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BYD’s shares rose in Hong Kong after the Chinese electric-vehicle company unveiled its new fast-charging technology and announced an employee share incentive plan.
Shares rose as much as 6.0% to a record 408.80 Hong Kong dollars, equivalent to US$52.61, early Tuesday before paring gains to 3.2%. BYD’s Shenzhen-listed shares rose 0.5%.
BYD unveiled its new charging technology, which it said is capable of providing 400 kilometers of range in five minutes of charging time. That means users can charge their EVs as quickly as it takes conventional cars to refuel, BYD said.
Chinese leader Xi Jinping is angry about a Hong Kong company’s plan to sell Panama Canal ports to a U.S.-led group, in part because the company didn’t seek Beijing’s approval in advance, people familiar with the matter said.
The Xi leadership had originally planned to use the Panama port issue as a bargaining chip in negotiations with the Trump administration, according to people close to Beijing’s decision-making, only to see the rug pulled out from under it.
Spanish banking giant Santander SAN 0.63%increase; green up pointing triangle is pushing to expand its U.S. operations through a partnership that taps into Verizon’s VZ 0.55%increase; green up pointing triangle vast customer base.
The two companies have struck a deal that will let some of Verizon’s millions of customers earn bill credits if they open a high-yield savings account with Santander’s new digital bank platform and meet certain balance thresholds.
Santander will also consider other partnerships as it moves to become a full-service digital bank in the U.S., said Ana Botín, the bank’s executive chair, in an interview. A broader deposit base would allow the bank to lend more in the U.S., where it is already a major auto lender.
China has halted imports of liquefied natural gas from the U.S. for the past 40 days amid an escalating global trade war since President Donald Trump took office, reported Bloomberg.
The purchase freeze was the result of Trump’s imposing an additional 10% tariff on all Chinese imports on Feb. 2. In response, China imposed 15% tariffs on U.S. LNG imports and a lower tariff on crude oil imports.
China is the world’s largest buyer of LNG. The U.S. is the top global LNG shipper but was the No. 4 supplier to China in 2024.
USA
Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some, and — as of now — the administration is not planning separate, sectoral-specific tariffs to be unveiled at the same event, as Trump had once teased, officials said.
Still, Trump is looking for immediate impact with his tariffs, planning announced rates that would take effect right away, one of the officials said. And the measures are likely to further strain ties with allied nations and provoke at least some retaliation, threatening a spiraling escalation. Only countries that don’t have tariffs on the US, and with whom the US has a trade surplus, will not be tariffed under the reciprocal plan, an official said.
In remarks in the Oval Office, Trump said he was not interested in making exceptions to the broad “fair and reciprocal” duties he’d foreshadowed in February that he now says will be imposed April 2.
The president singled out China, saying there would be room for “talk” on trade issues with the country while adding he hoped to meet with Chinese President Xi Jinping in the near term.
Despite that bit of give, it has become clear that the Trump administration is not backing down on its plan to establish sweeping trade levies, even as those efforts have sharply curbed near-term U.S. growth expectations while putting pressure on global GDP.
A new group aims to bolster U.S. manufacturing via policies that ensure markets reward goods made more cleanly than competitors abroad.
Why it matters: The Cleaner Economy Coalition sees an opening in the Trump era even as it preps for much longer-term work.
Driving the news: It's a new affiliate of the Climate Leadership Council (CLC), a group that GOP elder statesmen launched in 2017.
