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☆ Ford, partners pick Canada for $900 mln battery materials plant
▼ + stars: | 2023-08-17 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. The consortium includes South Korean partners EcoProBM (247540.KQ) and SK On Co Ltd, according a statement from the ministry. The factory will eventually produce 45,000 tonnes of cathode active materials (CAM) per year for Ford EVs. Ford in a separate statement described the materials as high-quality Nickel Cobalt Manganese (NCM) for rechargeable batteries that are targeting greater performance and improved EV range. Germany's BASF SE (BASFn.DE) is also building a battery materials factory there.

Persons: Phil Noble, EcoProBM, Ford, Lisa Drake, EVs, Francois, Philippe Champagne, Steve Scherer, Jane Merriman, Mark Porter Organizations: Ford, REUTERS, Rights OTTAWA, Ford Motor, South, SK, Co, Ford EVs, Reuters, General Motors Co, BASF, Volkswagen, Fiat, Chrysler, Detroit, Thomson Locations: Liverpool, Britain, Becancour, Quebec, North America, Ontario, St, Lawrence, Canada

☆ EV battery imports face scrutiny under US law on Chinese forced labor
▼ + stars: | 2023-08-17 | by ( Nichola Groom | ) www.reuters.com time to read: +6 min

More than a year of enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) has already stymied development of solar energy projects as detained panel shipments languish in U.S. warehouses. When shipments are detained, CBP provides the importer with a list of examples of products from previous reviews and the kind of documentation required to prove they are not made with forced labor, CBP told Reuters. "The timing of these changes does not reflect any specific changes in strategy or operations," a CBP spokesperson said in a statement, adding that the list of eight product types was "not exhaustive." In a report to Congress last month on UFLPA enforcement, CBP listed lithium-ion batteries, tires, "and other automobile components" among the "potential risk areas" it was monitoring. The stepped-up focus on automakers follows a study by Britain's Sheffield Hallam University published in December that said nearly every major automaker has exposure to products made with forced labor in Xinjiang.

Persons: Janet Yellen, Mark Schiefelbein, Dan Solomon, Chevalier, Solomon, Britain's, Ron Wyden, Wyden, we've, Tesla, Brandon Daniels, Nichola Groom, David Shepardson, Jan Schwartz, Daniel Leussink, Matthew Lewis Organizations: Reuters, U.S . Customs, Border Protection, Beijing, Uyghur, Labor, U.S . Solar Energy Industries Association, Biden, CBP, Miller, Britain's Sheffield Hallam University, U.S, Senate, Benz, Volkswagen, Friedrichshafen AG, Bosch, General Motors, Honda, Toyota, Continental AG, Thomson Locations: United States, Diaoyutai, Beijing, China, Xinjiang, U.S, Detroit, UFLPA, Los Angeles, Washington, Hamburg, Tokyo

☆ China's livestreaming attracts young hopefuls as competition grows
▼ + stars: | 2023-08-15 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

A day in the life of a livestreaming host like Zhang can include more than six hours of talking almost non-stop to camera, time spent on hair, make-up, and on post-broadcast debriefs. I can pick up my phone and I'm livestreaming," Zhang said. The livestreaming industry employed 1.23 million hosts as of 2020, according to iResearch, and a pandemic era boom in livestream sales helped the industry to generate $480 billion in business in China last year. To facilitate an increasingly professional and competitive livestreaming landscape, agencies have sprung up to train stables of young hosts and connect suitable anchors with brands. Indeed, the way brands approach livestreaming in China has also quickly evolved.

Persons: Zhang Jinyu, Zhang, Bytedance's, Shining Li, Shi Jianing, Hugo Boss, Casey Hall, Robert Birsel Organizations: Romomo, Thomson Locations: SHANGHAI, China, Shanghai

If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment. SoftBank, which took Arm private for $32 billion in 2016, sold a 25% stake in the company to VF1 for $8 billion in 2017.

Persons: Dado Ruvic, Abu Dhabi's Mubadala, Didi Global, VF1, SoftBank, Masayoshi Son, Raine, VF2, Son, Echo Wang, Anirban Sen, Greg Roumeliotis, Mark Porter Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund, WeWork Inc, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Amazon.com Inc, Reuters, Nvidia Corp, Thomson Locations: Arm, New York

☆ Siemens’ spreading rot obscures elusive value
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeLONDON, Aug 10 (Reuters Breakingviews) - Siemens’ (SIEGn.DE) problems are no longer affecting just its periphery. Shares in its spun-out unit Siemens Energy (ENR1n.DE) have lost more than 40% this year due to faulty wind turbines. Chief Executive Roland Busch pointed the finger at China, saying slowing demand in Siemens’ third biggest market was to blame. Siemens shares fell as much as 7% on the news. Siemens shares are now trading over 30% below JPMorgan’s valuation based on a sum of the parts calculation.

Persons: Mike Blake LONDON, Roland Busch, Busch, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Siemens, Coaster, REUTERS, Reuters, Siemens Energy, West, Twitter, Thomson Locations: Oceanside , California, U.S, China, Chengdu, Shenzhen

NEW YORK/LONDON, Aug 10 (Reuters) - Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling. Full-to-bursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth. Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. Maersk controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies. Refinitiv I/B/E/S data shows U.S. and European companies are expected to report their worst quarterly results in years.

Persons: Vincent Clerc, Hugo Boss, Moller, Stanley Black, Decker, destocking, Levi Strauss, Rajiv Sharma, Arun Sundaram, Guillermo Novo, Cyrus de la Rubia, Siddharth Cavale, David Gaffen, Josephine Mason, Mark John, Jonathan Cable, Helen Reid, Jane Merriman Organizations: U.S, Maersk, Heineken, 3M, . Bureau of Labor Statistics, CFRA Research, Retailers, BASF, London, Rutgers University, Hamburg Commercial Bank, doesn't, Thomson Locations: Ukraine, U.S, United States, Ashland, Hamburg, New York, London

☆ Morning Bid: Banking news unnerves ahead of US CPI
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File PhotoA look at the day ahead in European and global markets from Brigid RileyMarkets have a full plate on Wednesday, taking in China's disappointing inflation data while awaiting tomorrow's U.S. CPI report, and processing a surprise banking windfall tax announcement from Italy. The banking sector in Europe is still reeling after Italy unexpectedly approved a 40% windfall tax, although authorities added in a statement on Tuesday that the new tax could not breach 0.1% of a lender's total assets. European markets will be on guard for similar moves in other countries. Eyes are turning to the fast-approaching U.S. inflation report after mostly dovish comments from several Fed officials this week. Dutch supermarket chain Ahold Delhaize (AD.AS) and Germany-based E.ON (EONGn.DE), Europe's largest energy company, also announce earnings.

Persons: King of Prussia, Mark Makela, Brigid Riley, there's, Ahold, Edmund Klamann Organizations: King of Prussia , Pennsylvania U.S, REUTERS, Brigid Riley Markets, U.S, CPI, Walt Disney Co, E.ON, Reuters Graphics Reuters, Illumina, Walt Disney, Thomson Locations: King, King of Prussia , Pennsylvania, Brigid, Italy, Europe, Asia, China, Germany

Factors such as cheaper airfares and weaker currencies in Scandinavia could play a role, but one of the world's biggest tour operators TUI (TUI1n.DE) said on Wednesday that climate change will also drive more tourists northbound. Tour operators in places like northern Norway also see an increased demand. This had resulted in more direct flight routes to Northern Norway being created, it said. Heather Storgaard, a Scottish tourist, planned her summer vacation this year in Denmark, with a stop in Northern Germany. Wissenbach is often in Italy due to work but said she preferred the north for holidays.

Persons: Sebastian Ebel, Ebel, TUI, Fabio Scaglione, Diego Bruno, Bruno, Heather Storgaard, we'd, Margit Wissenbach, Joanna Plucinska, Marie Mannes, Rachel More, Alberto Chiumento, Mark Potter, William Maclean Organizations: Mastercard, TUI's, Stockholm, Thomson Locations: Europe, Denmark, Finland, Netherlands, Norway, Sweden, Scandinavia, Poland, Belgium, Greece, Rhodes, Northern Norway, Turin, Italy, Italian, Spain, Scottish, Northern Germany, France, Germany, Switzerland, Gothenburg, Wissenbach

Germany, which has been courting the world's largest contract chipmaker since 2021, will contribute up to 5 billion euros to the factory in Dresden, capital of the eastern state of Saxony, German officials said. "There is going to be a real ecosystem for semiconductor manufacturing in Germany," said economy minister Robert Habeck. VOTE OF CONFIDENCETSMC said it would invest up to 3.499 billion euros into a subsidiary, European Semiconductor Manufacturing Company (ESMC), of which it will own 70%. Semiconductor makers Intel (INTC.O) and Wolfspeed (WOLF.N) have already taken advantage of the subsidies on offer to set up shop in Germany. TSMC said in a statement after a board meeting that approved the German investment that it had also approved a capital injection of not more than $4.5 billion for the Arizona plant as part of the overall $40 billion investment.

Persons: Robert Habeck, TSMC, Germany's Bosch, Habeck, Ben Blanchard, Thomas Escritt, Louise Heavens, Mark Potter Organizations: Taiwan Semiconductor Manufacturing, European Union, Semiconductor Manufacturing Company, Infineon, Semiconductor, Intel, EU, Sony, Thomson Locations: Dresden, Arizona, TAIPEI, BERLIN, Germany, Europe, Taiwan, China, Asia, United States, Saxony, Netherlands, Ukraine, U.S, Japan

☆ Xi Remade China’s Military to His Liking. Now a Purge Threatens Its Image.
▼ + stars: | 2023-08-07 | by ( Chris Buckley | More About Chris Buckley | ) www.nytimes.com time to read: +1 min

As Xi Jinping has entrenched his hold on power in China, he has likened himself to a physician, eradicating the toxins of corruption and disloyalty that threaten the rule of the Communist Party. And his signature project for over a decade has been bringing to heel the once extravagantly corrupt military leadership. But recent upheavals at high levels of the People’s Liberation Army forces suggest that Mr. Xi’s cure has not endured. “It’s like a virus in the system that has come back. It’s a deep-rooted problem, and it has survived in the system.”

Persons: Xi Jinping, Xi’s, ”, Andrew N.D, Yang, “ Organizations: Communist Party, People’s Liberation Army, Rocket Force Locations: China

☆ TSMC to decide in favour of German factory on Tuesday - Handelsblatt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Taiwan Semiconductor Manufacturing Company's (TSMC) logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. REUTERS/Ann Wang/File PhotoBERLIN, Aug 7 (Reuters) - Taiwanese semiconductor manufacturer TSMC's (2330.TW) board of directors will decide in favour of building a factory in the German city of Dresden, the Handelsblatt daily reported on Monday, citing government sources. The German government will support the construction of the factory with 5 billion euros ($5.49 billion), according to the sources. TSMC, the world's largest contract chipmaker, has been in talks with the German state of Saxony since 2021 about building a fabrication plant, or "fab", in Dresden. It will operate the factory in a joint venture with partners Bosch (ROBG.UL), Infineon (IFXGn.DE) and NXP (NXPSM.UL), the sources told Handelsblatt.

Persons: Ann Wang, Bosch, Handelsblatt, Miranda Murray, Friederike Heine Our Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Infineon, European, Intel, Thomson Locations: Hsinchu, Taiwan, German, Dresden, Saxony, Berlin, Europe, Brussels

☆ Two measures of global corporate health flash red
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +5 min

Moller-Maersk (MAERSKb.CO) lowered its estimate for global container trade this year as companies reduce inventories and higher interest rates and recession risks in Europe and the United States drag on global economic growth. The company, one of the world's biggest container shippers, said it expects container volumes to fall by as much as 4%. Maersk controls about one-sixth of global container trade, transporting goods for retailers and consumer companies such as Walmart (WMT.N), Nike (NKE.N) and Unilever (ULVR.L). The International Monetary Fund last week said that it expects global economic growth to slow this year, led by advanced economies even as food prices have come down and the March banking turmoil has been contained. It expects the global growth to slow to 3% this year and next, from 3.5% last year.

Persons: Jon Nazca, . Moller, Mark Read, Grey, Sophie Lund, Yates, Hargreaves Lansdown, Swift, David Jackson, Josephine Mason, Catherine Evans, Deepa Babington Organizations: Triple, Majestic, REUTERS, Maersk, WPP, Walmart, Nike, Unilever, Reuters, Ogilvy, Apple, Amazon.com Inc, Companies, Global, Nissan, Caterpillar, Monetary Fund, DHL Group, Thomson Locations: Strait, Gibraltar, Algeciras, Spain, U.S, Europe, United States, Beijing, slowdowns, China

☆ Two measures of corporate health flash red
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +4 min

Persons: Jon Nazca, . Moller, Mark Read, Grey, Sophie Lund, Yates, Hargreaves Lansdown, Josephine Mason, Catherine Evans Organizations: Triple, Majestic, REUTERS, Maersk, WPP, Walmart, Nike, Unilever, Reuters, Ogilvy, Apple, Amazon.com Inc, Companies, Global, Nissan, Caterpillar, Monetary Fund, DHL Group, Thomson Locations: Strait, Gibraltar, Algeciras, Spain, U.S, Europe, United States, Beijing, slowdowns, China

☆ LSEG’s dealmaking payoff arrives in installments
▼ + stars: | 2023-08-03 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

LSEG (London Stock Exchange Group) CEO David Schwimmer speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. Yet two and a half years after CEO David Schwimmer got the keys, the London Stock Exchange operator is growing revenue and mostly beating its targets. The deal increased LSEG’s exposure to selling data, typically a more predictable source of revenue. Annual subscriber value, a closely watched metric which measures the recurring revenue in LSEG’s data division, rose nearly 7% in the first six months of the year. Schwimmer’s dealmaking is paying off, but the former Goldman Sachs (GS.N) banker has a few more installments to collect.

Persons: David Schwimmer, Brendan McDermid, Blackstone, Schwimmer, dealmaking, Goldman Sachs, LSEG, Thomson, Peter Thal Larsen, Streisand Neto Organizations: London Stock Exchange Group, Reuters, REUTERS, Brendan McDermid LONDON, London Stock Exchange, London Stock, Thomson Reuters, Microsoft, Deutsche, Jefferies, P, Revenue, Blackstone, Thomson Locations: New York City , New York, U.S, Refinitiv, Breakingviews

☆ Infineon shares slump on Q4 warning, eyes Malaysia expansion
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

Infineon forecast revenue of around 4 billion euros ($4.37 billion) in the fourth quarter, below expectations of 4.14 billion euros, according to IBES data from Refinitiv. The company, however, confirmed its revenue outlook of around 16.2 billion euros, which it had raised in May. Infineon's third-quarter adjusted result was down 10% from the previous quarter at 1.067 billion euros, while its margin came in slightly lower than expected, at 26.1%. MALAYSIA FACTORYInfineon said it will invest 5 billion euros over the next five years to build a power chip plant in Malaysia, on top of the 2 billion euros investment it had planned last year. For the full year, Infineon expects investments amounting to approximately 3 billion euros.

Persons: Robert Habeck, Annalena Baerbock's, Annegret, Gartner, Jochen Hanebeck, Infineon's, China's Cherry, Miranda Murray, Christina Amann, Friederike Heine, William Mallard, Kim Coghill Organizations: Infineon Technologies, REUTERS, Infineon, AMD, Qualcomm, JPMorgan, Semiconductor, MALAYSIA, Ford, SAIC, Thomson Locations: Dresden, Germany, Malaysia, Refinitiv, Infineon's, Villach, Austria, German

☆ Adidas and AB InBev influencer hangover may return
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

LONDON, Aug 3 (Reuters Breakingviews) - Adidas (ADSGn.DE) and Anheuser-Busch InBev (ABI.BR) are showing some unexpected resilience in the face of influencer trouble. Belgium beer producer AB InBev, meanwhile, grappled with a different influencer headache. The world's largest brewer experienced an April consumer boycott after picking transgender influencer Dylan Mulvaney to promote its popular Bud Light brew. And while AB InBev say 80% of its consumers still look favourably or are neutral on Bud Light, the brand was dethroned as the top selling U.S. beer in May. Still, Adidas trades at 10 times its forecast 2025 EBITDA, below its peer Nike's (NKE.N) 16 times, and AB InBev trails Heineken (HEIN.AS) by an even larger margin.

Persons: Kanye West, Ye, influencer Dylan Mulvaney, Bud Light, Karen Kwok, Lisa Jucca, Sharon Lam Organizations: Adidas, LONDON, Reuters, Anheuser, Busch InBev, InBev, Heineken, Twitter, Thomson Locations: Garden City , New York, U.S, Belgium, North America, Mexico

☆ Regeneron expects FDA decision on higher-dose Eylea this year
▼ + stars: | 2023-08-03 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

The Regeneron Pharmaceuticals company logo is seen on a building at the company's Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File PhotoAug 3 (Reuters) - Regeneron Pharmaceuticals (REGN.O) expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares up 5% on Thursday. The U.S. Food and Drug Administration declined to approve the higher-dose version in June following an inspection at third-party manufacturer Catalent (CTLT.N). Regeneron said it has been submitting manufacturing data required by the FDA on a rolling basis, and expects to finish the submissions by mid-August. Regeneron said the higher-dose Eylea was manufactured on the same line as pozelimab, its experimental drug being reviewed to treat a rare blood disease.

Persons: Brendan McDermid, Regeneron, Wells, Mohit Bansal, Bayer, Sanofi, Khushi, Sriraj Organizations: Regeneron Pharmaceuticals, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Westchester, Tarrytown , New York, U.S, Eylea, Bengaluru

☆ Former Sen. Pat Toomey on Fitch's U.S. downgrade: We are on an unsustainable fiscal path
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Sen. Pat Toomey on Fitch's U.S. downgrade: We are on an unsustainable fiscal pathFormer U.S. Senator Pat Toomey (R-Pa.) and former U.S. Senator Heidi Heitkamp (D-N.D.) join 'Squawk Box' to discuss the fallout from Fitch's U.S. rating downgrade, what can be done about the growing debt, and more.

Persons: Former Sen, Pat Toomey, Heidi Heitkamp Organizations: Former, Fitch's U.S, U.S

☆ Silver Lake raises 1 bln euros in loans for Software AG takeover
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 1 (Reuters) - Silver Lake (SILAK.UL) on Tuesday raised a 1 billion euro ($1.10 billion) seven-year loan to fund its takeover of Germany's Software AG (SOWGn.DE), breathing new life into the sluggish syndicated leveraged loan market. The loan is split between 640 million euros and $405 million, paying a margin of 475 basis points (bps) over the benchmark rate, according to a term sheet seen by Reuters. On July 20, the U.S. private equity firm announced it had secured a 84.29% stake in Software AG, subject to closing of the tender offer, adding that the transaction was expected to close in the fourth quarter pending regulatory approvals. Software AG shares were last up 0.3% on the day in Frankfurt. They have fallen by 13% since hitting a multi-month high after Silver Lake's offer in April this year.

Persons: Silver, Chiara Elisei, Amanda Cooper Organizations: Germany's Software AG, Reuters, Banks, JPMorgan, Citigroup, Banco Santander, Software AG, Thomson Locations: U.S, Frankfurt

☆ Manchester United sign $1.1 bln Adidas kit deal for 10 years
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Manchester United's Mason Mount in a preseason friendly, Manchester United v Olympique Lyonnais, in Murrayfield Stadium, Edinburgh, Scotland, July 19, 2023 Action Images via Reuters/Lee SmithJuly 31 (Reuters) - Manchester United (MANU.N) signed a 900 million pound ($1.1 billion) deal with Adidas (ADSGn.DE) on Monday, renewing the English soccer club's partnership with its official kit supplier for 10 more years. Manchester United, whose U.S. owners have been considering selling the Premier League club, will return to the lucrative UEFA Champions League this year after securing a top-four finish in the domestic league last season under manager Erik ten Hag. "The new deal increases the focus on the Manchester United women's team since their reintroduction in 2018," United said in a joint press release with Adidas. The new deal with Adidas, ahead of the 2023/24 Premier League season starting next month, will continue the partnership until June 2035, the northwest England-based club said. The original agreement with Adidas links a part of the yearly payments to the club's participation in the Champions League, according to the company's latest annual report.

Persons: Manchester United's Mason, Lee Smith, Erik ten Hag, Glazer, Qatar's Sheikh Jassim bin Hamad, Jim Ratcliffe, Bjorn Gulden, Yadarisa, Nivedita Bhattacharjee, Mark Potter Organizations: Manchester, Manchester United, Olympique Lyonnais, Adidas, soccer, Premier League, UEFA Champions League, Nike, Manchester United women's, Champions League, Champions, United, Thomson Locations: Murrayfield, Edinburgh, Scotland, Thani, British, England, Bengaluru

☆ Musk's X social media platform reinstates Kanye West's account
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +2 min

July 29 (Reuters) - Social media platform X reinstated account of Ye, the artist formerly known as Kanye West, on Saturday, after it was suspended nearly eight months ago because the rapper had violated the platform's rules prohibiting incitement to violence. Ye's account now shows his last post from Dec. 1, a day prior to when his account was suspended on platform X, the new name owner Elon Musk has given Twitter. Ye won't be eligible to monetize his account on X, and advertisements won't appear next to his posts, the Wall Street Journal reported on Saturday, citing the social media platform. The social media platform did not immediately respond to Reuters' request for comment. After Ye went on a string of antisemitic rants in interviews and on social media he lost his partnership with Adidas (ADSGn.DE) and Gap (GPS.N) for Yeezy products.

Persons: Ye, Elon Musk, David . X, Musk, Donald Trump's, Trump, Baranjot Kaur, Alistair Bell Organizations: Wall Street, Reuters, Twitter, Adidas, Thomson Locations: Bengaluru

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart's robust results showed how global market conditions are playing to the emerging markets-focused lender's strengths. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment. That contrasted with the prolonged slump in income at more deal-focused U.S. and European rivals. Reporting by Selena Li and Lawrence White; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Winters, StanChart, Goldman Sachs, Selena Li, Lawrence White, Muralikumar Organizations: Standard Chartered PLC, Jefferies, Hong, Citigroup, Deutsche Bank, Thomson Locations: HONG KONG, Asia, Hong Kong, London

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

NEW YORK, July 27 (Reuters) - Bill Hwang, the founder of Archegos Capital Management, on Thursday asked a judge to let him subpoena documents from 10 banks, in an effort to shift blame as he defends against criminal fraud charges that the firm's collapse was his fault. The office of U.S. Attorney Damian Williams, which is prosecuting Hwang, did not immediately respond to a request for comment. Other banks also lost money when Archegos collapsed, but less than Credit Suisse. That caused it to miss margin calls, and banks to dump stocks that had backed the swaps and which they had bought as hedges. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.

Persons: Bill Hwang, Hwang, Damian Williams, Archegos, Goldman Sachs, Jefferies, Mitsubishi UFJ, Morgan Stanley, Nomura, Alvin Hellerstein, Hwang et, Jonathan Stempel, Daniel Wallis Organizations: YORK, Archegos Capital Management, UBS, Credit Suisse, Prosecutors, Bank of Montreal, Deutsche Bank, Mitsubishi, Court, Southern District of, Thomson Locations: Manhattan, Macquarie, Mizuho, U.S, Southern District, Southern District of New York, New York

Tesla, which accounted for more than 60% of U.S. EV sales last year, has the largest network of fast-chargers with almost 18,000 Superchargers. Tesla said earlier this year it would open part of that charging network to EVs from rivals in order to be eligible for a share of funding from $7.5 billion in federal subsidies. The new charging company will support both charging standards but will compete with Tesla's network. CEOs of the seven auto brands said a charging network built out like gas stations with restrooms, food service and retail operations would support a faster EV rollout. Automakers, however, lack the necessary electricians or experience working with retailers, said Andres Pinter, co-CEO at installation and maintenance company Bullet EV Charging Solutions.

Persons: Tesla, Mercedes Benz, Akshay Singh, Karine Jean, Pierre said, Biden, TESLA, Carlos Tavares, Steve Marcus, –, Andres Pinter, Andre Barlow, Doyle Barlow, Mazard, Abhirup Roy, Jarrett renshaw, Kevin Krolicki, Ben Klayman, Paul Lienert, Diane Bartz, Chizu Nomiyama, Bernadette Baum, Marguerita Choy Organizations: General Motors, Hyundai Motor, Kia, Honda, BMW, EV, Tesla, Industry, White House, U.S, REUTERS, GM, Hyundai, BMW –, American, Solutions, VW, Daimler, Ford, Justice, Justice Department, White, Thomson Locations: U.S, North America, Las Vegas , Nevada, America, Europe, San Francisco, Washington

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