China
Here’s how much Apple’s supply chain depends on Shanghai
Apple opened its 54th flagship store in Greater China in the city of Wuhan in May. The iPhone company warned in late April that supply chain disruptions from China’s Covid controls would likely hurt sales in the current quarter by $4 billion to $8 billion. Sopa Images | Lightrocket | Getty Images BEIJING — Apple’s […]
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OECD slashes global growth prediction on Ukraine war and China’s zero-Covid policy
The OECD estimates that global gross domestic product [or GDP] will reach 3% in 2022 — a 1.5 percentage point downgrade from a projection done in December. Nurphoto | Nurphoto | Getty Images The Organization for Economic Cooperation and Development has become the latest international institution to cut its predictions for global growth this year. […]
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Biden envoy to visit Marshall Islands as U.S. concerns grow about China’s Pacific push
U.S. President Joe Biden and New Zealand’s Prime Minister Jacinda Ardern aired shared concerns last week about China’s bid to expand its influence in the Pacific. Bloomberg | Bloomberg | Getty Images President Joe Biden’s special envoy for talks with three tiny, but strategically important Pacific island nations will lead a delegation to the Marshall […]
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Wall Street banks name their top global stocks to play soaring energy prices and the hydrogen boom
From soaring commodity prices to the “multi-billion dollar” hydrogen opportunity, analysts at Morgan Stanley and Bernstein name their top stocks to navigate the booming energy sector. The sector has been one of the few bright spots in a year when the broader stock market has taken a severe beating. Energy is one of just two sectors on the S […]
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Even if oil hits $150 a barrel, J.P. Morgan’s Marko Kolanovic predicts stocks will reclaim 2022 highs
J.P. Morgan’s Marko Kolanovic predicts oil is surging higher — but so are stocks. Kolanovic, who serves as the firm’s chief global markets strategist and co-head of global research, believes the U.S. economy is strong enough to handle oil prices as high as $150 a barrel. “There could be some potential further spikes in oil, […]
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To boost solar, Biden looks the other way on potential Chinese trade violations
U.S. President Joe Biden’s move to prohibit new tariffs on the solar panels also took the teeth out of an investigation by the Commerce Department that was required by law. Logan Cyrus | The Washington Post | Getty Images Facing paralysis of the U.S. solar industry, President Joe Biden has ordered that potential trade violations by Chinese solar panel […]
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Chinese ride-hailing giant Didi surges 50% after report that regulators are ending probes
Budrul Chukrut | LightRocket | Getty Images Shares of Chinese ride-hailing giant Didi surged more than 50% in pre-market trade in the U.S. on Monday after the Wall Street Journal reported that regulators are concluding investigations into the company. The WSJ report said authorities would lift a ban on Didi adding new users as early […]
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Amazon to shut down Kindle store in China
Amazon Kindle Getty Images Amazon will shut its Kindle ebook store in China next year, marking the latest retreat by a U.S. tech giant in the market. Kindle users in China will no longer be able to purchase new books after the ebook shop closes on June 30, 2023, Amazon announced on its Weibo account […]
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Self-driving car companies’ first step to making money isn’t robotaxis
A WeRide robotaxi with health supplies heads to Liwan district on June 4, 2021, in the southern Chinese city of Guangzhou. Southern Metropolis Daily | Visual China Group | Getty Images BEIJING — While governments may be wary of driverless cars, people want to buy the technology, and companies want to cash in. It’s a […]
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At least 4 people dead in earthquakes in southwestern China
A 6.1 magnitude earthquake strikes 45 km W of Linqiong, China. Courtesy: USGS Two earthquakes killed at least four people and damaged houses in southwestern China on Wednesday, authorities and state media said. Fourteen others were injured, at least one seriously, state broadcaster CCTV said in an online report. All of the dead and injured were in […]
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