Gas receipts maker11/6/2023 More specifically, non-oil exports of goods decreased by 5.4% at current prices ( -7.1% at constant prices), whereas non-oil imports of goods dropped by 1.1% (-1.9% at constant prices).Īn increase in the surplus of the services balance is due to an improvement in the travel balance and, to a lesser extent, in the other services balance, while the transport balance deteriorated. Exports declined by 14.4% at current prices ( ‑5.4% at constant prices) and imports fell by 14.8% at current prices ( -4.4% at constant prices). The central bank, in a monthly report, said that a decrease in the deficit of the balance of goods is accounted for by a larger drop in imports than in exports. Ursula von der Leyen, European Commission (EC) president, in her State of the Union speech this morning, said the EV sector is "crucial" for Europe's economy but global markets are "flooded with cheaper Chinese electric cars and their price is kept artificially low by huge state subsidies".Īlso alluding to how China's solar industry had ravaged European rivals through "unfair trade practices", she said the subsidy support for Chinese EVs is "distorting the market".Greece's current account surplus fell by 135.2 million year-on-year to stand at 827.5 million in July, the Bank of Greece said on Wednesday. Last week, the European Union launched an ‘anti-subsidy’ investigation into Chinese EV makers. His comments preceded a PR scuffle that played out between Chinese and European authorities in the wake of the Munich industry get-together. “China is very competitive when it comes to the supply chain of electric vehicles we need to catch up fast.” “We have to close the gap on costs with some Chinese players that started on electric vehicles a generation earlier,” he said. Renault boss Luca de Meo earlier this month complained, at a car industry event in Munich, that the Chinese brands are “a generation ahead” of European EV manufacturers. NIO is among a group of Chinese EV companies that are seen to be making inroads in terms of European and North American market share, as their model’s are comparatively cheaper than Tesla's more high-end price point. Recent financial results and trading updates have shown both growing losses and also gaining momentum in international sales. In New York, NIO’s NYSE-listed American depositary receipts traded 45 cents or 4.36% lower, changing hands at $9.86 per share. Proceeds from the raise are earmarked for the repayment of existing debt facilities, and to bolster the car maker’s balance sheet. The bonds are expected to have split maturity, with half due in 2029 and half in 2030, though the other financial details of the bond series, including interest rate and equity conversion terms have yet to be disclosed. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.Ĭhinese electric vehicle (EV) firm NIO Inc (NYSE:NIO) saw its stock drop over 4% in Tuesday’s early premarket dealing, after it launched a $1 billion convertible bond financing during yesterday’s after-hours session. Proactive will on occasion use automation and software tools, including generative AI. The team also has access to and use technologies to assist and enhance workflows. Our human content creators are equipped with many decades of valuable expertise and experience. Proactive has always been a forward looking and enthusiastic technology adopter. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. This is content that excites and engages motivated private investors. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. ![]() ![]() All our content is produced independently by our experienced and qualified teams of news journalists. Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience.
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