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☆ Tesla raises price of high-performance Model Y in China by 14,000 yuan
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: 1 min

Visitors check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/FIle Photo Acquire Licensing RightsCompanies Tesla Inc FollowBEIJING, Oct 27 (Reuters) - Tesla Inc has increased the price for its Model Y high-performance version SUV in China by 14,000 yuan ($1,913.88) from Friday, it said on a social media notice. ($1 = 7.3150 Chinese yuan renminbi)(This story has been corrected to say SUV, not sedan, in paragraph 1)Reporting by Shanghai newsroom and Liz Lee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Liz Lee, Shri Navaratnam Organizations: REUTERS, Inc, BEIJING, Tesla Inc, Shanghai, Thomson Locations: China, Beijing

Li Keqiang, China's former premier, died Friday of a heart attack in Shanghai, according to state media. Li, who was 68, was China's top economic official for a decade. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementFormer Premier Li Keqiang, China's top economic official for a decade, died Friday of a heart attack in Shanghai, state media CCTV reported. Li later went on to be appointed governor of the Henan and Liaoning provinces, before becoming a vice premier in 2008 and China's premier in 2013.

Persons: Li Keqiang, Li, —, Xi Jinping, Hu Jintao, Hu, Xi Organizations: Service, Observers, Chinese Communist Party, Youth League Locations: Shanghai, China, Anhui, Henan, Liaoning

☆ Inflation to dog world economy next year, postponing rate cuts: Reuters poll
▼ + stars: | 2023-10-27 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Despite broad success in bringing inflation down from its highs - the easier bit - prices are still rising faster than most central banks would prefer and hitting their inflation targets is likely to be tough. The Reserve Bank of New Zealand, which often leads the interest rate cycle, was also forecast to wait until July-September 2024 before cutting. The majority backing no cuts until the second half of 2024 has also grown stronger for the Reserve Bank of Australia, Bank Indonesia and the Reserve Bank of India. Even the Bank of Japan, the outlier sticking to ultra-loose policy through this entire round of inflation, is now expected to abandon negative interest rates next year. Crucially, most economists agree the first easing steps will not be the beginning of a rapid series of cuts.

Persons: Sarah Silbiger, Christine Lagarde, Douglas Porter, it's, Nathan Sheets, Hari Kishan, Ross Finley, Tomasz Janowski Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, U.S . Federal Reserve, European Central Bank, ECB, Fed, BMO, Reserve Bank of New, Reserve Bank of Australia, Bank, Reserve Bank of India, Bank of Japan, Citi, Thomson Locations: Mount Pleasant, Washington ,, BENGALURU, Reserve Bank of New Zealand, Bank Indonesia, Bengaluru, Buenos Aires, Cairo, Istanbul, Johannesburg, London, Shanghai, Tokyo

☆ 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

☆ Li Keqiang: China’s former Premier dead at 68 according to state media
▼ + stars: | 2023-10-27 | by ( Simone Mccarthy | Steven Jiang | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Former Chinese Premier Li Keqiang, once seen as a reform-minded contender to the country’s top leadership role, died of a sudden heart attack early Friday in Shanghai, state media reported. 2 leader until late last year, served as the country’s premier – traditionally in charge of the economy – for a decade from 2013 to March this year under strongman leader Xi Jinping. Under Hu, Li was named to the party’s top central leadership body the Politburo Standing Committee in 2007. Then 67, Li was one year short of the unofficial retirement age for senior Chinese Communist Party leaders. He was succeeded as premier earlier this year by former Shanghai party chief and Xi loyalist Li Qiang.

Persons: Hong Kong CNN —, Li Keqiang, Li, Xi Jinping, ” Li, “, Xi, Xi’s, Hu Jintao, Hu, nodded, Mao Zedong, China’s princelings, Li Qiang Organizations: Hong Kong CNN, Hong Kong CNN — Former, Peking University, Communist Party’s Youth League, Communist Party Congress, Dongling, Brigade, Communist Youth League Central Committee, Communist Party, party’s, Chinese Communist Party Locations: Hong Kong, Shanghai, United States, China, Liaoning, Henan, Anhui

☆ China's former premier Li Keqiang has died, state media reports
▼ + stars: | 2023-10-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's Premier Li Keqiang waves as leaving the annual news conference following the closing session of the National People's Congress at the Great Hall of the People on March 16, 2016 in Beijing, China. China's former premier Li Keqiang died just past midnight after suffering a heart attack while in Shanghai, Chinese state broadcaster CCTV reported Friday. That sometimes put Li at odds with Hu's successor, Chinese President Xi Jinping. Li also inspired the unofficial "Li Keqiang Index," which uses electricity consumption, rail cargo and bank lending as a proxy on the economy. While premier, Li pushed for promoting trade cooperation between China and other countries, as well as removing restrictions on the flow of people and goods within China.

Persons: Li, Li Keqiang, Hu Jintao, Xi Jinping, Xi, Li Qiang Organizations: National People's, of, State, Communist Party Locations: Beijing, China, Shanghai

[1/2] The logo of Temu, an e-commerce platform owned by PDD Holdings, is seen on a mobile phone displayed in front of its website, in this illustration picture taken April 26, 2023. Shein's lawsuit against Temu, filed last December in the U.S. District Court for the Northern District of Illinois, alleged that Temu told social media influencers to make disparaging remarks about the fast-fashion retailer, and tricked customers into downloading the Temu app using "imposter" social media accounts. In July, Temu filed its own lawsuit in Boston federal court, accusing Shein of violating U.S. antitrust law in its dealings with clothing manufacturers. Temu's complaint alleged Shein "forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu." Temu, whose parent company PDD Holdings also owns Chinese shopping platform Pinduoduo, similarly sells low-priced clothing but is equally well known for stocking cheap headphones and home appliances.

Persons: Florence Lo, Shein, Temu, Casey Hall, Christian Schmollinger Organizations: PDD Holdings, REUTERS, Rights, Northern, Northern District of, Temu, HSBC, Thomson Locations: U.S, Chicago, Boston, Northern District, Northern District of Illinois, China, Europe, Asia

☆ Huawei's surprise 5G smartphone helped it grow quicker than Apple in China
▼ + stars: | 2023-10-27 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

CFOTO | Future Publishing | Getty ImagesHuawei was the fastest-growing smartphone maker in China in the third quarter after the company released a smartphone with a surprisingly advanced chip inside. That growth is propelling Huawei to being within touching distance of the top five smartphone makers by market share in China once more. It commanded a 12.9% market share in the quarter, up from 9.1% in the same period last year. Sales of Honor, the largest smartphone maker by market share, rose just 3% year on year. The market research firm did not provide the number of units that were sold per company.

Organizations: Getty, Huawei, Counterpoint Research, Apple, Research, Kirin, 5G Locations: Shanghai, China, Shenzhen

☆ South Korea: Itaewon crush haunts survivors one year after Halloween crowd disaster
▼ + stars: | 2023-10-27 | by ( Heather Chen | ) edition.cnn.com time to read: +9 min

CNN —Hye Minyi can still vividly recall what happened in Itaewon, South Korea, on the night of October 29, 2022. Whether the disaster in Itaewon last year will put a dent in this growing popularity is yet to be seen. “We are extremely concerned that there could be a repeat of the Itaewon tragedy,” said Shibuya mayor Ken Hasebe. The Itaewon crowd crush was South Korea’s worst peacetime disaster since the sinking of a ferry in 2014 killed 304 people – among them 250 students and teachers from the Danwon State High School. Lee is certain of one thing, however – that she is “never going back to the area again.”“For me, Halloween and the Itaewon tragedy are (inextricably) linked,” she said.

Persons: CNN — Hye, Amy, Hye, ” Hye, ”, “, Anthony Wallace, expats, Ken Hasebe, Hasebe, ” Hasebe, overtourism, Yuya Shino, Critics, Jung Yeon, Yoon Suk, Kim Kun, Chung Sung, Lee, Kim Ho, Lee Sang Organizations: CNN, Getty, “, Reuters, Danwon State High School, South Korean, Seoul Metropolitan Government, South, City, Facebook, Interior, Safety Locations: Itaewon, South Korea, Seoul, AFP, Asia, Tokyo, Taipei, Hong Kong, Shanghai, Singapore, Japan, Shibuya, “, Tokyo's Shibuya, Guangzhou, China, South, Danwon, Yongsan

☆ Li Keqiang, Former China Premier Sidelined by Xi Jinping, Dies at 68
▼ + stars: | 2023-10-26 | by ( James T. Areddy | Chun Han Wong | ) www.wsj.com time to read: 1 min

China’s former premier, Li Keqiang , whose efforts to retool his country’s economy faltered under the dominance of top leader Xi Jinping , died Friday after suffering heart failure, state media said. Li, who served a decade as premier until March, was in Shanghai when he experienced a sudden heart attack on Thursday, the official Xinhua News Agency said in a brief report.

Persons: Li Keqiang, Xi Jinping, Li Organizations: Xinhua News Agency Locations: Shanghai

☆ Stellantis is teaming up with Chinese startup Leapmotor on EVs
▼ + stars: | 2023-10-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

The two will form a joint venture that will give Stellantis the exclusive rights to produce, export and sell the Chinese brand’s vehicles outside Greater China. Stellantis will control the joint venture, with a 51% stake, while Leapmotor will take a 49% share. In July, Volkswagen announced it was buying a 5% stake in Chinese EV maker Xpeng and unveiled a strategic partnership to jointly develop new vehicles. News of Stellantis’ latest partnership comes about a year after it terminated its joint venture in China with Guangzhou Automobile Group Company (GAC). Stellantis is acquiring Leapmotor shares at a price of 43.8 Hong Kong dollars ($5.6) apiece, according to a Thursday stock exchange filing by the Chinese firm.

Persons: Hong Kong CNN —, Leapmotor, Mercedes, Nio, Stellantis, weren’t Organizations: Hong Kong CNN, Chrysler, Volkswagen, Xpeng, Reuters, CNN, Nio, Guangzhou Automobile Group Company, Hong Locations: Hong Kong, Leapmotor, Hangzhou, Greater China, Shanghai, China

☆ China's Former Premier Li Keqiang Has Died -State Media
▼ + stars: | 2023-10-26 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) -China's former Premier Li Keqiang has died of a sudden heart attack aged 68, state media said on Friday. "Comrade Li Keqiang, while resting in Shanghai in recent days, experienced a sudden heart attack on Oct. 26 and after all-out efforts to revive him failed, died in Shanghai at ten minutes past midnight on Oct. 27," state broadcaster CCTV reported. The former Chinese premier and head of China's cabinet served under President Xi Jinping for a decade from 2013, retiring in March. The elite Peking University-educated economist was once viewed as a top Communist Party leadership contender, but became increasingly sidelined by Xi in recent years. (Reporting by Shanghai newsroom and Laurie Chen; Writing by Liz Lee; Editing by Shri Navaratnam and Jamie Freed)

Persons: Li Keqiang, Xi Jinping, Xi, Laurie Chen, Liz Lee, Shri Navaratnam, Jamie Freed Organizations: CCTV, Peking University, Communist Party, Shanghai Locations: BEIJING, Shanghai, China

☆ Li Keqiang, Former Chinese Premier, Dies of Heart Attack at 68
▼ + stars: | 2023-10-26 | by ( Chris Buckley | More About Chris Buckley | ) www.nytimes.com time to read: 1 min

China’s former premier, Li Keqiang, died of a heart attack on Friday, Chinese state media announced — an abruptly early end to a leader who had served alongside Xi Jinping for a decade until March. Mr. Li, 68, was visiting Shanghai when he suddenly suffered the heart failure near midnight on Thursday, a report on Chinese state television said. “All efforts to resuscitate him failed,” said the report. Mr. Li was once considered a potential top leader of the ruling Chinese Communist Party. But in the end, he was overtaken by Mr. Xi, and became China’s premier — its prime minister — in 2013.

Persons: Li Keqiang, —, Xi Jinping, Li, ”, Xi Organizations: Mr, Communist Party Locations: Shanghai

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

☆ China smartphone shipments fall 5% y/y in Q3 to 66.7 mln handsets -Canalys
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Oct 26 (Reuters) - Smartphone shipments in China fell 5% year-on-year in the third quarter to 66.7 million handsets, research firm Canalys reported on Thursday. The Honor smartphone brand took first place by sales, while Huawei's market share rose, reaching that of leading manufacturers due to its new Mate 60 products, Canalys said. Reporting by Shanghai newsroom and Liz Lee; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Canalys, Liz Lee, Jamie Freed Organizations: Shanghai, Thomson Locations: BEIJING, China

A Hyundai Elantra N is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. Hyundai reported a net profit of 3.2 trillion won ($2.36 billion) for the July-September period, up from 1.3 trillion in profit a year earlier. That exceeded an estimate of 2.9 trillion won from 19 analysts compiled by LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Revenue rose 8.7% year-on-year to 41 trillion won. Shares of Hyundai Motor were trading down 0.2% as of 0451 GMT, versus benchmark KOSPI's (.KS11) 2.4% fall.

Persons: Aly, LSEG SmartEstimate, 1,358.3200, Heekyong Yang, Joyce Lee, Clarence Fernandez, Jamie Freed Organizations: Hyundai, Auto, REUTERS, Rights, General Motors, EV, Hyundai Motor, Thomson Locations: Auto Shanghai, Shanghai, China, Rights SEOUL, KS

BANGKOK (AP) — World shares and crude oil prices have slipped ahead of an update on the state of the U.S. economy in the last quarter. Uncertainty over the U.S. economic outlook, the war in the Middle East and other hazards is rippling through world markets. High yields whittle away at prices for stocks and other investments while slowing borrowing and adding pressure to the financial system. In the oil market, U.S. benchmark crude oil sank $1.23 to $84.16 per barrel in electronic trading on the New York Mercantile Exchange. However, escalations in the conflict do not necessarily cause oil prices to surge.

Persons: Germany's DAX, Hang Seng, Sydney's, Taiwan's Taiex, whittle, Brent, it’s Organizations: CAC, Dow Jones, Treasury, Tokyo’s Nikkei, Federal, New York Mercantile Exchange, U.S Locations: BANGKOK, U.S, Paris, Seoul, Hong, Shanghai, Bangkok, . U.S, Israel, Iran, escalations, Gaza

☆ 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

☆ Nomura reassesses mainland China business plan as losses mount
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The logo of Nomura Securities is seen at the company's Head Office in Tokyo, Japan, November 28, 2016. Nomura's majority-owned joint venture has struggled to grow since its launch in 2019, dragged down by the pandemic and a slowing economy. In 2022, the joint venture lost 225 million yuan ($30.75 million), after losing 84 million yuan in 2021, according to Nomura's filings. Nomura's China joint venture headcount has dropped to 259 from 281 in July, far short of the original target of increasing it to 500 by this year. The joint venture is 51% owned by Nomura, 24.9% by Orient International Holding, and 24.1% by Shanghai Huangpu Investment Holding Group.

Persons: Toru Hanai, Nomura, headcount, Goldman Sachs, Makiko Yamazaki, Selena Li, Sonali Paul Organizations: Nomura Securities, REUTERS, Rights, Nomura Holdings, Bloomberg, Reuters, Citigroup, Nomura Orient International Securities, Nomura, Orient International Holding, Shanghai Huangpu Investment Holding Group, Thomson Locations: Tokyo, Japan, China, Shanghai, Hong Kong, Asia

Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.

Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.

Persons: ” Morgan Stanley, ”, Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, “ Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, “, China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States, ”

Investors were also excited by Tuesday's approval of an additional 1 trillion yuan ($136.76 billion) of sovereign bond issuance. Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. "China's central government is endorsing the stock market," said Qi Wang, chief investment officer of UOB Kay Hian's wealth management division in Hong Kong. Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. Still, China's stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi's previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Persons: China's, Huang Yan, QiuYang, Huang, Pan Gongsheng, Qi Wang, UOB Kay, Huijin, Fabiana Fedeli, Fedeli, Goldman Sachs, Samuel Shen, Ankur Banerjee, Brigid Riley, Vidya Ranganathan Organizations: Central Huijin Investment, Shanghai QiuYang, People's Bank of China, Sino, CSI, Huijin, China Asset Management Co, Singapore's United Overseas Bank, G Investments, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, China, Hong Kong, Tokyo

☆ Meta's ad rebound gets huge assist from China even though its services are banned there
▼ + stars: | 2023-10-25 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

A Facebook sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. Meta may be banned from operating in China, but the company is finding plenty of growth coming from the world's second-biggest economy. Susan Li, Meta's finance chief, told analysts on the earnings call that Chinese companies played a major role this quarter, continuing a theme from recent periods. Online commerce and gaming "benefited from spend among advertisers in China reaching customers in other markets," Li said. "Brazil was a strong contributor to the region's acceleration due in part to increased advertisers demand from China advertisers targeting users in Brazil," Li said.

Persons: Meta, Susan Li, Li Organizations: China, Facebook, North America, Google, Twitter, Meta Locations: Shanghai, China, Europe, Asia, Pacific, South America, Brazil, Israel

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