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☆ European markets set to open in mixed territory as uncertainty spreads
▼ + stars: | 2024-10-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a mixed open Tuesday as regional sentiment sours further after a shaky start to the week, with investors watching the conflict in the Middle East closely and its potential impact on oil markets, supply chains and the global economy. Elsewhere overnight, U.S. stock futures were little changed following a losing day on Wall Street Monday as rising oil prices and bond yields weighed on markets. In the Asia-Pacific region, an initial rally for Chinese markets lost steam after a briefing from the country's National Development and Reform Commission provided few details on further stimulus. Earlier, mainland China's CSI 300 index had skyrocketed over 10% at the open at its return from the Golden Week holiday, but the index pared gains later in the session. Key releases for markets this week include U.S. Federal Reserve minutes and German trade on Wednesday, U.S. inflation on Thursday and U.K. economic growth on Friday.

Organizations: Reform, CSI, Federal Locations: Asia, Pacific

☆ Commerzbank board member warns of significant job losses with a hostile UniCredit takeover
▼ + stars: | 2024-09-24 | by ( April Roach | ) www.cnbc.com time to read: +2 min

: The lettering "Commerzbank" can be seen on the Commerzbank Tower in the center of the banking city. Photo: Helmut Fricke/dpa (Photo by Helmut Fricke/picture alliance via Getty Images)Two-thirds of the jobs at Commerzbank could disappear if UniCredit successfully carries out a hostile takeover of the German lender, a Commerzbank supervisory board member warned on Tuesday. Stefan Wittmann, who is also a senior official at German trade union Verdi, told CNBC's Annette Weisbach that "we certainly hope we can avoid" a hostile takeover by the Italian bank. "But if it [a hostile takeover] is unavoidable, we think that two-thirds of jobs will disappear, that there will be another significant cut in the branches," he said, according to a translation. "We will see in particular that UniCredit does not want all Commerzbank customers at all, but that it focuses on the supposedly best customers, namely the wealthy customers," he added.

Persons: Helmut Fricke, UniCredit, Stefan Wittmann, Verdi, CNBC's Annette Weisbach, Witmann, Wittmann Organizations: Getty Locations: Hesse, Frankfurt, Italian, Berlin, Commerzbank

☆ Lufthansa is hurting as Germany is gripped by strikes
▼ + stars: | 2024-03-07 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

The strikes have also discouraged numerous customers from booking flights — particularly last-minute ”profitable” flights — resulting in a ”significant sales loss” for the company, he added. Lufthansa Group reported operating profit of around €2.7 billion ($2.9 billion) — the third-biggest in its history, and up 76% from 2022. The Verdi union, which represents 25,000 Lufthansa ground staff, had called for them to go on strike from early Thursday and until Saturday morning. The strikes are just the latest in a wave of industrial action in Germany, famed for its strong legal protections for workers, and follow walkouts by train drivers in January over wages. Deutsche Bahn, Germany’s state-owned rail operator, said it expected the industrial action to have a “massive” impact on its operations.

Persons: Berlin CNN —, Remco Steenbergen, Verdi, Marvin Reschinsky, Michael Niggemann, Chris Stern, Olesya Dmitracova, Eve Brennan, Rob North Organizations: Berlin CNN, Berlin CNN — Germany’s, Lufthansa Group, Lufthansa, Austrian Airlines, Security, Hamburg, Monetary Fund, Deutsche Bahn Locations: Berlin, €, Frankfurt, Dusseldorf, Germany, Germany’s, London

☆ Morning Bid: Gold makes the running as oil fails to fire
▼ + stars: | 2023-12-04 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea. Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries. At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising. A commodity faring better is gold, which surged suddenly this morning to top $2,111 an ounce for the first time before paring the gains to $2,086. Yields on U.S. two-year notes rose almost 4 bps, but that follows a drop of 40 bps last week.

Persons: Alexander Manzyuk, Wayne Cole, Treasuries, Yemen's, Brent, Bundesbank, Christine Lagarde, Bonds, Goldman Sachs, Anna Breman, Riksbank, Edmund Klamann Organizations: REUTERS, Bulls, ECB, Thomson Locations: Novosibirsk, Siberian, Russia, Wayne, Red, U.S, Saudi Arabia

☆ German union Verdi calls for strikes at Amazon on Black Friday
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsNov 23 (Reuters) - German trade union Verdi has called on members to go on strike at five Amazon (AMZN.O) distribution centres across Germany on Black Friday, it said in a statement on Thursday. Strong demand thanks to bargains on Black Friday mean the day is usually one of the most profitable for online retailers like Amazon. "Amazon employees have decided to rename Black Friday 'Make Amazon Pay Day'", said Silke Zimmer, the member for retail on Verdi's governing board. "It's not for nothing that half of our colleagues have been with us for over five years," the Amazon spokesperson said.

Persons: Pascal, Verdi, Silke Zimmer, Matthias Inverardi, Louis van Boxel, Woolf, Emma, Victoria Farr, Miranda Murray, Daniel Wallis Organizations: REUTERS, Amazon, Bad, Thomson Locations: Lauwin, France, Germany, Koblenz, Leipzig, Rheinberg, Dortmund, U.S

"The Compact with Africa conference aims to send this signal: You can count on Germany as a partner". The 4 billion euros would be channelled into the common EU-Africa Initiative for Green Energy. The European Union had already announced it would deliver it 3.4 billion euros in grants. German trade with Africa was 60 billion euros ($65.4 billion) last year, which is a fraction of its trade with Asia but up 21.7% on 2021. Ivory Coast President Alassane Ouattara said the number of German companies had tripled in five years while Morocco's Prime Minister Aziz Akhannouch said German investment had increased sixfold since 2015.

Persons: Olaf Scholz, Emmanuel Macron, Ursula von der Leyen, Liesa, Scholz, Christian Lindner, Alassane Ouattara, Aziz Akhannouch, Andreas Rinke, Sarah Marsh, Riham Alkousaa, David Gregorio Our Organizations: French, REUTERS, Rights, Africa, Africa Initiative for Green Energy, European Union, " Finance, Ivory, Morocco's, Democratic, Thomson Locations: Africa, Berlin, Germany, Europe, China, West, Russia, Asia, Ivory Coast, Morocco, Tunisia, Egypt, Senegal, Guinea, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo, Ethiopia

Scholz, who has visited Africa several times since taking office in late 2021, will hold bilateral talks with several African countries on Sunday, before hosting a German-African investment summit at Berlin's Marriott Hotel on Monday morning. African countries have long complained that while Europe talks about investment, China actually provides financing without any moral lecturing. Still, Chinese lending in Africa is in decline, while European interest is rising as it seeks to diversify supply chains. Nearly two thirds of German companies want to expand their business in Africa, according to a study by KPMG and the German-African Business Association. The member countries of the G20 Compact are Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo and Ethiopia.

Persons: jostling, Scholz, Macron, Ursula von der Leyen, Emmanuel Macron, Mark Rutte, Olaf Scholz, Sarah Marsh, Andreas Rinke, Mike Harrison Organizations: Africa, Dutch, African Union, KPMG, African Business Association, Democratic, Thomson Locations: Berlin, Africa, Macron BERLIN, Germany, Berlin's, Europe, United States, Russia, China, Asia, Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo, Ethiopia

☆ Tesla's problems in Sweden are getting worse as dockworkers refuse to unload its EVs from ships
▼ + stars: | 2023-11-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

The mechanics' trade union is ramping up efforts after talks stalled again this week. AdvertisementThe labor dispute over Tesla's refusal to sign a collective wage agreement in Sweden has escalated into a dramatic labor battle. Unions representing multiple industries announced this week that they would join the strike in solidarity with IF Metall, the Tesla mechanics' trade union. The cleaners were joining the labor action "simply because the [IF] Metall Workers Trade Union asked us to," ombudsman Torbjörn Jonsson told Wired. In Germany, the largest labor union secured a 4% pay rise for 11,000 staff at Teslas Berlin Gigafactory.

Persons: Tesla, —, it's, who've, JOHAN NILSSON, Getty, Torbjörn Jonsson, IG Metall Organizations: Service, IF Metall, Metall, Workers, Union, Tesla, Wired, Metall Workers Trade Union, Teslas Berlin Locations: Sweden, Swedish, Malmo, Germany, Grünheide

German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.

Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai

☆ Siemens is case study in China de-risking dilemma
▼ + stars: | 2023-10-04 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +9 min

That’s unsettling for the likes of Siemens, $62 billion carmaker Volkswagen (VOWG_p.DE) and $39 billion chemicals group BASF (BASFn.DE). Factor in the German group’s 32% stake in Siemens Energy (ENR1n.DE) and 75% holding in Siemens Healthineers (SHLG.DE), currently worth 46 billion euros, and it adds up to 156 billion euros. The unit and Siemens’ Airport Logistics unit, which press reports say could be another divestment candidate, may only be worth 4 billion euros combined. Moreover, Kaeser already tried to boost Siemens’ valuation by partially spinning off subsidiaries. As of September, Siemens had bought back 2.5 billion euros of shares since starting a 3 billion euro share repurchase programme in November 2021.

Persons: Roland Busch, France’s Legrand, Busch, Joe Kaeser, he’s, Kaeser, Germany’s Bundesbank, Siemens, Goldman Sachs, Judith Wiese, George Hay, Oliver Taslic Organizations: Reuters, Siemens, Germany’s, Barclays, Reuters Graphics Reuters, Volkswagen, BASF, Software, Dassault, Automation, ABB, Smart Infrastructure, Siemens Energy, Siemens ’ Mobility, France’s Alstom, CRRC Corporation, Siemens ’ Airport Logistics, Siemens Healthineers, Toshiba Corp, Energy, BNP, Bloomberg, Financial Times, Thomson Locations: China, Brussels, Beijing, Germany, EMEA, Swiss, Middle Kingdom, Republic, Shenzhen, Sichuan, Chengdu, Southeast Asia, Indonesia, Vietnam, Thailand

☆ European markets start week higher; German exports dip
▼ + stars: | 2023-09-04 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets kicked the week off on a positive note, buoyed by overnight trade in Asia-Pacific . European stock markets closed mixed on Friday after a key U.S. jobs report showed higher-than-expected new nonfarm payrolls, along with a rise in unemployment. On Monday, German trade data showed a 0.9% month-on-month fall in exports in July, while imports rose by 1.4%. Investors will be keeping an eye on a speech by Christine Lagarde, the president of the European Central Bank. Lagarde will be speaking at the Distinguished Speakers Seminar organised by the European Economics & Financial Centre.

Persons: Christine Lagarde Organizations: Reuters, European Central Bank, European Economics & Financial Locations: Asia, Pacific, U.S

☆ Battling Brexit, some British firms turn to invest in Europe
▼ + stars: | 2023-07-05 | by ( Andy Bruce | ) www.reuters.com time to read: +8 min

German data show British firms opened 170 foreign direct investment projects in Europe's biggest economy last year as companies sought a foothold in the bloc's single market. That's a far cry from the 50 enquiries from British firms - rather than projects committed - recorded by German Trade & Invest in 2015, the year before the Brexit referendum. Pro-Brexit economists say such data ignore the fact British corporate investment boomed in the years before mid-2016, and it was bound to slow. British firms are also waiting to hear how - or even if - London intends to compete with the enormous green energy and tech subsidies pitched by the United States and EU. At Farrat, the effects of Brexit are insidious, running beyond decisions over investments, said Farrell, describing a sense of unease felt towards British firms from potential foreign clients, worn down by years of political turmoil"People are nervous.

Persons: Brexit, Oliver Farrell, Andy Burnham, Burnham, it's, capitalising, Steve Connor, Connor, Jeremy Hunt, Farrell, Dave, Subrah Krishnan Harihara, Andy Bruce, William Schomberg, David Clarke Organizations: European Union, Reuters, German Trade, Invest, Organisation for Economic Co, Development, Reuters Graphics, Labour Party, EU, Creative Concern, European Commission, Manchester Chambers of Commerce, Thomson Locations: MANCHESTER, England, Britain, Manchester, Germany, English, Europe's, Netherlands, France, United States, England's, London, Birmingham, Greater Manchester, Farrat, EU, Warwick, West Midlands

☆ Europe stocks open mixed as investors await data releases
▼ + stars: | 2023-07-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European markets opened mixed on Tuesday, with investors in a cautious mood ahead of data releases and the start of second-quarter earnings season. Data is also due on U.K. average mortgage rates. The U.S. Federal Reserve will release the minutes of its last meeting Wednesday, after Chairman Jerome Powell said there was "more restriction coming." Markets are currently pricing in an 89.9% likelihood of a 25-basis-point hike in interest rates July, according to CME's FedWatch tool. It comes as central bankers and leading economists warn markets not to expect interest rate cuts too fast or too soon.

Persons: Banks, Jerome Powell Organizations: U.S . Federal

☆ Brexit an 'economic disaster' for UK and German trade - DIHK
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 22 (Reuters) - Brexit has been an "economic disaster" for trade and investment ties between the United Kingdom and Germany, leading to a fall in German direct investment and seeing the UK decline in importance as a trading partner, German economists said. "Brexit is an economic disaster for both sides of the channel," Volker Treier, head of foreign trade at the German Chamber of Industry and Commerce (DIHK), told Reuters on Thursday. According to the DIHK, some 2,163 German companies are now active in the UK, 5.2% fewer than in 2016. Germany Trade and Invest (GTAI), an organisation that helps international companies set up business in Germany, has counted more than 1,000 new businesses from the UK since the Brexit vote. Germany's size and central location are an advantage when it comes to attracting UK companies, he added.

Persons: Volker Treier, Treier, Robert Hermann, Rene Wagner, Maria Martinez, Emma Rumney Organizations: European Union, German Chamber of Industry and Commerce, Reuters, Germany Trade, Invest, EU, Thomson Locations: BERLIN, United Kingdom, Germany, Britain, U.S, Switzerland

☆ German public sector workers agree to wage deal with employers
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Annegret HilseBERLIN, April 22 (Reuters) - German public sector workers have agreed on a wage deal with employers, Interior Minister Nancy Faeser and the Verdi union said on Saturday, ending a dispute that has disrupted the transport sector in Europe's biggest economy. The agreement for around 2.5 million workers in the sector follows arbitration. Under the deal, each worker will receive a total of 3,000 euros in tax-free payments in instalments through to Feb. 2024 to help offset inflation, said the ministry in a statement. A surge in the cost of living this year has led to some of Germany's most disruptive strikes in decades. The tax-free payments will show up quickly in wallets," said Interior Minister Nancy Faeser.

Strikes have rolled through France, Portugal, Britain and Germany in recent weeks and could cause air travel disruption in parts of Europe through the Easter holidays, officials at airlines, airports and air traffic authorities told Reuters. There's no doubt about it," said Steven Moore, who is in charge of air traffic management operations at Eurocontrol. Airlines say they have to pay compensation without themselves getting compensated for air traffic delays. Consumer groups say air traffic control strikes are not new and airlines should be quicker to react and pay compensation. He called last week on the European Commission to do more to stop such strikes hitting overflights, by introducing minimum service rules, though industry experts say strikes are a national issue.

☆ Morning Bid: Markets exhale after OPEC+ shock; RBA hits pause
▼ + stars: | 2023-04-04 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

Crude oil continued to tick up, but not at Monday's pace, with Brent a little over $85. Money markets lay 2:1 odds for the Fed to hike by another quarter point over a pause at their next meeting in a month from now. By contrast, the European Central Bank is seen as almost certain to tighten by a quarter point at its meeting around the same time. The Reserve Bank of Australia, for its part, decided to press pause on its year-long rate hiking campaign - as most economists had predicted - amid signs that inflation may have peaked. China has been for the first time keeping at least one nuclear-armed ballistic missile submarine constantly at sea, according to a Pentagon report.

Two of Germany's largest airports, Munich and Frankfurt, suspended flights, while long-distance rail services were cancelled by rail operator Deutsche Bahn (DBN.UL). "Millions of passengers who depend on buses and trains are suffering from this excessive, exaggerated strike," a Deutsche Bahn spokesperson said on Monday. At the same time, in France they go on strike all the time about something," said passenger Lars Boehm. The head of the Bundesbank Joachim Nagel said last week Germany needed to avoid a price-wage spiral. "Despite signs of second-round effects, we have not observed a destabilising price-wage spiral in Germany so far."

☆ Factbox: Strikes, protests in Europe over cost of living, pay and welfare
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

[1/4] A tram driver walks at a tram storage facility during a nationwide strike called by the German trade union Verdi over a wage dispute, in Bonn, Germany, March 27, 2023. REUTERS/Jana Rodenbusch =March 27 (Reuters) - European countries are experiencing a wave of strikes and protests due to high energy prices, a wider rise in living costs, and in France an increase in the retirement age. * Employees are pressing for higher wages to blunt the effects of inflation, which reached 9.3% in February. BRITAIN* The British government is engaged in pay disputes across several sectors as workers demand higher wages to keep pace with surging inflation, with strikes in schools, on railways and in hospitals taking place on a regular basis. * Security staff at London's Heathrow Airport have voted to strike for 10 days, trade union Unite said.

[1/5] A general view inside the Munich Airport during a strike called by the German trade union Verdi over a wage dispute, in Munich, Germany, March 26, 2023. "The people are not only underpaid, they are hopelessly overworked," Frank Werneke, head of the Verdi labour union, told Bild am Sonntag. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at Deutsche Bahn (DBN.UL) and bus companies. "It is a matter of survival for many thousands of employees to get a considerable pay rise," he said.

☆ Flights cancelled in fresh round of strikes at German airports
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/5] Workers strike, after German trade union Verdi called on workers at Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hanover and Bremen airports to go on a 24-hour strike, in Frankfurt, Germany February 17, 2023. REUTERS/Heiko BeckerBERLIN, March 17 (Reuters) - Strikes at four German airports led to the cancellation of hundreds of flights on Friday in the latest bout of industrial action to disrupt travel plans in recent months. German union Verdi called on security and ground handling staff at airports in Duesseldorf, Cologne/Bonn, Stuttgart and Baden-Baden to strike over pay and working conditions. Cologne/Bonn Airport said that 144 flights were cancelled as a result, while Duesseldorf Airport said earlier in the week it was working on a "significantly reduced flight schedule". "No take-offs and landings are possible all day due to the Verdi strike," Stuttgart Airport said in a statement, calling on passengers not to travel to the airport.

☆ No departures at Berlin, Bremen, Hamburg airports as security staff strike
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

[1/5] A person with luggage stands in an airport hall, as airport workers protest at BER airport during a strike called by German trade union Verdi, in Berlin, Germany, March 13, 2023. REUTERS/Christian MangBERLIN, March 13 (Reuters) - Berlin, Bremen and Hamburg airports said no commercial flights would take off on Monday due to a strike by trade union Verdi over pay. "Due to the warning strike by employees at the aviation security controls, no commercial departures will take place at BER today, March 13. Incoming flights may also be affected," Berlin airport said on its website. Verdi has called for security staff to strike at Berlin airport due to disputes over pay for working nights, weekends and bank holidays that had been going on for years.

☆ Lufthansa cancels more than 1,300 flights on Friday due to strikes
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 16 (Reuters) - Lufthansa (LHAG.DE) has cancelled more than 1,300 flights on Friday, including all flights at the Frankfurt and Munich hub airports, as a result of strike action, it said in a statement on Thursday. German trade union Verdi on Wednesday called on workers at Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hanover and Bremen airports to go on a 24-hour strike, saying collective bargaining efforts had made little progress. Writing by Matthias Williams Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Operator warns of 'massive disruptions' in German airports strike
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +3 min

German trade union Verdi on Wednesday called on workers at Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hanover and Bremen airports to go on a 24-hour strike, saying collective bargaining efforts had made little progress. "On Friday, February 17, 2023, there will therefore be massive disruptions to air traffic," said Fraport (FRAG.DE), the operator of Frankfurt airport, which counted more than 48 million passengers in 2022. The walkout also coincides with the start of the 59th Munich Security Conference (MSC), which brings hundreds of delegates to the Bavarian capital, including several global leaders. The issue would be discussed with the airport on Thursday, the Verdi spokesperson added. The union is currently in negotiations for three groups of workers: ground service staff, public sector officials and aviation security workers.

The visit — the first by a G7 leader to China in roughly three years — comes as Germany slides towards recession. A spokesperson for Hamburger Hafen und Logistik (HHLA), the company operating the port terminal, told CNN Business on Thursday that it was still negotiating the deal with Cosco. “The restrictions are suffocating economic growth and heavily impact China’s attractiveness as a destination for foreign direct investment,” he told CNN Business. The ministry did not respond to a request for comment from CNN Business. He predicted that “the large majority will stay committed to the Chinese market and is expecting to expand their business.”Companies appear to be toeing that line.

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