PRESS DIGEST- Financial Times

CNN Business
Germany blocks another big business deal with China
Germany has blocked the sale of a Volkswagen subsidiary to a Chinese state-owned company on national security grounds, delivering a fresh blow to the already tense relationship with its biggest trading partner.
Insider Monkey
The Fastest Growing Automotive Brand in the World
In this article, we will take a look at the Fastest Growing Automotive Brand in the World. We have also compiled a full free list of the 15 Fastest Growing Automotive Brands in the World. Global Automotive Market Trends The global automobile manufacturing sector is one of the largest industries worldwide and has been growing […]
The Canadian Press
Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know
FRANKFURT, Germany (AP) — The European Union is imposing sharply higher customs duties on electric vehicles imported from China. EVs are the latest flash point in a broader trade dispute over Chinese government subsidies and Beijing's burgeoning exports of green technology to the 27-nation bloc.
Reuters
China supports Kazakhstan joining BRICS, eyes energy reserves
BEIJING (Reuters) -China's President Xi Jinping said he supports Kazakhstan joining the BRICS bloc, Chinese state media reported on Wednesday, as the group of developing nations mulls further expansion to rival a Western-dominated world order it sees as outdated. Speaking to the press alongside Kazakh President Kassym-Jomart Tokayev following a meeting in the Central Asian state's capital, Xi encouraged Kazakhstan to "play the role of a middle power on the international stage and make its due contribution to global governance", while endorsing Astana's accession. China and Russia are pushing for the expansion of the BRICS grouping, which also includes Brazil, India and South Africa, as they seek to counter Western economic dominance.
Reuters
Nippon Steel's Mori to visit US again next week for talks on US Steel takeover
Nippon Steel's vice chairman plans to return to the United States next week again to discuss its proposed acquisition of U.S. Steel, a company spokesperson said on Wednesday. The planned visit by Takahiro Mori, the Japanese firm's key negotiator for the deal, follows trips to the U.S. in May and June, highlighting the importance of the $15 billion takeover offer to the world's No. 4 steelmaker. U.S. Steel's management has backed the bid but the deal faces resistance from the White House and the powerful United Steelworkers (USW) union.
Reuters Videos
China's BYD opens first EV factory in Southeast Asia
STORY: Step inside BYD's first electric vehicle plant in Thailand.It's part of the Chinese automaker's plan to expand in Southeast Asia, where BYD has become the dominant player.BYD CEO and President Wang Chuanfu."We are convinced that Thailand will have a golden development period for new energy vehicles. China and Thailand are geographically close, culturally close, and economic and trade cooperation is booming. New energy vehicles are not only a bridge between China and Thailand to enhance friendship, but also a link between BYD and Thailand."Thailand is a regional auto assembly and export hub.The country aims to convert 30% of its annual production of 2.5 million vehicles into EVs by 2030.Chinese EV makers clearly like the lure of the Thai government's subsidies and tax incentives.They've invested more than $1.4 billion setting up factories in the country, with BYD's new plant the latest addition.The sprawling facility is worth $490 million.And it will have a production capacity of 150,000 vehicles per year, including plug-in hybrids."It will provide over 10,000 jobs after reaching full capacity."As part of its expansion outside China, the world's largest EV maker is also building its first European production base in Hungary.Although BYD could feel some pain in that particular market.The European Commission has imposed tariffs of up to nearly 38% on Chinese-made EVs.
Wichita Eagle
After steering major deal, CEO of Spirit AeroSystems could be next Boeing boss
The complex three-way deal announced late Sunday night to split Spirit AeroSystems between Boeing and Airbus was engineered by Spirit CEO Pat Shanahan.
The Canadian Press
'Marriage of convenience': Hudson's Bay Co. buying Neiman Marcus for US$2.65B
TORONTO — Several North American department stores are joining forces under a deal that will see Hudson's Bay Co. buy Neiman Marcus and spin it out into a larger business along with some of its other prestige retailers.
The Canadian Press
Turkmenistan and Iran sign deal to supply gas to Iraq. Iran will build pipeline to aid delivery
ASHGABAT, Turkmenistan (AP) — Turkmenistan and Iran on Wednesday signed a contract for the delivery of 10 billion cubic meters a year of Turkmen gas that Iran will then ship on to Iraq.
Reuters
China EV makers brace for tariffs as Beijing, EU engage in talks
With the clock ticking for the European Commission to impose provisional tariffs on electric vehicles made in China, automakers are bracing for billions of dollars in new costs that analysts expect will slow their European expansion. "The Chinese EV brands' march into Europe will continue on," said Lei Xing, founder of consultancy AutoXing. China and the European Commission have been in negotiations since last week over the curbs that Beijing and some European automakers want scrapped.
Reuters
Exclusive-India asks utilities to order $33 billion in equipment this year to boost coal power output, sources say
India has asked power companies to order equipment worth $33 billion this year to fast track capacity additions of coal-fired power in the years ahead, as the South Asian nation struggles to meet booming electricity demand, two government officials said. The unprecedented move by the government, which would result in record tendering in a year for the equipment by major power firms such as state-run NTPC and SJVN as well as by private companies Adani Power and Essar Power, will help add 31 gigawatts (GW) in the next 5-6 years, the sources said. Expediting equipment orders for new coal-fired plants was discussed at a meeting held by Power Minister Manohar Lal, soon after the formation of Prime Minister Narendra Modi's federal cabinet early last month, the sources said.
Bloomberg
Chinese EVs Defend Market Share in Europe as Trade Tension Escalates
(Bloomberg) -- Chinese electric-car brands held on to their share of the slumping European EV market in May, ahead of new tariffs designed to protect local carmakers from their lower-cost imports.Most Read from BloombergBiden’s Fourth of July Shrouded by Pressure to Drop 2024 BidKamala Harris Is Having a Surprise Resurgence as Biden’s Campaign UnravelsNewsom Shocks California Politics by Scrapping Crime MeasureHouse Democrats Consider Demanding Biden Withdraw From RaceChina Can End Russia’s War
Reuters
Factbox-EU report details widespread Chinese interference in economy
In the run up to announcing provisional tariffs on Chinese-made electric vehicles, the European Commission in April released a 712-page report on the many layers of subsidies it argues the Chinese government provides to domestic firms. The report is designed for anti-dumping cases, but trade experts see it as a supporting document for its anti-subsidy investigation into EVs and as a signal to both China and reluctant European Union member states that it means business. The Chinese government funnels both indirect and direct support to state-owned enterprises, or ones it effectively controls even with minority ownership.
South China Morning Post
Tesla holds on to crown as world's top pure EV maker but BYD draws closer in title race
Tesla retained its title as the world's largest pure electric vehicle (EV) maker after beating sales forecasts for the April to June period but its lead over its competitors is narrowing as Chinese manufacturers launch an array of models at cheaper prices. The Austin, Texas-based company delivered 443,956 vehicles to customers during the quarter, beating a median forecast of 439,302 units in a Bloomberg survey of analysts, edging out BYD, backed by Warren Buffett's Berkshire Hathaway, which chur
PA Media: Money
Demand for new cars from private buyers falls for ninth month in a row
The Society of Motor Manufacturers and Traders said 67,625 new cars were registered by private consumers in June.
South China Morning Post
China-EU trade reaches turning point with EV tariffs set to begin, but 'scope to compromise'
Provisional import tariffs on Chinese electric vehicles by the European Union represent a juncture for the bilateral relationship, but both sides would have enough time to avert "a serious trade war", analysts said, with the new levies set to take effect on Friday. The European Commission confirmed on Thursday that the bloc's additional duties of up to a revised 37.6 per cent on Chinese battery electric vehicles (BEVs) would begin on Friday and would initially last for a maximum of four months.
Business Insider
The AI boom will push America's shaky power grid to its limit
"The cost of that Gen AI architecture is freaking out of control," Baird strategist Ted Mortonson told Business Insider.
Simply Wall St.
July 2024 Insight Into Three Chinese Stocks Estimated To Be Trading Below Value
Amid a backdrop of fluctuating global markets, Chinese stocks have shown signs of weakening as concerns about the country's economic slowdown weigh on investor sentiment. This environment may present opportunities for investors to consider stocks that are potentially undervalued, offering a strategic entry point in a market poised for future adjustments.
Reuters
Brent crude trades above $87, sets highest levels since April
(Reuters) -Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 21 cents, or 0.2%, at $87.55 a barrel by 1922 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 18 cents at $84.06 in trade thinned by the U.S. Independence Day holiday.
Simply Wall St.
Discover Three Chinese Dividend Stocks With Yields Up To 6.4%
Amidst a backdrop of global economic fluctuations, Chinese stocks have shown resilience, though concerns about slowing growth persist. In this environment, dividend stocks may offer investors a blend of income and potential for long-term value appreciation, making them an attractive consideration in the current market scenario.

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PRESS DIGEST- Financial Times - March 28

Latest Stories

Germany blocks another big business deal with China

The Fastest Growing Automotive Brand in the World

Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know

China supports Kazakhstan joining BRICS, eyes energy reserves

Nippon Steel's Mori to visit US again next week for talks on US Steel takeover

China's BYD opens first EV factory in Southeast Asia

After steering major deal, CEO of Spirit AeroSystems could be next Boeing boss

'Marriage of convenience': Hudson's Bay Co. buying Neiman Marcus for US$2.65B

Turkmenistan and Iran sign deal to supply gas to Iraq. Iran will build pipeline to aid delivery

China EV makers brace for tariffs as Beijing, EU engage in talks

Exclusive-India asks utilities to order $33 billion in equipment this year to boost coal power output, sources say

Chinese EVs Defend Market Share in Europe as Trade Tension Escalates

Factbox-EU report details widespread Chinese interference in economy

Tesla holds on to crown as world's top pure EV maker but BYD draws closer in title race

Demand for new cars from private buyers falls for ninth month in a row

China-EU trade reaches turning point with EV tariffs set to begin, but 'scope to compromise'

The AI boom will push America's shaky power grid to its limit

July 2024 Insight Into Three Chinese Stocks Estimated To Be Trading Below Value

Brent crude trades above $87, sets highest levels since April

Discover Three Chinese Dividend Stocks With Yields Up To 6.4%