deal will make Tencent the exclusive seller of Meta's headsets in China, the Journal said, citing sources. Meta and Tencent did not immediately respond to Reuters' requests for comment. Reporting by Shubham Kalia in Bengaluru; Editing by Rashmi Aich and Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Tencent, Shubham, Rashmi Aich Organizations: REUTERS, Tencent Holdings, HK, Facebook, Wall Street, Thomson Locations: Brussels, Belgium, China, Bengaluru

☆ China's largest chipmaker SMIC posts a 80% drop in third-quarter profit
▼ + stars: | 2023-11-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

BEIJING, CHINA - DECEMBER 04: A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)China's largest chipmaker SMIC on Thursday posted a 80% drop in third-quarter profit as global demand weakness hit foundries hard. Net income for the quarter plunged 80% compared to a year ago — larger than the 64% drop posted in second quarter 2019, according to company figures. Net income for that period was $93.98 million, far below analysts' expectations of $165.1 million. SMIC is China's biggest foundry, manufacturing semiconductor chips that other firms design.

Organizations: Semiconductor Manufacturing International Corporation, Getty, Semiconductor Manufacturing, Co, Samsung, TSMC Locations: BEIJING, CHINA, Beijing, China, South, U.S

☆ Lockbit cybercrime gang claims hack on China's biggest lender ICBC
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

Companies Industrial and Commercial Bank of China Ltd FollowNov 10 - The cybercrime gang Lockbit confirmed on Friday that it had hacked into the Industrial and Commercial Bank of China - the biggest Chinese lender by assets. "Yes we confirm," a representative for Lockbit said when reached on their contact address via the messaging platform Tox. Reporting by Zeba Siddiqui in San Francisco; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lockbit, Zeba Siddiqui, Chizu Organizations: Industrial, Commercial Bank of China, Thomson Locations: San Francisco

☆ Nvidia plans to release three new chips for China - local media
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Nov 9 (Reuters) - Nvidia (NVDA.O) is planning to release three new chips for China, local media reported on Thursday, weeks after the U.S. blocked it from selling two high-end artificial intelligence (AI) chips and one of its top gaming chips to Chinese firms. One of the company's top-of-the-line gaming chips, the L40S chip, which it announced in August, would also be affected, it said. On Oct. 24, Nvidia said those curbs would take immediate effect, as U.S. regulators had sped up an original deadline. Chinese internet giant Baidu (9888.HK) placed a sizeable order for Huawei AI chips this year, sources have said.

Persons: Dado Ruvic, Baidu, Brenda Goh, Christopher Cushing, Edwina Gibbs Organizations: NVIDIA, REUTERS, Rights, Nvidia, STAR Market, Huawei Technologies, Baidu, HK, Huawei, Thomson Locations: China, U.S, Washington

☆ China, Australia to restart annual meetings as trade resumes
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Australia's Prime Minister Anthony Albanese meets with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 6, 2023. President Xi Jinping said on Monday stable ties between China and Australia served each other's interests and both should expand cooperation, sending a clear signal that China was ready to move on from recent tensions. The Australian prime minister said he had used the four-day visit to advocate for Australia's interests in trade, human rights, regional and global issues. "While there are differences between us, both Australia and China benefit from cooperation and dialogue," Albanese said. Australia and China had agreed to cooperate on trade, climate change and agriculture, the Australian government said in a statement.

Persons: Anthony Albanese, Xi Jinping, Lukas Coch, Li Qiang, Albanese, " Albanese, Li, Xi, Kirsty Needham, Ellen Zhang, Robert Birsel Organizations: Australia's, of, People, REUTERS Acquire, Rights, U.S, Islands Forum, Thomson Locations: Beijing, China, Rights BEIJING, SYDNEY, Australia, People . China, India, Japan, Pacific, United States, South China, Britain, Sydney

☆ China pledges to expand market access at annual trade fair amid foreign criticism
▼ + stars: | 2023-11-05 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

SHANGHAI, China (Reuters) -China will further expand market access and increase imports, its premier told a trade fair in Shanghai on Sunday, amid criticism from European firms who said they wanted to see more tangible improvement in the country’s business environment. China will promote coordinated development of trade in goods and services, protect an international business environment, and relax market access including lifting restrictions on foreign investment in manufacturing, he said. The import expo was launched by President Xi Jinping in 2018 to promote China’s free trade credentials and counter criticism of its trade surplus with many countries. China’s imports have slumped this year amid a slowdown in the world’s second largest economy, although data released last month indicated that the downtrend could be starting to ease. China will “actively promote” its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), Li also said in his speech on Sunday.

Persons: Li Qiang, Tingshu Wang, ” Li, Xi Jinping, Li, Anthony Albanese, “ Organizations: Hangzhou Olympic Sports Centre, China, European Chamber of Commerce, Micron Technology, Nestle, Burberry, Australian, Pacific Locations: SHANGHAI, China, Shanghai, Hangzhou, Afghan, Australia, United States, Taiwan, Ukraine, Costa Rica, Uruguay, Ecuador, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, Britain

☆ US consultancy Gallup withdrawing from China -FT
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: 1 min

Nov 4 (Reuters) - Consultancy firm Gallup is pulling out of China, the Financial Times newspaper reported on Saturday. The Washington-based firm has told its clients it is closing its China operations and advised customers that it would move some projects outside the country, while others would be cancelled, according to the newspaper. It started its China operations in 1993 and had offices in Beijing, Shanghai and Shenzhen, the report said citing public payroll records. Gallup is closing all three offices in mainland China and it is unclear whether it will retain some of its local employees, the report added. Reporting by Shubhendu Deshmukh in Bengaluru; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Shubhendu Deshmukh, Jason Neely Organizations: Consultancy, Gallup, Financial Times, Thomson Locations: China, Washington, Beijing, Shanghai, Shenzhen, Bengaluru

☆ The Urgent Need to Nuclear Talks with China - The New York Times
▼ + stars: | 2023-11-04 | by ( The Editorial Board | ) www.nytimes.com time to read: +1 min

The talks come at a perilous moment for the systems of global controls, painstakingly built over decades, to avoid nuclear conflict. The United States, for its part, is in the midst of upgrading its own nuclear weapons. As the United States and Russia lose their safeguards, the Chinese government is expanding its nuclear arsenal. For decades, the People’s Liberation Army has felt secure with a few hundred nuclear weapons. Currently, the United States and Russia have about 1,670 deployed weapons each, with thousands more in storage.

Organizations: Comprehensive, People’s Liberation Army, Pentagon Locations: United States, China, Russia, New

Nov 2 (Reuters) - Air pollution, a global scourge that kills millions of people a year, is shielding us from the full force of the sun. "It's this Catch-22," said Patricia Quinn, an atmospheric chemist at the U.S. National Oceanic and Atmospheric Administration (NOAA), speaking about cleaning up sulphur pollution globally. "If you implement technologies to reduce air pollution, this will accelerate – very significantly – global warming in the short term." The Chinese and Indian environment ministries didn't immediately respond to requests for comment on the effects of pollution unmasking. As the implications of the pollution unmasking become more apparent, experts are casting around for methods to counter the associated warming.

Persons: poring, Patricia Quinn, Paulo Artaxo, Xi Jinping, Xi, El, Yangyang Xu, Xu, unmasking, Laura Wilcox, COVID, Sergey Osipov, Michael Diamond, Jake Spring, David Stanway, Sakshi Dayal, Katy Daigle Organizations: U.S . National Oceanic, Atmospheric Administration, NOAA, Reuters, World Health Organization, U.S . Clean, National People's, China Meteorological Administration, El Nino, M University, Britain's University of Reading, India Meteorological Department, India, Clean, Programme, King Abdullah University of Science, Technology, Florida State University, Thomson Locations: India, China, Beijing, 10.34C, Texas, Chongqing, Wuhan, SO2, heatwaves, Xinjiang, INDIA, Europe, Northern China, U.S, Saudi Arabia, Sao Paulo, Singapore, New Delhi

☆ Some Chinese institutions borrow at 50% rate as liquidity squeezed
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The highest overnight rate for pledged repo - a short-term financing business - hit 50% on Tuesday, according to official interbank data, although the average rate remains modest at roughly 3.6%. Two-day repo rates jumped to as high as 30%, and the highest rate for seven-day repos was 12%. Several traders at small lenders were still seeking to borrow money in later afternoon trading when contacted by Reuters. The brokerage attributed the cash shortage to a "record supply" of government bonds, as well as restricted channels for banks to borrow money. The average seven-day repo rate - a widely watched indictor of short-term borrowing costs in China - remained modest at 2.0765% on Tuesday, meaning many institutions can still borrow money at relatively low rates.

Persons: Thomas White, repos, Fan, Ming Ming, Ed Osmond, Kirsten Donovan Organizations: REUTERS, Rights, Guolian Securities, Reuters, Caitong Securities, Citic Securities, Shanghai, Thomson Locations: China

☆ Global EV battery supply chain puzzles over China graphite curbs
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Graphite powder, used for battery paste, is pictured in a Volkswagen pilot line for battery cell production in Salzgitter, Germany, May 18, 2022. China dominates the global EV battery supply chain including production of graphite - the single largest component. Graphite companies in the country process both the natural material mined domestically and overseas, as well as synthetic forms. Under the new rules, China will require export permits starting Dec. 1 for high-end synthetic graphite, as well as key forms of natural graphite. NATURAL GRAPHITE HITGlobal companies using natural graphite include Hitachi Chemical, part of Japan's Resonac Holdings Corp (4004.T), South Korea's POSCO Future M (003670.KS) and Japan's Mitsubishi Chemical, which produces natural graphite at two plants in China, according to research firm CRU Group.

Persons: Fabian Bimmer, Sunit Kapur, Zhang Yan, Siyi Liu, Brenda Goh, Satoshi Sugiyama, Heekyong Yang, Seoul ， Paul Lienert, Jing Xu, Dominique Patton, Tony Munroe, David Evans Organizations: Volkswagen, REUTERS, Rights, EV, Qingdao, Reuters, China's Ministry of Commerce, Gotion High Tech, BTR, Material Technology, Hitachi Chemical, Japan's Resonac Holdings Corp, Mitsubishi Chemical, CRU Group, Mitsubishi, Resources, Materials, Thomson Locations: Salzgitter, Germany, Beijing, China, Japan, South Korea, United States, U.S, Shanghai, Ningbo Shanshan, Indonesia, Finland, Japan's, Australia, Mozambique, U.S ., Louisiana, North Carolina, Toyko, Seoul ，, Detroit

☆ ATP roundup: Daniil Medvedev headlines day of sweeps at Vienna
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Overall, Medvedev won 28 of 31 first-service points while collecting 16 winners against just three unforced errors. Sinner topped American Ben Shelton 7-6 (2), 7-5; Gojo ousted Russia's Aslan Karatsev 6-3, 6-3; and Monfils downed Daniel Altmaier of Germany 6-4, 6-4. In second-round action, fifth-seeded German Alexander Zverev downed Great Britain's Cameron Norrie 6-2, 6-4, while No. Swiss Indoors BaselArgentina's Tomas Martin Etcheverry rallied to beat Andy Murray of Great Britain 6-7 (5), 6-3, 6-2 in a second-round match at Basel, Switzerland. 4 seed Hurbert Hurkacz of Poland also won his second-round match, sweeping German Jan-Lennard Struff 6-1, 6-4.

Persons: Russia's Daniil Medvedev, Sebastian Korda, Aly, Daniil Medvedev, Frenchman Arthur Fils, Fils, Medvedev, Italy, Borna Gojo, Gael Monfils, Sinner, Ben Shelton, Gojo, Russia's Aslan Karatsev, Monfils, Daniel Altmaier, Alexander Zverev, Britain's Cameron Norrie, Karen Khachanov, Jiri Lehecka, Basel Argentina's Tomas Martin Etcheverry, Andy Murray of, Etcheverry, Murray, Lennard, Casper Ruud, Taylor Fritz, Felix Auger, France's Ugo Humbert Organizations: Shanghai, Sports City Arena, U.S, REUTERS, Erste Bank, Swiss, Basel Argentina's, Thomson Locations: Shanghai, China, Vienna, Croatian, Germany, Russia, Czech, Andy Murray of Great Britain, Basel, Switzerland, Poland

☆ BMW says diversifying risks does not mean it is leaving China
▼ + stars: | 2023-10-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

WUHAN, CHINA - MAY 25: (CHINA OUT) Attendees wear protective masks as they look around the at BMW Ix3 during 2023 Central China International Auto Show on May 25, 2023 in Wuhan, Hubei province, China. More than 80 brands took part in the 2023 Central China International Auto Show which started on Thursday. (Photo by Getty Images)German automaker BMW Group said that diversifying its supply chains away from China does not mean it is leaving the country completely. "Especially the BMW Vision Neue Klasse, it will not be a small volume. BMW is not leaving China, he said, adding that free trade is "fundamental to our business model."

Persons: Oliver Zipse, CNBC's Martin Soong, Annalena Baerbock Organizations: BMW Ix3, China International, Getty Images, BMW Group, BMW, Neue, Japan, Neue Klasse, Tesla Locations: WUHAN, CHINA, Wuhan, Hubei province, China, Germany

☆ ATP roundup: Top seed Holger Rune rallies in Basel
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

1 seed Holger Rune of Denmark bounced back from a rough first set to beat Serbia's Miomir Kecmanovic 1-6, 7-5, 6-3 in first-round action at the Swiss Indoors Basel on Tuesday. Rune overcame four double faults and 15 unforced errors by winning 30 of his 43 first-service points (69.8 percent). 4 seed Hubert Hurkacz of Poland beat Serbia's Dusan Lajovic 7-6 (2), 6-3, while fifth seed Alex de Minaur of Australia beat Diego Schwartzman of Argentina 6-4, 6-4. 4 seed Stefanos Tsitsipas of Greece beat home-country favorite Dominic Thiem 7-6 (5), 6-4 in the first round in Vienna, Austria. 3 seed Andrey Rublev of Russia defeated Australia's Alexei Popyrin 7-6 (5), 6-4, and American sixth seed Tommy Paul took care of Frenchman Alexandre Muller 6-3, 6-1.

Persons: Holger Rune, Brandon Nakashima, Aly, Denmark, Serbia's, Rune, Hubert Hurkacz, Serbia's Dusan Lajovic, Alex de Minaur, Diego Schwartzman, Nicolas Jarry of, Frenchman Adrian Mannarino, Tallon Griekspoor, Russian Alexander Shevchenko, Dominic Stricker, Dominic Thiem, Tsitsipas, Andrey Rublev, Australia's Alexei Popyrin, Tommy Paul, Frenchman Alexandre Muller, Frances Tiafoe, Daniel Evans of Great, Grigor Dimitrov of, Tomas Machac, Lorenzo Sonego Organizations: Shanghai, Sports City Arena, U.S, REUTERS, Swiss, Basel, Australia, Erste Bank, Russia, Thomson Locations: Shanghai, China, Poland, Argentina, Nicolas Jarry of Chile, Netherlands, Russian, Swiss, Greece, Vienna, Austria, American, U.S, Daniel Evans of Great Britain, Grigor Dimitrov of Bulgaria, Czech

☆ ATP roundup: Sebastian Korda sent packing early in Basel
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

Korda fired eight aces to Etcheverry's two and won 33 of 39 first-serve points (84.6 percent), but Etcheverry moved on after saving four of six break points and breaking Korda twice in three opportunities. Dutch qualifier Botic van de Zandschulp beat Spaniard Roberto Bautista Agut 7-5, 6-7 (3), 6-2 in three hours, three minutes. 5 seed Alexander Zverev of Germany made quick work of Austrian wild card Sebastian Ofner, winning 6-4, 6-1 in the first round in Vienna. 8 seed Karen Khachanov defeated Roman Safiullin 6-4, 6-4 in a match between Russians. Cameron Norrie of Great Britain, Matteo Arnaldi of Italy and Jiri Lehecka of the Czech Republic also advanced.

Persons: Sebastian Korda, Argentina's Francisco Cerundolo, Aly, Tomas Martin Etcheverry, Korda, Etcheverry, Botic van, Zandschulp, Roberto Bautista Agut, Andy Murray of Great, Germany's Yannick Hanfmann, Argentina's Sebastian Baez, Germany's Jan, Lennard Struff, Alexander Zverev, Sebastian Ofner, Ofner, Zverev, Karen Khachanov, Roman Safiullin, Cameron Norrie, Matteo Arnaldi, Jiri Lehecka Organizations: Shanghai, Sports City Arena, Swiss, Basel, Erste Bank, Austrian, Thomson Locations: Shanghai, China, Argentina, Germany, Vienna, Great Britain, Italy, Czech Republic

☆ In northeast China, Russian and Chinese firms ink deals from manufacturing to agriculture
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a meeting at the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Sergei Guneev/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 23 (Reuters) - Chinese and Russian companies attending a regional conference in northeastern China signed a raft of cooperation deals on Monday in sectors ranging from manufacturing and logistics to e-commerce and agriculture, Chinese state media reported. The conference in Shenyang, the capital of Liaoning province, followed last week's meeting in Beijing between Russian President Vladimir Putin and China's President Xi Jinping. Russian local government officials, business representatives as well as nearly 800 Chinese companies hoping to enter the Russian market were attending the conference. In January to September, 40 Russian firms set up businesses in Liaoning, China's national broadcaster reported on Monday.

Persons: Vladimir Putin, Xi Jinping, Sergei Guneev, Xi, Ryan Woo, Ellen Zhang, Simon Cameron, Moore Organizations: Forum, Sputnik, Rights, West, China's, Chinese, Administration of Customs, Thomson Locations: Beijing, China, Rights BEIJING, Shenyang, Liaoning province, Russia, Ukraine, Liaoning, Heilongjiang, Jilin, Vladivostok, Russian, Zhoushan, Zhejiang

A man is reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. REUTERS/Issei Kato Acquire Licensing RightsOct 23 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The ICE BofA Treasuries index fell 1.4% last week, its biggest fall since May, and is at an eight-year low. Perhaps ominously, however, Friday's bond market relief didn't ease the pressure elsewhere - Wall Street's three main indices still closed 0.9%-1.5% lower. According to Goldman Sachs, financial conditions in emerging markets and globally are the tightest in almost a year.

Persons: Issei Kato, Jamie McGeever, Treasuries, That's, Goldman Sachs, Pan Gongsheng, September's, Diane Craft Organizations: REUTERS, ICE, Traders, Bank of Japan, Australian PMI, PMI, Thomson, Reuters Locations: Tokyo, Japan, U.S, South Korea, Australia, Singapore, Asia, China, Australian

Branding signage for WPP, the largest global advertising and public relations agency at their offices in London, Britain, July 17, 2019. The fourth, GroupM China’s CEO and country managing director for WPP China, Patrick Xu, was questioned by police but not detained, the person said. An employee stationed in the closest police precinct to WPP's Shanghai office said police could not comment. "As our fourth largest market globally, China will continue to play a crucial role in WPP's long-term growth strategy. Police visited U.S. management consultancy Bain & Co's Shanghai office in April, then in May, state TV aired a program showing a raid of consultancy Capvision Partners' offices.

Persons: Toby Melville, GroupM, Patrick Xu, Xu, Mark Read, Mintz, Capvision, Bain, Casey, Laurie Chen, Alison Williams Organizations: WPP, REUTERS, Rights, WPP China, Financial Times, Outdoor Holdings, SEC, Police, Bain, Co's, TV, Capvision Partners, Casey Hall, Thomson Locations: London, Britain, Shanghai, China, Beijing, Co's Shanghai

☆ Analysts' comments on China's export permits for some graphite products
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

Here is what analysts are saying about the measure:IVAN LAM, SENIOR ANALYST, COUNTERPOINT RESEARCH:"In addition to China, other countries and regions also implement graphite export controls. Graphite has a wide range of applications in industry, and the demand for its use is growing. KANG DONG-JIN, ANALYST AT HYUNDAI SECURITIES IN SEOUL:"It's not that China would suddenly stop export graphite, but it would be more intensely regulated and reviewed. It is still unclear how far China would take this graphite export curb, which would determine the supply chains. "With this new graphite export curb, South Korean firms - or South Korea in general, which heavily rely on China for graphite imports, would need to seek alternatives, such as mines from the United States or Australia, but it would likely increase cost burden for many."

Persons: Aly, IVAN LAM, CHRISTOPHER RICHTER, you've, KANG DONG, JIN, Brenda Goh, Daniel Leussink, Heekyong Yang, Miyoung Kim, Nivedita Organizations: REUTERS, Rights, EU, Thomson Locations: Port, Shanghai, China, Rights SINGAPORE, Russia, Ukraine, TOKYO, SEOUL, South Korea, United States, Australia, Tokyo, Seoul

If U.S. and Chinese growth holds up, the investment landscape will need to be redrawn too. Reuters Image Acquire Licensing RightsBut what if peak bond bearishness is already upon us? As Societe Generale's Albert Edwards points out, once the quarterly deflator is factored in, nominal GDP growth in the third quarter was actually only 3.5%. Reuters Image Acquire Licensing RightsEqually, U.S. stocks look expensive if high yields start to choke the economy. Reuters Image Acquire Licensing Rights(The opinions expressed here are those of the author, a columnist for Reuters.)

Persons: Florence Lo, Societe Generale's Albert Edwards, Chris Iggo, Jamie McGeever, Chizu Organizations: REUTERS, Rights, Societe Generale's, World Bank, International Monetary Fund, of America's, HSBC, Reuters, AXA Investment, Bank of America's, Thomson Locations: Rights ORLANDO , Florida, United States, China, Atlanta, Beijing, Europe, U.S, Bank

German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.

Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai

☆ Chinese EV stocks tank after Tesla earnings disappoint
▼ + stars: | 2023-10-19 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

(Photo by VCG/VCG via Getty Images)Shares of Chinese EV-makers were battered on Thursday after Tesla reported disappointing third-quarter results on Wednesday where the company missed estimates. It was the first time Tesla, co-founded by Elon Musk, missed on both earnings and revenue since second-quarter 2019. On Thursday morning, Hong Kong-listed shares of Chinese EV makers BYD and Xpeng fell 2.18% and 8.76% respectively. Musk said the company is working to bring down the prices of its cars amid high interest rates, but it is as challenging as "Game of Thrones, but pennies." "I'm worried about the high interest rate environment we're in," he said, adding that it will be much harder for consumers to purchase cars if interest rates were to increase further.

Persons: Tesla, Elon Musk, Li Auto, Geely, Musk Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Getty, Elon Locations: SHANGHAI, CHINA, Shanghai, China, Hong Kong, Xpeng

☆ Baidu's newest AI model Ernie 4.0 fails to wow investors, but analysts maintain 'buy' ratings
▼ + stars: | 2023-10-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

ZHEJIANG, CHINA - MARCH 16 2023: A view of the logo of ERNIE Bot, an AI chatbot service developed by Chinese search engine Baidu, March 16, 2023. Analysts are bullish on Chinese tech giant Baidu's latest version of its generative artificial intelligence model, Ernie 4.0, but investors did not react positively to the development. "We came away positively following the announcement of several new products including the official debut of Ernie 4.0," said Citi analysts in a report, after Baidu announced a "significantly improved" version of Ernie 4.0 on Tuesday. The Chinese tech giant claimed Ernie 4.0′s capabilities are on par with those of ChatGPT maker OpenAI's GPT-4 model. "It has been significantly improved compared to the online version of Ernie bot and now it is not inferior to GPT-4," Li told an audience of analysts, investors and journalists.

Persons: ERNIE Bot, Ernie, Robin Li, Li, Jefferies, OpenAI's, Ernie bot Organizations: Baidu, Citi Locations: ZHEJIANG, CHINA

☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

Oct 18 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Wall Street closed flat to slightly lower on Tuesday, after forecast-busting U.S. retail sales data stoked expectations for another Fed rate hike by year-end and pushed Treasury bond yields sharply higher. Blame bumper U.S. retail sales, which also sparked a spree of upward revisions to U.S. growth forecasts. With nearly $11 billion of offshore bonds and $6 billion of offshore loans, a Country Garden default would tee up one of China's biggest corporate debt restructurings. Here are key developments that could provide more direction to markets on Wednesday:- China GDP (Q3)- China retail sales, investment, unemployment, industrial production (September)- U.S. President Biden visit to IsraelBy Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, chipmakers, Joe Biden's, Biden, Josie Kao Organizations: Wall Street, Bank of America, U.S, Wednesday, Atlanta, U.S ., Asia's, Thomson, Reuters Locations: China, Israeli, Gaza, Israel, U.S

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