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☆ Samsung SDI to invest $2 bln to build second joint battery plant in US with Stellantis
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Sept 27 (Reuters) - South Korea's Samsung SDI Co Ltd (006400.KS) said on Wednesday it plans to invest 2.7 trillion won ($2.00 billion) to build a second joint electric vehicle (EV) battery plant with Stellantis NV (STLAM.MI) in the United States. The South Korean battery maker said in a regulatory filing that it plans to execute the investment starting next April to November 2027. In July, the two companies said their joint-venture plant in the United States will have an annual production capacity of 34 gigawatt hours (GWh), with a target to start production in 2027. ($1 = 1,351.3700 won)Reporting by Heekyong Yang; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: 1,351.3700, Heekyong Yang, Kim Coghill Organizations: Korea's Samsung SDI Co, Stellantis NV, South Korean, Thomson Locations: SEOUL, KS, United States

☆ This chip stock has a ‘50% margin’ which rivals could struggle to catch up with, portfolio manager says
▼ + stars: | 2023-09-25 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

Taiwanese semiconductor giant TSMC has a sizeable lead in the chip industry which its competitors will struggle to catch up with, according to Kamil Dimmich, a portfolio manager at North of South Capital. Is Nvidia cheap? "Some of my colleagues think Nvidia is cheap and there's certain scenarios you could put together where Nvidia is cheap. The portfolio manager does not have holdings in Tencent , even as several investors consider it as a stock to watch out for. "If people remain negative on China [and start] selling China, like there's no tomorrow, then maybe [Chinese] stocks will go sideways.

Persons: Kamil Dimmich, Dimmich, They've, they're, TSMC, there's, —, Tencent, it's Organizations: South, Samsung, South Emerging, Equity, Technology, Nvidia, Vipshop Holdings Locations: Taiwan, TSMC, China, Tencent

☆ CNBC Pro Talks: TSMC, Alibaba and more? Fund manager to reveal his 'great' undervalued stock picks
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +2 min

Join CNBC's Tanvir Gill as she quizzes North of South Capital's Kamil Dimmich on investing in global stocks such as chip giant TSMC , Chinese tech behemoth Alibaba and South Korea's Samsung Electronics . These stocks and more are held in Dimmich's fund, the $1.5 billion Pacific North of South Emerging Markets All Cap Equity fund. The Pacific North of South EM All Cap Equity fund aims to outperform its benchmark, the MSCI Emerging Markets Index, by between 3% to 5% annually. Kamil has been at North of South Capital since 2009 and has managed the Pacific North of South EM All Cap Equity fund since 2017. Join CNBC Pro Talks on Wednesday, September 20, at 6:30 a.m. BST / 1:30 p.m. SGT / 1:30 a.m.

Persons: Tanvir Gill, Capital's Kamil Dimmich, Dimmich, Kamil, Berkshire Hathaway, Guy Spier, he's Organizations: Samsung Electronics, South Emerging, Equity, South Capital, CNBC, Nvidia, Big Tech, Apple Locations: U.S, South, North, Treasurys, Berkshire, A.I, China

☆ China's Huawei says it has reached global patent licensing deal with Xiaomi
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A logo of Huawei Technologies is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's Huawei Technologies inked on Wednesday a global patent cross-licensing deal with Xiaomi Inc (1810.HK), according to a statement from Huawei. The deal covers communication technologies including 5G, it said, and marks the resolution of a patent licensing dispute between the two firms. Local Chinese media reported in March that Huawei was suing Xiaomi for alleged infringement of four registered patents mainly related to wireless communication technology, smartphone photography and screen lock technology. Huawei also has patent license agreements with other tech players such as Oppo and South Korea's Samsung (005930.KS).

Persons: Benoit Tessier, Xiaomi, Clarence Fernandez, Tom Hogue Organizations: Huawei Technologies, Viva Technology, Porte de, REUTERS, Rights, Xiaomi Inc, HK, Huawei, Local, Samsung, Ericsson, Beijing, Thomson Locations: Porte, Paris, France, Rights BEIJING, South

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

Samsung's 11-year-old investment in ASML has been hugely lucrative. Over the past decade, ASML shares have delivered a whopping 25% annualised return to its shareholders. It's part of Samsung's ambitious $230 billion commitment to bolster South Korea's semiconductor and high-tech sectors over the next 20 years. Moreover, Samsung's cash is probably held in overseas affiliates and subsidiaries across different jurisdictions; its annual report lists hundreds of entities abroad. That should help ease Samsung’s vexing cash bind, but the company may still need to come up with some creative funding choices.

Persons: Taiwan's TSMC, ASML, Antony Currie, Thomas Shum Organizations: Reuters, Samsung Electronics, Korean Economic, Intel, Samsung, HK, SFA Engineering, Apple, Korea Economic, Thomson Locations: HONG KONG, KS, ASML, United States, Korea

☆ Samsung Elec has more than halved its stake in ASML, filings show
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A worker waters a flower bed next to the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Aug 16 (Reuters) - South Korea's Samsung Electronics (005930.KS) has reduced its stake in semiconductor manufacturing equipment maker ASML (ASML.AS) by more than a half, its recent filings showed. Samsung held 2.75 million shares in the Dutch company as of end-June, the South Korean tech giant said in its semi-annual report, down from 6.3 million shares in its first quarter report. The stake that Samsung sold is worth around 2.1 billion euros ($2.29 billion) based on the latest share prices. A Samsung Elec spokesperson confirmed the stake sale but did not elaborate.

Persons: Kim Hong, Heekyong Yang, Jason Neely Organizations: Samsung Electronics, REUTERS, Rights, Samsung, South, Thomson Locations: Suwon, South Korea, Rights SEOUL

☆ SMIC posted a drop in second-quarter revenue on persisting weak chip demand
▼ + stars: | 2023-08-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

(Photo by VCG/VCG via Getty Images)Semiconductor Manufacturing International Corp. posted on Thursday a drop in second-quarter revenue against a backdrop of ongoing U.S. sanctions and a sluggish recovery in global chip demand. Net income was $402.76 million, down by 21.7% from the $514.33 million recorded in the second quarter of 2022. SMIC is China's biggest foundry, manufacturing semiconductor chips that other firms design. The Semiconductor Industry Association said that global sales of semiconductors totaled $124.5 billion during the second quarter of 2023. This represents a 4.7% increase from the first quarter but is 17.3% below the second quarter of 2022.

Persons: SMIC, Taiwan's, ASML Organizations: Semiconductor Manufacturing International Corporation, Getty, Semiconductor Manufacturing International Corp, Samsung, The Semiconductor Industry Association Locations: BEIJING, CHINA, Beijing, China, South, U.S

☆ Western Digital's first-quarter forecast disappoints as weak cloud demand weighs
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Memory chipmaker Western Digital Corp (WDC.O) forecast a bigger-than-expected loss in the first quarter and revenue below Wall Street targets on Monday as weak demand, mainly for its cloud business, forces it to cut production. Cloud companies will take another "couple of quarters" to clear out excess inventory, finance chief Wissam Jabre said in June. Western Digital forecast its adjusted loss per share to be in the range of $2.10 to $1.80, compared to an estimated loss of $1.40 per share. It also forecast revenue for the same period below estimates. Rival Seagate Technology (STX.O) also forecast downbeat revenue for its first quarter last week, on weakness in major market China and lower tech spending.

Persons: Wissam Jabre, David Goeckeler, Goeckeler, Chavi Mehta, Stephen Nellis, Pooja Desai Organizations: Digital Corp, Seagate Technology, Western Digital, Samsung Electronics, SK Hynix, Thomson Locations: China, South, Bengaluru, San Francisco

[1/2] FILE PHOTO-A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoGANDHINAGAR, India, July 28 (Reuters) - U.S. chipmaker Advanced Micro Devices (AMD.O) said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. Despite being a late entrant, the Modi government has been courting investments into India's nascent chip sector to establish its credentials as a chipmaking hub. "Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide," Papermaster said. Unlike its top rival Intel, AMD outsources production of chips it designs to third-party manufacturers like Taiwan's TSMC.

Persons: Dado Ruvic, Mark Papermaster, Narendra Modi's, Young Liu, Sanjay Mehrotra, Modi, Papermaster, Munsif, Aditya Kalra, Sonali Paul Organizations: REUTERS, Devices, Micron, AMD, India, Nvidia Corp, Intel, South, Samsung, Applied, chipmaker Micron, Thomson Locations: GANDHINAGAR, India, Bengaluru, Gujarat, Santa Clara , California, U.S, Gandhinagar

But while 44% of India's smartphones sales are now online, the brick-and-mortar segment remains the bigger play and Xiaomi expects it to grow further. "Our market position in offline is substantially lower than what it is online," Xiaomi's India head, Muralikrishnan B., said in an interview on Friday. The South Korean giant has a 20% market share in India, while Xiaomi, which historically focussed on budget phones, has 16%. Xiaomi plans to hire more store promoters - salespeople who lure, pitch and sell phones to prospective buyers inside outlets. Another significant India challenge for Xiaomi is a federal agency's $673 million freeze on its bank assets since last year.

Persons: Xiaomi, Flipkart, Muralikrishnan, Tarun Pathak, We'll, Aditya Kalra, Munsif Vengattil, William Mallard Organizations: DELHI, HK, South, Samsung, Research, Thomson Locations: India, Hong Kong

☆ Samsung Biologics unveils $920 mln manufacturing deals for Pfizer
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 4 (Reuters) - South Korea's Samsung Biologics (207940.KS) announced on Tuesday two deals with Pfizer (PFE.N) worth around a combined 1.2 trillion won ($921.38 million) to manufacture products for the U.S. pharmaceutical giant. The latest orders bring this year's combined tally of orders from Pfizer to $1.08 billion, Samsung Biologics said in a statement. Tuesday's announcements include a 922.7 billion won contract, as well as an additional 254.3 billion won order that is a follow-up to a deal previously announced in March. Samsung Biologics welcomed the orders as an expansion of a strategic partnership, adding that it had won total contracts worth 1.93 trillion won so far this year, surpassing last year's annual contract volume. Earlier this year, Samsung Biologics signed deals with Eli Lilly Kinsale and GlaxoSmithKline (GLAX.NS).

Persons: Samsung Biologics, Eli Lilly Kinsale, 1,302.4000, Hyunsu Yim, Ed Davies Organizations: Samsung, Pfizer, Samsung Group, GlaxoSmithKline, Thomson Locations: SEOUL, South Korea

☆ Samsung Biologics unveils $897 mln manufacturing deals for Pfizer
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 4 (Reuters) - South Korea's Samsung Biologics (207940.KS) announced on Tuesday two deals with Pfizer (PFE.N) worth a combined $897 million to manufacture products for the U.S. pharmaceutical giant. The latest orders bring this year's combined tally of orders from Pfizer to $1.08 billion, Samsung Biologics said in a statement. Samsung Biologics welcomed the orders as an expansion of a strategic partnership, adding that its total contracts so far this year had already surpassed last year's annual contract volume. Earlier this year, Samsung Biologics signed deals with Eli Lilly Kinsale and GlaxoSmithKline (GLAX.NS). In March, Samsung Biologics announced a plan to invest 2 trillion won ($1.54 billion) through September 2025 to build a new factory in South Korea.

Persons: Samsung Biologics, Eli Lilly Kinsale, 1,302.8100, Hyunsu Yim, Ed Davies Organizations: Samsung, Pfizer, Samsung Group, GlaxoSmithKline, Samsung Biologics, Thomson Locations: SEOUL, South Korea

☆ Samsung sues Chinese rival over alleged patent violation on iPhone displays
▼ + stars: | 2023-07-03 | by ( Hyunjoo Jin | Industry Insight | Corporate Attorneys Don T Want To Pay Law Firms For Chatgpt When They Could Use It Themselves | ) www.reuters.com time to read: +2 min

SAN FRANCISCO, July 3 (Reuters) - South Korea's Samsung Display has filed a lawsuit against BOE Technology (000725.SZ), accusing the Chinese rival of infringing five of its patents for displays used in mobile devices including Apple's (AAPL.O) iPhone 12. Samsung Display, a unit of Samsung Electronics (005930.KS), asked a federal jury in Texas to award damages for the infringement of patents regarding organic light emitting diode (OLED) displays supplied by BOE. Samsung also seeks an injunction from the court to halt the import and sale of the affected displays. Apple has been using OLED displays on some of its Apple Watch and iPhone models, including the latest iPhone 14. The OLED display market is dominated by Samsung Display, with BOE narrowing the gap, overtaking South Korea's LG Display (034220.KS) as the No.

Persons: BOE, Apple, OLED, Omdia, Choi Kwon, Hyunjoo Jin, Stephen Nellis, Matthew Lewis Organizations: FRANCISCO, Samsung, BOE Technology, Samsung Electronics, U.S, Apple, Apple Watch, South, LG, U.S . International Trade Commission, San, Thomson Locations: Texas, East Texas, South Korea, China, San Francisco

HONG KONG, June 27 (Reuters Breakingviews) - A government-led buyout signals more uncertainty ahead for a chip industry grappling with oversupply and geopolitics. The state-backed Japan Investment Corp will take over JSR (4185.T), which makes light-sensitive chemicals vital to manufacturing semiconductors, among other things. In recent years, the conglomerate has pivoted from a low-margin business of selling synthetic rubber used to make tyres to focus on semiconductor materials - primarily photoresists - and biopharmaceuticals. Yet JIC's mandate to boost the country’s global competitiveness and its focus on consolidating industries helps to justify the hefty premium. Either way, the government's focus on elevating national chipmaking champions creates fresh uncertainty for JSR's foreign customers like South Korea's Samsung Electronics (005930.KS) and Taiwan Semiconductor Manufacturing (2330.TW).

Persons: Sharp, Eric Johnson, Una Galani, Thomas Shum Organizations: Reuters, Japan Investment Corp, Renesas Electronics, chipmakers, Samsung Electronics, Taiwan Semiconductor Manufacturing, Japan Investment Corporation, Mizuho Bank, Development Bank of Japan, Thomson Locations: HONG KONG, Tokyo, Taiwan, Japan, United States, South Korea, South

☆ Apple may be diversifying supply chains away from China — but it's still relying on the country's suppliers to build the Vision Pro headset
▼ + stars: | 2023-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Apple's diversifying supply chains away from China, but it's still using Chinese firms to make the Vision Pro. Apple's Vision Pro has been exciting investors since its reveal, sending the company's shares soaring. Tech giant Apple has been trying to diversify its supply chains away from China — but it appears there's no getting away from the manufacturing powerhouse. According to Wellsenn, the list shows eight Chinese companies involved in the making of Apple's Vision Pro headset. And despite the internet's derision about the gadget's hefty price tag and its goofy aesthetics, the Vision Pro itself has been exciting investors.

Persons: Wellsenn, Cowell, Taiwan's Foxconn, Zinya, Nidhi Pandurangi Organizations: Tech, Apple, Vision, Apple's, Cowell e Holdings, Samsung, LG, Sony Locations: China, India

☆ Ex-Samsung Elec executive indicted over alleged data theft for China factory
▼ + stars: | 2023-06-12 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

SEOUL, June 12 (Reuters) - South Korean prosecutors said they indicted a former Samsung Electronics (005930.KS) executive on Monday on suspicion of stealing the company's technology to build a chip factory in China. He worked a combined 28 years at the South Korean chipmakers, prosecutors said. The attempt to build the new plant using Samsung data, however, ended in failure due to funding issues, a prosecutor said. South Korean President Yoon Suk Yeol has described competition in the industry as an "all-out war" amid heightened Sino-U.S. tensions. South Korea's Samsung and SK Hynix, the world's top two makers of memory chips, have invested billions of dollars in chip factories in China.

Persons: Prosecutors, Yoon Suk, 1,291.7700, Soo, hyang Choi, Raju Gopalakrishnan, Jason Neely Organizations: Samsung Electronics, SK Hynix, Samsung, Prosecutors, Reuters, Korea's Samsung, Thomson Locations: SEOUL, China, Xian, Suwon, Korean, South Korea, U.S

☆ Japan stocks are on fire this year. Here are 3 reasons why the rally could have 'staying power'
▼ + stars: | 2023-05-27 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

Since then, Japanese equities have rallied. Even so, Strategas Securities' Chris Verrone has remained optimistic on Japanese equities, saying this week that the rally is not yet overbought. Meanwhile, JPMorgan chief market strategist Marko Kolanovic said in a note, also on Tuesday, that the rally in Japan still has "staying power." For international investors, those remarks signaled that Japanese companies may be more transparent with shareholders in the future. Investors can also take a company-specific approach, according to Diamond Hill's Mohanraj, who favors Japanese companies that boast differentiated products.

☆ Analysis: China's Micron ban highlights chipmakers' dilemma as Sino-U.S. tensions grow
▼ + stars: | 2023-05-22 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

SEOUL, May 22 (Reuters) - China's ban on the use of U.S.-based Micron Technology's (MU.O) chips in certain sectors, announced on Sunday, is a stark reminder of risks facing the global chip industry as it braces for escalating Sino-U.S. trade tensions. China's move against Micron, the biggest U.S. memory chipmaker, was widely seen as retaliation for Washington's efforts to restrict Beijing's access to key technology. Such tit-for-tat policies will make investment decisions difficult for all chipmakers, said Kim Sun-woo, analyst at Meritz Securities in Seoul. Analysts recommended accepting the rounds of Sino-U.S. trade war as status quo, while roundabout ways of importing memory chips may emerge in response to any further geopolitical pressure. "(Korean chipmakers) are stuck in the middle and being bothered by all sides," said Kim at Meritz.

☆ Samsung, SK Hynix shares rise after China fails U.S. rival Micron in security review
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 22 (Reuters) - Shares in South Korea's Samsung Electronics <005930.KS> and SK Hynix (000660.KS) rose in morning trade on Monday after China failed U.S. memory chip rival Micron Technology (MU.O) in a security review. China's cyberspace regulator said on Sunday that products made by Micron had failed its network security review, and it would bar operators of key infrastructure from buying from the company. Samsung shares were up 0.7%, while SK Hynix shares rose 1.1% versus the wider market's (.KS11) 0.8% gain. China had announced its review of Micron's products in late March, after Washington imposed a series of export controls on chipmaking technology to China. SK Hynix had no comment.

☆ Japan arranging subsidies for Samsung chip facility -source
▼ + stars: | 2023-05-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +2 min

TOKYO, May 17 (Reuters) - Japan is arranging subsidies that could be worth around 15 billion yen ($110 million) to South Korea's Samsung Electronics Co (005930.KS) for a chip facility it is considering setting up near Tokyo, a source with direct knowledge of the matter said. Samsung, the world's largest maker of memory chips, would construct the facility including its first chip packaging test line in Japan near its existing research and development centre in Yokohama, Reuters reported in late March. The facility could cost around 40 billion yen to set up, of which about a third would be subsidised by the Japanese government, said the source, who declined to be named because the information is not public. Japan's Prime Minister Fumio Kishida on Thursday plans to meet with executives from leading chip firms including Samsung to strengthen multilateral cooperation. Japan said last month it would give 260 billion yen in subsidies to domestic chipmaker Rapidus, which is building a factory on the northern island of Hokkaido, in addition to 70 billion yen of government funding secured earlier.

Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics (005930.KS). Western Digital did not respond immediately to a request for comment. Kioxia, previously Toshiba Memory, was sold by Toshiba Corp (6502.T) in 2018 to a consortium led by Bain Capital for $18 billion. Kioxia and Western Digital were in merger talks in 2021 before the negotiations stalled over a series of issues including valuation discrepancies.

☆ China's biggest chipmaker posts first quarterly revenue fall in 3 years as semiconductor woes persist
▼ + stars: | 2023-05-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

However, China's biggest chipmaker still faces a challenge catching up with rivals such as TSMC. China's biggest semiconductor manufacturing firm SMIC on Friday posted its first decline in quarterly revenue in more than three years as a glut in chips and lack of demand continues to hit the industry. SMIC or Semiconductor Manufacturing International Co., posted revenue of $1.46 billion in the first quarter of the year, down 20.6% year-on-year. Despite the headwinds, SMIC posted record revenue for the whole of 2022. Over 50% of SMIC's revenue comes from making chips that go into smartphones and other consumer electronics.

☆ Factbox: What's on the agenda at the South Korea-US summit?
▼ + stars: | 2023-04-24 | by ( Ju-Min Park | ) www.reuters.com time to read: +4 min

Yoon has been pushing to increase South Korea's say in operating "extended deterrence" while calls are growing in South Korea for it to develop its own nuclear weapons. At the summit, Biden will pledge "substantial" steps to underscore the U.S. commitment to deter a North Korean nuclear attack, a senior U.S. official said. South Korea's defence ministry said the allies have been exploring ways to support Ukraine but declined to confirm specific discussions. His comments prompted an angry exchange of words between Beijing and Seoul with South Korea summoning the Chinese ambassador. South Korea's comment on Taiwan was "the worst" since the establishment of diplomatic relations between China and South Korea in 1992, China's state-run Global Times said on Sunday.

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