DIRS.INFO The most relevant business & tech news

☆ Intel calls off $5.4 billion Tower Semiconductor deal after failing to get regulatory approval
▼ + stars: | 2023-08-17 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Intel has pulled out of a major acquisition of an Israeli chipmaker after failing to obtain the required regulatory approval. The US tech giant said in a Wednesday statement it would scrap its planned $5.4 billion purchase of Tower Semiconductor (TSEM), saying it had not received the necessary sign-off from regulators in time. While Intel (INTC) did not specifically mention which jurisdiction it was waiting on, it had previously outlined efforts to clear the deal with authorities in China. Both Intel and Tower said in their respective statements that the deal had been canceled based on mutual agreement. To walk away, Intel will now pay Tower a termination fee of $353 million, the California-based company said in the statement.

Persons: Pat Gelsinger, ” Gelsinger, Joe Biden, won’t, Gelsinger, Russell Ellwanger, ” Organizations: Hong Kong CNN, Intel, Tower Semiconductor, Financial Times, Administration of, CNN, Companies, Tower’s Nasdaq Locations: Hong Kong, China, United States, Europe, Asia, California, New York

Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. Last year, DuPont De Nemours Inc (DD.N) scrapped its $5.2 billion deal to buy electronics materials maker Rogers Corp (ROG.N) after delays in securing approval from Chinese regulators. But Gelsinger also said Intel was investing in its foundry business, which makes chips for other companies, irrespective of the Tower deal. Investors had given up hope on the Tower deal as a result. It has committed to trimming $3 billion in costs this year, with an aim of saving between $8 billion and $10 billion by the end of 2025.

Persons: Dado Ruvic, Pat Gelsinger, Gelsinger, Benjamin Netanyahu, Anirban Sen, Max Cherney, Jamie Freed Organizations: Semiconductor, REUTERS, Intel Corp, chipmaker, Intel, State Administration, Market, DuPont De Nemours Inc, Rogers Corp, Investors, Nasdaq, Taiwan Semiconductor Manufacturing, Thomson Locations: China, United States, Taiwan, Israel, New York, San Francisco

☆ China does Intel a small favor
▼ + stars: | 2023-08-16 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Acquire Licensing RightsNEW YORK, Aug 16 (Reuters Breakingviews) - Intel (INTC.O) can thank China later. The chipmaker on Wednesday terminated its $5.4 billion acquisition of Tower Semiconductor (TSEM.TA), after failing to secure approval from the country’s State Administration for Market Regulation. Beijing’s trustbusters are providing a helpful escape route from the intensifying technology trade war. Reuters GraphicsAdding Tower would have helped Intel boss Pat Gelsinger with his strategic pivot to making semiconductors designed by others. Tower uses old technology, however, while Intel’s new customers, including the U.S. Department of Defense and Qualcomm, want cutting-edge fabrication.

Persons: Pat Gelsinger, MaxLinear, China’s, Jeffrey Goldfarb, Sharon Lam Organizations: Dow Jones Industrial, Intel, Reuters, Tower Semiconductor, Administration, Market, NXP Semiconductors, U.S . Department of Defense, Qualcomm, Wall Street Journal, Motion Technology, Cisco Systems, Acacia Communications, Thomson Locations: San Diego , California, China, country’s, Washington, Beijing

☆ Ukraine is evacuating towns in an area it reclaimed last year, in a sign it could be losing ground to Russia
▼ + stars: | 2023-08-11 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +4 min

Ukraine announced a mandatory evacuation of towns and villages under its control in the northeast. It's a sign Ukraine may be losing ground there, as Ukraine also reports shelling and a bomb attack. But Ukraine says it's stopping Russian advances in the area, as it continues its counteroffensive. The Kupiansk city military administration announced on Thursday a mandatory evacuation of towns and villages near the combat zone, citing shelling and the security situation in the area. The evacuation applies to almost 12,000 civilians from 37 towns and villages in the Kupiansk district, the Associated Press reported.

Persons: it's, Hanna Maliar, Liudmila Sezonova, Sezonova, Volodymyr Zelenskyy Organizations: Service, Associated Press, BBC, New York Times, Times, Russian, CNN Locations: Ukraine, It's, Wall, Silicon, Kharkiv, Russia, Kupiansk, Kindrasivka

A gentle downtrend in foreign direct investment gave way to a steep drop last quarter and inflows to China slammed to their lowest since records began 25 years ago, raising the prospect that the long-term trend is turning. Sources have told Reuters the Biden administration is likely to adopt new outbound investment restrictions on China in the coming weeks. Japan, the U.S. and Europe have already restricted the sale of high-tech chipmaking tools to Chinese companies while China has hit back by throttling exports of raw materials. To be sure, investment flows often fluctuate and many firms aren't leaving China completely or aren't leaving at all. "A lot of our clients are worried about their exposure to China as a sole country of supply."

Persons: Carlos Barria, Deng Xiaoping, Logan Wright, Biden, John Ramig, Buchalter, Daniel Seeff, Cardigan, Chi Lo, Lee Smith, Baker Donelson, Samuel Shen, Tom Westbrook, Winni Zhou, Jacqueline Wong Organizations: REUTERS, Corporate, China Markets, China's, Administration of Foreign Exchange, Investors, Reuters, Oxford Economics, Ministry of Commerce, Management, Thomson Locations: Pudong, Shanghai, SHANGHAI, SYDNEY, China, Japan, U.S, Europe, Haining, Peru, Hong Kong, Baker, Singapore

☆ The Orlando Magic, an NBA team sponsored by Disney, donated $50,000 to Ron DeSantis' super PAC
▼ + stars: | 2023-08-01 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

The Orlando Magic is currently sponsored by Disney. The team just donated $50,000 to the super PAC supporting DeSantis' presidential campaign. A representative from the Orlando Magic told Insider the company does not "publicly comment on political contributions." The Orlando Magic donated $50,000 to DeSantis' super PAC while also taking in sponsorship money from Disney, a corporation that DeSantis and his state administration have been headbutting with in a yearslong feud after Disney pushed back against what critics called his "Don't Say Gay" legislation. As part of a "multi-year agreement" with Disney, the Orlando Magic team jersey prominently sports a 2.5 in x 2.5 in Disney logo on the front of their uniform.

Persons: Ron DeSantis, DeSantis, Paolo Banchero, Alex Shultz, it's, Richard DeVos, Donald Trump's, Betsy DeVos, It's, Dan DeVos Organizations: Orlando, Disney, Florida Gov, Service, NBA, Republican Florida Gov, Federal, DeSantis, Orlando Magic, SFGATE, Democratic House, Maverick, USA, Conservative, National Republican Locations: Wall, Silicon, Florida

☆ Exclusive: China asks some banks to reduce or delay dollar buying to ease pressure on yuan -sources
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/BEIJING, Aug 1 (Reuters) - China's currency regulators have in recent weeks asked some commercial banks to reduce or delay their dollar purchases, two people with direct knowledge of the matter said. The informal instruction, or the so-called window guidance, was meant to slow the pace of yuan depreciation, the sources said. One source said the regulators were emphatic banks should hold off dollar purchases under their proprietary trading accounts. Chinese yuan has lost 3.6% against the U.S. dollar so far this year, hitting 7.16 per dollar on Tuesday to be one of Asia's worst performing currencies. Reporting by Shanghai and Beijing Newsrooms; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Cameron, Moore Organizations: U.S, People's Bank of China, Reuters, State Administration of Foreign Exchange, Thomson Locations: SHANGHAI, BEIJING, Shanghai, Beijing

☆ Myanmar junta reportedly pardons ex-leader Aung San Suu Kyi on five offenses
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +2 min

Myanmar migrant workers hold a portrait of Aung San Suu Kyi during the march to mark International Labor Day in Bangkok, calling for the workers rights and protesting against the Myanmar military government on May 1, 2023. An informed source said both Suu Kyi and Win Myint would remain in detention. "She won't be free from house arrest," said the source who declined to be identified due to the sensitivity of the issue. Suu Kyi, the daughter of Myanmar's independence hero, was first put under house arrest in 1989 after huge protests against decades of military rule. In 1991, she won the Nobel Peace Prize for campaigning for democracy but was only fully released from house arrest in 2010.

Persons: Aung, Suu Kyi, Myanmar's, Aung San Suu Kyi, Zaw Min Tun, Win Myint, Win, Suu Kyi's Organizations: International Labor, Myanmar, Eleven Media, Administration Locations: Myanmar, Suu, Bangkok, Naypyitaw

☆ Exclusive: China asks some banks to reduce or delay dollar buying -sources
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +5 min

One source said regulators were emphatic banks should hold off dollar purchases under their proprietary trading accounts due to the "recent yuan depreciation". "The yuan exchange rate expectations are stable, and the foreign exchange market has the foundation to meet authentic and compliant FX needs," SAFE said in response to a Reuters query. Keeping non-urgent dollar demand at bay could relieve some of the immediate pressure on the yuan, the sources said. But that excitement soon faded, as domestic and foreign investors said they would wait for substantive action before putting more money into China. There was also a seasonal factor too, as overseas-listed Chinese companies usually need more foreign exchange in the summer to pay dividends to shareholders.

Persons: China's, Ken Cheung, Alvin Tan, Tan, Goldman Sachs, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S ., People's Bank of China, State Administration of Foreign Exchange, Reuters, Mizuho Bank, Asia FX, RBC Capital Markets, Goldman, Overseas, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, Asia, China, Shanghai, Beijing

[1/5] A security force trooper rides a vehicle on a highway at Torbung village in Churachandpur district in the northeastern state of Manipur, India, July 24. Modi's first comments on the violence in Manipur came last week, over two months after the trouble started in early May. The data show that in the first week of the violence in early May, 77 Kukis were killed compared to 10 Meiteis. According to government estimates, 2,780 weapons stolen from the state armoury, including assault rifles, sniper guns and pistols, remain with the Meiteis, while the Kukis have 156. Reporting by Krishn Kaushik in Manipur; Editing by YP Rajesh and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Adnan Abidi, Modi, Narendra Modi, Ramachandra Guha, Guha, Jangminlun Touthang, Modi's, Biren Singh, Meiteis, Kukis, Haopu Gangte, “, ” Gangte, ” Pramot Singh, Meitei, ”, Krishn Kaushik, YP Rajesh, Raju Gopalakrishnan Organizations: REUTERS, Reuters, Modi's Bharatiya Janata Party, BJP, Kuki, YP, Thomson Locations: Torbung, Churachandpur district, Manipur, India, India's Manipur, Kuki, Imphal, Manipur's, Bishnupur, Kangvai, Myanmar, “

☆ China’s New Central Banker Once Fixed a Crisis. He May Need to Again.
▼ + stars: | 2023-07-25 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

For nearly eight years Pan Gongsheng has overseen one of the world’s biggest pots of money: China’s $3 trillion in foreign currency reserves. Now he will run the country’s central bank, playing an even more powerful role in the Chinese economy. Mr. Pan, a prominent economist, was named on Tuesday as governor of the central bank, the People’s Bank of China. The appointment of Mr. Pan comes at a delicate time for China. Foreign currency reserves are effectively a country’s emergency fund to be used at times of financial stress.

Persons: Pan Gongsheng, Pan, Mr Organizations: People’s Bank of China, bank’s Communist Party, Administration of Foreign Exchange Locations: China, bank’s

☆ China has announced a slew of measures to bolster its economy. Here's what we know so far
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Here are some of the key measures released by the Chinese government in recent weeks. Private businessesOn Monday, China's economic planning agency announced a series of measures to promote private investment. Julian Evans-Pritchard Capital EconomicsThe NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered.

Persons: Julian Evans, Pritchard Organizations: Afp, Getty, China, Private, Communist Party, National Development, Reform, Pritchard Capital, People's Bank of China, State Administration of Foreign Exchange, China Economics, Capital Economics, Household, Commerce Locations: China, Beijing, Shanghai

☆ China FX regulator says will use policy measures to stabilize yuan expectations
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +1 min

China's foreign exchange regulator said on Friday it will comprehensively use policy measures to stabilize market expectations, at a time when the yuan currency faces renewed downside pressure. China's currency has lost about 4% to the dollar this year, one of the worst performing Asian currencies, pressured by widening yield differentials with the United States and signs of a faltering economic recovery. "In future, the yuan exchange rate has the conditions to maintain basically stable at reasonable and balanced levels," said Wang Chunying, spokeswoman at the State Administration of Foreign Exchange. We will adhere to comprehensive policies, focus on stabilizing expectations, and take different measures based on actual conditions to provide the market with a stable environment and expectations." She said previous rounds of external shocks had equipped regulators with the experience, tools and measures to deal with such situations.

Persons: Wang Chunying Organizations: State Administration of Foreign Exchange Locations: United States

☆ Authorities swoop on Chinese restaurant that challenged customers to eat 108 dumplings
▼ + stars: | 2023-07-08 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A restaurant in China that challenged its customers to eat more than 100 dumplings in return for a free meal has fallen foul of authorities, who are investigating whether it has violated the country’s anti-food waste law. The challenge reportedly involved patrons competing to eat 108 chaoshous, or spicy wonton dumplings, as quickly as possible to win a free meal and additional prizes. The Cover said the restaurant, which it did not name, was one of several being probed by the authorities over similar competitions. Chinese leader Xi Jinping has in the past called food waste “shocking and distressing” and in March this year said agricultural supplies were like the foundation of national security. Will the food not consumed there actually go to the poor?” wrote one user on Weibo, China’s version of Twitter.

Persons: Joey Chestnut, Xi Jinping, ” Organizations: Hong Kong CNN, State Administration, Market, ” Radio, overreaching, Weibo, Twitter Locations: Hong Kong, China, Yibin, Sichuan swooped, Coney Island

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China plays it safe with new central bank chief
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters Breakingviews) - The new boss of the People’s Bank of China (PBOC) is probably a relief to those anxiously watching the future of the most meritocratic regulator in the country. The ruling Communist Party on Saturday appointed Pan Gongsheng, who has been deputy governor for the past 11 years, as party secretary – the de facto boss that supervises the institution. The Wall Street Journal said that would be a prelude to Pan becoming governor next, citing unnamed sources. The appointment of Pan, who has since 2015 also run the State Administration of Foreign Exchange (SAFE), is a surprise. It’s unlikely Pan will deviate much from the current monetary policy trajectories, even if he helms both the party secretary and governor roles.

Persons: Pan Gongsheng, –, Pan, Yi Gang, helms, Yawen Chen, ’, George Hay, Pranav Kiran Organizations: Reuters, People’s Bank of China, Communist Party, Saturday, Street Journal, State Administration of Foreign Exchange, Committee, Cambridge, Harvard, Agricultural Bank of China, U.S ., Twitter, KKR, Thomson Locations: United States, Hong Kong, Shanghai, China

CNN —Ma Khin Hla and her five siblings didn’t have time to run when a fighter jet buzzed over their village in Myanmar’s central Sagaing region. We didn’t get to run as it immediately dropped bombs.”When she opened her eyes after the strike on Tuesday, Ma Khin Hla said she saw her siblings’ bodies scattered around her. A monastery hit by the junta airstrike in Pale township, Sagaing region, Myanmar. CNN reached out to junta spokesperson Maj. Gen. Zaw Min Tun for comment on the airstrike but did not receive a response. Ma Khin Hla, whose five siblings were killed, said she has been forced to take shelter with relatives in another village.

Persons: Khin Hla, didn’t, ”, Ma Khin Hla, Zaw Htet, ” Zaw Htet, Min Aung Hlaing, “, Zaw Min Tun, Ar Lu Organizations: CNN, Facebook, Administration, Peoples Defense Forces, National Unity Government, SAC, United Locations: Myanmar’s, Sagaing, Nyaung Kone, Pale, Myanmar, Zaw, “, United Nations, Russia, China, Singapore

New rules imposed in February force infant formula makers to invest heavily to re-make, test, certify and re-register their products for China, before potentially conducting new marketing campaigns. “The new standard requires higher product quality as well as stronger manufacturing techniques which are expected to eliminate many small-to-medium-size players,” said Quinn Mai, analyst at Euromonitor International, which estimates China’s infant formula market will fall 12.5% to $21 billion by 2025 due to shrinking demand. China's National Health Commission (NHC) cited infant safety when announcing the latest rules. Celia Ning, director at the nutrition research institute of formula maker Junlebao, said the registration process could "easily" take a year. Another, Fonterra (FCG.NZ), said it was progressing through the re-registration process but that infant formula made up a relatively small part of its China business, with declining birth rates and regulation driving industry consolidation.

Persons: ”, Quinn Mai, Jane Li, Li, Celia Ning, Junlebao, Ning, SAMR, Nestle, Marius Zaharia Organizations: Euromonitor, Health Commission, NHC, State Administration, Market, “, Unicef, Companies, Abbott Laboratories, Reuters, New Zealand's Ministry, Primary Industries, Milk, Global, Nestle, Danone, HK, “ Companies, Thomson Locations: HONG KONG, China, Auckland, “ Beijing, India, U.S, Hong Kong, Beijing, Lincoln

☆ China pushes platform firms to protect consumer, vendor rights
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 15 (Reuters) - China's market regulator on Thursday announced a five-month campaign that will ensure platform companies optimise their protocols, to protect the rights of consumers and vendors. The State Administration for Market Regulation said it will supervise and guide platform firms to conduct self-examination, and improve their protocols to overcome a lack of key provisions. Reporting by Brenda Goh and Beijing Newsroom; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Brenda Goh, Edmund Klamann Organizations: Administration, Market, Thomson Locations: BEIJING, Beijing

CNN —Myanmar’s ruling junta has suspended humanitarian access to western Rakhine state, where more than a million vulnerable people are in urgent need of aid a month after a powerful cyclone devastated the region, the United Nations said. The UN’s humanitarian office (OCHA) said the decision to stop aid access in the already-impoverished state has paralyzed the humanitarian response to Cyclone Mocha and crippled life-saving aid distributions to storm-hit communities. Cyclone Mocha slammed into western Myanmar on May 14 as one of the strongest storms ever to hit the country. Residents on a damaged street after Cyclone Mocha in Kyauktaw, Myanmar's Rakhine state, on May 14. Travel in Rakhine state has long been heavily restricted and aid groups are required to apply for travel authorizations a month in advance, an aid official recently told CNN.

Persons: CNN — Myanmar’s, Cyclone, Ramanathan Balakrishnan, Balakrishnan, “, Sai Aung, UN OCHA, ” Balakrishnan, Nargis, “ We’ve, we’re, Khine, Thurein, Sittwe, ” Organizations: CNN, United Nations, UN, Cyclone, Residents, Getty, Administration Council, Sans Frontieres, Twitter, SAC, Arakan Civil Society Network Locations: Rakhine, Myanmar, Kyauktaw, Myanmar's Rakhine, Sai, AFP, UN, Travel, Naypyidaw, Chin, Arakan, Rohingya

☆ Ukraine says it downed 36 Russian missiles and drones
▼ + stars: | 2023-06-02 | by ( Pavel Polityuk | ) www.reuters.com time to read: +2 min

KYIV, June 2 (Reuters) - Ukrainian forces in Kyiv said on Friday they shot down 36 Russian missiles and drones in and around the capital overnight, with two people injured by falling debris before authorities lifted air raid alerts across most of the country. An Air Force statement said its air defences had shot down 15 cruise missiles and 21 drones. It said a wave of drones had been launched late on Thursday, followed by a volley of cruise missiles as people slept at around 0300 local time. "The occupiers are not stopping their attempts to terrorise the Ukrainian capital with strike drones and missiles," it said. A view shows an office building damaged during Russian missile strikes, amid Russia's attack on Ukraine, in Kyiv, Ukraine June 1, 2023.

Persons: Vitali Klitschko, Volodymyr Zelenskiy, David Ljunggren, Tom Balmforth, Jacqueline Wong, Shri Navaratnam, Tom Hogue, Philippa Fletcher Organizations: An Air Force, Russian, Press, State Emergency Service of, REUTERS, Thomson Locations: Kyiv, Russian, Russia, Ukraine, State Emergency Service of Ukraine, Handout

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

As doubts grow about the strength of its economic recovery, foreign money has left China's markets and the currency has fallen 4% against the dollar since late January. Analysts at Nomura and Societe Generale say the yuan could soon head for 7.3, which as last plumbed in November. Reflecting that, the trade-weighted CFETS basket against which the People's Bank of China (PBOC) manages the currency, has dropped to 99 from 100 in February. THE CHEAP CURRENCYBecky Liu, head of China macro strategy at Standard Chartered Bank, expects the yuan will continue to depreciate. "The interest rate gap remains wide, so many hedge funds continue to use yuan as a funding currency," Liu said.

☆ Can the Zibo barbecue frenzy save China from economic crises?
▼ + stars: | 2023-05-15 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Zhu Zheng/Xinhua/Getty ImagesSo many tourists flocked into Zibo, now dubbed China’s outdoor barbecue capital, that even the local tourism authorities urged visitors to go elsewhere. A few may, but most won’t.”A shop owner shows off grilled meat during a barbecue festival on April 29, 2023 in Zibo, eastern China. The city Zibo became a tourism hot spot after videos of its barbecue went viral online. China’s economy is navigating a growing array of challenges. The informal trade might reduce unemployment temporarily, and give people feeling poorer a boost, but it “won’t save China’s economy,” Tsang said.

☆ Tesla to recall 1.1 million cars in China over potential safety risks, Chinese regulator says
▼ + stars: | 2023-05-12 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Tesla will recall more than 1.1 million cars in China due to potential safety risks, the country’s top market regulator said on Friday. The models to be recalled include imported Model S, Model X, Model 3 and China-made Model 3 and Model 6. An aerial view of Tesla's Shanghai Gigafactory on March 29, 2021. The company plans to make adjustments or add notification features to the recalled vehicles to reduce the risk, it added. In March, Tesla recalled more than 2,600 imported Model S cars in China, according to the SAMR.

Search resuls for: "State Administration"

25 mentions found