Musk says Tesla’s new car factories ‘losing billions of dollars’

Musk says Tesla’s new car factories ‘losing billions of dollars’

Tesla Inc’s TSLA-Q new car factories in Texas and Berlin are “losing billions of dollars” as they struggle to increase production because of a shortage of batteries and China port issues, Chief Executive Elon Musk said in an interview published on Wednesday. “Both Berlin and Austin factories are gigantic money furnaces right now. OK? It’s … Read more

China keeps benchmark lending rate unchanged

China keeps benchmark lending rate unchanged

Stock picks and investing trends from CNBC Pro: Hong Kong’s Hang Seng index dipped 0.43%. Shares of Alibaba shares in Hong Kong fell more than 2%, despite Reuters reporting Friday that China’s central bank has accepted Alibaba-affiliate Ant Group’s application to form a financial holding firm, reviving hopes for a potential public listing for Ant. … Read more

China’s Oil Demand Growth Threatened By Latest Covid Outbreak

China’s Oil Demand Growth Threatened By Latest Covid Outbreak

Just as China was returning to business as usual after the latest string of lockdowns, an “explosive” outbreak in a Beijing district could derail this. “The recent outbreak … is strongly explosive in nature and widespread in scope,” said a spokesperson for the Beijing municipal government over the weekend, as quoted by Reuters. The outbreak … Read more

Mass COVID-19 testing announced in Beijing amid ‘ferocious’ outbreak

Mass COVID-19 testing announced in Beijing amid ‘ferocious’ outbreak

A health worker gets a swab sample from a woman to be tested for the Covid-19 coronavirus at a swab collection site in Beijing on June 12.NOEL CELIS/AFP/Getty Images Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” COVID-19 outbreak that emerged at a bar in a nightlife and … Read more

Hong Kong’s Hang Seng leads losses in Asia; oil prices drop close to 2%

Hong Kong’s Hang Seng leads losses in Asia;  oil prices drop close to 2%

SINGAPORE — Shares in Asia-Pacific declined in Thursday trade, with Australia’s April trade surplus coming in higher than expected. Hong Kong’s Hang Seng index led losses regionally as it declined 1.67%, with shares of Alibaba dropping more than 3%. In mainland China, the Shanghai Composite edged 0.11% higher while the Shenzhen Component gained 0.357%. “There … Read more

Asia-Pacific stocks rise ahead of major economic data this week

Asia-Pacific stocks rise ahead of major economic data this week

SINGAPORE — Shares in Asia-Pacific rose in Monday morning trade as investors look ahead to major economic data releases later in the week. In Japan, the Nikkei 225 rose 1.74% in morning trade as shares of robot maker Fanuc jumped more than 3%. The Topix index traded 1.47% higher. Hong Kong’s Hang Seng index advanced … Read more

Warren Buffett-backed BYD shrugs off China’s lockdowns

Warren Buffett-backed BYD shrugs off China’s lockdowns

hong kong CNN Business — BYD, the Warren Buffett-backed Chinese electric vehicle maker, had a bumper month in the world’s largest car market, despite strict Covid lockdowns that have disrupted production and sales for many of its major rivals. The company reported Tuesday that its sales of electric vehicles and plug-in hybrids soared 313% in … Read more

Shanghai senior wheeled away in body bag was actually alive, sparking backlash, firings – National

Shanghai senior wheeled away in body bag was actually alive, sparking backlash, firings – National

Four Shanghai officials have been fired after an elderly man from a Shanghai care home was mistakenly dead and in transit pronounced to a morgue when workers discovered that he was actually still alive. The incident led to wide-spread backlash in China after videos of the workers discovering the mistake went viral. Read more: JonBenét … Read more

Shanghai puts up metal barriers as it tightens COVID-19 measures – National

Shanghai puts up metal barriers as it tightens COVID-19 measures – National

Volunteers and government workers in Shanghai erected metal barriers in multiple districts to block off small streets and entrances to apartment complexes, as China hardens its strict “zero-COVID” approach in its largest city despite growing complaints from residents. In the city’s financial district, Pudong, the barriers – thin metal sheets or mesh fences – were … Read more

Workers in Shanghai struggle to get back to work

Workers in Shanghai struggle to get back to work

Tesla’s Shanghai factory was “back up and running” as of Wednesday, according to CEO Elon Musk’s comments during a quarterly earnings call, per a StreetAccount transcript. This picture shows the factory on the outskirts of Shanghai in July 2021. Vcg | Visual China Group | Getty Images BEIJING — Foreign businesses are struggling to bring … Read more