
Shares of CK Hutchison climb 1% amid China criticism of Panama ports deal
HONG KONG, April 1 (Reuters) - Shares of Hong Kong conglomerate CK Hutchison (0001.HK), opens new tab climbed 1% on Tuesday ahead of a deal to sell its Panama ports to a BlackRock-led group that is due to be signed by April 2.
Reuters reported on Friday that CK Hutchison had delayed part of the sale, although sources said the deal has not been called off. Pro-Beijing media have published a series of reports criticizing the deal, depicting it as a betrayal of China.

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Reuters
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- Reuters
BYD names voestalpine as steel supplier for its Hungarian auto plant
BEIJING, June 25 (Reuters) - Chinese automaker BYD ( opens new tab said it signed an agreement with Austrian steelmaker voestalpine ( opens new tab on Tuesday, selecting it as the steel supplier for BYD's passenger vehicle plant in Hungary. The cooperation marks an important step in BYD's localisation strategy, the company said in its statement posted on its social media account on Wednesday.


The Guardian
an hour ago
- The Guardian
Chinese exports to UK rise as firms seek to avoid US tariffs
Chinese exports to the UK jumped in May, according to data from Beijing, raising the prospect of a flood of cut-price goods as firms look for alternative markets to avoid Donald Trump's tariffs. Data published by the Chinese government showed a 16.1% increase in exports to the UK in May compared with the same month last year – hitting the highest level since February 2022. That could be an early signal of an acceleration from the 10% annual rate of increase in April in the UK data published by the Office for National Statistics (ONS). UK policymakers are watching closely for evidence that cheap Chinese imports that might once have been bound for the US are arriving in UK markets. The Bank of England's rate-setting monetary policy committee has suggested it could be a welcome factor bearing down on inflation in the coming months. Sanjay Raja, a senior economist at Deutsche Bank, said: 'Given lags in shipping it's possible that we may be seeing the start of a trend in higher imports from Asia … This could have important consequences for inflation.' However, firms in some industries have expressed concerns about the prospect of Chinese products being 'dumped' in the UK. The business secretary, Jonathan Reynolds, has backed measures recommended by the UK's Trade Remedies Authority, including keeping tight control over import quotas, to prevent cheap Chinese steel flooding on to the UK market. Gareth Stace, the director general of the industry body UK Steel, called it 'a tremendous outcome' that would 'prevent countries that flood international markets with unsustainably cheap steel from swamping the UK and driving our steel manufacturers out of business'. The chancellor, Rachel Reeves, also recently promised retailers she would review the low tax regime that allows parcels worth less than £135, often bought from websites such as Shein and Temu, to be imported free of customs duties. Neil Shearing, a chief economist at the consultancy Capital Economics, said Chinese exports to the US had dropped 34% year on year in May as tariffs on Beijing peaked – creating inevitable pressure both to divert goods ultimately bound for the US via other countries, such as Vietman or Cambodia, or to find new markets elsewhere. 'It's the proverbial double-edged sword – and this is the essence of the challenges of globalisation,' he said. 'On the one hand, you have disinflation coming through imported goods, so that's good for consumers. On the other hand, there's extreme price competition for your exporters and your domestic industries.' The US and China recently agreed a temporary trade truce, but tariffs on most Chinese goods entering the US market remain at a prohibitive 30%. Most countries are subject to a 10% tariff, with the much higher 'reciprocal' levies announced on Trump's 'liberation day' paused for 90 days until 9 July while trade negotiations continue.


The Herald Scotland
2 hours ago
- The Herald Scotland
Unions say Alexander Dennis move to England is a 'political failure'
Union representatives told MSPs that while the proposal has not yet been finalised, the move could endanger approximately 400 Scottish jobs. This news follows the loss of more than 400 jobs just a few miles away in Grangemouth, where the local oil refinery recently closed and was converted into an import terminal. Derek Thomson, the Scotland regional secretary for trade union Unite told economy committee MSPs: 'It'll be catastrophic in Falkirk and Larbert to lose that amount of jobs.' Read more: And Robert Deavy, the senior organiser for manufacturing with GMB Scotland said the situation would require a political intervention to resolve. 'Speaking to our members, this is something that we as a union have been raising for some time – I'm pretty sure Unite have been as well,' he said. 'We believe that this is a political failure that now requires a political solution. He added: 'Now we need everyone to come together – trade unions, politicians and, really importantly, we need ADL involvement on this.' The bus firm at the centre of a row over its move to England after receiving £90 million of public money for Scottish jobs had been offering a grain of hope of a reprieve for hundreds of jobs - following government intervention. Alex Salmond and Nicola Sturgeon launched their financial case for Scottish independence at Alexander Dennis (Image: Newsquest) The Scottish Government was accused of "strategic neglect" after the Herald revealed the extent of support Alexander Dennis (ADL) has had - while the First Minister was warned last year that it was "reconsidering" its "entire investment" in Scotland. And the SNP-led Scottish Government and the Labour-led UK Government have agreed to establish a joint working group to discuss options to find a solution and avert job losses. They are looking at how far they 'can push' the UK 'state aid' rules set out in the Subsidy Control Act 2022 to create a support package to save the 400 jobs. Alexander Dennis has said that they are engaging with both governments "in good faith on the possibility of any intervention" and stressed that a final decision on the move had not yet been made. The committee is due to take evidence from the bosses of ADL in a special session on Thursday. The company, the unions said, is losing out on contracts to cheaper foreign alternatives as a result of their lower costs, with Mr Thomson calling for direct awards to be made from Government to the company and for workers to be paid until work on the contracts begins. 'What we understand is that pending those direct awards or contracts being done, there is a four month gap between bringing those contracts online and the end of the consultation period,' he said. 'What we have been asking for and speaking to the Deputy First Minister about is a time-limited furlough scheme where we can support those workers through that period of the contract being awarded.' Mr Thomson stressed, however, that ADL would need to agree to continue production in Scotland, rather than winning the contract and building the buses at Scarborough. The union leader said the furlough cost is expected to be between £4 million and £5 million. Speaking to journalists earlier this month, First Minister John Swinney said the Government was considering a furlough scheme. Mr Deavy warned MSPs that, if the sites close, then 'the skills are lost forever' in the area.