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Exclusive: Renault, Geely Look To Bring Aramco Into Engine Venture – Sources

BEIJING/PARIS, Jan 17 (Reuters) – Renault SA (RENA.PA) and China’s Geely Automobile Holdings (0175.HK) are working to finalize a deal to bring Saudi Arabian state oil producer Aramco (2222.SE) in as an investor and partner to develop and supply gasoline engines and hybrid technologies, three people with knowledge of the talks said.

The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in a previously announced but still-unnamed Geely-Renault powertrain technology company that the automakers are working to establish, the three people told Reuters.

Full coverage: REUTERS

Indonesia Close To EV Deals With BYD Group And Tesla – Minister

JAKARTA, Jan 17 (Reuters) – Indonesia is finalising agreements with China’s automaker BYD Group and U.S. carmaker Tesla (TSLA.O) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday.

Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. Once a major nickel ore exporter, it has banned exports to ensure enough raw materials for investors.

Full coverage: REUTERS

Shares Slip As China Data Stokes Economic Slowdown Fears

LONDON/HONG KONG, Jan 17 (Reuters) – European shares paused their new year rally and Asian equities slipped after China reported weak fourth-quarter economic data on Tuesday, keeping investors on edge over the prospects of a global recession.

The Euro STOXX 600 (.STOXX) lost 0.2%, slipping from its nine-month high hit on Monday. Global equities have enjoyed a rally so far in 2022, spurred by hopes of a rebound in China’s economy and an easing of prices pressures in the United States and Europe.

Full coverage: REUTERS

Activision Blizzard Says NetEase Rejects Proposal To Extend Partnership

HONG KONG, Jan 17 (Reuters) – Activision Blizzard Inc (ATVI.O), the U.S. video game developer behind hit franchise Warcraft, on Tuesday said its Chinese publisher NetEase Inc (9999.HK) had turned down a proposal to extend their long-time partnership for six months.

In a statement on microblogging site Weibo, the U.S. firm’s subsidiary Blizzard China said it contacted NetEase last week with a proposal to extend their partnership and that the Hangzhou-based company had declined.

Full coverage: REUTERS

Renault Sales Fall For 4th Straight Year

PARIS, Jan 17 (Reuters) – The Renault group (RENA.PA) on Tuesday said sales at its flagship brand fell for a fourth consecutive year in 2022 to 1,466,729 units excluding Russia, a 9.4% decline from 2021.

The French carmaker, which was hit harder than most rivals by the COVID-19 crisis and supply chain snags due to chip shortages, is in the middle of a turnaround in a drive to boost profits.

The group is betting on higher-margin and electric cars to drive growth. It said that in 2022 the Renault brand, which accounts for two-thirds of group sales, was the third European brand for electrified vehicle sales behind Toyota(7203.T) and Tesla (TSLA.O) with 228,000 units sold, an increase of 12% from 2021.

Full coverage: REUTERS

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Industry Dynamics

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Warren Buffett's Berkshire Hathaway Hits Record High

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