Life Atop China's Car Market Is Starting to Look Shaky for BYD
BYD Co. 's monthly sales have stagnated of late and with the summer months being a traditionally slower time for consumer purchases, that trajectory isn't expected to reverse any time soon.
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Trump pauses export controls to bolster China trade deal, FT says
(Reuters) -The U.S. has paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support President Donald Trump's efforts to secure a meeting with President Xi Jinping this year, the Financial Times said on Monday. The industry and security bureau of the Commerce Department, which oversees export controls, has been told in recent months to avoid tough moves on China, the newspaper said, citing current and former officials. Reuters could not immediately verify the report. The White House and the department did not respond to Reuters' requests for comment outside business hours. Top U.S. and Chinese economic officials are set to resume talks in Stockholm on Monday to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies. Tech giant Nvidia said this month it would resume sales of its H20 graphics processing units (GPU) to China, reversing an export curb the Trump administration imposed in April to keep advanced AI chips out of Chinese hands over national security concerns. The planned resumption was part of U.S. negotiations on rare earths and magnets, Commerce Secretary Howard Lutnick has said. The paper said 20 security experts and former officials, including former deputy US national security adviser Matt Pottinger, will write on Monday to Lutnick to voice concern, however. "This move represents a strategic misstep that endangers the United States' economic and military edge in artificial intelligence," they write in the letter, it added.
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Head of China's Shaolin Temple removed over embezzlement claims
The head of the Chinese temple known as the birthplace of kung fu will be disrobed for "extremely" bad behaviour, Beijing's top Buddhist authority said Monday, after allegations of embezzlement saw him placed under investigation. The Shaolin Temple said on Sunday that Abbot Shi Yongxin, known as the "CEO monk" for establishing dozens of companies abroad, was suspected of "embezzling project funds and temple assets". The monastery said Shi had "seriously violated Buddhist precepts", including by allegedly engaging in "improper relationships" with multiple women. "Multiple departments" were conducting a joint investigation, it said in a statement on WeChat. In response, the Buddhist Association of China, overseen by the ruling Communist Party, said Monday it would cancel Shi's certificate of ordination. "Shi Yongxin's actions are of an extremely bad nature, seriously undermining the reputation of the Buddhist community, hurting the image of monks," the association said in an online statement. The association "firmly supports the decision to deal with Shi Yongxin in accordance with the law". Shi had previously been accused by former monks of embezzling money from a temple-run company, maintaining a fleet of luxury cars and fathering children with multiple women. China's government exercises authority over the appointment of religious leaders, and "improper" conduct is often grounds for removal from office. A hashtag related to the temple scandal had been viewed more than 560 million times on social media platform Weibo as of Monday morning. The last post to the abbot's personal account on Weibo declared: "when one's own nature is pure, the pure land is here in the present". Shi faced similar allegations in 2015 which the temple called "vicious libel". Shi, 59, took office as abbot in 1999 and in the following decades expanded Shaolin studies and cultural knowledge overseas. He helped the temple establish dozens of companies -- but received backlash for commercialising Buddhism. The temple, established in AD 495, is known as the birthplace of Zen Buddhism and Chinese kung fu. Shi was first elected vice-chairman of the Buddhist Association of China in 2002 and has served as a representative to the National People's Congress, the country's top lawmaking body. mya/oho/mtp
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Brewer Heineken's first-half profits beat forecasts
LONDON (Reuters) -Dutch brewer Heineken on Monday reported a 7.4% rise in half-year organic operating profit, ahead of analyst expectations, even as its sales in Europe dragged and tariff risks increased. The world's No.2 brewer has been locked in difficult, prolonged price negotiations in Europe, which hurt sales, offsetting a boost from a late Easter and good weather. The company said its second-quarter revenues and volumes rose 2.1% and fell 1.2% respectively on an organic basis, versus analyst forecasts of a 1.2% rise and 0.3% decline. Analysts had expected a 7% increase in organic operating profit over the first-half. Heineken credited growth in regions like Africa and Asia, which have previously dragged on results, and savings that offset cost inflation and negative currency movements for the profit beat. "Our advantaged geographical footprint helped us to adapt to ongoing macro-economic challenges which impacted consumer sentiment and expenditures," CEO Dolf van den Brink said in a statement. The company left its full-year guidance unchanged at 4% to 8% annual profit growth, adding that the impact of U.S. tariffs had grown. U.S. President Donald Trump and the European Union on Sunday struck a deal that would see the U.S. impose a 15% tariff rate on most EU goods. 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
