china
Germany has announced plans to phase out components from Chinese telecom giants Huawei and ZTE from its 5G networks by 2029 due to national security concerns. This strategic move aims to mitigate security risks and reduce dependency on these firms for critical infrastructure. Core components to be replaced by 2026By the end of 2026, Germany will eliminate the use of Huawei and ZTE parts in its core 5G mobile networks, according to the interior ministry. Core networks, which handle sensitive data and essential communication functions, are considered the “central nervous systems” of the nation’s...
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Growth of global demand for oil in the second quarter of the current fiscal came to be the slowest in over a year as Chinese consumption contracted, the International Energy Agency said. According to IEA’s Oil Market Report, global demand for oil in Q2FY25 grew by 710,000 barrels per day as compared to the same period last year as Chinese consumption, which largely drives global oil demand, contracted in both April and May, and is now assessed to fall marginally below the levels recorded in the second quarter a year earlier. Why is Chinese oil demand slowing?IEA said while most of China’s slow...
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The United States government under Joe Biden will be imposing tariffs on steel and aluminium imported from Mexico but made in a different region in what appears to be a bid to check China from routing its goods through the country to enter USA. Steel not melted or poured in Mexico will attract a 25% tariff and 10% tariff will be imposed on imported aluminium. Lael Brainard, director of the White House National Economic Council on Wednesday said the tariffs will be levied as part of an agreement with Mexico through section 232 of the Trade Expansion Act which deals with imports that could threa...
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Xpeng (NYSE: XPEV) stock price has collapsed in the past few years. It has retreated to a low of $7.4, down by over 68% from its highest point in 2023. This drop has brought its market cap from over $54 billion in 2021 to over $7.4 billion. Xpeng concerns remainXpeng is one of the leading Chinese electric vehicle companies. Like Nio and Li Auto, it is facing major headwinds as the EV industry has shown signs of cooling. Competition is also rising as companies like BYD, Tesla, Huawei, and almost 100 more seek to gain market share in the country. The company is also facing more headwinds in the ...
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In the last two years, the groundbreaking development of generative AI has made its mark on almost every sector of the economy. It can write computer code, create texts and images, and even act as your personal assistant. Since US tech still dominates the global space, we tend to hear a lot about their latest developments. What we often don’t see or hear about is the contribution of its closest rival: China. If you go back to the 5G race during the last decade, it was a clear turning point for China-US rivalry. While US and Europe dominated the setting of telecom standards, along came China an...
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BYD Company Limited is in focus this morning after reporting a record number of vehicle deliveries for its second quarter. The EV company’s deliveries in Q2 may have made it globally the biggest seller of electric vehicles. How many vehicles did BYD deliver in Q2BYD delivered a total of 426,000 pure electric vehicles in the second quarter. In comparison, the most current Wall Street estimate is for Tesla Inc to deliver about 420,000 cars in Q2. Tesla Inc is also expected to publish its quarterly production and deliveries number later today. If it does indeed come roughly in line with estimates...
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China’s BYD saw a 21% increase in second-quarter electric vehicle (EV) sales, narrowing the gap with Tesla. The Warren Buffett-backed company said late Monday that it sold 341,658 vehicles during June, compared with 331,817 a month earlier and 253,046 in June 2023. BYD vs TeslaBYD sold a total of 426,039 EVs from April to June, just 12,000 vehicles shy of Tesla’s estimated deliveries for the same period. Tesla is expected to report a 6% decline in vehicle deliveries for the April-June quarter on Tuesday. This marks the first time the U.S. firm could see two consecutive quarters of declining de...
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Manufacturing activity in Europe saw a notable decline in June, with demand falling at an accelerated rate despite price cuts by factories, according to a recent survey. The Hamburg Commercial Bank’s Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 45.8 in June from 47.3 in May. This dip from the preliminary estimate of 45.6 highlights a sector that has been contracting for two consecutive years, remaining below the critical 50 mark that separates growth from contraction. The PMI is a critical indicator of economic health in the manufacturing sector, with values above 50 indic...
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Apple Inc’s smartphone shipments in China saw a significant increase of 39.6% in May compared to the same month last year, according to data from the China Academy of Information and Communications Technology (CAICT). This substantial growth highlights Apple’s dominant position in the Chinese market amid a broader rise in demand for foreign-branded smartphones. Foreign-branded smartphone shipments soar In May, the shipment of foreign-branded smartphones, led by Apple, jumped by 40.1% year-over-year, reaching 5.03 million units. This marks a 44.1% increase compared to the previous month. Apple’...
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Maldives Trade Minister Mohamed Saeed held discussions with senior officials from Chinese banks to form strategic alliances aimed at boosting the Maldivian economy. This comes as the US credit rating agency Fitch downgraded Maldives’ credit rating to junk status, raising concerns about the country’s ability to repay its foreign debt. High-level talks with Chinese banks While attending the 15th World Economic Forum in Dalian, China, Saeed met with senior officials from the China Industrial and Commercial Bank (ICBC) and the Bank of China. These discussions focused on strategies for further enga...
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