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☆ US bank run victims were bailed out in 3 days. In China, many have been waiting a year
▼ + stars: | 2023-04-21 | by ( Selina Wang | ) edition.cnn.com time to read: +9 min

CNN is not revealing the identities of the bank victims in order to protect their safety. Bank victims protest in Henan in July 2022. Experts say small banks in other parts of China could face the same crisis, as the world’s second largest economy faces a longer term structural slowdown. Some Chinese bank victims even say they’re living in fear of violent reprisals. CNN interviews bank victims in China.

Noah Barkin, an analyst with the Rhodium Group, said China's chief objective was to prevent Europe from aligning more closely with the United States. Macron travelled to China with European Commission chief Ursula von der Leyen, both pressuring China on Ukraine, but failing to wrest any public shifts in position from Xi. Xi did not mention a possible conversation with Zelenskiy in China's official reports of his comments after the meetings. "Macron seemed to believe he could charm Xi into shifting his approach on the war," he said. "China and Europe can still be partners," said Wang Yiwei, director of Center for European Studies at Renmin University in Beijing.

☆ Barkin: It's interesting the Europeans are in China to talk with President Xi, when the U.S. is having trouble doing the same
▼ + stars: | 2023-04-06 | 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 EmailBarkin: It's interesting the Europeans are in China to talk with President Xi, when the U.S. is having trouble doing the sameNoah Barkin, senior adviser in the China practice at the Rhodium Group, discusses what EU leaders like French President Macron are hoping to achieve with their visit to Beijing to meet with Chinese president Xi Jinping.

☆ Taiwan tensions: It's very likely that Beijing goes beyond rhetoric, research firm says
▼ + stars: | 2023-04-06 | 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 EmailTaiwan tensions: It's very likely that Beijing goes beyond rhetoric, research firm saysReva Goujon of Rhodium Group says the "military coercion risk is exactly why the Pentagon and Taiwan were very concerned about House Speaker [Kevin] McCarthy actually going to Taiwan for his visit in this geopolitical climate."

Macron last visited China in 2019 while it will be von der Leyen's first trip since becoming European Commission president that year. However, some analysts said ostentatious deal-signing would appear opportunistic at a time of heightened frictions between the United States and China. "Both (Macron and von der Leyen) have not only business in mind but also Ukraine," said Joerg Wuttke, president of the EU Chamber of Commerce in China. Macron and von der Leyen are expected to echo the message that Xi should also talk to Ukrainian President Volodymyr Zelenskiy. China and EU decoupling will only serve U.S. interests, but make both China and Europe suffer," it said.

"It's a very prestigious thing to host the first visit abroad of the King of England, it doesn't happen every day. "Our message will be clear: There may be a temptation to get closer to Russia, but do not cross that line," a senior French diplomat said. They need a good relationship with Europe so will not want to play on Macron's internal problems," another French diplomat said. Analysts say China's deteriorating relationship with the U.S. gives Europe a bit more leverage, with the EU's vast single market becoming more crucial for China. Reporting by Michel Rose, John Irish in Paris and Laurie Chen in Beijing; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ US corporates and China hug awkwardly in Beijing
▼ + stars: | 2023-03-27 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

The final quarter saw a slight rebound, but American FDI into China has been slowing for years. Despite their suspicions of the U.S. government, Chinese officials don’t want American capitalists to stop investing in the country because their firms create jobs, bring technology and best practices. Anecdotal evidence suggests even in harmless industries like textiles and market research, decoupling is becoming the default American investment thesis. If China surprises by dramatically boosting internal demand, U.S. executives and their shareholders will be placated. Cook is in Beijing to attend the China Development Forum, a flagship investment conference organised by the government and held March 25-27.

☆ China's debt-heavy local governments look for new ways to raise cash
▼ + stars: | 2023-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Debt-heavy local governments in China need new ways to raise money under a central regime that's made clear its priority is to reduce financial risks. "We should ... prevent a build-up of new debts while working to reduce existing ones," the report said regarding local governments' situation. S&P and other analysts estimate land sales account for about a quarter of local governments' total revenue. But local governments still have bills and public services to pay for. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

"But after years of dithering, the German 5G network is deeply dependent on Chinese suppliers. Huawei, ZTE and China's government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. GERMANY LAGGINGWhile several countries across Europe are still formulating telecom policies, only Britain and Sweden have so far banned Huawei and ZTE from supplying critical 5G network equipment. The German government was last month unable to answer a parliamentary request about how many Huawei components operators were using in their 5G networks, filed in part in response to the report. The deadline to remove all Huawei gear from Britain's 5G networks by the end of 2027 remains unchanged.

"But after years of dithering, the German 5G network is deeply dependent on Chinese suppliers. Huawei, ZTE and China's government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. The government would ban operators from using certain controlling elements from Huawei and ZTE in 5G networks. The German government was last month unable to answer a recent parliamentary request about how many Huawei components operators were using in their 5G networks. The deadline to remove all Huawei gear from Britain's 5G networks by the end of 2027 remains unchanged.

☆ Catalytic converter thefts are on the rise across the country. Russia could make it worse.
▼ + stars: | 2023-02-20 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

NYC saw a rise of 5,000 cases of catalytic converter thefts in just one year. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThere has been a stark rise in catalytic converter thefts across the country since 2019 and there's a chance Russia could make it worse. "Catalytic converters are easy to steal, but generally very difficult to trace to a specific vehicle, allowing them to be sold on the black market. The lack of traceable identifying marks makes the theft of catalytic converters difficult to curb," a NADA press release says. Catalytic converter thefts have spiked all over the world, including the United Kingdom and Japan, Insider previously reported.

☆ Understanding the ripple effects of China's spy balloon
▼ + stars: | 2023-02-06 | 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 EmailUnderstanding the ripple effects of China's spy balloonMichelle Caruso-Cabrera, Council on Foreign Relations member, and Daniel Rosen, Rhodium Group founding partner, join 'Squawk Box' to discuss how investors should operate around the U.S. and China tensions.

☆ U.S.-China rewarming trade is half-full of hot air
▼ + stars: | 2023-02-03 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Enter a literal ball of hot air in the form of a Chinese spy balloon that the United States military is tracking in its home skies. The balloon’s brazen appearance augurs ill for Secretary of State Antony Blinken’s expected visit to Beijing next week. However, it is important to put the balloon in the context of Beijing’s habitual good cop, bad cop negotiating routine. In financial terms, Beijing still largely has its good-cop hat on. U.S. investors may fret about Chinese eyes in the sky, but in financial terms they have more to fear from the flaming gas jets in their own legislature.

☆ China's cities are struggling to pay their bills from three years of Covid and a real estate crash
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Rolling lockdowns seriously dented household incomes, leading many to reduce spending, which in turn resulted in less tax revenue for local governments. “China’s runaway local debt poses a serious threat to the country’s overall economic health and will weigh heavily on China’s still-nascent recovery,” said Singleton. Debt that is backed by local governments but which doesn’t show up on their balance sheets could be much bigger. That’s more than 20% higher than the estimate of 53 trillion yuan made by Goldman Sachs in 2021. Their debt squeeze could pose a serious threat to China’s financial system, particularly to small regional banks.

☆ Aviation's best bet for cutting emissions is a new kind of fuel — but there's nowhere near enough of it
▼ + stars: | 2023-01-27 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +4 min

Sustainable aviation fuel can be up to 80% less carbon intensive than conventional jet fuel. The US wants 3 billion gallons of sustainable aviation fuel by 2030. Sustainable aviation fuel, or SAF, is similar to conventional jet fuel, but it's much less carbon-intensive during its full lifecycle. From production to combustion, it releases up to 80% less carbon dioxide than conventional jet fuel, according to data from the International Air Transport Association. "There are very few that have seen the vision" of converting to SAF production.

☆ 2022 was one of the top 10 hottest years on record and the warmest La Nina year on record, according to government scientists
▼ + stars: | 2023-01-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

New data from the U.S. government shows that 2022 was one of the top 10 hottest years on record, with data going back to 1880. And of particular note, 2022 was the warmest year on record when there was a La Nina trade winds pattern, which is a weather event that has a cooling effect on global temperatures. According to both NOAA and NASA scientists, global temperatures were about 1.6 degrees Fahrenheit above their respective baseline averages from the 20th century. 2022 had a La Nina weather pattern, which generally lowers global temperatures compared to what they would have been in a normal weather pattern year. El Nino and La Nina refer to opposite weather patterns determined by trade winds that blow in the Pacific ocean.

☆ U.S. greenhouse emissions show signs of slowing — but not quickly enough
▼ + stars: | 2023-01-10 | by ( Evan Bush | Evan Bush Is A Science Reporter For Nbc News. He Can Be Reached At Evan.Bush Nbcuni.Com. | ) www.nbcnews.com time to read: +3 min

U.S. greenhouse gas emissions increased by about 1.3% in 2022, rebounding for a second straight year after pandemic disruptions to high-emitting industries like shipping and travel. Before the pandemic, emissions were on a slightly downward track. “Greenhouse gas emissions are still not back up to 2019 levels. “Additional policy action will absolutely be necessary to achieving those targets.”The U.S. is aiming to reduce greenhouse gas emissions by at least 50% from 2005 levels by 2030. The Environmental Protection Agency publishes official, detailed greenhouse gas inventories about 15 months after year’s end.

☆ Opinion | Vaccines, Inflation, Abortion: 2022 in Charts
▼ + stars: | 2022-12-30 | by ( Steven Rattner | ) www.nytimes.com time to read: +16 min

By the end of 2022, 23 percent of American women resided in states with effective bans on abortion. June 2022 March 2022 Dec. 2021 Sept. 2022 Dec. 2022 Fed Funds Rate 6% 5 4 3 2 1 2022 2023 2025 2024 Longer run Unemployment 5% 4 3 2 1 2022 2023 2025 2024 Longer run G.D.P. Growth 4% 3 2 1 2022 2023 2025 2024 Longer run Core Inflation 5% 4 3 2 1 2022 2023 2025 2024 Sept. 2022 June 2022 March 2022 Dec. 2021 Dec. 2022 Fed Funds Rate G.D.P. Growth 4% 6% 5 3 4 3 2 2 1 1 2022 2023 2025 2022 2023 2025 2024 2024 Longer run Longer run Core Inflation Unemployment 5% 5% 4 4 3 3 2 2 1 1 2022 2023 2025 2022 2023 2025 2024 2024 Longer run Source: Federal Open Market CommitteeThe sustained period of high inflation left the Fed playing catch-up, as it had initially believed that the surge would prove transitory. 150 100 Xi Jinping addresses in 2017 & 2022 50 1982-2012 Economy Military Market Technology Reform Security Source: Capital EconomicsThen there was China: Our biggest source of imported goods became ever more clearly our biggest strategic adversary.

☆ Biden tax credits aim to jolt electric delivery truck demand
▼ + stars: | 2022-12-29 | by ( Lisa Baertlein | ) www.reuters.com time to read: +3 min

The first-of-its-kind incentives, established under President Joe Biden's Inflation Reduction Act (IRA), will offer tax credits of $7,500 or $40,000 depending on the size of the electric vehicle (EV). The IRA's commercial EV credits do not have "made in the USA" rules that apply to passenger cars. That will "help level the playing field for electric vehicles," said Ben King, associate director at Rhodium Group, a research firm. Jim Farley, chief executive at electric van market leader Ford Motor Co (F.N), this year predicted that IRA tax credits would have a "dramatic impact on the adoption of EVs." More commercial EV purchases should lower manufacturing costs and vehicle sticker prices - which should attract even more buyers, experts said.

☆ Western firms’ Chinese red lines are not their own
▼ + stars: | 2022-12-02 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Yet companies’ red lines on China are out of their hands. Undeterred by growing geopolitical tensions and slowing Chinese growth, several Western companies have this year intensified the rate at which they bet on the People’s Republic. If Western states decide to impose sanctions, boards would have their red lines decided for them. Western companies will keep betting on the Middle Kingdom, until their governments stop them. The report predicts China will become the largest global market for luxury goods by 2025.

☆ Huge trade partner and ‘systemic rival.’ Europe has a China problem
▼ + stars: | 2022-11-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Covid-19 pandemic, Russia’s invasion of Ukraine, and tit-for-tat sanctions between China and EU lawmakers have strained relations since. The total value of the goods trade between China and Europe hit €696 billion ($732 billion) last year, up by nearly a quarter from 2019. China was the third largest destination for EU goods exports, accounting for 10% of the total, according to Eurostat data. Even so, the United States may exert more pressure on Europe to pull away from China, Borges de Castro noted. EU investment into China has also become more concentrated.

☆ German industry calls for more support to diversify beyond China
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Nov 21 (Reuters) - One of Germany's main industry lobby groups called on Monday for more support for industry to diversify trade beyond China, as the government prepares new policies aimed at reducing the German economy's dependence on Beijing. Planned measures such as stress tests and greater scrutiny on investments in China, outlined in a draft document seen by Reuters, would be an administrative burden for businesses, the Association of German Chambers of Industry and Commerce (DIHK) said. "Everything we have heard so far about the German government's China strategy is extremely defensive," said Volker Treier, head of foreign trade at DIHK. "We need an active and resilient industrial policy and strategy in Europe with regards to raw materials, batteries or semiconductors." Reporting by Victoria Waldersee, Andreas Rinke, Ludwig Burger Editing by Rachel More and Peter GraffOur Standards: The Thomson Reuters Trust Principles.

☆ China’s property easing is minor capitulation
▼ + stars: | 2022-11-14 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 14 (Reuters Breakingviews) - Beijing has rolled out more measures to support its flagging real estate sector, including extending repayment periods, facilitating financing for developers and lowering mortgage down-payments. Real estate, contributing roughly a quarter of China’s $17 trillion of output, is a speculative monster that has cannibalised capital better used for other endeavours. Together with other easing steps announced since March, UBS estimates the new policies could contribute more than 1 trillion yuan ($142 billion) in fresh financing to the struggling industry. But if property must correct in the name of rebalancing, that makes boosting the rest of the economy more urgent. Measures include allowing real estate firms to defer repayment on some loans, and trust lenders are instructed to help finance companies seeking to complete rental housing construction or acquire other companies.

☆ Federal Authorities Break Up Multimillion-Dollar Catalytic Converter Theft Ring
▼ + stars: | 2022-11-03 | by ( Joe Barrett | ) www.wsj.com time to read: 1 min

Federal authorities took a big crack at catalytic converter thefts, announcing raids and arrests from California to New Jersey on Wednesday to break up a network of thieves, dealers and processors that netted hundreds of millions of dollars from the fast-growing crime. Catalytic converters are cylindrical hunks of metal in the exhaust system of most cars that use pricey metals such as platinum, palladium and rhodium to break down harmful gasses into less harmful ones. Thefts have been skyrocketing in recent years as thieves using battery-powered saws and high-speed jacks make off with the devices in less than a minute.

☆ Nationwide catalytic converter theft ring made hundreds of millions of dollars, feds say
▼ + stars: | 2022-11-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Jonathan_Dienst_Byline.Jpg | Jonathan Dienst | ) www.nbcnews.com time to read: +3 min

“Amidst a rise in catalytic converter thefts across the country, the Justice Department has today carried out an operation arresting 21 defendants and executing 32 search warrants in a nation-wide takedown of a multimillion-dollar catalytic converter theft network,” Attorney General Merrick Garland said in a statement. Thieves made off with 12 times as many catalytic converters in 2021 as they did in 2019, according to the National Insurance Crime Bureau. On his Instagram account, he posted a photo of a necklace with a pendant made to look like a catalytic converter. Prosecutors say that was among the businesses allegedly purchasing stolen catalytic converters and reselling them. Technician Adelmo Rodriguez etches a catalytic converter with a license plate number in Huntington Beach, Calif, in 2021.

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