Roku Releases First Quarter 2024 Financial Results

Reuters
EU tariffs on Chinese EVs could backfire, German car bosses warn
LONDON/BERLIN (Reuters) -Top executives at BMW and Volkswagen on Wednesday warned against imposing EU import duties on electric vehicles from Chinese automakers, saying it could upend the bloc's Green Deal plan and harm automakers that import cars made in China. The European Commission, which oversees trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs. "You could very quickly shoot yourself in the foot," BMW CEO Oliver Zipse told reporters after the German premium automaker reported quarterly results.
Reuters Videos
Huawei's new phone uses more China-made chips
STORY: An exclusive report for Reuters has found Huawei’s latest high-end phone features more Chinese suppliers than ever before. This includes a new flash memory storage chip and an improved processor, highlighting the progress China is making towards technological self-sufficiency. Online tech repair company iFixit and consultancy TechSearch International scrutinised the inside of Huawei’s Pura 70 Pro on behalf of Reuters. They found parts including a memory chip they said was likely packaged by the Chinese giant's in-house chip unit HiSilicon. These findings have not been previously reported, and Huawei declined to comment.Some memory chips for earlier models had been made by South Korea’s SK Hynix.Now Huawei’s resurgence in the high-end smartphone market after four years of U.S. sanctions is being watched closely as it has become a symbol of U.S.-China trade tensions. Huawei launched the Pura 70’s four smartphone models in April, and they quickly sold out.Analysts say it will likely take more market share from iPhone maker Apple, leaving Washington to question the efficacy of its curbs on the Chinese telecoms equipment giant.
AFP News
Global car giants seek tech allies in China's cutthroat EV market
Struggling foreign automakers in China are looking for help from local tech giants to try to stay competitive in the world's biggest electric car market, where shiny smart screens, assisted driving and sophisticated map technology are in high demand.One major reason why foreign automakers are seeking partnerships with local tech firms is to benefit from their innovation, which Chinese automaking executives have attributed to the cutthroat competition in the industry.
AFP News
BMW says EU probe into China EV subsidies against free trade
The chief executive of German luxury carmaker BMW on Wednesday warned the European Union's investigation into Chinese electric car subsidies runs counter to free trade.Oliver Zipse -- CEO of BMW, which has major investments in China, the world's biggest car market -- said that the Munich-based group "always strives for free trade".
CoinDesk
Stablecoin Surge: Tether's Headroom for Growth
The stablecoin already enjoys a dominant position in stablecoins and its integration with the TON (Telegram) network could boost it further, says Sylvia To, head of partnerships and token research at Bullish.
Reuters
China issues draft rules to regulate booming lithium battery expansion
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit industry profits and sparked concerns about overcapacity in international market. Rapid expansion of production capacity along the lithium battery supply chain has led to a plunge in prices for products including battery and raw materials, hitting companies' profits in the world's biggest market. U.S. Treasury Secretary Janet Yellen said during her trip to China last month that China is flooding global markets with cheap goods, particularly in the clean energy industries.
Reuters
Oil recovers on US crude storage draw, rise in China imports
Oil prices rose on Thursday as falling U.S. crude inventories and higher Chinese imports supported expectations for demand growth in the world's two largest crude-consuming nations. Brent crude futures for July were up 57 cents, or 0.7%, to $84.15 a barrel at 1131 GMT. Crude inventories in the U.S., the world's biggest oil user, fell last week by 1.4 million barrels to 459.5 million, according to the Energy Information Administration, more than analysts' expectations for a 1.1 million-barrel draw.
The New York Times
Biden Looks to Thwart Surge of Chinese Imports
WASHINGTON — President Joe Biden is warning that a new surge of cheap Chinese products poses a threat to American factories. There is little sign of one in official trade data, which show that Chinese steel imports are down sharply from last year and that the gap between what the United States sells to China and what it buys is at a postpandemic low. But the president’s aides are looking past those numbers and fixating on what they call troubling signs from China and Europe. That includes data s
Barrons.com
China’s Economic Bump Fades but Not Worry Over Jobs and Property Prices
Policymakers are focused on stimulating manufacturing and infrastructure, but people are more concerned about their livelihoods and home values.
Fortune
Spirit Airlines CEO, still salty after its failed JetBlue merger, calls the airline industry a ‘rigged game’ and consumers ‘the long-term losers’
Months after its challenge to the “Big Four” airlines falls apart, Spirit blasts the Department of Justice for blocking the proposed merger.
Reuters
Factbox-Chinese EV makers' plans to make cars in Europe
Some Chinese carmakers are looking to set up manufacturing and assembly plants in Europe as they aim to ramp up sales in the region of lower costs cars to rival their European competitors amid slowing demand at home, the world's largest car market. European imports of Chinese-made electric vehicles (EVs) have soared in recent years, raising concerns among domestic EV producers that could suffer significant losses by a wave of cheap Chinese electric vehicles, and politicians alike.
Reuters
China's exports and imports return to growth, signalling demand recovery
China's exports and imports returned to growth in April after contracting in the previous month, signalling an encouraging improvement in demand at home and overseas as Beijing navigates numerous challenges in an effort to shore up a shaky economy. The data suggests a flurry of policy support measures over the past several months may be helping to stabilise fragile investor and consumer confidence, though analysts say the jury is still out on whether the trade bounce is sustainable. Shipments from China grew 1.5% year-on-year last month by value, customs data showed on Thursday, in line with the increase forecast in a Reuters poll of economists.
Yahoo Finance Video
US revokes export licenses for Huawei's chip suppliers: FT
The Biden administration revoked export licenses from Intel (INTC) and Qualcomm (QCOM) for the supply of chips to Chinese tech company Huawei, according to a report from the Financial Times. Market Domination Anchors Jared Blikre and Josh Lipton break down the latest developments for these chip companies and what it means for their stocks moving forward. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Nicholas Jacobino
Reuters
WRAPUP 1-CICC, Citic, JPMorgan cut investment banking jobs in China as deals stall
Two Chinese companies and JPMorgan have become the latest banking groups to cut jobs in China as a slow recovery in listing and dealmaking activities force them to ramp up cost controls, six sources with knowledge of the matter said. Beijing-based China International Capital Corp (CICC) is planning to reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter told Reuters.
Reuters
Hyundai Motor plans to add hybrids to US plant within current investment -exec
Hyundai Motor Co plans to use the investment it has already lined up for the United States to produce hybrid vehicles at its electric vehicle (EV) plant there. The world's No.3 automaker by sales together with affiliate Kia Corp, aims to use investment in its EV and battery manufacturing facilities in Georgia to produce hybrid cars, Hyundai Motor's global Chief Operating Officer Jose Munoz told a business conference hosted by the Financial Times on Wednesday. "I think we can handle (that) within the current investment more or less .... It is already a lot," said Munoz.
Reuters
Apple's iPhone shipments in China rebound with 12% surge in March after price cuts
Apple's iPhone shipments in China increased by 12% in March after the company and its retailers reduced prices, according to data from a research firm affiliated the Chinese government. Shipments of foreign-branded phones in China increased by 12% in March to 3.75 million units from 3.35 million a year earlier，data from the China Academy of Information and Communications Technology (CAICT) published on Wednesday showed. Although the data did not explicitly mention Apple, the company is the dominant foreign phone maker in China's smartphone-dominated market.
Reuters
UPDATE 1-US could ban Chinese connected vehicles or impose restrictions
The U.S. could take "extreme action" and ban Chinese connected vehicles or impose restrictions on them, Commerce Secretary Gina Raimondo said on Wednesday, in the first indication a ban could be on the table after a national security investigation. The Commerce Department is reviewing public comments that were due by April 30, Raimondo told Reuters, on a probe the Biden administration launched in February into whether Chinese vehicle imports pose national security risks.
Reuters
Australia backs long-term gas drilling despite 2050 climate goals
SYDNEY (Reuters) -Australia's Labor government on Thursday laid out a strategy to boost natural gas development even as it remains committed to net zero carbon emissions by 2050, highlighting demand from key Asian trade partners. Australia is one of the world's largest exporters of liquefied natural gas (LNG), and Resources Minister Madeline King said gas would be needed "through to 2050 and beyond" in the global shift to cleaner energy. "It is clear we will need continued exploration, investment and development in the sector to support the path to net zero for Australia and for our export partners, and to avoid a shortfall in gas supplies," she said, launching the government's Future Gas Strategy.
Reuters
BMW says costs, low used car prices to weigh on 2024 pre-tax profit
BERLIN (Reuters) -BMW said on Wednesday it expects a slight drop in pre-tax profit this year due to higher research and development, manufacturing and personnel costs, with a decrease in used car prices also contributing to the decline. The Munich-based automaker reported a fall in its first-quarter profit margin in its automotive segment as persistently higher costs weighed on its bottom line and demand for luxury cars in China remained muted. The German premium automaker's pre-tax margin in the car segment fell to 8.8% from 12.1% a year earlier and below the 9.2% expected by analysts in a company-compiled consensus.
The Independent
Airport chaos as passport e-gates fail again – what went wrong?
Exclusive: A nationwide IT failure meant passengers were waiting for hours to have their passports checked

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Roku Releases First Quarter 2024 Financial Results

Latest stories

EU tariffs on Chinese EVs could backfire, German car bosses warn

Huawei's new phone uses more China-made chips

Global car giants seek tech allies in China's cutthroat EV market

BMW says EU probe into China EV subsidies against free trade

Stablecoin Surge: Tether's Headroom for Growth

China issues draft rules to regulate booming lithium battery expansion

Oil recovers on US crude storage draw, rise in China imports

Biden Looks to Thwart Surge of Chinese Imports

China’s Economic Bump Fades but Not Worry Over Jobs and Property Prices

Spirit Airlines CEO, still salty after its failed JetBlue merger, calls the airline industry a ‘rigged game’ and consumers ‘the long-term losers’

Factbox-Chinese EV makers' plans to make cars in Europe

China's exports and imports return to growth, signalling demand recovery

US revokes export licenses for Huawei's chip suppliers: FT

WRAPUP 1-CICC, Citic, JPMorgan cut investment banking jobs in China as deals stall

Hyundai Motor plans to add hybrids to US plant within current investment -exec

Apple's iPhone shipments in China rebound with 12% surge in March after price cuts

UPDATE 1-US could ban Chinese connected vehicles or impose restrictions

Australia backs long-term gas drilling despite 2050 climate goals

BMW says costs, low used car prices to weigh on 2024 pre-tax profit

Airport chaos as passport e-gates fail again – what went wrong?