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☆ India's gearing up to be the new China, but even Elon Musk is finding it hard to crack into the market. Here are 5 reasons why.
▼ + stars: | 2023-06-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

India has overtaken China as the world's most populous country, and it's pushing for foreign investments. But foreign investors keen to enter the Indian market face various barriers to entry. Earlier this year, India overtook China as the world's most populous country. Among investors keen on investing in India are Tesla and SpaceX CEO Elon Musk, and tech giant Apple. But given the huge Indian market, Tesla isn't giving up.

Persons: —, Narendra Modi's, Elon Musk, Mark Mobius, Modi —, Modi, Musk, Ashutosh Sharma, Forrester, That's, Sharma, India's, Mukesh Ambani Organizations: Service, India, Indian, Tesla, SpaceX, US International Trade Administration, ITA, Bank, World Bank, US, Reliance Industries SpaceX, Reliance, Reuters, Ambani's Locations: India, China

☆ Inside China's spy war on American corporations
▼ + stars: | 2023-06-21 | by ( Eamon Javers | ) www.cnbc.com time to read: +6 min

Top intelligence and law enforcement officials in Washington are issuing a stark warning to American companies: The Chinese government wants to replace you. Asked whether the Chinese government wants to compete with or eliminate American companies, FBI Director Christopher Wray told CNBC: "Well, their definition of competing, I think, involves embracing the idea of eliminating." The paid-in foreign investment reached 127.69 billion yuan, up 14.5% year on year. Foreign companies including US investors have been upbeat about the China market and plan to expand in China. Former GE engineer David Zheng and GE Aerospace also declined to comment.

Persons: Christopher Wray, Sen, Marco Rubio, Rubio, Mark Warner, …, Warner, Xu Yanjun, Xu, James Olson, Xu Yanjun's, David Zheng, – CNBC's Katherine Liu, Bria Cousins, Laura Measher, Wally Griffith Organizations: CNBC, American, Democrat, World Trade, Ministry of State Security, GE, Boeing, Honeywell, GE Aviation, FBI, CIA, American Chamber of Commerce, Business Environment, US Department of Commerce, GE Aerospace Locations: Washington, America, U.S, China, Nanjing, Cincinnati, South China, reinvest

[1/4] Li Yunze, director of China's National Financial Regulatory Administration (NFRA), speaks at the Lujiazui Forum in Shanghai, China June 8, 2023. REUTERS/Jason XueSHANGHAI/BEIJING, June 8 (Reuters) - China is open for investment, the country's top financial regulators told foreign financiers at a high-profile forum in Shanghai on Thursday, as concerns mount among foreign firms that they may no longer be welcome. "Opening up is China's long-term national policy, and the door of China's financial industry will only be opened wider and wider." Yi Huiman, chairman of the China Securities Regulatory Commission, told forum participants that China will "adamantly" push for deregulation in terms of market access, institution qualification and products. Internal circulation will be supported by "external circulation," as in foreign financing and China's interactions with the global economy.

Persons: Li Yunze, Jason Xue, Goldman Sachs Group's, David Solomon, Tesla's, Elon Musk, Xi, Merrill Lynch, Li, Jane Fraser, Yi Huiman, Noah Fraser, Yi, Joe Cash, Shri Navaratnam, Edmund Klamann, Kim Coghill Organizations: China's, Financial Regulatory Administration, REUTERS, HSBC, Credit Agricole, Mizuho Financial, Paypal, China Securities Regulatory Commission, Canada China Business Council, Shanghai, Thomson Locations: Shanghai, China, Jason Xue SHANGHAI, BEIJING, U.S, flashpoints, Ukraine, South, Beijing, Inner Mongolia, Russia, Mongolia

☆ Analysis: In Turkey, an election reckoning for the rise and fall of Erdogan's economy
▼ + stars: | 2023-05-08 | by ( Jonathan Spicer | ) www.reuters.com time to read: +8 min

The May 14 vote, which lands during the Turkish Republic's centenary year, is Erdogan's biggest test yet. At the same time, a global reversal in market liquidity left Turkey and other emerging markets starved for funding. But the economic crisis was damaging. This trend accelerated in 2013, wiping out big gains made in 2006-2010 during Erdogan's first decade in charge. "If Erdogan wins the election and continues his economic policy it will come to a complete crash at one point.

☆ China industry minister: can provide vast market for companies like Intel
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

BEIJING, April 13 (Reuters) - China's industry minister told Intel CEO that China can provide a vast market for multinational companies such as Intel, the ministry said in a statement on Thursday. In a meeting in Beijing on Wednesday, Jin Zhuanglong told Intel CEO Patrick Paul Gelsinger that China highly values the development of advanced manufacturing industry and will provide good conditions for foreign investments. Reporting by Albee Zhang and Liz Lee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Column: Philippines set to go from renewable laggard to leader in SE Asia
▼ + stars: | 2023-03-14 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

The rapid expansion in renewable energy supplies comes at a potentially critical time for the country's energy sector. Previously, those strict ownership rules limited foreign participation in the Philippines' energy sector to a handful of oil and gas majors. More clean power generation should also help the Philippines close the clean energy gap with the rest of Asia. Philippines electricity generation mix by sourceIn turn, a greater proportion of power from clean sources should help the Philippines attract more manufacturing and other industries. Vietnam, Thailand and Indonesia are all also expected to rapidly increase renewable energy supply capacity over the coming years, and may sporadically compete with the Philippines as green energy hot spots.

☆ No current plan for the UAE to leave OPEC oil alliance, sources say
▼ + stars: | 2023-03-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. The United Arab Emirates does not intend to leave the influential OPEC oil alliance at this time, two senior officials with knowledge of the matter told CNBC, after a recent report signaled internal talks over such a departure. The UAE oil ministry and Adnoc, the state-owned oil company of the United Arab Emirates, did not immediately respond to CNBC requests for comment. On March 3, the Wall Street Journal reported that rising political disagreements between OPEC+ chair Saudi Arabia and the UAE have once more sparked questions over the latter's future in the producers' coalition. The front-month Nymex WTI contract was at $78.72 per barrel, lower by 96 cents per barrel from the previous settlement price.

☆ Putin's war in Ukraine is endangering Russia's centuries of great-power status
▼ + stars: | 2023-03-06 | by ( Robert Farley | ) www.businessinsider.com time to read: +8 min

And yet Russian power and influence have waned in the past; the first 20 years of the 20th century represented a nadir in Russian power, as the Russian Empire lost most of its western territories after suffering a series of defeats at the hands of Japan, Germany, and Poland. Russian soldiers in World War II uniforms parade at Dvortsovaya Square in St. Petersburg in January 2019. AP Photo/Dmitri LovetskyBy virtue of its size and legacy, Russia is undoubtedly an important military power. Even as Russia has struggled mightily to impose its will upon Ukraine, nuclear weapons have ensured that NATO stays on the sidelines. Thomson ReutersBut is Russia a great power if it can't even crush its neighbor without help from China?

☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

"At the same time, we're estimating a mild recession in Europe and the United States that offset it. Ngozi Okonjo-Iweala, director-general of the World Trade Organization, pointed out that the reopening could help supply chains work better and also boost consumer demand. CHINA-US TENSIONSAdjacent to the discussions on China's reopening was what it could mean for its existing tensions with the United States over issues such as technology, trade and Taiwan, which several WEF delegates expressed concern over. "I think both the U.S. and China will be hurt, which doesn't just mean the national entities but workforces, people will be hurt." For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.

Underlining the bleak return prospects at home, hedge funds with Greater China strategies have lost 12.9% for the year to end-November - on track for their worst year since 2011, according to Eurekahedge data. Rich Chinese are also fretting about Xi Jinping's "common prosperity" drive to reduce income inequality, asset managers said, adding that they are looking at overseas private equity and property investment opportunities in countries like the United States and Japan. Although investing outside of mainland China is not a new development, a significant chunk of that wealth has usually been invested in Chinese assets such as Chinese securities listed in the offshore markets. The Boston-based asset manager has been receiving many queries from Greater China family offices to learn about U.S. economic policies and investment rules, he said. The U.S. consulate told Reuters that it frequently explains investment and economic trends in the United States to a wide variety of audiences.

☆ The US spent half a trillion dollars last year alone financing its mountain of debt
▼ + stars: | 2022-11-01 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

By 2025 or 2026, the United States may hit a bleak milestone: Federal interest payments could exceed the country’s entire defense budget, according to Moody’s Analytics. The Fed kept interest rates very low to stimulate growth (and encourage inflation) and investors around the world clamored to buy US debt. But White of Moody’s notes that gross interest payments include interest the government pays to itself and said net interest is the more relevant category to watch here. In a best-case scenario, the United States grows its way out of the debt mess, with the economy expanding more rapidly than interest payments. With interest rates going up, the sovereign bond bubble is unwinding,” Boockvar said.

☆ Algeria businesses hope government will stay the course on reforms
▼ + stars: | 2022-10-23 | by ( Lamine Chikhi | ) www.reuters.com time to read: +5 min

As Algeria's foreign currency reserves fell by two thirds in six years and the long-term risk of unrest grew, President Abdelmadjid Tebboune's government pushed reforms to strengthen the private sector, boosting local businesses. He passed some reforms but now enjoys high demand for Algerian energy and surging revenues. Free zones are going to be set up, customs code has been changed to make it more attractive for foreign investment, we have a new investment code," Agli said. A former government adviser on economic affairs said the authorities understood the need to press ahead with reforms despite the increase in energy revenue this year. We are running short of time because oil prices are so volatile and a global recession is a likely scenario," the former adviser said.

☆ China's new growth goals require a change for attracting foreign investors, official says
▼ + stars: | 2022-10-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — A Chinese official confirmed Monday a shift in the country's growth goals and indicated things will change for foreign investment. "We also face a new situation for attracting foreign investment," he said. China relied heavily on foreign investment for its initial surge of growth in the 1990s to early 2000s when new government policies allowed greater foreign access to the market after decades of closure. Looking ahead, Zhao said Monday that China would encourage foreign investment in advanced manufacturing, higher-quality services, high-tech, energy conservation and environmental protection. He also noted specific support for such investment in the central, western and northeastern parts of China.

☆ European businesses are rethinking their plans for a 'closed' China
▼ + stars: | 2022-09-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Vcg | Visual China Group | Getty ImagesBEIJING — European businesses in China are revaluating their market plans after this year's Covid controls further isolated the country from the rest of the world, said Joerg Wuttke, president of the European Union Chamber of Commerce in China. For European businesses, "we talk about a complete readjustment of our view on China over the last six months," Wuttke told reporters at a briefing for the chamber's annual China position paper, released Wednesday. He said the lockdowns and uncertainty for businesses have turned China into a "closed" and "distinctively different" country that might prompt companies to leave. Foreign businesses can still find specific areas of opportunity. China is improving local market access, albeit in areas where locals already dominate or are "desperate" for foreign investment, Wuttke said.

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