Chinese equities capped their biggest weekly rally since 2008 with a burst of trading that overwhelmed the Shanghai stock exchange, underscoring a dramatic shift in investor sentiment after Xi Jinping’s government ramped up economic stimulus. In an echo of the rally that followed China’s massive stimulus during the global financial crisis, the CSI 300 Index of large-cap shares soared 4.5 percent on Friday — bringing this week’s gain to 16 percent. Trading activity was

The World Trade Organization agreed Monday to establish an expert panel to examine US subsidies for electric vehicles after Beijing accused Washington of unfair competition. The United States slammed China's complaint, insisting the country was seeking "to distract from its own non-market policies and practices that undermine a fair, competitive, and mutually beneficial trading system." The world's second-largest economy initially brought the case to the WTO in March, chargin

WASHINGTON (Reuters) -- The US Commerce Department was expected on Monday to propose prohibiting Chinese software and hardware in connected and autonomous vehicles on American roads due to national security concerns, two sources told Reuters. The Biden administration has raised serious concerns about the collection of data by Chinese companies on US drivers and infrastructure as well as the potential foreign manipulation of vehicles connected to the internet and navigation systems. The proposed

Global stock markets diverged and the dollar was mixed against main rivals Friday following an equities rally triggered by a jumbo US interest rate cut this week. In early afternoon deals, European stocks pared back hefty gains from the previous session, won after the Federal Reserve opted for a bumper 50-basis-point rate reduction and pledged further cuts as inflation cools. There had been fears the move could signal officials were worried about the economy and were behind the curve in easing p

Negotiators from Boeing and the machinists union are scheduled to resume talks Tuesday after some 33,000 workers went on strike late last week. Members of the International Association of Machinists and Aerospace Workers District 751 have been picketing 24 hours a day following the walkout early Friday morning, shuttering Seattle-area factories that assemble the 737 MAX and 777. "Now is the moment to rise -- show Boeing that our voices aren't just loud; they are unstoppable," the

JACKSON, Wyoming (AP) — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday. Powell did not say when rate cuts would begin or how large they might be, but the Fed is widely expected to announce a modest quarter-point cut in its benchmark rate when it meets in mid-September. “The time has come for policy to adjust," Powell said in his keynot

Samsung Electronics has maintained its lead in the global smartphone market for the second consecutive quarter this year, according to data from market research firm International Data Corporation. In the second quarter, Samsung shipped 53.9 million smartphones, securing an 18.9 percent market share. Apple followed, shipping 45.2 million units and capturing 15.8 percent of the market. Overall, global smartphone shipments reached 285.4 million units, marking a 6.5 percent increase from last yea

Global in-app payment revenue for social applications reached an all-time high in the first quarter of 2024, with the Chinese platform TikTok leading the charge, according to a report by data analysis company Sensor Tower. In-app payment revenue for social apps worldwide hit $4.5 billion in Q1 2024, marking a 19 percent increase year-over-year. TikTok’s in-app purchases soared to over $2 billion, a 26 percent rise from the previous year, driven primarily by livestreaming sponsorships. Yo

Germany said Thursday it will phase out the use of components from Chinese telecom giants Huawei and ZTE in its 5G networks in the coming years due to national security concerns. Parts from the firms will no longer be used in "core" 5G mobile networks by the end of 2026 at the latest, the interior ministry said. In 5G access and transmission infrastructure, the systems of the telecom firms must be replaced by the end of 2029. "We are protecting the central nervous systems of Germa

European shares fell on Friday, weighed down by losses in banks and energy stocks as investors became more cautious ahead of the second round of voting in French parliamentary elections. The pan-European STOXX 600 index ended 0.2% lower, after notching a more than one-week high early in the day. The index, however, clocked a 1% gain for the week. French financial markets have come under selling pressure since President Emmanuel Macron called for a snap election last month, with concerns that a f

Qatar Airways has been named the world's best airline by aviation rating website AirlineRatings.com. The Doha-based carrier has taken the title, “Airline of the Year 2024,” on the world’s only safety and product rating website. AirlineRatings.com releases an annual ranking of the top 25 airlines, based on criteria including: aircraft safety, flight crew service, serious accident history and passenger evaluations. This year, Korean Air secured second place on the list, fo

Facebook parent Meta Platforms has discussed integrating Meta's generative AI model into Apple Inc's recently announced AI system for iPhones, the Wall Street Journal reported on Sunday. Apart from Google and Meta, AI startups Anthropic and Perplexity have also been in discussions with Apple to bring their generative AI to Apple Intelligence, the Journal reported, citing people familiar with the matter. Apple, Meta, Perplexity and Anthropic did not respond immediately to requests for c

The US Federal Reserve on Wednesday held its benchmark lending rate steady for a seventh consecutive time and projected one rate cut later this year as it noted "modest further progress" towards its 2 percent inflation target. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to maintain the rate in the 5.25 to 5.50 percent range, a 23-year high. The decision came hours after new data showed inflation eased slightly last month. FOMC member

Tech billionaire Elon Musk launched Sunday his Starlink service on Indonesia's resort island of Bali as the country aims to extend internet to its remote areas. Millions of people in Indonesia, a vast archipelago of more than 17,000 islands, are not currently hooked up to reliable internet services. Musk, making his first visit to the Southeast Asian nation, inaugurated the satellite unit services at a clinic in Bali's capital Denpasar on Sunday afternoon. He also signed an agreement o

US President Joe Biden plans to quadruple tariffs on Chinese electric vehicles and hike duties for solar cells, semiconductors and other "strategic" sectors, the White House said Tuesday, as he is revving up his reelection campaign. The Biden administration announced a new package of tariff increases, casting it as an endeavor to protect American workers and businesses from what it calls China's unfair trade practices, and accusing China of flooding global markets with "artif

Samsung Electronics has reclaimed the top spot in global smartphone sales, surpassing Apple. According to market research firm IDC, Samsung Electronics ranked first in market share (20.8 percent), with 60.1 million smartphones sold, in the first quarter of this year. Apple, which sold 50.1 million smartphones, retreated to second place in Q1 with 17.3 percent of the market share. Samsung’s sales fell by 0.7 percent compared to the first quarter of last year, but Apple sales showed a shar

The US government's auto safety agency is investigating whether last year's recall of Tesla's Autopilot driving system did enough to make sure drivers pay attention to the road. The National Highway Traffic Safety Administration says in documents posted on its website Friday that Tesla has reported additional crashes involving Autopilot since the recall, raising concerns at the agency about the effectiveness of the remedy. The recall involved more than 2 million vehicles, nearly

The European Union on Friday added Chinese-founded online retailer Shein to its list of digital companies that are big enough to come under stricter safety curbs. The company joins Facebook, TikTok, X, YouTube and others on a list of "very large online platforms" which have more than 45 million monthly active users in the European Union. From the end of August -- four months after the designation -- Shein will have to abide by tougher rules set out in the Digital Services Act (DSA),

Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us greater confidence" that inflation is coming fully under control and "instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Cen

Samsung Electronics was the most popular home appliance brand in the United States last year in terms of market share, data showed. Samsung Electronics took up 21 percent of the home appliance market share in the US in terms of sales in 2023, followed by Korean rival LG Electronics at 19 percent, General Electric at 18 percent and Whirlpool at 15 percent, according to data from market researcher TraQline. A survey by also showed that Samsung was the most considered brand when consumers purchas