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Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday. The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging. But the robust sales report also means that the Fed officials could leave the door open for additional rate hikes. The retail sales report came as businesses across the U.S. economy ramped up hiring in September, defying surging interest rates, and the ongoing threat of a government shutdown. Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace.

Persons: wasn’t, ”, Christopher S, Rupkey, “, Tim Quinlan, Christopher Rugaber, —, Anne Organizations: Commerce Department, Federal Reserve, Fed, FWDBONDS, “ Fed, Analysts, Wells, Wells Fargo Economics, ”, Labor Department Locations: Israel, Wells Fargo, U.S, Washington

☆ The world has to add or replace 50 million miles of transmission lines by 2040, IEA says
▼ + stars: | 2023-10-17 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

That amount is roughly equivalent to the total number of miles of electric grid that currently exists in the world currently, according to the IEA. It will also require changes in how the electric grid in each country is operated and regulated. The consequences of falling further behind in building transmission lines is dire, the IEA says. Building new transmission lines takes between five and 15 years, with planning and permitting included. Building transmission lines globally needs to be an issue of international cooperation, the IEA says.

Persons: Clark, Fatih Birol, what's, Birol, Bill Gates Organizations: International Energy Agency, IEA, Microsoft Locations: Primm , Nevada, Paris

☆ EU plans anti-subsidy probes to secure steel deal with US
▼ + stars: | 2023-10-10 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. Washington has asked Brussels to move against Chinese steel producers in particular in return for avoiding the re-imposition of Trump-era tariffs on EU steel and aluminium, with an end-October deadline to reach an agreement. Washington has said it wants to prevent "leakage" of Chinese steel and aluminium into the U.S. market. China's shipments have steadily fallen since 2015, when they made up 25% of EU steel imports in volume terms, to below 10% since 2018, according to EU steelmakers federation Eurofer. The extra annual emissions would by 2026 be more than the CO2 emissions of the entire EU steel sector, he said.

Persons: Damir Sagolj, Joe Biden, Ursula von der Leyen, Charles Michel, Washington, Axel Eggert, der Leyen, Nilutpal, Philip Blenkinsop, Amy Lv, Simon Cameron, Moore, Mark Potter, Matthew Lewis Organizations: Chongqing Iron, REUTERS, Rights, European, Trump, Financial Times, European Union, European Commission, EU, World Trade Organization, China's Ministry of Commerce, Thomson Locations: Chongqing, Changshou, China, Rights BRUSSELS, United States, European, EU, Brussels, Washington, U.S, East, North Africa, Bengaluru, Beijing

☆ Consumers starting to buckle for first time in a decade, former Walmart U.S. CEO Bill Simon warns
▼ + stars: | 2023-10-09 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

As three of the nation's biggest retailers kick off key sales week, former Walmart U.S. CEO Bill Simon warns consumers are starting to buckle for the first time in a decade. "That sort of pileup wears on the consumer and makes them wary," the former Walmart U.S. CEO told CNBC's "Fast Money" on Monday. "For the first time in a long time, there's a reason for the consumer to pause." Walmart and Target are trying to compete with their own sales events to get an early jump on the holiday shopping season. Simon observes the retailers have a glaring thing in common: The bargains are not as deep.

Persons: Bill Simon, CNBC's, Simon Organizations: Walmart U.S, Amazon, Deal, Walmart, Target Locations: Israel

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Billie Eilish's journey celebrated in new comic book
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

Billie Eilish smiles from the stage during the "Power Our Planet: Live in Paris" concert at the Champ de Mars on the sidelines of the Summit for a "New Global Financial Pact" in Paris, France, June 22, 2023. REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsOct 5 (Reuters) - She is only 21 but Billie Eilish already has a comic book published about her life, highlighting her journey from young dancer to Oscar-winning songwriter. In the 22-page comic book, readers will learn about Eilish's transition from dance to music and the collaboration process with her brother Finneas. The comic will be released on Oct. 10 in digital and print formats. Reporting by Alicia Powell; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Billie Eilish, de Mars, Stephanie Lecocq, Oscar, Finneas, Alicia Powell, Diane Craft Organizations: Summit, Global, REUTERS, TidalWave, Thomson Locations: Paris, France

A new global assessment has found that 41% of amphibian species that scientists have studied are threatened with extinction, meaning they are either vulnerable, endangered or critically endangered. “Amphibians are the world's most threatened animals,” said Duke University's Junjie Yao, a frog researcher who was not involved in the study. But a growing percentage of amphibian species are now also pushed to the brink by novel diseases and climate change, the study found. The study identified the greatest concentrations of threatened amphibian species in several biodiversity hotspots, including the Caribbean islands, the tropical Andes, Madagascar and Sri Lanka. Other locations with large numbers of threatened amphibians include Brazil’s Atlantic Forest, southern China and the southeastern United States.

Persons: ”, Duke University's Junjie Yao, Michael Ryan, Patricia Burrowes, Juan Manuel Guayasamin, Guayasamin Organizations: University of Texas, National Museum of Natural Sciences, Northern, University San Francisco, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: Madrid, Quito, Ecuador, Madagascar, Sri Lanka, Forest, China, United States

☆ Nigeria's Tinubu offers wage increase ahead of labour strike
▼ + stars: | 2023-10-01 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Tinubu scrapped a decades-old subsidy during his inauguration in May and ended foreign exchange restrictions, which has led to soaring cost of living and angered unions. In a national broadcast marking 63 years of independence, Tinubu defended the reforms as necessary to put Africa's biggest economy on the path to recovery. That would take the minimum wage in Nigeria to 55,000 naira ($71) from 30,000 naira. But labour unions want Tinubu to reinstate the fuel subsidy and had previously demanded a minimum wage of 200,000 naira.

Persons: Bola Tinubu, Lewis Joly, Tinubu, Tinubu's, Felix Onuah, MacDonald Dzirutwe, Daniel Wallis Organizations: New Global Financial, Rights, Sunday, Thomson Locations: Nigeria, Paris, France, Rights ABUJA

☆ ‘AI is transformative for the geopolitical order,’ political scientist Ian Bremmer says
▼ + stars: | 2023-09-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Artificial Intelligence will have a significant impact on both geopolitics and globalization, according to Ian Bremmer, political scientist and president of the Eurasia Group. "I think that AI is transformative for the geopolitical order, both in good ways and in problematic ways," Bremmer told CNBC's Tania Bryer for "The CNBC Conversation." On the plus side, AI could drive "a new globalization," Bremmer said — at a time when questions about the state and future of globalization abound. "In other words, I'm an enthusiast about what this technology will do for the world," Bremmer said. For example, anyone can use AI to write code, but it can also be used to hack into systems or create malware, Bremmer pointed out.

Persons: Ian Bremmer, Bremmer, CNBC's Tania Bryer, —, We're Organizations: Intelligence, Eurasia Group, CNBC

LOS ANGELES (AP) — Quincy Jones, who once embarked on an international diplomatic tour with jazz great Dizzy Gillespie, will receive the U.S. Department of State's inaugural Peace Through Music Award. A ceremony honoring the 28-time Grammy winning producer, musician and arranger will be held Wednesday night and as part of the launch of the State Department's new Global Music Diplomacy Initiative. The tour was part of a Cold War program to spotlight American music and culture and counteract similar efforts by the Soviet Union. “You’re going to see a long-standing partnership between the Academy and the State Department,” Mason said in an interview. We have no more powerful tools in our diplomatic toolkit, and I look forward to seeing – and listening to – the results of this initiative.”The Global Music Diplomacy Initiative was developed following the 2022 Promoting Peace, Education, and Cultural Exchange (PEACE) through Music Diplomacy Act.

Persons: — Quincy Jones, Dizzy Gillespie, Jones, Antony Blinken, Harvey Mason, Dave Grohl, Mickey Guyton, Herbie Hancock, Jamie Barton, GAYLE, Christopher Jackson, LADAMA, Aimee Mann, Rakim, Armani White, Gillespie, Michael Jackson’s, Oscar, “ You’re, ” Mason, “, ”, Roosevelt, Bruce Springsteen, “ I’ve, ” Blinken Organizations: ANGELES, U.S . Department, State's, State, Music Diplomacy Initiative, Recording Academy, American, U.S . State Department, State Department, Fulbright, Arts and Science, Academy, Inter, American Affairs, AP, Education, Cultural Exchange, Diplomacy Locations: Southern Europe, South Asia, Soviet Union, East Berlin

☆ Cash-strapped Faraday Future's shares sink 20% on share sale plan
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Faraday Future's luxury electric car FF91 is seen at the company's headquarters in Gardena, California, U.S. November 21, 2019. REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSept 27 (Reuters) - Shares of Faraday Future Intelligent Electric (FFIE.O) slumped in premarket trading on Wednesday, after the cash-strapped electric-vehicle company announced plans to raise up to $90 million through a stock offering. Shares of the company, that has a market value of $45.75 million, dropped 20% to $1.94 in trading after closing at a record low of $2.46 on Tuesday. Its shares have dropped over 85% so far in 2023. Reporting by Medha Singh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Faraday, Lucy Nicholson, Matthias Aydt, Medha Singh, Krishna Chandra Organizations: REUTERS, FF, Thomson Locations: Gardena , California, U.S, Los Angeles, Bengaluru

☆ So many people want to attend a Middle East investment conference dubbed 'Davos in the desert' that they're charging $15,000 to get in the door
▼ + stars: | 2023-09-23 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

About 5,000 delegates are paying $15,000 each to attend an investment conference in Riyadh next month. Growing interest in the conference also underlines Saudi Arabia's rising global influence. The annual event is the largest investment and business conference in the Middle East, and has been compared to Davos – the Swiss ski resort that hosts the World Economic Forum each January. As well as being a forum for discussion, the event is also an accelerator for Saudi investment opportunities. At last year's conference, more than 28 investment deals worth over $9 billion were signed, according to the US-Saudi Business Council.

Persons: Goldman Sachs, Sam Bankman, Jared Kushner, execs, Jamal Khashoggi, Prince Mohammed bin Salman's Organizations: Service, Future Investment Initiative, Street Journal, Economic, Bridgewater Associates, Saudi Business Council, Investment Initiative, FII Institute, Saudi Locations: Riyadh, Saudi, Wall, Silicon, Eastern, Davos, Saudi Arabian, Blackstone, BlackRock, Istanbul, FAYEZ, Saudi Arabia

☆ AI is going to drive a new globalization: Ian Bremmer
▼ + stars: | 2023-09-22 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI is going to drive a new globalization: Ian BremmerCNBC's Tania Bryer heads to CogX to talk to Ian Bremmer. The president of Eurasia Group reveals he believes AI will be transformative for the geopolitical order in both good and problematic ways.

Persons: Ian Bremmer CNBC's Tania Bryer, Ian Bremmer Organizations: Eurasia Group Locations: CogX

Saudi Crown Prince Mohammed bin Salman smiles during the New Global Financial Pact Summit at the Palais Brongniart in Paris, on June 22, 2023. Ludovic Marin | AFP | Getty ImagesSaudi Crown Prince Mohammed bin Salman said the prospect of normalizing relations with Israel is getting closer by the day, but signaled that the treatment of Palestinians remains a clinching point. Prince Mohammed dismissed reports that the two countries had suspended talks and acknowledged progress in negotiations. "Every day we get closer," he said in an Fox News interview aired on Wednesday — a rare sit-down with a Western media outlet for the Saudi crown prince. The two leaders agreed to work toward securing diplomatic ties between Saudi Arabia and Israel.

Persons: Prince Mohammed bin Salman, Ludovic Marin, Prince Mohammed, Joe, Abraham, Donald Trump, Benjamin Netanyahu, Biden, Netanyahu Organizations: New Global Financial, Palais, AFP, Getty, Saudi, Fox News, Israel, United, Wednesday, United Nations Locations: Saudi, Paris, Israel, Riyadh, Bahrain, United Arab Emirates, Sudan, Morocco, Washington, New York, Saudi Arabia

☆ China may finally nick some metals clout from LME
▼ + stars: | 2023-09-20 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The debacle has undermined the venue’s benchmark status in the pricing of nickel, which is essential for making electric vehicles. LME’s trading volumes of the element were down 40% in July from a year earlier. That’s probably why the Shanghai Futures Exchange (ShFE) is now planning its own nickel futures contract for international use, Reuters reported on Sept. 13. For the Shanghai exchange, venturing in the opposite route could also prove difficult. CONTEXT NEWSThe Shanghai Futures Exchange is planning to launch a nickel futures contract for international use, Reuters reported on Sept. 13.

Persons: Tsingshan, ShFE, HKEx, Lisa Jucca, Katrina Hamlin Organizations: Reuters, Hong Kong Exchanges, HK, London Metal Exchange, Asian bourse, Shanghai Futures Exchange, Reuters Graphics, Thomson Locations: HONG KONG, British, China, Beijing, Indonesia, Shanghai

☆ Santander creates two new global businesses for retail, consumer areas
▼ + stars: | 2023-09-18 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

Santander Bank logo is seen in this illustration taken March 12, 2023. The new Retail and Commercial unit and Digital Consumer Bank will join Santander's other global operations in Corporate and Investment Banking, Wealth Management and Insurance and Payments, it said in a statement. The bank is benefiting from higher interest rates in Europe as it seeks to expand its investment banking business. Global heads will define the common business and operating model based on global platforms, said the bank, with all operations aligned under five global business areas. The Digital Consumer Bank will be led by Jose Luis de Mora.

Persons: Dado Ruvic, Ana Botin, Daniel Barriuso, Jose Luis de Mora, Javier San Felix, Matias Sanchez, Jose M ., Victor Matarranz, Jesús Aguado, Joan Faus, Richard Chang Organizations: Santander Bank, REUTERS, Rights, Spain's Santander, Digital Consumer Bank, Corporate, Investment Banking, Wealth Management, Insurance, Santander, Corporate & Investment Banking, Thomson Locations: Rights MADRID, Europe

☆ IMF, World Bank to decide Monday on October meetings in earthquake-hit Morocco
▼ + stars: | 2023-09-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Questions have swirled over whether the IMF and World Bank would still hold their annual meetings in Morocco's tourist hub of Marrakech since a devastating, 6.8-magnitude earthquake struck in the High Atlas Mountains, killing more than 2,900 people. Marrakech, 45 miles (72 km) from the quake's epicenter, suffered some damage in its ancient Medina quarter, but Moroccan officials have pressed the IMF and World Bank to proceed with the gathering, which would bring some 10,000-15,000 to the city. "The Moroccan authorities are fully committed to the meetings," Georgieva said in her first public comments on the matter since the disaster. In describing discussions with Moroccan Prime Minister Aziz Akhannouch, Georgieva expressed concern that the IMF and World Bank "don't want to be a burden" to the country as it deals with recovery efforts. Morocco also has access to a $5 billion flexible creditline from the IMF, approved in April, that is aimed at strengthening the countries' crisis prevention capabilities.

Persons: Kristalina Georgieva, William Ruto, Emmanuel Macron, Janet Yellen, Ajay Banga, Georgieva, Aziz Akhannouch, Andrea Shalal, David Lawder, Chris Reese, Diane Craft Organizations: International Monetary Fund, Treasury, World Bank, New Global Financial, Monetary Fund, Bank, Reuters, IMF, Sustainability Trust, Moroccan, World, IMF's, Thomson Locations: Kenya, U.S, Paris, WASHINGTON, Morocco, Marrakech, Medina

☆ No time to lose on ocean treaty as threats to high seas rise - Greenpeace
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Mandatory credit Kyodo/via REUTERS/File Photo Acquire Licensing RightsCompanies Greenpeace Limited FollowSINGAPORE, Sept 14 (Reuters) - Governments have no time to lose when it comes to implementing a new global ocean treaty to protect the high seas as threats from human activities intensify, a report by environmental group Greenpeace said on Thursday. In March, more than 100 countries completed a groundbreaking treaty to protect the high seas after years of negotiations. The high seas, or international waters, constitute more than 60% of the world's oceans but have not been under any protection. Greenpeace said fishing hours on the high seas increased by 8.5% from 2018 to 2022, and were up 22.5% in areas that need special protection. Greenpeace said that needs to happen before 2025 if there is any hope of achieving the "30 by 30" target.

Persons: Chris Thorne, Greenpeace's, David Stanway, Jamie Freed Organizations: Kyodo, Rights Companies Greenpeace, Greenpeace, United Nations, General, Thomson Locations: Kushiro, Hokkaido Prefecture, Japan, SINGAPORE

☆ UK, Japanese, Italian Partners Agree Next Steps for Fighter Jet
▼ + stars: | 2023-09-12 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Britain's BAE Systems, Japan's Mitsubishi Heavy Industries, and Italy's Leonardo have agreed the next steps to deliver the concept phase of a next-generation combat aircraft, BAE Systems said on Tuesday. The three nations agreed in December 2022 to collaborate to build an advanced front-line fighter to enter service around the middle of the next decade. The new Global Combat Air Programme (GCAP) agreement will support discussions to set out working arrangements and capability requirements for the aircraft, BAE said. The three nations will update on the project's progress at London's DSEI international arms fair this week, BAE said. Britain's defence ministry had committed 2 billion pounds to the project, formerly known as Tempest, before Japan and Italy joined.

Persons: Italy's Leonardo, Herman Claesen, BAE's, GCAP, Sachin Ravikumar, Paul Sandle, Sarah Young Organizations: BAE Systems, Mitsubishi Heavy Industries, Global Combat Air, BAE, London's Locations: Italy, Japan

☆ Flexport CEO Ryan Petersen: We are looking to reinvest profits to compound capital
▼ + stars: | 2023-09-12 | 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 EmailFlexport CEO Ryan Petersen: We are looking to reinvest profits to compound capitalRyan Petersen, Flexport CEO, joins 'Closing Bell Overtime' to talk Flexport's new global launch tool, his succession as CEO and more.

Persons: Ryan Petersen

☆ Analysis: China's Xi Jinping skipping G20 may be part of his plan to reshape global governance
▼ + stars: | 2023-09-08 | by ( Nectar Gan | ) edition.cnn.com time to read: +8 min

Since its first leaders’ summit in 2008, China’s top leader has always attended the gathering – including by video link during the Covid pandemic. Now, “China sees the G20 space as increasingly oriented toward the US and its agenda, which Xi Jinping regards as hostile to China,” Werner said. Alternative governance structureXi last attended the G20 summit in Bali, Indonesia, in November last year, when he emerged from China’s Covid isolation and declared his return to the world stage. All the while, Xi has only made two trips abroad this year – and both are central to his attempt to reshape the global world order. Next month, the Chinese leader is expected to host the Belt and Road Forum to mark the 10th anniversary of his global infrastructure and trade initiative – a key element in Beijing’s new global governance structure.

Persons: Jinping, Premier Li Qiang, Beijing’s reticence, Xi, ”, George Magnus, I’m, I’ve, Jake Werner, ” Werner, Biden, Werner, Happymon Jacob, China’s, Shi Yinhong, Joe Biden –, Antony Blinken, Vladimir Putin –, Magnus, they’re, ” Magnus, –, “ It’s Organizations: Hong Kong CNN, Premier, China Center, Oxford University, “, Quincy Institute in, Quincy Institute in Washington DC, Pacific NATO, ”, India, New, Jawaharlal Nehru University, Divisions, Renmin University, EU, Beijing, Global Security Initiative, Global Development Initiative, Civilization Initiative, Forum, Shanghai Cooperation Organization – Locations: Hong Kong, New Delhi, China, Xi’s, India, United States, Quincy Institute in Washington, Beijing, New, Washington, Pacific, Ukraine, Moscow, Bali , Indonesia, Germany, France, Brazil, Indonesia, Johannesburg, South Africa, BRICS

☆ Fact Check-New COVID ‘ID-10T’ variant stems from satire site
▼ + stars: | 2023-09-07 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A new COVID-19 variant has not been named “ID-10T,” despite claims circulating online. The earliest iteration Reuters could find stems from a satire website. The earliest iteration Reuters could find stems from a now deleted satirical website, ‘Caps Lock News’ published in March 2020 (here). The ‘About’ section of the website reads: “Caps Lock News is a satirical and parody website that should only be used for entertainment purposes” (here). The screenshot stems from a now deleted satire website.

Persons: Bill Gates, Read Organizations: European Centre for Disease, Reuters

☆ Africa Climate Summit: Billions pledged to green projects but leaders warn of need ‘to act with urgency’
▼ + stars: | 2023-09-07 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +5 min

CNN —The inaugural Africa Climate Summit drew to a close on Wednesday, with the host, Kenya’s president William Ruto, saying that a total of $23 billion had been pledged to green projects by governments, investors, development banks and philanthropists. Among the most eye-catching finance announcements, the United Arab Emirates pledged $4.5 billion to clean energy initiatives in Africa. “It is our ambition that this will launch a new transformative partnership to jumpstart a pipeline of bankable clean energy projects in this important continent,” Al-Jaber said, adding that the investment could lead to the generation of 15 gigawatts of clean energy by 2030. At the Africa Climate Summit, UN Secretary General Antonio Guterres noted that the continent was responsible for less than four per cent of global carbon emissions. LUIS TATO/AFP/AFP via Getty ImagesGermany announced 450 million euros (about $481 million) of climate finance pledges, and and the US pledged $30 million to support climate resilient food security efforts across Africa.

Persons: William Ruto, Sultan Al, Jaber, ” Al, Yemi Osinbajo, ”, General Antonio Guterres, LUIS TATO, “, Osinbajo, greening Organizations: CNN, Africa Climate Summit, United Arab Emirates, COP28, Global Energy Alliance for People, UN, Getty Images Locations: Africa, Nairobi, Dubai, “, jumpstart, Nigeria, AFP, Copenhagen

☆ IAA Mobility: China's automakers take the world by storm with EV push
▼ + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Leonhard Simon/Getty ImagesEven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Competitors worry that Chinese brands may eventually dominate the global EV market. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming. Supply chain advantageA major factor contributing to the lower cost of Chinese EVs is the country’s dominance of the EV battery supply chain. However, geopolitical tensions could complicate Chinese EV firms’ global push.

Persons: Leonhard Simon, Luca de Meo, ” de Meo, ” “, ”, Dylan Khoo, Li Yunfei, Oliver Zipse, Khoo, It’s, — Hanna Ziady, Olesya Dmitracova Organizations: Hong Kong CNN, Visitors, Renault, Chinese EV, RTL Radio, China Association of Automobile Manufacturers, China Passenger Car Association, Union, UBS, Europe Auto, EV, New, Research, Deloitte, BMW, ABI Research, Jato Dynamics, “, China’s SAIC, MG, IAA, SNE Research Locations: China, Hong Kong, Munich, Germany, Chinese, Europe, Australia, Southeast Asia, Japan, Russia, New York, United States, France, British, United Kingdom, South Korean

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsNEW DELHI, Sept 6 (Reuters) - Nigeria has secured nearly $14 billion of pledges from Indian investors and seeks an economic cooperation pact with the South Asian nation, a presidential spokesperson said on Wednesday. Skipperseil Ltd's founding Chairman Jitender Sachdeva and India's Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively, Ngelale said. Tinubu is attending at the invitation of India, which currently holds the rotating presidency of the bloc. "We are ready to give you the best returns for investment possible, there's nowhere else like our country," Tinubu said in the statement.

Persons: Bola Tinubu, Lewis Joly, India's Jindal, Ajuri Ngelale, Skipperseil, Jitender Sachdeva, Ngelale, Tinubu, Nidhi Verma, Felix Onuah, Elisha Bala, Shivam Patel, Christina Fincher, Richard Chang Organizations: New Global Financial, South, India's Jindal Steel, Indorama Corp, India's Bharti Enterprises, Defence Industries Corporation, Thomson Locations: Nigeria, Paris, France, DELHI, West, New Delhi, India, Africa's, South Africa, Abuja

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