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☆ Apple's ongoing pivot to India should reap big rewards for the iPhone maker
▼ + stars: | 2023-08-16 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

The India factory should begin delivery of the new smart phones just weeks after they start shipping from China, according to Bloomberg. Sales for the iPhone in India grew by double-digits in the second quarter , to a record high, according to Apple. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Zev Firma, Narendra Modi's, Tim Cook, Morgan Stanley, Apple's, Foxconn, Jim Cramer's, Jim Cramer, Jim, Punit Paranjpe Organizations: Apple, Foxconn Technology Group, Bloomberg, U.S, Investing, CNBC, Afp, Getty Locations: India, China, Tamil Nadu, iPhones, Washington, Beijing, Mumbai, Delhi, U.S, Punit

☆ China Stocks Slump as Economic Gloom Spreads
▼ + stars: | 2023-08-16 | by ( Vivek Shankar | More About Vivek Shankar | ) www.nytimes.com time to read: +1 min

The economic troubles, they said, arose from flagging domestic demand and a “grim and complex” global economy, among other factors. Chinese stocks jumped at the time, even though officials laid out only vague plans, like using “countercyclical” regulations, adjusting policies for the troubled real estate sector, and prodding people to buy cars, electronics and household goods. Since then, China has released a string of worrying economic data. Prices consumers and business pay are falling, raising the threat of deflation. Retail sales and industrial production in July missed economists’ expectations, and investment in real estate is plunging.

Persons: Xi Jinping Organizations: Xinhua Locations: China

☆ Here are Wednesday's biggest analyst calls: Amazon, Tesla, Nio, Nvidia, Roblox, Dick's and more
▼ + stars: | 2023-08-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Amazon as buy Goldman Sachs said the e-commerce giant remains a top idea at the firm. Jefferies reiterates Cava as buy Jefferies said it's sticking with its buy rating on shares of Cava after the Mediterranean restaurant's earnings report Tuesday. Jefferies reiterates Roblox as buy Jefferies said it's standing by its buy rating on Roblox but that it's lowering its price target to $38 per share from $50. "We reiterate our Buy rating on sequential improvement in product offerings and sales volume." Wedbush reiterates Dick's as outperform Wedbush said it's bullish on shares of Dick's heading into earnings next week.

Persons: Tesla, Bernstein, DINO, MGY, Goldman Sachs, Jefferies, Cava, Roblox, it's, Bud Light, Beer, KeyBanc, FTNT, Dr Pepper, Wells, Wells Fargo, Marqeta, Nio, Wedbush, Morgan Stanley, Getty Organizations: Street, Barclays, Mizuho, Chevron, North American, Citi downgrades, Citi, Deutsche Bank, Anheuser, Busch InBev, Nvidia, Network, Palo, UBS, GE HealthCare, Bank of America, Corp, News Corp, Getty Locations: MTDR, eCommerce, Cava, Singapore

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ Retail sales increased 0.7% in July, better than expected as consumer spending is holding up
▼ + stars: | 2023-08-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Consumer spending held up well in July as inflation slowed, with retail sales turning in a stronger-than-expected showing for the month, the Commerce Department reported Tuesday. The advanced retail sales report showed a seasonally adjusted increase of 0.7% for the month, better than the 0.4% Dow Jones estimate. Excluding autos, sales rose a robust 1%, also against a 0.4% forecast. Gas station sales rose just 0.4% on the month despite rising prices at the pump. On a 12-month basis, sales rose 3.2%, which is exactly in line with the annual increase in the CPI.

Persons: Dow Jones, Mike Loewengart, Jim Baird, Plante Organizations: Commerce Department, Gas, Federal, Fed, Morgan Stanley Global Investment, CPI, Bureau of Labor Statistics, BLS, Export, Consumers, Financial Advisors, Empire, Manufacturing Survey Locations: U.S, New York

☆ Strong US retail sales underscore economy's resilience
▼ + stars: | 2023-08-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

SummaryCompanies Retail sales increase 0.7% in July; June sales revised upCore retail sales jump 1.0%; June sales revised downImport prices rebound 0.4%; down 4.4% year-on-yearWASHINGTON, Aug 15 (Reuters) - U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. Retail sales jumped 0.7% last month. Sales at food services and drinking places, the only services category in the retail sales report, shot up 1.4% after rising 0.8% in June. Excluding automobiles, gasoline, building materials and food services, retail sales surged 1.0% in July. Data for June was revised lower to show these so-called core retail sales increasing 0.5% instead of the previously reported 0.6%.

Persons: Goldman Sachs, Andrew Hunter, David Russell, Matthew Martin, Ben Ayers, Lucia Mutikani, Paul Simao Organizations: Commerce Department, Capital Economics, Retail, Reuters, Consumers, Market Intelligence, Wall, Treasury, Labor Department, Oxford Economics, delinquencies, New York Fed, Nationwide, Thomson Locations: WASHINGTON, U.S, New York, Columbus , Ohio

☆ E-commerce analytics firm MikMak is removing a competitor by acquiring assets from rival ChannelAdvisor
▼ + stars: | 2023-08-15 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +2 min

Adtech firms are racing to grab more of the retail media business, expected to be worth $130B. E-commerce startup MikMak has acquired the shoppable media and brand analytics arm of rival ChannelAdvisor for an undisclosed amount. With the new employees from ChannelAdvisor, MikMak will have 175 staffers. In buying part of ChannelAdvisor, MikMak inherits analytics that advertisers want to justify increasing ad spend with retailers. As part of the deal, MikMak and ChannelAdvisor will cross-sell their products.

Persons: ChannelAdvisor, Rachel Tipograph, Tipograph, MikMak, Morgan Stanley Organizations: Walmart, MikMak, Diageo, Hershey's, Tech, ChannelAdvisor Locations: ChannelAdvisor

☆ 'China has disappointed': These are the top markets and stocks to invest in, according to the pros
▼ + stars: | 2023-08-15 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

In contrast, nearly $1 billion went into emerging market ex-China mutual funds, according to Refinitiv data that Reuters cited. Here are some alternatives to China and the stocks to invest in, according to the pros. Japan Japan stocks have been an investor favorite this year, seeing the highest inflows in 20 years, according to Eastspring Investments. Demand for Japan funds has surged among European investors, according to data from research firm Cerulli. The bank screened for Japan stocks with the following attributes: resilient earnings, price-to-book (P/B) ratio below 1.5, and potential P/B upside relative to return on equity.

Persons: Morningstar, “, ”, Derrick Irwin, there's, Oliver Lee, BofA, Joanne Peng, Allspring's Irwin, Irwin, Fomento, He's, Morgan Stanley, Will, ” Irwin, Cerulli’s Peng Organizations: Morningstar, CNBC Pro, Reuters, Allspring Global Investments, CNBC, “, Eastspring Investments, Ivailo, Mitsui & Co, Honda Motor, Nomura, Kansai Electric Power, Mitsubishi Motors, Panasonic, Mexicano, HDFC Bank, HDFC Locations: European, China, India, Beijing, Japan Japan, Japan, Europe, Vietnam, Asia, Indonesia, Malaysia, Southeast Asia, Mexico, America, Will China

☆ US retail spending picked up sharply in July
▼ + stars: | 2023-08-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

It was also the fourth straight month that retail sales increased. Retail sales, which are adjusted for seasonality but not inflation, rose 0.7% in July from the prior month, the Commerce Department reported Tuesday. Spending rose on nondurable items, such as clothing and sporting goods. Excluding spending at gasoline stations, retail sales rose 0.8% in July from the prior month. “Goods consumption is holding up even as services spending has taken up an increasing share of household’s wallets.

Persons: —, TJ Maxx, ”, Nikki Baird, Barbie, Taylor, Beyoncé, Taylor Swift, Gregory Daco, haven’t, Wells Organizations: DC CNN, Retail, Commerce Department, Commerce, Walmart, Target, Federal Reserve, Wall Street, Fed, “ Retailers Locations: Washington, EY

A customer leaves one of the stores of discount retail chain Target in Ancaster, January 15, 2015. REUTERS/Peter Power/File PhotoAug 14 (Reuters) - Target (TGT.N) is expected to post its first quarterly drop in revenue in about six years when it reports results on Wednesday, as the big-box retailer reels from a shift in consumer spending away from discretionary goods to services. "Target is going to suffer more versus the others because they have a much larger consumer discretionary element to their business," Edward Jones analyst Brian Yarbrough said. At least 16 analysts have cut their price targets on the retailer since the beginning of June as its merchandise is skewed towards discretionary items such as clothes, electronics and beauty products. THE CONTEXTTarget in May had warned of dour second-quarter results as inflation forces consumers to shun non-essential goods.

Persons: Peter Power, Edward Jones, Brian Yarbrough, Erik Carnell's Abprallen, Group's Joseph Feldman, Jane Hali, Jessica Ramirez, Granth, Vinay Dwivedi Organizations: REUTERS, Mastercard, American Express, Pride, Associates, Reuters, Refinitiv, Walmart, Target, Thomson Locations: Target, Ancaster, Bengaluru

☆ Apple supplier Foxconn's Q2 profit slips 1%, beats forecasts
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoTAIPEI, Aug 14 (Reuters) - Apple Inc (AAPL.O) supplier Foxconn (2317.TW) reported on Monday a 1% drop in second-quarter net profit, as global economic woes hurt demand for smart consumer electronics. The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter slipped to T$33 billion ($1.0 billion) from a revised T$33.29 billion in the same period the previous year. It was better than an average forecast of T$25.57 billion profit from 13 analysts, according to Refinitiv. Foxconn said it expected revenue for its smart consumer electronics products to slightly decline year on year in the third quarter. Foxconn shares rose 1.4% ahead of the results on Monday, compared to a 1.3% fall in the main market (.TWII).

Persons: Dado Ruvic, Foxconn, Sarah Wu, Hung, Ben Blanchard, Tom Hogue Organizations: REUTERS, Apple Inc, TW, Thomson Locations: TAIPEI, Taiwan

☆ Goldman loves this 'cash flow compounder' and predicts nearly 30% upside
▼ + stars: | 2023-08-14 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

"TDY is one of the highest quality, most consistent, best managed companies we cover that compounds cash flow over time," analyst Noah Poponak said. Cash flow compounders reinvest their excess free cash flow each year back into the company at a rate that is sustainable and provide long-term growth. Teledyne has compounded free cash flow at a 17% compound annual growth rate over the last decade, according to the Goldman note. According to Poponak, Teledyne's margins have expanded over time by shifting into higher value-added business lines, which he expects will support continued EPS and free cash flow compounding long term. Another catalyst that will drive higher earnings and cash flow is Teledyne's M & A efforts, the analyst said.

Persons: Goldman Sachs, Noah Poponak, Goldman, Poponak, — CNBC's Michael Bloom Organizations: Teledyne Technologies, Teledyne, FLIR Systems

☆ Taiwan’s Foxconn says it sees ‘billions’ of dollars in India investments
▼ + stars: | 2023-08-14 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

CNN —A month after exiting an ambitious project to help build one of India’s first chip factories, Taiwan’s Foxconn says it remains bullish about the world’s most populous nation and is planning “billions” of dollars in investments there, as multinationals seek to diversify their supply chains beyond China. Foxconn’s India operations account for about $10 billion — or just under 5% — of the company’s annual turnover, which stood at $6.627 trillion new Taiwan dollars ($207 billion) last year, Chairman Young Liu told a Monday earnings call. “There is a positive energy for this market,” he said in response to a question from CNN. Foxconn, best known for making Apple (AAPL)’s iPhones, has more than 30 factories in India, including 20 dormitories that house tens of thousands of workers. It was seen as a blow to the New Delhi government’s plans to turn the country into a tech manufacturing powerhouse.

Persons: Taiwan’s Foxconn, Young Liu, ”, ” Liu, Foxconn Organizations: CNN, “, Apple, Vedanta Locations: China, India, Taiwan, Delhi

☆ Intel adds Synopsys IP to advanced contract manufacturing
▼ + stars: | 2023-08-14 | by ( Max A. Cherney | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 14 (Reuters) - Chip design tools maker Synopsys (SNPS.O) has signed a deal to bring its technical building blocks to the advanced contract manufacturing Intel (INTC.O) offers, the companies said on Monday. The two companies said Synopsys would offer a portfolio of designs that will work with Intel's advanced manufacturing capabilities Intel 3, and Intel 18A. Intel and Synopsys said that there was a framework in place for making the intellectual property available on future manufacturing processes. The partnership between Intel and Synopsys important step for Intel Foundry Services (IFS), its contract manufacturing business, to become a viable alternative to Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) or Samsung Electronics Co Ltd (005930.KS). Intel launched IFS in 2021, and it reported revenue of $232 million in the second quarter of this year.

Persons: Dado Ruvic, Synopsys, Steve Leibson, Max A, Marguerita Choy Organizations: REUTERS, Intel, Intel Foundry Services, Taiwan Semiconductor Manufacturing Co, Samsung Electronics Co, Tirias Research, Thomson Locations: San Francisco

☆ Here are Monday's biggest analyst calls: Nvidia, Boeing, Alphabet, Okta, Costco, Dick's, Tesla & more
▼ + stars: | 2023-08-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America reiterates Morgan Stanley as buy Bank of America said the investment bank is "best-in-class." "Initiate at Buy with a Street-high target price of USD72; we like Monster for its market positioning and growth opportunity." "While we turned more optimistic on MOS ahead of this year's crop season, we now see minor downside from current share price levels." Bank of America adds Boeing to the US1 list Bank of America added the stock to its top picks list. Bank of America reiterates Alphabet as buy Bank of America said it remains "constructive" on Alphabet's AI-driven ad products.

Persons: Goldman Sachs, Goldman, Parsons, Tesla, Evercore, Morgan Stanley, it's, JPMorgan, Dick's, Bernstein, Marriott, Telsey, Ulta, Eli Lilly, Stifel Organizations: Teledyne, Bank of America, underperform Bank of America, PSN, U.S, Infrastructure, EU, " Bank of America, Nvidia, HSBC, Barclays, Target, JPMorgan, Hilton, Sports, UBS, Walmart, Base, Costco, Mosaic, Boeing, Boeing Co, Northrop Grumman Corp, Citi, Urban Outfitters Locations: U.S, LLY

☆ Arm IPO depends on more than Big Tech support
▼ + stars: | 2023-08-14 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationLONDON, Aug 14 (Reuters Breakingviews) - Arm is phoning Big Tech friends for help with its initial public offering. Backing from some of the world’s largest technology companies would also provide a useful marketing boost. Investments from big tech companies risk scrutiny from antitrust regulators, who previously blocked chip specialist Nvidia from buying Arm. Reuters Graphics Reuters GraphicsArm and its owner, Japan’s SoftBank Group (9984.T), will therefore need to win over big institutional investors. That’s well below the $60 billion to $70 billion that Bloomberg recently reported Arm is aiming for.

Persons: Dado Ruvic, Rene Haas, Taiwan’s TSMC, Japan’s, Bernstein, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Big Tech, Nvidia, Apple, Google, Microsoft, Investments, U.S . Federal Trade Commission, Reuters Graphics, Cadence Design Systems, Bloomberg, Reuters Graphics Reuters, Intel, Samsung Electronics, Japan’s SoftBank, Nasdaq, Thomson Locations: U.S, ASML, Cambridge

That has made it tricky to predict consumer spending. The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy. As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index. He called low unemployment "the big offset that's helped consumer spending hang in." "I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.

Persons: Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards Organizations: Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board Locations: Waterbury , Connecticut, U.S, Italy

☆ Apple supplier Foxconn cautious despite beating earnings forecasts
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +3 min

A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties. Within the AI server supply chain, Foxconn has won a "very high" market share for GPU modules and substrates, Liu said. It was better than an average forecast of T$25.57 billion profit from 13 analysts, according to Refinitiv. Apple this month forecast that a sales slump would continue into this quarter, sending shares down despite beating Wall Street sales and profit targets in its fiscal third quarter.

Persons: Liu Young, Liu, Foxconn, Jun Seki Organizations: Stars Mobile India, Apple, Vedanta, Nissan, North, Wall Locations: Tamil Nadu, India, China, Wisconsin, Foxconn

[1/2] A response by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. Anecdotal examples of people using ChatGPT to help with their day-to-day work include drafting emails, summarising documents and doing preliminary research. Reuters was not able independently confirm how employees at Tinder were using ChatGPT. In May, Samsung Electronics banned staff globally from using ChatGPT and similar AI tools after discovering an employee had uploaded sensitive code to the platform. Reuters was not able independently to confirm whether employees at P&G were unable to use ChatGPT.

Persons: Florence Lo, ChatGPT, Ben King, King, OpenAI, Tinder, Samsung, Google's Bard, Bard, We've, TATE.L, Dawn Allen, trialing ChatGPT, It's, Paul Lewis, Lewis, Richa Naidu, Martin Coulter, Jason Lange, Alexander Smith Organizations: REUTERS, Reuters, Microsoft, Google, AIs, Samsung Electronics, Cola, Tate, Procter, Gamble, Thomson Locations: WASHINGTON, U.S, United States, Europe, Atlanta , Georgia

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

☆ Singapore downgrades GDP outlook, avoids recession
▼ + stars: | 2023-08-11 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Goss domestic product (GDP) expanded a seasonally-adjusted 0.1% quarter-on-quarter in April to June, slower than 0.3% growth seen in the government's advance estimate. Manufacturing will remain weak, dampened by a protracted downturn in electronics, while finance and insurance sectors will likely be subdued, MTI said. The ministry narrowed its GDP growth forecast to 0.5% to 1.5% this year from 0.5% to 2.5% previously. Analysts are expecting no change to monetary policy at MAS's October meeting, despite cooling momentum. MAS left its policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state's growth outlook.

Persons: Feline, Goss, MTI, Yong Yik Wei, Brian Tan, Chen Lin, Tom Westbrook, Kanupriya Kapoor, Jacqueline Wong Organizations: Port, REUTERS, MAS, Ministry of Trade and Industry, The Straits Times, Monetary Authority, Singapore's, Barclays, Thomson Locations: Port of Singapore, MTI, SINGAPORE, Singapore, Asia

☆ Chip shortage in Germany's car industry will last years - Audi manager
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

[1/3] Cars are pictured during morning rush hour on the A100 city highway in a Berlin, Germany, February 22, 2018. REUTERS/Fabrizio Bensch/File PhotoBERLIN, Aug 11 (Reuters) - Semiconductor shortages that have created bottlenecks for Germany's car industry will take years to resolve despite chipmakers' plans to build factories in the country, a senior Audi manager was quoted as saying on Friday. Executives and policymakers are re-thinking supply lines and trying to reduce reliance on a handful of Asian and U.S. chip suppliers. Chipmakers such as U.S. Intel (INTC.O) and Taiwan's TSMC (2330.TW) this year announced plans to build factories in Germany. It's about billions of dollars are being invested," Renate Vachenauer, head of procurement at Volkswagen-owned (VOWG_p.DE) Audi, was quoted as saying by Augsburger Allgemeine newspaper.

Persons: Fabrizio Bensch, chipmakers, Taiwan's TSMC, Renate Vachenauer, Vachenauer, Riham Alkousaa, Cynthia Osterman Organizations: REUTERS, Semiconductor, Audi, Intel, Volkswagen, Augsburger Allgemeine, Thomson Locations: Berlin, Germany, U.S

☆ Prosecutors convinced a judge not to let Trump have his phone while reviewing trial documents because he has a 'tendency' to 'hold onto material' he shouldn't have
▼ + stars: | 2023-08-11 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +2 min

A federal judge ruled that Trump can't have any electronic devices while reviewing discovery documents in the DOJ's January 6 case against him. That came after a prosecutor pointed out Trump's "tendency" to "hold onto" materials he shouldn't have. The ex-president was previously charged with more than three dozen counts over his alleged hoarding of classified documents. In June, Trump was charged with 37 counts over his alleged hoarding of classified documents, including charges of violating the Espionage Act. Trump pleaded not guilty to the charges in the classified documents case, as well as the four charges Smith's office brought in the January 6 case.

Persons: Donald Trump, Tom Windom, Jack Smith's, Smith, Trump, Trump's, Tanya Chutkan Organizations: Trump, Service, Prosecutors Locations: Wall, Silicon

☆ China’s Stalling Economy Puts the World on Notice
▼ + stars: | 2023-08-11 | by ( Peter S. Goodman | More About Peter S. Goodman | ) www.nytimes.com time to read: +1 min

For more than a quarter-century, China has been synonymous with relentless development and upward mobility. As its 1.4 billion people gained an appetite for the wares of the world — Hollywood movies, South Korean electronics, iron ore mined in Australia — the global economy was propelled by a seemingly inexhaustible engine. Long the centerpiece of a profit-enhancing version of globalization, China has devolved into the ultimate wild card in a moment of extraordinary uncertainty for the world’s economy. First came word that China’s economy had slowed substantially in the spring, extinguishing hopes of a robust expansion following the lifting of extreme Covid restrictions. This week brought data showing that China’s exports have declined for three months in a row, while imports have dropped for five consecutive months — another indicator of flagging prospects.

Locations: China, South Korean, Australia

A Midea company sign is seen at the Appliance and Electronics World Expo (AWE) in Shanghai, China March 23, 2021. REUTERS/Aly Song/File PhotoAug 9 (Reuters) - Chinese home appliance maker Midea Group (000333.SZ) said on Wednesday it is studying a potential listing in Hong Kong as part of its global strategy. The new shares to be issued would account for no more than 10% of enlarged capital, Midea, already listed in the Shenzhen stock exchange, said in a filing. Midea's market capitalisation was $56.47 billion before the listing plan was made public, meaning a deal of up to 10% would be one of the largest listings in Hong Kong since 2021. The initial filing to the Hong Kong Stock Exchange would be made this year, with a likely share sale sometime in 2024, one of the sources added.

Persons: Aly, Midea, Scott Murdoch, Roxanne Liu, Kane Wu, Jason Neely, Gerry Doyle Organizations: Appliance, Electronics, REUTERS, Midea, Bank of America, China International Capital Corp, HK, Hong Kong Stock Exchange, Thomson Locations: Shanghai, China, Hong Kong, Midea, Shenzhen, Sydney

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