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China's state planner unveils steps to spur private investment 2023-07-24 - BEIJING, July 24 (Reuters) - China's state planner on Monday unveiled measures that seek to promote, encourage and spur private investment in some infrastructure sectors and said it will strengthen financing support for private projects. The latest announcement comes as China last week pledged to improve the private sector, releasing guidelines by the Communist Party and the cabinet as authorities vowed to make it "bigger, better and stronger" amid a flagging post-pandemic economic recovery. The National Development and Reform Commission (NDRC) said in a statement that it wants to attract more private capital to participate in the construction of national major projects. The NDRC said a list of sectors ranging from transport, water, clean energy, new infrastructure to advanced manufacturing and modern agriculture will be available for private investors to participate in, according to the statement. More specific details on this will be provided later, it added. Over the past several weeks, investors have been betting on more stimulus measures to prop up an economy that has started to rapidly lose momentum following the initial post-COVID bounce. However, some piecemeal steps announced by the authorities have underwhelmed markets. In the guidelines released last week, China said it will create a "traffic light" system to make clear the areas in which private investors are able to invest. "Significance of improving private investment should be fully recognised" and the NDRC will strive to keep the proportion of private fixed-asset investment among all investment at a "reasonable level," the statement said. Private fixed-asset investment shrank by 0.2% in the first six months from a year earlier, in contrast to an 8.1% rise in investment by state entities, official data showed last week, highlighting weak private sector confidence. The NDRC also pledged to strengthen financial support for private-invested projects. A special fund from central government budget will be set up by the NDRC to give annual support for 20 cities with high private investment growth and strong policy implementation, the statement said. Reporting by Ellen Zhang and Bernard Orr; Editing by Kim Coghill Our Standards: The Thomson Reuters Trust Principles.

Australia's Competition Regulator Delays ANZ-Suncorp Bank Merger Decision 2023-07-24 - By Alice Uribe SYDNEY--Australia's competition regulator has delayed its decision on ANZ Group's proposed acquisition of Suncorp Group's banking unit by a week. The Australian Competition and Consumer Commission on Monday said the review period was extended to Aug. 4 from July 28 to allow it to consider a supplementary independent report on the potential deal and a second submission from Bendigo & Adelaide Bank. "The ACCC usually has 90 days from the date that the application was lodged to make its decision, although it can extend the time frame if the applicants agree," the regulator said in an update on its website. "ANZ agreed to a further short extension to the time frame for the ACCC to make a decision." ANZ in July 2022 said it agreed to buy Suncorp's bank for about 4.9 billion Australian dollars (US$3.30 billion), in a deal the Australian major lender said could accelerate the growth of its retail and commercial businesses. Some industry participants view the potential for the merger to lessen competition in the Australian banking sector. ANZ and Suncorp Bank offer retail and business banking products and services in Australia, including home loans, deposit products and business banking. This is the second time the ACCC has extended the review period on the merger, after the regulator pushed it out to July from June. Suncorp on Monday said it will continue to support the merger authorization process and maintained the view that "the sale is in the best interests of its customers, shareholders and employees and will deliver public benefits for Queensland and the broader Australian public." Write to Alice Uribe at alice.uribe@wsj.com

Beijing Launches New Measures to Boost Private Investment 2023-07-24 - China's top economic planner released a set of new policy guidelines on Monday to support private investment, as part of a drive to rekindle entrepreneurial spirit amid faltering growth. Beijing will look to revitalize private investment and encourage private capital to participate in major national projects, the National Development and Reform Commission said in an official notice on its website.

Tokyo Steel Manufacturing shares jump after guidance raised on strong demand 2023-07-24 - Tokyo Steel Manufacturing shares 5423, +21.38% rose sharply Monday morning after it posted strong first-quarter results and raised full-year profit guidance. The shares were recently 21% higher at the upper end of the day’s trading range of 1,703 yen. Tokyo Steel said Friday after market close that net profit climbed 30% from a year earlier to Y8.845 billion ($62.4 million) for the quarter ended June 30.

Here’s everything coming to Amazon’s Prime Video and Freevee in August 2023 2023-07-24 - Amazon’s Prime Video and Freevee have a relatively light lineup coming in August 2023. Sigourney Weaver stars in “The Lost Flowers of Alice Hart” (Aug. 4),a limited series based on the novel by Holly Ringland and set in two timelines, about a girl who’s sent to live with her grandmother after her parents die in a fire, and the family secrets she discovers as an adult. There’s also “Red, White & Royal Blue” (Aug. 11), a rom-com based on the novel by Casey McQuiston, in which the son of the U.S. president (Uma Thurman) falls in love with a British prince; the mystery thriller “Harlan Coben’s Shelter” (Aug. 18); the behind-the-scenes basketball documentary “Destination NBA: A G League Odyssey” (Aug. 8); and the return of NFL Thursday Nigh Football (Aug. 24), with a preseason game between the Eagles and Colts. Freevee also has the rom-com “Puppy Love” (Aug. 18), about a mismatched couple whose dogs who have puppies together. Also: More monthly streaming picks at What’s Worth Streaming But the best bets of the month for Amazon’s AMZN, +0.03% streaming services are a trio of recent movies: The wildly stupid but fun horror “Cocaine Bear” (Aug. 15), the charming fantasy adventure “Dungeons & Dragons: Honor Among Thieves” (Aug. 25), and the Oscar-winning drama “Women Talking” (Aug. 29). Here’s the complete list of what’s coming in August (release dates subject to change): What’s coming to Prime Video in August 2023 Aug. 1 L.A. Law (1987) Matlock (1987) Primate, Season 2 (2023) 3 Idiotas (2017) A Shot in the Dark (1965) Amadeus (1984) American Gigolo (1980) Behind the Sun (2001) Braddock: Missing in Action III (1988) Cahill: U.S. Marshall (1973) Cantinflas (2014) Charlie St. Cloud (2010) Chato’s Land (1972) City of Men (2008) City Slickers (1991) Dead Men Don’t Wear Plaid (1982) Dirty Harry (1971) Filth (2004) Frost/Nixon (2009) Galaxy Quest (1999) Gonzo (2008) Hazlo Como Hombre (2017) Hollywood: The Great Stars (1963) I Wish (2011) I’m Still Here (2010) Killers (2010) Me, Myself and Irene (2000) Missing in Action (1984) Missing in Action II: The Beginning (1985) Monster’s Ball (2002) One for the Money (2012) Paranormal Activity 2 (2010) Pinero (2001) Posse (1993) Punisher: War Zone (2008) Red 2 (2013) Red Dawn (2012) Rio (2011) Rio 2 (2014) Road to El Dorado (2000) Rumor Has It (2005) Saw (2004) Saw II (2005) Saw III (2006) Saw IV (2007) Saw V (2008) Saw VI (2009) Stealth (2005) Steve Jobs: The Man in the Machine (2015) Support Your Local Sheriff! (1969) Swordfish (2001) The Addams Family (2019) The Black Stallion (1979) The Day of the Jackal (1973) The Goonies (1985) The Lincoln Lawyer (2011) The Many Saints of Newark (2021) The Punisher (2004) The Watch (2012) Things to Do in Denver When You’re Dead (1995) Traffic (2001) Un Padre No Tan Padre (2017) Valentina’s Wedding (2018) Walking Tall: The Payback (2007) What a Girl Wants (2003) When Harry Met Sally (1989) Ya veremos (2018) Yes Man (2008) Aug. 4 The Lost Flowers of Alice Hart (2023) Aug. 8 Bones and All (2022) Destination NBA: A G League Odyssey (2023) Aug. 10 The Killing Vote (2023) Aug. 11 2 Guns (2013) Red, White & Royal Blue (2023) Aug. 15 Cocaine Bear (2023) Of an Age (2023) Aug. 18 Harlan Coben’s Shelter (2023) New Bandits (2023) Unseen (2023) Aug. 22 The Black Demon (2023) Aug. 24 Thursday Night Football Aug. 25 Dungeons & Dragons: Honor Among Thieves (2023) Red (2010) Wayne Shorter: Zero Gravity (2023) Aug. 29 Champions (2023) Snowpiercer (2014) Women Talking (2023) Aug. 31 Camino A Marte (2017) Honor Society (2022) Volverte a ver (2022) What’s coming to Freevee in August 2023 Aug. 1 MacGyver, Seasons 1-5 (2016) The Flatshare (2022) Curse of the Pink Panther (1983) Damsels in Distress (2011) Dear Evan Hansen (2021) Death Becomes Her (1992) Death Rides a Horse (1967) Death Warrant (1990) F9: The Fast Saga (2021) Four Weddings and a Funeral (1994) Here Comes the Boom (2012) In the Heat of the Night (1967) Inferno (2016) Jurassic Park (1993) Jurassic Park III (2001) Jurassic World (2015) Little Man Tate (1991) Madagascar (2005) Madea’s Witness Protection (2012) Murphy’s Law (1986) Nanny McPhee Returns (2010) Old (2021) Parenthood (1989) Penguins of Madagascar (2014) Picture This (2008) Revenge of the Pink Panther (1978) Running with the Devil (2019) Shaft (2000) Son of the Pink Panther (1993) The Adjustment Bureau (2011) The Darkest Minds (2018) The Green Hornet (2011) The Hot Chick (2002) The Lost World: Jurassic Park (1997) The Magnificent Seven (1960) The Nut Job (2014) The Pink Panther Strikes Again (1976) The Return of the Pink Panther (1975) The Revenant (2015) The Woman in Red (1984) The Wonderful Country (1959) Tombstone (1993) Trail of the Pink Panther (1982) Aug. 8 The Emoji Movie (2017) Aug. 10 Copshop (2021) Aug. 18 Puppy Love (2023) Aug. 24 Mechanic: Resurrection (2016)

Husband-wife ‘crypto-couple’ reach plea deal in $4.5 billion bitcoin heist 2023-07-24 - The husband and wife “crypto couple” charged in connection with a $4.5 billion bitcoin heist in 2016 have reached a plea agreement with prosecutors, according to a court filing on Friday. The couple, Ilya Lichtenstein and Heather Morgan, are slated to appear for a plea hearing in federal district court in Washington, D.C., on Aug. 3, according to the court filing. Details of the deal were not included in the court filing or docket. Messages left with the defendants’ attorneys weren’t immediately returned and a spokeswoman for the U.S. attorney’s office in DC declined to comment. Lichtenstein, 35, and Morgan, 33, faced up to 25 years in federal prison when they were first charged with money laundering and fraud following their arrests in February 2022. The pair were busted after investigators found $3.6 billion in bitcoin that had been stolen in a hack of the Bitfinex trading platform in 2016 in crypto wallets the couple controlled. At the time of the heist, the bitcoin BTCUSD, -1.25% was worth $71 million, but had skyrocketed in value to $4.5 billion at the time of their arrest. One of the key investigative questions revolves around what role, if any, the couple played in the initial hack. Neither has been charged with perpetrating the hack itself. The couple’s arrest, coupled with Morgan’s outspoken persona on social media and alter ego as a comedic rapper called Razzlekhan, triggered a media firestorm and sent shockwaves through Silicon Valley and the world of cryptocurrency obsessives where they were known. Acquaintances said the pair had done little to reveal that they had allegedly been sitting atop an illicit fortune for years, while presenting themselves as fairly typical Silicon Valley strivers. But prosecutors said the couple had been slowly trying to launder the stolen money, while laying the groundwork to flee to Russia if necessary. Lichtenstein has been held without bail since his arrest. Morgan was released on $3 million bond and placed in home confinement. Court filings had stated the defendants had been engaged in plea bargain talks with prosecutors for much of the past year. A court filing late last year revealed that the investigation involved “classified national-security information and documents,” that required the couple’s attorneys to be given security clearances to review.

Anchor Brewing says it’s open to workers’ bid to rescue company from liquidation 2023-07-24 - San Francisco’s Anchor Brewing Co. may not be dead quite yet. More than a week after announcing plans to liquidate, Anchor said Saturday that it would be open to a last-minute bid by a group of union workers to buy the 127-year-old craft brewery. “Given our deep respect for the Anchor Union and our team members, should our employees put forward...

Netflix Isn't Developing Native App For Apple Vision Pro, But It Might Do This - Netflix (NASDAQ:NFLX), Meta Platforms (NASDAQ:META), Amazon.com (NASDAQ:AMZN), Walt Disney (NYSE:DIS) 2023-07-24 - Apple Inc.’s AAPL first-generation mixed-reality headset, the Vision Pro, has made significant ripples in the market, but one major streaming player, Netflix, Inc. NFLX, might not develop a native app. What Happened: In his recent “Power On” newsletter, Bloomberg columnist Mark Gurman said that video streaming will be the dominant focus for most Vision Pro apps. The Walt Disney Co.’s DIS Disney+ has already been confirmed for the platform, and Apple’s expansive deal with Amazon.com, Inc. AMZN hints at the likelihood of Prime Video making its way onto the device as well. In contrast, Netflix has decided against developing a native app for the headset for now. See Also: Apple’s MR Headset Could Be A Hit Like iPhone, iPad With These 2 Two Things: Gurman According to Gurman, one of the primary reasons behind Netflix’s decision lies in the relatively smaller addressable market for the Vision Pro compared to Apple’s other dominant devices like the iPhone, iPad, and Mac. However, users could still access their favorite content on the Vision Pro through the existing Netflix app for iPad. Despite Netflix’s current stance, Apple Vision Pro’s potential is not to be underestimated. Developers can cater to customers willing to spend more on high-quality apps, considering the device’s premium pricing and advanced capabilities. This prospect might see app prices surge beyond the traditional norms, opening up new avenues for developers in graphic design, productivity, and gaming categories, said Gurman. Why It’s Important: With an expected annual sale of fewer than one million units in its first year, developers might hesitate to invest substantial resources in creating custom apps for the device. Previously, ARK Invest, an investment firm led by Cathie Wood, boldly asserted that current augmented and virtual reality technology, including offerings from tech giants like Apple and Meta Platforms Inc. META, failed to meet the mark when it came to capturing the masses adoption. Analysts have also said that while Apple’s headset has “wowed” many reviewers, the device’s hefty price tag of almost $3,500 could put it at a disadvantage. Check out more of Benzinga’s Consumer Tech coverage by following this link. Read Next: ‘Apple Is Wasting A Button’ By Shifting Control Center In WatchOS 10, Says Mark Gurman

X Token Has Nothing To Do With Elon Musk's Rebranded Twitter, But It's Shot Up 1800% 2023-07-24 - A token, unrelated to Elon Musk’s X.com, has witnessed an incredible surge of 1800% within a mere 24-hour window, outperforming top cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD What Happened: The unprecedented price rally came shortly after Musk, who owns Twitter, hinted at an upcoming logo change for the social media platform. This token is a project by X, a decentralized NFT marketplace that operates across multiple chains. The platform’s governance is facilitated by the X DAO, with voting privileges granted to users who have staked their X tokens to obtain the veX governance token. Musk took to Twitter on Sunday to express his plans, declaring the intention to retire the well-established blue bird symbol that has long served as Twitter’s distinctive logo. In a follow-up tweet, he stated, “If a good enough X logo is posted tonight, we’ll make (it) go live worldwide tomorrow.” X token's price skyrocketed by a staggering 1800% in a single day. However, it is vital to note that X’s trading volumes have remained relatively low, merely amounting to $51,000 over the same 24-hour period. Limited liquidity can contribute to increased price volatility and challenges when it comes to executing trades at desired prices. See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’ Why It Matters: It is worth highlighting that Musk’s acquisition of Twitter earlier this year, at a hefty price of $44 billion, led to its integration into X Corp., a privately-held corporation. X Holdings Corp., functioning as the parent company of X Corp., is not publicly traded. In October 2022, just prior to the acquisition, Musk expressed that the purchase of Twitter was anticipated to serve as a catalyst for the development of “X,” an all-inclusive application designed to supersede traditional social media platforms. Price Action: At the time of writing, Bitcoin was trading at $29,774, down 0.24% in the last 24 hours, according to Benzinga Pro. Read Next: Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception Photo Courtesy: Shutterstock.com Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Pelosi Condemns McCarthy's Attempt To Erase Donald Trump Impeachments 2023-07-24 - Rep. Nancy Pelosi (D-Calif.), on Sunday, criticized her Republican successor, U.S. House Speaker Kevin McCarthy, for contemplating the removal of the two impeachments filed against former President Donald Trump. What Happened: According to a new report, McCarthy has promised Trump to hold a House vote that could expunge his two impeachments from 2019 and 2021 as a way to compensate for his lack of support for Trump's presidential bid. See Also: Marjorie Taylor Greene’s Misfire, Donald Trump Jr.’s Criticism, and US Warning to Kim Jong Un: The Political Week in Review Criticising McCarthy's move, Pelosi said on CNN's "State of the Union," said, "This is about being afraid. As I've said before, Donald Trump is the puppeteer, and what does he do all of the time but shine the light on the strings. These people look pathetic." Pelosi also cautioned that if McCarthy proceeds with his plan to erase Trump’s impeachments, it could result in consequences for Republicans facing challenging elections in 2024. "Kevin is playing politics. It is not even clear if he constitutionally can expunge those things." "If he wants to put his members on the spot, his members in difficult races on the spot, that is a decision he has to make. But this is not responsible." Why It Matters: McCarthy, who leaned on support from Trump to win the speaker's gavel last year, subsequently denied making that vow, though he said he supported expunging the impeachments. The U.S. House speaker has pushed back the vote until the end of September, according to a report, which says moderate House Republicans pushed back on the resolution in fear that any expungement efforts would hurt Trump’s possible election outcomes in districts that lean toward supporting Biden. Photo Courtesy Lev Radin On Shutterstock.com Read Next: Trump Vows To End Biden’s EV ‘Atrocities’ On Day One If Re-Elected In 2024

Elon Musk, Marques Brownlee Clash Over Twitter Rebranding: 'Old Habits Die Hard,' Says Popular Tech YouTuber 2023-07-24 - Marques Brownlee, a well-known tech influencer, questioned the continued use of the term “tweets” in the new era of X.com. What Happened: Brownlee, with a Twitter handle [MKBHD], expressed his views with a tweet “I’m still gonna call it Twitter,” amid talks of Twitter’s owner Elon Musk renaming the platform. Responding to Browlee, Musk said, “Not for long.” Brownlee hit back with a question, “Old habits die hard. Aren’t these still called tweets?” Musk is yet to respond to the tweet at the time of writing this article. See Also: Twitter CEO Linda Yaccarino Says X.com Will Be Powered By AI And Will Connect In Ways We’re Just Beginning To Imagine Why It Matters: The question comes amidst the transformation of Twitter into X.com, a change spearheaded by Musk. The shift includes a logo change from the iconic bird to an “X”. Read Next: No More Poop Emoji For The Media, Elon Musk Says He’s Gonna Send This To Reporters Instead Elon Musk and Twitter Photo by KLYONA on Shutterstock

As Starship's Next Flight Test Draws Near, Elon Musk Teases Prototype Of Massive Rocket 2023-07-24 - SpaceX CEO Elon Musk on Friday evening showed off the next Starship prototype as the predicted timeline for the rocket’s second test flight gears up close. What Happened: The picture shared by the CEO shows the prototype held up by a propeller as a person works on it to the side. The predicted timeline for Starship’s second test flight is drawing close. In June, Musk had pegged the flight for six weeks since then. The CEO also said that he sees a 60% chance for the next flight to reach orbit, contingent on the success of stage separation. SpaceX attempted the first flight of Starship on April 20 and the rocket exploded in less than four minutes after takeoff. Why It Matters: Late last month, Ship 25 crossed a key milestone and completed a six-engine static fire at Starbase. Ship 25 is the name of the Starship prototype which will make the second flight test. Starship is composed of the Super Heavy rocket and the spacecraft and aims to create a fully reusable transportation system for crew and cargo missions to Earth’s orbit, the Moon, and Mars. The rocket manufacturing company is presently undertaking testing of superheavy booster 9 ahead of flight. It also shared pictures of the booster at the orbital launchpad at Starbase last week. Check out more of Benzinga's Future Of Mobility coverage by following this link. Read Next: ‘Uh Oh’ — Musk Reacts As Jim Cramer Calls Tesla One Of The ‘Greatest Investments Of All Time’

Elon Musk's Tesla Cybertruck Spotted Sporting Clever Disguise, Masquerading As Ford F-150 - Tesla (NASDAQ:TSLA) 2023-07-24 - A leaked image from a Tesla TSLA shows a Tesla Cybertruck with a wrap that makes it look like a Ford F-150, Electrek reports. Is Tesla Trolling or Testing?: The images, shared by a Twitter user by the name Greggertruck, show the Cybertruck sporting a wrap that mimics the design of a traditional pickup truck. The tweet read, “I am…. Confused. But enjoy this shot. [Elon Musk] troll level 69420 Cybertruck wrapped like an ICE F150 with its hood up.” This move is seen as a playful jab by Tesla Inc. whose CEO, Elon Musk, has previously criticized pickup truck designs for their lack of innovation. See Also: Twitter CEO Linda Yaccarino Says X.com Will Be Powered By AI And Will Connect In Ways We’re Just Beginning To Imagine Frunk or No Frunk: The leaked image also raises questions about the presence of a front trunk, or ‘frunk’, in the Cybertruck. The image suggests that if a frunk does exist, it would be relatively small. This would mark a departure from other Tesla models, all of which feature a frunk. Read Next: No More Poop Emoji For The Media, Elon Musk Says He’s Gonna Send This To Reporters Instead Image via Shutterstock

Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception 2023-07-24 - Major cryptocurrencies saw a slight uptick on Sunday evening, with investors closely monitoring upcoming events such as the Federal Reserve’s potential interest rate hike and the expiration of Bitcoin options next week. Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT) Bitcoin BTC/USD +0.35% $29,955 Ethereum ETH/USD +0.66% $1882 Dogecoin DOGE/USD +1.29% $0.071 What Happened: In another day of crypto market activity, BTC experienced a brief upward movement before returning to its familiar range below $30,000. Regarding regulations, the Securities and Exchange Commission (SEC) stated on Friday, in reference to the recent verdict in the Ripple case, that a portion of the court’s ruling was “wrongly decided.” This suggests that the SEC may contest the Ripple ruling. The coming week is anticipated to be eventful, with the FOMC decision on interest-rate policy scheduled for Wednesday, accompanied by numerous earnings reports. Top Gainer (24 Hour) Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT) Tezos +5% $0.8847 Theta Network +4.51% $0.8307 Bitcoin Cash +3.88% $249.65 Currently, the global crypto market capitalization stands at $1.20 trillion, reflecting a 0.38% increase in the last day. In regards to the stock market, S&P 500 futures were relatively unchanged on Sunday evening as investors eagerly anticipated upcoming earnings reports and a crucial policy decision from the Federal Reserve. Futures linked to the broad market index S&P 500 experienced a slight decline of 0.07%, while Nasdaq 100 futures witnessed an increase of 0.03%. See More: Best Crypto Day Trading Strategies Analyst Notes: "The cryptoverse is still celebrating a partial victory after a federal judge said Ripple's XRP token wasn't a security when sold to retail investors on exchanges. The ruling is potentially paving the way for the House Republicans' bill for a US crypto market overhaul," wrote Edward Moya, Senior Analyst at OANDA. He added, "The Bitcoin consolidation seems like it isn't going away just yet but it could if the House's bill advances or if the Fed delivers a hawkish surprise." Crypto analyst Michael Van de Poppe believes that there is a crucial area that Bitcoin needs to break. If it succeeds, it’s party time and we can expect new highs. However, if it turns out to be a fake-out, brace yourself for increased volatility in the coming week. Crypto analyst Nicholas Merten is suggesting that altcoins may be prepared for a sustained corrective move. "Not only are altcoins at the moment looking like they're ready for a continued pullback. However, Merten also points out that Ethereum could be an exception to this trend. "Out of all the cryptocurrencies out there, one that has stood out that looks at least more bullish to me is the price pattern of Ethereum," he adds. Photo Courtesy: Shutterstock.com Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

China to resume 15-day visa-free entry for citizens of Singapore and Brunei 2023-07-24 - Travelers arrive at the departure hall in Singapore Changi airport in Singapore on March 31, 2023. SINGAPORE — China will reinstate its 15-day visa-free entry for citizens of Singapore and Brunei from July 26, according to the embassies of both countries. This comes after a three-year suspension of visas as China adopted strict travel restrictions under its stringent zero-Covid policy, which ended in December last year. Singapore citizens will be able to enter China without a visa for 15 days if they are there for business, tourism, family visits and transit, the Chinese embassy to Singapore said. It added that visas which have been issued to Singaporean citizens will still be valid and those that have been requested will be processed. Singapore and China have long enjoyed strong economic ties, with leaders from both sides meeting this year. Prime Minister Lee Hsien Loong met Chinese President Xi Jinping in Beijing in March. Deputy Prime Minister Lawrence Wong was met Chinese Premier Li Qiang while visiting Beijing in May. The resumption of the visa-free entry policy "will facilitate people and business flows between our countries and pave the way for deeper bilateral cooperation," Singapore's Ministry of Foreign Affairs said in a Facebook post.

Wall Street cut China’s GDP forecast many times this year. One bank adjusted 6 times 2023-07-24 - Workers load goods for export onto a crane at a port in Lianyungang, Jiangsu province, China June 7, 2019. Reuters The average prediction among six firms studied by CNBC now stands at 5.1%, close to the "around 5%" target Beijing announced in March. Citi's latest forecast marks the firm's fourth change this year. Morgan Stanley has only adjusted its forecast once since it was set in January. During that same period, Nomura changed its forecast four times, while UBS adjusted it three times and Goldman Sachs changed forecasts twice. watch now The investment banks mostly revised their forecasts higher early this year after China's initial rebound, following three years of strict Covid controls. Quarter-on-quarter revisions The latest cuts come as recent economic data point to slower growth than expected, and authorities show little inclination to embark on large-scale stimulus. Second-quarter GDP rose by 6.3% from a year ago, missing the 7.3% growth that analysts polled by Reuters had predicted. The disappointment in second-quarter GDP growth, however, is due to official revisions to China's quarter-on-quarter growth last year, according to Rhodium Group's Logan Wright and a team. The resulting low figure helps Beijing make a case for supporting the economy, the analysts said in a July 17 report. "Understand what you are seeing in this year's GDP data: these are artificially constructed narratives for various audiences, not reports on China's economic performance." The National Bureau of Statistics did not immediately respond to CNBC's request for comment. Instead of releasing multiple reads of data, the bureau discloses quarterly GDP relatively soon after the end of the period, and subsequently issues revisions. The statistics bureau has also issued public statements about punishing local governments for falsifying data. The accuracy of official data in China has long been in question. Goldman Sachs on Friday noted the seasonal revisions, but maintained its 5.4% forecast for China's growth. "On net, we do not think the surprises are either consistent or large enough for us to make major adjustments to our China growth forecast this year." Non-official data Researchers have sought alternatives to gauge growth. One organization is the U.S.-based China Beige Book, which claims to regularly survey businesses in China in order to put out reports on the economic environment. Earlier this year, the firm's data "showed there was no revenge spending wave or a bombastic recovery," said Shehzad Qazi, New York-based managing director at China Beige Book. "Wall Street's predictions of blockbuster growth in China were first based on hype, and then juiced up by China's inflated GDP prints into early 2023." Qazi testified this month at a hearing of the U.S. House Select Committee on the Chinese Communist Party. Investment bank research is often known as the "sell-side," since it is meant to inform buyers about financial products and company stocks. In the case of China, Qazi pointed out that "investment banks are not only incentivized to sell a 'China booming' story, but given their business interests in China, they are also unwilling to publish any views that can be seen as critical of China's economy." Institutional predictions The World Bank and International Monetary Fund also put out regular economic forecasts for China and other countries. However, their reporting schedule means that predictions may not fully match current the current economic situation. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously. The International Monetary Fund in April raised its forecast for China's GDP to 5.2%, up from 4.4% previously. This month, its spokesperson noted that growth was slowing in China, and said an "updated forecast" would be reflected in the IMF's next World Economic Outlook. Chinese officials have in the last several weeks emphasized the country is on track to reach its annual growth target of around 5%. Among the six investment firms CNBC looked at, the highest China GDP forecast so far this year was JPMorgan's 6.4% figure — when the bank adjusted for the second time in April alone. In all, the range of the firm's forecasts have spanned 1.4 percentage points, the most of any of those in the CNBC analysis. Looking beyond 2023

Apple supplier Foxconn's failed India chip venture shows how tough it is for new players 2023-07-24 - In this article 2317-TW Follow your favorite stocks CREATE FREE ACCOUNT This month, Foxconn pulled out of its joint venture with Vedanta. The two sides "mutually agreed to part ways," Foxconn said in a statement at the time. Sopa Images | Lightrocket | Getty Images Foxconn is best known as the main assembler of Apple's iPhones. But in last couple of years, the Taiwanese firm has made a push into semiconductors, betting that the rise of technologies like artificial intelligence will boost demand for these chips. But Foxconn's semiconductor foray has had a tough start, highlighting the difficulty for new players to enter a market dominated by established firms with huge experience and a highly intricate supply chain. "The industry presents newcomers with high barriers to entry, mainly high levels of capital intensity and access to coveted intellectual property," Gabriel Perez, ICT analyst at BMI, a unit at Fitch Group, told CNBC via email. "Established players such as TSMC , Samsung or Micron count with several decades of R&D (research and development), process engineering and trillions of dollars in investment to reach their current capabilities." Why is Foxconn getting into semiconductors? Foxconn, officially known as Hon Hai Technology Group, is a contract electronics manufacturer that assembles consumer products like iPhones. But in the last two years, it has stepped up its presence in semiconductors. In May 2021, it formed a joint venture with Yageo Corporation, which makes various types of electronic components. That same year, Foxconn bought a chip plant from Taiwanese chipmaker Macronix . The biggest ramp-up in effort came last year when Foxconn agreed with Indian metals-to-oil conglomerate Vedanta to set up a semiconductor and display production plant in India as part of a $19.5 billion joint venture. Neil Shah, vice president of research at Counterpoint Research, said Foxconn's push into semiconductors is about diversifying its business, and the company's decision to launch an electric car unit is part of that plan. Its aim is to become a "one stop shop" for electronics and automotive companies, Shah said. If Foxconn could assemble electronics and manufacture chips, it would be a very unique and competitive business. Why India? Foxconn looked to India for its joint venture with Vedanta because the country's government is looking to boost its domestic semiconductor industry and bring manufacturing on shore. "Foxconn's decision to establish a JV in India responds to two key trends – one of them being the market's growing role as a consumer electronics manufacturing hub, the second one being India's ambitions – mirroring other major markets such as the US, the EU and Mainland China - to develop its domestic semiconductor industry through public subsidies and regulatory incentives," BMI's Perez said. What went wrong for Foxconn? This month, Foxconn pulled out of its joint venture with Vedanta. The two sides "mutually agreed to part ways," Foxconn said in a statement at the time. "There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," Foxconn said. Deadlocked talks with European chipmaker STMicroelectronics, which was the technology partner for the project, was one major reason for the venture's failure, Reuters reported this month. Foxconn and Vedanta wanted to license the technology from STMicro and India wanted the firm to have a stake in the joint venture, but the European chipmaker did not, Reuters reported. It's hard to break into chipmaking

CNBC Daily Open: Let’s talk about the Dow 2023-07-24 - In this article ARKK UNH NVDA GS Follow your favorite stocks CREATE FREE ACCOUNT Traders work on the floor of the New York Stock Exchange during afternoon trading on July 18, 2023 in New York City. Michael M. Santiago | Getty Images News | Getty Images This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here. What you need to know today More mixed markets U.S. stocks closed Friday mixed. The Nasdaq Composite was the only major index to fall. The pan-European Stoxx 600 rose 0.3%, with household goods adding 1.2% to lead gains — possibly aided by the news that U.K. retail sales in June rose 0.7% month over month, higher than the 0.2% estimate. Bye China, buy Tesla Cathie Wood's Ark Innovation ETF has completely exited stocks that generate revenue from China, the famed tech investor revealed Thursday. That means shares like Tencent and KE Holdings are out — and the fund's holdings of Wood's favorite bets like Tesla, Coinbase and Roku are further consolidated. Wood might be on to something: ARKK is up more than 50% this year. Booming U.S. economy? Morgan Stanley has made a "sizeable upward revision" to its estimates for the U.S. economy. The bank expects GDP to grow 1.9% for the first half of this year, almost four times the original forecast of 0.5%. For the second half, the bank thinks GDP will grow 1.3%, compared with 0.6%. Joe Biden's Infrastructure Investment and Jobs Act is "driving a boom in large-scale infrastructure," wrote Ellen Zentner, chief U.S. economist for Morgan Stanley. Demand for oil Oil prices might spike in the second half of the year as supply fails to keep up with demand, Secretary General of the International Energy Forum Joseph McMonigle told CNBC. "India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year," he said. However, McMonigle thinks OPEC+ will respond to a "big supply-imbalance." [PRO] Fully packed week This week's packed full of economic data releases and earnings reports, and will see the Federal Reserve meet to decide on the path of U.S. interest rates. CNBC Pro's Sarah Min breaks down what analysts are expecting and how they are positioning their portfolios to deal with the heavy week. The bottom line Let's talk about the Dow Jones Industrial Average and why it did better than the S&P 500 and the Nasdaq Composite last week. First, the numbers. The S&P and the Dow were essentially flat, while the Nasdaq Composite lost 0.22% Friday. (Technically, the Dow squeezed out a 0.01% gain to give it a 10-day winning streak, but that figure's so negligible I don't think it's worth making a big fuss over it.) On a weekly basis, the S&P advanced 0.79%, the Nasdaq fell 0.57% — but the Dow gained an impressive 2.08%. A large part of the Dow's showing was because of how the index is composed and calculated. It includes just 30 stocks, ostensibly chosen to represent the broader U.S. economy. To give an example, Goldman Sachs and JPMorgan Chase represent banks; Apple and Microsoft show up for technology; Nike and Procter & Gamble stand in for consumer goods. The Dow's other key difference from the S&P and Nasdaq is that it is price-weighted, that is, the more expensive the stock, the bigger its influence on the index. Conversely, the other two major indexes are capitalization-weighted, meaning that the higher the total value of the company's total shares, the more sway it has in moving the index. Now, let's look at Friday's stock movements. Nvidia slumped 2.66%. It has a market capitalization of over $1 trillion. Unsurprising, then, that it had the biggest negative impact on both the S&P and Nasdaq. The Dow? The index doesn't even include Nvidia, so it was spared. The Dow, on the other hand, benefited from gains in firms like UnitedHealth and Goldman Sachs. Their stock prices are high — around $500 and $350 per share, respectively — but their total market capitalizations are comparatively low. Those gains wouldn't register much on the S&P and Nasdaq, but boosted the Dow. What does this all mean? Honestly speaking: Not much. According to CNBC's calculations, over the past 15 years, the Dow and the S&P have moved in the same direction 94% of the time. So while it's true the major indexes have diverged as of late — this week aside, the Nasdaq is leading by a 34% increase for the year, the S&P 18% and the Dow a meagre 6% — in the long run, it shouldn't really matter what index you're tracking. The lesson here? Don't take short-term blips as long-term trends.

Ron DeSantis threatens Anheuser-Busch over Bud Light marketing campaign with Dylan Mulvaney 2023-07-24 - Florida Gov. Ron DeSantis is hinting at legal action against Bud Light's parent company, Anheuser-Busch InBev, for the beer brand's promotion earlier this year with TikTok star Dylan Mulvaney. Bud Light's March Madness promotion with Mulvaney, a transgender actress and activist, sparked an uproar among some conservatives, including singers Kid Rock and Travis Tritt, who called for a boycott of the popular beer. An ongoing sales slump for Bud Light has been attributed to backlash from both conservatives and the LGBTPQ community over the marketing campaign. In an interview Thursday with Fox News, DeSantis said that Florida's pension fund contained over $50 million worth of Anheuser-Busch shares. Bud Light's decision to team with Mulvaney was followed by a sales slump, and as a result the state's pension fund has suffered collateral damage, according to the 2024 presidential candidate. "When you start pursuing a political agenda at the expense of your shareholders, that's not just impacting very wealthy people, it impacts hardworking people who were firefighters, police officers and teachers," DeSantis told Fox News. "And it could be something that leads to a derivative lawsuit filed on behalf of the shareholders of the Florida pension fund," he added. "Because, at the end of the day, there's got to be penalties for when you put business aside to focus on your social agenda at the expense of hardworking people." DeSantis didn't say how much the pension fund has lost from its Anheuser-Busch investments. Derivative lawsuits are filed by shareholders on behalf of a company against a corporation's directors or officers alleging breach of their fiduciary duties. "Radical social ideologies" The governor on Thursday also sent a letter to Florida's State Board of Administration (SBA), which manages its pension fund, asking staff "to review how AB InBev's conduct has impacted and continues to impact the value of SBA's AB InBev holdings." In the letter, DeSantis said AB InBev has struggled recently because the company decided "to associate its Bud Light brand with radical social ideologies." "It appears to me that AB InBev may have breached legal duties owed to its shareholders and that a shareholder action may be both appropriate and necessary," DeSantis wrote. When reached for comment by CBS MoneyWatch, a spokesperson for Anheuser-Busch said, "Anheuser-Busch InBev takes our responsibility to our shareholders, employees, distributors and customers seriously. We are focused on driving long-term, sustainable growth for them by optimizing our business and providing consumers products to enjoy for any occasion." Brendan Whitworth, CEO of Anheuser-Busch, told CBS Mornings last month that the company is sending financial assistance to distributors and wholesalers affected by the slump in Bud Light sales since Mulvaney's social media video went viral. Whitworth added that ABI plans to triple its investment in Bud Light this year as the company launches its upcoming summer campaign and prepares for the NFL season. Bud Light sales dropped 28% for the week ending June 24, compared with the same period last year, according to beverage industry research firm Bump Williams Consulting. That amounts to a decline in revenue of roughly $26 million for Anheuser-Busch, according to data from consumer behavior data analytics firm Circana. AB InBev's stock price has fallen 14% since the Mulvaney promotion in late March, with the company losing $16 billion in market value over period. Florida's pension fund contained more than 682,000 shares of AB InBev at the end of March, valued at the time at nearly $46 million, CNN reported. DeSantis is also at the center of an ongoing dispute with the Walt Disney Co. about how much authority the entertainment giant has over land near its theme parks in Orlando, Fla. DeSantis has been on the campaign trail in recent weeks, hoping to position himself as the front runner for the Republican presidential nomination in 2024. He visited South Carolina earlier this week and landed in Utah on Friday in a push to re-energize his campaign, which has lost momentum.

UPS workers poised for biggest U.S. strike in 60 years. Here's what to know. 2023-07-24 - Unions rally for looming UPS worker strike Unions rally for looming UPS worker strike 02:31 Jason Flynn loves one aspect of his part-time job as a UPS package sorter: He was able to get it in 15 minutes. What he doesn't love, he said, is earning $18 an hour pay to move 70-pound packages every few seconds, the "noxious" air from the exhaust of trucks and the "supervisors yelling at you to keep it moving." Since suffering an injury earlier this year, Flynn said he has been able to work only one or two shifts a week at his Chicago facility, and has to supplement his UPS pay with dog-walking or food-delivery gigs. "I have to constantly make up the money elsewhere," the 32-year-old told CBS MoneyWatch. "I've been in near-poverty for a long time.... I would bike 40 minutes each way to work instead of taking the train," adding, "I haven't paid my rent yet this month." Flynn is among the thousands of part-time employees at UPS pushing for higher pay as the Teamsters union, which represents 340,000 UPS workers, and the delivery giant resume contract negotiations next week. If no deal is reached by July 31, the union has vowed to walk off the job in what would be America's biggest strike in 60 years. Here's what to know about the negotiations and the effects of a possible strike. What are the issues? The major outstanding issue is pay, particularly for part-time UPS workers, who make up 60% of the company's workforce, according to the Teamsters. Part-time workers at UPS start at $16.20 an hour, according to the company. UPS notes that part-timers make an average of $20 an hour after 30 days on the job, while enjoying the same health care and pension benefits as full-time workers. However, that starting pay is far below what full-time UPS workers make for doing the same job, many part-timers note. While neither the union nor UPS have disclosed the latest pay proposals on the bargaining table, some workers are pushing for starting pay of $25 an hour — the same amount they were making in 1983 when adjusting for inflation. "I don't think it's asking anything crazy to have equal pay, doing the same jobs as full-timers inside the building," Flynn said. UPS workers hold a practice picket on July 19, 2023, in Los Angeles ahead of an August 1 deadline for an agreement on a labor contract and to avert a strike that could lead to billions of dollars in economic losses. FREDERIC J. BROWN/AFP via Getty Images Full-time workers at UPS, most of whom are delivery truck drivers, can make $95,000 a year or more, but they represent a minority of the workforce and face their own challenges, such as often brutal heat on the job. The median UPS employee made $52,000 last year, according to the company's securities filings. CEO Carol Tomé made $18.9 million that year, down from $27 million the year before. "We are prepared to increase our industry-leading pay and benefits, but need to work quickly to finalize a fair deal that provides certainty for our customers, our employees and businesses across the country," UPS said in a statement on Wednesday. The labor talks, while fitful, have succeeded in resolving some issues, including making Martin Luther King, Jr. Day a paid holiday and installing air conditioning and heat shields in delivery trucks, where summer temperatures often shoot above 110 degrees. How are workers preparing for a strike? The Teamsters have been holding practice pickets for months in preparation for a strike and, since last fall, have encouraged members to put money aside so they have a financial cushion in case of a walkout. Jose Francisco Negrete, a part-time package sorter and 25-year veteran at UPS in Anaheim, California, said he started saving last year, putting away $55 with every paycheck. "Probably around September, I said, you know what, if I need to take out money for an emergency I will, but I'm not going to touch it," he told CBS MoneyWatch. "I've been telling members to save as well. If we do strike, we need to be prepared." In the even of a work stoppage, workers would get strike pay totaling five times their union membership dues, Negrete said. For him, that would provide a weekly check of about $350, just under half his usual earnings. Despite the financial risks, he still thinks it's worth pushing for higher pay long-term. "This contract is about respect," he said. "Is UPS willing to take $2.8 billion in profit and give it to the part-timers — profit that was generated by us, by the rank and file? We need to exert as much power as we can and fight for as much as we can." Members of the Writers Guild of America join UPS Teamsters during a rally ahead of possible UPS strike, in Los Angeles on July 19, 2023. The current UPS contract expires July 31. FREDERIC J. BROWN/AFP via Getty Images How is UPS preparing for a strike? UPS is girding for a possible strike by training non-union employees at the company to work in warehouses. For now, most businesses for which UPS is a vital lifeline still expect a strike to be averted, according to industry observers. AFS Logistics, which tracks the shipping industry, said UPS customers have not switched to other carriers, as might be expected if they were bracing for a work stoppage. "We've not seen any shift from UPS to FedEx as people get more and more concerned over the potential strike," Micheal McDonagh, president of AFS Logistics' parcel business, told CBS MoneyWatch, an observation that was confirmed by Bill Sullivan, executive vice president for advocacy at the American Trucking Associations. FedEx executives said in the company's most recent investor call that, while it was "having a lot of great conversations with legacy UPS customers," it has yet to see an influx of new business. UPS handles roughly 28% of America's shipping, so a strike could chaos for businesses and individual consumers. The company also has a special niche in delivering high-value items; during the pandemic, for example, UPS was one of the two carriers (along with FedEx) chosen to deliver the first doses of the COVID-19 vaccine. "In the event a strike does happen, practically speaking, the market simply cannot soak up the 20 million parcels UPS handles each day, and a significant backlog of packages would accumulate," McDonagh said in a recent report. How much would a strike cost? A 10-day strike at UPS would cost the U.S. economy a total of more than $5 billion, according to a recent estimate from the Anderson Economic Group. Workers would lose about $1.1 billion in wages, while customers would lose around $4 billion, the firm projected. "The biggest losses are to people who are not striking and not connected to UPS. This is highly unusual for a strike," said Patrick Anderson, the group's principal and CEO. "With a UPS strike, everyone in America will feel it if it happens," he said. The strike would also affect the broader U.S. economy and lead some small businesses to temporarily close, Anderson said. He noted that a United Auto Workers strike against GM in 2019 pushed the state of Michigan, where the automaker is based, into a brief recession. Will the White House intervene? Teamsters President Sean O'Brien has pointedly asked the White House to stay out of any potential strike, saying earlier this month that "We don't need anybody getting involved in this fight." But some industry experts believe that President Biden — who intervened in December to defuse a threatened railroad workers strike— would also exert pressure to avoid a stoppage that could disrupt a quarter of the nation's cargo. "The derailment that this would cause to the economy would be enormous. Therefore, I think the administration is unlikely to sit by and let it happen," said AFS Logistics CEO Tom Nightingale. "They would take as active a role they could possibly take, particularly in a Democratic administration." Still, 200 members of the House and Senate have pledged this week to stay out the fight. "The Teamsters-UPS contract is the largest private collective bargaining agreement in North America, and given the recent increase in attacks on employees' collective bargaining rights, it is critical that these rights are in no way undermined in the current contract negotiations," they wrote.