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☆ Air freight volumes soar as Red Sea delays, risks make more big retailers, auto companies nervous
▼ + stars: | 2024-01-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

HANGZHOU, CHINA - APRIL 6, 2023 - A Cargo plane of Maersk AIR Cargo is seen at Hangzhou Xiaoshan International Airport in Hangzhou, Zhejiang province, China, April 6, 2023. The current spike in use of air freight is primarily in cargo volumes bound for Europe, as more companies avoid the longer Red Sea diversions around Africa's Cape of Good Hope, according to Xeneta, a leading ocean and air freight rate benchmarking platforms. Air freight tends to be "quieter" in the last week of December and the first week of January, according to Niall van de Wouw, chief air freight officer for Xeneta. "If the Rea Sea crisis continues, you'll have more and more companies getting nervous," van de Wouw said. Xeneta data shows that air cargo volumes on the major apparel route from Vietnam to Europe spiked 62% in the week ending January 14 — 6% higher than 2023's peak week in October.

Persons: Maersk, Good Hope, Niall van de Wouw, van de Wouw, Van de Wouw Organizations: Maersk AIR Cargo, Hangzhou Xiaoshan International, Getty Locations: HANGZHOU, CHINA, Maersk, Hangzhou, Zhejiang province, China, Europe, Africa's, Good, Vietnam

☆ China's working age population is shrinking
▼ + stars: | 2024-01-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Many Meituan food delivery workers are lining up to make preparations in Shanghai, China, on January 14, 2024. (Photo by Costfoto/NurPhoto via Getty Images)BEIJING — China's working age population is shrinking as a share of the total number of people in the country, according to official data released Wednesday. People ages 16 to 59 accounted for 61.3% of mainland China's population last year, down from 62% the prior year, National Bureau of Statistics data showed. A shrinking working age ratio means fewer people have to support a larger share of the population, even as the number of people in China overall declines. China's total population dropped by more than 2 million people to 1.41 billion in 2023 from the prior year.

Organizations: Getty Images, National Bureau Locations: Shanghai, China, BEIJING

☆ Piper Sandler champions Nvidia's opportunity beyond AI chips — underscoring our post-earnings analysis
▼ + stars: | 2023-12-04 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

Piper Sandler reiterated its buy-equivalent rating on Nvidia's stock and $620 per-share price target, which implies nearly 33% upside from its Friday close. After Nvidia's more-than-200% stock-price gain this year, investors are wondering what's "new" about Nvidia, Jim Cramer said Monday. The answer to that question is software, Jim said, which could eventually help offset the historically boom-and-bust nature of semiconductor sales. Over time, though, Piper Sandler believes software can become a "significant portion" of Nvidia's total revenue. Despite our alignment with Piper Sandler on Nvidia's long-term software opportunity, Jim on Monday cautioned that its stock could be due for a breather.

Persons: Piper Sandler, Nvidia's, Jim Cramer, Jim, Jim Cramer's Organizations: Nvidia, Devices, AMD, Software, Enterprise, Club, Apple, CNBC, Visitors, NVIDIA, Hangzhou Apsara, Getty, Nurphoto Locations: Hangzhou, Hangzhou Apsara Conference, Zhejiang province, China

☆ Evergrande shares rise over 9% as court hearing to wind up property firm is postponed again
▼ + stars: | 2023-12-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. The firm was originally scheduled to face a Hong Kong court hearing on Monday over a petition from a creditor seeking to wind up the company. Shares of Evergrande Group rose over 9% as the beleaguered Chinese property firm's court hearing over its possible liquidation was postponed to Jan. 29, 2024. Top Shine, an investor in Evergrande unit Fangchebao, had filed a petition in June 2022 seeking to wind up the property firm. The agency, however, reported that creditors were unlikely to accept Evergrande's new proposal, given low recovery prospects and growing concerns about its future.

Persons: Linda Chan Organizations: Getty, Hong, Bloomberg, Reuters, Hong Kong, Evergrande, New Energy Vehicle Group Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong, Hong Kong's

☆ Huawei is pushing its tech into the EV world with new cars, automaker partnerships
▼ + stars: | 2023-11-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Changan and Huawei are already partners for the Avatr electric car brand, created in 2018 with electric car battery giant Contemporary Amperex Technology . Huawei is also working with Chery on the Luxeed electric car brand, which revealed details for its S7 sedan on Tuesday. BAIC, whose Arcfox electric brand already uses Huawei tech, and JAC did not immediately respond to a request for comment. Tencent , which operates China's social media app WeChat, has claimed it supplies BMW and some other automakers with car tech. Selling a suite of car tech products called "Huawei Inside," while the automaker designs the vehicle.

Persons: JAC, Richard Yu, BAIC, Tu Le, It's, Huawei's Yu Organizations: Getty, Nurphoto, Huawei, Changan Automobile, Technology, Chery, BAIC, BMW Locations: SHANGHAI, CHINA, Shanghai, China, BEIJING, Beijing, U.S

☆ How concerning is the spike in respiratory illnesses in China? A doctor explains
▼ + stars: | 2023-11-28 | by ( Deblina Chakraborty | ) edition.cnn.com time to read: +7 min

CNN —Hospitals in northern China and Beijing have reported a surge in the number of children with respiratory illnesses, including pneumonia. Why might there be a surge in respiratory illnesses? CNN: How concerning is the spike in respiratory illnesses being reported in China? Dr. Leana Wen: Thus far, based on what we know from WHO, I don’t think the spike in respiratory illnesses should cause global concern. It’s very possible that other areas, especially those with previously strict virus mitigation measures, will see a rise in respiratory illnesses this winter.

Persons: Leana Wen, Wen, It’s, ”, it’s Organizations: CNN, World Health Organization, George Washington University Milken Institute School of Public Health, WHO, People's, Wen, US Centers for Disease Control Locations: China, Beijing, Fuyang, Covid, United States

☆ It's TikTok Shop's first Christmas, and shoppers are torn between hot deals and ethics
▼ + stars: | 2023-11-24 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +4 min

TikTok has officially launched its e-commerce service TikTok Shop in the US. The platform introduced TikTok Shop in the U.S. in September as an in-app shopping experience, capitalizing on the #TikTokMadeMeBuyIt trend. Though TikTok Shop previously faced backlash and was forced to shut down in Indonesia, consumers are increasingly trending toward buying off of social media. And 86% of Gen Z shoppers say social media influences their shopping habits, according to an ICSC report. One of those TikTok Shop enthusiasts is 29-year-old Chuck Vaughn, who called the TikTok Shop phenomenon "a gold rush."

Persons: TikTok, Pew Research Center –, Chuck Vaughn, Vaughn, he's, hashtag, Ant Duffin, Duffin Organizations: Nurphoto, Getty, Consumers, Gallup, Pew Research Center, Tennessee, CNBC, Social, U.S . Department of Commerce, Gartner Locations: U.S, Indonesia

☆ We're debating our next steps on Estee Lauder as the CEO struggles to turn things around
▼ + stars: | 2023-11-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Estee Lauder (EL) has the dubious distinction as the worst-performing stock in our portfolio in 2023, and we're growing less optimistic about CEO Fabrizio Freda's ability to right the ship. Jim added he may consider selling Estee Lauder due to the uncertainty that lies ahead. Alongside fiscal Q1 results, Estee Lauder management cut its fiscal 2024 outlook suggesting the trajectory of getting back on track for China consumer demand growth will take longer than expected. Jim believes the Club has been patient and has given Estee Lauder the time required for inventories in its Asia travel retail business to normalize. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

Persons: Estee Lauder, Fabrizio Freda's, We're, Freda, Fabrizio Freda, Jim Cramer, Jim, Lauder YTD, Tom Ford, Jo Malone, Estee Lauder's, it's, Lauder, hasn't, Jim Cramer's Organizations: Wall, Management, CNBC, daimaru, Getty Locations: China, Asia, Nanjing, Shanghai

☆ China retail sales, industrial data grow faster than expected in October
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — China on Wednesday reported better-than-expected retail sales and industrial data for October, while the real estate drag worsened. Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll. watch nowWithin retail sales, sports and other leisure entertainment products saw sales surge by 25.7% in October from a year ago, the data showed. The International Monetary Fund last week cited Beijing's policy announcements as a reason to raise its China growth forecast for the year to 5.4%. Real estate and related sectors have accounted for about a quarter of China's gross domestic product.

Persons: Gita Gopinath Organizations: Getty, Nurphoto, Retail, Reuters, Investment, National Bureau of Statistics, Catering, Monetary Fund, IMF, CNBC, UBS Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Beijing

☆ Xiaomi claims a record $3.11 billion in Singles Day sales
▼ + stars: | 2023-11-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese smartphone and consumer electronics company Xiaomi claimed record sales across platforms during the Singles Day shopping festival. For a second-straight year, the two online shopping giants declined to share total figures for the Singles Day shopping festival. That's the same figure JD shared for Singles Day results in 2021. The company also claimed first place in different categories of Chinese brands' smartphone sales across other online shopping platforms. In 2022, during the Covid-19 pandemic, Alibaba had said its Singles Day sales were "in line" with the prior year, which had recorded the equivalent of $84.54 billion GMV at the time.

Persons: Xiaomi, JD.com, JD, Alibaba, Tmall Organizations: Getty, Nurphoto, Apple, HSBC, Bain and Company Locations: YICHANG, CHINA, Yichang, Hubei province, China, BEIJING, Hong Kong, Alibaba, 2023e, 2024e

A woman dressed up as a starving medical student. One woman dressed up as a medical student, holding a begging bowl in her hands. A woman dressed up as a liberal arts student hungry for egg fried rice. Greg Baker/Pool/ReutersTo address these challenges, President Xi Jinping hosted a key financial policy meeting this week to reiterate the need to resolve financial risks in the economy. “Hidden economic and financial risks are still widespread,” the readout said.

Persons: Hong Kong CNN —, ”, Zhou, Xiao Pan, Yan Ziqi, “, Xi Jinping, Greg Baker, Xi Organizations: Hong Kong CNN, CNN, Global, Stock, Huaan Securities, Service, National People's, of, People, Reuters, Communist Party, Ministry of State Security Locations: China, Hong Kong, China’s, Shanghai, Weibo, Douyin, “, Beijing

☆ There was nothing good about Estee Lauder's quarterly earnings report
▼ + stars: | 2023-11-01 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

That made the horrendous downward revision delivered by Estee Lauder's management team extremely disappointing. Estee Lauder did offer up a new "Profit Recovery Plan," but the impact is not expected to kick in until fiscal years 2025 and 2026. Organic sales are expected to decline 10% to 8%, below the 3.6% estimate. Profit recovery plan Management attempted to mitigate investor frustration by announced a turnaround strategy. Quarterly commentary Skin care — Estee Lauder's highest-margin category — remained under pressure, primarily due to ongoing efforts to reduce and rebalance inventory levels in the Asia travel retail business.

Persons: Estee Lauder, Estee, Fabrizio Freda, we've, Tom Ford, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, Outlook Management, Management, CNBC, daimaru, Getty Locations: China, Israel, Asia, Americas, Pacific, Europe, East, Africa, North America, United States, America, Mexico, Brazil, Nanjing, Shanghai

☆ Samsung expected to report 80% profit plunge as losses mount at chip business
▼ + stars: | 2023-10-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Costfoto | Nurphoto | Getty ImagesSamsung Electronics earnings are expected to plunge nearly 80% in the third quarter, according to analyst forecasts, as the company's biggest profit-driving segment — semiconductors — continues to come under pressure. Analysts polled by LSEG expect operating profit of 2.3 trillion Korean won ($1.7 billion) for the September quarter, a 78.7% year-on-year decline. Revenue is expected to come in at 67.8 trillion won, a fall of 11.6%, according to LSEG consensus forecasts. Samsung's semiconductor business — typically the company's cash cow — is expected to post a more than 3 trillion won loss for the third quarter, according to analyst forecasts, as it continues to face headwinds. Daiwa analyst SK Kim sees operating profit for the third quarter at 1.65 trillion won, much lower than the average analyst estimate of 2.3 trillion won.

Organizations: Samsung, Nurphoto, Getty, LSEG, Revenue, Daiwa, Markets, SK Kim, Apple Locations: Hangzhou, East China's Zhejiang, Korean

☆ Apple is 2 years into its hybrid work pilot and still doesn't know the right balance
▼ + stars: | 2023-09-21 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Apple's hybrid work pilot program is still going two years after it was first proposed. It started after employees pushed back against a plan to bring them back to the office three days per week. "So what we decided to do was run a pilot where people come into the office three days a week. Apple first announced the pilot program Cook spoke of in June 2021 as pandemic restrictions wound down and people came out into the sun squinting their eyes. In mid-2022, Cook told employees that the pilot program wasn't set in stone and expected aspects to be adjusted.

Persons: Tim Cook, Cook, Tayfun, —, Marc Benioff Organizations: Service, CBS, Apple, Anadolu Agency, Getty, Employees Locations: Wall, Silicon, Cupertino , California, United States, Chengdu, Southwest China's Sichuan province

☆ Evergrande soars 70% leading Chinese property stocks higher after Country Garden avoids default
▼ + stars: | 2023-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of Chinese property developer Evergrande as much as 82% on Wednesday, leading gains on the Hang Seng Index . The stock has since pared its gains, but was still about 70% higher. The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks. Other stocks like Country Garden Holdings and Logan Group also surged, gaining as much as 26% and 28% respectively, while the Hang Seng Mainland Property Index was up about 4%.

Organizations: Getty, Garden Holdings, Logan Group, Mainland Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu

☆ Asia markets set to mirror Wall Street's rise, ahead of Australia's July inflation numbers
▼ + stars: | 2023-08-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

High-rise buildings are seen near Victoria Harbour in Hong Kong, China, July 24, 2023. (Photo by Costfoto/NurPhoto via Getty Images) Costfoto | Nurphoto | Getty ImagesAsia-Pacific markets are set to mostly rise, largely mirroring moves on Wall Street as U.S. stocks saw a Nvidia-fueled tech rally on Tuesday. Investors will be bracing for Australia's inflation numbers for July, which is expected to come in at 5.2%, according to a Reuters poll and softer than the 5.4% seen in June. Japan's Nikkei 225 is also set to rise, with the futures contract in Chicago at 32,455 and its counterpart in Osaka at 32,430 against the index's last close of 32,226.97. In contrast, futures for the Australian S&P/ASX 200 point to a marginally lower open, at 7,209 compared with the last close of 7,210.5.

Organizations: Getty, Nurphoto, Nvidia, Nikkei Locations: Victoria Harbour, Hong Kong, China, Asia, Pacific, Chicago, Osaka

☆ We are exiting one position and buying more of 4 stocks in this oversold market
▼ + stars: | 2023-08-28 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

We are exiting our position in Advanced Micro Devices (AMD) Monday, selling 265 shares, at roughly $102.35 apiece. This is consistent with the S & P Oscillator reading that the market is oversold (minus 5.25%) as of Friday's close. Estee Lauder With our purchase of Estee Lauder, we are upgrading shares back to a 1. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

Persons: Estee Lauder, Jim Cramer's, Hopper, We've, Bob Iger, Jim Cramer, Jim Organizations: Micro Devices, Disney, GE Healthcare, Starbucks, Devices, Broadcom, AMD, ARM, Nvidia, VMware, Management, Jim Cramer's Charitable, CNBC, daimaru, Getty Locations: China, North America, Nanjing, Shanghai

☆ Evergrande shares plunge as much as 87% as trading resumes after 17 months
▼ + stars: | 2023-08-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of the world's most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since March 21, 2022. Shares fell to as low as 22 Hong Kong cents on Monday, compared to its last close at 1.65 Hong Kong dollars per share on March 18, 2022. The resumption of trade comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, a smaller loss compared to the 86.17 billion yuan loss the same period a year ago. Revenue came in at 128.81 billion yuan, rising from 89.28 billion yuan in June 2022.

Organizations: Getty, China Evergrande, Hong, Hong Kong Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong

Stringer/AFP/Getty Images“Invisible age discrimination for 35-year-olds has always existed in the workplace,” lawmaker Jiang Shengnan told the gathering, reported state-run China Youth Daily. “Although I had really good work experience and a master’s degree, I’m really uncompetitive after 35 years old,” Tao Chen said in his Douyin video. New twist on an old storyFor many Chinese women, the “curse” builds upon and further compounds the entrenched gender discrimination that has long plagued the workplace. And even in areas where some protection was offered – such as for mothers taking maternity leave – enforcement of the law is weak, and gender discrimination remains common, she said. Costfoto/NurPhoto/Getty Images“A large amount of age discrimination is intersectionality – discrimination of age, gender, pregnancy, and caregiving duties,” said the assistant professor.

Persons: Han, She’s, “, ”, don’t, –, Stringer, Jiang Shengnan, hadn’t, Tao Chen, ” Tao Chen, Liu, ” Liu, Yiran Zhang, Zhang, Liu – Organizations: Hong Kong CNN, CNN, Communist Party, Getty, Central Party School, Chinese Communist Party, Xinhua, ageism, Sichuan University, Cornell Law School, Employees Locations: Hong Kong, Beijing, China, Congjiang, AFP, Xinhua, “, Shenzhen, Suqian, Shenzhen –

☆ Asian semiconductor stocks surge after Nvidia posts stellar second-quarter results
▼ + stars: | 2023-08-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

In this article 981-HK1347-HK2330-TWNVDA Follow your favorite stocks CREATE FREE ACCOUNTAerial photo shows the factory of Taiwan Semiconductor Manufacturing Company (TSMC) in Nanjing, Jiangsu province, Aug 1, 2023. Costfoto | Nurphoto | Getty ImagesSemiconductor-related stocks in Asia surged after chipmaker Nvidia posted second-quarter results that beat estimates and issued optimistic guidance for the current period. Shares of Taiwan Semiconductor Manufacturing Corp , which manufactures all of Nvidia's advanced AI chips, climbed as much as 1.81% on Thursday, while counterpart Samsung Electronics gained as much as 2.24%. In an Aug. 21 note, Morgan Stanley analysts estimated that TSMC will generate 6% of revenue from AI-related semiconductors in 2023. Stock Chart Icon Stock chart icon

Persons: Morgan Stanley Organizations: HK, Taiwan Semiconductor Manufacturing Company, Nurphoto, Getty, Semiconductor, Nvidia, Taiwan Semiconductor Manufacturing Corp, Samsung Electronics Locations: Nanjing, Jiangsu, Asia

☆ We are maintaining our position in Estee Lauder after weak guidance — here's why
▼ + stars: | 2023-08-18 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Shares of Estee Lauder (EL) fell nearly 3% on Friday after the cosmetics company delivered weaker-than-expected guidance for the coming year. The midpoint of management's guidance for full year net sales growth is 6%, implying about $16.86 billion. Management expects first-quarter sales to decline 11% at the midpoint, implying sales of $3.5 billion, well below the $3.94 billion estimate. Analysts were looking for Estee Lauder to make a combined total of $3.58 per share in that time frame. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

Persons: Estee Lauder, reaccelerate, Jim Cramer's, Jim Cramer, Jim Organizations: Refinitiv, Management, CNBC, daimaru, Getty Locations: Asia, Pacific, China, Hong Kong, Hainan, Americas, America, Brazil, Mexico, United States, Nanjing, Shanghai

☆ Asia promotes crypto clarity amid regulatory uncertainty in the U.S.
▼ + stars: | 2023-08-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Earlier this month, Hong Kong officially opened crypto trading to retail investors and upgraded licenses of two exchanges. "This will further boost investor confidence, making Hong Kong more attractive as a potential global virtual asset hub," said Lai. He concluded some crypto firms could leave the U.S. for more progressive jurisdictions as a result. Asia's regulatory clarityAcross the Pacific, Singapore and Hong Kong offer far more operational clarity for many industry players "Singapore has the first mover advantage in the Asia Pacific region, including being ahead of Hong Kong. watch nowSingapore's Payment Services Act — a framework for regulating payment services and the provision of crypto services to the public — came into effect in January 2020.

Persons: Ben Charoenwong, Lennix Lai, Lai, Ong Chengyi, Chainalysis, Hong, Blockchain.com, Ripple, Hong Kong, Janice Goh, Coinbase, Binance, Brad Garlinghouse, Goh Organizations: Getty, Nurphoto, National University of Singapore Business School, Monetary Authority of, Cavenagh, U.S . Securities, Exchange Commission, SEC, CNBC, MAS Locations: Victoria Harbour, Hong Kong, China, Asia, U.S, Hong Kong . Hong Kong, Singapore, Monetary Authority of Singapore, Thailand, Indonesia, Hong, Pacific

☆ Global smartphone market to hit decade low in 2023 but Apple could take top spot, research shows
▼ + stars: | 2023-08-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On the same day, data released by TechInsights showed that Apple's iPhone sales in China surpassed the United States for the first time in the second quarter of 2023, becoming the largest single market for iPhone shipments. Costfoto | Nurphoto | Getty ImagesGlobal smartphone shipments this year are on track to be the worst in a decade, Counterpoint Research said in a report on Thursday, as the market is dragged down by the U.S. and China. However, Apple could become the biggest player in smartphones this year by shipments, as its high-end iPhone sales remain resilient, the report added. Measuring expected demand, shipments are not equivalent to sales and represent the number of devices that smartphones vendors send to retailers. Counterpoint Research said it expects smartphone shipments in 2023 to decline 6% year-on year to 1.15 billion devices.

Persons: TechInsights, Karn Chauhan Organizations: Apple, Nurphoto, Getty, Research, U.S, Counterpoint Research, CNBC Locations: Hangzhou, East China's Zhejiang province, China, United States, Asia, America

CNN —Days of heavy rain have caused severe flooding in China’s leading grain-producing region in the northeast, killing 14 people and raising concerns about food security as floodwater inundated farmlands. As the storm moved further north, another 14 deaths were reported Sunday in the city of Shulan in Jilin province. Firefighters operate a drainage machine near a village in the city of Mudanjiang in northeastern China's Heilongjiang province on August 5. A cornfield is submerged by floodwater in a village in Hebi city, Henan province on August 5. A flooded farm in Xinxiang city, Henan province on August 5.

Persons: Doksuri, Zhang Tao, floodwater, Typhoon Khanun, Xi Jinping Organizations: CNN, Xinhua, Firefighters, China’s Ministry of Water Resources, Communist Party, Ministry of Agriculture, Rural Affairs, National Bureau of Statistics, China Meteorological Administration, Qiushi, Communist Locations: China, Beijing, Hebei, Shulan, Jilin province, Heilongjiang, Mudanjiang, China's Heilongjiang, Jilin, Harbin, Shangzhi, Wuchang, Liaoning, Hebi city, Henan province, Henan, Xinxiang city

☆ Shares of China's second largest chip foundry Hua Hong jump 13% in Shanghai debut
▼ + stars: | 2023-08-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Shares of the chipmaker opened on the Nasdaq-style Star Market at 58.88 Chinese yuan, according to Refinitiv data. That's a 13.2% jump from its offer price of 52 Chinese yuan ($7.23). The Shanghai-listed shares have since pared gains and were trading lower at 53.99 Chinese yuan on Monday afternoon. Hua Hong's Shanghai debut raised 21.2 billion yuan ($2.95 billion) — in what was the largest IPO in mainland China so far this year, according to EY's global IPO report. SMIC raised 46.28 billion yuan ($6.62 billion) during its IPO in 2020.

Persons: Hua Hong, Hua Hong's, Chips, Hong, Phelix Lee, Lee, SMIC Organizations: Huahong Group, Huahong, Getty, Shanghai Stock Exchange's, Semiconductor Manufacturing International Corp, Nasdaq, Morningstar Asia, Hua Locations: Shanghai, China, Hua Hong's Shanghai, Hong Kong, Beijing

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