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☆ Panasonic’s auto deal deserves a speedy sequel
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsHONG KONG, Nov 22 (Reuters Breakingviews) - Panasonic’s (6752.T)decision to sell part of its automotive unit suggests CEO Yuki Kusumi’s plans are taking a promising turn. The business, which pioneers technology like infotainment systems for the next generation of internet-connected cars, is a growing but capital-intensive opportunity. Selling a stake to Apollo Global Management (APO.N), with the possibility of a listing later, could help fund faster development without denting Panasonic’s balance sheet or returns. This was an obvious target for Kusumi, who previously led the auto unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Toru Hanai, Yuki Kusumi’s, Panasonic’s, it’s, Katrina Hamlin, Francesco Guerrera, Thomas Shum Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Reuters, Apollo Global Management, Sony, Hitachi, Panasonic, X, Walmart, Thomson Locations: JAPAN, Chiba, Japan, HONG KONG, Asia, Rome

☆ Carlyle’s Big Mac China dish is hard to match
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 22 (Reuters Breakingviews) - Carlyle (CG.O) may be lagging its peers in the United States. But in China, at least, the buyout firm is finishing a meal that will be hard for others to find. That’s less than the private equity outfit run by Harvey Schwartz was hoping for, but is tasty enough. Given geopolitical tensions and China’s weak economic growth, Carlyle has done well to secure a hassle-free exit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Carlyle, repurchasing, Harvey Schwartz, ByteDance, Jack Ma’s Ant, Antony Currie, Thomas Shum Organizations: Reuters, HK, X, Walmart, Thomson Locations: SINGAPORE, United States, China, People’s Republic, Hong Kong, Macau, McDonald’s, Rome

☆ OpenAI calls time on alt-governance experiment
▼ + stars: | 2023-11-22 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

But the stakes at OpenAI, which develops the potentially world-reshaping ChatGPT, are higher. To stay true to its charter, the board must be ready to take actions that financial backers find intolerable. When it threatened to hire Altman and his staff, it effectively swiped the company out from under the board. Follow @JMAGuilford on XCONTEXT NEWSSam Altman has been reinstated as the chief executive of ChatGPT developer OpenAI, the company said on Nov. 21. The non-profit company that governs the startup had announced on Nov. 17 that its board had decided to fire Altman.

Persons: Sam Altman, –, Mark Zuckerberg, Satya Nadella, Altman, Larry Summers, John Foley, Sharon Lam Organizations: Reuters, Microsoft, OpenAI’s, Google, Thomson Locations: OpenAI

☆ How the West can win the green metals race: podcast
▼ + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com time to read: 1 min

MILAN, Nov 21 (Reuters Breakingviews) - China dominates the processing of stuff essential to the energy transition. Most of all, Europe needs to be better at recycling, critical materials expert Gavin Harper explains in the Exchange podcast. Listen to the podcastFollow @LJucca on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Thomas ShumOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gavin Harper, Thomas Shum Organizations: MILAN, Reuters, Exchange, Thomson Locations: China, Europe

☆ Monte Paschi rebirth is vindication for Rome
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS / Jennifer Lorenzini Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - Italy’s privatisation of bailed-out lender Banca Monte dei Paschi di Siena (BMPS.MI) may finally be on the right track. The sale price was nearly 50% higher than last year’s high-stakes 2.5 billion euro capital increase, which cost taxpayers 1.6 billion euros. Rome took advantage of a near-30% rally in Monte Paschi’s shares during the month leading up to the sale. Granted, Rome will never recoup the around 5.4 billion euros it burnt to save Monte Paschi in 2017. Two years ago, interest rates were low and Monte Paschi's recovery seemed a distant prospect.

Persons: Jennifer Lorenzini, Siena, Monte Paschi, Andrea Orcel, Lisa Jucca, Banks, Liam Proud, Streisand Neto Organizations: REUTERS, Reuters, Banca Monte dei, Treasury, X, Walmart, Thomson Locations: Monte dei, Siena, Italy, Rome, Monte Paschi’s, Monte

☆ EU fiscal pact ignores green elephant in the room
▼ + stars: | 2023-11-21 | by ( Lisa Jucca | ) www.reuters.com time to read: +8 min

REUTERS/Henry Nicholls Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - The European Union’s troubled fiscal pact, once branded as "stupid" by former European Commission President Romano Prodi, has reached its sell-by date. Average EU debt has been consistently above the 60% target. NEW COURSEThe proposed revamp of the fiscal pact, now under discussion, is an improvement. BRAVE NEW DEBT WORLDFor all of Brussels’ reforming zeal, Europe’s future debt rules ignore a giant elephant in the room: climate change. Another option is to remove green investments from the fiscal rules’ deficit calculations.

Persons: Henry Nicholls, Romano Prodi, Christian Lindner, Giorgia Meloni, Breakingviews, Bruno Le Maire, Olaf Scholz’s, Mario Draghi, Francesco Guerrera, Thomas Shum Organizations: Trust, REUTERS, Reuters, European, Reuters Graphics Reuters, European Commission, French Finance, EU, Intel, European Central Bank, Italian, Union, Thomson Locations: Green Park, London, Britain, Maastricht Treaty, Germany, it's, Italy, Greece, Brussels, EU, United States, Spain, Europe

At least Zeekr benefits from having a powerful parent, Geely Automobile, which is part of China’s largest privately owned auto group Zhejiang Geely. But Geely Automobile, which will maintain control of the business after the IPO, has a market capitalisation of only $12.3 billion. The company, owned by Chinese automaker Geely Automobile, hopes to use funds raised to expand its product line. The company reported a net loss of 3.9 billion yuan ($534 million) for the six months to the end of June 2023, compared with a 3.1 billion yuan loss a year earlier. Revenue grew by 136% to 21 billion yuan, with 13.2 billion yuan of that total coming from vehicle sales.

Persons: Zeekr, Xi Jinping, Joe Biden, Antony Currie, Thomas Shum Organizations: Reuters, U.S, Geely Automobile, HK, Graphics, European Union, Zhejiang, Investors, Revenue, Thomson Locations: HONG KONG, New York, Beijing, Washington, Brussels, China, U.S, Europe, China’s, Hong Kong

☆ Banks may resist China’s push to help developers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer Acquire Licensing RightsSINGAPORE, Nov 21 (Reuters Breakingviews) - Beijing is giving Chinese banks another nudge to persuade them to play the property white knight. Regulators including the People’s Bank of China are drafting a “whitelist” of 50 property developers, including state-backed China Vanke (000002.SZ) and fully private ones like Seazen (1030.HK) and Longfor (0960.HK), Bloomberg reported citing unnamed sources. More importantly, barring specific lending targets, banks are likely to remain in wait-and-see mode because they fear getting stuck with a mountain of bad loans. Last December, Chinese banks pledged new credit lines worth around 3 trillion yuan ($424 billion) to a dozen developers deemed worth saving, following a similar effort by Beijing. But at a time when China’s outstanding property loans are contracting, such vaguely worded guidance loses relevance.

Persons: Stringer, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Rights, Reuters, Regulators, People’s Bank of China, HK, Bloomberg, X, Walmart, Thomson Locations: Dalian, Liaoning province, China, Rights SINGAPORE, Beijing

☆ GM’s driverless ride heads into a ditch
▼ + stars: | 2023-11-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. Automotive giant GM acquired Cruise in 2016, subsequently bringing on investors including SoftBank’s (9984.T) Vision Fund, Honda Motor (7267.T) and Microsoft (MSFT.O). The question is whether GM’s autonomous division has enough momentum to recover from that loss. CONTEXT NEWSDaniel Kan, co-founder and chief product officer of General Motors’ autonomous taxi business Cruise, resigned from the company on Nov. 20, Reuters reported. California’s Department of Motor Vehicles suspended Cruise’s autonomous license in the state on Oct. 24, saying that the company had “misrepresented” the safety of its technology.

Persons: Elijah Nouvelage, Tesla, that’s, Cruise’s, Cruise, Kyle Vogt, Daniel Kan –, Sam Altman, Elon Musk, Mary Barra hasn’t, SoftBank, Daniel Kan, John Foley, Sharon Lam Organizations: GM Bolt, REUTERS, Reuters, General Motors, Automotive, GM, Cruise, Vision Fund, Honda, Microsoft, Uber Technologies, Ford, U.S . National, Traffic, Administration, California’s Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, San Francisco, California

NEW YORK, Nov 20 (Reuters Breakingviews) - Microsoft (MSFT.O) boss Satya Nadella’s stressful weekend is probably only the beginning. A lack of corporate governance protections left Nadella with few options to salvage his company’s $13 billion investment in OpenAI. As a 49% owner of OpenAI, Microsoft could have hedged itself by getting more directly involved in oversight. Recruiting Altman is at least a better outcome for Microsoft than standing by and watching him go to Google, a rival startup or opening his own AI shop. Money and salesmanship are two essential elements of developing AI, but so are the proper controls, risk management and strategic clarity.

Persons: Satya Nadella’s, OpenAI, Sam Altman, Altman, Reid Hoffman, Elon Musk’s, Satya Nadella, Greg Brockman, OpenAI’s, Brockman, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Microsoft, Google, Altman, Thomson Locations: OpenAI

☆ World Bank and kin head for a $100 bln cash call
▼ + stars: | 2023-11-20 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

World Bank President Ajay Banga arrives for a signing ceremony with Thailand to host the 2026 International Monetary Fund and the World Bank annual meetings on the last day of this year's meeting, following last month's deadly earthquake, in Marrakech, Morocco, October 15, 2023. REUTERS/Susana Vera Acquire Licensing RightsLONDON, Nov 20 (Reuters Breakingviews) - The World Bank and its fellow institutions are heading for a cash call. The World Bank and its regional peers, such as the African Development Bank and the Asian Development Bank, are well placed to help developing countries craft strategies to develop in a green way. Donald Trump may seem an unlikely supporter of the World Bank if he wins. The People’s Republic, for its part, will want to increase its stake in the World Bank as part of any capital increase.

Persons: Ajay Banga, Susana Vera, Fitch don’t, Chris Humphrey, Janet Yellen, Joe Biden, Donald Trump, There’s, David Cameron, Peter Thal Larsen, Thomas Shum Organizations: Monetary Fund, World Bank, REUTERS, Reuters, African Development Bank, Asian Development Bank, Group, FIRST, AAA, Bank, Moody’s, European Bank for Reconstruction, U.S, Thomson Locations: Thailand, Marrakech, Morocco, Washington, United States, China, Britain, Ukraine, U.S, Israel, Republic, United Kingdom, France

☆ Silicon Valley saw OpenAI with eyes wide shut
▼ + stars: | 2023-11-20 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 19 (Reuters Breakingviews) - Silicon Valley’s weekend episode with artificial intelligence company OpenAI seems much like the technology: the input is a mishmash, so the output is flawed. The Microsoft-backed (MSFT.O) company’s board fired boss Sam Altman, and now, according to reports, may bring him back. OpenAI has been the leader in AI technology, which is bolstering valuations in the face of slowing growth in Silicon Valley. By September, OpenAI was seeking a valuation of nearly triple that, according to Reuters. Yet with or without Altman, OpenAI’s issues are clear and abundant.

Persons: Sam Altman, Altman, Greg Brockman, Satya Nadella, OpenAI, ’, OpenAI’s, chipmaker, chatbot, Brockman, Greg, Lauren Silva Laughlin, Thomas Shum Organizations: Reuters, Microsoft, Stanford, UC Berkley, OpenAI’s, San Francisco, Wall Street, Thomson Locations: Silicon Valley, U.S

☆ Multipolar world opens up surprising safe havens
▼ + stars: | 2023-11-17 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

This new-look cap table leaves the U.S. much more vulnerable to the vagaries of foreign investors than before. In a crisis, foreign investors would rush to buy even more U.S. debt. Reuters GraphicsA less orthodox option would be to invest in emerging markets instead. The last time net equity investment in the U.S. NIIP dipped close to negative territory was as the dot-com bubble was deflating in 2001. In the next six years the U.S. saw net equity outflows equivalent to nearly 30% of GDP.

Persons: Hubert Védrine, Xi Jinping, Joe Biden, ’, Donald Trump’s, exceptionalism, NIIP, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, French, U.S, United, United States, Treasury, Equity, U.S . Treasury, Japan, Democratic, Cooperation Council, Peterson Institute for International, Fed, ECB ”, Thomson Locations: United States, tatters, United, U.S, China, Hong Kong, Switzerland, Singapore, Saudi Arabia, South Africa, Argentina, Mexico, Brazil, Vietnam, India, Chile, Democratic Republic of, Congo, Washington

☆ Ransomware targets will pay one way or another
▼ + stars: | 2023-11-17 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

The White House has even considered an outright ban on firms making ransom payments. If companies can’t pay ransom, there’s no point in asking for it. ICBC’s self-identified attacker, a gang of digital extortionists called Lockbit, says ICBC paid up. Follow @AnitaRamaswamy on XCONTEXT NEWSThe Industrial and Commercial Bank of China’s U.S. arm was hit by a ransomware attack that disrupted some trades in the U.S. Treasury market on Nov. 9. A senior White House official said on Oct. 31 that the U.S. government planned to lead an alliance of 40 countries in a pledge to never pay ransom to cybercriminals.

Persons: Joe Biden’s, cybercriminals, it’s, there’s, ICBC, –, reckons, John Foley, Aditya Sriwatsav Organizations: Reuters, Industrial, Commercial Bank of China, SS, Treasuries, Companies, Caesars Entertainment, Commercial Bank of China’s, U.S . Treasury, White House, ., Thomson Locations: U.S, United States, Commercial Bank of China’s U.S

☆ Gap's closet cleanup begins to pay off
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsTORONTO, Nov 17 (Reuters Breakingviews) - Gap’s (GPS.N) new CEO is embarking on a closet cleanup. Shares in the U.S. apparel company leapt over 30% on Friday morning, a day after it unveiled third-quarter results. That reaction looks overdone, considering how overall net sales of $3.8 billion are still down 7% compared to last year, and earnings fell year-on-year. Same-store sales at sub-brand Old Navy for the quarter were up 1% year-on-year, the first quarterly increase in over two years. The company might even use that tailwind to revive its scrapped plans to separate Old Navy into a stand-alone company.

Persons: Brendan McDermid, That’s, Richard Dickson, Barbie, Sharon Lam, John Foley, Aditya Sriwatsav Organizations: REUTERS, Rights TORONTO, Reuters, Navy, Mattel, Banana Republic, X, Walmart, Thomson Locations: midtown Manhattan, New York, U.S, China

☆ Alibaba’s U-turn casts dark clouds over China tech
▼ + stars: | 2023-11-17 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Alibaba (9988.HK) scrapped the spinoff of its prized cloud computing business, blaming U.S. curbs on advanced chips. The U-turn dashes market expectations of stability among technology companies after the end of Beijing’s years-long regulatory crackdown. Add in so-so results from Alibaba’s main businesses, also reported on Thursday, and it is hard to see a silver lining in the dark clouds gathering over China’s technology sector. The technology giant reported revenue of 224.8 billion yuan ($31 bln) in the three months to September, up 9% year-on-year, and in line with market estimates. Alibaba posted a net profit attributable to shareholders of 27.7 billion yuan versus a net loss of 20.6 billion yuan, due to an increase in the value of its equity investments.

Persons: Lisi Niesner, Daniel Zhang, Zhang, Alibaba, Francesco Guerrera, Thomas Shum Organizations: IFA, REUTERS, Rights, Reuters, HK, Thomson Locations: Berlin, Germany, Rights SINGAPORE, Hong Kong, U.S, China

☆ China moves to clean up Huarong’s “bad bank” brand
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of China Huarong Asset Management Co is seen at its office in Beijing, China, April 16, 2021. REUTERS/Thomas Peter Acquire Licensing RightsSINGAPORE, Nov 16 (Reuters Breakingviews) - What’s better than cleaning up your battered brand? That’s the view of China Huarong Asset Management (2799.HK), one of the country’s four so-called bad banks created after the 1997 Asian financial crisis to buy soured loans from state-owned lenders. Late on Wednesday, it renamed itself “China CITIC Financial Asset Management” after its top shareholder, state-owned financial conglomerate CITIC group. Now that Huarong has taken up the CITIC brand, the state’s support of the bad bank has more at stake if its troubles don't go away.

Persons: Thomas Peter Acquire, Lai Xiaomin, Huarong, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: Asset, REUTERS, Rights, Reuters, Asset Management, HK, Financial, Management, CITIC Ltd, CITIC, X, Goodyear, Alstom, Thomson Locations: China, Beijing, Rights SINGAPORE, Huarong, CITIC's Hong Kong

☆ Choppy luxury waters lift Burberry turnaround bar
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 16 (Reuters Breakingviews) - Stuttering consumer confidence is complicating CEO Jonathan Akeroyd’s attempts to revive Burberry (BRBY.L). Like-for-like retail sales in the quarter to end-September grew a dismal 1% at the UK maker of fancy trench coats, below analyst expectations of 4%. But brands attempting a revamp, like Burberry or Kering’s (PRTP.PA) star label Gucci, are likely to suffer more than rivals. Akeroyd sounded confident that new designer Daniel Lee’s first collection, which was launched in shops in September, will energise shoppers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jonathan Akeroyd’s, Gucci, Daniel Lee’s, Lisa Jucca, Neil Unmack, Streisand Neto Organizations: MILAN, Reuters, Burberry, X, Alstom, Thomson Locations: China, U.S

☆ Walmart can overcome its dulling inflationary edge
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The company’s top line grew 5.2% in the third quarter from a year earlier while the bottom line swung to a profit. Revenue growth may now slow while costs, including wages, could take longer to come down and squeeze profit margins. Operating expenses ticked up nearly a percentage point, to 21% of net sales, from the previous three quarters. Even if the price of eggs is getting cheaper, there’s no clear reason Walmart’s stock should do the same. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Walmart Doug McMillon, Donald Trump, Eisenhower, Joshua Roberts, Doug McMillon, McMillon isn’t, Jennifer Saba, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Walmart, REUTERS, Reuters, X, Thomson Locations: Washington , U.S, China

☆ Britain solves half of its wind power problem
▼ + stars: | 2023-11-16 | by ( George Hay | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Nov 16 (Reuters Breakingviews) - Maybe UK wind isn’t a busted flush after all. Britain needs 50 gigawatts (GW) of offshore wind by 2030, against 14 GW completed now and around 13 GW in development. It will also increase by 52% for floating offshore wind projects, from 116 pounds per MWh to 176 pounds per MWh. In AR6, offshore wind will also be given a separate funding pot in recognition of the high number of projects ready to participate. The UK aims to deliver 50 gigawatts (GW) of offshore wind by 2030, including up to 5 GW of floating offshore wind.

Persons: Andrew Boyers, Sweden’s Vattenfall, Jefferies, Denmark’s, LCPDelta, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Jefferies, Grantham Research, Thomson Locations: Watchfield, Swindon, Britain, British

☆ American CEOs serve China’s Xi a too-rich dessert
▼ + stars: | 2023-11-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

REUTERS/Kevin Lamarque Acquire Licensing RightsNEW YORK, Nov 16 (Reuters Breakingviews) - America’s corporate chieftains were thrilled to see China’s President Xi Jinping at Wednesday’s gala dinner in San Francisco. So thrilled that they gave him a standing ovation, according to Reuters. He has defended China’s stance on Taiwan, equating the self-governing island’s relationship with the People’s Republic to Hawaii’s position vis-à-vis the United States. The standing ovation is just a new, cringeworthy way to follow the money. Xi received a standing ovation as he entered the room and before and after he took the stage, the report said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Tim Cook, Larry Fink, Steve Schwarzman, Ray Dalio, Bridgewater, Tesla, Elon Musk, Apple’s Cook, Ding Xuexiang, Howard Schultz, Biden, “, John Foley, Aditya Sriwatsav Organizations: Economic Cooperation, REUTERS, Reuters, Apple, Blackstone, ”, China, Xi, Thomson Locations: Filoli, Asia, Woodside , California, U.S, San Francisco, BlackRock, China, United States, Taiwan, Republic, Schwarzman, Beijing

☆ HelloFresh becomes buyout amuse-bouche
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Vegetable and chillies are seen at the vegetable market in Jakarta, Indonesia, June 2, 2017. REUTERS/Beawiharta Acquire Licensing RightsLONDON, Nov 16 (Reuters Breakingviews) - HelloFresh (HFGG.DE) could be a guinea pig for food delivery buyouts. That’s mainly because one of its meal-prep sites faced water supply problems, and a slowdown in new customers in the United States. Assume a buyout group were to pay a 30% premium to the company’s market value, implying an enterprise value of 3.6 billion euros. For a buyout group, that’s food for thought.

Persons: Dominik Richter, Karen Kwok, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, X, Alstom, Thomson Locations: Jakarta, Indonesia, United States, China

☆ Biden and Xi’s warmer ties look flimsy: podcast
▼ + stars: | 2023-11-16 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Nov 16 (Reuters Breakingviews) - The leaders of the largest economies resumed high-level communication following years of tension. In this Viewsroom podcast, Breakingviews columnists explain how Taiwan as well as anti-China rhetoric in the lead-up to next year’s US election could undo any goodwill. Subscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Thomson Locations: Taiwan, China

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

☆ COP28’s big challenge: green cash for poor states
▼ + stars: | 2023-11-15 | by ( George Hay | ) www.reuters.com time to read: +7 min

Rather than drawing attention to this paucity of ambition, al-Jaber wants states to commit to trebling global capacity of renewable energy by 2030. Progress in China and the West is largely a function of cash: these regions accounted for 84% of the $1.3 trillion committed to global climate finance in 2022. They calculate that by 2030, developing countries need to invest around $2.4 trillion a year in order to decarbonise their economies. The problem is that the developed world has consistently missed targets to channel climate cash to less developed counterparts. In September al-Jaber announced a $4.5 billion scheme to deploy UAE state cash and private sector resources to help Africa decarbonise.

Persons: al, Jaber, hasn’t, Nicholas Stern, Stern, Ajay Banga, Mark Carney, Shriti Vadera, Larry Fink, Joko Widodo, UAE Crown Prince Mohammed bin Zayed, Nahyan, Breakingviews, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, United, Conference of, Abu Dhabi National Oil Company, United Nations, International Energy Agency, The, IEA, World Bank, concessional, Bank, Bank of England, Prudential, BlackRock, U.S, Indonesian, Africa decarbonise, UAE Crown, Thomson Locations: United Arab Emirates, Abu Dhabi, Paris, China, The U.S, British, Egypt, Indonesia, Japan, South Africa, Vietnam, U.S, Al, UAE, Africa, COP28, Dubai

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