DIRS.INFO The most relevant business & tech news

☆ China renamed its homegrown regional airliner to better sell it abroad. Here's how it compares to its closest rival.
▼ + stars: | 2024-11-17 | by ( Taylor Rains | ) www.businessinsider.com time to read: +6 min

The C909's closest competitors in size and range are the Brazilian-made Embraer E190-E2 and E195-E2. China's state-owned planemaker, the Commercial Aircraft Corporation of China, better known as Comac, has rebranded its regional aircraft to better compete with Airbus, Boeing, and Embraer. AdvertisementEmbraer's larger planes can carry more peopleComac data shows the C909 seats five abreast and can carry 78 passengers in two classes (or up to 97 in a high-density configuration). The Embraer E190-E2 has a shorter range than its sister jet. For example, Virgin Australia agreed to buy eight E190-E2 aircraft in August.

Persons: Comac, Yin Liqin, it's, Chen Duo, Syme, Pratt, Whitney's, Grinsven, Canada's, Cirium Organizations: Airbus, Boeing, Embraer, Commercial Aircraft Corporation of China, Jets, China News Service, Getty, TransNusa, Getty Images China Southern Airlines, Airlines, Royal Jordanian Airlines, Canada's Porter Airlines, Comac, Reuters, Hainan Airlines, Porter Airlines, Colorful Guizhou Airlines, Virgin Australia Locations: Brazilian, China's, China, Europe, Guangzhou, Indonesian, Manado, Amman, Western Europe, Toronto, Los Angeles, Hainan, Zhuhai

But the measures that Beijing’s economic planning agency announced this week proved to be an anticlimax — the trillions of yuan that observers were hoping would be revealed never materialized. Beijing might even miss its annual growth target of 5% — a figure it often surpassed prior to the pandemic. But while Chinese officials project confidence, the markets and the country’s public seem less convinced. Its broader financial lethargy and this week’s market turmoil will hardly be welcomed by Beijing. Costphoto / NurPhoto via Getty ImagesDomestic stimulus aside, there have been outward signs that China’s economy is in trouble.

Persons: Xi Jinping, Long Wei, ”, Keyu Jin, Trump, Joe Biden, isn’t, Fu, Miao Yuqing, Miao, Alicia Garcia, Herrero, what’s, Zheng Shanjie, Yue Su, ” Su Organizations: Beijing, Traders, Investors, CSI, Getty Images, London School of Economics, The, Communist Party, U.S, AFP, Getty, “, Asia Pacific, ”, National, Reform, Economist Intelligence Unit Locations: BEIJING, Shanghai, Hong Kong, China, Beijing, Hangzhou, Long, Lianyungang, Natixis, Guizhou province, Washington

☆ Young Chinese are 'retiring' in the countryside as China's unemployment woes grate
▼ + stars: | 2024-10-02 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

Vcg | Visual China Group | Getty ImagesFed up with China's employment situation, young people on the mainland are retreating to the countryside. China's youth unemployment rate in August hit a new record of 18.8%, the highest since the new system of record-keeping began in December. Young Chinese transplanting rice seedlings in a field. Vcg | Visual China Group | Getty ImagesBut China's young "retirees" have pushed back against criticism that they are too picky or have given up. Such accusations, while unfair, are understandable in Chinese societal culture and context, said Hang Seng Bank China's Wang.

Persons: Gen, Wenzi Dada, Chung Chi, Chung Chi Nien, That's, Chung, Dan Wang, Wang, Keyu Jin, Wenzi, Gen Z Organizations: Visual China, Getty, CNBC, Hong Kong Polytechnic University, Hang Seng Bank, London School of Economics, Hang Seng Locations: Chongqing, China, Guizhou, Wenzi, Yunnan, Sichuan —, Shanghai, Hang Seng Bank China

☆ China’s deadly flooding moves north prompting top rainstorm alert
▼ + stars: | 2024-06-25 | by ( Lex Harvey | Fred He | ) edition.cnn.com time to read: +4 min

The region has been battered by heavy rainfall over the last week, causing deadly flooding and landslides that have killed at least 71 people, according to Chinese state media. Southern Guangdong province, an economic powerhouse home to 127 million people, is subject to annual flooding from April to September. Floodwaters immerse a rural road in Chongzuo, southern China, on June 23, 2024. An excavator works at the site of a landslide in Guizhou province, China on June 24, 2024. Local rivers rose a record 4.59 meters (15 feet), according to Chinese state broadcaster CGTN.

Persons: VCG, John Ricky, Xi Jinping Organizations: Hong Kong CNN, Publishing, China’s Meteorological Administration, Flood, Drought Relief, CGTN, Emergency, Reuters, Getty, CCTV Locations: Hong Kong, China, Southern Guangdong province, Guangdong, Hunan, Chongzuo, Chongqing province, Zhejiang, Hubei, Anhui, China’s, Jiangxi, Guizhou province, Changsha, Local, –, Meizhou, Guangdong province, Yuanlin county, Taoyuan county

☆ Suspected Chinese rocket debris seen falling over village after launch, video shows
▼ + stars: | 2024-06-24 | by ( Nectar Gan | Yong Xiong | ) edition.cnn.com time to read: +6 min

CNN geolocated the video to be filmed from Xianqiao village in Guizhou province, neighboring the launch site province of Sichuan to the southeast. Other videos circulating on Chinese social media platforms analyzed by CNN showed multiple angles of the falling debris. A screengrab taken from video shows suspected Chinese rocket debris falling over Xianqiao village, Guizhou Province, China, following a launch. Before each launch, China’s civil aviation authority typically issues a notice to pilots, known as NOTAM, to warn them against the “temporary danger areas” where rocket debris are likely to be falling. In 2002, a boy in northern China was injured when fragments from a satellite launch fell on his village in Shaanxi province.

Persons: Xi Jinping, Markus Schiller, unsymmetrical, ” Schiller, ”, Schiller, who’s, China –, Russia – Organizations: Hong Kong CNN, CNN, China Aerospace Science, Technology Corporation, State, Information Office, Residents, Stockholm International Peace Research Institute, NASA, European Space Agency, ST Analytics Locations: Hong Kong, China, 3p.m, Sichuan, France, United States, Xianqiao, Guizhou province, Guizhou, Xinba, Guizhou Province, Stockholm, Jiuquan, Taiyuan, Hainan Island, Munich, Germany, Western, Russia, Hunan Province, Shaanxi province, “, Maldives

☆ China gripped by record heat, heavy rain, raising food security concerns in country
▼ + stars: | 2024-06-14 | by ( Edward Szekeres | Robert Shackelford | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China is grappling with extreme weather as severe drought and record temperatures scorch the north while heavy rains inundate the south, raising concerns about food security in the world’s second-largest economy. Areas of the country that produce a lot of rice and wheat have been badly affected, disrupting spring and summer planting seasons. The China Meteorological Administration (CMA) said on Wednesday that 28 regional weather stations broke their respective records for the highest temperature ever recorded in mid June. Meanwhile, southern parts of the country, the top rice growing region, have been grappling with weeks of downpours. These rains appear to be related to a seasonal monsoon pattern that can lead to intense showers over short periods.

Persons: Yang Wentao Organizations: Hong Kong CNN, Agriculture, CCTV, China Meteorological Administration, National Climate Center, Ministry of Agriculture, CMA, Flood, Drought Locations: China, Hong Kong, Henan, Shandong, Fenyang, Shanxi, Zhejiang, Fujian, Jiangxi, Hunan, Guangxi, Guizhou, —

☆ Famous scenic waterfall in China goes viral after video appears to show water coming from pipe
▼ + stars: | 2024-06-05 | by ( Rosa Rahimi | Xiaofei Xu | ) edition.cnn.com time to read: +2 min

CNN —A famous waterfall in China has drawn even more attention than usual – after a video revealed that its majestic falls may be artificially supplied by a water pipe. The Yuntai Waterfall is located in Yuntai Mountain Park, a major tourist attraction in China’s north-central Henan province. A screenshot from a video showing the pipes in Yuntai Waterfall. From WeiboYuntai Mountain Park’s management responded to the video, explaining how changes in the dry season necessitated the extra boost to the falls. The Huangguoshu Waterfall, located in China’s southwestern Guizhou province also suffered in the dry season.

Persons: ”, “ Organizations: CNN, country’s Ministry of Culture, Weibo Locations: China, China’s, Henan, Waterfall, Weibo, Guizhou

☆ Chinese travelers are opting for lower-cost domestic destinations over foreign tourist spots
▼ + stars: | 2024-05-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese travelers are increasingly opting for cheaper domestic destinations over foreign tourist spots. The top reason for preferring their home country was "abundant domestic travel options," the survey found, followed by "too costly" international travel. Local tourism has been a bright spot in China's recovery from Covid-19 controls that ended in late 2022. watch nowDuring a public holiday this year from May 1 to May 5, domestic tourism trips and revenue surged versus pre-pandemic levels in 2019, official data showed. Local authorities said performing arts subsidies from the local governments helped generate 48.3 million yuan in ticket sales to 230,000 people, stimulating about 460 million yuan in economic activity.

Persons: Oliver Wyman, Trip.com, Ashley Dudarenok, Ashley Dudarenok ChoZan Organizations: Nurphoto, Getty, International, CNBC, China Locations: China's Guizhou province, BEIJING, China, Hong Kong, Japan, Covid, Yangzhou, Luoyang, Qinhuangdao, Guilin, Zibo, U.S, Xi'an, Guangxi, Nanjing

☆ Two dead, 21 injured in hospital knife attack in China
▼ + stars: | 2024-05-07 | by ( Xiaofei Xu | ) edition.cnn.com time to read: 1 min

CNN —At least two people were killed and another 21 injured in a knife attack in a hospital in China’s southwestern province of Yunnan on Tuesday, state media reported, citing official sources. The attack, described by state media Xinhua as a “violent incident” took place at a local hospital in Zhenxiong county, the news agency reported, adding that authorities were gathering more information. “Multiple videos from the scene also show a suspect being apprehended by police in a [nearby] wellness center,” Guizhou Television reported. Officials have not yet confirmed whether the suspect arrested is the attacker. An eye-witness interviewed by Chinese state media outlet, The Paper, said the situation remained chaotic as authorities worked to assess the situation.

Persons: ” Organizations: CNN, Xinhua, ”, ” Guizhou Television Locations: China’s, Yunnan, Zhenxiong county, ” Guizhou

☆ Scientists unveil 240-million-year-old ‘dragon’ fossil
▼ + stars: | 2024-02-23 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —Newly-discovered fossils have allowed scientists to reveal a 240-million-year-old “dragon” in its entirety for the first ever time, National Museums Scotland (NMS) said in a statement on Friday. An artist's rendition of the ancient marine creature. Marlene DonellyNow, newer fossils indicate that the creature had 32 vertebrae, creating an extremely long neck that likely helped it to catch fish, though scientists are still unsure of its precise function. “I’m still baffled by the function of the long neck,” Fraser said. They added that the Dinocephalosaurus’ long neck resembled another ancient, and equally baffling, marine reptile Tanystropheus hydroides.

Persons: Dr Nick Fraser, “, Li Chun, Fraser, Chun, Marlene Donelly, “ I’m, ” Fraser, ” Organizations: CNN, National Museums Scotland, National Sciences, Environmental, Royal Society of Edinburgh, Vertebrate Locations: China, NMS, Scotland, Germany, USA, Palaeoanthropology, Beijing, Guizhou Province

☆ China’s spectacular dragon dance is hundreds of years old. Here’s why it continues to dazzle
▼ + stars: | 2024-02-08 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +6 min

CNN —Grab your camera and slap on something flame resistant, it’s time to witness one of China’s most incredible displays – the fire dragon dance. Dragon dances have been documented at ceremonial events since the Han Dynasty (202 BCE to 220 CE), while fire dragon dances began appearing in records during the Qing Dynasty (1644-1911) and in the Republican era (1912-1949). Some historians say fire dragon dances date back even further, to the Ming Dynasty (1368-1644). Puzhai Fire Dragon, Fengshun County, GuangdongEntertainers perform a fire dragon dance to celebrate the Lantern Festival in Puzhai town, in China's Guangdong province. Tongliang Fire Dragon, ChongqingVideo Ad Feedback See a dragon dance with molten iron fireworks 00:56 - Source: CNNThe Tongliang Fire Dragon in Chongqing province is undoubtedly one of the grandest fire dragon dance performances of them all.

Persons: ”, Kwok Kam Chau, Kwok, We’ve, Liu Long Organizations: CNN, Republican, Hong Kong Baptist University, China’s, Steel Locations: Fengshun County, Guangdong, Puzhai, China's Guangdong province, Imaginechina, China, Hunan, China’s, Miao Autonomous Prefecture, Hunan province, Huanglongxi, Sichuan, Chengdu, China's Sichuan province, Chongqing, Chongqing province, majestically, Qicaimeng, Guizhou, Dafang County, Guizhou province

☆ Death Toll in China Landslide Rises to 11, Rescuers Still Search for Missing
▼ + stars: | 2024-01-22 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - The death toll from a landslide in China's Yunnan province rose to 11 on Tuesday as rescue workers battled freezing temperatures and snow to locate dozens of missing people. Rescuers worked through the night sifting deep mounds of earth at the site of the landslide in Zhenxiong County, state-owned China Central Television (CCTV) reported on Tuesday. After the landslide hit on Monday, at least 47 people from 18 households were reported missing, CCTV said. Eight of the missing were found dead on Monday afternoon, according to Zhaotong Daily, a local state-owned media outlet. "The mountain just collapsed, dozens were buried," a man surnamed Gu, who witnessed the landslide, told the state-owned TV station for the neighbouring province of Guizhou.

Persons: Rescuers, Gu, Bernard Orr, Shri Navaratnam Organizations: China Central Television, Sichuan Daily Newspaper Press Locations: BEIJING, China's Yunnan, Zhenxiong County, Zhaotong, Guizhou, Shanghai

☆ Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble
▼ + stars: | 2023-12-05 | by ( Laura He | ) edition.cnn.com time to read: +4 min

A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, ”, Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou

☆ China's factory activity extends declines in November
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

Employees work on the production line of glass panels for mobile phones at a factory in Zunyi, Guizhou province, China March 6, 2023. cnsphoto via REUTERS/File Photo Acquire Licensing RightsBEIJING, Nov 30 (Reuters) - China's manufacturing activity contracted for a second straight month in November and at a quicker pace, an official factory survey showed on Thursday, suggesting more policy support measures are needed to help shore up economic growth. The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion. China's economy has struggled this year to mount a strong post-pandemic recovery, held back by a deepening crisis in the property market, local government debt risks, slow global growth and geopolitical tensions. A flurry of policy support measures has had only modest effect, raising pressure on authorities to roll out more stimulus. Reporting by Joe Cash; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Cash, Sam Holmes Organizations: cnsphoto, REUTERS, Rights, Reuters, Thomson Locations: Zunyi, Guizhou province, China, Rights BEIJING

The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Thursday. The new orders sub index contracted for a second consecutive month, while the new export orders component extended its decline for a ninth month. "Today's PMI reading will further raise expectations towards policy support," said Zhou Hao, economist at Guotai Junan International. "Fiscal policy will be under the spotlight and take centre stage over the coming year and will be closely monitored by the market." Factory PMI has contracted for seven out of the past eight months - rising above the 50-point mark only in September.

Persons: Goldman Sachs, Zhou Hao, Joe Cash, Kim Coghill, Jacqueline Wong Organizations: cnsphoto, REUTERS, National Bureau, Statistics, Standard Chartered, PMI, Guotai, Thomson Locations: Zunyi, Guizhou province, China, BEIJING

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

☆ Exclusive: China's cabinet curbs debt growth in 12 "high risk" regions - sources
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +5 min

The sources were citing a cabinet document dated late September that was delivered to local governments and state lenders this month. The move by China's cabinet, or the State Council, to contain local government debt has not been previously reported. HIGH-RISK REGIONSThe 12 regions were previously identified as areas with "high risks" of defaulting on debt obligations. The massive piles of debt highlights local governments' financial stress, fuelling concerns of a systemic financial crisis. The bond issuance is widely believed to be part of Beijing's measures to defuse debt risks of LGFVs.

Persons: Tyrone Siu, Don Durfee, Raju Gopalakrishnan Organizations: REUTERS, Tyrone, Rights, State Council, Council, LGFVs, Communist Party, Reuters, Beijing, Thomson Locations: Central, Hong Kong, China, Rights BEIJING, Liaoning, Jilin, North Korea, Guizhou, Yunnan, Tianjin, Chongqing

☆ Exclusive: China tells banks to roll over local government debts as risks mount - sources
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +6 min

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.

Persons: Tyrone Siu, ”, National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi

☆ China targets 50% growth in computing power in race against U.S.
▼ + stars: | 2023-10-09 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The MIIT revealed in August that China’s computing power has reached 197 EFLOPS this year, up from 180 EFLOPS in 2022. The ministry said it ranks China as second behind the United States, but did not elaborate on the scale of the U.S. computing power it referenced. According to the plan, China aims to build out more data centres across the country to facilitate businesses' access to computing power. Expansive but less populated provinces in China such as southwestern Guizhou have long been tasked to establish massive data centres to power the country’s internet. For example, Apple (AAPL.O) has set up data centres in Guizhou with a local partner to serve its users in the country.

Persons: Florence Lo, Josh Ye, Sonali Paul Organizations: REUTERS, Ministry of Industry, Information Technology, Google, supercomputing, Apple, Thomson Locations: China, U.S, HONG KONG, Beijing, United States, Guizhou

☆ Sixteen killed in accident at state-owned coal mine in China's Guizhou province
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 25 (Reuters) - Sixteen people were killed in a coal mine accident in Panzhou city in southern China's Guizhou province on Sunday, according to a filing by the mine's owner, Guizhou Panjiang Refined Coal Co, with the Shanghai Stock Exchange on Monday. All coal mines in Panzhou city have suspending production for a day, according to Shanghai-based commodities consultancy Mysteel. The area has a total production capacity of about 52.5 million metric tons per year of mostly coking coal, representing about 5% of China's coking coal production capacity, according to Mysteel. The company operates seven coal mines with a total capacity of about 17.3 million tons. The mine where the accident took place has an annual capacity of 3.1 million tons, according to Mysteel.

Persons: Andrew Hayley, Gerry Doyle Organizations: Shanghai Stock Exchange, Reuters, Authorities, Thomson Locations: BEIJING, Panzhou, China's Guizhou, Guizhou, Shanghai, Inner Mongolia, Beijing

☆ China says more harsh weather in store after tornado kills five
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The latest incident in weeks of destructive and deadly weather spurred authorities to call for vigilance against strong winds in coastal areas near the Yellow Sea off Jiangsu. Tuesday's tornado was brief but fierce, with social media images showing overturned cars, downed power lines and flying debris, much of which littered the streets of Suqian, a city in the north of the province. [1/2]A view shows a tornado in Suqian, Jiangsu Province, China, released on September 19, 2023, in this screen grab obtained from social media video. Weather warnings also went out on Wednesday for the southwestern region of Chongqing, several areas in southwestern Guizhou, southern Hunan, eastern Anhui and central Hubei. Reporting by Bernard Orr and Shanghai newsroom; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Haikui, Bernard Orr, Clarence Fernandez Organizations: Reuters, REUTERS Acquire, Weibo, Thomson Locations: BEIJING, Jiangsu, Tuesday's, Suqian, Jiangsu Province, China, Chongqing, Guizhou, Hunan, Anhui, Hubei, Shanghai

☆ China Says More Harsh Weather in Store After Tornado Kills One
▼ + stars: | 2023-09-19 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Chinese weather officials stepped up warnings against heavy rain and strong winds in several regions, state media said on Wednesday, a day after a violent tornado wreaked havoc in the eastern province of Jiangsu, killing one person. The latest incident in weeks of destructive and deadly weather spurred authorities to call for vigilance against strong winds in coastal areas near the Yellow Sea off Jiangsu. Tuesday's tornado was brief but fierce, with social media images showing overturned cars, downed power lines and flying debris, much of which littered the streets of Suqian, a city in the north of the province. "I was at the door and witnessed the wind, solar energy devices, and trees flying in the air," wrote one user of popular social media platform Weibo. Warnings also went out for the southwestern region of Chongqing, several areas in southwestern Guizhou, southern Hunan, eastern Anhui and central Hubei.

Persons: Haikui, Bernard Orr, Clarence Fernandez Organizations: Weibo Locations: BEIJING, Jiangsu, Tuesday's, Suqian, Chongqing, Guizhou, Hunan, Anhui, Hubei, Shanghai

☆ Tesla shows interest in Sunrise New Energy's battery components
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 13 (Reuters) - Battery components maker Sunrise New Energy (EPOW.O) said on Wednesday that it had received interest for its products from electric vehicle maker Tesla Inc (TSLA.O). The China-based company, through its joint venture, manufactures and sells graphite anode material for lithium-ion batteries. Sunrise's joint venture is also constructing a 260,543 m2 manufacturing plant in China's Guizhou province. Sunrise said it had received request from Tesla's battery raw materials team to provide technology details, manufacture plans and available capacity for its products. Tesla has been making supply deals with lithium companies including Liontown Resources (LTR.AX) and Core Lithium (CXO.AX) to meet raw material demand for its vehicles.

Persons: Arnd, Tesla, Tanay, Maju Samuel Organizations: REUTERS, Sunrise New Energy, Tesla Inc, Liontown Resources, Thomson Locations: Bern, Switzerland, China, China's Guizhou, Bengaluru

☆ China’s growth is buried under great wall of debt
▼ + stars: | 2023-09-13 | by ( Yawen Chen | ) www.reuters.com time to read: +8 min

Most of these 3,000-plus entities were created by local governments during the 2008 crisis to skirt a central government ban on direct state borrowing. These vehicles had already accumulated 80 trillion yuan of liabilities at the end of 2022, according to analysts at Guosheng Securities. At a more optimistic 30% discount, the proceeds would jump to 55 trillion yuan, which would cover all outstanding interest-bearing debt. S&P analysts calculate that about 20 trillion yuan of LGFVs’ loans may be at risk of restructuring. If Xi won't boost property wholeheartedly and is not able to count on consumers, his efforts to revive China’s growth have to focus on smashing the great wall of local debt.

Persons: Wen Jiabao, Xi Jinping, Wen, Xi, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, HK, Guosheng Securities, Citi, Finance, Reuters Graphics, Financial Times, Investment, Oxford Economics, Thomson Locations: Beijing, China, Shanghai, New York, China's Southwestern Guizhou, United States

BEIJING, Sept 4 (Reuters) - Kweichow Moutai (600519.SS) and coffee brand Luckin Coffee (LC0Ay.MU) on Monday launched in China a latte advertised as containing the fiery Chinese spirit baijiu, as the Chinese luxury liquor maker aims to pull in younger consumers. The companies said the latte alcohol content was lower than 0.5% of its volume. By Monday afternoon in Beijing and Shanghai, Luckin's app showed that the drink had sold out at several stores. "Moutai and Luckin are the leading enterprises in the domestic liquor and coffee sectors, respectively," Zhu said. ($1 = 7.2640 Chinese yuan)Reporting by Sophie Yu and Brenda Goh; Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Moutai, Kweichow Moutai, Zhu Danpeng, Zhu, Luckin, Sophie Yu, Brenda Goh, Gerry Doyle Organizations: Monday, Weibo, Luckin, Nasdaq, Thomson Locations: BEIJING, China, China's, Guizhou, Beijing, Shanghai

Search resuls for: "Guizhou"

25 mentions found