Author: IA PressRoom

© Reuters. Morgan Stanley remains bullish as XPeng (XPEV) says G9 demo cars will reach every Chinese location by end of week Morgan Stanley reiterated their Overweight rating and $12.50 price target on XPeng Inc. (NYSE:) following the Cheche technology and Shanghai insurance exchange summit held in China this month. The summit focused on new energy vehicles and included companies like XPeng, NIO (HK:) and AVATR. During the event, XPeng’s management declared that G6 demo cars are set to reach every store in China by the following week. Furthermore, they revealed that pricing details and deliveries are planned for the end…

© Reuters. FILE PHOTO: The cargo ship Mehmet Bey waits to pass through the Bosphorus Strait off the shores of Yenikapi during a misty morning in Istanbul, Turkey, October 31, 2022. REUTERS/Mehmet Emin Calsikan/File Photo By Pavel Polityuk KYIV (Reuters) – The U.N. has proposed that Kyiv, Moscow and Ankara start preparatory work for the transit of Russian ammonia through Ukraine as it tries to salvage a deal allowing safe Black Sea grain exports, a source close to the talks said on Wednesday. As the preparatory work starts, the U.N. wants parallel talks to be held on widening the Black…

Source: PexelsBoth Hong Kong and the United Arab Emirates (UAE) have strengthened ties after their respective central banks (CBUAE) and monetary authorities (HKMA) agreed to join forces on crypto regulation earlier this week.The parties held a meeting in Abu Dhabi on Monday to “enhance collaboration between the financial services sectors of the two jurisdictions,” according to a press release from the HKMA published yesterday. The topics discussed included financial infrastructure, financial market connectivity between both regions and “virtual assets regulations.” Both central banks also sparked discussions between their respective innovation hubs on “joint fintech development initiatives and knowledge sharing efforts.” The CBUAE and…

Sen. Tim Scott, R-S.C., announced Wednesday that he opposes House Speaker Kevin McCarthy’s negotiated budget deal with President Biden.In an Axios interivew, Scott argued the bill does too little to cut back on IRS expansion and would also give Biden unlimited spending for the rest of his term. The 2024 presidential hopeful nevertheless praised McCarthy’s ability to negotiate with Biden, going on to note that some members of the House Freedom Caucus have agreed to support the bill despite earlier misgivings.”Kevin did a good job of figuring out how to negotiate with someone who did not want to negotiate,” Scott…

Fraught negotiations in Washington have yielded a deal on raising the U.S.’s borrowing capacity without sending the stock market into a tailspin, as some on Wall Street had feared they might, but there are more risks ahead. Investors who spent the better part of the past month fixated on the welter of debt-ceiling related headlines may have missed a major shift in expectations for Federal Reserve monetary policy. Instead of expecting the Federal Reserve to refrain from raising interest rates again in June and deliver multiple…

US Speaker of the House Kevin McCarthy, Republican of California, speaks to the media about debt … [+] ceiling negotiations (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)AFP via Getty Images House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement over the weekend to limit spending for a small fraction of the federal government for a couple of years. But it would not come close to materially reducing annual deficits or slowing the growth of the national debt, which the Congressional Budget Office (CBO) predicts is on pace to exceed $46 trillion…

Soda ash is not as eye-catching as microchip architecture. But it has been critical to human industry for a lot longer. Besides, a deal-famished London market cannot afford to be picky.Turkey’s WE Soda plans to list in London. This is good news for the embattled market. The float would underpin London’s core commodity franchise. A mooted valuation of $7.5bn would be big enough to make a difference to a bourse that has been losing important companies.Soda ash is a low-value bulk commodity widely used in glassmaking and products such as washing detergents. Turkey, where WE is based, has competitive advantages…

© Reuters. FILE PHOTO: European Commission Vice President Margrethe Vestager attends a press conference, in Lulea, Sweden May 31, 2023. Jonas Ekstromer/TT News Agency/via REUTERS By Philip Blenkinsop LULEA, Sweden (Reuters) -EU tech chief Margrethe Vestager said on Wednesday she believed a draft code of conduct on artificial intelligence (AI) could be drawn up within weeks, allowing industry to commit to a final proposal “very, very soon”. Policymakers and many in industry have expressed concern about AI, and particularly content-creating generative AI such as ChatGPT, with some equating it to the risks posed by pandemics or nuclear war. Vestager said…

© Reuters. FILE PHOTO: Ford Motor Company’s Chief Executive Jim Farley speaks with analysts at Ford’s Capital Markets Day, Dearborn, Michigan, U.S., May 22, 2023. REUTERS/Joseph White/ By Shivansh Tiwary and Paul Lienert (Reuters) – Electric vehicles may not reach cost parity with internal combustion engine vehicles until after 2030, Ford Chief Executive Jim Farley said on Wednesday. Speaking at an investor conference, Farly said EVs will continue to be more expensive than their ICE (NYSE:) counterparts until the second and third generation vehicles go into production after 2025. Between 2030 and 2035, Farley added, much of the EV cost…

Source: PexelsA Trust Reserve stablecoin team was detained by police in China on May 29, according to PANews. The news outlet reported that the team “had been taken away by the police and detained, and the family members of some employees had been notified.”The office in Shanghai was vacant and had a seal of “Judicial Seizure, Strictly No Vandalism,” on it, according to PaNews.Trust Reserve had products including stablecoin CNHC and the Hong Kong dollar stablecoin HKDC. HKDC is a stablecoin pegged to the Hong Kong dollar backed one-to-one, and CNHC is a stablecoin pegged to the offshore RMB, also backed one-to-one,…