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☆ Moody's cuts ratings of Chinese developer Country Garden
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoAug 10 (Reuters) - Ratings agency Moody's on Thursday downgraded Chinese developer Country Garden's (2007.HK) corporate family rating (CFR) to Caa1 from B1, citing heightened liquidity and refinancing risk after the company missed bond payments. Country Garden expects to record a half-year loss owing to higher impairment provisions on projects, it said on Thursday. Moody's forecast a negative ratings outlook for Country Garden, citing uncertainty over China's biggest privately owned developer's ability to service its debt obligations. Country Garden said on Tuesday that it has missed two dollar bond coupon payments due on Aug. 6 totalling $22.5 million, slipping into repayment troubles.

Persons: Aly, Moody's, Akanksha, Bernadette Baum, David Evans Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Thomson Locations: Shanghai, China, Bengaluru

[1/5] A woman tastes lab-grown meat served by CellX at an event to mark the opening of the cultivated meat company's pilot production facility in Shanghai, China August 9, 2023. As part of an event on Wednesday for government, investors and media, the cultivated meat company CellX served up meat developed in a laboratory from animal cells. The offerings included lab-grown meat kebabs and tofu with minced lab-grown meat. The company, founded in 2020, is among a handful of front runners in lab-grown meat production in China. (This story has been corrected to say lab-grown meat, not lab-grown lamb, in paragraph 3)($1=7.20 yuan)Reporting by Casey Hall; Editing by Miyoung Kim and Neil FullickOur Standards: The Thomson Reuters Trust Principles.

Persons: CellX, Aly Song SHANGHAI, Ziliang Yang, Yang, it's, Leticia Goncalves, Casey Hall, Miyoung Kim, Neil Fullick Organizations: REUTERS, Daniels, Midland, Thomson Locations: Shanghai, China, Singapore, U.S, Europe

A Midea company sign is seen at the Appliance and Electronics World Expo (AWE) in Shanghai, China March 23, 2021. REUTERS/Aly Song/File PhotoAug 9 (Reuters) - Chinese home appliance maker Midea Group (000333.SZ) said on Wednesday it is studying a potential listing in Hong Kong as part of its global strategy. The new shares to be issued would account for no more than 10% of enlarged capital, Midea, already listed in the Shenzhen stock exchange, said in a filing. Midea's market capitalisation was $56.47 billion before the listing plan was made public, meaning a deal of up to 10% would be one of the largest listings in Hong Kong since 2021. The initial filing to the Hong Kong Stock Exchange would be made this year, with a likely share sale sometime in 2024, one of the sources added.

Persons: Aly, Midea, Scott Murdoch, Roxanne Liu, Kane Wu, Jason Neely, Gerry Doyle Organizations: Appliance, Electronics, REUTERS, Midea, Bank of America, China International Capital Corp, HK, Hong Kong Stock Exchange, Thomson Locations: Shanghai, China, Hong Kong, Midea, Shenzhen, Sydney

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. Finance Minister Enoch Godongwana said boosting local currency usage among the NDB's members will also be on the agenda, with the aim of de-risking the impact of foreign exchange fluctuations rather than de-dollarisation. "Most countries that are members of the NDB have been encouraging (it) to provide loans in local currencies," Godongwana said. Reuters Graphics Reuters GraphicsSo far, China is by far the NDB's most successful local currency market. GROWING MEMBERSHIPNevertheless, the NDB, established with $10 billion in paid-in share capital from each BRICS country, wants to expand.

Persons: Aly, Enoch Godongwana, Godongwana, Leslie Maasdorp, Maasdorp, Alexander Ekbom, Chris Humphrey, Humphrey, Rachel Savage, Brenda Goh, Tannur Anders, Vincent Flasseur, Karin Strohecker, Joe Bavier, Alexander Smith Organizations: New Development Bank, REUTERS, Reuters, Finance, Federal Reserve, Reuters Graphics Reuters, U.S ., United Arab, Asian Infrastructure Investment Bank, Reuters Graphics, Overseas Development Institute, Thomson Locations: Shanghai, China, Africa, JOHANNESBURG, SHANGHAI, Russia, South Africa, Brazil, India, Johannesburg, Ukraine, United States, Mumbai, Brasilia, Bangladesh, United Arab Emirates, Egypt, Uruguay, Algeria, Honduras, Zimbabwe, Saudi Arabia, Asia, London

☆ China's Country Garden flags H1 net loss, vows to address liquidity concerns
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. For the first half ended June 30, the company estimates its net loss between 45 billion yuan ($6.24 billion) and 55 billion yuan, it said in its preliminary report. This compares with a net profit of 1.91 billion yuan a year earlier. It achieved attributable sales of 140.8 billion yuan from January to July 2023, down 35% from a year ago. ($1 = 7.2068 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Yang Huiyan, Roushni Nair, Shweta Agarwal, Shailesh Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, Bengaluru

☆ Analysis-Latest China developer debt woes could spur policy aid, but industry downbeat
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. China’s property sector, which accounts for a quarter of the economy, has already seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group, the world’s most indebted property developer, at the centre of the crisis. Contagion fears in the market re-surfaced last month when four high-profile developers signalled liquidity stress amid slumping home sales nation-wide. Country Garden declined to comment on the investment bank reports. JP Morgan noted that if Country Garden still defaulted after policies aiming at boosting liquidity for developers, it would show that “there is no guarantee of survival”.

Persons: Aly, Dalian Wanda, Garden’s, ”, “, JP Morgan, Evergrande, ” JP Morgan, ” Morgan Stanley, Stephen Cheung Organizations: Reuters, Shanghai Country Garden, REUTERS, Garden, China Evergrande Group, Group, Greenland Holdings, Dalian Wanda Group, Dalian, HSBC, Communist Party Locations: HONG KONG, Shanghai, China, Greenland

☆ Latest China developer debt woes could spur policy aid, but industry downbeat
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

☆ Analysis: Latest China developer debt woes could spur policy aid, but industry downbeat
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

[1/2] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. China's property sector, which accounts for a quarter of the economy, has already seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group (3333.HK), the world's most indebted property developer, at the centre of the crisis. Contagion fears in the market re-surfaced last month when four high-profile developers signalled liquidity stress amid slumping home sales nation-wide. Country Garden declined to comment on the investment bank reports. JP Morgan noted that if Country Garden still defaulted after policies aiming at boosting liquidity for developers, it would show that "there is no guarantee of survival".

Persons: Aly, HONG KONG, Dalian Wanda, Garden's, JP Morgan, Evergrande, Morgan Stanley, Stephen Cheung, Clare Jim, Kevin Yao, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Garden, Reuters, China Evergrande, Ocean Group, Greenland Holdings, Dalian Wanda Group, Dalian, HSBC, Communist Party, Thomson Locations: Shanghai, China, HK, Greenland, Beijing

☆ Taiwan reports second large-scale China air force incursion this week
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoTAIPEI, Aug 9 (Reuters) - Ten Chinese air force aircraft entered Taiwan's air defence zone on Wednesday accompanying five Chinese warships engaged in "combat readiness" patrols, the island's defence ministry said, the second such incursion this week. Those aircraft were acting in coordination with five Chinese warships engaging in "combat readiness" patrols, it said. China staged war games around Taiwan in April after President Tsai Ing-wen returned home from a visit to the United States where she met U.S. House Speaker Kevin McCarthy. Taiwan Vice President William Lai leaves for the United States this week on his way to Paraguay on what is officially only a transit but which has angered China. It was China's "priority" to stop Lai from visiting the United States, Beijing's ambassador to the U.S. said last month.

Persons: Aly, Tsai Ing, Kevin McCarthy, Nancy Pelosi, William Lai, Lai, Taiwan's, Ben Blanchard Organizations: Liberation Army, PLA, REUTERS, U.S, Taiwan, Thomson Locations: China's, Taiwan, Pingtan, Fujian province, China, TAIPEI, Beijing, Taiwan Strait, United States, Taipei, Paraguay

☆ China's July exports, imports fall much faster than expected
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo/File PhotoBEIJING, Aug 8 (Reuters) - China's exports fell 14.5% in July year-on-year, while imports contracted 12.4%, customs data showed on Tuesday, in the biggest decline in outbound shipments from the world's second-largest economy since February 2020. A Reuters poll of economists had forecast a 12.5% fall in exports and a 5.0% drop in imports. China's economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad, prompting top leaders to promise further policy support at a meeting of the Politburo last month. South Korean exports to China fell 25.1% in July from a year earlier, the sharpest decline in three months. China's trade surplus grew by $80.6 billion, beating a forecast of $70.6 billion in the poll.

Persons: Aly, Joe Cash, Sam Holmes Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING, Beijing, Asia, South

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song/File PhotoAug 9 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Producer prices in China have been falling on an annual basis every month since October, and more importantly, the pace of decline has accelerated this year. The range of PPI forecasts is -6.1% to -2.9%, and the CPI range is -0.9% to 0.5%, according to Reuters polls. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Jamie McGeever, Deepa Babington Organizations: REUTERS, Wall Street, CPI, Bridgestone, Honda, Sony, Nasdaq, China CPI, PPI, Thomson, Reuters Locations: Shanghai, China, Japan, Asia, South Korea

☆ Analysis: No decoupling, but West and China drift apart
▼ + stars: | 2023-08-08 | by ( Mark John | ) www.reuters.com time to read: +5 min

Containers are seen at the Yangshan Deep Water Port in Shanghai, China, as the coronavirus disease (COVID-19) outbreak continues, October 19, 2020. But underlying trade and investment trends point to an unmistakable long-term drift in commercial ties with the West. Take foreign direct investment - the more forward-looking clue as to where commercial ties between countries are heading. WATCH GERMANYSome, meanwhile, point to the fact that U.S.-China trade - exports and imports of goods combined - hit a record $690 billion last year as evidence that the reality does not match the frosty political rhetoric. Last month's China strategy document unveiled by Chancellor Olaf Scholz's three-way coalition left open exactly how far Berlin would ultimately go in reining in commercial ties.

Persons: Aly, China's, Louise Loo, Stephen Roach, Yale Law School's Paul Tsai, Angela Merkel, Chancellor Olaf Scholz's, Mark Leonard, –, Joe Biden, Loo, Mark John, Christina Fincher Organizations: REUTERS, West, Oxford Economics, Yale Law, Yale Law School's Paul Tsai China Center, Reuters, European Council, Foreign Relations, – Mercedes, Benz, BMW, Volkswagen, BASF –, Oxford, Thomson Locations: Port, Shanghai, China, United States, Europe, GERMANY, Germany, Berlin, reining, Taiwan, U.S

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song/File PhotoAug 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. China's July trade data top a heavy regional economic calendar on Tuesday, with current account, bank lending and household spending reports from Japan, current account data from South Korea and Australian consumer sentiment also on tap. But for the world's manufacturing and factory engine, focus is on the alarming weakness in exports. At -54.7, it is at its 'highest' level since June 30, but will soon be heading lower again if Tuesday's trade data disappoint.

Persons: Aly, Jamie McGeever, swatted, John Williams, Dow, Japan's Organizations: REUTERS, Wall, Treasury, New, Nasdaq, Equity, Nikon, Mazda, Thomson, Reuters Locations: Shanghai, China, Asia, Japan, South Korea, Beijing, U.S, Australia

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song/File PhotoBEIJING, Aug 7 (Reuters) - China's exports likely contracted further in July, as manufacturers in the world's second-largest economy struggled for buyers in markets grappling with high inflation and rising interest rates, a Reuters poll showed on Monday. Imports are expected to have shrunk by 5.0%, after a fall of 6.8% in June, reflecting slightly improved domestic demand. The median estimate in the poll indicated only marginal change in China's trade surplus, with analysts predicting it will come in at $70.60 billion, compared with 70.62 billion in June. China's trade data will be released on Tuesday.

Persons: Aly, Joe Cash, Anant Chandak, Susobhan Sarkar, Shri Navaratnam Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING, Beijing, outflows, Bengaluru

☆ Simone Biles stepped away from ‘corrosive’ gymnastics for mental health. Now she’s back
▼ + stars: | 2023-08-04 | by ( Savanna Stewart | ) edition.cnn.com time to read: +10 min

“We’ve never seen an athlete like Simone Biles,” Ryan said. And yet that sport was corrosive enough and abusive enough that she really had to step away for her own mental health,” added Ryan. “I have to focus on my mental health and not jeopardize my health and well-being.”Biles was replaced in the all-around final by Jade Carey, who had finished ninth in the qualifying round. More than 150 athletes, including Biles, said that the former USA Gymnastics team doctor sexually abused them under the guise of providing medical treatment. “I think this just really shows the lack of leadership of USA Gymnastics and the United States Olympic Committee.”However, there is hope that a brighter future is in store for USA Gymnastics.

Persons: –, “, Joan Ryan, ” Ryan, Ryan, ” Simone Biles, Biles, “ We’ve, Simone Biles, ”, ” Biles, Jade Carey, Carey, Jamie Squire, Simone, ” Carey, Ryan’s, Dmitri Lovetsky, ’ ” Ryan, Larry Nassar, Nassar, …, McKayla Maroney, Aly Raisman, Maggie Nichols, General's, Saul Loeb, Jake Tapper, ” Raisman, Jill Geer, Gabby Douglas, Suni Lee, ” Geer, Geer, Douglas — Ryan, “ It’s, you’ve, what’s Organizations: CNN, CNN Sport, Olympics, USA Gymnastics, Oregon State University, US Gymnastics Federation –, Tokyo, USA, United States Olympic, Paralympic, New York, United, Capitol, United States Olympic Committee, National Team, “, ”, US women’s Locations: Hoffman Estates , Illinois, Tokyo, United States, Washington, Biles, “, Paris

☆ Evergrande services arm shares halve as trading resumes after 16 months
▼ + stars: | 2023-08-03 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File PhotoHONG KONG, Aug 3 (Reuters) - Shares of Evergrande Property Services Group (6666.HK) shed 50% of their value on Thursday when trading resumed after 16 months, following the release of its financial results and the end of an investigation into misused funds involving its parent. Shares of Evergrande Services had been suspended since March 21, 2022. Its sister company, China Evergrande New Energy Vehicle Group (0708.HK), resumed trading last week after a 16-month halt, sinking as much as 69% on the first day of trade. Evergrande Services in June posted its long-overdue financial results, reporting a 46.4% plunge in its fiscal 2022 profit when compared with fiscal 2020.

Persons: Aly, HONG KONG, Clare Jim, Himani Sarkar, Jamie Freed Organizations: China Evergrande Group, REUTERS, Evergrande Property Services, HK, China Evergrande, Evergrande Services, Energy Vehicle Group, Evergrande, Thomson Locations: China, Shenzhen, Guangdong province, HONG

☆ China's Tencent says it is expanding testing of 'Hunyuan' AI model
▼ + stars: | 2023-08-03 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

REUTERS/Aly SongHONG KONG, Aug 3 (Reuters) - China's Tencent Holdings (0700.HK) said on Thursday that it has started internal testing of its self-developed artificial intelligence (AI) model, which is now being integrated with a number of internal services and products. In a statement sent to Reuters on Thursday, Tencent said its foundation AI model named "Hunyuan" has been integrated with a range of products such as Tencent Cloud, Tencent Meeting and Tencent Docs. "The Tencent Hunyuan large model, completely developed by ourselves from scratch, has now entered the application testing phase within the company," the company said. Reuters first reported the company's effort to develop the Hunyuan model in February. On Thursday, Tencent also listed Tencent Games, Tencent Advertising, QQ Browser, WeChat Search and Tencent Fintech as lines of business that have been testing the Hunyuan model recently.

Persons: Aly, HONG KONG, Tencent, Josh Ye, Jason Neely, Kim Coghill Organizations: Artificial Intelligence, REUTERS, Tencent Holdings, HK, Reuters, Thomson Locations: Shanghai, China, Shenzhen

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File PhotoBOSTON, Aug 3 (Reuters) - Massachusetts securities regulators have opened an investigation into the ways in which investment firms use artificial intelligence in their interactions with investors, citing concerns about the technology's potential unchecked use. Others who received letters included Tradier Brokerage, US Tiger Securities, E*Trade, Savvy Advisors and Hearsay Systems, according to a spokesperson for Galvin, a long-serving Democrat and prominent state securities regulator. "If deployed without the guardrails necessary to ensure proper disclosure and consideration of conflicts, I am concerned that this technology could result in harm to investors," Galvin said in a statement. The investigation came a week after the U.S. Securities and Exchange Commission proposed requiring broker-dealers to eliminate possible conflicts of interest from the use of artificial intelligence on trading platforms.

Persons: Aly, Bill Galvin, Morgan Stanley, Galvin, Nate Raymond, Chris Prentice, Mark Porter, Andrea Ricci Organizations: Artificial Intelligence, REUTERS, BOSTON, JPMorgan Chase, US Tiger Securities, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Shanghai, China, Massachusetts, Boston, Washington

☆ China looks to limit children to two hours a day on their phones
▼ + stars: | 2023-08-02 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

Youngsters check mobile phones during a dinner time at a cafeteria in Shanghai, China September 3, 2021. Users aged 16 to 18 would be allowed two hours a day, children aged eight to 16 would get one hour while children under eight would be allowed just eight minutes. But the CAC said service providers should allow parents to opt out of the time limits for their youngsters. Xia Hailong, a lawyer at the Shanghai Shenlun law firm, said the rules would be a headache for the internet companies. The proposed rules come after signals from Beijing that a years-long regulatory crackdown on its technology industry has ended.

Persons: Aly, Hong Kong, Xia Hailong, ByteDance's, Josh Ye, Liz Lee, Jacqueline Wong, Robert Birsel Organizations: REUTERS, Cyberspace Administration of China, CAC, HK, Tencent Holdings, Authorities, Thomson Locations: Shanghai, China, Hong, Hong Kong, Beijing

FILE PHOTO-People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/File PhotoNEW DELHI, Aug 2 (Reuters) - Chinese automaker BYD (002594.SZ) faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said. Although BYD has deposited this sum after the DRI's preliminary findings, the source added, the investigation is ongoing and could lead to additional tax charges and penalties. BYD in India and China did not reply to several requests seeking comment. One of the sources said BYD had not met these conditions, making it liable to pay either 70% or 100% depending on the value of the car.

Persons: Aly, BYD, Nikunj Ohri, Aditi Shah, Zoey Zhang, Alexander Smith Organizations: Auto, REUTERS, India's, of Revenue Intelligence, Companies, Xiaomi Corp, HK, Thomson Locations: Auto Shanghai, Shanghai, China, New Delhi, Beijing, India

☆ China pledges financing support for small firms amid weak economic recovery
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoBEIJING, Aug 1 (Reuters) - Chinese ministries, regulators and the central bank on Tuesday pledged more financing support to small businesses, suggesting an urgency among policymakers to revive the private sector amid a flagging economic recovery. Small and medium-sized enterprises in key industrial sectors will also be offered appropriate products for foreign exchange hedging, the statement said. The flurry of initiatives to help to private businesses comes after authorities vowed to make the sector "bigger, better and stronger" after small businesses were squeezed during three years of COVID curbs. The private sector accounts for 60% of China's gross domestic product and 80% of urban jobs. Private fixed-asset investment shrank 0.2% year-on-year in the first half of 2023, in contrast to an 8.1% rise in investment by state entities, highlighting weak private sector confidence.

Persons: Aly, Ellen Zhang, Ryan Woo, Jacqueline Wong, Mark Potter Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING

☆ I Moved My Savings to a High-Yield Account, Now My Savings Rate Is Up 700%
▼ + stars: | 2023-07-31 | by ( Aly J. Yale | ) www.wsj.com time to read: +3 min

Meanwhile, my Charles Schwab Investor Savings account, which I intentionally opened to earn a higher rate on my long-term savings a few years ago, was paying just 0.48%. So I spent the early weeks of January shopping around, focusing on high-yield savings accounts I’d heard about from colleagues and in my reporting. (Check out these tips for choosing the best high-yield savings account for you.) I’d gotten comfortable with my old savings accounts, and it was costing me—a lot. So take this as your sign: If you haven’t checked your savings account rates lately it’s time to do so, particularly if you’ve had your account longer than a year or two.

Persons: Aly J, I’ve, Charles Schwab, wasn’t, Marcus —, Goldman Sachs —, I’d, you’ve Organizations: Yale, Charles Schwab Investor Savings, Federal Deposit Insurance Corp, Westside Theatre Locations: New York City, Canada, Toronto, Niagara Falls, Montreal

☆ Companies double down on AI in June-quarter analyst calls
▼ + stars: | 2023-07-31 | by ( Noel Randewich | ) www.reuters.com time to read: +3 min

S&P 500 (.SPX) companies that led in discussion of AI during quarterly conference calls with analysts earlier this year have outdone themselves in their latest quarterly calls. Following Intel's (INTC.O) report late on Thursday, executives and analysts on its call mentioned AI 58 times, up from 15 mentions in its previous call in April. Reuters Graphics Reuters GraphicsParticipants on Alphabet's (GOOGL.O) analyst call on Tuesday mentioned AI 62 times, up from 52 times three months ago. The same day, AI was mentioned 58 times on Microsoft's (MSFT.O) call, up from 35 times in its previous call. Technology heavyweights account for the conference calls with the greatest discussion of AI so far this quarter, but businesses not widely viewed as "tech companies" have also talked heavily about AI.

Persons: Aly, Equifax, Noel Randewich, Aurora Ellis Organizations: Artificial Intelligence, REUTERS, Intel, Nvidia, Reuters Graphics Reuters, Nasdaq, Reuters, Technology, Moody's Corp, P Global Inc, Travelers Companies, Omnicom, Digital Realty, Thomson Locations: Shanghai, China

☆ China's gasoline demand peak nears as EV boom hastens transition
▼ + stars: | 2023-07-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +5 min

The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward forecasts of China's peak gasoline demand by about a year to 2024, while Chinese state majors PetroChina and Sinopec (600028.SS) see it in 2025. The earlier halt in gasoline demand growth in the world's No. Reuters GraphicsAs a result of accelerating EV sales, Paris-based IEA now expects Chinese gasoline demand to peak in 2024 at about 3.7 million barrels per day (bpd), bringing forward an earlier projection of demand plateauing in 2025/2026. The research arm of China's state refiner CNPC expects gasoline demand to peak in 2025, citing accelerating sales of EVs, and sees gasoline demand shrinking 2.3% annually between 2026 and 2030. China's massive move into petrochemicals is already causing a glut globally, prompting companies to shift investments to high-end energy transition materials.

Persons: Aly, refiners, Toril Bosoni, EV's, Gaurav Batra, Mukesh Sahdev, Ma Yongsheng, Mohi Narayan, Carman Chew, Matthew Chye, Chen Aizhu, Zoey Zhang, Andrew Hayley, Florence Tan, Sonali Paul Organizations: Porsche, Auto Shanghai, REUTERS, International Energy Agency, Rystad Energy, China Association of Automobile Manufacturers, Reuters Graphics, Reuters, China, Shenghong Petrochemical, Energy, Graphics, Thomson Locations: Shanghai, China, Jan, Sinopec, Asia, Reuters Graphics China, Paris, U.S, North America, India, Sun, New Delhi, Singapore, Beijing

Reuters analysis shows a massive jump in the assets of emerging market (EM) mutual funds and exchange traded funds (ETFs) that exclude China as U.S. and European investors turn more wary of being exposed to the Asian giant. Other investors are simply moving to markets with better growth prospects, such as Brazil. The scale of change needed in global supply chains could drive such capital flows for the next decade, he said. The iShares MSCI Emerging Markets ex-China ETF , the world's largest emerging market ex-China ETF whose biggest holdings are firms in Taiwan, South Korea and India, attracted a record $1 billion net inflow in the first half of 2023, the data showed. "China is the one major country that investors are most concerned about in EM," said John Lau, portfolio manager for Asia Pacific and emerging market equities at SEI.

Persons: Aly, Malcolm Dorson, John Lau, Goldman Sachs, Jeffrey Jaensubhakij, ”, Benjamin Low, Donald Trump, Joe Biden's, Biden, Wong Kok Hoi, Summer Zhen, Vidya Ranganathan Organizations: REUTERS, Global, China ETF, China, Asia Pacific, SEI, Stock Connect, Morningstar, China Opportunity Equity Fund, Fund, Boston, Cambridge Associates, CSI, Nikkei, Investors, Reuters Graphics, APS Asset Management, Thomson Locations: Shanghai, China, HONG KONG, U.S, Mexico, India, Vietnam, Brazil, New York, Taiwan, South Korea, Asia, Singapore, Indonesia, Japan, Hong Kong, Canada, “ U.S

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