Reuters exclusively reported that Indian sugar mills have been renegotiating and defaulting on contracts to supply 400,000 tonnes of the sweetener to overseas buyers as prices jumped after the government cut this year’s export quota. After Reuters revealed the news, New York raw sugar futures jumped 2.3% to hit a seven-month peak yesterday. Shares of Indian sugar producers jumped as much as 8% after the story.
Reuters was first to report that Tesla has considered plans for exporting made-in-China electric vehicles to the United States and Canada, a step that would connect its largest factory to North America, its largest market. Tesla has been evaluating whether Model 3 and Model Y electric vehicles made in Gigafactory Shanghai could be sold in North America as soon as next year.
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Reuters exclusively revealed property developer China Evergrande Group plans to use domestic assets as sweeteners to win offshore creditor approval for a long-awaited debt-restructuring proposal. Evergrande, engulfed by $300 billion in liabilities, aims to start negotiating restructuring terms next month and is combing through onshore assets to offer as additional credit enhancement to holders of its U.S. dollar-denominated bonds.
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Reuters was first to report Temasek Holdings is exploring selling Advanced MedTech, after the medical devices firm, fully owned by the Singaporean state investor, received interest from suitors, including buyout funds. Two investment banks have been tapped to launch a sale process for Singapore-headquartered MedTech, which could be valued at roughly $1 billion.
Reuters exclusively revealed Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, pointing to a production adjustment as it faces disruptions in China. Foxconn has grabbed headlines in recent weeks, with tight virus restrictions at its Zhengzhou plant, the world’s largest iPhone factory, disturbing production and fuelling concerns over the impact of China’s virus policy on global supply chains.
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Reuters shed light on how China is sticking with a strict COVID-19 containment strategy nearly three years into the pandemic, potentially disappointing investors hoping for a quick reopening, although authorities are making ongoing if modest tweaks to managing the virus. Numerous analysts and experts say China is unlikely to begin significant easing of its outlier zero-COVID approach, which is squeezing the economy and fuelling widespread frustration, before an annual parliamentary session in March — at the earliest.
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Reuters was first to report U.S. chip maker Nvidia Corp is offering a new advanced chip in China that meets recent export control rules aimed at keeping cutting-edge technology out of China’s hands. The chip, called the A800, represents the first reported effort by a U.S. semiconductor company to create advanced processors for China that follow new U.S. trade rules.
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Reuters was first to report that production of Apple’s iPhones could slump by as much as 30% at one of the world’s biggest factories next month due to tightening COVID-19 curbs in China.
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