When Tesla wanted to catch the eye of British buyers, it put its cars and bright signage at a dealership in west London’s prominent Hogarth roundabout. Exposure to half a million drivers every day helped the US carmaker to become the dominant electric vehicle seller in the UK. Yet drivers passing by that site now see something different: twin Chinese brands Omoda and Jaecoo, both owned by the state-controlled manufacturer Chery. Chinese cars are on a roll across Europe – they outsold Korean rivals in western Europe for the first…
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Macquarie profits hit by weak performance in linchpin commodities unit
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Macquarie’s shares fell 7 per cent on Friday after the Australian financial group reported lower than expected half-year earnings, driven by weak performance in its once-booming commodities division and a writedown on some of its green investments. The Sydney-based company reported net profit rose 3 per cent year on year to A$1.7bn (US$1.1bn) in the six months to September, compared with analyst estimates of A$1.8bn compiled by Bloomberg. Its retail…
China’s most advanced aircraft carrier, the Fujian, enters service
China’s third aircraft carrier, the Fujian, entered into service on Wednesday at a grand ceremony held in Sanya, Hainan, according to state media reports. Advertisement The Fujian is China’s most advanced warship and its first aircraft carrier to be equipped with electromagnetic catapults. Its inauguration makes China only the second country, after the United States, to operate a carrier with this aircraft launch technology. President Xi Jinping oversaw the ceremony and boarded the Fujian afterwards to hear briefings on aircraft carrier combat capacities and the usage of the electromagnetic catapults,…
COP makes me excited about emerging companies again
Once again my invitation to the latest Conference of the Parties was lost in the mail. Probably for the best. It’s a long journey to Brazil only to discover when you arrive that everyone is on their own journey. At least I’ve now had time to read the Action Agenda and priorities. The woke-speak is as insufferable as ever — but often amuses. Did you know that “communities in peripheries of cities” are now lumped with indigenous peoples and the poor? Those vulnerable stockbrokers of Surrey and Connecticut! In short,…
US backs Brazilian mine to help loosen China’s grip on rare earths
Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world The US government is backing a Brazilian rare earths mine to the tune of almost half a billion dollars as part of the drive to develop a supply chain outside China for the crucial materials. The US Development Finance Corporation in August approved a $465mn loan to Serra Verde to help fund the company’s Pela Ema rare earths mine in Goias, Brazil, DFC filings show. The funds will…
China’s exports fall for first time since ‘liberation day’ trade tariffs
Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s exports have declined for the first time since the US unleashed its “liberation day” tariffs in April, highlighting the impact of months of trade tensions even as the two powers struck a truce. Exports from the world’s second-biggest economy were down 1.1 per cent year-on-year in dollar terms in October, China customs data showed on Friday. The last time they fell was in February. The unexpected decline comes after…
The 900-page book that China watchers count on
Stay informed with free updates Simply sign up to the Visual and data journalism myFT Digest — delivered directly to your inbox. Offering data on everything from the number of households with washing machines, to the price of eggs and the use of commemorative stamps, China’s annual statistical compendium is now available — with one catch. The 919-page yearbook, compiled by the National Bureau of Statistics and on sale for just over Rmb400 ($56), has not yet been released online and can only be bought in its hardback edition. The…
China’s exports fall in October as firms wait out trade war reset
China’s exports fell in October amid a volatile trade war with the United States – though recent high-level talks between the world’s two largest economies have since eased tensions. Advertisement Outbound shipments fell 1.1 per cent year on year to US$305.35 billion last month, customs data showed on Friday. The figure was lower than September’s 8.3 per cent increase – a six-month high – and fell short of the 2.84 per cent growth forecast by Chinese financial data provider Wind. Imports in October stood at US$215.28 billion, rising 1 per…
Can China and South Korea build on their diplomatic momentum?
Talks between the Chinese and South Korean leaders have renewed diplomatic momentum, but what happens next could hinge on how Seoul balances its relations with Washington, according to analysts. Advertisement A lighthearted exchange before their state banquet drew media attention. After Xi presented Lee with a gift of two Chinese Xiaomi smartphones with South Korean-made displays, Lee quipped: “Is the communication line secure?” Xi laughed and smiled, then pointed at the phones and said: “You should check if there’s a back door” – preinstalled software that could be used to…
Investor shift from deposits to markets gathers speed: Invesco boss
Hong Kong and mainland China will continue to be the growth engine for asset-management companies as both local and international investors are starting to shift from holding cash to investing in equities and bonds in the region, according to the top boss of US fund house Invesco. Advertisement “There is a trend of redistribution of people’s portfolios, as they are looking for value opportunities, which are showing up in emerging markets, equity, emerging-market debt and global equities,” said Andrew Schlossberg, president and CEO of Invesco, in an exclusive interview on…