ICBC halts commodities retail products INDUSTRIAL and Commercial Bank of China Ltd. (ICBC), the nation’s largest lender, suspended sales of more products that allowed retail investors to speculate on swings in commodities after many were burnt by the unprecedented crash in crude oil. The lender will temporarily halt opening of new positions in products linked to crude oil, natural gas, and soybeans for individuals from 9 a.m. today, according to a statement. ICBC said the suspension is to protect clients’ interests due to the recent volatility in commodities. Starbucks in deal with Sequoia Capital China STARBUCKS yesterday said it has entered a strategic partnership with investment firm Sequoia Capital China that will see the two companies make strategic co-investments in China’s technology sector. The U.S. coffee giant said in a statement that the partnership will create opportunities for it to evolve its business in China and the two will also be able to obtain early access to ideas in the retail marketplace. US Firm, FAW to build sports cars under Hongqi A LITTLE-KNOWN U.S.-based engineering and design firm said it plans to invest 10 billion yuan (US$1.41 billion) to make sports cars with China’s FAW Group under the brand of Hongqi. Silk EV yesterday said it has signed a memorandum of understanding with FAW to launch a joint venture in the State-owned automaker’s hometown of Changchun in northeastern China, to make cars it has dubbed the S-series. Silk EV is a full auto solutions provider focused on the China auto market, its website showed. It launched a company in Shanghai’s free trade zone in April last year with registered capital of 1 million yuan, showed a filing on the National Enterprise Credit Information Publicity System. Daimler says China business picks up again MERCEDES-BENZ maker Daimler has seen business stabilize in China after the country ended coronavirus lockdowns, a senior manager at the German carmaker told a newspaper Sunday. “In China alone, we sold around 50,000 vehicles again in March. That makes us confident,”, said Markus Schaefer, the company’ managing board member for production, told Bild am Sonntag newspaper. Mercedes-Benz delivered a total of approximately 477,400 passenger cars worldwide between January and March. The report did not say how many of those went to customers in China, who bought 694,200 Mercedes-Benz cars last year, 29 percent of total sales. |