Facebook Memoir Spotlights Meta's About-Face on China
Welcome to Tech In Depth, our revamped daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Riley Griffin reports on the fight between Meta Platforms Inc. and former employee Sarah Winn-Williams over her book, Careless People.
Alibaba and BMW team up: Alibaba and BMW will work together on AI-infused cars in China. The partnership gives Alibaba an opportunity to monetize its artificial-intelligence products, while BMW hopes that using locally developed technology will help it catch up to Chinese automakers dominating a key market.
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China's exports climb 4.8% in May as shipments to the US fall nearly 10%
China's exports rose 4.8% in May from a year earlier, a bit lower than expected, as shipments to the United States fell nearly 10%, according to data released Monday just hours ahead of another round of trade talks between the U.S. and China. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion. China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year. 'The acceleration of exports to other economies has helped China's exports remain relatively buoyant in the face of the trade war,' Lynne Song of ING Economics said in a commentary. Still, trade slowed in May from an 8.1% jump in China's global exports in April. Many businesses had rushed orders to try to beat higher tariffs, even as some new import duties took effect or remained in place. Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,' Zichun Huang of Capital Economics said in a report. Despite the tariffs truce, the rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, 'rare earths' that are vital to many industries and visas for Chinese students at American universities. The next round of negotiations was due to take place later Monday in London, following a phone call last week between Trump and Chinese leader Xi Jinping. Other data released Monday highlight the pressure on the world's second largest economy from slowing exports, since China imports many of the components and materials needed for the goods it assembles for the world. But at the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said. Producer price deflation was worse, contracting 3.3% in May, its lowest level in almost two years, after falling 2.7% in April.
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China exports slow and deflation deepens as tariffs bite
STORY: There were more signs Monday that U.S. tariffs are starting to bite in China. New figures showed exports rising just 4.8% on the month in May. That was well down on April, and the slowest rate for three months. Imports also tumbled far more than expected. Overseas shipments had surged earlier in the year, as U.S. firms rushed to stock up on Chinese-made goods before the tariffs kicked in. That meant some slowdown had been expected later in the year, but May's figure was still worse than forecast. One analyst said exports were probably also hit by tough customs inspections, with China looking to enforce its own curbs on shipments to the U.S. Monday's figures also showed declines in Chinese imports of oil, coal and iron ore - adding to signs of weak demand at home. That also showed up in producer and consumer price data. Both extended declines, with producer prices dropping 3.3% in May - the sharpest contraction in 22 months. In a symbol of the sagging demand, U.S. coffee chain Starbucks said Monday it would lower prices in China for some iced drinks. Now the numbers are likely to increase pressure on policymakers to step in with more stimulus measures. Beijing last month rolled out moves including cuts to benchmark interest rates, with more steps now widely expected over the course of this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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