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☆ Elon Musk discussed a possible Mongolia expansion with the country's prime minister
▼ + stars: | 2023-06-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Mongolia's prime minister Luvsannamsrai Oyun-Erdene and Tesla CEO Elon Musk on Monday discussed possible expansion and investments into the Asian country over a virtual meeting. A statement from the cabinet secretariat of Mongolia's government added that the country's prime minister emphasized his support for the use of electric cars and urged Mongolian citizens to use such vehicles. Musk and Oyun-Erdene also spoke about bringing Starlink — a satellite communications terminals and services provider operated by the Musk-founded SpaceX — to Mongolia. Starlink was registered as a company in Mongolia in 2022 and is expected to launch regionally this year. The Tesla CEO complimented China's technological advances and visited the Tesla gigafactory in Shanghai.

Persons: Mongolia's, Luvsannamsrai, Elon Musk, Erdene, Starlink, Ding Xuexiang Organizations: Tesla, SpaceX, U.S Locations: Mongolia, Mongolian, Mongolian Government, China, Beijing, Shanghai

☆ How to negotiate virtually and win difficult Zoom conversations, according to research
▼ + stars: | 2023-06-06 | by ( Leigh Thompson | ) www.businessinsider.com time to read: +9 min

How virtual communication differs from face-to-faceSo, how can we build our VCQ? However, there is a profound, yet rarely acknowledged difference between in-vivo and virtual communication: namely shared mutual gaze, which occurs when two people lock eyes. That's partly because mutual gaze produces an immediate release of oxytocin, the bonding hormone. However, volleying offers back and forth at the virtual negotiation table can lead to transactional interaction. For this reason, negotiators should work to bring their best virtual self to the negotiation table by following the research-backed best practices here.

Persons: Leigh Thompson, Thompson, —, Chris, It's, we've, I've, volleying Organizations: Kellogg School of Management, Northwestern University, Service, Communication Intelligence

The pan-European STOXX 600 index (.STOXX) ended 0.4% lower after a survey showed the U.S. services sector barely grew in May, while factory orders rose less than expected. "There's a bit of profit taking after some of the moves we've had recently," said Steve Sosnick, chief strategist at Interactive Brokers. "The economic reports that we've gotten around the world (signal) a somewhat slowing economy." Shares of Indivior Plc (INDV.L) jumped 7.8% to top the STOXX 600 index after the drugmaker agreed to pay $102.5 million to settle a lawsuit for its opioid addiction treatment Suboxone. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sherry Jacob-Phillips, Dhanya Ann Thoppil and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: we've, Steve Sosnick, Christine Lagarde, Joachim Nagel, Shreyashi Sanyal, Sherry Jacob, Phillips, Dhanya Ann Thoppil, Richard Chang Organizations: PMI, Interactive, U.S . Federal, European Central Bank, Amazon.com Inc, Indivior Plc, Trendyol, Viaplay, Volvo, Copenhagen Stock Exchange, Thomson Locations: U.S, Alibaba, Swedish, Sweden, Bengaluru

☆ Is China heading for Japan-like stagnation? Economist says the worst is likely behind us
▼ + stars: | 2023-06-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Jade Gao | Afp | Getty ImagesBEIJING — China's economic recovery from the pandemic is set to broaden, meaning the country isn't headed toward Japan-style stagnation just yet, according to Macquarie's Chief China Economist Larry Hu. The meeting, led by Premier Li Qiang, noted the foundation of China's economic recovery is not yet solid. Similar, but not the same as, Japan"While the worst is behind us, the recovery is far from being self-sustaining," Macquarie's Hu said. Stock Chart Icon Stock chart icon iShares MSCI China ETF"The absence of a self-sustained recovery in China today is mainly a cyclical, not structural, phenomenon," Hu said. The iShares MSCI China ETF is down by about 4% so far this year.

Persons: Jade Gao, Larry Hu, Hu, Macquarie, China's, Premier Li Qiang, Macquarie's Hu, Japan's Organizations: Afp, Getty, BEIJING, China, State Council, Premier, Companies Locations: Beijing, Japan, China

☆ Fitch warns it could still downgrade America’s credit rating despite debt ceiling resolution
▼ + stars: | 2023-06-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Fitch Ratings is keeping the United States on watch for a potential credit rating downgrade even after Congress passed a last-minute bill to avert a disastrous default. Although the resolution to the debt ceiling fight is a “positive,” Fitch expressed deep concern about the recurring brinksmanship and worsening polarization in Washington. That reasoning is similar to the rationale behind the downgrade by S&P in 2011 – an unprecedented step that occurred after Congress agreed to raise the debt ceiling. The latest debt ceiling battle has prompted more calls for reform or even eliminating the debt ceiling. This isn’t the first time the credit ratings firm has sounded the alarm about the messy state of affairs in America.

Persons: New York CNN — Fitch, Fitch, ” Fitch, “ Fitch, Richard Francis, Francis, Joe Biden, Chris Krueger, ” Krueger, “, James McCormack, Fitch’s, ” McCormack Organizations: New, New York CNN, CNN, Fitch, AAA, House Republicans, Congressional, Cowen’s Washington Research Group, Security, Medicaid, Fed, Treasury Locations: New York, United States, Washington, America

☆ Elon Musk is the world's richest person again
▼ + stars: | 2023-06-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Elon Musk is the wealthiest person in the world again. Elon Musk is the richest person in the world again, according to Bloomberg Billionaires Index's updated figures Thursday. Musk owns about 13% of Tesla, according to FactSet data. Musk was knocked out of first place by LVMH CEO Bernard Arnault in December, after shares of Tesla fell after his $44 billion acquisition of Twitter. During the visit, Qin sought to assure Musk that China is open to foreign businesses and would continue to offer a friendly business environment to them.

Persons: Elon Musk, Index's, Musk, Bernard Arnault, Tesla, Qin Gang, Qin Organizations: Bloomberg, Twitter, SpaceX Locations: Shanghai, China

☆ Elon Musk: CEOs flock to China as risks to trade and investment rise
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +8 min

To drum up business, Chinese leaders have urged foreign companies to invest more in the country, promising them an open and level playing field. “The interests of the United States and China are intertwined like conjoined twins,” he was quoted as saying by the foreign ministry. Over time, “there will be less trade” between China and the United States, Dimon predicted. The move was seen as retaliation for restrictions the United States has imposed on Chinese chipmakers. The interests of the United States and China are intertwined like conjoined twins.

Persons: Elon, Laxman, Jamie Dimon, Qin Gang, Tesla, Elon Musk, Musk, ”, Warren Buffett, Dimon’s, Dimon, That’s, Bain, “ who’s, ” Michael Hart, Ben Cavender, Nick Marro, Tim Cook, Cook, Marro, ‘, ” —, Sophie Jeong, Martha Zhou Organizations: Hong Kong CNN, Tesla, Starbucks, JPMorgan, Apple, Samsung, Aramco, Volkswagen, HSBC, Standard Chartered, Foreign, China's Ministry of Foreign Affairs, Reuters, China’s Foreign, Shanghai’s Communist Party, Bloomberg, Group, American Chamber of Commerce, CNN, British, of Commerce, China Market Research Group, US, Micron, Economist Intelligence Unit, “ Companies, China Development Forum Locations: Hong Kong, China, Beijing, United States, Shanghai, Taiwan, Washington, New York, American, Xinjiang

☆ Tesla's Musk open to expanding in China - foreign ministry
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

Musk also told Qin in the meeting that he opposed a decoupling of the U.S. and Chinese economies, according to a statement from the Chinese foreign ministry. Qin told Musk China was committed to improving the business environment for investors, including Tesla, and used an elaborate driving metaphor to describe China-U.S. relations. /Photo prise le 30 mai 2023/REUTERS/Tingshu WangIn a 2019 trip to China, Musk met with then-Premier Li Keqiang. A year later, he created a buzz on Chinese social media for dancing onstage to celebrate the opening of Tesla's Shanghai factory. While his plane was en route to China, Musk tweeted about advances in China's space programme, which aims to land a crew on the moon before 2030.

☆ Elon Musk meets China's foreign minister as Tesla boss touts expansion in the country
▼ + stars: | 2023-05-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Elon Musk met with China's Foreign Minister Qin Gang on Tuesday as Beijing pushed to show it is open to foreign business and the Tesla CEO reportedly signaled further expansion in China. According to the Chinese foreign ministry statement, Musk praised Chinese the Chinese people and China's achievements. Tesla did not immediately respond to a CNBC request to verify the Chinese foreign ministry's statement. The meeting between Musk and Qin comes at a time of continued tensions between the U.S. and China over technology. The Chinese foreign minister on Tuesday said that a "constructive" U.S. and China relationship is in the interest of both countries and the world.

☆ China foreign minister meets with Elon Musk in Beijing
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 30 (Reuters) - China will create a better market-oriented business environment for enterprises from all countries, including Tesla, China's foreign minister Qin Gang said during a meeting with Tesla's Elon Musk on Tuesday. China will continue to unswervingly promote high-level opening-up and strive to create a better international business environment, Qin told Musk, according to a statement from the Chinese foreign ministry. Reporting by Beijing newsroom, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ China, South Korea agree to strengthen talks on chip industry, Chinese commerce ministry says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationBEIJING, May 27 (Reuters) - China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor industry supply chains, amid broader global concerns over chip supplies, sanctions and national security, China's commerce minister said. Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which ended on Friday. Wang also said that China is willing to work with South Korea to deepen trade ties and investment cooperation. South Korea is in the crosshairs of a tit-for-tat row between the United States and China over semiconductors.

BEIJING, May 18 (Reuters) - China needs to level the playing field between private and state owned firms, the Asian Development Bank's chief economist said on Thursday, adding that the world's second-largest economy risks "wasting a tonne of money" with a state-led growth model. The Manila-based lender "consistently" raises with China the importance of improving the business environment and the sustainability of the country's development, he said, while noting that a one percentage increase in growth in China can increase growth in developing Asia by 0.3%. The comments come amid growing signs that China's post-COVID economic recovery is losing steam, intensifying pressure on policymakers to shore up wobbly growth. Private fixed-asset investment rose only 0.4% last month, in sharp contrast to the 9.4% jump in investment by state entities, indicating weak business confidence. "If you look at the history of China's economic development, a lot of the gains in growth, productivity, and employment have come from the non-state sector," he added.

☆ 'It's a no-brainer': U.S. beats UK investment scene, says British MP, calling for radical overhaul
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Rachel Reeves, Britain's shadow Finance Minister, has said that the current U.K. business landscape pales in comparison to that of the U.S.Britain's shadow finance minister on Tuesday lambasted the country's business environment under the current Conservative government, saying that companies currently deciding whether to invest in the U.K. or in the U.S. faced "a no-brainer" decision. "Businesses say to me: if we've got a choice between investing in the U.S. or investing in the U.K., I'm afraid, at the moment, it's a no-brainer," Reeves said at a conference hosted by the Chartered Management Institute. "The deeper capital markets, as well as the government support for those growing industries, means investment in the U.S. makes sense in a way that it does not in the U.K.," she said. Reeves said that under Labour leadership, Britain would implement a "modern industrial strategy" encouraging the government and businesses to work in partnership. "At a time of huge change, we've got to have a business and government partnership to seize some of these big opportunities that are out there for the taking," she said.

☆ Amazon VP in charge of the Astro home robot leaves after less than 2 years, leaked email shows
▼ + stars: | 2023-05-15 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

Ken Washington, VP of consumer robotics, is leaving Amazon. Amazon's VP of consumer robotics Ken Washington is leaving the company, according to an internal email seen by Insider. At Amazon, he was in charge of the consumer robotics unit, which oversees Astro, the home monitoring robot that remains invite-only 18 months after its launch. Amazon executive Dave Limp AP/Jeff ChiuIn an email to Insider, Amazon's spokesperson confirmed Washington's departure. Amazon's spokesperson told Insider the invite requests for Astro "remain strong" and it plans to add "even more new features."

☆ Why CEOs are changing directions faster than ever
▼ + stars: | 2023-05-11 | by ( Rebecca Knight | Tim Paradis | ) www.businessinsider.com time to read: +8 min

CEOs are changing their corporate strategies more frequently for many reasons. Some CEOs didn't do the necessary medium- and long-term planning when they made their original decisions, and now they're being forced to backtrack. A new, lightning-fast pace of businessThe rapidly changing business environment makes one thing clear: For CEOs, the day-to-day marathon of running a company feels much more like a sprint. The average compensation in 2021 for CEOs of the top US companies was 399 times that of the average worker. Changing a strategy is one thing, but how a CEO communicates that change is another — particularly because these pivots are likely to happen more frequently.

☆ Geopolitics is shrinking India’s risk premium
▼ + stars: | 2023-05-09 | by ( Una Galani | ) www.reuters.com time to read: +7 min

They are lured by a country whose potential as an alternative investment destination to China increasingly outweighs the local challenges of doing business. India’s $3 trillion economy is forecast to grow by 6.5% this fiscal year, continuing to outpace the rest of the world. Executives and investors also see a business-friendly government that is likely to remain in power for the next half-decade. Morgan Stanley analysts and strategists expect India to become the world’s third-largest economy and stock market before the end of the decade. The India risk premium is rapidly disappearing.

Analysts say what may appear as mixed messaging is the result of President Xi Jinping's renewed focus on national security, steeled by rock-bottom relations with rival superpower, the United States. A later speech in March at the National People's Congress was more pointed: China's security is being challenged by U.S. attempts to contain its rise, he said. In his October speech, he added "external security" and "international security", in what analysts say signals a new focus to counter foreign threats, namely Washington. Asked for its response to a list of questions for this story, China's foreign ministry said it was "not aware of the situation". BUSINESS JITTERSChina's security focus also risks isolating the country economically.

ECB chief Christine Lagarde said the central bank for the 20 countries that share the euro was not pausing. "This is a very restrictive policy and it will turn into credit tightening and that will bring a recession." The ECB has now increased its key deposit rate by some 375 bps since last July, from -0.5%. U.S. rates have jumped 500 bps, with the Federal Reserve hiking again on Wednesday while opening the door to a pause. Gareth Rudd, a European equity fund manager at Chelverton Asset Management, said he was negative on European bank stocks because regulators will want them to conserve capital instead of paying dividends.

☆ Future-Proofing the Board of Directors
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +29 min

Governance structures and practices should position the board to provide objective judgment and active oversight supported by board leadership, which is separate from and independent of company management. The board should design governance structures and practices that support it in determining board priorities, agendas, and information needs. The board should create governance structures and practices that ensure that directors are competent, committed, and diverse and that board and committee composition align with the company’s changing needs. Developing and supporting a positive and ethical corporate culture (see Corporate and Board Culture below). Corporate and Board CultureA strong board and corporate culture is imperative for a company’s success.

☆ How to know if your leadership style is more like Elon Musk or Steve Jobs — and what each of their strengths and weaknesses are
▼ + stars: | 2023-04-30 | by ( Christopher Myers | ) www.businessinsider.com time to read: +11 min

Isaiah Berlin, a prominent 20th-century philosopher and historian, popularized the foxes and hedgehogs metaphor in his 1953 essay "The Hedgehog and the Fox." By understanding this metaphor, modern business leaders can harness the strengths of both foxes and hedgehogs to navigate an increasingly complex and rapidly changing world. Leadership lessons from history: Xerxes and ThemistoclesExamining historical figures through the lens of the foxes and hedgehogs metaphor can provide valuable insights into the strengths and weaknesses of different leadership styles. Modern business titans: Steve Jobs and Elon MuskIn the world of technology and entrepreneurship, Steve Jobs and Elon Musk represent the quintessential hedgehog and fox, respectively. Isaiah Berlin's foxes and hedgehogs metaphor provides modern business leaders with a valuable framework for understanding and implementing effective leadership styles.

☆ STMicroelectronics posts better-than-expected Q1 results
▼ + stars: | 2023-04-27 | by ( Martin Coulter | ) www.reuters.com time to read: 1 min

LONDON, April 27 (Reuters) - European chipmaker STMicroelectronics (STM.DE) reported better-than-expected first-quarter results on Thursday. The company's revenue jumped 20% year-over-year to $4.25 billion in the quarter, outperforming analysts' average estimate of $4.19 billion, according to IBES data from Refinitiv Eikon. Citing a favorable business environment, CEO Jean-Marc Chery said the company was aiming for full-year revenue of $17 billion to $17.8 billion, keeping it on course for its target of $20 billion by 2027. STMicroelectronics's first-quarter earnings of $1.10 per share, also beat analysts' average forecast of $0.99 per share, IBES data showed. Net income rose about 40% year-over-year to $1.04 billion in the quarter.

☆ Japan's Nidec posts first quarterly loss in 10 years
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

Companies Nidec Corp FollowTOKYO, April 24 (Reuters) - Japanese electric motor maker Nidec Corp (6594.T) on Monday posted its first quarterly operating loss in a decade, of 24.3 billion yen ($181.01 million), hit by hefty restructuring costs and difficulty in procuring semiconductors and other components. The result for the January-March fourth quarter compared to an average estimate for a 11.75 billion yen loss in a survey of eight analysts by Refinitiv. It also compared to a 36.9 billion yen profit in the same period a year earlier. "The business environment surrounding Nidec continues to be severe," the company said in a statement. For the business year that began April 1, the Kyoto-based firm forecast operating profit of 220 billion yen, versus an average 210.87 billion yen forecast by 21 analysts.

☆ Opinion: The world just tilted in India’s favor
▼ + stars: | 2023-04-20 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +7 min

She is a weekly opinion contributor to CNN, a contributing columnist to The Washington Post and a columnist for World Politics Review. CNN —Imagine a world in which the world’s most populous country is a democracy. The United Nations Population Fund announced Wednesday that, according to its calculations, India’s 1.4 billion have already surpassed mainland China’s population, and will exceed all of China’s – including Hong Kong’s population – by the middle of this year. In addition to shrinking, China’s population is growing older. Today, after decades of breakneck economic growth, China’s population is much wealthier than India’s.

Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong and closed down about 2%. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said. "It is well within the realms of expectations that the proportion of Chinese shares among its total investment will shrink further." In New York, Alibaba's shares were up 3% as analysts noted that the stake sale was more due to SoftBank's circumstances.

TOKYO, April 13 (Reuters) - Japanese technology investor SoftBank Group Corp (9984.T) has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd (9988.HK), , the Financial Times reported, sending the Chinese e-commerce major's stock tumbling. Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong after the report before paring the loss to 2.8%. SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago with just $20 million spending. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said.

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