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☆ Adani Group shares nosedive after chairman Gautam Adani charged with fraud in New York
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group saw shares of its companies plunge Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his alleged involvement in an extensive bribery and fraud operation. The Indian group's flagship firm Adani Enterprises fell 10%, while the company in the eye of the storm Adani Green Energy tanked 17.28%. Adani Energy fell 20%. Adani Power lost 13.81%, Adani Port's share price dropped 10%, while the group's retail arm Adani Wilmar shed 7.87%.

Persons: India's, Gautam Adani, Adani, Sagar Adani, Ranjit Gupta, Rupesh Agarwal, Saurabh Agarwal, Cyril Cabanes, Deepak Malhotra, CDPQ, shortseller, Hindenburg, Raymond James ', Matt Orton Organizations: Adani Defence, Aerospace, Aero, Air Force, India's Adani, Adani Enterprises, Energy, Adani Energy, Adani Power, NSE, Adani Green Energy, Power, Quebec, U.S, Hindenburg Research, CNBC Locations: Bengaluru, India, New York, U.S, Brooklyn

☆ Elon Musk's DOGE is looking to Argentina for inspiration to slash public spending
▼ + stars: | 2024-11-21 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +5 min

Both men admire Javier Milei, the Argentine leader elected on a pledge to slash the state. About a year ago, standing in front of a whiteboard with a gleam in his eye, Javier Milei started pulling apart Argentina's government. Javier Milei pulls apart a chart of Argentina's state in a video published on September 9, 2023. AdvertisementHarsh medicineHis measures helped tame a crisis: Argentina's inflation was 25.5% when Milei took office, and as of October, it was 2.7%. Argentinians have taken to the streets to protest against Javier Milei's economic policies since his election.

Persons: Elon Musk, Vivek Ramaswamy, Javier Milei, Milei, Lex Fridman, — Milei, Maria Victoria Murillo, Argentinians, Javier, Luciano Gonzalez, Donald Trump's, Trump, Ramaswamy, Musk Organizations: Argentine, Ministry, of Environment, Sustainable, Government, Social Security, US, Institute of Latin American Studies, Columbia University, Anadolu, Getty Images Kimberley, Economics, America, Republicans Locations: Milei, Argentine, Argentina, Mar, Buenos Aires

☆ Adani vs. Hindenburg: How one of India's biggest empires descended into chaos
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Gautam Adani, the billionaire chairman of India's Adani Group, was indicted on Wednesday along with seven others in New York federal court for his involvement in a large-scale bribery and fraud scheme. March 2023 to May 2023In March, India's Supreme Court sets up an independent six-member panel to investigate the allegations made in the Hindenburg report. Then in May, the court-appointed panel said it has "drawn a blank" in its probe into Adani group, according to Reuters. December 2023 to January 2024By the end of 2023, Adani Enterprise shares had recovered from the fallout and concluded the year with smaller declines of 26%. Modi has been accused by opposition leader Rahul Gandhi for assisting the Adani Group in securing contracts in Sri Lanka, India and Australia.

Persons: Gautam Adani, Hindenburg, Adani, Madhabi Puri, Narendra Modi, Modi, Rahul Gandhi Organizations: Hindenburg Research, India's, Adani, Hindenburg, Adani Enterprises, Reuters, Adani Enterprise, Bloomberg, Indian, Forbes Locations: Krakow, Poland, New York, Asia, Madhabi Puri Buch, Sri Lanka, India, Australia

VIENTIANE, Laos — Women and racial diversity are vital to the strength of U.S. armed forces, outgoing Defense Secretary Lloyd Austin said in an exclusive interview with NBC News as he prepares to shortly exit the top military post after four years. “I would tell you that, you know, our women are the finest troops in the world. Our military is going to remain a diverse military," Austin said. Austin did not weigh in on what he thinks about Trump's choice of Hegseth to lead the Department of Defense. Austin, a four-star general who was previously commander of U.S. Central Command, was appointed as Secretary of Defense by President Joe Biden and was sworn in on Jan. 22, 2021.

Persons: Lloyd Austin, “, ” Austin, Donald Trump’s, Pete Hegseth, Hegseth, ”, Austin, Trump, Biden, Vladimir Putin, —, we've, Joe Biden, Lester Holt Organizations: NBC News, Defense, Army National Guard, Pentagon, Senate, Republicans, Department of Defense, ., Korean, U.S . Central Command, NBC Locations: VIENTIANE, Laos, Iraq, Afghanistan, United States, Ukraine, Russia, U.S, Russia's Kursk, Jan

The United States said Wednesday that its embassy in the Ukrainian capital, Kyiv, had closed after receiving "specific information of a potential significant air attack." "Out of an abundance of caution, the Embassy will be closed, and Embassy employees are being instructed to shelter in place," it said in a security alert, recommending U.S. citizens take shelter if an air alert is announced. Shutting the embassy is not an unprecedented move amid the war, which reached its 1,000th day Tuesday. Searchlights look for Russian drones in the skies over Kyiv, in the early hours of Wednesday morning. Moscow could justify a nuclear strike if subject to an attack by a nonnuclear country that is supported by a nuclear country, according to the revised doctrine.

Persons: Serhii, Gleb Garanich, Vladimir Putin Organizations: Embassy, Kyiv’s, Military Administration, Reuters Locations: States, Kyiv, Ukrainian, Russian, Dniprovskyy, Ukraine, Bryansk, Moscow

☆ DOGE should push its cuts 'to the very limit,' says Argentine president who inspired Musk and Ramaswamy
▼ + stars: | 2024-11-20 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +2 min

AdvertisementElon Musk and Vivek Ramaswamy, co-heads of DOGE, are working out how to cut the federal government. Milei closed nine ministries, firing thousands of officials, and cut spending by an estimated 31%. Argentina's president says Elon Musk and Vivek Ramaswamy should all go "all the way" in cutting US federal spending. Both Musk and Ramaswamy have repeatedly praised Milei and taken inspiration from him for their Department of Government Efficiency. While Milei has achieved most of his sweeping cuts via executive decree, US spending cuts would likely involve working with Congress, where Republicans will hold just a slim majority.

Persons: Elon Musk, Vivek Ramaswamy, Javier Milei, Lex Fridman, Milei, Fridman, Ramaswamy, Musk, Donald Trump's Mar, Musk's Tesla Organizations: Ramaswamy, Government, Fox News, United Nations, Congress Locations: Argentine, Argentina, Milei, Lago, Musk's, Austin, New York

☆ Delta CEO says Trump administration's approach to regulation could be 'breath of fresh air'
▼ + stars: | 2024-11-20 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Delta Air Lines CEO Ed Bastian said the Trump administration's approach to regulation could be a "breath of fresh air." Speaking to reporters ahead of Delta's investor day, Bastian noted that President-elect Donald Trump campaigned saying he would take a "fresh look" at regulation and bureaucracy. "We have to invest in this industry," American Airlines CEO Robert Isom said at the Skift Aviation Forum in Dallas last week. In an interview last week, Sun Country Airlines CEO Jude Bricker said: "We just need stability and resources at the DOT." Industry members and analysts also expect the incoming administration to be more open to mergers and consolidation.

Persons: Ed Bastian, Bastian, Donald Trump, Pete Buttigieg, Trump, Sean Duffy, Duffy didn't, Robert Isom, Jude Bricker, Joe Biden's Organizations: Delta Air Lines Inc, Delta Air, Trump, U.S . Department of Transportation, Delta, Fox Business, U.S, Federal Aviation Administration, American Airlines, Skift Aviation, Sun Country Airlines, Industry, Alaska Airlines, Hawaiian Airlines, Biden's Justice, Spirit Airlines, JetBlue Airways, JetBlue Locations: New York, Dallas, U.S

☆ CNBC Daily Open: Anticipation over Nvidia’s earnings overshadows geopolitical risks
▼ + stars: | 2024-11-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

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. Russia warns of nuclear responseUkraine "struck a facility in [the] Bryansk region" of Russia using six U.S.-made missiles, said Russia's Ministry of Defense. On Tuesday, Russian President Vladimir Putin updated the country's nuclear doctrine, expanding the circumstances that would warrant a response using nuclear weapons. Markets recovered from jittersU.S. markets mostly closed higher on Tuesday after dipping in response to news of heightened geopolitical tensions.

Persons: Vladimir Putin, Cristiano Amon's, Atomico, Goldman Sachs, David Kostin Organizations: CNBC, Ministry of Defense, Micro Computer, Eurostat, Qualcomm Qualcomm, Qualcomm, Venture Locations: Russia, Ukraine, Bryansk, jitters U.S, New, Europe, Tuesday's, U.S

☆ Treasury yields rise as investors weigh geopolitical tensions, economic data
▼ + stars: | 2024-11-20 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by over four basis points to 4.4178%. The 2-year Treasury yield was last trading at 4.2932% after rising by more than two basis points. U.S. Treasury yields were higher on Wednesday as investors considered the geopolitical situation and assessed the latest economic data. Elsewhere, investors weighed the latest economic data, with new housing starts falling short of expectations in October, and building permits slipping month over month, according to data published Tuesday. Later in the week, investors will be watching out for October's flash purchasing managers' index reports from S&P Global for the services and manufacturing sector.

Persons: Vladimir Putin, Donald Trump's Organizations: Treasury, U.S, Investors, Global, Federal Reserve Locations: Russia, Ukraine, U.S, Ukraine's, Kyiv

Learn moreThe 2024 Billie Jean King Cup comes to an end with a final showdown between Slovakia and Italy. We'll show you where to watch the Billie Jean King Cup final, including global live streaming options. It's a familiar scene for both Slovakia and Italy as they enter the final at the Billie Jean King Cup. Check price at FuboWhere to watch the Billie Jean King Cup in the UKThe Billie Jean King Cup Final airs on the Tennis Channel in the UK, which is streamable through the Tennis Channel website. Where to watch the Billie Jean King Cup in AustraliaBillie Jean King Cup Final coverage will be available through beIN in Australia.

Persons: Billie Jean King, Italy's Jasmine Paolini, Sara Errani, Swiatek, Katarzyna Kawa, Australia Billie Jean King, It's, ExpressVPN Organizations: Business, Billie Jean King Cup, Tennis Channel, DirecTV, Entertainment, Elite, Sports, Fubo Locations: Slovakia, Italy, We'll, Canada, Iga, Poland, Australia, beIN

☆ Patrick Schwarzenegger says the upcoming third season of 'The White Lotus' is 'insane'
▼ + stars: | 2024-11-20 | by ( Olivia Singh | ) www.businessinsider.com time to read: +2 min

AdvertisementPatrick Schwarzenegger spoke to Business Insider about season three of "The White Lotus." Patrick Schwarzenegger can sum up season three of "The White Lotus" in one succinct phrase: "Absolutely fucking insane." Season one was set in Hawaii, while season two took place in Sicily, Italy. Details remain under wraps, but the cast includes Schwarzenegger, "Fallout" actor Walton Goggins, Blackpink member Lisa, and returning "White Lotus" star Natasha Rothwell. While fans eagerly await more crumbs of information about season three of "The White Lotus," Schwarzenegger is looking forward to spending time with his friends and family — and enjoying an espresso martini or two.

Persons: Patrick Schwarzenegger, Schwarzenegger, Mike White's, Walton Goggins, Lisa, Natasha Rothwell, who's, Goggins, Ketel Organizations: HBO, Ketel Locations: Thailand, Hawaii, Sicily, Italy

☆ Ford to cut 14% of European jobs, blaming EV shift and rising competition
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: +2 min

Ford Explorer electric cars are parked on car transporters on the Ford factory premises. It is the first electric car from Ford in Europe. The US car manufacturer Ford wants to cut 2,900 jobs in Germany by the end of 2027 in order to reduce costs. Ford said on Wednesday it would cut around 14% of its European workforce, blaming significant losses in recent years compounded by weak demand for electric vehicles, a lack of government support for the shift to EVs, and rising competition. The European Union has slapped tariffs on Chinese-made EVs, saying they benefit from unfair subsidies from China's government.

Persons: Ford, Donald Trump, John Lawler Organizations: Ford, Nissan, Volkswagen, European Locations: Ford, Europe, Germany, U.S, China, United Kingdom, Berlin

☆ Comcast doesn't want its cable TV networks anymore
▼ + stars: | 2024-11-20 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

One of the country's biggest cable TV companies doesn't want its cable networks anymore. That's the pitch Comcast is making Wednesday as it announces plans to split off almost all of its cable TV networks into a new company. Into the spinco goes every cable network Comcast owns except for Bravo. For the record: Comcast says it thinks the cable networks it is ditching can be successful on their own. And as I said last month: Comcast is getting rid of its basic cable networks for the same reason everyone who owns basic cable networks would like to get rid of their cable networks.

Persons: Brian Roberts, Trump, Kamala Harris, Brendan Carr, Trump's Organizations: Cable, Comcast, Bravo, CNBC, MSNBC, NBC, Paramount, Warner Bros, Discovery, Disney, Federal Communications Commission, CBS, Fox News Locations: USA

☆ Russia's top central banker says the country's economy is at a 'turning point'
▼ + stars: | 2024-11-20 | by ( Meghan Morris | Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia's central bank has been hiking its key interest rate to combat inflation. Business leaders have slammed Russia's increasing interest rate, saying it restricted their growth. Russia's top central banker, Elvira Nabiullina, told the government yesterday that the country is approaching a "turning point" for inflation and interest rates, Moscow-based RBC Group reported. Last month, to tame prices, Russia's central bank hiked its key interest rate to a record high of 21%. He also downgraded Russia's fixed capital investment growth from 1.9% to 1%, blaming the central bank's key rate.

Persons: Elvira Nabiullina, Nabiullina, Andrei Klepach, Alexander Shokhin Organizations: Business, RBC Group, State Duma, Industrialists Locations: Moscow, Ukraine, Russia, Russian Union

☆ Nobel laureate Simon Johnson is skeptical that Trump will be able to follow up on his two biggest campaign promises — here's why
▼ + stars: | 2024-11-20 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

"I'm skeptical he'll actually do it," Johnson said of Trump's tariff policy. With all of these negative implications, Johnson isn't convinced that Trump's tariffs will be as drastic as they were presented on the campaign trail. Mass deportation is a logistical nightmareTrump's mass deportation plans don't make economic sense to Johnson, either. It's still too early to predict how Trump's policies will pan out, but for now, Johnson is seeing drastic barriers to Trump's tariff and immigration plans. Should Trump go through with his tariff and immigration policies, it'll be up to the American people to judge their efficacy and implementation.

Persons: Donald Trump, Nobel, Simon Johnson doesn't, Johnson, Simon Johnson, Trump, We've, They're, he'll, Jan Hatzius, Goldman Sachs, Johnson isn't, it's, Thomas Homan, That's, It's, they're, it'll Organizations: Massachusetts Institute of Technology, Trump, American Immigration Locations: China, Johnson, Vietnam, Mexico, United States

☆ California child tests positive for bird flu with no known exposure to infected animals
▼ + stars: | 2024-11-19 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

California health officials on Tuesday reported a possible case of bird flu in a child with mild symptoms. A bird flu test on the child four days after the positive result came back negative. Bird flu has been spreading rampantly in poultry since 2022 in the worst such outbreak the U.S. has ever experienced. California represents the largest share of human bird flu cases in the U.S. so far, with 27 confirmed, not counting the child in Alameda County. In Canada, health officials reported the country's first human case of bird flu last week, in a teenager hospitalized and in critical condition.

Persons: It's, farmworkers, Tomás Aragón Organizations: San Francisco Bay Area, California Department of Public Health, Centers for Disease Control, Health Locations: California, Alameda County, San Francisco Bay, U.S, Oregon, Alameda County . Washington, Colorado, Canada

Norway's royal family found itself embroiled in an intensifying scandal Tuesday after the son of the country's crown princess was arrested on suspicion of rape. They add to the growing list of charges against the Oslo socialite, the eldest child of Norwegian Crown Princess Mette-Marit from a relationship prior to her marriage to Crown Prince Haakon. It was the police who brought the provisional rape charge, not the alleged victim, her lawyer Hege Salomon told Norwegian newspaper Aftenposten. And Borg Hoiby has pleaded not-guilty to separate charges related to two past relationships. According to police, when he was arrested Monday Borg Hoiby was in a car with the alleged victim from the August incident.

Persons: Marius Borg Hoiby, Mette, Marit, Crown Prince Haakon, Borg Hoiby, Oyvind Bratlien, Simen, Hege Salomon, Salomon, “, ” Borg Hoiby, Prince Haakon, Princess Ingrid Alexandra, Prince Sverre Magnus, Martha Louise Organizations: Oslo, NRK, NBC News, Communications, NBC, Norwegian, Police, American Vogue Locations: Oslo, Norwegian, American

Russian President Vladimir Putin formally lowered the threshold for his country's use of nuclear weapons Tuesday, days after the United States allowed Ukraine to strike inside Russia using American missiles. The Kremlin announced that Putin had approved an updated nuclear doctrine — a document that governs how Russia uses its nuclear arsenal — including the declaration that Moscow could unleash a nuclear strike if subject to an attack by a non-nuclear country that has the support of a nuclear state. “The nuclear doctrine update was required to bring the document in line with the current political situation,” Kremlin spokesperson Dmitry Peskov told the TASS state news agency in comments published early Tuesday. Still, the use of nuclear weapons would be a “last resort measure,” he added. Putin had signaled the update to his country’s policy earlier this year as he sought to warn the West against loosening restrictions on Kyiv's use of long-range weapons to strike deep inside Russia.

Persons: Vladimir Putin, Putin, Dmitry Peskov, Peskov, Biden Organizations: Kremlin, TASS, Russian Federation, NATO, NBC News Locations: United States, Ukraine, Russia, American, Moscow, Belarus, U.S, Russia's Kursk, Washington

☆ Apple reportedly offers $100 million investment to end iPhone 16 sales ban in the world's 4th-most-populous country
▼ + stars: | 2024-11-19 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

AdvertisementApple has offered a $100 million investment to lift Indonesia's iPhone 16 sales ban, Bloomberg says. Indonesia has blocked iPhone 16 sales because they do not contain 40% locally made components. Apple has reportedly offered to invest $100 million in Indonesia to reverse a ban on iPhone 16 sales in the world's fourth-most populous nation. AdvertisementIndonesia's Ministry of Industry last month blocked Apple from selling its iPhone 16, which first launched in September, for failing to comply with regulations. As the world's fourth-most populous nation with over 280 million citizens, Indonesia is an increasingly important Apple market.

Persons: —, Apple hadn't Organizations: Apple, Bloomberg, Indonesia's Ministry, Industry, Indonesia's Ministry of Industry, Business Locations: Indonesia, Cupertino, Asia's, Bandung, Jakarta

☆ Market veteran Howard Marks cautions that China's economic growth target is a 'Herculean challenge'
▼ + stars: | 2024-11-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Veteran investor Howard Marks said he was hopeful about China's economy, but cautioned that the country's growth target was a monumental challenge. China has set a growth target of "around 5%" for 2024, though Bank of America and Citigroup, among others, have projected the world's second-largest economy will grow at under 5%. The World Bank has pegged China growth in 2024 at 4.8%, and expects it to decline further to 4.3% next year, despite a recent slate measures to boost the economy. The World Bank cited headwinds such as sluggish Chinese consumer spending, a struggling property market and an ageing population as key concerns for the world's second-largest economy. "You can't produce economic growth through stimulus perpetually.

Persons: Howard Marks, Marks, CNBC's Emily Chan, it's, Donald Trump's, Xi Jinping Organizations: Oaktree Capital Management, Global Financial, Investment Summit, Hong Kong Monetary Authority, Bank of America, Citigroup, Bank, People's Bank of China Locations: China

☆ Trump taps Dr. Mehmet Oz to lead Centers for Medicare and Medicaid Services
▼ + stars: | 2024-11-19 | by ( Alice Tecotzky | Kelsey Vlamis | ) www.businessinsider.com time to read: +1 min

AdvertisementPresident-elect Trump has tapped Dr. Mehmet Oz, tv celebrity and surgeon, to run the agency. Trump said Oz will "cut waste and fraud" in the agency that oversees Medicare and Medicaid. Oz ran for Senate in 2022 and does not have experience leading a large government bureaucracy. President-elect Donald Trump has named Mehmet Oz, a television personality and surgeon, to run the Centers for Medicare and Medicaid. The CMS oversees Medicare and Medicaid, among other services.

Persons: Trump, Mehmet Oz, Oz, Donald Trump, Robert F, Kennedy Jr Organizations: Medicare, Agency, Healthcare, Department of Health, Human Services, Pennsylvania Senate Locations: Pennsylvania

☆ 'Top quality asset': Strategist names his top stock to buy in India right now
▼ + stars: | 2024-11-19 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Indian markets have been under pressure in recent weeks, but strategist Matt Orton remains bullish on the country, revealing "one of his favorite" stocks right now. ICIC Bank One stock that stands out to Orton is private bank and financial services player ICICI Bank . "ICICI Bank is one of my favorite picks because it's just a top-quality asset. ICICIBANK-IN YTD mountain Year-to-date shares in ICICI Bank Orton said ICICI is among the three "domestic systemically important banks," or those considered " too big to fail " banks by the Reserve Bank of India. According to FactSet data, of 44 analysts covering the stock, 41 give it a buy or overweight rating, while the remaining three have a hold call.

Persons: Matt Orton, Raymond James, CNBC's, Orton, it's, ICICI Bank Orton, Jefferies Organizations: Raymond James Investment Management, Bombay Stock Exchange, ICICI Bank, India's, Bombay Stock Exchanges, ICICI, Reserve Bank of India Locations: bullish, India, U.S, Mumbai

☆ Doubts mount over Britain’s ambitious growth plans — with warnings of further tax rises possible
▼ + stars: | 2024-11-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

A higher economic growth rate could theoretically boost the government's tax take without the need to raise taxes further, because overall revenues would be higher. The OBR now expects U.K. real GDP growth of 1.1% in 2024, followed by expansion of 2% in 2025, before falling to 1.5%. The Labour government did not immediately respond to CNBC's request for comment on further possible tax changes. 'Desperate' growth ratesThe U.K. economy barely grew in the third quarter, eking out a less-than-expected 0.1% expansion, data from the Office for National Statistics showed Friday. We've had 1% growth, or around 1% growth now since the Financial Crisis.

Persons: Rachel Reeves, James Smith, CNBC's, John Grieve, Reeves, Gieve, —, Labour's, ING's Smith, We've Organizations: Treasury, Getty, Labour, Finance, ING, of, CNBC, National Insurance, Office, National Statistics, Gross Locations: London, England

☆ Xpeng's CEO says most Chinese carmakers will not survive the next decade
▼ + stars: | 2024-11-19 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

But Xpeng's CEO, He Xiaopeng, says most Chinese carmakers will not exist in 10 years. He predicted that only seven major car companies would eventually be left in China. Xpeng CEO He Xiaopeng doesn't think most Chinese carmakers will survive the next decade. AdvertisementMercedes-Benz CEO Ola Källenius took a similar position to He when asked about the threat posed by Chinese EV makers at the Berlin Global Dialogue conference in October. Chinese carmakers like BYD have also attempted to conquer the global electric vehicle market.

Persons: Xiaopeng, Ola Källenius, Källenius, Stephen Dyer, BYD, Brian Gu Organizations: EV, Singaporean, The Straits Times, Business, CNA, Benz, Berlin Global, Getty, —, Wall Street Journal, Research, BI Locations: China, Xpeng, Thailand, Brazil

☆ China offers a 'unique diversification opportunity,' says Bridgewater's co-CIO
▼ + stars: | 2024-11-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But China offers a unique diversification opportunity, said Bridgewater Associates' co-CIO. Bridgewater's China hedge fund added local stocks after Beijing's stimulus-driven rally. AdvertisementThis is largely due to lower correlations between different markets as countries turn inward, Prince told the media outlet. They are also lowering correlations across markets, Prince told SCMP. Bloomberg reported in October that Bridgewater's onshore China hedge fund was adding local stocks after a September stock rally following Beijing's aggressive stimulus.

Persons: Asia —, Bob Prince, Prince, SCMP, Ray Dalio, Donald Trump's Organizations: Bridgewater Associates, South China Morning, Reuters, Bloomberg Locations: China, Asia, North America, Europe, Bridgewater

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