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Magnitude 5.8 earthquake strikes China's Xinjiang region
  + stars: | 2024-02-25 | by ( ) www.cnbc.com   time to read: 1 min
The Irkeshtam pass, border crossing between Kyrgyzstan and Xinjiang, China. (Photo by: Arterra/Universal Images Group via Getty Images)A 5.8-magnitude struck Akqi County in China's northwestern Xinjiang region at 12:14 p.m. (0414 GMT) on Sunday, the China Earthquake Networks Center (CENC) said. No casualties or collapsed houses had been reported as of 1:00 p.m., Xinhua reported citing local authorities, adding the areas around the epicenter are sparsely populated. The local main grid and power distribution networks are operating as normal, and local train operations have not been affected, Xinhua added. A 7.1-magnitude earthquake shook the Kyrgyzstan-Xinjiang border region on Jan. 23, killing at least three people.
Persons: CENC Organizations: Getty, China Earthquake Networks, Xinhua Locations: Kyrgyzstan, Xinjiang, China, Akqi County, China's
The US Army would play a pivotal role should conflict arise in the Pacific, a top general told Business Insider. While maritime and air power are vital, the US Army and its allies "bind the region together." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. "It is a Joint theater, with joint challenges, that require both Joint and multinational solutions!" USARPAC is the Army's largest theater army and covers the Army's largest region of operation, making its involvement in the area critical should war unfold.
Persons: , Charles Flynn, USARPAC, Flynn, Molly Treece, China's, Keon Horton Organizations: US Army, Business, Service, US Army Pacific, Pentagon, East China, Paratroopers, 2nd Infantry Brigade Combat Team, 11th Airborne Division, Boeing, Donnelly Training, Delta Junction, U.S, Army, Pacific Command, 3rd Battalion, 509th Parachute Infantry Regiment, Pacific Multinational Readiness Locations: Pacific, China, Wainwright, Fairbanks , Alaska, Taiwan, South, East, Delta, AK, Alaska, Hawaii
The world's richest person has faced problems at Tesla, SpaceX and X, ranging from a tanking Tesla valuation to an X advertiser exodus. Tesla's stock slide has erased about $188 billion from its valuation this year, according to Business Insider's calculations. The stock closed at just under $192, leaving it worth just over $600 billion at the close of trading Friday. Before you start feeling too sorry for Musk, though, he's still worth $208 billion. Justin Sullivan/Getty ImagesDelaware pay rulingTo add insult to injury, a Delaware judge also ruled against Musk's $55 billion Tesla pay package last month.
Persons: , Elon Musk, Tesla, Seth Goldstein, Morningstar, Roth, Craig Irwin, Warren Buffett's Berkshire Hathaway, Eli Lilly, he's, He's, Elon, Justin Sullivan, Musk, rkbH7mKNw2, Fidelity, Axios, Starlink, Russia's Organizations: Service, Elon, SpaceX, Business, Big Tech, Microsoft, Apple, Nvidia, Meta, Tesla, EV, Bloomberg, Wall, Getty Images Delaware, Musk's, Lone Star, Twitter, Insider Intelligence, X Locations: Delaware, Tesla, Texas, Ukrainian, Chernihiv, Ukraine, Kyiv, Houston
The House Select Committee on the Chinese Communist Party sent a letter on Saturday to Elon Musk demanding that U.S. troops stationed in Taiwan get access to SpaceX's Starshield, a satellite communication network designed specifically for the military. The letter, obtained by CNBC and first reported by Forbes, claimed that by not making Starshield available to U.S. military forces in Taiwan, SpaceX could violate its Pentagon contract, which requires "global access" to Starshield technology. The letter requests that Musk provide the House committee with a briefing on its Taiwan operations by March 8. Taiwan has been governing itself independently of China since the island split from the mainland during the 1949 civil war. "I think I've got a pretty good understanding as an outsider of China," Musk said on the All-In Podcast.
Persons: Elon Musk, Tesla, Forbes, Mike Gallagher, Gallagher, Tsai Ing, Lai Ching, Musk, I've, Jaushieh Joseph Wu Organizations: Fratelli, Chinese Communist Party, Elon, CNBC, SpaceX, Pentagon, U.S ., Rep, CCP, Starshield, Russia, U.S, Tesla, Foreign Locations: Italy, Rome, Taiwan, China, American, Shanghai, Hawaii
Standard Chartered on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18%, but set out modest growth forecasts that will concern investors amid worries about global banks' exposure to China. The bank reported 2023 statutory pre-tax profit rose to $5.09 billion, in line with forecasts, and announced a jump in dividends alongside the buyback. The lender booked 13% income growth in 2023 in constant currency terms. A fresh $150 million writedown of its stake in Bohai Bank, following a $700 million hit earlier this year, reduced its value to $700 million from $1.5 billion at the start of the year. That brought total provisions for its China real estate exposure to $1.2 billion in the last 3 years.
Persons: StanChart Organizations: Bohai Bank, HSBC, Wednesday, British Locations: China, Asia, Bohai, Bohai Bank
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The commanding general of US Army Pacific told Business Insider during a large-scale training exercise in Alaska that while the growth has been "meteoric" and he is "always worried" about the missiles, the Army has many ways to create a "dilemma" that China may not be expecting. This story is available exclusively to Business Insider subscribers. US Army forces and their allies across the Pacific have ramped up training in recent years to better prepare its troops for warfare across various difficult environments in the region. At JPMRC's Hawaii rotation last fall, Flynn emphasized that the Army "will play a key role" in solving the challenges facing the joint force in the Pacific.
Persons: , Evangelos Wilson, Charles A, Flynn, USARPAC, Mark Milley, Patrick A, Albright, USINDOPACOM Organizations: Service, Force, US Army Pacific, Business, Army, Pentagon, Rocket Force, People's Liberation Army, Department of Defense, U.S . Army, 3rd Infantry Brigade Combat Team, 25th Infantry Division, Dillingham Army, U.S, Spc, 3rd Infantry Brigade, US Army, U.S . Army Sniper School, Maneuver, Excellence, Fort Benning Public Affairs, Pacific Multinational Readiness Center Locations: Pacific, Alaska, China, America, Dillingham, Hawaii, Wainwright, Fairbanks , Alaska, Gen, U.S
Hong Kong, a British colony from the 1840s to 1997, grew into an international finance center just off the coast of mainland China. Asia-Pacific markets were set for a mixed session Friday, with investors awaiting data on China's property prices to assess any signs of improvement in the debt-laden real estate sector. Japan markets led gains in the previous session, with the Nikkei 225 closing at a new all-time high of 39,098.68, surpassing the previous record of 38,915.87 set in 1989. Investors will monitor China house prices data for January. At the end of last year, the country's troubled property market clocked its worst declines in new home prices in nearly nine years.
Organizations: Nikkei Locations: Hong Kong, British, China, Asia, Pacific, Japan
The Republican Speaker of the U.S. House of Representatives, Mike Johnson, has so far blocked passage of the bill that includes $60 billion in new funding for Ukraine. Former Republican President Donald Trump opposes aid for Kyiv. "Every single meeting we had in Taiwan focused on Ukraine for at least part of the meeting. The lawmakers meetings in Taipei included President Tsai Ing-wen and president-elect Lai Ching-te, who won election last month and takes office in May. The committee's chair, Republican Congressman Mike Gallagher who is leading the delegation Krishnamoorthi is on, said what happened to Ukraine mattered to Taiwan.
Persons: Mike Gallagher, Han Kuo, Sam Yeh, Mike Johnson, Donald Trump, Krishnamoorthi, Putin, Xi, Vladimir Putin, Tsai Ing, Lai Ching Organizations: of, Kuomintang, KMT, Afp, Getty, U.S, Republican, U.S . House, Ukraine, Kyiv, Democratic Locations: Taipei, China, Taiwan, U.S, Ukraine
Yen sinks as currency traders keep short and carry on
  + stars: | 2024-02-23 | by ( ) www.cnbc.com   time to read: +3 min
The yen is the worst-performing G10 currency this year, with a 6.4% slide on the dollar. For the week the yen is down 0.6% on the euro, touching its weakest for three months overnight at 163.45 per euro . Yen moves against the dollar were more modest due to the risk its slide could prompt intervention in markets from Japan, with officials reminding traders they stand ready in recent days. The dollar gained 0.1% to trade at 150.41 yen this week. Investors can earn interest, or carry, by borrowing yen around 0% and buying income-bearing assets in other currencies.
Persons: Moh Siong Sim, Sterling, Christine Lagarde, Christopher Waller Organizations: New, Deutsche, Britain, of Singapore, U.S, European Central Bank Locations: Japan, New Zealand, Friday's Asia, U.S, Europe
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementU.S. Army Gen. Charles Flynn, Commander of the U.S. Army Pacific, speaks with soldiers from the 1st Infantry Brigade Combat Team, 11th Airborne Division, during Joint Pacific Multinational Readiness Center 24-02 at Donnelly Training Area, Alaska, Feb. 15, 2024. This month, US Army Pacific conducted its JPMRC training rotation in Alaska, where thousands of troops are trained to wage war in frigid, Arctic conditions. The Joint Pacific Multinational Readiness Center also does a training rotation in Hawaii, where troops conduct exercises in the jungle. That training is also conducted with a host of US allies and partners in the Pacific.
Persons: , Army Pacific's, IPACC, Gideon Battis Gen, Charles A, Flynn, he's, Charles Flynn, Mike Godinez, Martinez, USARPAC, Joseph A, Ryan Organizations: Service, US Army, Pacific Multinational Readiness, Army, Business, Pentagon, Department of Defense, People's Liberation Army, Navy, Rocket Force, East China Seas, Combat, US Army Pacific, U.S . Army Pacific, 1st Infantry Brigade Combat Team, Airborne, Donnelly Training, U.S, Talisman, Talisman Sabre, Pacific Multinational Readiness Center Locations: China, Pacific, Australia, Alaska, Hawaii, People's Republic of China, United States, Philippines, Taiwan Strait, East, South Korea, Japan, Thailand
Miniature models of Boeing commercial airplanes displayed at the Singapore Airshow in Singapore on February 20, 2024. SINGAPORE — Boeing touted its 737 Max aircraft as "the safest airplane" and said China's latest domestic jetliner Comac C919 is similar to offerings by Airbus and Boeing that are already in the market. However, he insisted it was "the safest airplane that can be out there today." A midflight blowout of a fuselage panel on one of Boeing's 737 Max 9 operated by Alaska Airlines earlier this year raised concerns about safety after loose bolts were found during preliminary inspections. On Wednesday, Boeing announced it will be replacing the head of its 737 Max program.
Persons: Dave Schulte, , Schulte, Max Organizations: Boeing, Singapore, SINGAPORE — Boeing, Airbus, Max, Alaska Airlines, Wednesday, U.S . Air Force Locations: Singapore, SINGAPORE, Asia, Pacific
Nvidia's data center revenue boomed across all regions but China due to trade restrictions. The chip giant is now shipping alternatives to the country that don't require a license. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . One place Nvidia didn't grow: China, where revenue declined "significantly following the US government export control regulations imposed in October," Nvidia's CFO Colette Kress said on the company's Q4 earnings call. That's heightened shareholder worries about Nvidia's ability to keep up sales in China's massive AI chip market.
Persons: , Colette Kress, execs, Jensen Huang, Huang Organizations: Nvidia, Service, Business Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina consumer confidence remains 'devastated': Portfolio ManagerBen Harburg, founder and portfolio manager at Core Values Alpha, explains what's behind China's "record high amount of household savings."
Persons: Ben Harburg, China's Organizations: China, Alpha
Over 570 documents from a Chinese state-backed hacking group were uploaded to Github last week. The documents mentioned at least 20 hacking targets, including countries like the UK and India. The leaks come after multiple warnings by officials on the scales of China's hacking operations. AdvertisementA trove of leaked Chinese hacking documents might have given the world a glimpse of how widespread and effective China's hacking operations could be. The documents, which track hacking activity across multiple countries, belong to iSoon, a private security contractor with ties to China's Ministry of Public Security, according to the Post's report on Wednesday.
Persons: Organizations: Service, Washington Post, China's Ministry of Public Security, Business Locations: Github, India
AdvertisementThe think-tank said it calculated child-raising costs in China using 2023 data from the National Bureau of Statistics. AdvertisementIn total, raising a child until they are 18 costs Chinese families an average of 538,312 yuan, or about $73,000, Yuwa said. Middle-income families in the US are projected to spend $233,610 raising a child until they are 18, per the USDA. AdvertisementNotably, the average cost of raising a child in China fell slightly compared to Yuwa's 2022 report on the same topic. The think-tank said data from 2019 showed that the average cost was $76,000, or about seven times the country's GDP per capita at the time.
Persons: , Liang Jianzhang, Huang Wenzheng, Yafu, Yuwa's, Yuwa Organizations: Service, Business, National Bureau of Statistics, Department of, Ministry of Health and Welfare Locations: China, Japan, Beijing, South Korea, Shanghai
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt seems like China's property sector problems are 'too big to swallow' for Beijing, says analystBrian McCarthy of Macrolens discusses why he thinks Chinese policy makers will continue to struggle to turn investor sentiment around and the why property sector is being left in "no man's land"
Persons: Brian McCarthy, Macrolens Locations: Beijing
HSBC CEO says it's 'still very confident' about China's economy
  + stars: | 2024-02-21 | 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 EmailHSBC CEO says it's 'still very confident' about China's economyNoel Quinn, CEO of HSBC, discusses the bank's earnings and the outlook for the Chinese economy, saying "we believe strongly that there are huge opportunities ahead, as the economy repositions to a consumer-led ... growth model."
Persons: it's, Noel Quinn Organizations: HSBC
Just consider three core holdings in the portfolio: Apple , Starbucks , and Nvidia . Nvidia generates 21% of its overall revenue from Mainland China, while Apple gets 19%, and Starbucks 9%. Xiamen-based Luckin Coffee, for example, overtook Starbucks in market share in China during 2023, with double the retail locations there. However, Nvidia still dominates the AI chip market in China, and it's difficult to see its rivals catching up anytime soon. The company has twice re-engineered chips for the Chinese market to comply with U.S. rules.
Persons: Joe Biden's, Xi Jinping, Oppo, Jefferies, Tim Cook, Laxman Narasimhan, Tencent, Jim Cramer's, Jim Cramer, Jim Organizations: U.S, Apple, Nvidia, Starbucks, Competition, Huawei, International Data Corporation, IDC, CNBC, Luckin, China, Management, Tech Locations: China, Beijing, Washington, U.S, Mainland China, People's Republic, India, Xiamen
Photo taken on January 21, 2024 shows a real estate project under construction in Huai 'an city, Jiangsu province, China. CFOTO | Future Publishing | Getty ImagesPolicymakers are doing little to soothe concerns surrounding China's ailing economy, Brian McCarthy, chief strategist at Macrolens told CNBC's "Street Signs Asia" on Wednesday. The latest monetary policy announcement from the People's Bank of China (PBOC) saw the central bank cut the benchmark 5-year loan prime rate by 25 basis points earlier this week. Many observers saw the move as an effort to boost the country's struggling property market, as the majority of mortgages are pegged to this rate. The 5-year loan prime rate cut was a more "aggressive" move within these decisions, he added.
Persons: Huai, Brian McCarthy, Macrolens, CNBC's, Wei Yao, Générale, stabler, McCarthy Organizations: Getty, People's Bank of China, CSI Locations: Jiangsu province, China, Asia
The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China have stopped the transactions since the start of 2024, Alexey Poroshin, the general director of investment and consulting firm First Group, told Izvestia. In December, the US also authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. Chinese banks are tightening compliance checks with Russian businesses because they fear getting caught up in the West's increasingly restrictive sanctions regime against Russia over its invasion of Ukraine. Industrial and Commercial Bank of China, China Construction Bank, and Bank of China did not immediately respond to a request for comment from Business Insider. In particular, Russian firms trading internationally have become more dependent on Chinese institutions and the Chinese yuan since some Russian banks withdrew from the SWIFT global financial-messaging system .
Persons: , Alexey Poroshin, Poroshin, Dmitry Peskov Organizations: Russia, Service, Commercial Bank of, China Construction Bank, Bank of, First Group, Union, Industrial, Bank of China, Business, SWIFT Locations: Russia, Commercial Bank of China, China, Bank of China, , Ukraine, India, West, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's fiscal policy is 'increasingly more important,' economist saysWei Yao, head of research and chief economist for Asia-Pacific at Société Générale, discusses the People's Bank of China's decision to cut the country's benchmark five-year loan prime rate for the first time since June, and the limitations the central bank faces in stimulating the economy.
Persons: Wei Yao, Générale Organizations: People's Bank Locations: Asia
Starbucks has launched a pork-flavored coffee in China. The Seattle-based coffee giant recently rolled out a pork-flavored latte in China for the Chinese New Year season that started on February 10. The pork-flavored coffee has gone viral on Chinese social media — mostly because people were wondering if it's for real. The Starbucks beverage is far more expensive than rival Luckin Coffee, which can cost as little as $1.40 thanks to aggressive discounts. Sales of Luckin Coffee overtook Starbucks in China in the second quarter of last year.
Persons: , Savory Latte, Lucky Savory Latte, Instagram, Luckin Organizations: Starbucks, Service, Business Locations: China, Seattle, Shanghai, Starbucks China, Hong Kong
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hong Kong ralliesHong Kong stocks rallied on Wednesday, while the wider region traded mixed. U.S. stocks tumbled overnight, dragged lower by a 4.4% drop in Nvidia shares ahead of the chipmaker's earnings report. Pros say that exposure can come from real estate investment trusts and picked 5 REITS that are in play.
Persons: Pina, Dow, Noel Quinn, Nikesh Arora, Andrew Amoils Organizations: CNBC, CSI, Nvidia, Nasdaq, HSBC, Palo, Palo Alto Networks, New Locations: Brooklyn, New York, Hong Kong, U.S, Vietnam
China is tightening regulatory restrictions on its rapidly booming quant trading industry, after freezing the accounts of a major player in the sector for three days in a rare crackdown. The stock exchanges of key financial hubs Shanghai and Shenzhen issued notices late Tuesday announcing they will deepen their scrutiny of market trades conducted by quant funds — which use advanced computer-driven automated analysis and algorithms to catch opportunities in stocks and commodities — especially of leveraged quantitative products, according to separate Google-translated statements. The bourses will strengthen and expand the scope of reporting of such trades and improve the monitoring standards for "abnormal" transactions. The Shenzhen stock exchange also noted that "quantitative trading, especially high-frequency trading, has obvious technical, information and speed advantages over small and medium-sized investors." The announcements come after both exchanges implemented a three-day trading ban on one of China's largest quant funds, Lingjun Investment, which the Shanghai bourse accused of "affecting the security of the Exchange's system or normal trading order" with a flurry of transactions executed between 09:30 a.m. and 09:31 a.m. local time, according to a Google-translated statement.
Organizations: Lingjun, Shanghai bourse Locations: China, Shanghai, Shenzhen
Hong Kong CNN —Chinese companies are doing something rarely seen since the 1970s: setting up their own volunteer armies. According to China’s Military Service Law, male militia members should be 18 to 35 years old. It was latest in a slew of militias established by major Chinese companies in the past year. After 1949, when the party took control of mainland China, the units were eventually embedded into governments, schools and companies. This can, in the long run, save the PLA resources by delegating some duties to militia forces to care for,” Heath said.
Persons: Xi, , Neil Thomas, Nuo Nuo, Huang Zhiqiang, Qilai Shen, Liu Jie, Mao Zedong, Mao, Timothy Heath, homebuyers, Heath, ” Heath, Willy Lam, Sam Yeh, ” Lam, China’s Organizations: Hong Kong CNN, CNN, People’s Armed Forces Departments, America’s National Guard, Communist, Asia Society, Center for, Communist Party, China Labour Bulletin, Foxconn, Yili, Armed Forces Department, China’s Military Service Law, People’s Liberation Army, PLA, government’s Communist Party, Inner Mongolia Autonomous, Bloomberg, Getty, Shanghai Municipal Investment Group, Construction Investment, Development, Defense Ministry, People’s Armed Police, Armed, Rand Corporation, Jamestown Foundation, Party, Taiwan Locations: China, Hong Kong, Center for China, Beijing, Zhengzhou, Henan, Hohhot, Inner Mongolia, Yili, Shanghai, Mengniu, Nantong city, Jiangsu, Huizhou city, Guangdong, Wuhan, Hubei province, People’s Republic, United States, Taiwan, Fangchenggang City, Guangxi, , PLA, Taiwan's, AFP
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