China's BYD Takes Cautious Approach in Global EV Push to USA
BYD, the world's largest manufacturer of electric vehicles, is currently stuck in the slow lane on Tesla's home ground despite plans for a swift global expansion.
Although BYD hasn't fully expressed its global aspirations in public, a concerted global push has replaced other strategic priorities for China's largest EV manufacturer, according to four sources familiar with the company's management.
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As the world's two largest economies work to mend strained ties, U.S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Liu He in Zurich on Wednesday. The two will have candid discussions about the global economy, issues surrounding sovereign debt and climate change. Following discussions between American President Joe Biden and Chinese President Xi Jinping in Indonesia in November, Yellen's first face-to-face meeting with Liu is a part of a larger Washington and Beijing effort to improve bilateral communications.
Australia confirmed on Wednesday that it would purchase 40 Black Hawk military helicopters from the United States for an estimated A$2.8 billion ($1.96 billion), completing a sale approved by the US State Department in August. The UH-60M Black Hawks from Lockheed Martin Corp will replace the Army's fleet of MRH-90 Taipan choppers, which have been plagued by maintenance issues for years. The new helicopters will be delivered this year.
The U.S. dollar recovered from a seven-month low against a basket of currencies, aided largely by a drop in the Japanese Yen on Wednesday morning after the Bank of Japan (BOJ) maintained its yield curve control range, defying market expectations for the bank's policy to be further tightened. The dollar Index which measures the value of the greenback against a basket of six other currencies rose by 0.27% to 102.418.
Gold prices appeared to have peaked in the new year, with the yellow metal hovering below an eight-month high on Wednesday’s early trading session as markets braced for a slew of Federal Reserve speakers and U.S. economic data due this week. Gold futures fell by 0.25% to $1,905 per ounce.
Oil prices increased on Wednesday morning, extending gains from the previous session as it was supported by hopes that China's COVID-19 strict restrictions will be lifted and that this will result in a rebound in fuel demand in the world's largest oil importer. Brent crude futures rose by 0.98% to $86.77 a barrel, while the West Texas Intermediate escalated by 1.19% to $81.41 a barrel.
USA: S&P500 -0.20%, Dow Jones Industrial Average -1.14%, Nasdaq Composite +0.14%
Europe: FTSE 100 -0.12%, DAX +0.35%, CAC 40 +0.48%
Asia: Nikkei 225 +2.50%, Hang Seng +0.31%, CSI 300 -0.08%, Nifty 50 +0.63%
About $8 billion of Intel’s market value was lost on Friday as a result of the American chipmaker's gloomy earnings forecasts, which stoked concerns about a downturn in the personal computer market.
The business also struggled with slowing growth in the data center industry, which contributed to its first-quarter surprise loss forecast and $3 billion below-estimated revenue forecast.
Morgan Stanley has fined employees who use messaging apps like WhatsApp and others for work-related communications, the Financial Times reported on Thursday. The fines, which ranged from a few thousand dollars to over $1 million per employee, were established by taking into account various elements, including the quantity of messages sent, seniority, and whether or not they had previously been warned.