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U.S. autonomous truck startup TuSimple raises $95 million from Sina, others

“SHANGHAI (Reuters) – U.S. self-driving truck startup TuSimple said it has raised $95 million in a funding round led by Chinese internet giant Sina Corp, which values the three-year-old firm at $1 billion” writes Min Read for reuters.com. The latest funding round was completed in December and brings TuSimple’s total funding to date to $178 million, it added.German luxury carmaker Daimler last month said it will invest 500 million euros ($573 million) in the coming years to develop highly autonomous trucks. Ride-hailing giant Uber also bought self-driving truck business Otto…

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News Stocks 

Chinese stock-market investors are cheering Trump’s softened tone on tariffs

“The U.S. is slated to hike tariffs on $200 billion worth of Chinese imports on that date if no agreement is reached, according to the Associated Press” writes Markets Reporter for marketwatch.com. China’s exports fell 4.4% year-over-year and imports dropped 7.6% in December while exports from Korea, a popular barometer for global trade, slid 5.8% in January and imports shrank 1.7% in January.The news has also bolstered U.S. stocks SPX, +0.35% with major indexes trading at 2019 highs. Source: marketwatch.com

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Tesla begins sales of cheaper Model 3 car in China

“Previously, the starting price for a Model 3 in China was 499,000 yuan, for an all-wheel-drive long range version” writes Midwest Communications Inc for 95kqds.com. BEIJING/SHANGHAI (Reuters) – U.S. electric vehicle maker Tesla Inc said it will start taking orders in China on Friday for a lower-priced version of its Model 3 car, as it seeks to accelerate China sales hit by trade friction between Washington and Beijing.Tesla, which is building a factory to produce Model 3 vehicles in Shanghai, is looking to minimize the impact of a trade war…

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Tesla starts selling cheaper Model 3 car in China

“A Tesla logo is seen at a Tesla showroom in Shanghai Thomson Reuters SHANGHAI (Reuters) – U.S. electric carmaker Tesla Inc said it will start taking orders in China on Friday for a lower-priced version of its Model 3 vehicle, whose price will start at 433,000 yuan ($64,300.56)” reports businessinsider.com. Previously, the starting price for a Model 3 in China was 499,000 yuan. Source: businessinsider.com

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A flood of profit warnings from Chinese firms as slowdown bites

“Chinese companies are rushing to post profit warnings ahead of a regulatory deadline at the end of January” reports businessinsider.com. As of Wednesday, 129 companies estimated losses in excess of 800 million yuan ($119.3 million) each for 2018, the Shanghai Securities News reported.Nearly 200 others flagged losses of over 100 million yuan each.An estimated 1.45 trillion yuan ($216.17 billion) of goodwill impairment is sitting on the books of listed Chinese companies, threatening to worsen troubles of many firms already struggling to make margin calls. Source: businessinsider.com

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Microsoft’s Bing blocked in China – FT report

“The Financial Times, citing a source, reported on Wednesday that China Unicom (0762.HK), a major state-owned telecommunication company, had confirmed the government order to block the search engine” writes Min Read for reuters.com. (Reuters) – Microsoft Corp’s (MSFT.O) Bing search engine has been blocked in China, the company said on Wednesday, making it the latest foreign technology service to be shut down behind the country’s Great Firewall. “We’ve confirmed that Bing is currently inaccessible in China and are engaged to determine next steps,” the company said in a statement.A search…

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China approves plan for new tech exchange in Shanghai: Xinhua

“BEIJING (Reuters) – China has approved a plan to set up a Nasdaq-style board for tech companies in Shanghai aimed at improving their ability to raise funds, the official Xinhua news agency reported on Wednesday” writes Midwest Communications Inc for 95kqds.com. President Xi Jinping presided over a meeting of a commission on deepening reforms during which plans for Shanghai’s “technology innovation board” were approved, the news agency said.Xi also said a plan to implement a pilot registration-based initial public offering system for the new exchange had been approved, it said. Source:…

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Tesla says it has no agreement with Chinese battery maker Lishen

“SHANGHAI (Reuters) – Tesla Inc denied on Tuesday that it had signed a preliminary agreement with Tianjin Lishen to supply batteries for its new Shanghai car factory, saying it had received quotes from the Chinese battery maker but did not proceed further” writes Midwest Communications Inc for 95kqds.com. “We have not signed any agreement of any kind with them,” a Tesla spokeswoman told Reuters. Reuters earlier on Tuesday reported, citing two sources with direct knowledge of the matter, that Tesla and Lishen had signed a preliminary agreement and were working…

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Markets News 

As China’s economy falters, some fund managers look to bonds

“The phased inclusion of some Chinese bonds in global indexes starting this year also should draw inflows” reports businessinsider.com. He’s not alone in favoring Chinese bonds over equities.On top of this, weak income growth and rising household debt will hit growth of premiums.His Shanghai-based ChangAn Xinyi Enhanced Mixed Fund has increased its assets over the past two weeks by shunning Chinese stocks for bonds.That was one factor driving yields on benchmark 10-year Chinese government bonds down nearly 40 basis points in the quarter. Source: businessinsider.com

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Exclusive: Tesla in talks with China’s Lishen over Shanghai battery contract – sources

“While Panasonic is currently Tesla’s exclusive battery cell supplier, Tesla Chief Executive Elon Musk said in November the U.S. company would manufacture all its battery modules and packs at the Shanghai factory and planned to diversify its sources” writes Midwest Communications Inc for 95kqds.com. It would also help Panasonic cut its heavy reliance on Tesla, whose production delays have weighed on the Japanese company’s earnings. Source: 95kqds.com

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