has more than 13 million followers.

Internet service providers have asked the authorities to provide more clarity about the gateway. Meta, Facebook’s parent company, said in a statement that it had “joined with other stakeholders in sharing our feedback on this new law with the Cambodian government, and expressing our strong support for a free and open internet.”

prime minister “Zoom-bombed” an online meeting for members of the Cambodian National Rescue Party. He took to Facebook to explain the intrusion: “This entry was just to give a warning message to the rebel group to be aware that Mr. Hun Sen’s people are everywhere.”

San Mala, a senior advocacy officer with the Cambodian Youth Network, said activists and rights groups were already using coded language to communicate across online messaging platforms, knowing that the authorities had been emboldened by the decree.

“As a civil society organization, we are concerned about this internet gateway law because we fear that our work will be subjected to surveillance or our conversations will be eavesdropped on or they will be able to attend online meetings with us without invitation or permission,” said Mr. San Mala, 28.

Khmer Land,” one of the songs that got him arrested, now has more than 4.4 million views on YouTube, and Mr. Kea Sokun is already working on his next album.

“I’m not angry, but I know what happened to me is unfair,” he said. “The government made an example out of me to scare people who talk about social issues.” He said he could have had his sentence reduced if he had apologized, but he refused.

“I won’t say I’m sorry,” Mr. Kea Sokun said, “and I never will.”

Soth Ban and Meas Molika contributed reporting.

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Why Tesla Soared as Other Automakers Struggled to Make Cars

For much of last year, established automakers like General Motors and Ford Motor operated in a different reality from Tesla, the electric car company.

G.M. and Ford closed one factory after another — sometimes for months on end — because of a shortage of computer chips, leaving dealer lots bare and sending car prices zooming. Yet Tesla racked up record sales quarter after quarter and ended the year having sold nearly twice as many vehicles as it did in 2020 unhindered by an industrywide crisis.

Tesla’s ability to conjure up critical components has a greater significance than one year’s car sales. It suggests that the company, and possibly other young electric car businesses, could threaten the dominance of giants like Volkswagen and G.M. sooner and more forcefully than most industry executives and policymakers realize. That would help the effort to reduce the emissions that are causing climate change by displacing more gasoline-powered cars sooner. But it could hurt the millions of workers, thousands of suppliers and numerous local and national governments that rely on traditional auto production for jobs, business and tax revenue.

Tesla and its enigmatic chief executive, Elon Musk, have said little about how the carmaker ran circles around the rest of the auto industry. Now it’s becoming clear that the company simply had a superior command of technology and its own supply chain. Tesla appeared to better forecast demand than businesses that produce many more cars than it does. Other automakers were surprised by how quickly the car market recovered from a steep drop early in the pandemic and had simply not ordered enough chips and parts fast enough.

G.M. and Stellantis, the company formed from the merger of Fiat Chrysler and Peugeot, all sold fewer cars in 2021 than they did in 2020.

Tesla’s production and supply problems made it an industry laughingstock. Many of the manufacturing snafus stemmed from Mr. Musk’s insistence that the company make many parts itself.

Other car companies have realized that they need to do some of what Mr. Musk and Tesla have been doing all along and are in the process of taking control of their onboard computer systems.

Mercedes, for example, plans to use fewer specialized chips in coming models and more standardized semiconductors, and to write its own software, said Markus Schäfer, a member of the German carmaker’s management board who oversees procurement.

traced to the outbreak of Covid-19, which triggered an economic slowdown, mass layoffs and a halt to production. Here’s what happened next:

It also helps that Tesla is a much smaller company than Volkswagen and Toyota, which in a good year produce more than 10 million vehicles each. “It’s just a smaller supply chain to begin with,” said Mr. Melsert, who is now chief executive of American Battery Technology Company, a recycling and mining firm.

recall more than 475,000 cars for two separate defects. One could cause the rearview camera to fail, and the other could cause the front hood to open unexpectedly. And federal regulators are investigating the safety of Tesla’s Autopilot system, which can accelerate, brake and steer a car on its own.

“Tesla will continue to grow,” said Stephen Beck, managing partner at cg42, a management consulting firm in New York. “But they are facing more competition than they ever have, and the competition is getting stronger.”

The carmaker’s fundamental advantage, which allowed it to sail through the chip crisis, will remain, however. Tesla builds nothing but electric vehicles and is unencumbered by habits and procedures that have been rendered obsolete by new technology. “Tesla started from a clean sheet of paper,” Mr. Amsrud said.

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Tencent hands shareholders $16.4 bln windfall in the form of JD.com stake

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  • Move comes as Beijing cracks down on technology firms
  • JD.com shares plunge as much as 11.2%, Tencent up 4%
  • Tencent has no plans to sell stakes in other firms-source

BEIJING/HONG KONG, Dec 23 (Reuters) – Chinese gaming and social media company Tencent (0700.HK) will pay out a $16.4 billion dividend by distributing most of its JD.com (9618.HK) stake, weakening its ties to the e-commerce firm and raising questions about its plans for other holdings.

The move comes as Beijing leads a broad regulatory crackdown on technology firms, taking aim at their overseas growth ambitions and domestic concentration of market power.

Tencent said on Thursday it will transfer HK$127.69 billion ($16.37 billion) worth of its JD.com stake to shareholders, slashing its holding in China’s second-biggest e-commerce company to 2.3% from around 17% now and losing its spot as JD.com’s biggest shareholder to Walmart (WMT.N).

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The owner of WeChat, which first invested in JD.com in 2014, said it was the right time for the divestment, given the e-commerce firm had reached a stage where it can self-finance its growth.

Chinese regulators have this year blocked Tencent’s proposed $5.3 billion merger of the country’s top two videogame streaming sites, ordered it to end exclusive music copyright agreements and found WeChat illegally transferred user data.

The company is one of a handful of technology giants that dominate China’s internet space and which have historically prevented rivals’ links and services from being shared on their platforms.

“This seems to be a continuation of the concept of bringing down the walled gardens and increasing competition among the tech giants by weakening partnerships, exclusivity and other arrangements which weaken competitive pressures,” Mio Kato, a LightStream Research analyst who publishes on Smartkarma said of the JD.com stake transfer.

“It could have implications for things like the payments market where Tencent’s relationships with Pinduoduo and JD have helped it maintain some competitiveness with Alipay,” he said.

JD.com shares plunged 11.2% at one point in Hong Kong trade on Thursday, the biggest daily percentage decline since its debut in the city in June 2020, before closing with a 7.0.% decline. Shares of Tencent, Asia’s most valuable listed company, rose 4.2%.

Shares of Tencent and JD on Dec 23

The companies said they would continue to have a business relationship, including an ongoing strategic partnership agreement, though Tencent Executive Director and President Martin Lau will step down from JD.com’s board immediately.

Eligible Tencent shareholders will be entitled to one share of JD.com for every 21 shares they hold.

A Tencent logo is seen in Beijing, China September 4, 2020. REUTERS/Tingshu Wang

PORTFOLIO DIVESTMENTS?

The JD.com stake is part of Tencent’s portfolio of listed investments valued at $185 billion as of Sept. 30, including stakes in e-commerce company Pinduoduo (PDD.O), food delivery firm Meituan (3690.HK), video platform Kuaishou (1024.HK), automaker Tesla (TSLA.O) and streaming service Spotify (SPOT.N).

Alex Au, managing director at Hong Kong-based hedge fund manager Alphalex Capital Management, said the JD.com sale made both business and political sense.

“There might be other divestments on their way as Tencent heeds the antitrust call while shareholders ask to own those interests in minority stakes themselves,” he said.

A person with knowledge of the matter told Reuters Tencent has no plans to exit its other investments. When asked about Pinduoduo and Meituan, the person said they are not as well-developed as JD.com.

The Chinese internet giant has also invested in overseas companies such as Tesla (TSLA.O), Netamble, Snapchat, Spotify (SPOT.N) and Sea (SE.N). “Going abroad is one of Tencent’s most important strategies in the future,” a CITIC Securities research note said on Thursday. “The possibility of selling overseas high-quality technology and internet assets is small.”

Tencent chose to distribute the JD shares as a dividend rather than sell them on the market in an attempt to avoid a steep fall in JD.com’s share price as well as a high tax bill, the person added.

Kenny Ng, an analyst at Everbright Sun Hung Kai, said the decision was “definitely negative” for JD.com.

“Although Tencent’s reduction of JD’s holdings may not have much impact on JD’s actual business, when the shares are transferred from Tencent to Tencent’s shareholders, the chances of Tencent’s shareholders selling JD’s shares as dividends will increase,” he said.

Technology investor Prosus (PRX.AS), which is Tencent’s largest shareholder with a 29% stake and is controlled by Naspers of South Africa, will receive the biggest portion of JD.com shares.

Walmart owns a 9.3% stake in JD.com, according to the Chinese company. Payments processor Alipay is part of Tencent rival Alibaba Group .

($1 = 7.7996 Hong Kong dollars)

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Reporting by Sophie Yu in Beijing and Scott Murdoch in Hong Kong; Additional reporting by Xie Yu, Selena Li, Donny Kwok and Eduardo Baptista in Hong Kong and Nikhil Kurian Nainan in Bengaluru; Writing by Jamie Freed; Editing by Subhranshu Sahu and Muralikumar Anantharaman

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Novavax says COVID vaccine triggers immune response to Omicron variant

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Vials labelled “VACCINE Coronavirus COVID-19” and a syringe are seen in front of a displayed Novavax logo in this illustration taken December 11, 2021. REUTERS/Dado Ruvic/Illustration

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Dec 22 (Reuters) – Novavax Inc’s (NVAX.O) COVID-19 vaccine is effective in generating an immune response against the Omicron variant, according to early data published on Wednesday,suggesting that the U.S. drugmaker’s existing COVID-19 vaccine can help combat the new Omicron variant.

Novavax’s two-dose, protein-based vaccine was authorized for use this week by European Union regulators and the World Health Organization. L1N2T50VX It has previously been approved by countries including Indonesia and the Philippines but not the United States.

Novavax said that receiving an additional booster dose of Novavax’s vaccine further increased people’s immune response to Omicron. The data was taken from Novavax’s ongoing studies of its vaccine’s effectiveness in adolescents and as a booster.

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“We are encouraged that boosted responses against all variants were comparable to those associated with high vaccine efficacy in our Phase 3 clinical trials,” said Gregory M. Glenn, Novavax’s president of research and development.

Other COVID-19 vaccine manufacturers, including Pfizer Inc. (PFE.N) and Moderna Inc. (MRNA.O), also increase immune responses to Omicron, early data from those companies has shown. Resistance in all cases is stronger in people who have received an additional booster dose.

Novavax is working on developing an Omicron-specific vaccine and said Wednesday it expects to begin manufacturing doses of the variant-specific shot in January.

The drugmaker will start shipping vaccines to the EU’s 27 member states in January as part of its deal to supply up to 200 million doses.

The company will also begin shipments in early 2022 to COVAX, a vaccine distribution mechanism overseen by WHO that allocates COVID-19 shots to poorer countries. Novavax and its partner, Serum Institute of India, have agreed to send COVAX more than 1.1 billion doses of Novavax’s vaccine.

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Reporting by Carl O’Donnell
Editing by Leslie Adler, Cynthia Osterman and Sonya Hepinstall

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China tightens scrutiny of offshore listings in certain sectors

A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

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SHANGHAI, Dec 27 (Reuters) – The Chinese government will require that domestic firms in sectors off-limits to foreign direct investment, such as Internet news and publishing, receive clearances from regulators before they can list their shares outside the mainland.

The National Development and Reform Commission (NDRC) announced the new rules on the clearances on Monday in a statement that also included an updated annual “Foreign Investment Negative List” that outlines business sectors where foreign direct investment is banned or restricted.

The new rules now apply that list to companies issuing shares overseas for the first time, and come as China is tightening scrutiny over offshore share sales.

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Chinese companies in sectors prohibited for foreign investment “should get clearance from relevant Chinese regulatory bodies, if they seek share sales and list in overseas markets,” the NDRC said, plugging a regulatory loophole.

In addition, “foreign investors must not participate in the operation and management of the companies” and their holdings are to be capped at 30%, in line with the rules regulating locally-listed companies.

The latest Negative List includes prohibited sectors such as compulsory education institutions, news organizations and rare earth minerals.

Additionally, overseas investment in industries ranging from publishing, nuclear power stations and telecom is restricted.

Many Chinese companies use a so-called variable interest entity (VIE) structure to float overseas, skirting the foreign investment restrictions in areas such as media and education. read more

The NDRC statement comes just days after China’s securities regulator published draft rules requiring filings by companies seeking offshore listings to ensure they comply with Chinese laws and regulations. read more

Under the new filing system, VIE-structured companies will still be allowed to list as long as they are compliant.

“The NDRC statement goes hand in hand with the filing system,” and will likely restrict the use of VIEs, said Zhan Kai, a lawyer at East & Concord Partners.

However, China’s Ministry of Commerce framed the new rules as a gesture of policy relaxation.

“China is exploring ways to allow companies in sectors off-limits to foreign investment to list overseas under certain conditions, expanding investment channels for foreign investors,” the ministry said in a separate statement.

China’s new rules to manage offshore listings will likely ease the regulatory uncertainty that roiled financial markets this year and stalled offshore listings. read more

Investors had previously feared that Beijing could ban all overseas listings using the VIE structure, after Didi Global Inc’s (DIDI.N) U.S. floatation in July sparked a major regulatory backlash from Chinese officials that were concerned over national security.

The NDRC statement also formally scrapped foreign ownership restrictions in carmakers and removed a previous cap limiting the number of vehicle joint ventures a foreign investor can set up in China.

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Reporting by Beijing and Shanghai newsroom; Editing by Shri Navaratnam, Edwina Gibbs and Christian Schmollinger

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Trump’s Media Company Investigated Over SPAC Deal

That month, a small investment bank, Kingswood Capital Markets, which has frequently teamed up with ARC, made a presentation to Benessere’s board members. Marked “strictly private and confidential,” the presentation, reviewed by The Times, listed about a half-dozen possible acquisition targets. One was Trump Media. Kingswood, now called EF Hutton, estimated that Trump Media was worth $1.5 billion and that within a few years it could generate $2.3 billion in annual revenue.

Sergio Camarero, a managing partner at ARC, told Benessere officials that Trump Media was their preferred target. Some Benessere officials, however, balked because they didn’t want to have anything to do with Mr. Trump, two people familiar with the discussions said.

Mr. Camarero did not respond to requests for comment.

ARC quickly turned to Digital World, its other SPAC, as a potential vehicle to merge with the Trump company. ARC had recently installed Mr. Orlando as Digital World’s chief executive, after its previous C.E.O. failed to raise enough money to get it off the ground, a person with direct knowledge of the situation said.

The videoconference call involving ARC, Mr. Orlando, Mr. Veloso and members of the Trump team took place in early April. At the time, Digital World had not yet filed with the S.E.C. to sell its shares to the public. It did so seven weeks later, on May 26.

“We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target,” Digital World said in its initial filing.

The disclosure was important. Because regulators allow blank-check companies to sell their shares to the public with minimal financial disclosures, the companies are not allowed to have merger partners in mind before their I.P.O.s. The thinking is that they otherwise would serve as a backdoor channel for companies to go public while escaping rigorous public scrutiny.

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F.T.C. Sues to Block Nvidia’s Takeover of Arm

WASHINGTON — The Federal Trade Commission on Thursday sued to block Nvidia’s $40 billion acquisition of a fellow chip company, Arm, halting what would be the biggest semiconductor industry deal in history, as federal regulators push to rein in corporate consolidation.

The F.T.C. said the deal between Nvidia, which makes chips, and Arm, which licenses chip technology, would stifle competition and harm consumers. The proposed deal would give Nvidia control over computing technology and designs that rival firms rely on to develop competing chips.

“Tomorrow’s technologies depend on preserving today’s competitive, cutting-edge chip markets,” said Holly Vedova, the director of the F.T.C.’s competition bureau. “This proposed deal would distort Arm’s incentives in chip markets and allow the combined firm to unfairly undermine Nvidia’s rivals.”

Federal antitrust regulators have promised greater scrutiny of mergers and a clamp down on monopolies in a push to reinvigorate competition in the economy. The action against the deal is the first major merger decision by the Federal Trade Commission under the leadership of Lina Khan, a critic of big corporate mergers and monopolies in technology. Ms. Khan is among a slew of top antitrust officials picked by President Biden to rein in the power of Silicon Valley giants.

promised to break open gas, telecom and pharmaceutical markets to bring down consumer prices at the gas pump and for home internet and prescriptions. Last month, the Justice Department sued to stop Penguin Random House, the largest publisher in the United States, from acquiring its rival Simon & Schuster.

In a statement, Nvidia said it would contest the F.T.C. lawsuit. “We will continue to work to demonstrate that this transaction will benefit the industry and promote competition.”

The F.T.C. suit, if successful, would not have much immediate financial impact on Nvidia or Arm. Shares in Nvidia rose slightly in aftermarket trading.

But a successful suit would be a blow to Nvidia’s ambitions to play a more central role in shaping the direction of the computer industry — particularly in the field of artificial intelligence.

Arm, a British company that the Japanese conglomerate SoftBank bought in 2016, licenses designs for microprocessors and other technology that other companies use in their semiconductors. Its technology has been wildly successful, providing the calculating functions in essentially all smartphones and many other devices. Arm recently estimated its technology is used in about 25 billion chips per year.

Nvidia, based in California, is a dominant provider of chips used to render graphics in video games, technology it has adapted in recent years to also power artificial-intelligence applications used by cloud companies and self-driving cars.

Jensen Huang, the company’s chief executive, has been pushing the company to become a broader, “full-stack” provider of computing technology. In April, for example, Nvidia said it was building an Arm-based microprocessor for servers used in data centers.

In announcing the deal in September 2020 to buy Arm, Mr. Huang said the combination would create a premier company for advancing A.I. technology. He also promised to operate Arm without any change to its business model, acting independently and treating all chip customers fairly.

Mr. Huang said at the time that artificial intelligence would set off a new wave of computing and that “our combination will create a company fabulously positioned for the age of A.I.”

But the deal was controversial from the start, with some of Arm’s big customers, like Qualcomm, worried about the heightened competition from Nvidia and the possibility of a rival gaining access to their confidential information. Mr. Huang took a dig at Qualcomm’s new chief executive, Cristiano Amon, at an annual dinner hosted by the Semiconductor Industry Association last month in Silicon Valley, asking, “How is it possible that Cristiano knew every regulator on the planet?”

The deal had already attracted close scrutiny from regulators in Europe, particularly in the United Kingdom, where Arm’s headquarters in Cambridge is a major employer. Britain’s Competition and Markets Authority launched an in-depth inquiry into the transaction in November, citing both competition and national-security concerns.

The F.T.C. said the merger would give Nvidia access to sensitive information about its rivals, who license technology and designs from Arm.

“Licensees rely on Arm for support in developing, designing, testing, debugging, troubleshooting, maintaining and improving their products,” the F.T.C. said in a statement. “Arm licensees share their competitively sensitive information with Arm because Arm is a neutral partner, not a rival chip maker. The acquisition is likely to result in a critical loss of trust in Arm and its ecosystem.”

The vote to block the merger was unanimous among the F.T.C.’s commissioners. The full complaint filed by the agency is not expected to be released for a few days. An administrative trial for the lawsuit is scheduled for May 10.

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Jack Dorsey’s Twitter Departure Hints at Big Tech’s Restlessness

“I don’t think there’s anything more important in my lifetime to work on, and I don’t think there’s anything more enabling for people around the world,” he told the audience at a Bitcoin conference in Miami in June.

Mr. Dorsey, whose oracular beard and quirky wellness routines have made him something of a cult figure in Silicon Valley, has become a crypto influencer in recent months. Bitcoin fans cheered his resignation on Monday, assuming he’d be spending his newfound free time championing their cause. (A more likely scenario is that he’ll continue to push crypto projects at Square, where he’s already started building a decentralized finance business.)

Mr. Dorsey didn’t respond to a request for comment, so I can’t be totally sure what’s behind his exit, but it’s easy to see why he would be getting restless at Twitter after more than 15 years of involvement. He cut his teeth during the internet boom of the late 2000s and early 2010s, when being a co-founder of a hot social media app was a pretty great gig. You got invited to fancy conferences, investors showered you with money and the media heralded you as a disruptive innovator. If you were lucky, you even got invited to the White House to hang out with President Barack Obama. Social media was changing the world — Kony 2012! The Arab Spring! — and as long as your usage numbers kept moving in the right direction, life was good.

Today, running a giant social media company is — by the looks of it — pretty miserable. Sure, you’re rich and famous, but you spend your days managing a bloated bureaucracy and getting blamed for the downfall of society. Instead of disrupting and innovating, you sit in boring meetings and fly to Washington so politicians can yell at you. The cool kids no longer want to work for you — they’re busy flipping NFTs and building DeFi apps in web3 — and regulators are breathing down your neck.

In many ways, today’s crypto scene has inherited the loose, freewheeling spirit of the early social media companies. Crypto start-ups are raising tons of money, attracting huge amounts of hype and setting off on utopian-sounding missions of changing the world. The crypto universe is full of weird geniuses with unusual pedigrees and big appetites for risk, and web3 — a vision for a decentralized internet built around blockchains — contains lots of the kinds of complex technical problems that engineers love to solve. Those factors, plus the enormous sums of money flowing into crypto, have made it a tempting landing spot for burned-out tech employees looking to get back in touch with their youthful optimism — and maybe for C.E.O.s, too.

“Silicon Valley tech is the old guard, distributed crypto is the frontier,” Naval Ravikant, another crypto booster and an early Twitter investor, tweeted this month.

Square, which builds mobile payment systems, has always been the most natural outlet for Mr. Dorsey’s crypto dreams. But he has tried to incorporate some of Bitcoin’s principles into Twitter. The company added Bitcoin tipping and started a decentralization project called Bluesky last year, with the goal of creating an open protocol that would allow outside developers to build Twitter-like social networks with different rules and features from the main Twitter app. (Mr. Agrawal, who is taking over for Mr. Dorsey at Twitter, has been closely involved with these initiatives, meaning they probably won’t disappear when Mr. Dorsey does.)

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U.S. Markets

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A man walks on a scaffolding at the construction site of the Beijing Xishan Palace apartment complex developed by Kaisa Group Holdings Ltd in Beijing, China, November 5, 2021. REUTERS/Thomas Peter/File Photo

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BEIJING, Nov 22 (Reuters) – Some Chinese banks have been told by financial regulators to issue more loans to property firms for project development, two banking sources with direct knowledge of the situation told Reuters on Monday, in efforts to marginally ease liquidity strains across the industry.

Chinese authorities have yet to publicly give any signal that they will relax the “three red lines” – financial requirements introduced by the central bank last year that developers must meet to get new bank loans.

But lenders have recently adjusted their lending practices to reflect the latest central bank guidance of “meeting the normal financing needs” of the sector. read more

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The marginal relaxation of loan policies to developers will still stick to the major principle that “homes are for living in, not for speculation,” said the sources, one from a city commercial bank and the other from a big bank, who received the guidance from regulators.

Financial regulators have told the banks to specifically accelerate approval of loans to develop projects, and to ensure that outstanding loans to project development show positive growth in their loan books in November compared with October, the two sources said.

Both sources declined to be named due to the sensitivity of the matter.

The People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) did not immediately respond to requests for comment.

As of end-September, banks’ outstanding loans to project development stood at 12.16 trillion yuan ($1.91 trillion), up by 0.02% from a year earlier, central bank data showed.

Quarterly growth of this loan type slowed further from the second quarter by 2.8 percentage points, the data showed.

The real estate sub-index of the Chinese mainland’s blue chip index (.CSI000952) jumped nearly 5% on Friday following market rumours about potential relaxation of property loans.

The sub-index ended down 4% on Monday.

China will stand firm on policies to curb excess borrowing by property developers even as it makes financial tweaks to help home buyers and meet reasonable demand, bankers told Reuters previously. read more

Some banks have accelerated disbursement of approved home loans in some cities, the bankers said. read more

Last month, central bank official Zou Lan said there had been “misunderstanding” among lenders about the PBOC’s debt-control policies, causing financial strains for some developers.

read more

“Banks should have supported new projects reasonably after (developers) have repaid existing loans,” Zou said.

($1 = 6.3819 Chinese yuan)

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Reporting by Xiangming Hou, Kevin Huang and Ryan Woo; Writing by Cheng Leng; Additional reporting by Jason Xue; Editing by Jacqueline Wong

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Old Power Gear Is Slowing Use of Clean Energy and Electric Cars

Seven months after workers finished installing solar panels atop the Garcia family home near Stanford University, the system is little more than a roof ornament. The problem: The local utility’s equipment is so overloaded that there is no place for the electricity produced by the panels to go.

“We wasted 30,000-something dollars on a system we can’t use,” Theresa Garcia said. “It’s just been really frustrating.”

President Biden is pushing lawmakers and regulators to wean the United States from fossil fuels and counter the effects of climate change. But his ambitious goals could be upended by aging transformers and dated electrical lines that have made it hard for homeowners, local governments and businesses to use solar panels, batteries, electric cars, heat pumps and other devices that can help reduce greenhouse gas emissions.

Much of the equipment on the electric grid was built decades ago and needs to be upgraded. It was designed for a world in which electricity flowed in one direction — from the grid to people. Now, homes and businesses are increasingly supplying energy to the grid from their rooftop solar panels.

to electricity generated by solar, wind, nuclear and other zero-emission energy sources. Yet the grid is far from having enough capacity to power all the things that can help address the effects of climate change, energy experts said.

“It’s a perfect violent storm as far as meeting the demand that we’re going to have,” said Michael Johnston, executive director of codes and standards for the National Electrical Contractors Association. “It’s no small problem.”

half of new cars sold in the country by 2030. If all of those cars were plugged in during the day when energy use is high, utilities would have to spend a lot on upgrades. But if regulators allowed more utilities to offer lower electricity rates at night, people would charge cars when there is plenty of spare capacity.

Some businesses are already finding ways to rely less on the grid when demand is high. Electrify America, a subsidiary of Volkswagen that operates an electric vehicle charging network, has installed large batteries at some charging stations to avoid paying fees that utilities impose on businesses that draw too much power.

Robert Barrosa, senior director of sales and marketing at Electrify America, said that eventually the company could help utilities by taking power when there was too much of it and supplying it when there was not enough of it.

$1,050 to $2,585 a year, according to Rewiring America. Those products are more energy efficient and electricity tends to cost less than comparable amounts of gasoline, heating oil and natural gas. Electric cars and appliances are also cheaper to maintain.

“Done right, money can go further toward a more reliable network,” Mr. Calisch said, “especially in the face of increased stress from climate change.”

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