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☆ Typhoon Doksuri and Khanun: Thousands in China flee homes as one soaks Beijing and the second approaches Typhoon Doksuri lashes Beijing and floods parts of China, while another storm approaches
▼ + stars: | 2023-07-31 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +6 min

A civilian rescue team help flood-stranded people onto a rubber boat in Quanzhou in southeast China's Fujian province on July 29, 2023. Even as Doksuri tapers off, authorities are preparing for incoming Khanun, the sixth typhoon projected to hit China this year. This weekend, a total of 1,015 people suffered heat-related diseases, which the KDCA defines as heat stroke, heat exhaustion, heat cramps, heat syncope and heat edema. The city of Gyeongju saw temperatures reach 36.8 degrees Celsius (98.24 Fahrenheit) and Jeongseon county saw temperatures reach 36.1 Celsius (96.98 Fahrenheit), according to the Korea Meteorological Administration. Seoul’s affluent Gangnam district saw temperatures reach to 35.7 degrees Celsius (around 96.2 Fahrenheit), while North Gyeongsang Province saw temperatures reach 38.1 degrees Celsius (100.58 degrees Fahrenheit).

Persons: Doksuri, hurtled, Saomi, Rita, Khanun Organizations: CNN, CCTV, Xinhua, China Meteorological Administration, Xinhua News Agency, Getty, CNN Weather, Joint Typhoon Warning, South Korea swelters, Korea Disease Control, Prevention Agency, Korea Meteorological Administration Locations: Beijing, China, Fujian, Liaoning, Hebei, Quanzhou, China's Fujian, Philippines, Taiwan, Zaozhuang, China's Shandong, Zhejiang, Okinawa, East, Naha, Miyako, Asia Asia, South Korea, Korea, Gyeongju, Jeongseon, Gangnam, North Gyeongsang Province

☆ China's Leapmotor unveils new manufacturing platform, wants others to use it
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, July 31 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology (9863.HK) unveiled on Monday a new platform it developed in-house for making vehicles, which its chief executive said it wants to license to other automakers. The company hopes to sell the platform to other automakers via tech licensing agreements, he said. "We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said. Leapmotor, which employs more than 2,000 engineers, sold 44,500 units in the first half, 14% fewer than a year ago. ($1 = 7.1512 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong, Robert Birsel and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leapmotor, Zhu, Tesla, Zhang Yan, Brenda Goh, Jacqueline Wong, Robert Birsel, Tomasz Janowski Organizations: Zhejiang Leapmotor Technology, HK, Companies, Shanghai Electric Group Corp, Sequoia Capital, Volkswagen, Thomson Locations: SHANGHAI, Zhejiang, Shanghai, Sequoia Capital China

SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.

Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai

☆ China PMI: factory sector contracts for fourth straight month, raising urgency for more stimulus
▼ + stars: | 2023-07-31 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China is preparing to announce new stimulus for its stumbling economy after the vast factory sector contracted for a fourth straight month, and a gauge of activity in its services sector slipped to a seven month low. The official manufacturing Purchasing Managers’ Index (PMI), which measures activity level in the manufacturing sector, came in at 49.3 in July, according to data released by the National Bureau of Statistics on Monday. That result was slightly up compared with 49 in June but the index has nonetheless contracted each month since April. The official non-manufacturing PMI, which looks at activities in the services and construction industries, fell to 51.5 from 53.2 in June. “China’s official PMI data provides little encouragement that the economy is turning the corner,” said Robert Carnell, regional head of research for Asia-Pacific at ING Group.

Persons: Stringer, “, ”, Robert Carnell, Xi Jinping, Carnell Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Getty, ING Group, National Development, Reform Commission, Ministry of Industry, Information Technology, State, Information, Ministry of Commerce, Capital Economics Locations: Hong Kong, China, Beijing, Hangzhou, China's, Zhejiang, AFP, Asia, Pacific

☆ Northern China faces Doksuri floods as south mops up from storm
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +2 min

China's National Meteorological Center kept its red alert, the country's highest, for rainstorms on Sunday, state media Xinhua reported. Doksuri, one of the strongest storms to hit China in years, had prompted thousands to evacuate in southern province Fujian and ripping coastal areas and pushing north and inland. Although the authorities downgraded the storm from typhoon on Sunday, the China Meteorological Bureau maintained a red alert for heavy rain in various provinces, especially northern areas such as Hebei, Beijing, Shanxi and Henan. The capital was likely to receive record rainfall, while cities in Hebei province, which encircles Beijing, were waterlogged, local media reported. In Hebei, 209 weather stations recorded extremely heavy rainfall and 1,283 heavy rainfall，local TV reported.

Persons: Typhoon Doksuri, Doksuri, Khanun, Ningwei Qin, Kevin Yao, William Mallard Organizations: cnsphoto, REUTERS, National Meteorological Center, Xinhua, China, China Meteorological Bureau, Ningwei, Thomson Locations: Xincuo, Fuqing, Fuzhou, Fujian province, China, REUTERS BEIJING, Beijing, Fujian, Philippines, Taiwan, Hebei, Shanxi, Henan, Hebei province, Zhejiang province, Shanghai

REUTERS/Stringer/File PhotoSummary Countries at odds over which should pay climate financeEU wants China to contribute to climate fundsChina among countries not currently obliged to payBRUSSELS/BEIJING, July 21 (Reuters) - Record-breaking heat in China. The EU, today the biggest contributor of climate finance, has lobbied to expand the pool of donor countries that provide it. Climate finance refers to money that wealthy countries pay toward helping poorer nations reduce CO2 emissions and adapt to a hotter, harsher world. Advocates for the change argue that an expansion needs to happen before a new - and, likely, far bigger - U.N. target for climate finance kicks in after 2025. "It would earn China diplomatic clout, and pressure Western donors to raise their stakes on climate finance," he said.

Persons: Stringer, John Kerry, Janet Yellen, Kerry, Li Qiang, Pa'olelei Luteru, Luteru, Byford Tsang, Kate Abnett, Valerie Volcovici, Katy Daigle, Stephen Coates Organizations: REUTERS, BRUSSELS, U.S, Union, Reuters, EU, United Arab Emirates, of Small, WHO, United, Climate Cooperation, Initiative, Bridgetown Initiative, Thomson Locations: Hangzhou, Zhejiang province, China, EU, BEIJING, COP28, Dubai, Beijing, U.S, Brazil, Saudi Arabia, Qatar, Singapore, States, United States, South Korea, U.N, Barbados, Bridgetown, Brussels

The data was deleted from a provincial government website just days after it was published on Thursday. The number of cremations in the eastern province of Zhejiang rose to 171,000 in the first quarter of this year, the website said. That was 72,000 more cremations, a roughly 70 percent increase, than had been reported in the same period last year. In February, China said the official death toll in the mainland since the start of the pandemic was 83,150 — a remarkably low number that independent researchers have said is not credible. Since then, the government has released only weekly or monthly death tolls that, when added up, raise the overall total to about 83,700.

Persons: epidemiologists Locations: China, Beijing, Zhejiang

☆ EV brand Smart plans funding led by Tianqi Lithium
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 13 (Reuters) - EV brand Smart said on Thursday it planned to raise $250-300 million via series-A funding which it hoped would enhance its long-term sustainable development strategy and accelerate its global development. Chinese lithium producer Tianqi Lithium Corp (002466.SZ) has agreed to invest $150 million in the fund raising, Smart said in a statement. Smart, a joint venture of Germany's Mercedes-Benz Group AG (MBGn.DE) and China's Zhejiang Geely Holding Group (GEELY.UL), said both firms will remain equal controlling shareholders. "Thanks to the support from Mercedes-Benz and Geely, Smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium," Smart's Global CEO Tong Xiangbei said in the statement.

Persons: Smart, Germany's Mercedes, Tong Xiangbei, Zhang Yan, Brenda Goh, Meg Shen Organizations: Lithium Corp, Benz Group AG, Zhejiang Geely Holding, Mercedes, Benz, Smart, Thomson Locations: SHANGHAI, Zhejiang

☆ Tesla's push into humanoid robots is set to benefit these 5 global stocks in the supply chain, HSBC says
▼ + stars: | 2023-07-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

HSBC identified key stocks in the supply chain that may benefit from Tesla's push into humanoid robots. Tesla launched its human-shaped robot, called "Tesla Bot," last September. But compared with its more seasoned counterpart, Boston Dynamics' Atlas, the Tesla Bot lacks advanced motion control capabilities, HSBC said. The table below shows the five buy-rated stocks expected to be in the supply chain for such robots, according to HSBC. These companies — Japan's Keyence, South Korea's LG Energy Solution, Chinese firms Inovance, Contemporary Amperex Technology (CATL), and Zhejiang Sanhua — are involved in different aspects of the supply chain for humanoid robots, HSBC said.

Persons: Tesla, HSBC's, Elon Musk, Helen Fang, Japan's, Dyson Organizations: HSBC, Boston Dynamics, South Korea's LG, Amperex Technology Locations: South, Zhejiang

☆ Ant Group's share repurchase plan values firm at nearly $79 billion, down sharply before crackdown
▼ + stars: | 2023-07-08 | by ( ) www.cnbc.com time to read: +2 min

HANGZHOU, CHINA - OCTOBER 27: A logo of Ant Group is seen at the company's headquarters on October 27, 2020 in Hangzhou, Zhejiang Province of China. Ant Group on Saturday announced a share repurchase plan that values the fintech giant at 567.1 billion yuan ($78.54 billion), as the management seeks to replenish its staff incentive pool and let some investors exit after regulators fined the firm. "The repurchased shares will be transferred into Ant Group's employee incentive plans to attract talents. Ant's major shareholders, Hangzhou Junhan Equity Investment Partnership and Hangzhou Junao Equity Investment Partnership, have voluntarily decided not to participate in the repurchase, the company added. On Friday, Chinese authorities also announced fines against two Chinese banks, an insurer, and Tencent Holdings' online payment platform Tenpay.

Persons: Ant, Jack Ma Organizations: Ant, Saturday, Hangzhou Junhan Equity Investment Partnership, Hangzhou Junao Equity Investment Partnership, Tencent Holdings, People's Bank of China Locations: HANGZHOU, CHINA, Hangzhou, Zhejiang Province, China

☆ 'Curse of 35': China's state media takes aim at ageist hiring policies
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 6 (Reuters) - Chinese state media on Thursday took aim at employers' discriminatory hiring practices, including a trend among companies seeking younger and cheaper workers that has become widely known as the "Curse of 35". Back in March, the newspaper cited two studies that laid bare how workers aged 35 years or over were losing out. With the economy losing momentum, China's survey-based jobless rate stayed at 5.2% in May, but youth employment jumped to a record 20.8%. And with the population aging, many people talk about the 'curse", believing their chances of getting a job or losing one worsen once they cross 35. "If people become unemployed at the age of 35, older people can only go back to college then," said another.

Persons: Ella Cao, Ryan Woo, Simon Cameron, Moore Organizations: The Workers Daily, Sichuan University, University, Twitter, Thomson Locations: BEIJING, Shanghai, Chengdu, Zhejiang

☆ There's a pig theme park in China and people are paying $1,200 a night for a hotel room so they may see — but not smell — the piggery
▼ + stars: | 2023-06-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

A hotel room at a pig theme park costs over $1,200 a night, per local media. The room went viral after a Zhejiang media outlet, Tianmu News, posted a video clip on June 25 featuring the theme park on Douyin, the Chinese version of TikTok. The theme park, which opened in August 2021, aims to promote this highly prized pig breed, which is used to make Jinhua dry-cured ham, a local specialty. Guests can get a panda pig or a year's worth of express-couriered pork upon checkout. —Zhejiang Normal University (@StudyatZJNU) December 1, 2021The theme park — which has a castle-like facade — includes a museum dedicated to the pig, a cafe, an amusement park, and a conference room, according to its website.

Persons: — Organizations: Service, China News Service, Zhejiang Normal University Locations: China, Jinhua, Zhejiang, Douyin

New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.

Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing

☆ Stocks making the biggest moves midday: Starbucks, CarMax, Virgin Galactic and more
▼ + stars: | 2023-06-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A view of the Starbucks vending van during its debut in Hangzhou, the capital of China's Zhejiang province, June 7, 2022. Starbucks — Starbucks shares lost nearly 2.5% after a union representing workers said strikes are slated to begin Friday in response to claims the coffee shop chain is not allowing Pride decorations at cafes. More than 150 stores, and about 3,500 workers, plan to join the strike occurring over the next week, the union said. CarMax — The used-car retailer popped 10% after beating the consensus estimate of analysts for its first-quarter revenue. Virgin Galactic — Virgin Galactic shed 18% after announcing a $300 million capital raise via a common stock offering.

Persons: CarMax, Armour, Wells Fargo, TD Cowen, Morgan Stanley, Evotec, — CNBC's Michelle Fox, Alex Harring, Jesse Pound Organizations: Starbucks, StreetAccount ., Galactic, Deutsche Bank, Accenture —, Accenture, GSK — U.S, GSK Locations: Hangzhou, China's Zhejiang province, North America, Germany

☆ Meet the new CEO of Alibaba
▼ + stars: | 2023-06-20 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

Cofounder Eddie Wu will replace Daniel Zhang as CEO, the company announced Tuesday. The move comes three months after Alibaba announced it would split into six groups. Eddie Wu, currently the chairman of Taobao and Tmall Group, will take over as CEO from Daniel Zhang, Alibaba Group announced Tuesday. After Zhang steps down from his role, he will lead Alibaba's Cloud Intelligence Group as chairman and CEO, the company announced. History at Alibaba: He's one of the cofounders of Alibaba, and he currently serves as a senior vice president overseeing three business units, per Crunchbase.

Persons: Eddie Wu, Daniel Zhang, Alibaba, Zhang, Joseph C . Tsai, who's, Wu Organizations: Morning, Tmall, Alibaba, Cloud Intelligence Group, Zhejiang University of Technology Locations: China

☆ China holds live-fire drills in East China Sea north of Taiwan
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 13 (Reuters) - China began military exercises in the East China sea to the north of Taiwan on Tuesday, including live-fire exercises from warships, as the U.S and its allies conduct their drills in the Western Pacific. China routinely conducts exercises along its coast, though the ones near Chinese-claimed Taiwan often attract the most attention. The drills are near the Dachen islands, which Taiwan controlled until 1955 until being evacuated after other nearby islands were seized by Chinese forces in a bloody battle. China will hold separate exercises in another northern part of the East China Sea until late Wednesday afternoon, the maritime safety agency said. China's East China Sea exercises coincide with a quadrilateral naval exercise in the Philippine Sea that started on Friday involving the United States, Japan, Canada and France.

Persons: Mao Zedong's, Ronald Reagan, Ryan Woo, Albee Zhang, Ben Blanchard, Robert Birsel Organizations: U.S, Safety Administration, East China, China, U.S . 7th Fleet, Thomson Locations: BEIJING, China, East China, Taiwan, Western Pacific, Zhejiang, China's Fujian, Republic of China, Taipei, East, Philippine, United States, Japan, Canada, France

☆ Saudi Arabia is seeking collaboration not competition with China, energy minister says
▼ + stars: | 2023-06-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi Arabia is seeking stronger cooperation with China on trade investments and energy flows rather than competing with the superpower, said Energy Minister Prince Abdulaziz bin Salman. "We came to recognize the reality of today that China is taking, had taken a lead, will continue to take that lead. We don't have to compete with China, we have to collaborate with China," he told CNBC's Dan Murphy during the Arab-China Business Conference on Sunday. On why the OPEC kingpin has eyes on China, Abdulaziz said he believes that China's oil demand is still growing, and it is a pie that Saudi Arabia is keen on capturing. In March, state-owned Saudi Aramco announced two major refinery deals, supplying 690,000 barrels a day of crude oil to Rongsheng Petrochemical and Zhejiang Petrochemical.

Persons: Prince Abdulaziz bin Salman, CNBC's Dan Murphy, Abdulaziz, Xi Jinping's Organizations: Energy, China Business Conference, Saudi Aramco, Petrochemical, Zhejiang Petrochemical Locations: Saudi Arabia, China, Saudi

☆ US slaps sanctions on Iranian, Chinese targets over Tehran's missile, military programs
▼ + stars: | 2023-06-06 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +3 min

Iran's mission to the United Nations in New York and China's embassy in Washington did not immediately respond to requests for comment. China has been a major buyer of Iranian oil despite U.S. sanctions designed to choke off these exports. Washington targeted centrifuge sales to Parchin Chemical Industries (PCI), dual-use metals sales to its intermediary, P.B. Co., Ltd, which the Treasury accused of selling centrifuges and other equipment and services worth hundreds of thousands of dollars to PCI with P.B. Sadr and PCI, as well as the other companies, could not immediately be reached for comment.

Persons: Davoud Damghani, Brian Nelson, Sadr, Zhejiang Qingji, Daphne Psaledakis, Doina Chiacu, Susan Heavey, Arshad Mohammed, David Brunnstrom, Chizu Nomiyama, Mark Heinrich Our Organizations: . Treasury, Armed Forces Logistics, Terrorism, Financial Intelligence, United Nations, Parchin Chemical Industries, PCI, Zhejiang Qingji, P.B, Treasury, Hong, Hong Kong Ke.Do International Trade Co, Qingdao Zhongrongtong Trade, Co, Thomson Locations: United States, Iran, China, Hong Kong, Beijing, U.S, Washington, Tehran, New York, . Sadr, Zhejiang, Zhejiang Qingji Ind, Sadr, Qingdao

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ Ford signs battery material supply deals to charge up EV output
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

May 22 (Reuters) - Ford Motor Co (F.N) on Monday unveiled three deals for the supply of lithium products, including lithium hydroxide, as the automaker ramps up electric vehicle (EV) production to 2 million units by the end of 2026. The deals come as North American automakers race to secure supplies of battery materials to boost EV output and catch up with market leader Tesla Inc (TSLA.O) amid surging demand for environment-friendly vehicles. The long-term deal with Canada's Nemaska Lithium is for the supply of up to 13,000 tons of lithium hydroxide every year, while the contract with EnergySource Minerals will help Ford receive lithium hydroxide from the Imperial Valley, California site, expected to be operational in 2025. Ford also disclosed a five-year agreement with Albemarle Corp (ALB.N) to supply more than 100,000 metric tons of battery-grade lithium hydroxide for about 3 million future Ford EV batteries. The lithium hydroxide produced by Nemaska should help qualify Ford vehicles for consumer tax benefits under the U.S. Inflation Reduction Act, the automaker said.

☆ China's BYD beefs up autonomous driving credentials with new unit, hiring spree
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Current BYD recruiting advertisements for engineers specialising in autonomous driving that target top Chinese universities such as Zhejiang University, indicate that the hiring is ongoing. BYD set up an intelligent driving research division in Shanghai last year, according to three sources with direct knowledge of the matter. The automaker, which is 9.87% owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and had some 660,000 employees as of April, declined to elaborate on its autonomous driving strategy. BYD has also this year teamed up with autonomous driving chip technology firms Nvidia (NVDA.O) and Horizon Robotics (RBOT.TO), saying it wanted to develop more intelligent vehicles. Both are high-volume models and further advances in BYD autonomous driving features would popularise the technology within China.

☆ China's factory activity skids in April on weak demand - Caixin PMI
▼ + stars: | 2023-05-04 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) - China’s factory activity unexpectedly dipped in April, a private sector survey showed on Thursday, due to softer domestic demand and suggesting the manufacturing sector is losing momentum amid a bumpy post-COVID economic recovery. FILE PHOTO: Employees work on a production line manufacturing metal parts for furniture at a factory in Hangzhou, Zhejiang province, China April 30, 2020. China Daily via REUTERSThe Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.5 in April from 50.0 the previous month prior. The reading echoes a similarly disappointing official PMI released on Sunday and reflects the uneven nature of China’s economic recovery, with services consumption, a key growth driver in the first quarter, outperforming manufacturing. “This suggests that China’s economic recovery significantly slowed after COVID-19 infections peaked at the start of this year,” said Wang Zhe, economist at Caixin Insight Group.

☆ China's skidding factory sector taps brakes on economic recovery
▼ + stars: | 2023-05-04 | by ( Ellen Zhang | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector, a private survey showed on Thursday, imperilling the broader economic outlook for the second quarter. China Daily via REUTERSThe Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.5 in April from 50.0 in March. The latest PMIs may lower expectations for the economy in the second quarter, said Zhou Hao, economist at Guotai Junan International. “But to what extent the economic recovery momentum will weaken, the market is not sure,” Zhou said. “The manufacturing sector will be under pressure in the second quarter, and won’t get any relief at least until June.”

☆ US Senator Rubio seeks probe of Ford's Chinese partnership on nickel plant
▼ + stars: | 2023-05-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Senator Marcio Rubio on Wednesday asked the Biden administration to investigate Ford Motor Co's (F.N) plan to partner with PT Vale Indonesia (INCO.JK) and China's Zhejiang Huayou Cobalt in a $4.5 billion nickel processing plant in Indonesia. Indonesia, which has the world's biggest nickel reserves, has been trying to develop downstream industries for the metal, ultimately aiming to produce batteries and electric vehicles. Vale and Huayou began construction of the plant in November and commercial operation is expected to start in 2026. He had already asked the Biden administration to review the deal to use technology from CATL. Rubio wants to block tax credits for electric vehicle batteries produced using Chinese technology, in a bid to prevent Chinese companies from benefiting.

☆ China factory activity unexpectedly shrinks in April
▼ + stars: | 2023-04-30 | by ( Ellen Zhang | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-COVID lift-off amid subdued global demand and persistent property weakness. That missed expectations of 51.4 tipped by economists in a Reuters poll and marked the first contraction since December, when the official manufacturing PMI was at 47.0. The world’s second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. The manufacturing sector, which employs about 18% of China’s workforce, remains under pressure due to slack global demand. The composite PMI, which includes manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.

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