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☆ NASA spent billions on its SLS mega-rocket to take humans to the moon. It finally admitted it is 'unaffordable.'
▼ + stars: | 2023-09-08 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +8 min

NASA officials have said their SLS mega-rocket program is "unaffordable." Officials agree the SLS budget "needs to be improved," but it's not clear how, per a government report. The exact costs are unclearThe GAO says NASA has spent $11.8 billion since 2011 on the development of the integrated SLS rocket. NASA's SLS rocket and Orion spacecraft shown here being rolled of their assembly building ahead of the Artemis I mission. NASA's SLS is an anomalyPart of the criticism for the SLS program is that it sticks out as a "bit of an anomaly" in NASA's latest approach to project development, Rosseau previously said.

Persons: Artemis, Brendan Rosseau, Joel Kowsky, NASA's, Rosseau, it's, SLS's, pare, they've, Eric Berger, Paul Martin, Berger, Blue Origin's Organizations: NASA, Service, Orion, SLS, Office, GAO, Planetary Society, Elon, SpaceX, Harvard Business School, Origin, SpaceX's, SpaceX NASA, Ars Technica Locations: Wall, Silicon

☆ Analysis: China needs more than cheaper mortgages to revive spending
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +4 min

China said last week it would cut interest rates on existing mortgages and eased rules for first-time buyers in big cities, in what the central bank and financial regulators jointly said were moves "conducive to expanding consumption." But to prevent profit margins from shrinking further, state-owned banks have also lowered deposit rates by 10-25 basis points in a coordinated move. But they also warn that a 15 basis point cut in interest rates on Chinese households' 131.4 trillion yuan of deposits reduces interest income by 197 billion per year. Mortgage rates for first homes are around 4%, while one-year fixed deposit rates are roughly 1.5%. "People don't consume because they don't have money so cutting deposit rates cannot really work."

Persons: Simon, Yu, government's, Ting Lu, Zhaopeng Xing, Li Xiao, Li, Guo, Nancy Yang, Yang, Jason Xue, Samuel Shen, Winni Zhou, Gao, Ellen Zhang, Ziyi Tang, Joe Cash, Marius Zaharia, Jacqueline Wong Organizations: Nomura, ANZ, HIT, Thomson Locations: SHANGHAI, BEIJING, Shanghai, Beijing, China, Guangdong, Wuhan

☆ NASA’s mega moon rocket is ‘unaffordable,’ according to accountability report
▼ + stars: | 2023-09-07 | by ( Jackie Wattles | ) edition.cnn.com time to read: +3 min

CNN —Senior NASA officials say that the agency’s Space Launch System — the massive rocket designed to propel its ambitious Artemis program to establish a base on the moon — is “unaffordable,” according to a report Thursday from the US Government Accountability Office. The report does not name which officials — or how many — at NASA made such claims. That plan includes efforts to “stabilize the flight schedule,” increase efficiencies, “encourage innovation” and “adjust acquisition strategies to reduce cost risk,” according to GAO. That’s expected to be followed by Artemis III, the first attempt to return American astronauts to the moon since the Apollo program. But while NASA “partially concurred,” the agency “has not yet implemented this recommendation,” the GAO report said.

Persons: Artemis, NASA “, Artemis I, That’s, Artemis III, watchdogs, “ Organizations: CNN —, NASA, Office, SLS, GAO, Government watchdogs

Now, U.S. Customs and Border Protection and the Interior Department should work together to ease the damage, the GAO said. A Customs and Border Protection spokesman said Wednesday that the agency is working on a response to the report. An Interior Department spokeswoman said the agency would have no comment. “The wall saved lives and disrupted the cartel’s ability to improve their operational control of our country’s borders.”Environmental groups said the GAO report confirmed their earlier complaints. They said future repair work could benefit from more involvement by the Interior Department, a lead manager of the federal land where much of the damage occurred.

Persons: Donald Trump, ”, Raul Grijalva, Grijalva, Trump, Mark Morgan, Morgan, Laiken, Michael Dax, Emily Burns, Joe Biden, Damage Organizations: PHOENIX, Government, Office, U.S . Customs, Border Protection, Interior Department, GAO, Customs, U.S, Arizona Democrat, Homeland Security, Forest Service, Border, Heritage Foundation, Center for Biological Diversity, Department of, Wildlands, Sky Islands Alliance, Department of Defense, Kumeyaay Locations: U.S, Mexico, cactuses, Arizona, Texas, Washington, Southwest, California , Arizona, New Mexico, Sonora, California, Rio Grande Valley, Arizona's Sonora, Quitobaquito, Rio Grande

☆ CATL to produce fast-charging Shenxing battery in Germany, Hungary
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

People walk past a logo of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsMUNICH, Sept 4 (Reuters) - CATL (300750.SZ) will produce its upcoming fast-charging Shenxing battery at its plants in Germany and Hungary, principal engineer Gao Pengfei said at the IAA Munich car show on Monday. The battery will be mass produced from late 2023 and available in electric vehicles from 2024. Reporting by Victoria Waldersee; Writing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gao Pengfei, Victoria Waldersee, Christoph Steitz Organizations: Amperex Technology, ., Auto, REUTERS, Rights, IAA, Thomson Locations: Auto Shanghai, Shanghai, China, Germany, Hungary, IAA Munich

"There is a significant risk in the short term of financial crisis or other degree of economic crisis that would carry very substantial social and political costs for the Chinese government. By the time the global financial crisis hit in 2008-09, it had already met most of its investment needs for its level of development, economists say. To keep growth high, China in the 2010s doubled down on infrastructure and property investment, at the expense of household consumption. China has since backed away from major financial market liberalisation while plans to rein in state behemoths and introduce universal social welfare never quite materialised. "But at the same time there's a great fear of the short-term political and social risk, especially of provoking an economic crisis."

Persons: Xi Jinping's, William Hurst, Chong Hua, there's, Max Zenglein, We're, Logan Wright, Alicia Garcia Herrero, Hurst, Liangping Gao, Kevin Yao, Kripa Jayaram, Marius Zaharia, Sam Holmes Organizations: Development, University of Cambridge, International Monetary Fund, Asia Pacific, China's, Reuters Graphics, Thomson Locations: BEIJING, China, Japan, Beijing, Natixis

☆ Chinese cities ease mortgage rules to revive property sector
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Residential and commercial buildings are located in downtown Guangzhou, China October 7, 2017. REUTERS/Bobby Yip/File photo Acquire Licensing RightsBEIJING, Aug 31 (Reuters) - Major Chinese cities have said they will allow people to take preferential loans for first-home purchases regardless of their credit records, in the latest move to help revive an embattled property sector. Cities including Shenzhen, Guangzhou and Wuhan have made announcements easing mortgage requirements, following central bank guidance last Friday. The province will also ease other mortgage conditions, according to a state-backed local media. Reporting by Ella Cao, Liangping Gao and Liz Lee; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, Ella Cao, Liangping Gao, Liz Lee, Christian Schmollinger Organizations: REUTERS, Rights, Thomson Locations: Guangzhou, China, Rights BEIJING, Cities, Shenzhen, Wuhan, Jiangsu

☆ China's Shenzhen eases mortgage rules for first-home purchases
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Aug 30 (Reuters) - The Chinese tech hub of Shenzhen issued a notice on Wednesday saying it would let people take preferential loans for first-home purchases regardless of their credit record from Aug. 31, the second major city to ease mortgage rules. The move came after Chinese authorities called on cities on Friday to broaden the definition of first-home mortgages to revive the troubled property market. Guangzhou was the first major city to respond and ease mortgage curbs. Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Ella Cao, Liangping Gao, Ryan Woo, Andrew Heavens Organizations: Thomson Locations: BEIJING, Shenzhen, Guangzhou

☆ China new home prices growth likely flat in 2023, dragging on economy - Reuters poll
▼ + stars: | 2023-08-28 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

FILE PHOTO: A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File PhotoThe expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. “It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points,” said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing’s support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, ”, Ma Hong, Gao Yuhong, Xing Zhaopeng Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute Locations: BEIJING, Tianjin, China, “

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING

☆ China launches 'unprecedented' crackdown on its healthcare industry amid economic woes
▼ + stars: | 2023-08-24 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

CNN —China has launched a sweeping anti-corruption campaign targeting its hospitals, pharmaceutical industry and insurance funds as it grapples with mounting economic challenges and long-standing public frustration about high costs in the behemoth healthcare sector. Some areas have set up hotlines for phoning in tips about corruption in the sector, according to state media. At least one state media report has described the campaign as “unprecedented in the depth, breadth and intensity” of targeting the healthcare sector. Despite wide health insurance coverage, absolute costs of healthcare can be a heavy burden for many in China. “Given the economic slowdown and the shrinking fiscal revenue, the debt-ridden local governments really don’t have the capabilities to invest more in the medical sector and corruption continues to be an issue,” said Huang.

Persons: That’s, Xi Jinping, Ren Jianming, Yanzhong Huang, ”, Huang, Jade Gao, Xi Chen, ” Chen, Winning Health Technology Group’s, Zhou Wei, Sun Ningling, ” “ Organizations: CNN, behemoth, Communist Party, China News Service, Center for Integrity Research, Education, China’s Beihang University, Publishing, Council, Foreign Relations, Getty Images, Yale School of Public Health, Getty, Health Commission, NHC, Central Commission, CSI, Reuters, Shanghai Serum, Winning Health Technology, Peking University People’s Hospital Locations: China, Yunnan, Shanghai, Beijing, Zhejiang, United States, New York, AFP, Guangzhou, Shenzhen

☆ You’re Probably Saving Enough for Retirement
▼ + stars: | 2023-08-23 | by ( Andrew G. Biggs | ) www.wsj.com time to read: 1 min

One problem: Voters aren't buying it. The headlines are meant to alarm you. “Millions of older workers are nearing retirement with nothing saved,” CBS News reports. “Only one in 10 low-income workers between the ages of 51 and 64 had any retirement savings in 2019, says the New York Post, citing “a troubling report recently published by the US Government Accountability Office.” Meanwhile, nearly all high-income Americans are saving, an inequality the GAO attributes to the federal tax preference for retirement-plan contributions.

Persons: “ Organizations: CBS, New York

[1/5] Workers walk out of a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. Both sites are run by Country Garden, China's largest developer by sales volume before this year, now mired in a debt crisis threatening to spill over to the wider economy. Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers. Country Garden built its success by quickly selling a large number of units for low margins and by promising "five-star living" in less popular, smaller cities. Tianjin has about a dozen Country Garden projects, with the majority finished and delivered, said Gao Fei, investment advisory manager at the Tianjin branch of Centaline Property Agency.

Persons: Tingshu Wang, Wang, Wei, Gao Fei, Gao, Laurie Chen, Clare Jim, Sumeet Chatterjee, Sonali Paul Organizations: Workers, REUTERS, Rights, Reuters, Construction, Nomura, Centaline Property Agency, Thomson Locations: Tianjin, China, Rights TIANJIN, HK, Beijing, Shenyang Tengyue, Centaline, Hong Kong

☆ Chinese Premier Li: Sino-U.S. relations, trade cooperation face difficulties
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Chinese Premier Li Qiang attends a meeting with U.S. Special Presidential Envoy for Climate John Kerry (not pictured) at the Great Hall of the People in Beijing, China July 18, 2023. REUTERS/Florence Lo/Pool/File Photo Acquire Licensing RightsBEIJING, Aug 21 (Reuters) - Bilateral relations and economic and trade cooperation between China and the United States are facing difficulties, Chinese Premier Li Qiang told the chair of the U.S.-China Business Council heading a USCBC delegation on a visit to Beijing. "At present, China-U.S. relations and economic and trade cooperation are facing some difficulties, which require both sides to show sincerity, move towards each other and make joint efforts," Li told USCBC chair Marc Casper on Monday, according to the Chinese state news agency Xinhua. Li added that China is willing to work with the U.S. to jointly safeguard international trade rules and ensure the stability of global industrial chains. Reporting by Ella Cao, Liangping Gao in Beijing and Meg Shen in Hong Kong, editing by Ed Osmond and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, John Kerry, Florence Lo, Li's, Gina Raimondo's, Li, Marc Casper, Casper, Jin Zhuanglong, Ella Cao, Liangping Gao, Meg Shen, Ed Osmond, Mark Heinrich Our Organizations: U.S, of, People, REUTERS, Rights, U.S ., China Business Council, U.S . Commerce, Bloomberg, Xinhua, Chinese Industry, Ministry of Industry, Information Technology, Thomson Locations: Beijing, China, Rights BEIJING, United States, U.S, Hong Kong

☆ China's fiscal revenue slows as economy struggles
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Aug 21 (Reuters) - China's fiscal revenue rose 11.5% in the first seven months of 2023 from the same period a year earlier, but was slower than the 13.3% rise posted for the first six months, official data showed, amid signs the economy is losing momentum. Fiscal revenue totalled 13.9 trillion yuan ($1.92 trillion) from January-July, while fiscal expenditure grew 3.3% to 15.2 trillion yuan ($2.10 trillion), the finance ministry said in a statement on Monday. In July, fiscal revenue rose 1.9% year on year, slowing from a 5.6% increase in June. Fiscal expenditure fell 0.8% in the same period, narrowing from a 2.5% decline a month earlier, according to Reuters calculations based on the ministry's data. China's consumer sector fell into deflation in July, with analysts expecting price stagnation to persist for the next six to 12 months.

Persons: Joe Cash, Gao, Jacqueline Wong, Simon Cameron, Moore Organizations: Thomson Locations: BEIJING

☆ China will develop core industries in digital economy
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

Persons: Li Qiang, John Kerry, Florence Lo, Li, Liangping Gao, Ryan Woo, Jason Neely Organizations: U.S, of, People, REUTERS, Rights, Thomson Locations: Beijing, China, Rights BEIJING

☆ Fact Check-The Simpsons did not show ‘directed energy weapon’ causing fire
▼ + stars: | 2023-08-18 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

An episode of the animated series “The Simpsons” depicted fires caused by sunlight reflecting off a chrome statue, not a “directed energy weapon,” as claimed in social media posts linking such weapons to August 2023 wildfires in Hawaii. Posts on social media platform X, formerly known as Twitter (here), and Facebook (here), (here) link the clip to the natural disaster on Hawaii’s island of Maui with captions such as “The Simpsons predicting Direct Energy Weapons!?. The term “Directed energy weapons” (DEW) refers to technology that harnesses concentrated electromagnetic energy fired at the speed of light, according to an April 2023 report from the U.S. Government Accountability Office (GAO) (here) (here), (here). The full episode contains no references to directed energy weapons. Reuters Fact Check has previously addressed false claims of directed energy weapon use in the 2023 wildfires (here).

Persons: Monty Burns ’, “ Springfield, Read Organizations: Facebook, U.S, Government, Office, U.S . Department of Defense, GAO, YouTube, Reuters Locations: Hawaii, Maui, “

☆ Automakers are finally embracing lidar sensors. A few startups look like market-share winners
▼ + stars: | 2023-08-18 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +6 min

In this article INVZLAZROUSTINVZLAZROUST Follow your favorite stocks CREATE FREE ACCOUNTA Hesai lidar sensor on top of a vehicle in Shenzhen, China, July 10, 2022. Jade Gao | AFP | Getty ImagesFor investors in lidar startups, this has been a long time coming. After years of talk — and a SPAC boom in the sensor sector — automakers have finally started incorporating lidar units into their vehicles. Lidar, short for light detection and ranging, is a sensor technology that uses invisible lasers to create a detailed 3D map of the sensor's surroundings. Playing into investors' intense interest in self-driving technology, many lidar startups went public via mergers with special purpose acquisition companies, or SPACs, over the last few years.

Persons: LAZR, INVZ LAZR, Jade Gao, They're, Luminar, —, Omer Keilaf, Keilaf, Innoviz, Austin Russell, Russell, we'll, Tom Fennimore Organizations: AFP, Getty, BMW, Volkswagen, Refinitiv, Volvo, Polestar, Benz, Luminar Technologies, Bloomberg Locations: Shenzhen, China, Germany, U.S, SPACs, Orlando , Florida

☆ China cenbank says it will keep policy 'precise, forceful' to aid recovery
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Aug 17 (Reuters) - China's central bank said on Thursday it would keep liquidity reasonably ample and keep its policy "precise and forceful" to support the country's economic recovery, amid rising headwinds. The People's Bank of China (PBOC) will "better leverage the dual functions of aggregate and structural monetary policy tools and firmly support the recovery and development of the real economy," the bank said in its second-quarter monetary policy implementation report. Markets widely expect the bank to loosen monetary policy further. China will also prevent overshooting risks of the yuan exchange rate and fend off systemic financial risks, the central bank said.

Persons: Jason Lee, Liangping Gao, Ella Cao, Kevin Yao, Toby Chopra, Hugh Lawson Organizations: People's Bank of China, REUTERS, Rights, HK, Thomson Locations: Beijing, China, Rights BEIJING

Xinhua/Shutterstock‘Absolutely safe’As heavy rains moved toward the region in late July, China’s top flood control officials met to hash out their response plan. The flood was caused by flood water discharge, not by heavy rainfall.”CNN has reached out to the Zhuozhou and Bazhou governments for comment. Rescuers use rubber boats to transfer Zhuozhou residents trapped by flood waters after days of downpours brought by Typhoon Doksuri on August 2. In the recent rains, at least three upstream reservoirs released flood waters into rivers flowing into Baiyingdian from the west and the south, according to state media. Many countries have systems that involve discharging pent up flood waters into otherwise dry land after major storms.

Persons: Xi Jinping, Xi’s, ”, It’s, Xiong’an, Jade Gao, Ni Yuefeng, downpours, Typhoon Doksuri, Zhai Jujia, Li Guoying, Hongzhang Xu, Xiao, Li Na, Zhu Xudong, it’s, Xiong’an –, Xu, Baiyangdian Lake, Kevin Frayer, “, Meili Feng, Simon Song, Deng Xiaoping, Jiang Zemin, Xu Kuangdi, Yi Haifei, Andrew Stokols Organizations: CNN, Xinhua, Getty, Censors, China News Service, China’s, Water, Australian National University, Authorities, China’s Ministry of Water Resources, Hebei Provincial Department of Water Resources, Geographical Sciences, University of Nottingham, Shanghai’s Pudong New, Chinese Academy of Sciences, Urban Computing Center Locations: Beijing, China, Hebei, Xiong’an’s, Xiong'an, Zhuozhou, AFP, Bazhou, Xiong’an, Tianjin, ”, Xinhua, Baiyingdian, Baiyangdian, Mississippi, University of Nottingham Ningbo, “, Hebei province, Shenzhen, Shanghai’s Pudong, Shanghai

☆ Women’s World Cup: Capturing Brandi Chastain’s iconic penalty
▼ + stars: | 2023-08-17 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +8 min

The US Women’s National Team (USWNT) was on the cusp of winning its second Women’s World Cup – this time in front of a sell-out home crowd. The 1999 Women’s World Cup was a turning point for the women’s game, particularly in the US, and pictures of Chastain’s celebrations are synonymous with the surge of success for soccer in the States. The final of the tournament also still holds the record for the biggest attendance for a Women’s World Cup game. “[The 1999 tournament] is why I’m here, it’s why I’m in the US and playing for the US,” 2015 Women’s World Cup winner Sydney Leroux said according to FIFA. Then President Bill Clinton congratulates the US squad at the White House after winning the 1999 FIFA Women's World Cup.

Persons: Brandi Chastain, juxtaposing, Chastain, Chastain jogged, Gao Hong, Hector Mata, Mark J, Terrill, ” Mata, Mata, Robert Beck, Sydney Leroux, ” “, Carli Lloyd, Lars Baron, it’s, Chastain’s, ” Chastain, “, ”, Bill Clinton, Vincent Laforet, David Madison Organizations: CNN, US Women’s National, Rose, CNN Sport, Sports, FIFA, 99ers, White House, US National Team, Getty Locations: China, Los Angeles, States, America, United States

☆ China's new home prices fall for first time this year, dimming economic outlook
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The decline in home prices comes amid a worsening debt crisis at major developers, sliding property investment and home sales. Among 70 cities, 49 saw a fall in new home prices month-on-month in July from 38 cities the previous month. However, most economists expect the downside trend in home sales and prices to persist for while. "Without additional major policy easing and/or fiscal support, property sales and investment may weaken further or stay at the bottom for longer than assumed in our baseline," said Wang.

Persons: Jason Lee, Goldman Sachs, Wang Tao, Wang, Qiaoyi Li, Liangping Gao, Ryan Woo, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Goldman, Asia Economics, China, UBS Investment Bank, Thomson Locations: Wangjing, China, BEIJING, Zhengzhou, Xian, Fuzhou

☆ Analysis: Country Garden undone by promise to bring 5-star life to China's hinterland
▼ + stars: | 2023-08-16 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Smaller Chinese cities, whose revenues have already been deteriorating, could have a glut of unfinished homes, a social problem Beijing is trying to avoid. But as China's economy started slowing during and after its COVID-19 lockdowns, property sales in those areas has plummeted along with values of the homes themselves. Country Garden's sales in 2020 were 570.7 billion yuan ($78.22 billion), but that slipped to 357.5 billion yuan in 2022. Country Garden has nearly 1 million homes to complete, according to estimates from Japanese investment bank Nomura.

Persons: Aly, HONG KONG, Oscar Choi, Yang Huiyan, Lu Ting, Nomura, Gerwin Bell, Clare Jim, Liangping Gao, Matt Tracy, Davide Barbuscia, Christian Schmollinger Organizations: Shanghai Country Garden, REUTERS, Country, HK, National Bureau, Statistics, Partners Capital, China Evergrande, Oxford Economics, Nomura, Thomson Locations: Shanghai, China, HONG, Beijing, Dezhou, Hong Kong, Asia, Washington, New York

☆ China's CATL launches fast charging LFP battery, mass production expected by year-end
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

People walk past the booth of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 16 (Reuters) - Chinese battery giant CATL(300750.SZ) on Wednesday launched a fast charging lithium iron phosphate or LFP battery capable of running 400 km (248 miles) on a 10-minute charge. "We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle," Gao said. Automakers such as Chongqing Changan Automobile and Guangzhou Automobile Group also sourced more batteries from smaller suppliers to reduce costs. Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh; Editing by Himani Sarkar and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, ， Gao Han, CATL's, Gao, CATL, Zhang Yan, Qiaoyi Li, Brenda Goh, Himani Sarkar, Tomasz Janowski Organizations: Amperex Technology, ., Auto, REUTERS, Rights, Wednesday, Chongqing Changan Automobile, Guangzhou Automobile Group, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Chongqing

Nomura analysts were equally downbeat on China's economic outlook. Most economists see downside risk to Chinese growth but they don't expect a recession. It was the slowest growth since December 2022, and shows just how much of a challenge authorities face as they try to make consumption the key driver of future economic growth. MORE STIMULUSAsian stocks stalled at one-month lows, the yuan hit a 9-month nadir while the dollar held broadly firm after the weak Chinese data and latest policy easing measures. But we do need to lower our expectations for China's growth."

Persons: Julian Evans, Pritchard, Nomura, Nie Wen, Robert Carnell, Liangping Gao, Albee Zhang, Shri Navaratnam Organizations: National Bureau of Statistics, Capital Economics, Retail, Hwabao Trust, Investment, Reuters, ING, NBS, Nomura, Thomson Locations: BEIJING, Beijing, China, Asia, Pacific

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