Mondelez International says it's happy with its China business and is "absolutely very, very focused in delivering distribution gains," CFO Luca Zaramella says at the Evercore ISI Consumer & Retail Conference.
Sales of electric vehicles (EVs) plunged across Europe last month, fuelled by a sharp drop-off in demand in Germany.
MADRID (Reuters) -China's dumping probe into EU pork imports following duties slapped on Chinese EVs caught Spain's pig farmers on the hop this week, but the sector has shown it is resilient and is far less vulnerable than the bloc's car industry. Spain supplied 22% of China's imported pork in 2023, worth 1.2 billion euros ($1.29 billion), and stands to lose more than any of the bloc's members from the probe into underpriced pork after the EU took aim at China's subsidised electric vehicle imports last week. "It was like a shock of cold water, we didn't expect it," said Giuseppe Aloisio, general director of the National Association of Spanish Meat Industries (ANICE).
SHANGHAI/BEIJING/BERLIN (Reuters) -Chinese automakers have urged Beijing to hike tariffs on imported European gasoline-powered cars in retaliation for Brussels' curbs on exports of Chinese-made EVs, the state-backed Global Times newspaper said on Wednesday. In a closed-door meeting on Tuesday also attended by European car companies, China's auto industry "called on the government to adopt firm countermeasures (and) suggested that positive consideration be given to raising the provisional tariff on gasoline cars with large-displacement engines," according to the report. The meeting, organised by China's Ministry of Commerce, was held in Beijing and attended by SAIC, BYD , BMW, Volkswagen and its Porsche division, two people with direct knowledge of the matter said.
Amidst the evolving landscape of digital currencies and the heightened focus on wholesale central bank digital currencies (CBDCs), Singapore's market is poised to reflect these global financial shifts. As investors navigate this changing terrain, dividend stocks like Aztech Global continue to draw attention for their potential stability and yield in a dynamic economic environment.
India on Wednesday raised the government-mandated price for summer-sown crops such as rice, soybean and cotton as Prime Minister Narendra Modi looks to woo millions of farmers ahead of key state elections later this year. The country announces support prices for more than a dozen crops each year to set a benchmark. India has raised the price at which it will buy new-season common rice paddy from farmers by 5.4% to 2,300 rupees ($27.57) per 100 kg, the information minister Ashwini Vaishnaw said on Wednesday after a cabinet meeting chaired by Modi.
Legacy U.S. automakers such as Ford Motor and General Motors should leave the China market to preserve capital amid the costly electric vehicle (EV) transition, a leading auto analyst said on Tuesday. “I think you have to see the [Detroit Three] exit China as soon as they possibly can,” said John Murphy, Bank of America Securities analyst, at his annual presentation of “Car Wars,” a closely watched industry report. Murphy's guidance for the Big Three came during a discussion of the harsh cost-cutting measures they would have to take to be competitive with EV manufacturers like Tesla, as well as carmakers abroad.
Shares in Food Empire closed flat at $1.01 on June 19.
Brazilian miner CBMM has started to test on Volkswagen electric trucks a niobium-based battery that it claims can be charged way faster than the others in the market, the companies said on Wednesday. CBMM, backed by Brazilian billionaire family Moreira Salles, which also runs lender Itau Unibanco, hopes the project could help it reach its target of multiplying nearly ninefold its battery unit revenue, to $100 million by 2026, its executives told Reuters. The company sells niobium products to steelmakers as its main business, but CBMM has been looking to diversify its revenue sources.
Europe is intensifying its efforts to explore and develop rare earth metals production within its borders, aiming to reduce reliance on China and enhance energy security during the green transition.
The European Union's anti-subsidy investigation into Chinese electric vehicles has cooled Chinese firms' EV sales and harmed their confidence in investing in Europe, a survey of Chinese EV companies showed on Wednesday. Some 82% of vehicle and industry chain firms said the subsidy investigation had eroded their confidence in investing in Europe in the near future, the survey by the China Chamber of Commerce to the EU and the China Economic Information Service showed. The poll, conducted in April and May, was part of a report on Chinese EV manufacturers and Europe.
German automotive supplier Bosch has issued a stern warning to Chinese electric vehicle (EV) makers that an escalating price war would not only hurt their profitability but also dent their stature as global industry leaders. David Xu Daquan, president of Bosch China, told reporters at a media briefing on Tuesday that he had made a proposal to Chinese President Xi Jinping to create a fair and orderly market-based mechanism to avoid cutthroat competition among the country's carmakers and supply-ch
WeLab, a Hong Kong-based fintech unicorn backed by billionaire Li Ka-shing, is exploring the idea of setting up digital banks across Southeast Asia and providing its technology services to conglomerates in Malaysia, Vietnam, Thailand and the Philippines. The expansion plan forms part of the target the company set last year to grow its users to 500 million by 2032, according to founder Simon Loong. "WeLab is actively exploring different opportunities in Southeast Asia markets by applying for new
An anti-dumping investigation into imports of pork products is at the heart of a trade tug-of-war between Europe and China
The TVB actress and former ATV actor were together for 18 years prior to the divorce
Singapore’s cooling property market suffered a blow after a housing site put up for sale by the government failed to attract any interest from developers for the first time in more than two decades.
MANILA (Reuters) -Philippine Vice President Sara Duterte resigned on Wednesday from the cabinet of President Ferdinand Marcos Jr. and another key post, not a surprise move given that her alliance with Marcos had long been expected to collapse. Marcos has accepted Duterte's resignation from the posts of education minister and vice chair of an anti-insurgency task force, Presidential Communications Secretary Cheloy Garafil said in a statement, adding that no reasons were given by her for stepping down. Duterte, who will remain vice president, said in a press conference that her "resignation is not because of weakness but because of true concern for teachers and the youth."
Putin showers Kim with gifts after inking mutual defence pact
Sophie, Duchess of Edinburgh looked amazing at an event at the Peninsula London with Prince Edward, wearing a new Roland Mouret dress and high heels.
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‘She was irritated to discover that the Beckhams had considerably more wealth than herself,’ the biographer claimed
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