DIRS.INFO The most relevant business & tech news

☆ Volkswagen joins China price war as new emissions rule looms
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Since the Senate on March 1 passed the bill - by unanimous consent - it now goes to the White House for Biden to sign into law or veto. The White House did not immediately respond to a request for comment on his intentions. The debate was refueled last month, when the Wall Street Journal first reported that the U.S. Energy Department had concluded the pandemic likely arose from a Chinese laboratory leak, an assessment Beijing denies. Four other U.S. agencies still judge that COVID-19 was likely the result of natural transmission, while two are undecided. Representative Mike Turner, the Republican chairman of the House Intelligence Committee, said as he urged support for the measure.

☆ House votes unanimously to declassify intelligence on origins of Covid pandemic, sending bill to Biden
▼ + stars: | 2023-03-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The House of Representatives on Friday unanimously voted to declassify information on possible links between the Wuhan Institute of Virology and the Covid-19 pandemic, sending the bill to President Joe Biden. The Senate also voted unanimously earlier this month to require Director of National Intelligence Avril Haines to declassify such information. President Joe Biden ordered the intelligence community in 2021 to provide an updated analysis of how the pandemic emerged. The intelligence agencies were divided on how Covid started spreading among humans, though they said a natural original and a lab leak were both plausible. The intelligence community agreed that Covid was not developed as biological weapon, and most agencies assessed that the virus was not genetically engineered.

☆ China spent years angrily trying to shut down the theory that COVID-19 came from its labs. It failed.
▼ + stars: | 2023-03-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

China has pushed another theory, suggesting the COVID-19 may have jumped to humans from frozen food shipped from elsewhere in the world. Lab leak theory initially dismissedThe suspicion that COVID-19 may have leaked from a Wuhan lab has circulated since the earliest days of the pandemic. Trump sought to use the pandemic to discredit China, using the xenophobic term "China virus" to describe the disease. A group of scientists criticised the WHO for dismissing the lab leak thesis too hastily, and pointed to gaps in the report's evidence. Yet the lab leak theory has continued to gain credibility, despite China's efforts, and scientists who once dismissed it now think it's a credible explanation.

☆ Economists urge China to think 'beyond GDP' to head off climate risks
▼ + stars: | 2023-02-23 | by ( David Stanway | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 23 (Reuters) - A team of influential economists has urged China to adopt a new development model based on "wellbeing" rather than GDP growth in order to fulfil its 2060 net-zero emissions goals and head off the mounting threats of climate change. The old development model drove rapid growth in China over the last four decades, but is putting the world at "grave risk", the report said. China began experimenting with "green GDP" in 2005 as concerns mounted about the environmental damage done by rapid industrialisation. A 2006 government report concluded that environmental losses amounted to 3% of total GDP, but critics believed the actual figure was much higher. China is home to 16 of the 20 global regions most vulnerable to climate change, data showed on Monday.

☆ China's COVID-19 epidemic has 'basically' ended, but not completely over
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Tingshu WangBEIJING, Feb 23 (Reuters) - Health authorities in China said on Thursday the country's COVID-19 epidemic has "basically" ended, but it is not completely over as it found seven imported cases of the highly-transmissible XBB.1.5 variant since Jan. 8. Officials, speaking at a news event with several departments attending, said China's "major decisive victory" over COVID has set an example for populous nations in prevention and control. Health officials and experts were also monitoring the XBB.1.5 sub-variant of Omicron for months. Officials said on Thursday one local case of the variant was linked with an imported case on Feb. 3. Reporting by Beijing newsroom; Writing by Bernard Orr; Editing by Jacqueline Wong and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Beijing Urges Rural Officials to Hire Humans—Not Machines
▼ + stars: | 2023-02-14 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

Workers checked a newly laid water pipe in Yichang City, Hubei Province, last year. An estimated 3 million low-skilled workers remain in the countryside as the number of jobs in cities has dwindled. HONG KONG—China’s top economic agency recently called on local governments to find more work for rural laborers, such as widening roads and digging canals—even if the tasks could more efficiently be done by machines. “If it’s possible to use human labor, do not use machines, and mobilize local residents to do the jobs,” said a directive released by China’s National Development and Reform Commission last month.

☆ Livestream shopping took China by storm. Now Amazon, TikTok and YouTube are betting the QVC-style pitches will take off in the U.S.
▼ + stars: | 2023-02-14 | by ( Katie Tarasov | ) www.cnbc.com time to read: +6 min

Livestream shopping took China by storm over the past three years. In the U.S., TikTok, Amazon, Walmart , Shopify and YouTube are all getting in on the game. On Amazon Live, influencers pitch products live from the intimacy of their own homes. Tiana Young MorrisTiana Young Morris first went viral in 2020 for videos in which she tried on wigs and then reviewed them. Amazon continued its live-shopping investments with the launch of Amazon Live in India in September.

☆ China issues heavy fog warnings, some shipping suspended
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Feb 7 (Reuters) - China issued dangerous heavy fog warnings for many regions and shipping was suspended in the Qiongzhou Strait, an important economic transport hub near Hainan, according to state and local media on Tuesday. China has a four-tier, color-coded weather-warning system, with red representing the most severe warning, followed by orange, yellow and blue. Multiple areas in China's southeastern Fujian also issued alerts for heavy fog, with ferry crossings between Xiamen and Zhangzhou suspended, according to CCTV. Fog will continue in the mornings and evenings of Qiongzhou Strait until Friday, and conditions for navigation will be poor, CCTV reported citing the national weather forecast bureau. In December, one person was killed when more than 200 vehicles were involved in a pile-up on a bridge in China's central Zhengzhou city due to heavy fog.

☆ Here's why the US economy won't fall into a recession this year or next, according to a key market signal
▼ + stars: | 2023-02-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

In that case, it may be wise to heed a key bond market signal that's saying we'll avoid a recession after all. But if you look at the bond market, there's a clear answer that seems to be forming: The US economy won't enter a downturn this year or next. That's because the spread between corporate bonds and Treasury yields is steadily narrowing, according to DataTrek Research. The spread between corporate bond yields and US Treasuries helps measure the risk appetite of bond traders. Strategists warned that markets have yet to price in an earnings recession, which could pose a major headwind in 2023.

☆ Instant View: China's economy slows sharply in Q4, 2022 growth one of the worst on record
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +10 min

As a result, the Chinese economic growth rate will be below the Chinese government's target of 5% plus." This could weigh on their potential economic growth in the mid-and long-term, and we really need to be paying attention to that." MARCO SUN, CHIEF FINANCIAL MARKET ANALYST, MUFG BANK (CHINA), SHANGHAI"China's Q4 and full-year 2022 GDP growth rates came in higher than expected. Economic growth will have to depend more on productivity growth, which is driven by government policies." IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG"The biggest surprise is the retail sales number, which is really a big beat...

REUTERS/Tingshu WangBEIJING/WUHAN, Jan 2 (Reuters) - Some people in China's key cities of Beijing, Shanghai and Wuhan braved the cold and a spike in COVID-19 infections to return to regular activity on Monday, confident of a boost to the economy as more recover from infections. But Monday's one new COVID death - flat with the previous day - among China's population of 1.4 billion does not match the experience of other countries after they re-opened. Cumulative deaths in China since Dec. 1 have probably reached 100,000, with infections at 18.6 million, it said. Airfinity expects China's COVID infections to reach their first peak on Jan. 13, with 3.7 million daily infections. China has said it only counts deaths of COVID patients caused by pneumonia and respiratory failure as COVID-related.

[1/6] People release balloons as they gather to celebrate New Year's Eve, amid the coronavirus disease (COVID-19) outbreak, in Wuhan, Hubei province, China January 1, 2023. “I was still afraid when I came out tonight, but I just wanted to come out, because everyone has come out." In late November hundreds of people took part in lockdown demonstrations on the streets of cities across the country including Wuhan. “Those restrictions were in place for too long, so perhaps people were pretty unhappy," said 24-year-old Wuhan resident surnamed Chen, who works in e-commerce. “People have been afraid to come out since the COVID policy was loosened,” he said.

☆ 'The ICU is full': medical staff on frontline of China's COVID fight say hospitals are 'overwhelmed'
▼ + stars: | 2022-12-26 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

Bernstein's account reflects similar testimony from medical staff across China who are scrambling to cope after China's abrupt U-turn on its previously strict COVID policies this month was followed by a nationwide wave of infections. "The hospital is just overwhelmed from top to bottom," Bernstein told Reuters at the end of a "stressful" shift at the privately owned Beijing United Family Hospital in the east of the capital. In the past month, Bernstein went from never having treated a COVID patient to seeing dozens a day. Elsewhere in China, medical staff told Reuters that resources are already stretched to the breaking point in some cases, as COVID and sickness levels amongst staff have been particularly high. The National Health Commission did not immediately respond to a Reuters request for comment on the concerns raised by medical staff in this article.

The country spent big on quarantine and testing facilities over the past three years rather than bolstering hospitals and clinics and training medical staff, these people said. "There is no transition time for the medical system to prepare for this," said Zuofeng Zhang, professor of epidemiology at the University of California, Los Angeles. The failure to boost vaccination rates among the vulnerable could imperil China's health system, more than a dozen experts said. The death of a 23-year-old medical student in Chengdu on Dec. 14 fueled public ire at the strain on China's health system. Chen Jiming, a researcher at China's Foshan University, said there was every chance that China's medical system could cope now that the country has ended quarantine for asymptomatic and mild cases.

Nanjing, a historic city in eastern China, vowed to ensure daily supplies of fever medicines. The rapid spread of the virus across China has left many pharmacies sold out of medication to treat COVID-19. A major Chinese pharmaceutical company said this week that it expects the shortage of fever medicines to ease soon as manufacturers ramp up production. The Haikou-based drug manufacturer said there was a “short-term” shortage of its fever and cold medicines mostly due to hoarding. Tech giant Tencent announced this week that it had rolled out a program via its social messaging app Wechat allowing people to share surplus fever medicines.

☆ 7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
▼ + stars: | 2022-12-22 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030. With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.

[1/2] People line up next to a medical worker in a protective suit, at a fever clinic of a hospital amid the coronavirus disease (COVID-19) outbreak in Beijing, China December 15, 2022. The pivot away from President Xi Jinping's signature "zero-COVID" policy followed unprecedented widespread protests against it. But, WHO emergencies director Mike Ryan said COVID-19 infections were exploding in China well before the government's decision to phase out its stringent regime. There are increasing signs of chaos during China's exit from the zero-COVID policy - with long queues outside fever clinics, runs on medicines, and panic buying across the country. China Meheco Group Co Ltd (600056.SS) said on Wednesday it signed a deal to import the U.S. drugmaker's treatment.

☆ China cracks down on drug price gouging amid fears of COVID spike
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +2 min

China announced 10 measures on Wednesday that loosened key parts of President Xi Jinping's signature zero-COVID policy, in a dramatic pivot toward economic reopening. But concerns are increasing of a spike in infections as people scramble for cough medicines, flu drugs and masks. China's State Administration for Market Regulation admonished against price gouging in anti-COVID products, citing the need to better protect human lives and health. In a warning letter posted on Friday, the watchdog banned activities including price inflation, collusion, price discrimination, misleading propaganda and hoarding. In addition, they must not hoard anti-pandemic supplies that are in short supply, or spread word of price hikes to disrupt market order, the watchdog said.

But the popular traditional Chinese medicine Lianhua Qingwen, used for symptoms like fever and cough, and antigen test kits remained harder to find. Online pharmacies across China have run out of drugs and test kits, prompting the government to crack down on hoarding. Heat was insufficient because of "unstable" coal supplies caused by COVID, state-run Baoding Daily reported, without giving details. "I have no fear" of COVID, said Yang, a farmer who is fully vaccinated and with no underlying diseases. China has reported no deaths since easing the COVID curbs, with fatalities to date around 5,200, versus more than 1 million in the United States.

☆ In China's Wuhan, a shadow of reserve and resentment even as COVID lockdowns ease
▼ + stars: | 2022-12-09 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

"We know the country is reopening but we ourselves haven't let down our guard," said one Wuhan cornershop owner. "This has never happened before, not even at the start of the outbreak in 2020," said one Wuhan pharmacist surnamed Liu. Health authorities in Wuhan reported 229 new COVID cases on Thursday, while health authorities in Beijing reported more than 16,000 cases nationwide on the same day. REUTERS/Martin Pollard 1 2 3 4By November, as frustration towards the zero-COVID policies mounted, some Wuhan residents like Sam Yuen, a teacher, joined protests demanding an end to the lockdowns, alongside thousands of others in cities across China. City authorities put the official death toll at 3,869 in April 2020.

☆ Scenes from China as COVID protests flare
▼ + stars: | 2022-11-30 | by ( Jeremy Schultz | ) www.reuters.com time to read: 1 min

Residents tear down fencing used for containing COVID outbreaks, as nationwide public anger mounts over the "zero-COVID" policy curbs, in Wuhan, Hubei province, China in this still image from undated video released November 27, 2022 and obtained by...moreResidents tear down fencing used for containing COVID outbreaks, as nationwide public anger mounts over the "zero-COVID" policy curbs, in Wuhan, Hubei province, China in this still image from undated video released November 27, 2022 and obtained by REUTERSClose

☆ A 26-story pig skyscraper in China will slaughter 1 million animals a year, report says
▼ + stars: | 2022-11-26 | by ( Hannah Williams | ) www.businessinsider.com time to read: +3 min

China's skyscraper pig farm aims to tackle the country's growing pork demands, The Guardian reports. The Guardian reported the new tower in China is the largest "single-building pig farm in the world." Statements on the company's WeChat account analyzed by The Guardian reveal the farm-in-the-sky will house more than 600,000 animals. Animals are automatically fed via buttons in a central control room, and the pigs' waste is used to generate heating and power. Hubei Zhongxin Kaiwei Modern Farming, the company behind the development, has already sent 3,700 sows to the farm, The Guardian reported.

☆ COP27 climate summit: Here's what to watch
▼ + stars: | 2022-11-06 | by ( Ella Nilsen | ) edition.cnn.com time to read: +9 min

Given countries’ current promises, Earth’s temperature will climb to between 2.1 and 2.9 degrees Celsius by 2100. “No country has a right to be delinquent,” US Climate Envoy John Kerry told reporters in October. It is likely loss and damage will have space on the official COP27 agenda this year. And US officials often stress they want to also unlock private investments to help countries transition to renewables and deal with climate effects. Getty ImagesCOP27 is intended to hold countries’ feet to the fire on fossil fuel emissions and gin up new ambition on the climate crisis.

☆ His COVID lockdowns made him one of the most unpopular politicians in China. Xi Jinping just made him the 2nd-most powerful man in the country. Meet Li Qiang.
▼ + stars: | 2022-11-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

They key to his success is his loyalty to President Xi Jinping, experts say. But on October 23, Chinese President Xi Jinping made it clear: It didn't matter. Xi Jinping, Li Qiang, and other members of China's new top leadership walk in order of their rank. But his real value to Xi comes in the form of his loyalty to Xi, Wu said. Xi Jinping doesn't look into other things.

Search resuls for: "Hubei"

25 mentions found