The Central television transmission tower among urban buildings in Beijing, China, June 12, 2023. CFOTO | Future Publishing | Getty Images China is overinvested as its economy continues to get buffeted — but India has room for investment opportunities, said Morgan Stanley. ”China is overinvested. It’s overleveraged and it’s oversupplied. And then it has this geopolitical cloud over it,” said Jitania Kandhari, Morgan Stanley’s deputy CIO for solutions & multi-asset and managing director. This is in contrast to India, which Kandhari says is underinvested. ”It’s underinvested because investment to GDP was down, and now investment and manufacturing are hopefully picking...

Mercedes plans to launch a smaller version of its high-end G Class sports utility vehicle, the German carmaker’s CEO told CNBC in an interview Sunday. The G Class, a rugged off-road car which starts at just under $140,000, is popular with buyers in the U.S. It has been around for more than four decades. Mercedes has reinvented the model with more technology and even teased a concept electric version of the car. Now Ola Kallenius, CEO of Mercedes, confirmed a ”little G” is on the horizon, a smaller version of the G Class. ”So kind of the daughter or son...

We all have a certain level of attachment to our cell phones, but for some people, being without their phones or losing internet access can heighten their anxiety beyond normal levels. Nomophobia, short for ”no mobile phone phobia,” is a term used to describe the anxiety a person experiences when they don’t have access to their mobile phone. ”Nomophobes are those who exhibit an addiction to their mobile phone,” research published in BMC Psychiatry in July states. Symptoms of nomophobia mirror those of an addiction or other anxiety disorders and can include: Anxiety Agitation Sweating Disorientation Changes in breathing Tachycardia,...

A Tesla Model 3 vehicle on an auto carrier in front of a store in Rocklin, California, July 21, 2021. David Paul Morris | Bloomberg | Getty Images Tesla shares dropped 5% Friday after the electric car company cut prices on some models in the U.S. and reduced the price for its premium driver assistance software. The stock closed at $245.01. It’s still up almost 100% this year after gaining 2.7% for the week. While Tesla CEO Elon Musk has said in the past that the price of Tesla’s premium driver assistance option, marketed as Full Self-Driving software, would only...

U.S. President Joe Biden having a virtual meeting with his Chinese counterpart Xi Jinping from the Roosevelt Room of the White House in Washington, DC, on November 15, 2021. Mandel Ngan | Afp | Getty Images BEIJING — China’s Ministry of Commerce said Thursday that restoring stability in U.S.-China trade relations is the best way to ”de-risk” — a twist to a term that’s become popular in international politics. The word has been used by U.S. and EU officials as an attempt to position their countries as not completely separating from China in a decoupling scenario, but diversifying in areas...

General view of the UBS building in Manhattan on June 5, 2023 in New York City. Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images UBS on Thursday posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland’s largest bank completed its takeover of stricken rival Credit Suisse. Analysts had projected a net profit of $12.8 billion for the three months to the end of June, according to a Reuters poll. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. Underlying profit before tax, which excludes...

An undated aerial view of Singapore’s Marina Bay at night. Nikada | E+ | Getty Images SINGAPORE – As Singaporeans prepare to head to the polls this Friday to elect their ninth president, the campaigning has so far tested the narrow confines of the presidential office — underscoring simmering disenchantment at the status quo. A largely ceremonial role with a six-year tenure, the Singapore presidency is conferred limited powers. One of its key roles is to guard the wealthy Southeast Asian city-state’s reserves, which remain a state secret. Observers say some Singaporeans seem to believe the president’s custodial powers over...

U.S. Secretary of Commerce Gina Raimondo is set to meet with senior Chinese officials and U.S. business leaders in Beijing as the two countries continue high-level talks. Her trip is a crucial but also a tough one to tread with U.S.-China economic ties hanging in the balance, according to a former senior U.S. diplomat. ”Gina Raimondo’s trip is going to be a tricky one, because she is going to have to talk to the Chinese about their concerns about the U.S. trying to contain the Chinese economy and throttle their development,” Susan Thornton told CNBC’s ”Squawk Box Asia.” Thornton previously...

Didi launched a free robotaxi service in parts of Shanghai in 2020. Vcg | Visual China Group | Getty Images BEIJING — Chinese electric car company Xpeng said Monday it is buying Didi’s smart electric car development business in an exchange of shares worth $744 million. The Chinese ride-hailing company will become a strategic shareholder of Xpeng, and the two companies are looking to cooperate in marketing, financial and insurance services, charging, robotaxis and international expansion. That’s according to releases from both companies. Xpeng shares rose more than 13% in Hong Kong trading as of Monday morning. Stock Chart IconStock...

China’s dominance in rare earths makes U.S. supply chains vulnerable, U.S. Trade Representative Katherine Tai said in an exclusive interview Saturday with CNBC’s Martin Soong. Rare earth metals are used in high-tech products such as electric car motors. Over the decades, China has built up its ability to process the metals — giving it enormous pricing power in a critical global market. ”What I want to draw your attention to is not just the vulnerabilities around China’s investments [overseas], but the fact that China’s dominant position in the world market now in [rare earths] means that it is able to...