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An Austrian official said that Austrian authorities were monitoring the situation at Raiffeisen and its business in Russia closely because of the bank's importance. Almost a year since Moscow launched what it calls a "special military operation" in Ukraine, Raiffeisen is among a handful of European banks that remain in Russia. Raiffeisen made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Alternatively, OFAC can also resort to less stringent measures such as levying fines and sending warning letters over sanctions violations. OFAC has sanctioned five major Russian banks, including state-backed Sberbank (SBER.MM) part of a response to that country's invasion of Ukraine, as well as wealthy oligarchs.

☆ Tesla raises prices of some Model Y versions in China - website
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowSHANGHAI, Feb 17 (Reuters) - Tesla (TSLA.O) raised prices of performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China on Friday, according to its Chinese website. The starting prices of the two versions of Model Y in China increased by 2,000 yuan each to 311,900 yuan ($45,473) and 361,900 yuan, respectively, information on the website showed. It is the second time that Tesla has raised prices since it had lowered prices of all Model 3 and Model Y cars in its second-largest market by 6% to 14% in early January. The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper. In contrast, Model Y sales held steady.

☆ Explainer: What's known about Tesla's "Project Highland"?
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

The automaker has not commented on the new version, codenamed Highland. With the new model, Tesla is aiming to cut production costs and boost the appeal of the five-year-old electric sedan, Reuters reported in November. Building permits filed with the city of Fremont concerning changes to its factory have referenced "Highland" since last June. Apart from the Cybertruck, it is the only new model that Tesla is retooling assembly lines for this year. Tesla fans and armchair analysts speculate that "Highland" could be a reference to Ford Motor Co's (F.N) Highland Park plant, where Henry Ford launched his moving assembly line.

☆ Analysis: Washington pushes for harsher action against banks with Russia ties
▼ + stars: | 2023-02-14 | by ( John O'Donnell | ) www.reuters.com time to read: +6 min

"We are looking at additional banks and financial institutions to see how Russia deals with the outside world. Some European banks, including UniCredit (CRDI.MI) and Raiffeisen Bank International (RBIV.VI), have large businesses there and must follow local rules to grant payment holidays to soldiers. ENFORCEMENTO'Brien said that the United States would step up enforcement, something the EU also hopes to improve. "We are now looking at how sanctions, including financial sanctions, can be most effective," he said. "While the majority of important Russian banks are sanctioned, there is a lot outside that perimeter that you could go after," said Nicolas Veron, of Washington think tank the Peterson Institute for International Economics.

[1/4] A Russian police officer stands in front of a branch of the Raiffeisen Bank in Moscow, Russia, February 27, 2016. It made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Of UniCredit's more than 20 billion euro total revenue last year, Russia accounted for more than 1 billion euros. Meanwhile, Russian savers lodged more than 20 billion euros with the bank, which offers a place to deposit funds with fewer sanctions risks. It banned investors from so-called unfriendly countries from selling shares in banks, unless the Russian President grants an exemption.

☆ The U.S. Fed's smaller rate hike brings dollar strength closer to its end
▼ + stars: | 2023-02-02 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Kacper Pempel | ReutersThe U.S. dollar index continued to slump on Thursday as the Federal Reserve opted for a smaller interest rate hike of 25 basis points. The DXY fell 0.3% during Asia's morning session to 100.91, hovering at the lowest levels that it's seen since April 2022, according to Refinitiv data. watch nowThe turnaround in the dollar index will benefit currencies in the region, said Deutsche Bank International Private Bank's Asia-Pacific chief investment officer, Stephanie Holtze-Jen. "The relentless dollar strength, we will see an end to it," Holtze-Jen told CNBC's "Street Signs Asia." More data aheadStandard Chartered Bank's managing director Steven Englander said Friday's jobs data will be in focus for the dollar index.

☆ Exclusive: Tesla to raise Shanghai output after price cuts stoke demand -memo
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 1 (Reuters) - Tesla (TSLA.O) plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models, according to a planning memo seen by Reuters and a person with knowledge of the plan. The automaker plans to produce a weekly average of nearly 20,000 units at its Shanghai factory in February and March, according to the memo, which detailed output plans for Tesla's most productive and profitable manufacturing hub. On a conference call last week to discuss Tesla's fourth-quarter results, Chief Executive Elon Musk said orders were roughly double production in January after global price cuts. Tesla's price cuts in China have sparked what analysts have described as a price war, as Chinese automakers Xpeng and Seres' Aito have followed the company in cutting prices. Tesla's Shanghai plant produces vehicles for the China market and for export to Europe.

☆ Austria's Raiffeisen says Ukrainian sanctions target its leasing unit
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

VIENNA, Jan 29 (Reuters) - A Russian leasing unit of Austrian lender Raiffeisen Bank International (RBIV.VI) is among the companies targeted by sanctions that Ukraine announced overnight, RBI said on Sunday. Ukrainian President Volodymyr Zelenskiy announced a wave of sanctions overnight targeting 182 Russian and Belarusian companies along with three individuals. Ukraine often calls on companies including RBI to leave Russia, though its latest sanctions are unlikely to have a significant impact on RBI's Russian business. "The political decision of the Ukrainian government to put around 30 Russian leasing companies, including Raiffeisen Leasing Russia, on a sanctions list means that leased goods of Raiffeisen Leasing Russia's customers can be confiscated on Ukrainian territory," an RBI spokesperson said. "Raiffeisen Leasing Russia is a wholly owned subsidiary of Raiffeisenbank Russia.

☆ Tesla's retail sales in China surged after price cut -brokerage data
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 17 (Reuters) - Tesla's (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed. Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022. Total sales were 12,654 vehicles over that period, CMBI's data showed. After cutting prices in China and other Asian markets, Tesla followed with price cuts in the United States and Europe. Xpeng's sales fell 36% from a year earlier in the week of Jan. 9 to Jan. 15, CMBI data showed.

☆ Tesla's retail sales in China surged after price cut, brokerage data says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 17 (Reuters) - Tesla's (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed. Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022 to 12,654 vehicles, CMBI's data showed. That compared to a 14.5% year-on-year decline in overall retail auto sales in China in the same week, although sales of electric and hybrid vehicles in the country increased 36.5%, the data showed. After cutting prices in China and other Asian markets, Tesla followed with price cuts in the United States and Europe. Xpeng's sales fell 36% from a year earlier in the week of Jan. 9 to Jan. 15, CMBI data showed.

☆ China passenger vehicle sales rise in Dec, Tesla sales slump 41% - data
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +3 min

He predicted that China's passenger vehicle sales were likely to remain largely flat or slightly up in 2023. CPCA said on Tuesday that China's passenger vehicle sales in December rose 2.4% from a year earlier to 2.19 million units. Tesla saw its December sales in China plunge 41% from a year earlier despite offering deep discounts. Most other EV makers in China are still loss making, including Nio (9866.HK), Xpeng (9868.HK) and Li Auto (2015.HK). CPCA expects sales of new energy cars, mainly EVs, to hit 8.5 million units in 2023, accounting for 36% of total new car sales.

☆ Morning Bid: Paging Mr. Powell
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Asian stocks edged lower on Tuesday after recent gains even as Asian tourism-focused businesses geared up for a return of Chinese tourists after the country's borders reopened on Monday. Later on Tuesday, Fed boss Powell is set to make a speech that could give further clarity on the pace of rate hikes while U.S. inflation data out on Thursday will further cement expectations. In Japan, consumer inflation exceeded the central bank's 2% target for a seventh straight month in a sign of broadening inflationary pressure. Reuters Graphics Reuters GraphicsMeanwhile, the French need to prepare to work longer than they do now. Reporting by Anshuman Daga; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ A Chinese bank is offering customers a Pfizer COVID-19 vaccine if they deposit $500,000 into an account
▼ + stars: | 2023-01-10 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

A Chinese state-owned bank in Hong Kong is offering a Pfizer shot to customers who deposit about $500,000. The incentive signals mainland Chinese citizens' desire to receive a western developed mRNA vaccine. The "privileges" are being offered after mainland China lifted travel restrictions to Hong Kong. BioNTech's Pfizer mRNA vaccine is not widely available in mainland China, which has mostly relied on Chinese-produced vaccines that don't currently include mRNA technology. However, permanent residents of Hong Kong and Macau have had access to free Pfizer vaccines, according to Fortune.

☆ Tesla slashes Model 3, Model Y prices in China for second time in 3 months
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

On Friday, the U.S. automaker slashed prices for all versions of its Model 3 and Model Y vehicles in China by between 6% to 13.5%, according to Reuters calculations based on the prices shown on the website. The starting price for Model 3, for instance, was cut to 229,900 yuan ($33,427) from 265,900 yuan. The Model 3 and Y have been the only models it delivers in China, though on Friday it announced prices for the Model S and Model X in China. The China prices of the Model 3 and Model Y cars are now 24% to 32% lower than in the United States, Tesla's largest market, Reuters calculations showed, due to reasons including different material and labour costs. Tesla will sell the Model S Plaid and Model X Plaid in China from 1,009,900 yuan and 1,039,900 yuan, respectively, nearly 10% higher than its U.S. prices, its website showed.

☆ Tesla, EV rivals absorb costs after China pulls plug on subsidy
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Tesla electric vehicle is seen through a charging point displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. The subsidy accounted for around 3% to 6% of the cost of the best-selling electric vehicles in China last year, a Reuters analysis found. It paid out nearly $15 billion to encourage EV purchases through 2021, according to an estimate by China Merchants Bank International. Tesla, meanwhile, is defending its market share by selling the basic, rear-wheel drive Model Y for 288,900 yuan ($42,053.63) in China, unchanged from December. China's Association of Automobile Manufacturers said in December it expected sales of EVs and plug-in hybrids to grow by 35% in 2023, accounting for a third of total vehicle sales.

☆ China Nov passenger vehicle sales drop 9.5%, first fall in six months - CPCA
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the China Passenger Car Association (CPCA). The association said it expects passenger vehicle sales to reach 20.6 million units next year, flat from 2022, a forecast more optimistic than some street views. Analysts at China Merchants Bank International expect retail passenger vehicle sales in China, the world's biggest car market, to drop 6% next year due to the expiry of a purchase-tax cut. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions remained in place. November sales of Toyota Motor Corp (7203.T) in China fell 18.4% from a year ago, while Nissan Motor (7201.T) saw a 52.5% drop in its sales.

☆ Tesla sold 100,291 China-made vehicles in Nov -Xinhua
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 5 (Reuters) - Tesla Inc (TSLA.O) delivered 100,291 China-made electric vehicles (EVs) in November, the highest monthly sales since its Shanghai factory opened in late 2020, a Xinhua report said on Monday. The number marks a 40% increase from October and 89.7% more than a year earlier after the U.S. automaker ramped up output at the Shanghai plant, cut prices for the best-selling models and offered incentives to Chinese buyers. However, BYD (002594.SZ) led all brands in China's November EV sales at 229,942 electric cars including plug-in hybrids and pure electric vehicles, three times more than a year earlier and more than double Tesla's tally, China Passenger Car Association data shows. BYD was the top-selling car brand in China in the first four weeks of November, data from China Merchants Bank International shows, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Reporting by Zhang Yan, Brenda Goh and Beijing Newsroom Editing by Alison Williams and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla cuts Dec Model Y output at Shanghai plant by more than 20% versus Nov - sources
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 5 (Reuters) - Tesla (TSLA.O) plans to cut December output of the Model Y at its Shanghai plant by more than 20% compared to November, two people with knowledge of the matter said on Monday. Reuters was not able to immediately ascertain the reason for the December reduction in the electric vehicle (EV) giant's latest production plan. Tesla did not immediately respond to a request for comment on the planned cut, first reported by Bloomberg. Tesla added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, according to China Merchants Bank International (CBMI) data. Globally, Tesla had planned to push production of the Model Y and Model 3 EVs sharply higher in the fourth quarter as newer factories in Austin and Berlin ramp production, Reuters reported in September.

☆ Dow dips ahead of Powell speech; Nasdaq kept afloat by growth stocks
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Declining issues outnumbered advancers for a 1.15-to-1 ratio on the NYSE and a 1.09-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and one new low, while the Nasdaq recorded 51 new highs and 120 new lows.

☆ Wall St set to open flat as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained nearly 18% in the last two months, while the Nasdaq index (.IXIC) has added about 4%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. The data is expected to show 200,000 job additions in November, compared with 261,000 jobs in the prior month. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Biogen Inc (BIIB.O) jumped 4.3% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

☆ BYD set to be China's top-selling car brand for Nov, Tesla gains -data
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Toya Sarno Jordan/File PhotoSHANGHAI, Nov 30 (Reuters) - BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Tesla's (TSLA.O) retail sales in China also nearly doubled in November, from a year earlier, after the U.S. automaker cut prices and offered incentives on its Model 3 and Model Y, the data from China Merchants Bank International (CMBI) showed. Retail sales for BYD totaled 152,863 vehicles from Nov. 1 to Nov. 27, logging a nearly 83% increase in average daily sales compared to the same period a year earlier, according to the data. BYD's tally was higher than Volkswagen's retail sales of 143,602 retail sales and Toyota Motor Corp's (7203.T) 115,272, which were 0.3% and 0.5% lower, respectively, on the year. However, the Volkswagen AG group still outsold BYD, when the 36,847 units sold under the Audi brand are included.

☆ Futures rise as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

"Fed Chair Powell is speaking, but past comments have done little other than chant 'hike, hike, hike'," said Paul Donovan, chief economist, UBS Global Wealth Management. "Powell has yet to explain the mechanism by which hiking rates is supposed to reduce inflation (which matters to analyzing when rates might peak) ... today's speech should signal a slowing of rate hikes." Hopes that the Fed will now hike rates in smaller increments and recent data pointing to a mild cooling in prices have positioned the benchmark S&P 500 index (.SPX) for its second straight month of gains. Traders see the Fed increasing rates by 50 basis points in December, with the rates peaking in June 2023. Reporting by Shreyashi Sanyal & Devik Jain; Additional reporting by Shubham Batra; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Dow falls ahead of Powell speech; Tesla shares boost Nasdaq
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. China Merchants Bank International said Tesla's sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 35 new highs and 74 new lows.

☆ Mercedes-Benz cuts price of some electric models in China
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING/FRANKFURT, Nov 16 (Reuters) - Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China from Wednesday, citing changing market demand for top-end electric vehicles. Foreign carmakers are struggling to break into China's electric vehicle market, with only Tesla (TSLA.O) achieving higher sales figures. "The Top-End electric vehicle segment in China is still evolving ... Mercedes-Benz is repositioning certain EQ models in China," a spokesperson said. Mercedes-Benz sold 11,327 electric cars in China from January to August, according to the China Passenger Car Association, compared with Tesla, which sold almost 400,000, and China's BYD (002594.SZ), which sold nearly a million. Industry-wide sales are expected to slow into 2023, according to China Merchants Bank International, with some analysts expecting a price war.

☆ Tesla cuts delivery waiting time for all model 3, model Y cars
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 15 (Reuters) - Tesla (TSLA.O) has cut the delivery waiting time for all Model 3 and Model Y vehicles to a minimum of one week, it said on its website on Tuesday. The U.S. automaker added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, data from China Merchants Bank International (CMBI) showed, at a time when automakers and investors are bracing for a downturn in the world’s largest car market. read moreTesla had cut prices for its Model 3 and Model Y cars in China last month to boost sales. Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners. read moreReporting by Zhang Yan, Twinnie Siu and Ella Cao, Editing by Louise Heavens and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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