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A banner plays up China's trade-in policy at a home goods expo in Qingdao, Shandong province, China, on June 1, 2024. Nurphoto | Nurphoto | Getty ImagesBEIJING — China's plan to boost consumption by encouraging trade-ins has yet to show significant results, several businesses told CNBC. Analysts are not overly optimistic about the extent to which the trade-in program could support retail sales. China's retail sales for August are due Saturday morning. Retail sales in June rose by 2%, the slowest since the Covid-19 pandemic, while July sales growth saw a modest improvement at 2.7%.
Persons: Jens Eskelund, Tao Wang, Sally Loh, Otis, Kone, We've, Ilkka Hara, Hara Organizations: Nurphoto, Getty, BEIJING, CNBC, EU Chamber of Commerce, UBS Investment Bank, China, U.S, Otis Locations: Qingdao, Shandong province, China, Greater China
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Persons: It's, We've, Ally, You'll Organizations: First, Bank of Indiana, Bank of Indiana Free Savings, Internet Bank of Indiana, Market, First Internet Bank of Indiana's, Bank of Indiana Free, Internet Bank of Indiana Free Savings, FDIC, Plus Alliance, Network, First Internet Bank of Indiana, Alliance, Apple, Google, Internet Bank, Indiana, Better, Bank of, Ally Bank, Discover ® Bank, Discover Locations: Chevron, Bank of Indiana
Harris and Trump didn't interact after the debate ended Saul Loeb/AFP/Getty Images Trump speaks during the debate. Chip Somodevilla/Getty Images Trump supporter Pat Tuttle watches the debate from Jonathan's Grille in Nashville, Tennessee. Saul Loeb/AFP/Getty Images Harris averages 49% support across recent polls while Trump stands at 48% in the latest CNN Poll of Polls . Matthew Hatcher/AFP/Getty Images Trump and Harris shake hands at the start of the debate. Harris introduced herself by name and said, “Let’s have a good debate.” Trump responded: “Nice to see you.
Persons: Donald Trump, Kamala Harris, strode, Harris, Trump, Mike Tyson’s, , didn’t, Joe Biden, David Muir, Linsey Davis, Michael Le Brecht, Sean Hannity, CNN's Kaitlan Collins, Collins, Chip Somodevilla, Douglas Emhoff, Saul Loeb, Alex Brandon, Pat Tuttle, George Walker IV, Sen, John McCain, Tristen Rouse, CNN Trump, Win McNamee, Adam Gray, Doug Mills, CNN Harris, peppering, Sheena Carey, Morry Gash, he’d, , ” Trump, Christine Rogers, Matthew Hatcher, ” Saul Loeb, Roberto Schmidt, Andrew Thomas, Robert F, Kennedy Jr, Kennedy, Jim Lo Scalzo, Anthony Scaramucci, Olivia Troye, Matt Rourke, Hannah Beier, Lilly, Evelyn Hockstein, Matt Slocum, Kenny Holston, don’t, George W, Bush, it’s, they’ve, There’s, Biden, Taylor Swift, Tim Walz, Harris didn’t, unaccountably, JD Vance, Barack Obama’s, she’s, Viktor Orban, Trump’s, hadn’t, Vladimir Putin, “ You’re, you’re Organizations: CNN, ABC News Trump, Fox News, National Constitution Center, Getty, Trump, Pennsylvania Convention Center, Images, Affordable, People, Nasdaq, New York Times, Bloomberg, AP, AP Trump, Philadelphia International Airport, AFP, Philadelphia City Hall, Former Trump, Reuters, ABC, Force, White, Central, Five, Biden Locations: America, Philadelphia, Pennsylvania, Nashville , Tennessee, Washington ,, New York, Milwaukee, United States, AFP, Afghanistan, , Hungarian, Ukraine, Russia
Kai-Fu Lee, chairman and chief executive officer of Sinovation Ventures, speaks during the HICOOL Global Entrepreneur Summit on September 11, 2021 in Beijing, China. BEIJING — Chinese artificial intelligence models may be at least half a year behind those developed in the U.S., but Chinese AI apps will likely take off much faster, said Kai-Fu Lee, former head of Google China. The top Chinese companies' LLMs are about six to nine months behind their U.S. counterparts, while less advanced Chinese models may lag the U.S. by about 15 months, Lee said. Lee, author of "AI Superpowers: China, Silicon Valley, and the New World Order,“ is a widely followed commentator on AI, and is the founder of startup 01.AI as well as venture capital firm Sinovation Ventures. "Apps, I would predict, by early next year will proliferate in China much faster than in the U.S.," Lee said, noting that the cost of training a good AI model has fallen significantly.
Persons: Kai, Fu Lee, Lee Organizations: Sinovation Ventures, Summit, Google, Equity Forum China Locations: Beijing, China, BEIJING, U.S, Google China, Silicon Valley
Harris speaks during a presidential debate with Trump on Tuesday in Philadelphia. Saul Loeb/AFP/Getty ImagesIt was the first handshake in a presidential debate since Trump and Hillary Clinton squared off in 2016. Harris introduced herself by name and said, “Let’s have a good debate.” Trump responded: “Nice to see you. Have fun.” Saul Loeb/AFP/Getty Images Trump and Harris stand on stage at the start of the debate. Matt Rourke/AP Images of Harris and Trump are seen on a screen inside the spin room before the debate.
Persons: Philadelphia CNN — Kamala Harris, Donald Trump, Trump, , Joe Biden, he’d, , ” Trump, Harris, they’d, Saul Loeb, Hillary Clinton, smirked, David Muir, “ We’ll, Muir, Harris ’, Biden, Roe, Wade, it’s, Virginia, Ralph Northam, Matthew Hatcher, Linsey Davis, ” Davis, ” Harris, Trump’s, , don’t, Kamala Harris, Michael Le Brecht, Alex Brandon, Doug Mills, Pat Tuttle, George Walker IV, Chip Somodevilla, Tristen Rouse, CNN Harris, Win McNamee, Sheena Carey, Morry Gash, ” Saul Loeb, Roberto Schmidt, Andrew Thomas, Robert F, Kennedy Jr, Kennedy, Jim Lo Scalzo, Anthony Scaramucci, Olivia Troye, Matt Rourke, Hannah Beier, Lilly, Evelyn Hockstein, Matt Slocum, Kenny Holston, “ Donald Trump Organizations: Philadelphia CNN, Trump, ABC, Getty, Democratic Gov, ABC News, ABC News Trump, National Constitution Center, New York Times, Bloomberg, Getty Images, Pennsylvania Convention Center, People, CNN, Philadelphia International Airport, AFP, Philadelphia City Hall, Former Trump, Reuters, Force Locations: United States, Philadelphia, Trump’s, Clinton, Springfield , Ohio, Haiti, Springfield, AFP, Nashville , Tennessee, Pennsylvania, Washington ,, Washington , DC, Milwaukee
BEIJING — China's exports rose by 8.7% year-on-year in U.S. dollar terms in August, according to the customs agency. That was higher than the forecast for growth of 6.5% year-on-year in U.S. dollar terms, according to a Reuters poll. Imports grew by 0.5%. In July, exports rose by 7% from a year ago, while imports increased by a more-than-expected 7.2%. China's imports from Russia fell by 1%, while exports rose by 10%, the data analysis showed.
Organizations: Union and Association of Southeast, Nations, EU, CNBC, Imports, ASEAN Locations: Shenzhen, Guangdong province, China, BEIJING, U.S, Russia
Richard Yu, a Huawei executive director overseeing consumer products, reveals the price for the company's trifold Mate XT smartphone on Tuesday, Sept. 10, 2024. BEIJING — Chinese smartphone company Huawei said Tuesday its trifold smartphone will start at the equivalent of more than $2,800. That's the same day Apple's new iPhone 16 series is due to launch in stores, including in China. On Monday stateside, Apple announced its iPhone 16 Pro Max will start at $1,199, and the iPhone 16 at $799. iPhone 16 users as well as those of the iPhone 15 Pro and Pro Max can use the new functions.
Persons: Richard Yu, Max, XT Organizations: Huawei, Apple, Apple Intelligence Locations: BEIJING, China
Edgar Su | ReutersBEIJING — European businesses in China have grown so discouraged with the outlook for operating in the country that Beijing must act if the companies are to invest further, according to the EU Chamber of Commerce in China. "We do believe actually that we are in sort of a tipping point situation. Foreign direct investment into China fell by 29.6% during the January to July period versus a year ago, according to China's Ministry of Commerce. Such changes are part of Beijing's pledges to reduce what it calls the negative list, a collection of industries off-limits to foreign businesses in the country. However, Eskelund said such developments, while encouraging, did not move the needle enough for European businesses, especially when members' optimism on profitability in China for the next two years is at an all-time low.
Persons: Edgar Su, Jens Eskelund, Eskelund Organizations: of, Initiative, Reuters, EU Chamber of Commerce, China's Ministry of Commerce Locations: Beijing, China, Reuters BEIJING, Growth
Fact check: Donald Trump, Kamala Harris debate on ABC News
  + stars: | 2024-09-10 | by ( Cnn Staff | ) edition.cnn.com   time to read: +18 min
CNN —Former President Donald Trump and Vice President Kamala Harris are facing off for the first time Tuesday during ABC’s presidential debate. “I had no inflation, virtually no inflation,” Trump said. Harris introduced herself by name and said, “Let’s have a good debate.” Trump responded: “Nice to see you. Have fun.” Saul Loeb/AFP/Getty Images Trump and Harris stand on stage at the start of the debate. “But understand if Donald Trump were to be elected, he will sign a national abortion ban.
Persons: Donald Trump, Kamala Harris, Harris, Donald Trump’s, Trump, Katie Lobosco, MAGA, , ” Trump, Daniel Dale, Tami Luhby, Chip Somodevilla, he’s, FactCheck.org, Steven Cheung, Cheung, Kaanita Iyer Trump, Joe Biden, , gotaways, Michelle Mittelstadt, Piper Hudspeth Blackburn, David Muir, Linsey Davis, Michael Le Brecht, Alex Brandon, Doug Mills, Pat Tuttle, George Walker IV, Saul Loeb, Tristen Rouse, CNN Harris, Win McNamee, Sheena Carey, Morry Gash, Matthew Hatcher, ” Saul Loeb, Roberto Schmidt, Andrew Thomas, Robert F, Kennedy Jr, Kennedy, Jim Lo Scalzo, Anthony Scaramucci, Olivia Troye, Matt Rourke, Hannah Beier, Lilly, Evelyn Hockstein, Matt Slocum, Kenny Holston, ” Harris, Noah Weinrich, Kaanita Iyer, Feedback Trump, John Roberts, Devan Cole Trump, Sen, JD Vance, ” Vance, Michael Williams Trump, United States –, Katie Lobosco Harris, , Mike Pence, Rather, “ Joe Biden, Ella Nilsen Trump, Elisabeth Buchwald Organizations: CNN, Trump, Center for American Progress, Fund, CAP, Peterson Institute for International Economics, Center, CNN Trump, Breitbart News, Border Patrol, Biden, Patrol, Republicans, Migration, Institute, ABC News Trump, National Constitution Center, New York Times, Bloomberg, Getty Images, Getty, Pennsylvania Convention Center, People, Philadelphia International Airport, AFP, Philadelphia City Hall, Former Trump, Reuters, ABC, Force, Democratic, Convention, Leadership, Heritage, United States Supreme, White, City, Springfield News, Sun, Springfield Police, United States, US International Trade Commission, Treasury, Consumer, Bureau of Labor Statistics Locations: Pennsylvania, Philadelphia, United Kingdom, Venezuela, United States, Nashville , Tennessee, Washington ,, Washington , DC, Milwaukee, AFP, Springfield , Ohio, , Springfield, City, China, American
Huawei is planning to release a three-fold smartphone on Sept. 10, just hours after Apple's scheduled new iPhone launch. BEIJING — Huawei has received more than 2.7 million pre-orders for its trifold smartphone, its website showed on Monday. The Chinese company began pre-orders for its Mate XT midday on Saturday. That was more than two days ahead of Apple's planned iPhone 16 launch early morning Tuesday Beijing time. The company has yet to share a price for the Mate XT.
Organizations: Huawei, Beijing, Apple Locations: BEIJING, Beijing, China
BEIJING — China on Monday reported its consumer price index rose by 0.6% year on year in August, missing expectations as transportation and home goods prices, as well as rents declined. Food prices climbed by 2.8% year on year in August, the first positive print since June 2023, according to Wind Information data. Pork prices surged by 16.1% in August, while vegetable prices climbed by 21.8%. Pork, a food staple in China, has an outsized weighting in the country's consumer price index. Core-CPI, which strips out food and energy prices, climbed by 0.3% in August from a year ago, a slower rise for a second-straight month.
Persons: Wang Yifan Organizations: Nanhua Locations: China, BEIJING — China
Instead, JPMorgan increased its overweight recommendations on other emerging markets. Even after the change, JPMorgan still holds 18 China stocks in its global emerging markets model portfolio. The JPMorgan analysts said uncertainties about the China economic outlook range from tensions with the U.S. to "lingering deflation pressure." During three periods of escalating U.S.-China trade tensions in 2018 and 2019, the MSCI China index fell each time, according to JPMorgan China Equity Strategist Wendy Liu. As part of its China stock downgrade, JPMorgan added shares of state-owned utility operator CR Gas , while removing shares of PDD, China Construction Bank and Kingdee International.
Persons: Pedro Martins, Chetan Seth, Jake Sullivan, Kamala Harris, Joe Biden's, Harris, Donald Trump, Wendy Liu, ByteDance, — CNBC's Michael Bloom Organizations: JPMorgan, Wednesday, Sunday, Reuters, Nomura's, Nomura, JPMorgan China Equity, CR Gas, China Construction Bank, Kingdee International, Kuaishou Technology, Meituan, Hong Locations: China, U.S, Nomura's Asia, Japan, Beijing, PDD, Hong Kong, Thursday's
Yi Gang was governor of the People's Bank of China from 2018 to 2023. He is pictured here speaking at the Peterson Institute for International Economics in Washington, DC, US, on Saturday, April 15, 2023. SHANGHAI — China's policymakers need to focus on boosting domestic demand, Yi Gang, former head of the People's Bank of China, said Friday at the Bund Summit in Shanghai. "At this point, proactive fiscal policy and accommodative monetary policy are important," he said. In contrast to high inflation in the U.S. and Europe, China's consumer prices fell in 2023 and have only picked up marginally so far this year as domestic demand remains lackluster.
Persons: Yi Gang, Yi Organizations: People's Bank of, Peterson Institute for International Economics, Bund, Reuters Locations: People's Bank of China, Washington , DC, SHANGHAI, Shanghai, U.S, Europe
Instead of high-net-worth individuals, C-suite executives in China are increasingly using business jets, said Paul Desgrosseilliers, general manager at ExecuJet Haite General Aviation Services. ExecuJet HaiteBEIJING — China's wealthy are increasingly looking for ways to move capital outside the mainland to pursue business opportunities, rather than just chasing investment returns, according to asset managers and consultants. The company's active overseas clients rose by nearly 63% year on year to 3,244. Overseas assets under management rose nearly 15% to $5.4 billion from a year earlier, while mainland China assets under management fell over 6% to $15.8 billion, according to Noah's quarterly earnings report. "What we are hearing from them is that the fastest growth in terms of interest from Chinese clients [occurred] in the post-Covid [period to] early last year."
Persons: Paul Desgrosseilliers, ExecuJet, there's, Ryota Kadogaki, Grant Pan, Noah Holdings, Noah, Kadogaki, Mu Chen, That's, Pan, ExecuJet Haite Organizations: General Aviation Services, Beijing Daxing, Monolith, Investors, Ministry of Commerce, CNBC, Noah Holdings, Beijing Daxing International Locations: China, Beijing, BEIJING, Japan, Mainland China, Singapore, Hong Kong, Southeast Asia, East, Africa, Asia Pacific
BEIJING — China's property struggles and U.S. sanctions have significantly affected some of its cities, even as others benefit from Beijing's tech push, Milken Institute's best performing cities China index showed Tuesday. Since 2015, the index has studied China's large- and mid-sized cities for their economic vibrancy and growth prospects. The index looked at a group of 33 large cities and a group of 217 small cities, then ranked them separately. Historically, Wong pointed out, having control of Zhengzhou, Hefei, and Wuhan have been critical to ensuring control of the country. Correction: This story has been updated to reflect that there are 33 large cities and 217 smaller cities in the index.
Persons: Milken Institute's, Perry Wong, Wong Organizations: CNBC ., U.S, CNBC, Wuhan Locations: HANGZHOU, CHINA, China Vanke, Hangzhou, Zhejiang province, China, BEIJING, Zhejiang, Zhuhai, Guangdong, Hong Kong, Dongguan, The, Shenzhen, Beijing, Zhengzhou, Henan province, Hefei, Wuhan, Anhui, Central China's Hubei
PDD 's tumble of nearly 30% last week on disappointing quarterly results is a reminder that China's consumer has largely moved on from its years of double-digit growth. "The reaction of its stock price is out of touch with its fundamentals," he said in Mandarin, translated by CNBC. "The entire Chinese consumer market is weak, yes, [but] PDD management's very peculiar comments caused the share price decline," he said. Chen Lei, chairman and co-CEO of PDD, warned multiple times on the earnings call about future declines in profit. Revenue grew by 21%, while adjusted earnings nearly doubled from a year ago.
Persons: PDD, Charlie Chen, Chen Lei, Morgan Stanley, Wang Xing, Trip.com, Liqian Ren, Ren, Joey Wat, Banks, Morgan, Richard Xu, Xu Organizations: China Renaissance Securities, CNBC, JPMorgan, Hong, Management, KFC, Yum, Savings Bank of Locations: Asia, Hong Kong, U.S, China, WisdomTree, Beijing, Yum China, Hong, Savings Bank of China
Major Chinese companies' latest quarterly reports reinforce how the local market is one for stock pickers. Another Chinese stock with growing exposure to overseas growth is Temu parent PDD Holdings , which is scheduled to report earnings before the U.S. market open on Monday. As of Friday, PDD held the second-largest weighting in CoreValues Alpha Greater China Growth ETF (CGRO). That gives the ETF managers timely information to move in and out of Chinese stocks. CGRO holds just over 30 Chinese companies that meet criteria such as "not compromising American tech, economic interests or values" or appearing on U.S. sanctions lists, according to the ETF's website.
Persons: Lorraine Tan, Morgan Stanley, Laura Wang, PDD, Tencent, Ben Harburg, CoreValues, Harburg, CGRO, We've, we've, you've, — CNBC's Michael Bloom Organizations: Morningstar, CNBC, GDS Holdings, PDD Holdings, China Growth, CoreValues Alpha, U.S, KraneShares CSI China Internet Locations: Asia, Morgan Stanley China, U.S, China, Hong Kong, Malaysia, Alpha, Beijing, Japan, India
Rising U.S.-China tensions have sent Chinese companies the signal that regardless of who wins the White House, overseas investment is the way to go. Chinese companies' interest in expanding overseas has accelerated since the pandemic as growth slowed domestically. "Top sectors that received Chinese investment have shifted from tertiary to manufacturing industries," the report said. "Interestingly, while Chinese companies have become more active in expanding business in ASEAN countries, they tend to maintain their presence in the West, suggesting the 'ASEAN+1' strategy may have increased." Even in the U.S, where new investment from China has fallen sharply, the report said that "Chinese companies have not materially withdrawn from the US market either."
Persons: Kamala Harris, Donald Trump, Trump, Marko Papic, Yotrio, Hanbell, Harris, it's, Tim Walz, , Michael Bloom Organizations: House, Republican, BCA Research, NBC, BCA, U.S ., U.S, Vital, Shandong Yuma Sunshade, ., Xinquan America Holdings, Industrial, Trump, Democratic National Convention, NBC News . Studies of, Chamber of Commerce, Electric, European Union, China Council, Promotion of International Trade, Oxford Economics, ASEAN Locations: U.S, China, Beijing, America, Japan, U.S . Shenzhen, Austin , Texas, Shandong Yuma, Yuma Texas, Shanghai, Singapore, Texas, Chino , California, Georgia, Taiwan, Shenzhen, Hong, Europe, Southeast Asia, ASEAN
BEIJING — Chinese electric car brand Zeekr announced new batteries on Tuesday, which it says boast the fastest charge in the world. Zeekr said that the new battery could achieve the same charge performance even in negative 10 degree Celsius (14 degrees Fahrenheit) weather in about 30 minutes. Comparatively, Elon Musk's Tesla says its supercharger allow the company's vehicles to charge up to 200 miles in 15 minutes. Chinese automaker Nio has also offered the alternative of a three-minute battery swap. The subscription service automatically changes out the battery of designated car models with a charged one at specific swap stations.
Persons: Zeekr, Elon Musk's Tesla, Nio Organizations: New York Stock Exchange, Technology Holding Locations: BEIJING, U.S
Kevin Mohatt | ReutersSix years before Tim Walz was tapped to be Vice President Kamala Harris' running mate, he was busy running for governor of Minnesota. Eric Gibson, then president of Ultra Machining Company, recalled asking Walz whether the Democrat believed that high corporate and state taxes hurt workers. Minnesota currently taxes corporate income at 9.8%. The nonpartisan Tax Foundation says that's the highest corporate tax rate of any state in the nation. Minnesota Governor Tim Walz speaks next to Wisconsin Governor Tony Evers at Yellowjacket Union, at University of Wisconsin-Superior, in Superior, Wisconsin, U.S. March 2, 2022.
Persons: Kamala Harris, Tim Walz, Kevin Mohatt, Walz, Eric Gibson, Gibson, Geoff Baker, Baker, Douglas Loon, Kamala, Andrew Harnik, wasn't, Harris, Tony Evers, Evelyn Hockstein, Loon, Minn, Bill George, George said Walz, George Organizations: Democratic, Minnesota, Chippewa, Reuters, Ultra, Democrat, CNBC, McFarland Truck Lines, Foundation, Democrats, Senate, Minnesota Chamber of Commerce, Fortune, UnitedHealth, U.S, Gov, Getty, Minnesotans, Tax, Yellowjacket Union, University of Wisconsin, Mayo Clinic Locations: Eau Claire , Wisconsin, U.S, Minnesota, Gull Lake, McFarland Truck Lines . Minnesota, Gull, Glendale , Arizona, Wisconsin, Superior, Superior , Wisconsin, St, Paul, Rochester, Minn
The latest global market volatility has reinforced China's status as a distinct market, even if its growth has slowed recently. While U.S. tech stocks plunged and Japanese stocks swung wildly in a historic two days of price action , Chinese stocks suffered less . The investors remained net buyers of Chinese stocks for the third quarter so far as of Aug. 6, the data showed. Finally, the low correlation of the China stock market with the U.S. stock market could provide investors with diversification benefits." Chinese stocks, especially those traded on the mainland, have historically been less correlated to global market moves due to Beijing's capital controls and other restrictions.
Persons: Matt Wacher, William Yuen, Invesco, That's, Steven Sun, Paul Christopher, Morningstar's Wacher, it's, Wacher Organizations: Nasdaq, Nikkei, Morningstar Investment Management, U.S, HSBC, Technology, Shanghai —, Bank of, Federal Reserve, Treasury, HSBC Qianhai Securities, National Bureau, Statistics, Wells, Wells Fargo Investment Institute, Index Locations: Asia, U.S, Shanghai, China, Pacific, EPFR, Hong Kong, Bank of China, Wells Fargo
BEIJING — For the first time in China, new energy vehicles have outsold traditional fuel-powered passenger cars on a monthly basis, according to China Passenger Car Association data for July. The category accounted for 51% of new passenger cars sold in China last month, according to a release late Thursday. That's up from a penetration rate of 36% exactly a year ago, and a dip below one-third in January, according to CNBC calculations of passenger car association data. The latest report showed that battery-only cars outsold hybrid ones in July — for a battery-only penetration rate of 28%. However, monthly sales and delivery figures from BYD , Li Auto and other car companies indicated consumers in China increasingly preferred hybrid-powered vehicles.
Persons: Li Organizations: China Passenger Car Association, CNBC, Li Auto Locations: BEIJING, China
An aerial photo is showing containers at Beilun Port in Ningbo, Zhejiang province, China, on April 11, 2024. BEIJING — A hazardous goods container exploded Friday on a cargo ship in China's high-traffic Ningbo port, Taiwanese vessel owner Yang Ming Marine Transport Corp. told CNBC in a statement. State-owned port operator Ningbo-Zhoushan said the ship was docked at the Beilun 2 container terminal, according to a post on Chinese social media. The port operator and Yang Ming both said the cause of the incident was not yet clear. Ningbo-Zhoushan is China's second-highest traffic port, located in eastern China's Zhejiang province.
Persons: Yang, Zhoushan, Yang Ming, Ruxandra Iordache Organizations: Yang Ming Marine Transport Corp, CNBC, YM, Shanghai Locations: Port, Ningbo, Zhejiang province, China, BEIJING, Liberia, Zhoushan, China's Zhejiang, Shanghai, Singapore
BEIJING — China's consumer prices rose by a more-than-expected 0.5% in July from a year ago, boosted by a surge in pork prices, according to data from the National Bureau of Statistics released Friday. Analysts polled by Reuters had expected a slight pickup in the consumer price index to 0.3% in July from a year ago, versus 0.2% in June. Prices of pork, a widely consumed food staple in China, surged by 20.4% year-on-year in July. Pork prices play a significant role in China's consumer price index, but can be prone to large swings due to disease or other factors affecting production. Core CPI, which strips out food and energy prices, rose by 0.4% year-on-year in July.
Persons: That's Organizations: National Bureau of Statistics, Reuters, CPI Locations: Beijing, BEIJING, China
Underneath the blast door stands one of the most powerful weapons in the US inventory, a Minuteman III intercontinental ballistic missile. But unlike the other two parts of the triad – strategic bombers and ballistic missile submarines – the ICBM launch facilities are fixed positions. Last year, the commander of US Strategic Command told Congress that China has more land-based ballistic missile launchers than the US. Russia has been carrying out military exercises involving its tactical nuclear weapons, as President Vladimir Putin has repeatedly threatened to use nuclear weapons since invading Ukraine. That complexity, Schlabach argued, drives the need for modernizing the ballistic missile fleet.
Persons: , James Schlabach, Evelyn McCoy, Joseph Cambio, Nunn, McCurdy, William LaPlante, Vladimir Putin, Kim Jong Un, Antony Blinken, Schlabach, ” Schlabach Organizations: North Dakota CNN, Minuteman III, Minot Air Force Base, Minuteman, Air Force, 91st Missile, CNN, , Cuban Missile Crisis, The Air Force, Sentinel missile, Defense, Sentinel, Strategic Command, Congress, Soviet Union Locations: Minot, North Dakota, Dakota, it’s, Russia, China, Ukraine, Pyongyang
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