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BEIJING: China’s yuan eased from a one-month high against the dollar on Tuesday, pressured by broad strength in the greenback, while some investors gauged the pace of economic recovery after Shanghai lifted its COVID-19 lockdown.
Prior to market opening, the People’s Bank of China set the midpoint at 6.6649 per dollar, 42 pips firmer than the previous fix 6.6691.
In the spot market, the onshore yuan eased from a month high of 6.6391 per dollar hit on Monday and was changing hands at 6.6650 by midday, 106 pips weaker than the previous late session close.
China’s May exports, imports recovering as supply chains restart
China’s exports are expected to have expanded at a faster pace in May as factories reopened and supply chain disruptions calmed after Shanghai began to emerge from a lockdown, while imports also likely rose, a Reuters poll showed.
The recovery adds to evidence the world’s second-largest economy has begun to chart a path out of the supply-side shock that rocked world trade and global markets.
Exports in May likely grew 8.0 percent from a year earlier, accelerating from a 3.9 percent expansion in April, according to a median forecast in a Reuters poll of 28 economists.
Official data showed the average daily container throughput at the Port of Shanghai rose 7 percent in May from a month earlier.
Imports were expected to have risen 2 percent year-on-year in May, the poll showed, likely driven by imports of raw materials and intermediate goods as domestic production resumed. That compared with flat growth in April.
China’s trade surplus is likely to have widened to $58 billion from $51.12 billion in April.
Chinese tech ADRs rise as Didi probe ends
US-listed Chinese technology stocks rose on Monday after a report that regulators in China are concluding a probe into ride-hailing giant Didi Global raised expectations of easing crackdowns on the country’s Internet sector.
The Cyberspace Administration of China is concluding its cybersecurity probe into Didi and two other companies, Full Truck Alliance Co. and Kanzhun Ltd., and will allow their mobile apps back on Chinese app stores, the Wall Street Journal reported.
That sent Didi’s shares surging about 50 percent and lifted the broader US market, with the tech-heavy Nasdaq up 1.8 percent and the benchmark S&P 500 gaining 1.3 percent.
Shares of Full Truck, known as the “Uber of trucks,” and online recruiter Zhipin.com-owner Kanzhun rose more than 20 percent each.
US-listed shares of Chinese Internet and e-commerce firms Alibaba Group, Baidu, JD.Com and Pinduoduo gained between 3.8 percent and 11.2 percent on Monday.
American depositary receipts of electric vehicle startups Li Auto, Nio and Xpeng rose in the range of 5.2 percent to 14 percent.
(With input from Reuters)
RIYADH: Private equity firm Carlyle Group is seeking to sell its 42 percent stake in the Saudi fast food chain franchise Alamar Foods Co. that operates Domino’s Pizza across the region in an initial public offering on the Saudi bourse.
Alamar Foods has got the necessary regulatory approval to proceed with the IPO which will allow funds managed by the US firm to sell its 10.6 million shares to retail and institutional investors, Bloomberg reported citing a statement.
Carlyle Group has $325 billion in assets under management and has previously acquired its stake from the Saudi company AlJammaz Group in 2011 in an undisclosed amount.
NUR-SULTAN: Kazakh President Kassym-Jomart Tokayev ordered his government on Thursday to ensure that domestic sales of natural gas are increased by 2 billion cubic meters a year at the expense of exports and in order to cut coal consumption, according to Reuters.
It was unclear whether the move would affect supplies to China, the main buyer of Kazakh gas, or Russia, and when exactly it would take effect.
Tokayev instructed officials that the additional sales must come from the Chevron-led giant Tengiz oil and gas field.
Kazakh gas exports have been on the decline since 2020, first due to a slump in Chinese demand and then because of growing local consumption. Last year, Kazakhstan piped 6 bcm of gas to China and 1 bcm to Russia.
The former Soviet republic wants to reform its coal-dominated electric power industry and considers gas the best replacement in the short run.
BEIJING: China’s market share in the Russian smartphone market jumped significantly in May as manufacturers including Apple and Samsung paused new sales in the country and Western sanctions weighed on its economy.
Chinese manufacturers Xiaomi, Realme and Honor accounted for 42 percent of Russia’s smartphone sales last month, according to data from mobile network MTS which was shared with Reuters — up from 28 percent during the same month in 2021.
South Korea’s Samsung lost its spot as the market leader, with 14 percent of devices sold versus 28 percent last year, and Apple’s share dropped to 9 percent from 12 percent.
Overall smartphone sales were down 26 percent year-on-year, MTS said, as Western sanctions and supply chain disruptions have severely hit Russia’s consumer economy.
Tesla goes ahead with China hiring event after Musk job warning
Tesla added two dozen new job postings for China on Thursday and kept open an invitation to a hiring event a week after Elon Musk threatened job cuts at the electric car maker, saying the company was “overstaffed” in some areas.
Tesla had announced plans to hold the event online starting from 7 p.m. Shanghai time (1100 GMT) to recruit staff for “smart manufacturing” roles, according to an online post. The event was not visible from other accounts as of late Thursday and it was not immediately clear whether it had proceeded for applicants.
Tesla had no immediate comment, according to Reuters.
Tesla had 224 current openings in China for managers and engineers under that category, according to a separate post on its WeChat account, 24 of which were newly posted on June 9. Among the posted positions are managers and engineers to supervise the operation of its 6,000-ton die casting machines known as Giga Press, one of the world’s biggest.
Tesla regularly holds such hiring events online in China, with the latest one held in May for summer interns.
(With input from Reuters)
RIYADH: Kuwait’s Mezzan Foods Co. has denied it plans to increase prices in Saudi Arabia after its chief financial officer said there could be a 30 percent rise for some goods.
The company issued the clarification after Nabil Ben Ayed said in a television interview that Mezzan was considering the hike for food products in order to beat high input costs.
The manufacturer instead plans to decrease the prices of its consumer-oriented products in Saudi Arabia in order to enhance customer satisfaction, according to a statement.
It added that prices of Mezzan’s products in Saudi Arabia will be revised despite facing challenges due to a rise in shipping costs and global supply chain disruptions.
MUMBAI: A rally in energy and technology stocks propelled Indian shares to a firmer finish on Thursday, ending a four-session losing streak driven by worries around aggressive policy tightening by global central banks.
Notching their best session since the turn of the month, the NSE Nifty 50 index settled 0.74 percent higher at 16,478.10 and the S&P BSE Sensex rose 0.78 percent to 55,320.28.
India considers curbing fridge imports
India is considering restricting imports of refrigerators to promote local manufacturing, two industry sources told Reuters on Thursday, potentially freezing out shipments from Samsung Electronics Co. and LG Electronics Inc. in the $5 billion market.
The sources, who declined to be named as the talks were private, said the government was considering mandating that importers seek a license from the authorities, replacing the existing free-import regime.
That could be followed by a ban on imports of refrigerators with refrigerant already added, to create opportunities for value-added operations in India, said one of the sources, who has direct knowledge of the government’s discussions.
The source said a decision could come within a month, adding: “The thrust is to support all those who are manufacturing in India rather than those bringing them into India.”
The Indian trade ministry did not immediately respond to requests for comment. Spokespeople for Samsung and LG also did not respond immediately.
Amul urges government to delay plastic straw ban
India’s biggest dairy group Amul has written to the government urging it to delay a planned ban on tiny plastic straws, saying the move will have a “negative impact” on farmers and milk consumption in the world’s biggest producer of the commodity.
Amul made its appeal in a letter reviewed by Reuters, dated May 28, that was sent to Prime Minister Narendra Modi’s office ahead of a July 1 ban on straws packaged with small packs of juices and dairy products, a market estimated by an industry body to be worth $790 million. Amul sells billions of small dairy cartons with plastic straws attached every year.
The decision has spooked Amul and global drinks majors including PepsiCo. Inc. and Coca-Cola, especially after the government declined to change its stance and asked companies to switch to alternative straws, Reuters previously reported.
(With input from Reuters)
