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☆ Sanofi looks to widen Dupixent use to treat 'smoker's lung' after second trial win
▼ + stars: | 2023-11-27 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

The logo of French drugmaker Sanofi is seen a the Sanofi Genzyme Polyclonals in Lyon, France, September 30, 2023. REUTERS/Gonzalo Fuentes/File photo Acquire Licensing RightsNov 27 (Reuters) - Sanofi (SASY.PA) plans to seek U.S. approval for it best-selling anti-inflammatory drug Dupixent to be used in the treatment of "smoker's lung", also known as COPD, after a second large trial showed significant benefits. The company had embarked on a second trial to bolster the statistical reliability of the read-outs. Details of the second trial would be presented at an as yet undisclosed medical conference, Sanofi added. The company has been discussing with major watchdogs across the world whether the BOREAS results were substantial enough to support a regulatory review and what role the second trial would play in reviews.

Persons: Sanofi, Gonzalo Fuentes, BOREAS, Ludwig Burger, Tassilo Hummel, Edwina Gibbs Organizations: Sanofi, Polyclonals, REUTERS, Food and Drug Administration, Thomson Locations: Lyon, France

☆ Exclusive: Beijing stock exchange tells 'major shareholders' to refrain from selling -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI/BEIJING Nov 27 (Reuters) - The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a market rally, three people familiar with the matter said. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The so-called window guidance - where directions are made orally without written documents - could help sustain the upward momentum for the Beijing Stock Exchange 50 Index (.CSI899050). Reporting by Beijing and Shanghai newsroom; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing Stock, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai

☆ Fiji PM: China likely to collaborate on key port, shipyard project
▼ + stars: | 2023-11-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +4 min

REUTERS/Lincoln Feast/File Photo Acquire Licensing RightsSYDNEY, Nov 22 (Reuters) - Fiji Prime Minister Sitiveni Rabuka told parliament on Wednesday the Pacific Islands nation was likely to collaborate with China on a key port modernisation and shipyard project, after discussing it in a meeting with Chinese president Xi Jinping. Fiji previously sought Australia's involvement to build a modern ship-building facility at Lautoka, officials and a consultant to Rabuka on the project told Reuters. Rabuka told Fiji's parliament on Wednesday his government was focused on upgrading infrastructure, "particularly the modernisation of port facilities and shipyards". An Australian-based ship design company said Rabuka had earlier sought the involvement of Australia, Fiji's largest aid donor, in the shipyard project. China has been pushing for greater security and trade ties with Pacific Islands countries.

Persons: Sitiveni Rabuka, Xi Jinping, Rabuka, Xi, Stuart Ballantyne, Ballantyne, Vajira Piyasena, Kirsty Needham, Lincoln, Edwina Gibbs Organizations: REUTERS, Lincoln, Rights, Fiji Prime, Wednesday, Reuters, APEC, Wednesday Fiji, Fiji Ports, Fiji Ships, Heavy Industry, Pacific, Thomson Locations: Fiji, Suva, China, Lautoka, Australia, San Francisco, Australian, tradespeople, Pacific, Solomon Islands, United States, Papua New Guinea

The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.

Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing

☆ China says would be 'serious mistake' if Argentina cuts ties
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 21 (Reuters) - The Chinese foreign ministry said on Tuesday that it would be a "serious mistake" in Argentina's diplomacy if the South American nation were to cut ties with major countries like China or Brazil. China is an important trading partner for Argentina, and its elected government attaches great importance to relations with China, Chinese foreign ministry spokesperson Mao Ning said at a regular news conference. The right-wing libertarian has criticised China and Brazil, saying he won't deal with "communists," and favours stronger U.S. ties. Mondino also told RIA Novosti that Argentina would "stop interacting" with the governments of China and Brazil, when asked whether Argentina would encourage exports and imports with those countries. "China is willing to continue to work together with Argentina to promote the stability and long-term development of bilateral relations."

Persons: Mao Ning, Javier Milei, Diana Mondino, Mondino, Mao, Ethan Wang, Ryan Woo, Christopher Cushing, Edwina Gibbs Organizations: Argentina, RIA Novosti, Thomson Locations: BEIJING, China, Brazil, Argentina, Russia, India, South Africa

☆ Foxconn's electric car unit falls in market debut amid tough industry outlook
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A view of a Foxtron logo on a electric vehicle on display during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 20 (Reuters) - Shares in Foxtron Vehicle Technologies (2258.TW), a unit of Taiwanese contract manufacturer Foxconn (2317.TW), fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market. Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around $2.7 billion. Foxtron is a joint venture between Foxconn - the world's largest contract manufacturer for iPhones and other consumer electronics - and local car maker Yulon (2201.TW). Young Liu, chairman of both Foxtron and Foxconn, said, however, the company has a clear strategy for growth.

Persons: Ann Wang, Foxtron, Yulon . Young Liu, Liu, Foxconn, Terry Gou, Ben Blanchard, Faith Hung, Anne Marie Roantree, Navaratnam, Edwina Gibbs Organizations: Tech Day, REUTERS, Rights, Vehicle Technologies, Mega International Securities, Yulon, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Foxconn, North America, Southeast Asia, China

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. That will, however, take time, with the overhaul now expected to finish in 2029, some 13 years after it began. It also prompted the Australian Securities and Investments Commission (ASIC) to open an investigation into the exchange's disclosures about the project. ASX said it expected the first stage of the new project, clearing software, to cost between A$105 million and A$125 million with delivery around 2026. The cost and timing of the settlement and other software will be decided in 2024.

Persons: David Gray, Tim Whiteley, Joe Longo, Longo, Byron Kaye, Himanshi, Edwina Gibbs Organizations: Australian Securities Exchange, REUTERS, Tata Consultancy Services, New, Australian Securities and Investments Commission, Thomson Locations: Sydney, Australia, India, Finland, Canada, New York, Bengaluru

☆ Tencent logs robust revenue growth as games, advertising sales shine
▼ + stars: | 2023-11-15 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Nov 15 (Reuters) - China's Tencent Holdings (0700.HK) said third-quarter revenue climbed 10%, as its games business staged a robust recovery from a regulatory crackdown on the country's tech sector and online advertising sales surged. In August, the video games sector raked in combined revenue of 29.2 billion yuan, the highest level in at least 20 months, according to CNG, a government-backed industry data firm. Tencent's online advertising business reported a 20% jump in revenue thanks to strong demand for advertising in its video content. Net profit declined 9% to 36.1 billion yuan from a year ago when the company had a strong quarter after divesting stakes in portfolio companies such as Sea.

Persons: Aly, Tencent, Josh Ye, Miyoung Kim, Edwina Gibbs Organizations: World Internet Conference, REUTERS, Tencent Holdings, HK, Riot Games, Thomson Locations: Wuzhen, Zhejiang province, China, HONG KONG

Broken Ethernet cable is seen in front of binary code and words "cyber security" in this illustration taken March 8, 2022. "We're also seeing a greater interest from state actors in Australia's critical infrastructure." In May, the Five Eyes intelligence alliance and Microsoft (MSFT.O) said a state-sponsored Chinese hacking group was spying on U.S. critical infrastructure organisations. Techniques used by the China hacking group could be used against Australia's critical infrastructure including telecommunications, energy and transportation, the report said. Marles said Australia's relationship with China, its largest trading partner, was "complex" and the government had never pretended the relationship would be easy.

Persons: Dado Ruvic, cybercrime, Richard Marles, We're, Marles, Matthew Warren, Nigel Phair, Renju Jose, Byron Kaye, Lincoln, Edwina Gibbs Organizations: REUTERS, Rights, U.S, Australian Cyber Security, ABC Radio, Microsoft, RMIT University Centre, Cyber Security Research, Australian Securities and Investments, Australia, Monash University, DP, Optus, Thomson Locations: Britain, U.S, Canada, New Zealand, Australia, China, Sydney

☆ Exclusive: ValueAct takes stakes in Recruit and Expedia, says they are poised for strong growth
▼ + stars: | 2023-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The Recruit logo is displayed at its headquarters in Tokyo, Japan May 10, 2022. REUTERS/Mayu Sakoda/ Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - ValueAct Capital Management has bought stakes in job search site Indeed's parent Recruit Holdings (6098.T) and in online travel services provider Expedia Group (EXPE.O) and believes both are poised for strong growth. Recruit is valued at roughly $49 billion while Expedia has a market value of about $17 billion. ValueAct CEO Mason Morfit was invited onto Salesforce's board this year and the stock price has surged 64% since January. There was no mention of Recruit or Expedia.

Persons: Mayu, Expedia, ValueAct, Mason Morfit, Svea Herbst, Bayliss, Edwina Gibbs Organizations: REUTERS, ValueAct Capital Management, Recruit Holdings, Expedia, Reuters, Recruit, Microsoft, Danaher Corp, Roblox, Alarm.com Holdings, Svea, Thomson Locations: Tokyo, Japan, Austin , Texas, Expedia, Illumina

☆ Apple supplier Foxconn books surprise rise in quarterly profit
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] People wear masks to protect themselves from the coronavirus disease (COVID-19) while passing a Foxconn office building in Taipei, Taiwan, July 14, 2020. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 14 (Reuters) - Apple Inc (AAPL.O) supplier Foxconn (2317.TW) reported on Tuesday a surprise 11% increase in third-quarter profit, boosted by strong demand for smartphones ahead of the year-end holiday shopping season in Western markets. Net profit for the July-September quarter rose to T$43.1 billion ($1.3 billion), beating market estimates for an 11% drop. Shares of Foxconn closed up 2.4% ahead of the earnings announcement, beating a 0.5% gain for the benchmark index (.TWII). ($1 = 32.3430 Taiwan dollars)Reporting by Yimou Lee and Sarah Wu; Editing by Anne Marie Roantree and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Young Liu, Terry Gou, Yimou Lee, Sarah Wu, Anne Marie Roantree, Edwina Gibbs Organizations: REUTERS, Rights, Apple Inc, TW, Apple, Global Times, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China

It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Leon Li, Emily Chow, Edwina Gibbs, Stephen Coates Organizations: REUTERS, Rights, Brent, ING, Organization of, Petroleum, Strategic Petroleum Reserve, U.S . Treasury Department, Kurdistan Regional Government, of Commerce, International Energy, APEC, Markets, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Washington, Moscow, Iraq, Kurdish, Turkey, Shanghai

☆ Oil prices edge up after OPEC says market fundamentals are strong
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters) - Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Oil prices were also supported by a U.S. crackdown on Russian oil exports, potentially disrupting supply. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Emily Chow, Edwina Gibbs Organizations: REUTERS, Rights, Brent, Organization of, Petroleum, ANZ Research, Kurdistan Regional Government, of Commerce, U.S . Treasury Department, Strategic Petroleum Reserve, International Energy, Energy, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Iraq, Kurdish, Turkey, Washington, Moscow

☆ UK Minister to Sign Trade Pact With Florida Governor DeSantis
▼ + stars: | 2023-11-14 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Andrea Shalal and Alistair SmoutWASHINGTON (Reuters) - British Business and Trade Secretary Kemi Badenoch said she will sign a memorandum of understanding with Florida Governor Ron DeSantis on Tuesday to boost trade and investment with the fourth largest U.S. state. Badenoch said the Florida deal was Britain's seventh with U.S. states, and Britain was also making progress in talks with the U.S. federal government on a broader trade agreement. Badenoch and DeSantis, a Republican presidential hopeful, will sign the deal in the Port of Jacksonville around midday (1700 GMT) Tuesday. Trade between Britain and Florida is already worth more than 5 billion pounds ($6.14 billion) a year, but could expand under the new memorandum. Together with Florida, they account for a combined gross domestic product (GDP) of 3.3 trillion pounds ($4 trillion).

Persons: Andrea Shalal, Alistair Smout WASHINGTON, Kemi Badenoch, Florida Governor Ron DeSantis, Badenoch, Katherine Tai, Rishi Sunak, Joe Biden, Donald Trump, Biden, DeSantis, Trump, Alistair Smout, Edwina Gibbs, Mark Heinrich Organizations: Business, Trade, Florida Governor, U.S, Reuters, . Trade, British, Britain, Republican, Trump, NASA Kennedy Space Center Locations: Florida, Britain, China, Badenoch, DeSantis, Port of Jacksonville, London, Indiana , North Carolina, South Carolina , Oklahoma , Utah, Washington, Texas , New York , California, Colorado, Illinois

Peng Zhao, CEO, Citadel Securities speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. If Citadel Securities were to obtain a licence, it would be the first foreign firm to formally foray into market-making in China outside interbank and foreign exchange market making. "We are pleased to see the introduction of the market-making program in China," Zhao told Reuters in an interview in Hong Kong. Citadel Securities in July appointed Tony Tang, the former head of BlackRock's China business, to helm its China operations. This year, Citadel Securities also launched an investment-grade corporate bond market-making business in the United States.

Persons: Peng Zhao, Mike Blake, Zhao, Ken, Tony Tang, Summer Zhen, Selena Li, Sumeet Chatterjee, Edwina Gibbs Organizations: Citadel Securities, Milken, Global Conference, REUTERS, Reuters, Beijing Stock Exchange, Nasdaq, China's Stock, Treasuries, Asia, Thomson Locations: Beverly Hills , California, U.S, HONG KONG, China, interbank, Hong Kong, United States, Beijing, Asia

☆ Three Indian cities among world's 10 most polluted after Diwali
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 13 (Reuters) - Two Indian cities joined New Delhi to be among the world's worst 10 for pollution on Monday morning, with smoke heavy in the air a day after revellers let loose with firecrackers for Diwali - the annual Hindu festival of light. It had an air quality index (AQI) figure of 420, putting it the 'hazardous' category, according to Swiss group IQAir. An AQI level of 400-500 impacts healthy people and is dangerous to those with existing diseases, while a level of 150-200 brings discomfort to people with asthma, lung and heart problems. Every year authorities impose bans on firecrackers in the capital, but only rarely do those bans appear to be enforced. Air quality in India deteriorates every year ahead of winter, when cold air traps pollutants from vehicles, industry, construction dust and agricultural waste burning.

Persons: Tanvi Mehta, Edwina Gibbs Organizations: Thomson Locations: DELHI, New Delhi, Swiss, Kolkata, India's, Mumbai, India

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJAKARTA, Nov 13 (Reuters) - TikTok has been holding talks with Indonesian e-commerce companies about possible partnerships, an Indonesian minister said on Monday, a month after Southeast Asia's largest economy banned online shopping on social media platforms. "Some e-commerce companies in Indonesia have talked to TikTok," he said in an interview, citing what the companies' executives told him. It was a particular blow to TikTok, which was forced to close its e-commerce service TikTok Shop. A TikTok Indonesia spokesperson was not available to comment. Until it stopped operations, TikTok Shop was delivering about 3 million parcels a day in Indonesia, sources have said.

Persons: Dado Ruvic, Teten Masduki, TikTok, Tokopedia, Bukalapak, Blibli, Joko Widodo, Shou Zi Chew, Teten, Indonesia's, SEA's, Stanley Widianto, Ananda Teresia, Edwina Gibbs Organizations: REUTERS, Rights, Indonesian, GoTo's, TikTok, YouTube, Meta, Google, Temasek Holdings, Bain & Co, HK, Lazada, Thomson Locations: Rights JAKARTA, Indonesian, Indonesia, Southeast, Singapore

New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock

☆ Exclusive: Country Garden aims to have offshore debt restructuring plan by year end
▼ + stars: | 2023-11-10 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. Country Garden, which has almost $11 billion of offshore bonds, declined to comment. The timeline for the company's debt restructuring plan has not been reported before. CreditSights said in a Nov. 2 research note that Country Garden had "formally defaulted" on its offshore bonds due to the missed payment. Sunac China Holdings Ltd (1918.HK) in October became the first to complete the debt revamp scheme for its $9 billion offshore debt after winning approval from creditors and courts.

Persons: Bobby Yip, Ping, CreditSights, CICC, Houlihan Lokey, Sidley Austin, Houlihan, China Evergrande, Hui Ka Yan, Xie Yu, Clare Jim, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, Reuters, Insurance Group, Ping An, Sunac China Holdings Ltd, HK, Thomson Locations: Hong Kong, China, HONG KONG, HK, Beijing

☆ Nvidia plans to release three new chips for China - local media
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Nov 9 (Reuters) - Nvidia (NVDA.O) is planning to release three new chips for China, local media reported on Thursday, weeks after the U.S. blocked it from selling two high-end artificial intelligence (AI) chips and one of its top gaming chips to Chinese firms. One of the company's top-of-the-line gaming chips, the L40S chip, which it announced in August, would also be affected, it said. On Oct. 24, Nvidia said those curbs would take immediate effect, as U.S. regulators had sped up an original deadline. Chinese internet giant Baidu (9888.HK) placed a sizeable order for Huawei AI chips this year, sources have said.

Persons: Dado Ruvic, Baidu, Brenda Goh, Christopher Cushing, Edwina Gibbs Organizations: NVIDIA, REUTERS, Rights, Nvidia, STAR Market, Huawei Technologies, Baidu, HK, Huawei, Thomson Locations: China, U.S, Washington

☆ China's e-commerce platforms not doing enough on climate -Greenpeace
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of e-commerce app Pinduoduo is displayed next to mobile phones displaying the app, in this illustration picture taken October 25, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSINGAPORE, Nov 9 (Reuters) - China's top e-commerce platforms have made insufficient effort to steer consumers onto a more sustainable path that would help protect the environment and combat climate change, environment group Greenpeace said on Thursday. "But overall, China's e-commerce giants still don't do enough to leverage their platforms towards sustainability." In a report ranking the environmental record of six of China's e-commerce giants, Greenpeace said the discount online shopping platform Pinduoduo (PDD.O) performed the worst, making "no progress whatsoever" on climate and environmental protection. Pinduoduo was given a negative score on Greenpeace's list after failing to draw up strategies on issues like climate change, waste, dangerous chemicals and biodiversity.

Persons: Florence Lo, Tang Damin, Pinduoduo, Douyin, Bytedance, Alibaba, David Stanway, Sophie Yu, Josh Ye, Casey Hall, Edwina Gibbs Organizations: REUTERS, Rights, Greenpeace, HK, Thomson Locations: Rights SINGAPORE, Beijing

People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. Demand in the world's biggest smartphone market has long been in decline, with the COVID-19 pandemic and then a faltering economic recovery persuading customers to wait longer before upgrading their phones. IDC predicts the Chinese market is on track to achieve year-on-year sales growth in the fourth quarter after ten consecutive quarters of decline. U.S. chip designer Qualcomm also said last week that it is seeing strong demand from smartphone companies, especially in China. The Mi 14 series, priced between 3,999 yuan and 6,499 yuan ($550-$890), represents an attempt by Xiaomi to make deeper inroads into the premium smartphone market and compete with Apple (AAPL.O) and Huawei.

Persons: Nacho, Lei Jun, Will Wong, Qualcomm, Xiaomi, Yelin Mo, Brenda Goh, Edwina Gibbs Organizations: REUTERS, Rights, HK, Weibo, IDC, Huawei, Apple, Thomson Locations: Barcelona, Spain, Rights BEIJING, China, U.S

☆ Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +6 min

Ping An has "not been asked by (the) Government to takeover Country Garden. Country Garden declined to comment. Country Garden shares were up 4% in afternoon trade. The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June.

Persons: Damir Sagolj, Ping, Li Qiang, Ping An, Ma Mingzhe, Ma, Peter, Yang Huiyan, Yang, Anne Marie Roantree, Antoni Slodkowski, Don Durfee, Edwina Gibbs Organizations: Ping An Insurance, Global Mobile Internet Conference, National Convention Center, REUTERS, Ping An Insurance Group, HK, Council, Ping An, Reuters, Government, China, Information, Country Garden, People's Bank of China, Financial Regulatory Administration, Shenzhen Metro, Peking University Founder, Thomson Locations: Beijing, China, China's, Guangdong province, Guangdong, Hong Kong, GUANGDONG, Shenzhen, Ping An

☆ Reaction to Reuters report on potential Ping An rescue of Country Garden
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

EUGENE LAW, DIRECTOR OF CHINA GALAXY INTERNATIONAL:"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions. But it will not help the China property market, which depends on factors, including employment and consumer confidence. Homebuyers would not rush to buy property just because Country Garden gets out of trouble. For the broader property market, the key is still home sales." Country Garden may have reached a tipping point where it will need more liquidity to fulfill such a policy goal.

Persons: Tyrone Siu, Ping, EUGENE LAW, Homebuyers, MICHAEL WONG, XU TIANCHEN, YAO, homebuyers, GARY NG, Clare Jim, Anne Marie Roantree, Edwina Gibbs, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping An Insurance Group, HK, Reuters, LU, OF CHINA GALAXY, Garden, Central Financial Work Conference, Thomson Locations: Shenzhen, China, HONG KONG

☆ How European airlines have hedged against fuel price increases
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

Spot Northwest European jet fuel prices were at $950 per metric ton on Monday, up 4% from before the assault. They also try to hedge against value changes in the U.S. dollar, in which jet fuel is priced. JET2 (JET2.L):The British leisure travel company said in July it had 81.8% of fuel hedged over the next 12 months. Lufthansa has hedged 74% of the fuel it expects to need for 2024 at an average price of $951 per ton. WIZZ AIR (WIZZ.L):The Hungarian carrier said in June it had hedged 62% of its 2024 fuel needs and 53% of the dollars it needs for that fuel.

Persons: Toby Melville, Vueling, IAG, Camilla Borri, Louis van Boxel, Woolf, Marta Frąckowiak, Milla Nissi, Edwina Gibbs Organizations: Heathrow Airport, REUTERS, Brent, U.S ., AIR FRANCE, KLM, Reuters, British Airways, LUFTHANSA, Lufthansa, NORWEGIAN AIR, RYANAIR, SAS, Thomson Locations: London, Israel, Ukraine, Franco, Dutch, Iberia, NORWEGIAN, Norwegian, Gdansk

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