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The Latest Breaking News from China

Starbucks Q2 Earnings Highlights: Hits Record Q2 Revenue Despite China COVID-19 Setback, More Stores Openings Planned

Restaurant and coffee powerhouse Starbucks Corp (NASDAQ: SBUX) reported second-quarter financial results after market close Tuesday. Here are the key highlights for investors.

Benzinga

China and Covid: The cost of infallibility

Even the pope claims to be infallible only on matters of faith and doctrine.

Bangkok Post

Full Truck Alliance Shift Up a Gear on Regulatory Easing Reports

Key Takeways: Full Truck Alliance shares are up 60% from a mid-March low, including a 32% gain since Friday, on reports that Beijing may ease its regulatory oversight of big tech companies Company is currently undergoing a data security review and said its business could contract in the second quarter…

Benzinga

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Texas Republican Seeks To Drop No-Fly-Zones Over Disney Theme Parks

Florida Gov. Ron DeSantis isn’t the only Republican lawmaker taking aim at the Walt Disney Co. (NYSE: DIS). U.S. Rep. Troy Nehls (R-Texas) is seeking to eliminate the company’s federal no-fly-zone privileges over its U.S. theme parks.

Benzinga

Leading Chinese Smartphone Invites Regulatory Scrutiny In India, Shares Drop In Hong Kong

Xiaomi Corp (OTC:XIACY) (OTC:XIACF) shares lost steam in Hong Kong after India’s Enforcement Directorate alleged the second-largest smartphone vendor of “illegal remittances” and seized ~$730 million, the Financial Times reports. India’s anti-money laundering and foreign exchange crime division alleged Xiaomi’s Indian subsidiary of sending $55.51 billion ($725 million) of foreign currency payments…

Benzinga

Cosmetics Maker Estee Lauder Reports Mixed Q3 Results; Cuts FY22 Outlook

Estee Lauder Companies Inc (NYSE:EL) reported third-quarter FY22 sales growth of 9.99% year-on-year to $4.25 billion, missing the consensus of $4.31 billion. Organic net sales increased 9%. Sales in the Americas increased 15% Y/Y, Europe, Middle East & Africa rose 17%, and Asia/Pacific fell 4%. Net sales from Skin Care rose 6%, Makeup…

Benzinga

Lear Q1 Earnings Top Estimates; Cuts FY22 Outlook

Lear Corp (NYSE:LEA) reported a first-quarter FY22 sales decline of 3% year-on-year to $5.21 billion, beating the consensus of $5.04 billion. Global vehicle production decreased 4% Y/Y, with North America down 2%, Europe shedding 18%, and China climbing 8%. Net sales from North America rose 9.3% Y/Y, Europe and Africa fell 13.8%, Asia…

Benzinga

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Editorial: Consumption Stimulus Should Go Above and Beyond

Short-term measures should focus on ensuring the basic living standards of low-income groups and households, while mid-to-long-term measures should promote both supply and demand

Caixin Global

Warren Buffett-Backed BYD Weathers It All To Outdo Nio, XPeng And Li Auto April BEV Sales Combined By 3x

Chinese electric manufacturer BYD Company Limited (OTC: BYDDF) reported strong deliveries for April, defying the supply chain, production and logistical challenges arising from the COVID-19 lockdowns in China.

Benzinga

China aircraft carrier on combat training in Western Pacific

China's navy says its Liaoning aircraft carrier group has embarked on a "realistic combat" training mission in the Western Pacific

The Independent UK

Estee Lauder Cuts Annual Sales Forecast on China COVID Curbs, Ukraine Crisis

Estee Lauder Cos Inc cut its full-year sales forecast on Tuesday, as fresh COVID-19 restrictions in China and Russia's invasion of Ukraine dampen demand for the cosmetics maker's luxury products. The company's shares were down 9% in pre-market trading on low volumes. The maker of MAC lipsticks and Bobbi Brown…

Asharq Al-Awsat

City comment: HSBC’s political balancing act is getting increasing precarious

Running a big bank is a political job at the best of times but HSBC boss Noel Quinn has found himself smack bang in the middle of the biggest geopolitical story of our century: the growing rift between the US and China.

Evening Standard

Is This a Bull Trap?

The stock market is in the midst of a brutal correction. Despite Monday's bounce, investors should remain cautious as there remains a considerable downside risk. Read on to find out how the POWR Growth portfolio continues to outperform the S&P 500 (SPY).

StockNews.com

Oil Slips on China Demand Worries, While EU Weighs Russia Oil Ban

Oil slipped about 1% on Tuesday as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine. Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to…

Asharq Al-Awsat

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news in one place.

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Asharq Al-Awsat

Fitch Cuts China's 2022 GDP Forecast on COVID Hit

Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year. The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second…

Axios

China's top leaders signal reprieve for tech companies

Loosening restrictions could remove one source of downward pressure on China's economy.

Evening Standard

Two more survivors found 3 days after building collapse in central China

Police have arrested a number of officials in connection with the collapse of the building in Changsha last Friday

The Independent UK

Couple kicked off plane after homophobic slurs, rant about US ‘becoming China’ and praising ‘king’ Elon Musk

Husband claims to be ex-FBI agent in the bizarre tirade

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Asharq Al-Awsat

US Relieved as China Appears to Heed Warnings on Russia

Two months after warning that Beijing appeared poised to help Russia in its fight against Ukraine, senior US officials say they have not detected overt Chinese military and economic support, a welcome development in the tense US-China relationship. US officials told Reuters in recent days they remain wary about China's…

Reuters

U.S. relieved as China appears to heed warnings on Russia

Two months after warning that Beijing appeared poised to help Russia in its fight against Ukraine, senior U.S. officials say they have not detected overt Chinese military and economic support, a welcome development in the tense U.S.-China relationship.

Reuters

Global problems may exacerbate shortages in N.Korea's isolated economy

North Korea's isolated economy will not be insulated from global economic headwinds caused by the Ukraine war and the COVID-19 lockdowns in China, analysts said, with recently resumed border trade taking a hit and inflation exacerbating food shortages.

Reuters

China envoy vows to play 'constructive role' amid tensions on Korean peninsula

China remains committed to playing a constructive role in resolving the North Korea nuclear issue, Beijing's Korean affairs envoy said on Tuesday, a week after the North vowed to develop its nuclear forces "at the fastest possible speed".

Al Jazeera

Solomon Islands says it will restrict Chinese police

Solomon Islands envoy to Australia says Chinese police stationed there will be under local command.

WEKU

More survivors are found 3 days after China building collapse

Police have arrested nine people, including the building owner, on suspicion of ignoring building codes or committing other violations.

Benzinga

Nio, Other China Tesla Rivals Fall: What's Weighing On Hong Kong EV Stocks Today

Shares of U.S.-listed Chinese electric vehicle makers Nio Inc (NYSE: NIO), XPeng Inc (NYSE: XPEV), and Li Auto (NASDAQ: LI) traded i

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