World Street | Taiwan’s “inevitable” unification. Chinese real estate is making a comeback. Saudi PIF spends zoom.US battery regulations

Chinese President Xi Jinping reaffirmed his plan for unification with Taiwan in light of the latest world developments on New Year’s Day this year. In a move that has horrified some of the world’s top banking executives, Switzerland wants the ability to take back bankers’ bonuses for poor performance. EV models in the US will no longer be eligible for tax credits, making them less attractive. All this and more is in his January 2 issue of World Street.

charge up

Chinese automaker Geely Auto Holding has set a sales target of 1.9 million units for 2024, an increase of 13% from last year’s total sales, according to a filing with the Hong Kong Stock Exchange. The company also said it has increased its new energy vehicle sales target by more than 66% compared to total sales to be achieved in 2023, without disclosing the numbers.

home alone

New home prices in China rose for the fourth straight month in December, supported by a series of government support measures, according to a private survey on Monday. After rising 0.05% in November, prices increased by an average of 0.1% month-on-month in December. China’s real estate sector has stumbled from crisis to crisis in recent years, dealing a major blow to consumer and investor confidence.

desert storm

Saudi Arabia’s Public Investment Fund (PIF) accounted for about a quarter of the roughly $124 billion spent by sovereign wealth funds around the world last year. Based on industry expert Global SWF’s preliminary annual report, PIFs will spend $31.5 billion in 2023, compared to $123.8 billion for sovereign wealth funds overall.

clawback

Switzerland’s financial regulator wants to discuss the ability to recover bonuses from bankers as part of increased powers after Credit Suisse’s collapse and sale to UBS. Asked about the right to demand repayment of bonuses, FINMA chairwoman Marlene Amstad told newspaper Schweiz am Wochenende: “The issue is on the table and we have to discuss it now.” .

geopolitical tensions

In his New Year’s address, President Xi Jinping said China’s “unification” with Taiwan is inevitable, speaking in a stronger tone than last year, with less than two weeks left until the island’s new leader is elected. The January 13 presidential and parliamentary elections will be held at a time when relations between China and Taipei are on the rocks.

lose its shine

More than half of electric vehicle models sold are no longer eligible for tax credits following new battery procurement rules taking effect in the United States. The U.S. Treasury Department has outlined new requirements for battery procurement aimed at moving suppliers away from China. The number of EV models eligible for a tax credit of up to $7,500 has been reduced from 43 to 19. Reuters report.

wrong expression

A recall has been initiated for 675,000 cans of infant formula over possible bacterial contamination. Reckitt and Mead Johnson Nutrition announced a voluntary recall of cans of Nutramigen Hypoallergenic Infant Formula, a specialized formula designed for infants diagnosed with cow’s milk allergies.