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☆ Analysis: Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +5 min

The trend will spread abroad with growing exports of China-made electric SUVs. The market for SUVs has boomed in China over the past decade and now represents almost 40% of all cars sold, with 400 SUV models of all fuel types. Legacy automakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Toyota (7203.T) are counting on new electric SUVs to bolster China sales. Tesla and Renault (RENA.PA) have already been exporting their China-made electric SUVs to Europe on a large scale. Chinese automakers have their own plans to grow electric SUV sales to Europe.

REUTERS/Niharika Kulkarni/File PhotoBENGALURU/SINGAPORE, May 6 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%, two sources with direct knowledge of the matter told Reuters. The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned (TITN.NS) Tanishq and CaratLane, and Kalyan Jewellers (KALN.NS). While Temasek's interest in investing in Bluestone has been previously reported, Reuters is first to report details of an investment amount, the potential valuation and other financial details of the potential deal. BlueStone CEO Gaurav Kushwaha did not immediately respond to Reuters' request for comment, while Temasek declined to comment.

☆ No harmful chemical levels in air after Shell Texas chemical plant fire, company says
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] An olefins unit burns in fire at Shell Deer Park, Texas chemical plant in this screengrab obtained from social media on May 5, 2023, in Deer Park, Texas, U.S. Johnny Walea via TMX/via REUTERSMay 6 (Reuters) - Air monitoring around an extinguished fire at the Shell Plc's (SHEL.L) chemical plant in Deer Park, Texas, showed no harmful levels of chemicals in the air, the company said on Saturday, added that there was no threat to the surrounding community. The fire broke out shortly before 3 p.m. CDT (2000 GMT) on Friday after in an olefins unit at the plant in the Houston suburb. Five people were taken for evaluation of possible injuries due to exposure to burned chemicals, the county sheriff said on Friday. The company on Saturday said in a series of tweets that the fire was extinguished and air monitoring has detected no harmful levels of chemicals. Operations at the refinery continued despite the fire in the chemical plant, sources familiar with the refinery's operations said.

☆ Six injured in Shell Texas chemical plant fire
▼ + stars: | 2023-05-05 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

HOUSTON, May 5 (Reuters) - Six people were injured after a fire broke out in an olefins unit on Friday at Shell Plc's (SHEL.L) Deer Park, Texas chemical plant, said five people familiar with plant operations. A large column of black smoke could be seen rising from the fire in the olefins unit located near Highway 225 in the Houston suburb of Deer Park, the sources said. In a notice posted on a website for nearby residents, Shell said there was a fire at the chemical plant. All personnel at the plant at the time the fire broke out had been accounted for by 4 p.m. CDTOperations at the neighboring Pemex (PEMX.UL) refinery were continuing despite the fire in the chemical plant, said sources familiar with the refinery's operations. Pemex bought the Deer Park refinery from Shell in 2022.

The Shenzhen-listed company, known for its flagship SF Express delivery business, has started preparations for the Hong Kong listing and aims to file the prospectus with the Hong Kong exchange by June, one of the sources said. SF Holding, which has a market value of 267 billion yuan ($38.63 billion), did not immediately respond to Reuters' request for comment. Bloomberg News on Friday first reported SF Holding's listing plans, citing people familiar with the matter. Its express delivery business covers nearly 100 countries overseas including the United States and Japan, according to its 2022 annual report. SF went public in Shenzhen in 2017 and listed two of its units - SF Real Estate Investment Trust (2191.HK) and Hangzhou SF Intra-City Industrial (9699.HK) - in Hong Kong in 2021.

☆ Shrinking US cattle herd squeezes meatpacker profits
▼ + stars: | 2023-05-04 | by ( Tom Polansek | ) www.reuters.com time to read: +5 min

Cargill, the world's largest ground beef producer, expects cattle prices will rise further, but it is still a question whether higher beef prices will ruin consumers' appetites, company executives said. Big profits for meatpackers during the pandemic and soaring beef prices fueled concerns in the Biden administration about consolidation and profiteering in the sector. The companies say supply and demand determine cattle and beef prices. In 2023, "the cattle feeder can negotiate more of the consumer dollar," said Brett Gottsch, managing partner Gottsch Cattle Co, which raises cattle in Nebraska. Gottsch remains concerned about a lack of competition among meatpackers, though others said surging cattle prices show the market works.

☆ Volkswagen, Bosch give up joint venture plans for battery cells
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' DelgadoMay 4 (Reuters) - Volkswagen (VOWG_p.DE) and Bosch (ROBG.UL) have cancelled their plans to create a joint venture to equip battery cell factories, Bosch said on Thursday. "We are not setting up a joint venture," Bosch Chief Executive Officer Stefan Hartung said, adding that the partnership with the German carmaker to digitise its battery factories would continue. The joint venture, announced at the beginning of 2022, was designed to deliver battery production systems, as well as assisting battery cell manufacturers in scaling up and maintaining their production sites. "Volkswagen and PowerCo are sticking to their plan to get involved in equipping battery cell factories in the future.

While Qualcomm hopes smartphone sales will recover in China in the second half of the year, CEO Cristiano Amon told investors on a conference call that "we have not seen evidence of meaningful recovery and are not incorporating improvements into our planning assumptions." The company said a larger-than-normal decline in its chip revenue forecast from the prior quarter was mainly due "to the timing of purchases by a modem-only handset customer." Qualcomm forecast chips revenue of $6.9 billion to $7.5 billion. Qualcomm also faces stiffer competition, especially for high end smartphone chips, from Taiwan's MediaTek (2454.TW). Qualcomm forecast total revenue of $8.1 billion to $8.9 billion in the third quarter.

Bunge reaffirmed its full-year 2023 outlook of adjusted earnings of $11 per share, citing likely weaker results from its Agribusiness and Milling divisions but improved profits in its Refined and Specialty Oils unit. Bunge and other supply chain middlemen, including Archer-Daniels-Midland Co (ADM.N) and Cargill Inc (CARG.UL), have generally benefited from strong global crop demand and tightening supplies, with record profits last year. The worst drought in decades has slashed grain and soy harvests in Argentina, depriving Bunge of the crops it needs to process. First-quarter adjusted profit in Bunge's Agribusiness unit, its largest in terms of revenue and volumes, dropped 18% on the year. Bunge said results were strong in all regions in its Refined and Specialty Oils division, with notable strength in North America and South America, reflecting favorable food and fuel demand trends.

☆ How Do We Ensure an A.I. Future That Allows for Human Thriving?
▼ + stars: | 2023-05-02 | by ( David Marchese | ) www.nytimes.com time to read: +16 min

Some of us would like to slow this down because we are seeing more costs every day, but I don’t think that means that there are no benefits. We may someday have a technology that revolutionizes science and technology, but I don’t think GPT-5 is the ticket for that. Combine that human overattribution with the reality that these systems don’t know what they’re talking about and are error-prone, and you have a problem. I don’t think we should go after an individual who posts a silly story on Facebook that wasn’t true. I don’t think, however, that the technology we have right now is very good for that — systems that can’t even reliably do math problems.

☆ Kohli, Gambhir docked full match fees over IPL altercation
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, May 2 (Reuters) - Former India team mates Virat Kohli and Gautam Gambhir were docked their full match fees following their altercation in Monday's Indian Premier League (IPL) match in Lucknow, organisers said. When the players were shaking hands Kohli appeared to have a blunt exchange with Lucknow bowler Naveen-ul-Haq and was then confronted by Gambhir. Kohli, 34, initially looked like he was trying to reason with Gambhir but the conversation became heated and the pair, who previously clashed in a 2013 IPL match, had to be separated by team mates. Gambhir, 41, was fined 100% of his match fee for breaching the tournament's code of conduct, organisers said in a statement, with Kohli handed a similar fine. Lucknow skipper KL Rahul hurt his hip while fielding and could not open the innings.

The U.S. Treasury Department since 2020 has protected Citgo from creditors with claims against Venezuela, and its change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding. Citgo is PDV Holding's only asset. Houston-based Citgo is the seventh-largest U.S. oil refiner. Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case. Pincus proposed starting the sales process on Sept. 5 with the highest bid reviewed by the court in June 2024.

Five months later, on Nov. 24, the regulator approved the plan for the Quesqui field in the southern state of Tabasco. Interviews with eight sources with direct knowledge of the matter show Hernandez had been pressured by Lopez Obrador's government and Pemex to approve Quesqui and other plans, or resign. According to these people, at least three other senior officials at the regulator were also pressured by officials in government and at the regulator to help approve the plans. One of the officials who the sources said was pressured, the former technical head, Julio Trejo, resigned shortly before the Quesqui plan was approved. Guerrero also reiterated that the Quesqui field "is a strategic project" as defined by the government.

☆ China automating mines to improve safety as coal output grows
▼ + stars: | 2023-04-28 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangYULIN, China, April 28 (Reuters) - China is pushing automated technology to improve the safety and efficiency of its coal mining industry, the world's largest, which has long been plagued by safety lapses. The nearby Xiaobaodang mine, also owned by Shaanxi Coal, has cut its underground staff by 42%. Coal mines in China, which produced more than half the world's coal last year, are among the deadliest, with accidents causing almost 250 deaths in 2022, a six-year high. China's National Energy Administration is urging miners to accelerate their adoption of "smart mining" technology in a bid to improve safety and efficiency as coal output grows with Beijing's efforts to bolster energy security even as it expands its use of renewable sources. Huawei says the Hongliulin mine spent about 200 million yuan on installing intelligent mining.

☆ BASF maintains 2023 forecast, faces subdued demand
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 27 (Reuters) - German chemicals giant BASF (BASFn.DE) on Thursday maintained its profit forecast for 2023 but warned of great uncertainty in the global economy as it saw demand weaken across its segments. BASF is targeting sales this year in a range of 84-87 billion euros ($92.84-$96.15 billion) and adjusted earnings before interest and tax (EBIT) of 4.8-5.4 billion euros, the company said upon confirming its preliminary results for the first quarter. "BASF started off 2023 better than analysts had expected – and in a stagnating and difficult economic environment," said chief executive Martin Brudermueller. Earlier this month, the company reported higher-than-forecast first-quarter adjusted EBIT of 1.93 billion euros, falling by almost a third compared to the same quarter of 2022. However, first-quarter sales fell by 13% to 20 billion euros as a result of lower volumes across almost all segments.

HONG KONG, April 26 (Reuters) - Standard Chartered PLC (StanChart) (STAN.L) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. The bank said it saw signs of stabilisation in China's troubled commercial real estate market, with no increase in credit impairment from the previous quarter.

☆ Swiss regulator says two banks' crisis plans are insufficient
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

ZURICH, April 26 (Reuters) - Swiss financial regulator FINMA has labelled the recovery and resolution plans of two of Switzerland's five systematically important banks as insufficient, it said on Wednesday. FINMA questioned the ability of Zuercher Kantonalbank (ZKB)[RIC:RIC:ZKB.UL] and PostFinance [RIC:RIC:PFAG.UL] to continue functioning in case they experienced a crisis. The assessment released by FINMA gauged the emergency plans of Switzerland's main banks as they stood at the end of 2022. It does not therefore take into account Credit Suisse's (CSGN.S) merger with UBS (UBSG.S). "It is clear that there are important lessons to be learned from the Credit Suisse crisis for future crisis preparations," FINMA'S Chief Executive Urban Angehrn said.

☆ US official says Chinese cloud companies like Huawei could pose threat
▼ + stars: | 2023-04-26 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, April 26 (Reuters) - U.S. Commerce Secretary Gina Raimondo said on Wednesday that Chinese cloud computing companies like Huawei Cloud and Alibaba Cloud (9988.HK) could pose a threat to U.S. security and vowed to review a request to add them to an export control list. A group of nine Republican senators on Tuesday urged the Biden administration to impose sanctions on Huawei Technologies Co's (HWT.UL) cloud unit, Alibaba Cloud and other Chinese cloud service providers. They want Raimondo to add the companies to the Entity List, which imposes U.S. export controls on foreign companies. Raimondo said the Chinese cloud companies could pose a threat. In May 2019, the Commerce Department added Huawei to the export control list over U.S. security concerns.

☆ Biden should sanction Huawei Cloud, other Chinese firms -senators
▼ + stars: | 2023-04-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, April 25 (Reuters) - A group of nine Republican senators on Tuesday urged the Biden administration to impose sanctions on Huawei Cloud and other Chinese cloud service providers, citing national security concerns, according to a letter seen by Reuters. The senators said Huawei Cloud launched its "Sky Computing Constellation" in co-sponsorship with Changsha Tianyi Space Science and Technology Research Institute also known as "Spacety China" in 2021. Alibaba Cloud, a subsidiary of Alibaba Group Holding Ltd (9988.HK), did not immediately comment. Reuters reported in January 2022 that the Biden administration was reviewing the cloud business of e-commerce giant Alibaba to determine whether it poses a risk to U.S. national security. The letter said the Biden administration should consider further investigation or actions against China’s other cloud service providers including Baidu Cloud and Tencent Cloud which may impact U.S. national security.

CNN —A group of New York Democrats announced support for federal legislation aimed at regulating lithium-ion battery safety standards after a spate of fires caused by the batteries malfunctioning or overheating. Lithium-ion batteries, found in many popular consumer products like e-scooters and smartphones, have been under scrutiny amid increasing reports of explosive fires triggered by the batteries, which use flammable materials. The incident followed a Manhattan apartment building fire in November that injured at least 38 people and was blamed on a lithium-ion battery connected to a micromobility device. The new lithium-ion battery safety bill was announced last month by Rep. Ritchie Torres, D-NY, who said the legislation would save lives and protect property. Torres said the latest fire is another reminder “of the escalating threat lithium-ion batteries poses to the public’s safety,” according to a news release.

☆ Russian oil slashes OPEC's share of Indian market to 22-year low
▼ + stars: | 2023-04-24 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

OPEC's share shrank as India, which in the past rarely bought Russian oil due to high freight costs, is now the top oil client for Russian seaborne oil, rejected by Western nations following Moscow's invasion of Ukraine in February 2022. India's oil importsIndia shipped in about 1.6 million barrels per day (bpd) of Russian oil in 2022/23, the data showed, about 23% of its overall 4.65 million bpd imports. Higher intake of Russian oil boosted the share of Commonwealth of Independent States (C.I.S.) India's oil imports from various regionsIn March, India shipped in nearly 5 million bpd of oil, marginally higher than the previous month, with Russian oil accounting for about 36% of overall imports, the data showed. "OPEC's output cut decision is helping Russia as well," said Haq, adding the planned supply cut has lifted global oil prices and at the same time narrowed the discounts for Russian oil against Brent and Dubai benchmarks.

☆ Strikes cripple German rail network, four airports
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

The walkout, organised by the EVG union, was due to run from 3 a.m. (0100 GMT) to 11 a.m, though the train network was expected to be impacted for the whole day. State-owned Deutsche Bahn said all its long-distance connections would be cancelled until 1 p.m. and that few commuter trains would run. Deutsche Bahn has offered 5% and one-off payments of up to 2,500 euros. Friday's transport strike was set to coincide with a walkout at four German airports - Duesseldorf, Hamburg, Cologne Bonn and Stuttgart - by members of the Verdi union. ($1 = 0.9118 euros)Writing by Rachel More, Editing by Friederike Heine and John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ At Shanghai show, auto rivals lure drivers with in-car karaoke, crystal balls
▼ + stars: | 2023-04-20 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +4 min

[1/2] A Zeekr X is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly SongSHANGHAI, April 20 (Reuters) - Automakers keen to make a splash at the Shanghai auto show showed off vehicles boasting features from crystal balls to in-car karaoke systems and 3D dashboards, as competition to attract drivers heats up in the world's largest auto market. Chinese automakers have been grabbing market share from foreign rivals in recent years in part by courting drivers with tailored lifestyle services and by releasing new models more quickly. "So many new vehicles, so many new Chinese vehicles looking very good," said Patrick Koller, chief executive of French auto parts supplier Faurecia (EPED.PA). This costs a fortune and it doesn't give you the time to really mature innovations and technology," Koller said.

☆ Huawei launches in-house software system after being cut off from US services
▼ + stars: | 2023-04-20 | by ( David Kirton | ) www.reuters.com time to read: +2 min

ERP software is used by companies to manage key business operations ranging from accounting to supply chain management. "We were cut off from the old ERP system and other core operation and management systems three years ago," said Tao Jingwen, a Huawei board member and president of its quality, business process and IT management department. The in-house Meta-ERP has been rolled out across 80% of the company's business, Huawei said in a news release. The cut off was a "massive crisis" for Huawei, Tao said in his speech, saying that the old system had been core to the company's operations for over two decades. Huawei's 'meta-ERP' system is a 'cloud-native' product, which uses the company's cloud-computing systems for greater efficiency than traditional ERP products, the person said.

☆ Israel in advanced talks with Germany to sell Arrow-3 missile defense
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, April 20 (Reuters) - Israel is in advanced negotiations with Germany to sell its Arrow-3 missile defense system, Israel's Defense Ministry said on Thursday. It is the top layer of Israel's missile defense array, which extends from Iron Dome that intercepts short-range rockets to Arrow-3's long-range missiles that destroy any non-conventional warheads at a safe altitude. Talks with the German defense ministry have been accelerated and the aim is to export the system in the near future, said Israel's Defense Ministry. The project has U.S. backing so the sale would require approval from Washington, the ministry said. State-owned Israel Aerospace Industries (ISRAI.UL) is the project's main contractor and Boeing (BA.N) is involved in producing the interceptors.

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