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Real-time News
Swedish Finance Minister: The uncertainty of economic growth in Sweden and other eurozone countries is very high.On August 28th, the Hong Kong Stock Exchange (HKEX) website reported that Chery Automobile Co., Ltd. (Chery Automobile), which submitted its IPO prospectus to the HKEX on February 28th of this year, has yet to receive a hearing, six months after submitting it. Currently, the HKEX website no longer displays the prospectus and other documents. In response, Huang Lichong, President of Huisheng International Capital, stated that six months without a hearing and the absence of application documents on the HKEX website typically indicates the application has expired. When contacted by reporters, Chery Automobile stated that they were unable to respond at this time. However, a source close to Chery Automobile stated that the IPO process is proceeding smoothly.On the evening of August 28th, Li Xiang, Chairman and CEO of Ideal Auto, stated during the companys Q2 earnings call that Ideal Auto will definitely reduce the number of SKUs (model types and configurations), returning to the era of the Ideal ONE and L9. He also revealed that Ideal Auto will accelerate its iteration speed in terms of technology platform and product updates. "The problem we face now is that every time we play a card, our competitors play twice. Our overall iteration frequency is like our competitors looking at our cards and playing against us. Therefore, we must accelerate the pace of technology platform and product updates to ensure a faster playing time."On August 28, a White House spokesman said that Robert Primus, a board member of the Surface Transportation Board (STB), the US regulatory body responsible for regulating railroads, was dismissed because he did not conform to the presidents "America First" agenda. The Trump administration plans to nominate new members to the STB in the near future.On August 28th, US President Trump attempted to remove Federal Reserve Governor Tim Cook earlier this week, sparking concerns that the administration would reshape the Feds leadership and push for interest rate cuts. Regarding the relatively calm market, IMF First Deputy Managing Director Gopinath stated, "Its clear that the market still believes that the Feds independence in setting monetary policy rates, and in particular its operational independence, will be maintained. I believe the reality is more concerning than the market currently indicates, but we will have to wait and see."
