china
Eli Lilly and Company announced on Tuesday that the National Medical Products Administration (NMPA) in China has approved the distribution of its injection Mufenda. This injection is designed to treat diabetes, improve blood sugar control, and aid in weight loss for adults with type 2 diabetes. The approval marks a significant milestone for Eli Lilly as it aims to expand its footprint in the giant Asian market. Addressing China’s diabetes challengeChina faces a significant challenge with diabetes, with a large portion of its population affected by the condition. The Healthy China 2030 plan out...
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Soybean prices were lower due to profit taking and technical selling, compounded by a lack of follow-through buying after an initially strong start. Wet forecasts for key U.S. growing areas are delaying planting activities, leading to early discussions about some producers possibly switching to soybeans from corn, although no firm decisions have been made yet. Unknown destinations purchased 180,000 tons of U.S. soybeans, with 120,000 tons for the 2023/24 season and 60,000 tons for 2024/25. If these buyers include China, it could indicate potential retaliation for new U.S. tariffs, or a hedge a...
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In a significant shift in trade policy, the White House confirmed on Tuesday that President Joe Biden has decided to impose higher tariffs on a range of Chinese goods, including electric vehicles, semiconductors, and minerals. This decision marks a major escalation in the trade tensions between the United States and China. Details of the new tariffsThe move is aimed at “protecting” American workers and businesses from China’s “unfair trade practices.” Under the plan, the tariff rate on electric vehicles imported from China will be doubled from 25% to 100% this year, following concerns about “e...
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In a crucial pre-election speech delivered in London, UK Prime Minister Rishi Sunak made a stark comparison, suggesting the world is at its closest to nuclear war since the Cuban Missile Crisis. This comment comes as part of Sunak’s effort to underscore his leadership on national security, especially following significant losses in the recent local and regional elections where his Conservative Party fell behind Labour. Conservatives’ pledge for change and securitySunak promised transformative changes for the UK, stating that “more will change in the next five years than in the last thirty” sho...
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China’s Tencent Music Entertainment Group (TME) faced a mixed financial landscape in the first quarter of fiscal year 2024, as announced on Monday. Tencent Music revenue dips, but profits growWhile the company saw a slight revenue decrease of 3.4%, falling to $937 million, it successfully boosted its net profit by 27.5% to reach $212 million compared to the same period in 2023. This growth in profitability underscores a significant recovery and efficiency in operations. Subscriber numbers on the riseThe company also reported a notable increase in diluted earnings per share (EPS), which rose by...
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The US Department of Agriculture (USDA) has released its World Supply and Demand Estimate (WASDE) for May 2024, forecasting a significant increase in global cotton supplies for the 2024-25 season. According to the report, cotton production is expected to rise by 5.4 million bales, each weighing 480 pounds, with total global production projected at 119.05 million bales. This boost in production is anticipated to lead to a rise in both global consumption and ending stocks. Domestic and international cotton dynamicsThe report highlights that of the total production, 116.86 million bales will be c...
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China, which has long been the leader in clean technology manufacturing, saw its global investment share drop in 2023, from 85% to 75%, amid rising investments in the United States and Europe, particularly in the battery manufacturing sector. Shifts in global clean tech investmentAccording to a report by the International Energy Agency (IEA) released on May 6, investment in battery manufacturing in the US and Europe more than tripled last year. This surge is largely fuelled by major policy initiatives such as the US’ Inflation Reduction Act and the EU’s Net Zero Industry Act, which prioritize ...
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Gold prices experienced a notable increase on Monday, trading in the $2,320s, as markets reacted to the latest U.S. jobs report and strong economic data from China, alongside sustained central bank demand for the precious metal. US employment data softens, boosting gold appealThe gold market rebounded as the recent U.S. Nonfarm Payrolls data revealed weaker-than-expected job growth, with only 175,000 positions added in April, below market forecasts. More crucially, the slowdown in wage inflation, as evidenced by lower-than-expected Average Hourly Earnings, suggests that the Federal Reserve mig...
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Copper prices retreat from two-year high of $10,208 a ton amid cautious Chinese demand. Copper prices slipped after initially climbing above $10,200 a ton, as market focus shifted towards demand conditions in China, the world’s leading consumer of the metal. Despite a brief surge that saw copper reach a two-year high of $10,208, prices dropped to $10,100.50 by midday on the London Metal Exchange, reflecting a 0.4% decrease. Chinese manufacturing shows signs of lifeThe decline in copper prices comes amidst mixed signals from China. A rebound in Chinese manufacturing activity, evidenced by the o...
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A new analysis by Rhodium Group reveals that the European Union is likely to impose tariffs of as much as 55% on Chinese electric vehicles to prevent their coming into the bloc. The report, published on Monday, comes amidst an investigation by the EU into subsidies for EVs imported from China. The Rhodium Group expects the EU to impose duties between 15-30% on Chinese EVs, and it believes that this is not enough to check Chinese competition. Chinese EV manufacturers’ profit in Europe Even Chinese companies such as BYD, which ousted Tesla as the world’s largest EV producer last year, enjoy grea...
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