DIRS.INFO The most relevant business & tech news

☆ Tencent logs robust revenue growth as games, advertising sales shine
▼ + stars: | 2023-11-15 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Nov 15 (Reuters) - China's Tencent Holdings (0700.HK) said third-quarter revenue climbed 10%, as its games business staged a robust recovery from a regulatory crackdown on the country's tech sector and online advertising sales surged. In August, the video games sector raked in combined revenue of 29.2 billion yuan, the highest level in at least 20 months, according to CNG, a government-backed industry data firm. Tencent's online advertising business reported a 20% jump in revenue thanks to strong demand for advertising in its video content. Net profit declined 9% to 36.1 billion yuan from a year ago when the company had a strong quarter after divesting stakes in portfolio companies such as Sea.

Persons: Aly, Tencent, Josh Ye, Miyoung Kim, Edwina Gibbs Organizations: World Internet Conference, REUTERS, Tencent Holdings, HK, Riot Games, Thomson Locations: Wuzhen, Zhejiang province, China, HONG KONG

Globally, as many as 128,000 fishers face threats of violence, debt bondage, excessive overtime and other conditions indicative of forced labor, according to the U.N.'s International Labor Organization. U.S. and European companies are under increasing pressure to clean up supply chains in labor-intensive industries where worker abuse is widespread. But ZheJiang Hairong in a statement last year to the state-owned Fujian Daily claimed ownership of only five of the 10 vessels that would later appear on the Financial Transparency Coalition's list. Pingtan last year was sanctioned by the Biden administration over allegations of illegal fishing and labor abuse. The Financial Transparency Coalition scoured government reports, media accounts and complaints by advocacy groups to come up with a list of 475 individual vessels suspected of forced labor since 2010.

Persons: Joe Biden's, Beth Lowell, Pingtan, Biden, Fu Ting, Wanqing Chen Organizations: MIAMI, Financial, Coalition, D.C, Walton Family Foundation, AP, Associated Press, International Labor Organization . U.S, Force, Group, Seven, Atmospheric Administration, Ocean Fisheries Co, Pingtan Marine Enterprises, China National Fisheries Corp, Fujian Daily, New York Stock Exchange, Washington , D.C Locations: Washington, China, Russia, Spain, Thailand, Taiwan, South Korea, Myanmar, Cambodia, Laos, United States, U.S, Oceana, Panama, Belize, ZheJiang, Fujian, Washington ,, Beijing, Investigative@ap.org

☆ China's unfinished property projects are 20 times the size of Country Garden
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

HANGZHOU, CHINA - NOVEMBER 15, 2023 - An aerial photo shows a new property under construction in Hangzhou City, Zhejiang Province, China, Nov 15, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images)BEIJING — The size of unfinished, pre-sold homes in China is about 20 times the size of property developer Country Garden as of the end of 2022, according to a Nomura report on Wednesday. "We estimate that there are around 20 million units of unconstructed and delayed pre-sold homes," said Nomura's Chief China Economist Ting Lu and a team. About 3.2 trillion yuan ($440 billion) is needed to complete those remaining units, according to the analysts' estimates. Ensuring construction of the homes has been a government priority since delays make people less willing to buy new apartments.

Persons: Nomura, Ting Lu Organizations: National Bureau, Statistics, Publishing, Getty Images, U.S, Bloomberg News, China Locations: HANGZHOU, CHINA, Hangzhou City, Zhejiang Province, China, BEIJING

☆ China’s Singles Day shows buyers’ commitment issue
▼ + stars: | 2023-11-13 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020. The Singles Day sales period ended up with anemic growth in transactions, despite steep discounts by retailers. Alibaba (9988.HK), , the e-commerce giant behind Singles Day, used to hold a lavish gala in Shanghai to celebrate the consumption extravaganza. And China’s State Post Bureau said on Sunday that express delivery volume hit a record high during the Singles Day period, rising more than 23% between November 1 and November 11, compared to the previous year. Beijing may hope Chinese shoppers are more fatigued by the Singles Day’s barrage of promotions than consumption itself.

Persons: Aly, Xi, Taylor Swift, Alibaba, It’s, JD.com, Goldman Sachs, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Reuters, HK, Post Bureau, Reuters Graphics Reuters, Thomson Locations: Hangzhou, Zhejiang province, China, HONG KONG, Shanghai, Beijing

☆ Singles Day: China’s e-commerce giants try to lure reluctant consumers with ‘truly low’ prices
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +6 min

The Singles Day festival, also known as “Double 11,” was created by Alibaba in 2009 and has turned into a weeks-long shopping bonanza in China. To lure them, e-commerce platforms are offering rock bottom prices this Singles Day. “While the government is looking for solid consumption growth, consumer spending is hampered by both lower household income growth and weak consumer confidence,” said Louis Kuijs, chief Asia economist at S&P Global Ratings. This is a real downgrade in consumption,” the user said, adding she hadn’t yet spent any money during the current Singles Day. “Some promotions are fake,” said another user under the name “Nyanko.” “Merchants have raised prices before cutting them for Singles Day.

Persons: ”, Alibaba, Alibaba’s, JD.com’s, Pinduoduo’s, ” “, Alicia Yap, Zhejiang province Hu Xiaofei, Louis Kuijs, ” Kuijs, Jacob Cooke, “, ” Cooke, Cooke, John Donahoe, Lululemon Organizations: Hong Kong CNN, Companies, Citi, “, China’s, Technologies, Bain and Company, Pinduoduo, Nike, . Company, Starbucks Locations: China, Hong Kong, Beijing, Jinhua, Zhejiang province, Asia

☆ Exclusive: Geely's Zeekr edges closer to US IPO, to make filing public this week - sources
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Zeekr confidentially filed for a U.S. initial public offering last December, aiming to raise more than $1 billion, Reuters has reported. However, the company is likely to raise less than the targeted amount from the IPO, one of the sources said. It offers four EV models in China, with its 001 crossover priced from 269,000 yuan ($36,927.22) as its best-selling EV. ($1 = 7.2846 Chinese yuan renminbi)Reporting by Zhang Yan in Shanghai and Scott Murdoch in Sydney.

Persons: Goldman Sachs, Morgan Stanley, Zeekr, Zeekr confidentially, Didi, Amnon Shashua, Andy, Zhang Yan, Scott Murdoch, Kane Wu, Kim Coghill Organizations: bourse, underwriters, U.S, Reuters, Mobileye, Intel Corp, Tesla, Zhejiang Geely, Thomson Locations: SHANGHAI, New York, China, United States, Beijing, Zhejiang, Zeekr, Netherlands, Sweden, Germany, Israel, Kazakhstan, Shanghai, Sydney, Hong Kong

☆ Senators urge US to take steps to boost battery production, citing China
▼ + stars: | 2023-11-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China August 28, 2018. REUTERS/Stringer/ File photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - Two influential Democratic U.S. senators urged the Energy Department to take steps to boost U.S. battery manufacturing and next-generation battery research, citing China's dominance and export controls, according to a letter seen by Reuters. China dominates the global EV battery supply chain including production of graphite - the single largest component. The letter wants a committee briefing by Dec. 1 "on ongoing research and development of next-generation battery technologies." China accounts for 70% of the global production of lithium-ion batteries, the letter said, noting of five critical minerals required for most lithium-ion batteries, China "controls between 60-100% of the mining or refining for these minerals."

Persons: Stringer, Mark Warner, Joe Manchin, China's, Jennifer Granholm, David Shepardson, Leslie Adler, Stephen Coates Organizations: REUTERS, Rights, Democratic U.S, Energy Department, Reuters, Senate, Energy, Pentagon, Department of Defense, Thomson Locations: Huzhou, Zhejiang province, China, United States, Asia, U.S

☆ Hong Kong's IPO market is still in a slump despite an expected rebound
▼ + stars: | 2023-11-06 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Hong Kong Street Scene, Mongkok District with busses Nikada | E+ | Getty ImagesHong Kong's initial public listing market remains in a slump, even as analysts predicted a market rebound in the second half of the year. "The Hong Kong market has not recovered as much as we would like," Irene Chu, partner at KPMG China, told CNBC. In the first three quarters of the year, the Hong Kong IPO market concluded 44 listings, and raised 24.6 billion Hong Kong dollars ($3.14 billion), according to KPMG. Hong Kong's stock market was among the worst performing last year, shedding 15% in 2022 for its third-straight year of declines. "The Hong Kong stock market remained weak in Q3 2023, as did stock valuations, because of macroeconomic developments, in particular around U.S. interest rate hikes.

Persons: Irene Chu, Hong, Ringo Choi, EY, Zhejiang Leapmotor, Arun George, It's, Chu Organizations: Hong, KPMG China, CNBC, Hong Kong, KPMG, Hang Seng, J, T Express, Reuters, Deloitte, Hong Kong's, ZJLD, Onewo, Global Equity Research, International Monetary Fund Locations: Hong, Mongkok District, Hong Kong, Ringo Choi Asia, Pacific, Asia, Indonesian, Zhejiang, China, Shanghai, Shenzhen, KPMG China, —

☆ China factory activity unexpectedly shrinks in Oct, dents recovery momentum
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's manufacturing activity unexpectedly contracted in October, an official factory survey showed on Tuesday, underlining the challenge facing policymakers trying to engineer a durable economic recovery. Recent indicators pointed to encouraging signs of stabilising in the world's second-largest economy, supported by a flurry of policy support measures, although a protracted property crisis and soft global demand remain major headwinds. "Although there are signs of exports bottoming out, a strong recovery in external demand is probably elusive," he added. But analysts say more policy support may be needed to ensure the economy reaches Beijing's annual growth target of about 5%. "The additional 1 trillion yuan will help in November and December," Economist Intelligence Unit's Xu said.

Persons: Xu Tianchen, Dan Wang, Nomura, Unit's Xu, Joe Cash, Sam Holmes Organizations: REUTERS, Rights, National Bureau, Statistics, PMI, Economist Intelligence Unit, Hang Seng Bank China, JPMorgan, Moody's, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING

☆ More China companies buyback shares as Beijing seeks to stabilise market
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Oct 30 (Reuters) - More than 30 Chinese listed companies unveiled share buyback and purchase plans over the weekend while major mutual fund house E Fund Management Co said it would invest in its own product as Beijing steps up efforts to put a floor under a sliding stock market. China has already announced a slew of measures, including share purchases by state fund Central Huijin, to stem declines in a stock market (.CSI300) that last week hit the lowest level since 2019. Amid government calls to revive the market, more than 20 listed companies, including Hainan Mining Co (601969.SS), Vatti Corp (002035.SZ) and Zhejiang Sanmei Chemical (603379.SS), unveiled share buyback plans or proposals late on Sunday. In addition, companies such as CRRC Corp (601766.SS) and Wuxi Lead Intelligent Equipment (300450.SZ) disclosed share purchase plans by their controlling shareholders. ($1 = 7.3145 Chinese yuan renminbi)Reporting by Samuel Shen and Tom Westbrook; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Samuel Shen, Tom Westbrook, Lincoln Organizations: E Fund Management, Central, Hainan Mining Co, Vatti Corp, Chemical, CRRC, E, CSI, Huijin, Shanghai Securities, Thomson Locations: SHANGHAI, Beijing, China, Hainan, Zhejiang, Wuxi

☆ Jeep Maker Stellantis Bets on a Chinese EV Startup, but Is It the Right One?
▼ + stars: | 2023-10-26 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Chinese companies can produce EVs 30% more cheaply than Western ones, according to Stellantis’s research. Photo: Leonhard Simon/Getty ImagesBuying into a Chinese automaker sounds like a great answer to the challenge of making cheaper electric vehicles. If only it were easier to pick winners. Chrysler owner Stellantis said Thursday that it was spending the equivalent of about $1.6 billion to buy a roughly 20% stake in Zhejiang Leapmotor Technology . It will get two board seats and become Leapmotor’s exclusive export partner via a Europe-based joint venture in which Stellantis will own 51%.

Persons: Leonhard Simon, Stellantis Organizations: Chrysler, Zhejiang Leapmotor Technology Locations: Zhejiang Leapmotor, Europe

☆ Stellantis to buy about 20% stake in China's Zhejiang Leapmotor for $1.6 bln
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsOct 26 (Reuters) - Stellantis NV (STLAM.MI) said on Thursday it would invest 1.5 billion euros ($1.58 billion) to acquire approximately 20% of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK). After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor's total issued Hong Kong shares. Stellantis, whose brands include Fiat and Peugeot, has a very small presence in China, the world's largest auto market. The group last year closed its joint venture that makes Jeeps in China with local partner Guangzhou Automobile Group (601238.SS) amid disappointing results.

Persons: Pascal, Leapmotor, Stellantis, Carlos Tavares, Sameer Manekar, Kanjyik Ghosh, Devika Syamnath, Subhranshu Organizations: REUTERS, Stellantis, Zhejiang Leapmotor Technology, HK, Hong, Hong Kong, Chrysler, Fiat, Peugeot, Renault, Guangzhou Automobile Group, Thomson Locations: Hordain, France, Zhejiang, Hong Kong, Greater China, China, Europe, Bengaluru

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

☆ In northeast China, Russian and Chinese firms ink deals from manufacturing to agriculture
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a meeting at the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Sergei Guneev/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 23 (Reuters) - Chinese and Russian companies attending a regional conference in northeastern China signed a raft of cooperation deals on Monday in sectors ranging from manufacturing and logistics to e-commerce and agriculture, Chinese state media reported. The conference in Shenyang, the capital of Liaoning province, followed last week's meeting in Beijing between Russian President Vladimir Putin and China's President Xi Jinping. Russian local government officials, business representatives as well as nearly 800 Chinese companies hoping to enter the Russian market were attending the conference. In January to September, 40 Russian firms set up businesses in Liaoning, China's national broadcaster reported on Monday.

Persons: Vladimir Putin, Xi Jinping, Sergei Guneev, Xi, Ryan Woo, Ellen Zhang, Simon Cameron, Moore Organizations: Forum, Sputnik, Rights, West, China's, Chinese, Administration of Customs, Thomson Locations: Beijing, China, Rights BEIJING, Shenyang, Liaoning province, Russia, Ukraine, Liaoning, Heilongjiang, Jilin, Vladivostok, Russian, Zhoushan, Zhejiang

☆ China's fighter jet fleet is growing in size and appears to have made a big jump in capability, new Pentagon report shows
▼ + stars: | 2023-10-23 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

US Department of Defense released its annual China Military Power Report to Congress last week. The Chinese fighter jet fleet appears to have not only grown in size but, more importantly, also in overall capability. AdvertisementAdvertisementA new report from the Pentagon details China's expanding military power, including the growth of its fighter jet fleet, which appears to have also experienced a jump in capability. The Pentagon's report notes that China's fighter jet fleet has both expanded and apparently improved. CFOTO/Future Publishing via Getty ImagesExamples of China's fourth-generation fighter aircraft include the Chengdu J-10, Shenyang J-16, and Shenyang J-15.

Persons: —, Xi, Liu Dawei, they've, Matthew P, Funaiole Organizations: of Defense, China, Service, US Department of Defense, People's Liberation Army, PLA, PLA Air Force, PLA Navy, PLAN, PLAN Aviation, DoD, The Air Force, Air, Air Force Aviation University, CFOTO, Publishing, Getty, Shenyang J, 14th China International Aviation, Aerospace Exhibition, Pentagon, China Power Project, Center for Strategic, International Studies Locations: People's Republic of China, China, United States, Nanjing, Jiangsu province, Shanghai, Jiangsu, Zhejiang, Anhui, Jiangxi, Fujian, Chengdu, Shenyang, Chinese, Liaoning, Zhuhai, Guangdong Province, Xinhua, Russian

☆ China export curbs choke off shipments of gallium, germanium for second month
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

China's exports of wrought germanium products stood at 1 kilogram, versus zero in August after a flurry of buying prior to the restrictions saw shipments of wrought products surge to 8.63 metric tons in July. China exported no wrought gallium products in August and September. Exporters of germanium and gallium products now need to obtain an export licence for dual-use items and technologies, meaning those with potential military and civilian applications. Some Chinese companies have obtained export licences for gallium and germanium products, the Ministry of Commerce said in September. China's exports of wrought germanium totaled 36.49 tons in the first nine months of 2023, up 47.4% on the year, while shipments of wrought gallium fell 61.9% on the year to 22.72 tons over the same period.

Persons: Amy Lv, Dominique Patton Organizations: cnsphoto, REUTERS, Rights, Ministry of Commerce, Shanghai Metals, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Rights BEIJING, Beijing, Washington

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a meeting at the Belt and Road Forum in Beijing, China, October 18, 2023. "If the United States can effectively rally the world, it’s bad for them. SUPPORT FOR PALESTINEWhile the strategies of Russia and China in the Middle East are not fully aligned they have much in common. Russia said on Thursday it was coordinating Middle East policy with China. The United States has been trying, with limited success, to persuade the global south to rally behind Ukraine.

Persons: Vladimir Putin, Xi Jinping, Sergei Guneev, Israel, Wang Yi, Putin, Xi, Jon Alterman, Bashar al, Assad, Jean, Loup Samaan, Carice Witte, Alterman, Ma Xiaolin, Ma, James Pomfret, Guy Faulconbridge, Don Durfee, Robert Birsel Organizations: Forum, Sputnik, Rights, Initiative, Palestinian, Middle, Center for Strategic, International Studies, PALESTINE, Middle East Institute of, National University of Singapore, United, Ukraine, Israel, Zhejiang International Studies University, Thomson Locations: Beijing, China, Rights BEIJING, WASHINGTON, Gaza, Russia, Moscow, United States, Israel, States, East, Africa, Latin America, Asia, Palestine, Washington, U.S, Ukraine, Saudi Arabia, Iran, Tel Aviv, Hong Kong

☆ Baidu's newest AI model Ernie 4.0 fails to wow investors, but analysts maintain 'buy' ratings
▼ + stars: | 2023-10-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

ZHEJIANG, CHINA - MARCH 16 2023: A view of the logo of ERNIE Bot, an AI chatbot service developed by Chinese search engine Baidu, March 16, 2023. Analysts are bullish on Chinese tech giant Baidu's latest version of its generative artificial intelligence model, Ernie 4.0, but investors did not react positively to the development. "We came away positively following the announcement of several new products including the official debut of Ernie 4.0," said Citi analysts in a report, after Baidu announced a "significantly improved" version of Ernie 4.0 on Tuesday. The Chinese tech giant claimed Ernie 4.0′s capabilities are on par with those of ChatGPT maker OpenAI's GPT-4 model. "It has been significantly improved compared to the online version of Ernie bot and now it is not inferior to GPT-4," Li told an audience of analysts, investors and journalists.

Persons: ERNIE Bot, Ernie, Robin Li, Li, Jefferies, OpenAI's, Ernie bot Organizations: Baidu, Citi Locations: ZHEJIANG, CHINA

☆ Vanguard sells stake in joint venture with China's Ant
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. mutual fund issuer Vanguard Group said on Tuesday it had sold its stake in a joint venture with Chinese fintech giant Ant Group, hastening its retreat from the world's second-biggest economy. Vanguard said it will prioritize regions where it offers its own investment products and services. Its 49% stake in the venture, a digital investment advisory service, has been sold to Ant. A Reuters report in March said Vanguard was mulling a retreat from China after a six-year presence in the country.

Persons: Aly, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, BlackRock, Fidelity, Reuters, Bloomberg News, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, Washington, Beijing, Taiwan, Bengaluru

☆ Vanguard sells stake in joint venture with Ant - Bloomberg News
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter. An increase in geopolitical tensions recently, however, has prompted some investing giants to split off their China arms. Vanguard did not immediately respond to a Reuters request for comment. Ant did not respond to a request for comment outside business hours.

Persons: Aly, Jack Ma, Ant, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, Bloomberg, BlackRock, Fidelity, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, U.S, Bengaluru

The individuals' accounts varied but were consistent in describing heightened scrutiny of overseas travel even after China reopened borders in January. Reuters is reporting these measures and the scope of some post-COVID travel curbs for the first time. NEW LIMITSRestrictions on personal foreign travel have long applied to senior government officials and state executives with access to confidential information. MAPPING CONNECTIONSChinese authorities are also scrutinising personal foreign ties, according to a document seen by Reuters, one of the 10 people who discussed travel curbs and three other state-enterprise workers with knowledge of the matter. Thomas said the travel curbs in particular would have implications for China's interactions with the world.

Persons: Carlos Garcia Rawlins, Xi, Neil Thomas, Thomas, Wang Zhi'an, Engen Tham, Julie Zhu, Kane Wu, Xie Yu, Martin Quin Pollard, David Crawshaw, Vidya Ranganathan Organizations: REUTERS, Rights, Reuters, Asia Society, Center for, State, Information Office, Communist Party, China Construction Bank, China Development Bank, National Council for Social Security Fund, Municipal Eco, Communist, Communist Youth League, Ministry of State Security, U.S . Central Intelligence Agency, CIA, Beijing, Thomson Locations: China, Beijing, Rights SHANGHAI, HONG KONG, Center for China, Washington, Shanghai, Zhejiang, Hong Kong, Singapore, Ningbo, Wenzhou, Japan, Italy

☆ Exclusive: Star Chinese fund manager Wang detained and under investigation - sources
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.

Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province

☆ Samsung expected to report 80% profit plunge as losses mount at chip business
▼ + stars: | 2023-10-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Costfoto | Nurphoto | Getty ImagesSamsung Electronics earnings are expected to plunge nearly 80% in the third quarter, according to analyst forecasts, as the company's biggest profit-driving segment — semiconductors — continues to come under pressure. Analysts polled by LSEG expect operating profit of 2.3 trillion Korean won ($1.7 billion) for the September quarter, a 78.7% year-on-year decline. Revenue is expected to come in at 67.8 trillion won, a fall of 11.6%, according to LSEG consensus forecasts. Samsung's semiconductor business — typically the company's cash cow — is expected to post a more than 3 trillion won loss for the third quarter, according to analyst forecasts, as it continues to face headwinds. Daiwa analyst SK Kim sees operating profit for the third quarter at 1.65 trillion won, much lower than the average analyst estimate of 2.3 trillion won.

Organizations: Samsung, Nurphoto, Getty, LSEG, Revenue, Daiwa, Markets, SK Kim, Apple Locations: Hangzhou, East China's Zhejiang, Korean

☆ IMF says global economy 'limping along', cuts growth forecast for China, euro zone
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

China Daily via REUTERS Acquire Licensing RightsSummary Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%. Even in 2028, the IMF is projecting global growth of just 3.1%. You put all these things together and you have a slowdown in medium-term growth," Gourinchas told Reuters. If the real estate crisis deepened, China's growth could be lowered by as much as 1.6% percentage point, which in turn would knock 0.6 percentage points off global growth, Gourinchas said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci, Catherine Evans Organizations: REUTERS Acquire, IMF, Monetary Fund, World Bank, Reuters, Research, Labor, U.S, autoworkers, Thomson Locations: Jinhua, Zhejiang province, China, MARRAKECH, Morocco, U.S, COVID, Ukraine, Israel, Marrakech, United States, Japan

☆ Tesla stock dips after China EV sales fall 11%
▼ + stars: | 2023-10-09 | by ( Jake Piazza | In Jakepiazza | ) www.cnbc.com time to read: +1 min

The new Tesla Model 3+ is on sale at a Tesla store in Hangzhou, Zhejiang province, in China, on Sept. 26, 2023. Tesla stock dipped about 2% Monday after its sales of China-made electric vehicles decreased 10.9% year over year for the month of September, according to a report from the China Passenger Car Association published Sunday. Sales for the Model 3 and Model Y vehicles made in China were down 12% from August to September. The company slashed prices for some of its Model 3 and Model Y vehicles in the U.S. on Oct. 6. Tesla will report third-quarter earnings on Oct. 18.

Persons: Tesla Organizations: Tesla, China Passenger Car Association, U.S . Locations: Hangzhou, Zhejiang province, China, U.S

Search resuls for: "ZheJiang"

25 mentions found