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☆ Shanghai lockdown fears return amid COVID case rise
▼ + stars: | 2022-10-11 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

A worker in a protective suit sits behind a barrier at a sealed area following the coronavirus outbreak, in Shanghai, China, October 11, 2022. Keen to avoid a reprise of the economically and psychically scarring lockdown in April-May, Shanghai said...moreA worker in a protective suit sits behind a barrier at a sealed area following the coronavirus outbreak, in Shanghai, China, October 11, 2022. Keen to avoid a reprise of the economically and psychically scarring lockdown in April-May, Shanghai said late on Monday that all its 16 districts were to conduct mass testing at least twice a week until Nov. 10, a step up from once a week under a regime imposed after the last lockdown. REUTERS/Aly SongClose

Women with dogs chat through gaps in a barrier at a sealed area, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 11, 2022. Shanghai, a city of 25 million people, reported 28 new local cases for Oct. 10, authorities said on Tuesday, the fourth day of double-digit increases. Register now for FREE unlimited access to Reuters.com RegisterNationwide, 2,089 new local infections were reported, the highest since Aug. 20. That's a step up from once a week presently, a regime imposed after the earlier lockdown was lifted. Checks on people travelling to Shanghai and places such as hotels, should also be strengthened, municipal authorities said.

☆ China tech shares sink as U.S. export curbs raise chip sector hurdles
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

The most immediate impact is likely to be felt by Chinese chipmakers, they said. The new regulations will now pose major hurdles for the two Chinese memory chipmakers, analysts said. A steep decline in tech shares led China's market down on its first post-Golden Week holiday trading on Monday. An index measuring China's semiconductor firms (.CSIH30184) tumbled nearly 7%, and Shanghai's tech-focused board STAR Market (.STAR50) declined 4.5%. SMIC dropped 4%, chip equipment maker NAURA Technology Group Co (002371.SZ) sank 10% by the daily limit, and Hua Hong Semiconductor plunged 9.5%.

☆ China urges 'patience' as COVID cases rebound ahead of key congress
▼ + stars: | 2022-10-10 | by ( Ryan Woo | ) www.reuters.com time to read: +5 min

People line up to get tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 10, 2022. REUTERS/Aly SongSummary Local COVID cases in China rise to highest since Aug. 20Covid epicentre in northern region of Inner MongoliaParts of Shanghai close leisure, entertainment venuesBEIJING, Oct 10 (Reuters) - China called for "patience" with its tough COVID policies and warned against any "war-weariness" as local cases soared to their highest since August, days ahead of a pivotal Communist Party congress. A few days into the Golden Week, the western region of Xinjiang also barred people from leaving as cases ticked higher. Tourists stranded in Xinjiang could seek temporary work as electricians, cooks and wood craftsmen, advised authorities in its capital Urumqi. Shanghai, which locked down its entire population of 25 million in April and May, reported 34 local cases on Oct. 9, the most in almost three months.

BEIJING, Oct 7 (Reuters) - The mounting economic toll of China's zero-COVID policy is raising investor hopes that Beijing may finally begin laying the groundwork for the tricky epidemiological and political task of shifting course following this month's Communist Party congress. Goldman Sachs analysts predict China will start relaxing the policy in the April-June quarter. China boasts nine domestically developed COVID vaccines approved for use, more than any other country. REUTERS/Aly SongThe authorities have not approved any foreign-made COVID shots. Many countries offer second booster shots.

☆ Exclusive: Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. Register now for FREE unlimited access to Reuters.com RegisterTesla did not immediately respond to a request for comment on Tuesday. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said. Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020.

☆ China's biggest air show could take off again without C919 narrowbody jet
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

A display of VT5 light main battle tank is seen at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 29, 2021. REUTERS/Aly SongBEIJING/SYDNEY, Sept 27 (Reuters) - China will show off its homegrown civil and military aviation technology at the country's biggest air show in November, the mayor of host city Zhuhai said on Tuesday, though there was no confirmation that would include the C919 narrowbody jet. Western suppliers are behind some of the key technology in the C919, including the avionics and engines. Two C919 jets arrived in Beijing on Sept. 13, in a move widely viewed as preparation for certification by the aviation regulator on Sept. 19, a symbolic date given the model number. But that did not happen and the two jets remain parked in Beijing, according to flight tracking websites.

☆ EXCLUSIVE Tesla to keep output at upgraded Shanghai plant below maximum -sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Tesla has sought to keep it running at full capacity, except during the upgrade and a city-wide COVID-19 lockdown for two months this year. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said.

☆ Tender to sell Evergrande's Hong Kong headquarters to close on Oct 31
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021. REUTERS/Aly Song/File PhotoHONG KONG, Sept 26 (Reuters) - A tender sale of China Evergrande Group's (3333.HK) headquarters in Hong Kong will close on Oct. 31, real estate services firm Savills said, appointed by receivers to dispose of the asset. Lenders of struggling Evergrande appointed receiver Alvarez and Marsal earlier this month to seize the China Evergrande Center in Hong Kong, a Companies Registry filing showed, as the world's most indebted developer struggles to emerge from its debt crisis. read moreSavills said in a statement on Sunday the sale of the 27-storey office tower in the Wan Chai district will include existing tenancies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Clare Jim; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ China reports 999 new COVID cases for Sept 25 vs 936 a day earlier
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPeople wearing face masks walk at a main shopping area, following the coronavirus disease (COVID-19) outbreak in Shanghai, China January 27, 2021. REUTERS/Aly Song/File PhotoSHANGHAI, Sept 26 (Reuters) - China reported 999 new COVID-19 infections on Sept. 25, of which 295 were symptomatic and 704 were asymptomatic, the National Health Commission said on Monday. That is compared with 936 new cases a day earlier – 217 symptomatic and 719 asymptomatic infections, which China counts separately. As of Sept. 25, mainland China had confirmed 249,684 cases with symptoms. China's capital Beijing and financial hub Shanghai reported no new local infections, according to local government data.

☆ Prominent Chinese commentator urges COVID experts to 'speak out'
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongBEIJING, Sept 26 (Reuters) - Prominent Chinese commentator Hu Xijin said on Sunday that as China ponders its COVID-19 policies, epidemic experts need to speak out and China ought to conduct comprehensive research and make any studies transparent to the public. "Oppose excessive epidemic prevention," one Weibo user wrote in response to Hu's post. read more"I don't mind being infected, but I fear you can't help but stop me from moving freely," another Weibo user said. read more"The people must trust the state, but the state must also trust the understanding of the people," Hu said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ryan Woo; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ New China ETFs test investor appetite amid Sino-U.S. tech war, market rout
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongSHANGHAI, Sept 23 (Reuters) - Five Chinese tech-focused ETFs launched on Friday, testing investor appetite for chipmakers, new materials producers and machine tool manufacturers amid an escalating Sino-U.S. tech war, and a global rout in tech shares. Two of the ETFs will invest money into the stocks of the 50 biggest chipmakers listed on Shanghai's STAR Market, including Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) and Montage Technology Co (688008.SS). read moreIt also comes amid heightened geopolitical tensions and tech rivalries between China and the United States. The Biden administration took fresh steps in recent weeks to support domestic tech sectors and cut economic reliance on China, sending shares in Chinese biotech and new energy lower. Shanghai's tech-focused STAR Market - which Beijing hopes will fund China's tech self-sufficiency - has tumbled roughly 30% this year.

☆ Goldman Sachs cuts 2022 target for S&P 500 by 16%
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterPeople wearing masks, following the coronavirus disease (COVID-19) outbreak, are seen near an electronic board showing Dow Jones and S&P 500 stock indexes, at the Lujiazui financial district in Shanghai, China November 9, 2020. REUTERS/Aly Song/File PhotoSept 23 (Reuters) - Goldman Sachs has cut its year-end 2022 target for the benchmark S&P 500 (.SPX) index by about 16% to 3,600 points, as the U.S. Federal Reserve shows little signs of stepping back from its aggressive rate-hike stance. Analysts at Goldman Sachs wrote in a note late Thursday that the expected path of interest rates by the central bank is now higher than its previous estimate. Earlier this month, UBS cut its 2022 year-end target for the S&P 500 to 4,000 points. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aniruddha Ghosh in Bengaluru; Editing by Anil D'Silva and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Spurred by USA Gymnastics scandal, senators roll out bill to reform the FBI's handling of child abuse victims
▼ + stars: | 2022-09-22 | by ( Sarah Fitzpatrick | Sarah Fitzpatrick Is A Supervising Investigative Producer For Nbc News. She Previously Worked For Cbs News | Minutes. | ) www.nbcnews.com time to read: +2 min

A bipartisan group of senators is introducing new legislation Thursday aimed at improving the way the FBI interacts with underage victims and witnesses in sex abuse and trafficking cases. The Respect for Child Survivors Act is the latest effort by Congress to address the FBI’s failures in its handling of the Larry Nassar investigation. The former USA Gymnastics doctor is serving decades in prison for abusing underage athletes over several years. "They had legal, legitimate evidence of child abuse and did nothing," McKayla said at a Senate Judiciary Committee hearing in September 2021. It was written with input from child welfare groups, including the Rape Abuse & Incest National Network, the National District Attorneys Association, Army of Survivors and the National Children’s Alliance.

How to shop for a mortgage in 5 stepsIf you plan to use a mortgage loan to buy a house, comparing your options is critical to getting the best deal. "Your credit score determines the rate you get, and the higher the score is, the better the rate becomes." With mortgages, you have two options: a fixed interest rate or a variable interest rate, also called an adjustable rate. Insider's Featured Mortgage Lenders Rocket Mortgage by Quicken LoansAmeriSave Mortgage Corporation MortgagesNew American Funding Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. It could help save you significantly on your interest rate, payment, and long-term costs as a homeowner.

☆ COVID raises risk of long-term brain injury, large U.S. study finds
▼ + stars: | 2022-09-22 | by ( Julie Steenhuysen | ) www.reuters.com time to read: +3 min

The year-long study, published in Nature Medicine, assessed brain health across 44 different disorders using medical records without patient identifiers from millions of U.S. veterans. Brain and other neurological disorders occurred in 7% more of those who had been infected with COVID compared with a similar group of veterans who had never been infected. That translates into roughly 6.6 million Americans who had brain impairments linked with their COVID infections, the team said. Compared with the control groups, people infected with COVID had a 77% higher risk of developing memory problems. Register now for FREE unlimited access to Reuters.com RegisterReporting by Julie Steenhuysen Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Such a move would signal a reversal in China's oil products export policy, add to global supplies and depress fuel prices. After a recent slide in benchmark Brent crude prices to below $100 a barrel, Chinese refiners have taken arbitrage opportunities to boost stockpiles, traders said, booking supertankers to haul crude oil to China from the Americas and Middle East. A second official with another state refinery said his plant is also planning about an 8% hike in throughput next month, but added that the plan had been driven by firmer domestic margins. A third state refinery expects to restart a 60,000-bpd crude unit next month after maintenance, one of the sources said.

People visit a Qualcomm booth at the Mobile World Congress (MWC) in Shanghai, China February 23, 2021. The jump in future business was thanks to its Snapdragon Digital Chassis product used by car makers and their suppliers, said Qualcomm at its Automotive Investor Day. The Snapdragon Digital Chassis can provide assisted and autonomous driving technology as well as in-car infotainment and cloud connectivity. Earlier this week, chipmaker Nvidia Corp (NVDA.O) also unveiled a new automotive central computer called drive thor to provide autonomous and assisted driving as well as in-car digital entertainment and services. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jane Lanhee Lee and Akash Sriram; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Rate hikes, Ukraine war, China woes dim Asia growth outlook -ADB
▼ + stars: | 2022-09-21 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File PhotoMANILA, Sept 21 (Reuters) - The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China. Register now for FREE unlimited access to Reuters.com Register"Since the April Asian Development Outlook, various headwinds have strengthened," said ADB Chief Economist Albert Park. The outlook for the sub-regions this year remained mixed, with Southeast Asia and Central Asia expected to grow faster than previously projected at 5.1% and 3.9%, respectively. The ADB, however, kept its growth forecast for South Asia at 6.5%, despite a lower growth estimate for India and an economic crisis in Sri Lanka. The Manila-based lender has at the same time raised its inflation forecasts in the region, as supply disruptions continue to boost food and fuel prices.

☆ European business group warns of loss of confidence in China
▼ + stars: | 2022-09-21 | by ( Josh Horwitz | ) www.reuters.com time to read: +3 min

REUTERS/Aly SongSHANGHAI, Sept 21 (Reuters) - A top European industry group warned on Wednesday that firms were losing confidence in China and that its standing as an investment destination was being eroded, citing its "inflexible and inconsistently implemented" COVID policy as a key factor. The European Chamber of Commerce published the warnings in a paper it said had input from 1,800 member companies, which also contained 967 recommendations for China, the European Union and European companies related to doing business in the country. The report, which touched on issues from Taiwan to trade, said, for example, that China should refrain from "erratic policy shifts", deepen cooperation with the European Union and increase international flights. Register now for FREE unlimited access to Reuters.com RegisterThe European Union should proactively engage with China and reject calls for disengagement, it added. China says its policy is needed to prevent its health system from being overwhelmed as well as an unacceptable loss of life.

☆ China's Nio takes on BMW, Mercedes in home market with flexible battery plan
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +4 min

Nio’s battery swap stations also promise to send drivers out with a new, fully-charged battery in just a few minutes, faster than current charging alternatives. In China, Nio set up a company with partners including battery giant CATL to buy the battery packs for leasing and then collect subscription fees from Nio users. Over the past year, Nio has been experimenting with battery leasing and swapping in Norway for its ES8, an electric-drive SUV. The company has sold 800 of the SUVs and installed two swapping stations in Norway, executives said. Nearly all the buyers in Norway and more than half in China have opted for battery leasing, said Shen Fei, Nio's vice-president for power management.

☆ COVID-hit Shanghai unveils $257 billion in projects in infrastructure push
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongBEIJING, Sept 20 (Reuters) - China's commercial hub of Shanghai on Tuesday announced eight infrastructure projects with total investment of 1.8 trillion yuan ($257 billion), after the city was hit hard by COVID-19 lockdowns in April and May. In the first eight months of the year, Shanghai's infrastructure investment fell 27.4% versus an 8.3% gain nationwide, data from local statistics bureaus showed on Monday. The cabinet told local governments to complete selling more than 500 billion yuan in special bonds by the end of October under carryover quotas from 2019. Such bonds, on top of the annual quota of 3.65 trillion yuan, will help to fund infrastructure projects. "China's infrastructure investment will in the coming years bolster its slowing economy," Moody's analysts wrote in a recent note.

☆ EXCLUSIVE Kaisa offshore creditors offer $2 bln to take over stalled projects - sources
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.

☆ Exclusive: Kaisa offshore creditors offer $2 billion to take over stalled projects
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ Volkswagen does not see chip shortage ending in 2023, Automobilwoche reports
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song/File PhotoBERLIN, Sept 19 (Reuters) - Volkswagen (VOWG_p.DE) no longer sees chip shortages ending in 2023, and the German carmaker is preparing for the "new normal" of supply chain disruptions, Murat Aksel, head of procurement on the Volkswagen board, told German weekly Automobilwoche. However, Aksel warned that "what we've seen in the supply chains over the past two years, this is the new normal," adding that Volkswagen is investing heavily in early detection. "With the new geopolitical issues, if anything, it's going to get even more complex and challenging," added Aksel. Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

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