Self-driving car companies’ first step to making money isn’t robotaxis

A WeRide robotaxi with health supplies heads to Liwan district on June 4, 2021, in the southern Chinese city of Guangzhou. Southern Metropolis Daily | Visual China Group | Getty Images BEIJING — While governments may be wary of driverless cars, people want to buy the technology, and companies want to cash in. It’s a … Read more

These charts show Russia’s invasion of Ukraine has changed global oil

European Union leaders reached an agreement this week to ban the majority of Russian crude oil and petroleum product imports, but nations were already shunning the country’s oil, altering global flows for the commodity that powers the world. Russian oil exports had already been hurt by some EU members acting preemptively in anticipation of potential … Read more

Top Gun reinstates Taiwanese flag on Maverick’s jacket after removing it for trailer, angering China

Top Gun fires a warning at China by reinstating Taiwanese flag on Maverick’s jacket after its removal for trailer provoked outcry In the 1986 original, Tom Cruise wore a jacket featuring Taiwan and Japan flags The sequel’s 2019 trailer saw them removed, sparking fury among fans The flags have now been restored after Chinese production … Read more

Macy’s, Twitter, Medtronic and more

Check out the companies making headlines before the bell: Macy’s (M) – Macy’s surged 15% in the premarket after reporting better-than-expected profit and revenue for the first quarter and raising its full-year earnings forecast. Results got a boost from strong apparel demand as people returned to work and other out-of-home activities. General Dollar (DG) – … Read more

profits plunge amid China Covid lockdowns, regulation

Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. Qilai Shen | … Read more

EXPLAINER: Why is Wall Street close to a bear market?

NEW YORK (AP) — The bears are rumbling toward Wall Street. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have caused investors to reconsider the prices they’re willing to … Read more

China tries to make nice with Big Tech as economic challenges mount

hong kong CNN Business — China is trying once again to lift the spirits of its huge tech industry after a bruising regulatory offensive that has weakened some of its biggest businesses at a time of stalling economic growth. In a rare public display of support for the private sector, Vice Premier Liu He said … Read more

China signals easing of tech crackdown but don’t expect policy U-turn

China has shown signs of easing its crackdown on the technology sector which has wiped billions of dollars of value from its most prominent companies. But analysts said Beijing’s recent positive rhetoric should not be mistaken for a reversal of policy. “I think the big tech companies will have a grace period for maybe the … Read more

Shanghai declares zero-Covid milestone but residents cast doubt on reopening

“Zero-Covid at the community level” means infections are no longer found outside centralized quarantine facilities or neighborhoods under the strictest lockdowns — and is a prerequisite for those measures to be lifted. Zhao Dandan, deputy head of the Shanghai Municipal Health Commission, said at a news conference Tuesday that all 16 districts of the Chinese … Read more

China blockchain explainer: What is BSN?

China has made blockchain technology a strategic priority. Blockchain-based Service Network, or BSN, is part of its efforts to boost its capabilities in the sector. Yuichiro Chino | Time | Getty Images Chinese President Xi Jinping has declared that his country needs to “seize the opportunities” presented by blockchain technology. In a speech in 2019, … Read more