Latest news with #TechMadman
Yahoo
20-05-2025
- Business
- Yahoo
China Ran Record Budget Deficit With Spending Blitz Amid Tariffs
(Bloomberg) -- China's fiscal stimulus pushed its four-month budget deficit to a record high, as the government ramped up support for the economy during an escalation in its trade conflict with the US. America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC NJ Transit Makes Deal With Engineers, Ending Three-Day Strike The broad deficit reached 2.65 trillion yuan ($367 billion) in January-April, the most ever for the period, according to Bloomberg calculations based on data released by the Finance Ministry on Tuesday. The shortfall swelled by more than 50% compared with a year earlier. It's the clearest evidence yet that Beijing shifted into a higher gear in deploying this year's planned fiscal stimulus to help the economy weather external shocks. US tariffs on most Chinese goods rose to a prohibitively high level of 145% in April before the two countries agreed to a truce earlier this month. Outlays soared against the backdrop of stabilizing earnings. Total income in China's two main fiscal books reached 9.32 trillion yuan in January-April, a decline of only 1.3% year-on-year after a much steeper drop during the first quarter. Total expenditure rose 7.2% to 11.97 trillion yuan, the data showed. That number combines spending under the general budget, which includes mainly everyday outlays, with expenditure in the government fund budget, which is more weighted toward capital investment projects. Looking ahead, the urgency of further fiscal support is waning after an agreement by China and the US to temporarily lower tariffs levied against each other's products. The truce, along with decent economic activity numbers for April, has led a few major international banks to raise their forecasts for China's growth this year and dial back expectations of additional stimulus by the government. Tuesday's fiscal figures have given them more reasons to bet on the government delaying new supportive measures. 'Government spending was accelerating while revenue shows signs of stabilization,' said Zhaopeng Xing, senior strategist at Australia & New Zealand Banking Group. 'The need for expanding fiscal deficit in the middle of the year has declined.' Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race ©2025 Bloomberg L.P.
Yahoo
20-05-2025
- Automotive
- Yahoo
BMW Plans to Buy Back More Shares Worth Up to €2 Billion
(Bloomberg) -- BMW AG is buying back as much as €2 billion ($2.2 billion) of stock starting this month. America, 'Nation of Porches' NJ Transit Train Engineers Strike, Disrupting Travel to NYC NJ Transit Makes Deal With Engineers, Ending Three-Day Strike The carmaker's management board approved the program, which will be concluded no later than April 30, 2027, BMW said Tuesday. It's the German company's third major buyback in three years. BMW shares rose as much as 2.5% in Frankfurt after the announcement. The stock is roughly flat this year. Carmakers have returned more money to shareholders in recent months. Mercedes-Benz Group AG in February announced plans to buy back as much as €5 billion in stock over a period of two years, telling investors it may cut its stake in Daimler Truck Holding AG to help fund the moves. BMW's latest program is applicable to both ordinary and preferred shares, with the latter's volume limited at €350 million. At the company's annual general meeting last week, shareholders authorized the repurchase of as much as 10% of the company's share capital within five years. --With assistance from William Wilkes. (Updates with shares in third paragraph.) Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race ©2025 Bloomberg L.P. 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
Yahoo
14-05-2025
- Automotive
- Yahoo
China's Baidu Plans Robotaxi Expansion to Europe and Turkey
(Bloomberg) -- Baidu Inc. is planning to test and eventually launch autonomous ride-hailing service Apollo Go in Europe and Turkey, joining a growing number of Chinese self-driving technology companies in embarking on a global expansion. As Coastline Erodes, One California City Considers 'Retreat Now' A New Central Park Amenity, Tailored to Its East Harlem Neighbors What's Behind the Rise in Serious Injuries on New York City's Streets? How Finland Is Harvesting Waste Heat From Data Centers Lawsuit Challenges Trump Administration Policy on Migrant Children The company is in talks with Swiss Post unit PostAuto to roll out a robotaxi service in Switzerland, according to a person familiar with the matter. Baidu plans to start testing in Switzerland by the end of this year, the person said, asking not to be identified as the matter is private. The Wall Street Journal first reported the plan on Wednesday. Baidu's Apollo Go is one of a handful of Chinese autonomous driving technology companies ramping up their international presence. US-listed WeRide Inc. was one of the first to go overseas, operating in more than 30 cities across 10 countries such as China, the UAE, France and Singapore. Uber Technologies Inc. has partnerships with WeRide and two other Chinese companies, Inc. and Momenta Technology Co., with plans to offer robotaxi services on the platform in markets such as the UAE and Europe. In China, Apollo Go runs one of the largest fleets of robotaxis, operating in cities such as Beijing, Guangzhou and Wuhan. Its operation in Wuhan drew complaints from residents and taxi drivers concerned that the self-driving cars were taking over their jobs. Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Trump Has Already Ruined Christmas Why Obesity Drugs Are Getting Cheaper — and Also More Expensive The Recession Chatter Is Getting Louder. Watch These Metrics ©2025 Bloomberg L.P. 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
