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☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ There's been a 'big drop-off' in Asia-Pacific IPOs: ION Analytics
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's been a 'big drop-off' in Asia-Pacific IPOs: ION AnalyticsRomaine Jackson, global capital markets specialist at ION Analytics, discusses what's behind the "significant fall" and says there are, however, some "bright spots" in the region.

Persons: ION Analytics Romaine Organizations: ION Analytics Locations: Asia

☆ China is worried about overcapacity, too — but it sees the problem differently than the US
▼ + stars: | 2024-04-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US treasury secretary raised concerns about China's overproduction in her recent visit to the country. China has hit back at her concerns, but it's also concerned about overcapacity, an economist says. Just like the US and all of China's trading partners, Chinese authorities are concerned about industrial overcapacity and want to curb it. She added that China's trade surplus with the world meant there might be fewer incentives for Beijing to tackle the issue. AdvertisementAnalysts expect the US debate over its trade issues with China to heat up heading into the presidential election season.

Persons: it's, —, Yue Su, Su, Janet Yellen, Janet Yellen's, Yellen, Li Qiang, Mao Ning, Mao Organizations: Service, Economist Intelligence Unit, European Union, EU, Commerce Department Locations: China, Beijing, People's Republic of China, Thailand, EU, —

☆ Children’s ‘Yoto Mini’ speaker recalled for burn and fire hazards
▼ + stars: | 2024-04-11 | by ( John Towfighi | ) edition.cnn.com time to read: +2 min

CNN —A children’s mini speaker is being recalled for potential burn and fire hazards. Parents are advised to remove the Yoto Mini from their children’s reach immediately, but recalled units do not need to be discarded. Those who own the speaker should contact Yoto to receive a free Yoto Mini Smart Cable, which can charge the speaker battery to a safe level, Yoto said in a statement. “Anyone who has a Yoto Mini can now register to receive one Yoto Mini Smart Cable per device through our dedicated website. Yoto also said it implemented an automatic software update across all Yoto Mini speakers to “improve battery management,” according to a company statement.

Persons: Yoto, “ Organizations: CNN, Product Safety, Smart Cable Locations: United States, Canada

☆ EU's von der Leyen echoes Yellen's calls for tough stance on Chinese overcapacity
▼ + stars: | 2024-04-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

European Commission President Ursula von der Leyen speaks during a press conference, Nurphoto | Getty ImagesEuropean Commission chief Ursula von der Leyen on Tuesday said that Europe must talk tough with China on its perceived unfair trade practices, echoing calls a day earlier from U.S. Treasury Secretary Janet Yellen. Speaking ahead of German Chancellor Olaf Scholz's trip to Beijing later this week, von der Leyen said European companies should have the same market access in China as Chinese firms have in Europe, according to comments cited by Reuters. She also urged the German leader to take a hard stance with Chinese authorities about overcapacity and unfair competitive practices. Chinese overcapacity concernsChinese overcapacity has become a major point of diplomatic tension, with the U.S. and its allies contesting that excess production and subsidized goods from China are undercutting domestic businesses. It also contests that the U.S. — through initiatives such as the Inflation Reduction Act — is subsidizing its own manufacturing industry.

Persons: Ursula von der Leyen, Janet Yellen, Olaf Scholz's, von der Leyen, Yellen, CNBC's Sara Eisen, Commerce Wang Wentao Organizations: Getty, European Commission, Treasury, Reuters, Monday, CNBC, U.S, China's, Commerce Locations: Europe, China, U.S, Beijing

☆ China's plan for reinvigorating its economy has the West worried, but others still see an opportunity
▼ + stars: | 2024-04-08 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how China's plan for reinvigorating its economy has the rest of the world worried . The country is overproducing goods and then flooding global markets with them to save its struggling economy, writes Business Insider's Huileng Tan. Decades ago, as the country opened up its economy, China underwent rapid industrialization, allowing it to produce cheap goods. AdvertisementUS Treasury Secretary Janet Yellen has already warned China shock 2.0 could destabilize the global economy, specifically impacting green-energy exports . He pointed to China's GDP growth outpacing the US when the numbers are adjusted for disinflation and inflation in each country, respectively.

Persons: —, Chelsea Jia Feng, Huileng Tan, Huileng, China's, Janet Yellen, Tyler Le, Ray Dalio, that's, it's, Dalio's, Nicholas R, Lardy, Donald Trump, M, There's, Angus Deaton, Walter Huang, Sevonne Huang, Justin Sullivan, Alyssa Powell, Tesla, Hubspot, Mikel Jaso, Zers, That's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, West, New York Federal Reserve, Bridgewater Associates, Getty, Apple, Reuters, Google, McKinsey Locations: China, Glendale, Ariz, New York, London, Chicago

U.S. Treasury Secretary Janet Yellen on Monday said she would not rule out any measures, including potential tariffs, on China's green energy exports. "I wouldn't rule out anything out at this point. "I'm not thinking so much of export restrictions, as some shifts in their macroeconomic policy, and a reduction in the amount of, particularly local government subsidies, to firms," Yellen said. Washington's anxiety is shared by U.S. allies including Japan and Europe, as a glut of cheap Chinese products, such as solar panels, has flooded their markets. "It's fine for China's firms to export in this industry, to develop it.

Persons: Janet Yellen, CNBC's Sara Eisen, Yellen, White, they're Organizations: Treasury Locations: Washington, China, Beijing, Guangzhou, U.S, Japan, Europe

☆ China is producing too much stuff. The West is worried.
▼ + stars: | 2024-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.

Persons: —, Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua

☆ The world is scarred from China shock 1.0. They're not about to let 2.0 happen so easily.
▼ + stars: | 2024-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

This could create a "China shock 2.0" that impacts other economies around the world. AdvertisementThis is just one of the industries the world is bracing for in the next phase of the "China shock." What happened in China shock 1.0? How Beijing could be creating China shock 2.0Now, China is targeting three new strategic industries that the rest of the world is also eyeing. What are the US and the rest of the world doing about China shock 2.0?

Persons: —, Xi, David H, Autor, David Dorn, Gordon H, Hanson, Rajiv Biswas, who's, Biswas, keener, Janet Yellen, Yellen, it's, Wang Wenbin, Wang, Nomura Organizations: Service, Beijing, OECD, European Union, Department of Energy, Treasury, European Commission, EU, Act, Wall Street, Bloomberg Locations: China, EU, Beijing, Communist China, Georgia, Southeast Asia, Africa, Latin America

☆ Biden and Xi Jinping hold phone call ahead of Yellen's trip to China
▼ + stars: | 2024-04-02 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

President Joe Biden spoke with Chinese President Xi Jinping on the phone Tuesday, a call the White House described as a way for the two leaders to "check in" and responsibly manage the strained U.S.-China relationship. During the call with Xi, the first such phone meeting since July 2022, Biden raised a host of U.S. concerns, according to a White House readout of the call. Specifically, Biden confronted Xi on China's "unfair trade policies and non-market economic practices," the White House said. The last time Biden and Xi met in person was in November, on the sidelines of a summit in Woodside, California. "To take it back to that meeting last November, both President Biden and President Xi agreed that they would try to pick up the phone a bit more," the senior administration official said.

Persons: Joe Biden, Xi Jinping, Xi, Biden, Janet Yellen, Antony Blinken, Yellen Organizations: White, U.S ., Russia, U.S, Treasury, Treasury Department, Trump Locations: U.S, China, Taiwan, Ukraine, November's, Woodside , California, Guangzhou, Beijing, United States, Washington

The Chesapeake 1000 – the largest crane on the East Coast – is needed in the Patapsco River where a 984-foot cargo vessel slammed into the bridge Tuesday. Live updates: The latest on the Baltimore bridge collapseIn addition to the crane, three heavy lift vessels are expected to start arriving Friday, US Transportation Secretary Pete Buttigieg told CNN. This appraisal is critical in determining how small to cut the bridge pieces so cranes can lift them, he said. In addition to the human toll, the destruction of the Key Bridge and closure of the Port of Baltimore could lead to widespread economic fallout. In this NTSB handout, an investigator examines the collapsed Francis Scott Key Bridge from the cargo vessel Dali on March 27 in Baltimore.

Persons: Francis Scott Key, Pete Buttigieg, Wes Moore, Julia Nikhinson, ” Moore, Shannon Gilreath, Moore, Maryland Sen, Chris Van Hollen, Buttigieg, “, Jennifer Homendy, Homendy, Marcel Muise, Dali, Peter Knudson, CNN’s Justin Lear, Andy Rose, Sarah Dewberry, Chris Isidore, David Goldman, Greg Wallace, Elise Hammond, Tori B, Powell, Sania Farooqui, Chris Boyette Organizations: CNN, Maryland Gov, Authorities, US Coast Guard, National Transportation Safety, Army Corps, Maryland Department of Labor, National Transportation, NTSB, India’s Ministry, External Affairs Locations: Patapsco, Baltimore, Maryland, Port, Port of Baltimore, America, New York, New Jersey, Vedika Sud

☆ Cargo ship had engine maintenance in port before it collided with Baltimore bridge, officials say
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +8 min

The others were presumed dead, and officials said search efforts had been exhausted. Investigators on Wednesday began collecting evidence from the vessel that struck the Francis Scott Key Bridge the previous day. U.S. Coast Guard Rear Admiral Shannon Gilreath said authorities had been informed that the ship was going to undergo the maintenance. "We were informed that they were going to conduct routine engine maintenance on it while it was in port. Video showed the ship moving at what Maryland's governor said was about 9 mph (15 kph) toward the 1.6-mile (2.6-kilometer) bridge.

Persons: Francis Scott Key, Roland L, Butler Jr, Alejandro Hernandez Fuentes, Dorlian Ronial Castillo Cabrera, Butler, Wes Moore, Shannon Gilreath, Jennifer Homendy, Homendy, Moore, Watson, Pete Buttigieg, Biden, Buttigieg, Gilreath Organizations: Fire, Bloomberg, Getty, U.S . Coast Guard, Maryland State Police, Maryland Gov, . Coast Guard, National Transportation Safety Board, Coast Guard, Homeland Security, Associated Press, Synergy Marine Group, Grace Ocean Private Ltd, White House, Transportation, World Association, Transport Infrastructure Locations: Baltimore, Dali, Patapsco, Baltimore , Maryland, U.S, Maryland, Mexico, Guatemala, Dundalk , Maryland, Honduras, El Salvador, Sri Lanka, Singapore, Port, Germany, Japan, United Kingdom, Windward, Annapolis

NTSB crews used the ship’s voyage data recorder, or VDR, to piece together a rough timeline of events leading up to the collision. But it will take months for them to gather the piles of physical evidence, maintenance records, ship data and witness interviews required to deliver a full report, Homendy said. • 01:24:59 a.m.: Numerous audible alarms were recorded on the ship’s bridge audio. • 01:26:39 a.m.: The ship’s pilot made a general very high frequency (VHF) radio call for tugboats in the vicinity to assist the vessel. • Around 01:27:04 a.m.: The pilot ordered that the ship’s port anchor be dropped and issued additional steering commands.

Persons: Baltimore’s Francis Scott Key, Jennifer Homendy, Marcel Muise, Investigators, Homendy, “, who’ve, ” Homendy, James Wallace, Peter Gautier, Divers, Roland L, Butler Jr, Pete Buttigieg, Alejandro Hernandez Fuentes, Dorlian Ronial Castillo Cabrera, Butler, ”, Miguel Luna, Maynor, Andrés Manuel López Obrador, CNN’s Tori B, Powell, Sarah Engel, Elise Hammond, Curt Devine, Casey Tolan, Isabelle Chapman, Daniel Medina, Sahar Akbarzai, Melissa Alonso, Hande Atay Alam, Lucas Lilieholm Organizations: CNN, Transportation, NTSB, Port, Fort McHenry, Maryland Transportation Authority, •, US Coast Guard, Maritime, Port Authority, Baltimore City Fire, Coast Guard, Ministry of Foreign Affairs Locations: Seagirt, Port of Boston, Maryland, Singapore, Baltimore, Patapsco, Mexico, Guatemala, Camotán, Mexican

☆ Yellen warns China's surplus of solar panels, EVs could be dumped on global markets
▼ + stars: | 2024-03-27 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

"China's overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world." China has a surplus of solar power, electric vehicles and lithium-ion batteries that it can ship out to other countries at cheaper prices. Yellen said she intends to put pressure on Chinese officials about these trade practices during her upcoming visit to China. Meanwhile, China has been pouring billions into clean energy for years, outpacing the rest of the world in the energy transition. Yellen added that the more China's clean energy glut interferes with global market prices, the worse off supply chains for these energy sectors will be.

Persons: Janet Yellen, Yellen, Biden Organizations: Treasury, Financial Services, General Government, Rayburn House, White House, Biden Administration, Embassy Locations: Washington , DC, China, U.S, Georgia, Washington

The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 China accounted for around 60% of global electric car sales. Yellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga. It is reopening, in part, because of incentives provided by the Democrats' Inflation Reduction Act, which provides tax incentives for green energy manufacturing. The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year. “In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,” Yellen said.

Persons: Janet Yellen, China's, ” Yellen, ”, Xi Jinping, Xi Organizations: WASHINGTON, —, International Energy Agency, Treasury, Democrats, China, Trade Organization, U.S, Chinese Commerce Ministry, European Union, “, Communist Party Locations: China, Georgia, Paris, Norcross , Ga, U.S, Beijing

☆ Yellen to Warn China Against Flood of Cheap Green Energy Exports
▼ + stars: | 2024-03-27 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Biden administration is growing increasingly concerned that a glut of heavily subsidized green technology exports from China is distorting global markets and plans to confront Chinese officials about the problem during an upcoming round of economic talks in Beijing. The tension over industrial policy is flaring as the United States invests heavily in production of solar technology and electric vehicle batteries with funding from the Inflation Reduction Act of 2022, while China pumps money into its factory sector to help stimulate its sluggish economy. In a speech on Wednesday afternoon, Treasury Secretary Janet L. Yellen will lay out her plans to raise the issue of overcapacity with her Chinese counterparts. “China’s overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world,” Ms. Yellen will say. “Challenges for individual firms can lead to concentrated supply chains, negatively impacting global economic resilience.”

Persons: Biden, Xi, Janet L, Yellen, “, Ms Organizations: The New York Times Locations: China, Beijing, United States, Norcross , Ga

☆ How BYD grew from battery maker to electric vehicle juggernaut, overtaking Tesla
▼ + stars: | 2024-03-26 | by ( Andrew Evers | ) www.cnbc.com time to read: +2 min

In the U.S., Tesla may be at the forefront of the electric vehicle revolution, but abroad, the carmaker has some serious competition. In the fourth quarter of 2023, BYD dethroned Tesla as the world's top EV maker, selling more battery-powered vehicles than its U.S. rival. "BYD has grown into this powerhouse in the new energy vehicle industry," CNBC's Beijing correspondent Evelyn Cheng said. By 2003, the company had pivoted to autos and has since become the top car brand in China, as well as a major producer of EV batteries. Watch the video to learn how BYD grew from battery maker to EV giant and what's next for the company.

Persons: Tesla, Warren, BYD, Evelyn Cheng, they're, Wang Chuanfu, Sam Abuelsamid, Michael Dunne, Dunne, They're Organizations: EV, Guidehouse, CNBC, U.S Locations: U.S, China, Beijing, Munich, United States, Europe, Hungary, Mexico

☆ Why a small China-made EV has global auto execs and politicians on edge
▼ + stars: | 2024-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.

Persons: It's, Terry Woychowski, Warren Buffett, —, BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, –, GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, –, China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province

“If you have minerals or oil under the ground, how do you come up with a price for a long-term contract? The shift to renewable energy and electric vehicles has caused a spike in the demand for critical minerals, driving these kind of loans. Adesina, whose Abidjan, Ivory Coast-based institution helps finance development in African countries, said these arrangements come with a litany of problems. Photos You Should See View All 60 Images“These are the reasons I say Africa should put an end to natural resource-backed loans," Adesina said. After Chad, Angola and the Republic of Congo approached the IMF for support, the multilateral lender insisted on the renegotiation of their natural resource-backed loans.

Persons: Akinwumi Adesina, paydowns, Adesina, ” Adesina, Glencore, Trafigura, ”, Mao Ning Organizations: African Development Bank, Associated Press, International Monetary Fund, IMF, Chartered, China’s Ministry of Foreign Affairs, China Railway Group, Gecamines, Alliance for Green Infrastructure Locations: Lagos, NIGERIA, China, Congo, Nigeria, Abidjan, Ivory Coast, Africa, Chad, Angola, Republic of Congo, Guinea, Ghana, Beijing, Nigerian, AP.org

We'll also guide you step-by-step on how to use a VPN to watch UFC 299, no matter where you are. ET / 3 a.m. GMT (Sun) / 11 a.m. AWST (Sun)How to watch UFC 299 in the USUS viewers can watch the main event of UFC 299 on ESPN Plus tonight at 10 p.m. UFC PPV + Annual ESPN+ Membership (Bundle) ESPN+ is the home of UFC PPV events, meaning that fans need to purchase a subscription in addition to buying the one-off cards. Where to watch UFC 299 everywhere elseIf you're not in the US, you still have a few options to watch UFC 299. In Canada, UFC 299 will be available as a pay-per-view through most TV providers and directly via UFC Fight Pass.

Persons: Sean O'Malley's, Marlon Vera, There's, Dustin Poirier, Benoit Saint, Denis, We'll, ExpressVPN, O'Malley, Vera Main, Sean O'Malley, Kevin Holland, Michael Page, Gilbert Burns, Jack Della Maddalena, Petr Yan, Curtis Blaydes, Jailton Almeida, Katlyn, Maycee Barber, Mateusz, Rafael dos Anjos, Pedro Munhoz, Kyler Phillips, Philipe, Michel Pereira, Michal Oleksiejczuk, Robelis, Josh Parisian, CJ Vergara, Assu Almabayev, Joanne Wood, Maryna Moroz Organizations: Business, Kaseya, UFC, ESPN Plus, ESPN, TNT Sports, Amazon, Apple, PlayStation, Samsung, BT, BT Sport, League, LG Locations: Canada, Australia, New Zealand, Germany, Italy, Spain, Poland, Switzerland, Asia, Africa, Brazil

☆ I bought a used Tesla Model 3 for $26,000. Despite its high mileage, I'm happy with my car.
▼ + stars: | 2024-03-07 | by ( Andrew Lambrecht | ) www.businessinsider.com time to read: +7 min

Read previewLast spring, I found a used 2019 Tesla Model 3 listed for sale just a few miles from where I live. Andrew Lambrecht's 2019 Tesla Model 3. Lambrecht's 2019 Tesla Model 3. Lambrecht's 2019 Tesla Model 3. The Ford Mustang Mach-E and Volkswagen ID.4 are two other neat electric cars now within the $25,000 range used.

Persons: —, Cooper, I've, it's, Andrew Lambrecht's, Amber Saitta, Tesla, Teslas, Andrew Lambrecht, hasn't Organizations: Service, Business, EV, EPA, Ford, Volkswagen Locations: Teslas

☆ Federal appeals court throws out lawsuit against Apple, Google, Tesla and other tech giants over alleged child labor in Congo
▼ + stars: | 2024-03-05 | by ( Devan Cole | ) edition.cnn.com time to read: +2 min

CNN —A federal appeals court on Tuesday threw out a lawsuit that sought to hold Apple, Google, Tesla and other major tech companies liable for their alleged use of child labor to mine cobalt in the Democratic Republic of Congo. “The plaintiffs have not adequately alleged the Tech Companies participated in a venture because there is no shared enterprise between the Companies and the suppliers who facilitate forced labor,” Rao wrote. “The Tech Companies own no interest in their suppliers. A federal judge in DC had previously thrown the case out. The defendants in the case were Apple, Alphabet (which owns Google), Dell Technologies, Microsoft and Tesla.

Persons: Neomi Rao, “, ” Rao, Rao, Michelle Toh Organizations: CNN, Apple, Google, Democratic, DC Circuit, Appeals, “, Tech Companies, Companies, DC, Dell Technologies, Microsoft, International Rights Locations: Democratic Republic of Congo, Congo

☆ China's economy looks like a mess — but some sectors are quietly doing well in its '2-speed economy'
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Meanwhile, its financial markets are bleeding, the property market has gone up in smoke, local government debt appears alarming, and foreign investors are exiting in droves. Real estate — which was a huge part of China's economy — has been hit badly, he said. AdvertisementTravel has picked up after years of pandemic lockdownServices is another pillar of China's economy that Beijing has been trying to build up. AdvertisementThis is in part because new growth industries are not able to take the place of real estate — yet. Because the property market accounts for one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.

Persons: —, Rory Green, GlobalData.TS Lombard, AllianceBernstein, John Lin, Lin, Donald Trump's, Louise Loo, Wood Mackenzie, AllianceBerstein's Lin, Nomura, Loo Organizations: Service, Business, Bloomberg TV, Oxford Economics, Nomura, Oxford Locations: China, GlobalData.TS, Real, COVID, Beijing, Europe, Taiwan, South Korea

☆ NASA explains how it would alert the public of an apocalyptic asteroid strike
▼ + stars: | 2024-02-17 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +6 min

In the event of an impending hazardous asteroid strike, NASA already has its plan in place to alert the public. NASA’s Planetary Defense Coordination Office is tasked with finding, tracking, and assessing the risk associated with potentially hazardous asteroids in our solar system. To do that, NASA works with a global coalition of astronomers called the International Asteroid Warning Network (IAWN). There are about 2,300 known potentially hazardous asteroids out there, and roughly 153 of them are larger than 0.6 miles across. If Bennu does head toward Earth, NASA has a few tricks up its sleeve to defend our planet.

Persons: —, ROGER HARRIS, ”, Lindley Johnson, ” Johnson, IAWN, Johnson, MARK GARLICK, NASA wouldn’t, they’re Organizations: NASA, Service, Defense, Office, Planetary Defense, Warning, White, United Nations Office, Outer Space Affairs, Minor Planet

☆ Wife of Tesla employee who died in what may have been the first 'full self-driving' crash said she and her husband were 'guinea pigs'
▼ + stars: | 2024-02-14 | by ( Katherine Tangalakis-Lippert | Hannah Getahun | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. If what Rossiter said is true, the incident — which Tesla has so far refused to acknowledge publicly — would be the first known fatality linked to the car company's full self-driving technology. Bass and representatives for Tesla did not immediately respond to a request for comment from Business Insider. Tesla's disclaimer for its current self-driving technology reads: "Autopilot, Enhanced Autopilot, and Full Self-Driving Capability are intended for use with a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment. However, the Full Self-Driving technology — meant to maneuver Tesla vehicles through nearly any scenario — has not been definitively tied to any deaths.

Persons: —, Hans von Ohain, Tesla, Erik Rossiter, Ohain's, Ohain, Rossiter, Robert Madden, Madden, Nora Bass, Hans, Musk, Bass Organizations: Service, The Washington Post, Business, Patrol, San Locations: Colorado, The, San Francisco, Oakland

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