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☆ China economy expected to rebound in 2023 with expansion of domestic demand
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

[1/2] A truck moves containers at the Yangshan Deep Water Port in Shanghai, China January 13, 2022. Picture taken January 13, 2022. REUTERS/Aly SongBEIJING, Feb 24 (Reuters) - China' economy is expected to generally rebound in 2023, and the country will increase macro policy regulation with a focus on supporting the expansion of domestic demand, according to the central bank's monetary policy implementation report on Friday. China will pay close attention to changes in inflation trends and keep the price level basically stable, said the report. Reporting by Liangping Gao and Ryan Woo; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: EV maker Nio plans new 40 GWh battery plant in China- sources
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nio's ES7 electric vehicle is displayed at the Chinese EV maker's showroom in Shanghai, China, February 3, 2023. REUTERS/Aly SongSHANGHAI, Feb 24 (Reuters) - Nio (9866.HK) plans to build its first battery plant to produce big cylindrical cells similar to those used by Tesla, two people familiar with the matter said, as the Chinese EV maker seeks to cut its reliance on suppliers like CATL (300750.SZ). It will be located next to its main manufacturing hub in Hefei city, in eastern China's Anhui province, they said. Reuters is reporting the details of Nio's plan for the first time. Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ Baidu beats fourth-quarter revenue estimates, flags chatbot launch
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

Revenue for the quarter ended Dec. 31 came in at 33.08 billion yuan ($4.80 billion), inching past analysts' estimates of 32.01 billion yuan, according to Refinitiv data. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, fell 1% to 25.7 billion yuan. While non-online marketing revenue rose 11% to 7.6 billion yuan, driven by AI and cloud businesses, strict pandemic-related controls in China caused the company's online marketing revenue to drop 6% to 18.1 billion yuan in the reported quarter. A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. ($1 = 6.8963 Chinese yuan renminbi)Reporting by Yuvraj Malik in Bengaluru and Eduardo Baptista in Beijing; Editing by Devika Syamnath, Shounak Dasgupta and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Your Credit Score Affects Your Mortgage Rate—Here’s How to Improve It
▼ + stars: | 2023-02-22 | by ( ) www.wsj.com time to read: +9 min

How does your credit score affect your mortgage rate? “There is no single, specific credit score that will automatically qualify you for a mortgage.”What else determines your mortgage rate? How to check your credit scoreTo get your credit score, check your banking or credit card dashboard if you have one. Many come with automatic credit score monitoring, allowing you to check your score at any time. Make on-time paymentsThe best way to improve your credit score is to avoid late payments—particularly on student loans, credit cards and other types of debts that get reported to credit bureaus.

☆ VW's China JV with SAIC names Jia Jianxu as its new head
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] People visit the Volkswagen booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly SongSHANGHAI, Feb 20 (Reuters) - Volkswagen's joint venture with China's SAIC Motor (600104.SS) said on Monday it had appointed Jia Jianxu, a veteran executive at the state-owned Chinese automaker, as its new general manager. Since 2018, Jia has been the general manager at Yanfeng Automotive Interiors, a SAIC-owned vehicle seat maker, and helped develop its intelligent cockpit products. Jia's appointment comes as Volkswagen is ramping up its efforts in electric vehicles (EVs) in China, with its I.D. Reporting by Zhang Yan and Brenda Goh Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ January flows to emerging markets largest in two years - IIF
▼ + stars: | 2023-02-15 | by ( Rodrigo Campos | ) www.reuters.com time to read: +2 min

The January figure of $65.7 billion net inflows outpaced the $30.9 billion for all of last year according to IIF data. Debt securities outside of China raked in $44.6 billion, the largest monthly figure on IIF records back to 2018. Reuters GraphicsThe first week of the year saw a record of about $28 billion in issuance from emerging market sovereigns and companies. Flows to Chinese equities also posted a strong rebound last month, bringing in the largest inflow since December 2020. Regionally, Asia and Latin America saw the largest inflows last month with $34.4 billion and $15.9 billion respectively.

☆ Alibaba says it is developing ChatGPT AI tool
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

[1/2] A person walks past a sign of Alibaba Group during the World Artificial Intelligence Conference, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 1, 2022. REUTERS/Aly SongSHANGHAI, Feb 8 (Reuters) - Alibaba (9988.HK) on Wednesday confirmed it is developing a ChatGPT style AI tool which is currently in internal testing. ChatGPT - which can generate articles, essays, jokes and even poetry in response to prompts - has been rated the fastest-growing consumer app in history. Reporting by Josh Horwitz and Brenda Goh in Shanghai; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ 'Phil of the Future' star Raviv Ullman said he wishes he'd been more strategic in his Disney Channel days: 'I was 17. I don't think I knew how to be.'
▼ + stars: | 2023-02-05 | by ( Eboni Boykin-Patterson | ) www.businessinsider.com time to read: +3 min

Raviv (previously known as Ricky) Ullman starred in "Phil of the Future" from 2004 to 2006. Since then he's acted in other series and films, but took some time to reflect on his Disney days. I don't think I knew how to be strategic or what that actually meant in terms of a career." Even though Ullman spent time in the "Disney Circle of Stars" in the early 2000s, he said he was rarely star-struck. "I don't think I was looking at it like, 'now I am a Disney star and will do Disney movies forever,'" but "I never consciously was trying to break out."

☆ Netflix to feature electric cars from GM and others in programming
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

[1/3] A Cadillac Lyriq electric vehicle (EV) under General Motors is seen during its world premiere on a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly SongLOS ANGELES, Feb 2 (Reuters) - Netflix Inc (NFLX.O) has unveiled a new star for some of its upcoming programming: electric vehicles from General Motors (GM.N) and other automakers. The streaming service announced an agreement on Thursday to feature vehicles including the Chevrolet Bolt, the electric GMC Hummer pickup and the Cadillac Lyriq in TV series and films "where relevant." Shows that will feature GM's electric vehicles include "Love is Blind," "Queer Eye" and "Unstable." Netflix productions also will include electric vehicles made by other automakers, the company said.

☆ GM reports higher quarterly profit, expects strong earnings in 2023
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly SongDETROIT, Jan 31 (Reuters) - General Motors Co (GM.N) on Tuesday reported a higher quarterly net income for the fourth quarter, and forecast stronger-than-expected earnings in 2023, sending its shares up over 5% in premarket trading. The company expects its core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, adjusted EBIT of $10.5 billion-$12.5 billion, and diluted and adjusted earnings per share of $6.00-$7.00. The company expects adjusted automotive free cash flow of $5.0 billion to $7.0 billion in 2023, with net automotive cash from operating activities of $16.0 billion to $20.0 billion. EBIT-adjusted income of $3.8 billion topped the year-earlier $2.8 billion, as higher prices and increased sales volume in North America more than offset higher costs. Diluted adjusted earnings per share of $2.12 in the quarter compared with $1.99 a year earlier.

The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% rise in 2021. Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle. In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations. Liabilities at industrial firms rose 8.6% in 2022 from a year earlier, compared with 9.0% growth as of end-November.

REUTERS/Aly Song/File PhotoJan 30 (Reuters) - The Biden administration has stopped approving licenses for U.S. companies to export most items to China's Huawei, according to three people familiar with the matter. Qualcomm Inc (QCOM.O) in 2020 received permission to sell 4G smartphone chips to Huawei. Licenses for 4G chips that could not be used for 5g, which might have been approved earlier, were being denied, the person said. American officials placed Huawei on a trade blacklist in 2019 restricting most U.S. suppliers from shipping goods and technology to the company unless they were granted licenses. But U.S. officials granted licenses that allowed Huawei to receive some products.

Jan 27 (Reuters) - Intel Corp (INTC.O) saw about $8 billion wiped off its market value on Friday after the U.S. chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market. The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also struggled with slowing growth in the data center business. The company has been steadily losing market share to rivals like AMD, which has used contract chipmakers such as Taiwan-based TSMC (2330.TW) to make chips that outpace Intel's technology. Intel, which plans to cut $3 billion in costs this year, generated $7.7 billion in cash from operations in the fourth quarter and paid dividends of $1.5 billion. With capital expenditure estimated to be around $20 billion in 2023, analysts said the company should consider cutting its dividend.

☆ China's Lunar New Year travel to boost economy after COVID crunch
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost. But with so many people on the move, health experts fear a deepening of the COVID outbreak, leaving the elderly in rural villages particularly vulnerable. Reuters reported on Tuesday that doctors in both public and private hospitals were being actively discouraged from attributing deaths to COVID. State media reported that some 390,000 passengers were expected to travel from Shanghai train stations on Tuesday alone for what is known as the Spring Festival holiday - seen as the world's largest annual mass migration before COVID. As travellers moved through stations in Shanghai, China's largest city, some expressed optimism despite the risks.

☆ Boeing, Airbus hit back over criticism of delivery delays
▼ + stars: | 2023-01-17 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

[1/3] A woman walks past a Boeing logo at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 28, 2021. REUTERS/Aly SongDUBLIN, Jan 17 (Reuters) - The world's two largest planemakers defended themselves on Tuesday following criticism over delivery delays, with a Boeing (BA.N) executive saying increasing production after COVID-19 lockdowns was "not as easy as an on/off switch." Aircraft leasing firms have used a major industry conference to hammer manufacturers over delays. Air Lease (AL.N) executive chairman Steven Udvar-Hazy said they had "grossly misjudged" output, while one of Airbus' largest customers, AerCap (AER.N), called the European firm's production targets "very ambitious". To help remove the bottlenecks, Airbus has placed over 100 procurement specialists into its indirect suppliers to help them achieve the rates in the supply chain that the jetmaker requires to ramp up production, Pearman-Wright added.

☆ China's Lunar New Year travel offers spark of economic rebound from COVID crunch
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +6 min

While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost. But even as workers move out, health experts fear a broadening and deepening of its COVID outbreak, leaving the elderly in rural villages particularly vulnerable. The WHO earlier welcomed Saturday's announcement after last week warning that China was heavily under-reporting deaths from the virus. "This is especially important during periods of surges when the health system is severely constrained," the statement said on Monday. As travellers moved through stations in Shanghai, China's largest city, some expressed optimism despite the risks.

☆ China moving to take 'golden shares' in Alibaba, Tencent units - FT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tencent is seen at Tencent office in Shanghai, China December 13, 2021. REUTERS/Aly Song/File PhotoJan 13 (Reuters) - China is moving to take minority stakes with special rights in the local units of Alibaba Group Holding Ltd (9988.HK) and Tencent Holdings Ltd (0700.HK), the Financial Times reported on Friday. Seeking influence, Beijing began taking these stakes, called "golden shares," in private online media companies - usually about 1% of a firm - more than five years ago. These golden stakes are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions. However, the specifics of the government's plan to take golden shares in Tencent remain under discussion, but they will involve a stake in one of the group's main China operating subsidiaries, the report added.

☆ Tesla nears deal to build production facilities in Indonesia -Bloomberg News
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly SongCompanies Tesla Inc FollowJan 12 (Reuters) - Tesla Inc (TSLA.O) is nearing a preliminary deal to build production facilities in Indonesia with a capacity of one million units, Bloomberg News reported on Wednesday, citing unidentified people familiar with the matter. Tesla makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. The latest report said the Indonesia talks include plans for production facilities and to facilitate the company's supply chain. Tesla has signed contracts worth about $5 billion to buy materials for batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia last year.

☆ Tesla nears deal to build production facilities in Indonesia - Bloomberg News
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly SongCompanies Tesla Inc FollowJan 11 (Reuters) - Tesla Inc (TSLA.O) is nearing a preliminary deal to build production facilities in Indonesia with a capacity of one million units, Bloomberg News reported on Wednesday, citing people familiar with the matter. The country's investment minister confirmed talks with the world's most valuable automaker, the report added. The report said that the talks include plans for production facilities and to facilitate the company's supply chain. Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia last year.

☆ Microsoft's reported $10 billion OpenAI bet is a gamble on the future of AI
▼ + stars: | 2023-01-11 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +5 min

We're less than two weeks into 2023, and it's already become clear that OpenAI's ChatGPT will be the defining technology of the year. But it just goes to show you how much confidence Microsoft and others have in the future of AI. Still, that $29 billion valuation is rich for a company with limited revenue and the high costs of running advanced AI. Read Insider's list of the top 12 AI tools that are helping content creators do their work, from dubbing to writing copy, according to industry insiders. Read Insider's guide on how to take a Snapchat screenshot without alerting the other party.

☆ GM, Ford, Google partner to promote 'virtual' power plants
▼ + stars: | 2023-01-10 | by ( Valerie Volcovici | ) www.reuters.com time to read: +3 min

[1/2] The GM logo is seen on the China Headquarters in Shanghai, China, August 29, 2022. REUTERS/Aly SongWASHINGTON, Jan 10 (Reuters) - Companies including GM, Ford, Google and solar energy producers said on Tuesday they would work together to establish standards for scaling up the use of virtual power plants (VPPs), systems for easing loads on electricity grids when supply is short. Energy transition nonprofit RMI will host the initiative, the Virtual Power Plant Partnership (VP3), which will also aim to shape policy for promoting the use of the systems, the companies said. Virtual power plants pool together thousands of decentralized energy resources like electric vehicles or electric heaters controlled by smart thermostats. VPPs have already improved grid reliability in such countries as Germany and Australia and in some U.S. states.

☆ Tesla owners in China protest against abrupt price cuts they missed
▼ + stars: | 2023-01-08 | by ( ) edition.cnn.com time to read: +4 min

After Friday’s surprise discounts, Tesla’s EV prices in China are now between 13% and 24% below their September levels. A Tesla sign is seen at its factory in Shanghai, China, May 13, 2021. ‘Return the money’Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla’s price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

☆ China expects passenger traffic during Lunar New Year to double from 2022
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] People wearing protective masks walk by an area decorated with lanterns during the Chinese Lunar New Year festivity at Yu Garden, following new coronavirus disease (COVID-19) cases in Shanghai, China February 1, 2022. REUTERS/Aly SongBEIJING, Jan 6 (Reuters) - China expects the total number of passenger trips made by travellers by road, rail, water and flight during the upcoming Lunar New Year to reach 2.1 billion this year, double from last year's 1.05 billion during the same period. Traffic officials said in a news briefing on Friday that daily passenger flights scheduled during the 40 days holiday transportation season, starting Saturday, is averaging about 11,000, about 73% of the pre-COVID-19 level in 2019. Reporting by Sophie Yu, Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

More than 30 mutual funds launched this week, mostly equity-focused, offering vehicles for recovery bets. Yang Delong, chief economist at First Seafront Fund Management expects China's economic growth to exceed 5% this year as COVID curbs are scrapped. Cao Ludi, fund manager at Fullgoal Fund Management, predicts an "N-shaped" economic recovery, as an expected Spring revival in activity will likely succumb to a harsh reality check in the second quarter. She advised against chasing the high-flying real estate and tourism stocks, as their "fundamentals remain a question mark." This should mean economic recovery by the second quarter, if not earlier."

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