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☆ China is producing too much stuff. The West is worried.
▼ + stars: | 2024-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.

Persons: —, Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua

☆ The world is scarred from China shock 1.0. They're not about to let 2.0 happen so easily.
▼ + stars: | 2024-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

This could create a "China shock 2.0" that impacts other economies around the world. AdvertisementThis is just one of the industries the world is bracing for in the next phase of the "China shock." What happened in China shock 1.0? How Beijing could be creating China shock 2.0Now, China is targeting three new strategic industries that the rest of the world is also eyeing. What are the US and the rest of the world doing about China shock 2.0?

Persons: —, Xi, David H, Autor, David Dorn, Gordon H, Hanson, Rajiv Biswas, who's, Biswas, keener, Janet Yellen, Yellen, it's, Wang Wenbin, Wang, Nomura Organizations: Service, Beijing, OECD, European Union, Department of Energy, Treasury, European Commission, EU, Act, Wall Street, Bloomberg Locations: China, EU, Beijing, Communist China, Georgia, Southeast Asia, Africa, Latin America

☆ The Taiwan earthquake puts the vulnerability of the world's biggest chipmaker on full display
▼ + stars: | 2024-04-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 7.2-magnitude earthquake shows the vulnerability of TSMC, the world's top chipmaker, to natural or geopolitical events. AdvertisementTaiwan experienced its worst earthquake in 25 years on Wednesday morning, disrupting the operations of companies including Taiwan Semiconductor Manufacturing, or TSMC. It's the world's largest chipmaker and is, by some estimates, the producer of 90% of the world's most advanced processor chips. Overall, a war over Taiwan could hit the world's economy to the tune of $10 trillion — or about 10% of global GDP — Bloomberg forecast. April 3, 6:41 p.m. SGT: An earlier version of this story misstated the magnitude of the earthquake that struck Taiwan.

Persons: —, TSMC Organizations: Taiwan Semiconductor Manufacturing, Service, Bloomberg, — Bloomberg, Taiwan Stock Exchange Locations: Arizona, Japan, Germany, Taiwan, Hsinchu, Beijing, Washington, China

☆ China has flooded the market with so many solar panels that people are using them as garden fencing
▼ + stars: | 2024-04-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Chinese manufacturers are causing a global glut of solar panels. Solar panels have become so cheap that some people are using them to line fences. US Treasury Secretary Janet Yellen is set to discuss the overcapacity during her trip to China starting Wednesday. Solar panels — 80% of which are made in China — are so cheap that they are now being used to line garden fences in Germany and the Netherlands, the Financial Times reported on Tuesday. Solar panels are typically installed on rooftops, where they can capture the most sunlight — but there's so much excess supply that people in these two countries are now putting them on fences.

Persons: Janet Yellen Organizations: Service, Financial Times, Business Locations: China, Germany, Netherlands

☆ Russia says its economy is off to a — mostly — roaring 2024
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Central Bank of Russia is maintaining a 16% interest rate due to a thriving economy. AdvertisementRussia's economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check. Even the Russian central bank appeared to be taken aback by how well the economy was doing. Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank. On Friday, Russia's central bank said it sees limited options other than the Chinese yuan for its reserves.

Persons: —, Elvira Nabiullina Organizations: Central Bank of Russia, Service, International Monetary Fund Locations: Russian, Ukraine, Russia, Russia's

☆ 2 ship companies are invoking a 200-year-old law to try to skirt huge legal liabilities from the Baltimore collision
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

The owner and manager of the Dali containership are seeking to limit their legal liability to $43.7 million. The 95,000-ton cargo ship collided with Baltimore's Francis Scott Key Bridge on March 26. An old law could cap the companies' liability at a fraction of the overall cost, a maritime expert said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Singapore-based companies valued the 95,000-metric ton Dali at up to $90 million, pre-bridge collision.

Persons: Dali, Baltimore's Francis Scott Key, —, Grace Ocean Organizations: Baltimore's Francis Scott Key Bridge, Service, Synergy Marine, Business Locations: Maryland, The Singapore

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ Turkey's opposition party just won the local elections. It could prompt a change in the country's relationship with Russia.
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Turkey's President's AK Party lost major local elections in Istanbul and Ankara. AdvertisementThe Turkish party led by President Recep Tayyip Erdoğan suffered big losses in local elections held on Sunday. But an opposition victory in the majority of the largest Turkish cities would have "a dampening effect on President Erdoğan's prestige at home," they wrote. Advertisement"The extent to which President Erdoğan can exercise his personal power at home will be a crucial factor that determines Turkey's international behavior," they added. To be sure, the elections on Sunday were local — Erdoğan already won the presidential election in May, securing another term for five years.

Persons: Turkey's, —, Recep Tayyip Erdoğan, Ekrem Imamoğlu, Erdoğan, Vladimir Putin —, Putin, Marc Pierieni, Francesco Siccardi, Erdoğan's, Russia —, Hakan Akbas, Albright, Erdogan Organizations: Turkey's President's AK Party, Service, CHP, Reuters, AK Party, AFP, NATO, Erdoğan's AK Party, Turkish, Carnegie, West, Sunday, AK, Group, AK Party's Locations: Istanbul, Ankara, Russia, Turkey, Carnegie Europe, Ukraine, Moscow, Europe, —

☆ Russia's economy is now so isolated that it has few options other than the Chinese yuan for its reserves
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.

Persons: —, Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU

☆ China's property crisis is bleeding into its banking sector, which is being asked to prop up developers
▼ + stars: | 2024-03-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's property crisis has impacted the country's biggest banks, increasing non-performing loans. Beijing is urging banks to boost financing for "white list" property developers to help the sector. Despite the crisis, Chinese banks say they have sufficient buffers to manage risks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crisis has hit the books of its biggest lenders, which are reporting an uptick in non-performing loans.

Persons: —, Agricultural Bank of China — Organizations: Service, Industrial, Commercial Bank of China, Bank of, China Construction Bank, Agricultural Bank of China, Business Locations: Beijing, Bank of China, China

☆ A former Apple employee leaked details about products he didn't like from his work iPhone, lawsuit says
▼ + stars: | 2024-03-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Apple is suing a former software engineer for leaking confidential information. It said Aude still poses a threat because of his knowledge of confidential company information. AdvertisementApple is suing a former employee who it said leaked confidential information, including about products he didn't like, from his work-issued iPhone. The tech giant is suing Aude, who was hired in 2016, for breaching its confidentiality agreement and violating labor laws. "His disclosures also have impeded Apple's ability to surprise and delight with its new offerings," the tech company said in its lawsuit.

Persons: Apple, Andrew Aude, —, Aude Organizations: Apple, Service, Apple's, Vision, MacRumors, Street Locations: California

☆ Foreign companies have lost over $100 billion in the process of leaving Russia since it started the war in Ukraine
▼ + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Foreign companies exiting Russia over its invasion of Ukraine have amassed losses of $107 billion. Despite thousands pledging to leave, only 372 companies have exited Russia since the war started. At that time, foreign companies leaving Russia had lost over $80 billion in the departure process. Thousands of foreign companies pledged to leave Russia after it started the war in Ukraine. Other than writedowns and lost revenue, departing foreign companies have also been paying huge fees to the Russian government.

Persons: —, Vladimir Putin's, Ian Massey Organizations: Service, Reuters, Washington, Moscow . Companies, Kyiv School of Economics, Companies, HSBC, Polymetal International, Kremlin, RBC Daily, Ikea Locations: Russia, Ukraine, writedowns, Moscow

☆ The Baltimore bridge disaster is just the latest knock to global shipping and trade
▼ + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Over the past few years, supply chain woes have repeatedly come into the spotlight. Since then, global integrated supply chain systems just seem to keep getting disrupted — be it by the COVID-19 pandemic or Russia's war in Ukraine. The domino effect is due to the "just in time" model that supply chains have been relying on for decades. Here are three key reasons why supply chains just seem to keep screwing up in recent years. Examining ongoing conflicts in the Black Sea and Red Sea respectively shows how geopolitical conflicts affect global supply chains.

Persons: —, they've, Donald Trump, Dali, Francis Scott Key, Project44, Nari Viswanathan, Viswanathan, tailspin, Julie Gerdeman, Trump, Rahul Khanna, Geoff Weiss, Allan Post, Justus Heinrich, Khanna Organizations: Service, Business, Maersk, BI, Shipping, Allianz, Allianz Commercial, Technologies Locations: China, Ukraine, Baltimore, The Port, of Baltimore, Europe, Asia, Iran, Israel, Suez, Good, Africa, Panama, El, Egypt

☆ The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.

Persons: Dali, —, Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez

☆ The ship that crashed into the Baltimore bridge is a 'monstrous' size, says veteran ship captain. But that's standard now.
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Dali, the 984-foot-long cargo ship that collided with the Baltimore Key Bridge, is considered a standard size. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDali — the cargo ship that collided with the Francis Scott Key Bridge in Baltimore on Tuesday measures 984 feet in length. It sounds massive, but that's just the regular size for such vessels these days, a veteran ship's officer told The Conversation on Tuesday. "That's about standard size these days," Allan Post, who is now the deputy superintendent at Texas A&M University's maritime academy, told the nonprofit media outlet.

Persons: Dali, —, Francis Scott Key, that's, Allan Post Organizations: Baltimore, Service Locations: Baltimore, Texas

☆ The CEO of Ryanair says the airline would regularly find missing seat handles and tools under floorboards on Boeing planes
▼ + stars: | 2024-03-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

O'Leary said the company found leftover tools and missing seat handles in new Boeing planes. AdvertisementThe boss of Europe's largest airline told CNN last week that it would regularly find leftover tools under the floorboards of Boeing planes, as well as missing seat handles. "In 2022 and 2023, we were finding little things like spanners under the floorboards, in some cases, seat handles missing, things like that," O'Leary told CNN on March 20. The Ireland-based low-cost carrier only flies Boeing aircraft and is one of the aircraft manufacturers' biggest customers. Related storiesThis isn't the first time O'Leary has said there's a lack of quality control on Boeing planes.

Persons: Michael O'Leary, O'Leary, —, David Calhoun Organizations: Boeing, Ryanair, Service, CNN, Europe's, Alaska Airlines Locations: Dublin, Ireland, Seattle

☆ Boeing CEO Dave Calhoun could still receive millions of dollars after leaving amid safety concerns
▼ + stars: | 2024-03-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Boeing CEO Dave Calhoun has resigned and is set to leave at the end of the year. He's not the first leader of the company to leave amid recent safety concerns — and he's likely to do so with a big payout. "I've entered my fifth year," Calhoun told CNBC, referring to his time at Boeing. AdvertisementHow much Calhoun will get after his exit from Boeing will depend on how the aircraft maker's stock price moves. A Boeing spokesperson told Business Insider the company will outline details of Calhoun's compensation in company filings over the "coming weeks."

Persons: Dave Calhoun, Calhoun, Dennis Muilenburg, —, He's, I've, Ben Silverman, Fortune, Max Organizations: Service, Boeing, CNBC, Alaska Airlines, Federal Aviation Administration, Department of Justice, National Transportation Safety Board

☆ Russia has finally admitted Western sanctions are hitting its oil exports
▼ + stars: | 2024-03-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's oil industry is facing challenges due to intensified Western sanctions. Secondary sanctions are spooking global banks, some of which are turning away from doing business with Russia. AdvertisementRussia's oil industry may finally be meeting its reckoning as the West intensifies its sanctions regime. "After the decline at the beginning of the year, exports have been rebounding, driven by the increase in oil prices," said Nabiullina, according to an official transcript. International crude oil prices are up over 10% so far this year.

Persons: —, Elvira Nabiullina Organizations: Service, Bank of, Business Locations: Russia, Bank of Russia

☆ Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.
▼ + stars: | 2024-03-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Beijing has accused Evergrande of inflating revenue by $78 billion in 2019 and 2020. Regulatory authorities have fined Evergrande's founder and banned him from the securities market for life. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt just seems to get worse and worse for fallen Chinese real-estate giant Evergrande.

Persons: —, it's, Hengda, Hui Ka Yan, Xu Jiayin Organizations: Service, China Securities Regulatory Commission, Business Locations: Beijing, China —

☆ Putin wasted no time buttering up China after his election victory
▼ + stars: | 2024-03-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin praised China and touted Beijing-Moscow ties right after his election victory. Russia is increasingly turning towards China as an alternative market for its sanctions-hit economy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFresh out of a carefully engineered presidential election victory on Monday, Russian President Vladimir Putin wasted no time getting on Beijing's good side. This story is available exclusively to Business Insider subscribers.

Persons: Vladimir Putin, —, Putin Organizations: Service, TASS, Business Locations: China, Beijing, Moscow, Russia, Russian

☆ Russia is betting big on Cuba as it courts alternative economic partners
▼ + stars: | 2024-03-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia is expanding its economic and trade ties with Cuba, per TASS. Russia has been pivoting to alternative markets in the face of Western sanctions. Cuba — which has been sanctioned by the US for decades — has been in an economic crisis since the COVID-19 pandemic. AdvertisementRussia has set its sights on broader economic and trade ties with Cuba. The companies are involved in various sectors including heavy industry, energy, banking, agriculture, IT, and tourism, Chernyshenko said at an intergovernmental meeting between Russia and Cuba.

Persons: —, Dmitry Chernyshenko, Chernyshenko Organizations: Service, TASS Locations: Russia, Cuba, Russian

☆ Why the scale of Putin's landslide win matters so much
▼ + stars: | 2024-03-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

As of 7 a.m. Moscow time on Monday, Putin has secured around 87% of the vote in the presidential election. This marks a record win for Putin, who took home 77% of the votes in 2018. His opponents — who are far from Putin's level of clout and influence — were pre-approved by Russia's election commission and posed no serious challenges to the incumbent leader. David Szakonyi, a political science professor at George Washington University, told Business Insider last week that voter turnout is an extremely important metric for Putin. AdvertisementTo be sure, there are other factors at play in Putin's victory besides Russia's strong economy.

Persons: —, Vladimir Putin, Putin, David Szakonyi, Szakonyi, Denis Volkov, Volkov, Alexei Navalny, Josef Stalin Organizations: Service, Business, George Washington University, Putin, Monetary Fund, Levada, New York Times, Times Locations: Moscow, Ukraine, Russia

☆ China may have found a new way to skirt US import tariffs: Go through Mexico instead
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's exports to Mexico surged nearly 60% in January year-over-year, according to Xeneta. Mexico became America's top trade partner last year, overtaking China amid geopolitical tensions. The strong growth in trade between the two countries followed a 35% on-year jump in container volumes from China to Mexico. In 2022, China's exports to Mexico grew just 3.5% on-year. AdvertisementLast year, Mexico overtook China as America's top trade partner, according to data from the US Commerce Department.

Persons: —, Peter Sand, Donald Trump Organizations: Service, Container Trades Statistics, Business, China, Trump, US Commerce Department Locations: Mexico, China

☆ Merely winning has never been enough for Putin — and this year's presidential election is no different
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's little doubt Putin, 71, will win, even as the Ukraine war drags into its third year, analysts say. After all, his challengers — who were approved to run by the country's election commission — are far from his level of clout and influence. But for Putin, merely winning has never been enough — and 2024 looks no different. Putin needs to show that Russians really want him to leadFor Putin, it's not about winning. As Thomas Graham, a fellow at the Council on Foreign Relations, wrote on March 7, "Just winning has never been enough for Putin.

Persons: —, There's, Putin, it's, It's, Thomas Graham, David Szakonyi, Elvira Nabiullina, Nabiullina, they're, Vladimir Putin Organizations: Service, Business, International Monetary Fund, Council, Foreign Relations, George Washington University, Profit, Central Bank of Russia, Putin Locations: Ukraine, Russian, Policymaking, Russia, Polish

☆ China's explosive growth over the past few decades is actually just a return to its historical norm, says Deutsche Bank
▼ + stars: | 2024-03-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The relative growth and decline of countries/empires often lead to global tensions," wrote Jim Reid, a research strategist at Deutsche Bank. More tellingly, Reid wrote, it's a position that China "feels is the historical norm." The chart below from Deutsche Bank shows how much various global economies have contributed to the world's GDP throughout history. America rapidly became a major power around the late 1800s, while India and China's share of global GDP fell way down. "The rapid post-GFC catch-up had been at the epicenter of the deteriorating US-China relationship and their relative performance going forward will likely continue to define it," Reid wrote.

Persons: —, Jim Reid, Reid, tellingly, it's, doesn't Organizations: Service, Deutsche Bank, Business, Global, America Locations: China, India, America

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