Global Pulse

分类： business

  • China’s BYD sees first profit drop since 2021, even as the Tesla-rival takes global EV crown

    China’s BYD sees first profit drop since 2021, even as the Tesla-rival takes global EV crown

    Chinese automotive giant BYD announced record-breaking annual revenue of $116 billion for 2025, surpassing industry rival Tesla’s $94.8 billion performance. Despite achieving a 28% year-on-year increase in electric vehicle sales totaling 2.26 million units, the company experienced a concerning 19% decline in annual profits—marking its first profit reduction since 2021.

    The Shenzhen-based manufacturer, which overtook Tesla as the world’s largest EV producer in 2025, faces mounting challenges from what Chairman Wang Chuan-fu described as a ‘brutal knockout stage’ in China’s new energy vehicle sector. Domestic sales have shown persistent weakness, with six consecutive months of declining figures and a 36% year-on-year drop in January-February 2026, despite growing international presence.

    BYD’s strategic response involves dual approaches: technological innovation and global expansion. The company recently launched its advanced ‘blade’ battery technology capable of achieving near-full charge in just nine minutes, while introducing new models like the Datang SUV featuring cutting-edge systems. Simultaneously, the automaker is aggressively pursuing international growth, targeting 1.3 million overseas sales in 2026 through expanded operations in Latin America, Europe, and the UK.

    Industry analysts note that while BYD’s mass-market EV segment struggles, higher-margin international markets and technological leadership could provide pathways to recovered profitability. The ongoing global energy uncertainty resulting from Middle Eastern conflicts may additionally stimulate renewed interest in electric vehicles worldwide, potentially benefiting forward-thinking manufacturers like BYD.

  • Tianjin job fair sees 200 employers target aviation talent

    Tianjin job fair sees 200 employers target aviation talent

    Tianjin’s Civil Aviation University of China hosted a major spring recruitment event on Thursday that attracted over 200 enterprises, signaling robust growth in aviation sector employment opportunities. The job fair demonstrated particularly strong demand in the emerging low-altitude economy sector, which has become the fastest-growing career pathway for the university’s graduates.

    The event marked a significant expansion from previous years, with employer participation increasing from approximately 140 companies to more than 200 this year. University officials reported that since 2023, over 100 graduates annually have entered the low-altitude sector, with annual growth rates hovering around 15 percent.

    In response to market developments, the university has identified five core employment categories within the low-altitude economy: flight operations, technology research and development, operational support, safety compliance, and operational services. This strategic framework aims to better align academic programs with industry requirements.

    The career trajectory of Zhou Jian, a 2014 graduate in aeronautical and astronautical science and technology, exemplifies the competitiveness of the university’s alumni. Zhou was recently appointed chief technology officer at Shenzhen Zero UAV Technology, a nationally recognized “little giant” enterprise specializing in drone systems.

    As one of China’s pioneering institutions in offering unmanned aircraft systems engineering, the university provides comprehensive training that emphasizes civil aviation standards, safety protocols, and specialized low-altitude expertise, preparing graduates for successful careers in this rapidly expanding field.

  • China opens investigations into US trade practices in response to Trump tariff moves

    China opens investigations into US trade practices in response to Trump tariff moves

    In a significant escalation of trade tensions, China has initiated two separate investigations into United States trade policies, marking a strategic countermove to recent actions taken by the Trump administration. The Chinese Commerce Ministry announced these probes on Friday, framing them as necessary measures to protect domestic industries and expressing strong opposition to what it characterizes as protectionist U.S. tactics.

    The first investigation will scrutinize American policies that allegedly restrict Chinese merchandise from entering U.S. markets while simultaneously limiting exports of advanced technology products to China. The second probe focuses specifically on barriers affecting China’s green energy exports, examining potential violations of international trade norms.

    These investigations, expected to span approximately six months with possible three-month extensions, represent the latest development in ongoing trade friction between the world’s two largest economies. The timing appears strategically significant, coming ahead of a postponed visit by President Donald Trump that was originally scheduled for May but delayed due to escalating tensions in Iran.

    The Chinese move responds directly to two Section 301 investigations announced by the U.S. earlier this month targeting multiple trading partners. One U.S. probe examines alleged excess industrial capacity and government subsidies in 16 economies including China and the European Union, while another investigates forced labor practices in dozens of countries.

    Chinese trade representatives previously warned during recent Paris talks that these U.S. investigations could destabilize the carefully maintained equilibrium in Sino-American economic relations. The discussions were intended to prepare for Trump’s now-delayed Beijing visit, highlighting how global geopolitical events increasingly influence bilateral trade dynamics.

  • Consumers find taste for Tongren matcha

    Consumers find taste for Tongren matcha

    Nestled within the mountainous terrain of Southwest China’s Guizhou province, Tongren has emerged as the nation’s premier matcha production hub, transforming regional agriculture and captivating international markets with its premium green tea powder. The region’s distinctive tea terraces, meticulously maintained across rolling hills, undergo specialized cultivation techniques that distinguish Tongren matcha from conventional green teas.

    During critical growth periods, tea gardens are shrouded in black netting to filter sunlight—an agricultural practice that chemically alters the leaves by enhancing their chlorophyll content and boosting the production of theanine. This amino acid not only reduces bitterness but also creates matcha’s signature umami flavor profile and relaxing properties. Following harvest by specialized machinery, leaves undergo steaming and precision grinding processes to achieve the fine powder consistency coveted by global consumers.

    Recent data from Tongren’s Investment Promotion Bureau reveals remarkable commercial success: export networks now span 54 countries and regions including Japan, European markets, and the United States. Domestic and international markets feature an expanding array of Tongren matcha products ranging from traditional tea to innovative applications in confectionery, baked goods, and even craft beer.

    The sector has demonstrated explosive growth, with sales volume surging from 500 metric tons in 2022 to 2,400 tons last year—a nearly fivefold increase. Revenue simultaneously expanded from 190 million yuan ($27.57 million) to 480 million yuan, establishing Tongren as China’s undisputed matcha production leader. This agricultural transformation aligns with President Xi Jinping’s March 2025 directive emphasizing development of modern, efficient mountain agriculture with distinctive characteristics and sustainable market competitiveness.

    Beyond economic metrics, the matcha boom has generated profound social impact. In Luoxiang village, where annual per capita income once languished below 2,000 yuan, 96 households now participate in the tea industry. The most successful households manage 7.2 hectares and achieve annual incomes exceeding 400,000 yuan. Ecologically, tea cultivation has rehabilitated previously barren hillsides, reducing soil erosion by approximately 80% while creating greener landscapes.

    The industry’s ripple effects extend across seven Tongren counties, elevating incomes for approximately 110,000 residents. This comprehensive revitalization of traditional agriculture through technological innovation and market-oriented strategy demonstrates how regional specialties can drive sustainable development in mountainous regions.

  • Cyclone triggers outages at major Australian LNG plants

    Cyclone triggers outages at major Australian LNG plants

    A severe tropical cyclone has forced the shutdown of major liquefied natural gas (LNG) facilities along Western Australia’s coast, creating additional strain on global energy markets already grappling with supply disruptions from Middle East conflicts. The simultaneous outages at Chevron’s Gorgon and Wheatstone plants, along with Woodside Energy’s North West Shelf operations, have removed significant LNG capacity from world markets at a critical time.

    Cyclone Narelle, packing winds reaching 200 kilometers per hour, prompted safety shutdowns across Australia’s northwest gas processing region on Friday. Chevron confirmed both its Gorgon (15 million metric tonne annual capacity) and Wheatstone (9 million metric tonne capacity) facilities experienced production interruptions, collectively representing over 5% of global LNG supply. Woodside Energy similarly reported offline status at its Karratha gas plant, which serves one of the world’s largest offshore gas operations.

    The timing exacerbates existing market tensions caused by the Iran-Israel conflict, which has disrupted shipments through the critical Strait of Hormuz shipping channel. Energy analyst Josh Runciman of the Institute for Energy Economics and Financial Analysis noted the cyclone arrived at the ‘worst possible time,’ warning that even minor production setbacks could trigger significant price fluctuations in global markets.

    Asian markets face particular vulnerability, as Australia supplies approximately 40% of Japan’s LNG requirements according to the Asia Natural Gas and Energy Association. LNG spot prices in some Asian regions have already doubled since February 28th when U.S.-Israel military actions against Iran commenced.

    International Energy Agency Executive Director Fatih Birol, visiting Canberra this week, emphasized Australia’s increasingly vital role in global energy security while cautioning that ‘Australia alone will not be able to offset the entire lack of LNG coming from the Middle East.’

    With companies monitoring Cyclone Narelle’s progression, Chevron and Woodside have committed to restoring production once weather conditions permit safe operations. The supply interruption comes as Australia considers implementing a windfall tax on LNG exporters benefiting from elevated prices driven by geopolitical tensions.

  • PM seeks to reassure Australians over fuel supply amid panic buying

    PM seeks to reassure Australians over fuel supply amid panic buying

    A severe fuel supply disruption is unfolding across Australia, with hundreds of service stations reporting shortages of at least one type of fuel this week. The crisis has been triggered by a perfect storm of international conflict and domestic panic buying, creating widespread logistical challenges and record-high prices.

    The situation escalated following the closure of the Strait of Hormuz after the outbreak of war between the US, Israel, and Iran. This critical chokepoint for global oil shipments being blocked caused an immediate spike in international oil prices. In response, Australian motorists have engaged in widespread panic purchasing, with many filling jerry cans and storing fuel in garages, further straining distribution networks.

    Prime Minister Anthony Albanese addressed the nation on Friday, seeking to reassure citizens about the country’s fuel security while acknowledging the significant challenges. “The longer this war goes on, the greater the impact will be. But we continue to act to prepare and shield Australians from the worst of it,” he stated during a press conference.

    Energy Minister Chris Bowen, appearing alongside the Prime Minister, emphasized that the core issue is one of distribution and demand rather than actual supply volume. “For the next few weeks, Australia’s supply of petrol and diesel and oil will be the same, if not higher, than it normally would be,” Bowen asserted, indicating that physical fuel availability remains consistent with pre-war levels.

    Price data reveals the dramatic impact on consumers. The Australian Institute of Petroleum reported the average retail petrol price reached 238 Australian cents per liter as of Sunday, a sharp increase from 171 cents just four weeks earlier. Diesel prices have hit unprecedented levels, with the National Roads and Motorists’ Association recording prices of 314.5 cents per liter in Sydney as of Thursday.

    NRMA spokesperson Peter Khoury explained the behavioral factors exacerbating the situation: “People are filling up jerry cans of fuel and storing it in their garages. We’re hearing increasingly of transport companies telling their drivers that if you’re half full and you see diesel, buy it.”

    The crisis has particularly impacted independent petrol stations, which lack the long-term supply contracts that major retailers benefit from. These contracts are being prioritized by oil companies, leaving smaller operators struggling to secure inventory.

    Adding to the complexity, a cyclone in Western Australia has triggered outages at two of the world’s largest LNG plants—Gorgon and Wheatstone—which collectively supply approximately 5% of the global market according to operator Chevron. This development has placed additional pressure on energy markets worldwide.

    The government has responded with several measures, including releasing oil from the national stockpile and temporarily lowering fuel standards to increase available supply. While ruling out rationing thus far, Prime Minister Albanese is convening an emergency national cabinet meeting on Monday to develop a comprehensive response strategy to manage the escalating crisis.

  • War on Iran could be ‘catalyst’ for erosion of US petrodollar, Deutsche Bank says

    War on Iran could be ‘catalyst’ for erosion of US petrodollar, Deutsche Bank says

    A new Deutsche Bank analysis suggests escalating military tensions between the US-Israel alliance and Iran could fundamentally undermine the petrodollar system—a cornerstone of American financial global dominance for nearly five decades. Research analyst Mallika Sachdeva’s special report indicates the current Middle East conflict may expose critical vulnerabilities in the dollar’s reserve currency status.

    The petrodollar system originated from a 1974 agreement whereby Gulf nations—including Saudi Arabia, the UAE, Kuwait, Qatar, and Bahrain—price their oil exports exclusively in US dollars. These petrodollar revenues are subsequently reinvested in US Treasury bonds, creating a symbiotic financial relationship that supports lower borrowing costs for American consumers and the federal government while providing Gulf states with security guarantees.

    Sachdeva’s analysis identifies maritime security concerns as particularly damaging to this arrangement. Iran’s effective control over the Strait of Hormuz—through which approximately 21 million barrels of oil pass daily—challenges America’s role as primary security guarantor for global oil trade routes. This development raises fundamental questions about the reliability of US protection for Gulf infrastructure.

    The report notes that regional doubts about American security commitments could trigger significant financial consequences. Gulf Cooperation Council (GCC) nations collectively maintain approximately $250 billion in US Treasury holdings while pegging their currencies to the dollar. Any substantial withdrawal of these assets could destabilize both the dollar’s value and America’s borrowing capacity.

    Geopolitical shifts are already creating alternative financial structures. Following Western sanctions against Russia, China has emerged as a major energy purchaser using yuan and ruble transactions. Notably, China currently receives 90% of Iran’s oil exports and remains the primary customer for Saudi crude.

    While predictions of the petrodollar’s demise have circulated for years, Deutsche Bank suggests the current conflict may accelerate this process, potentially establishing the ‘petroyuan’ as an alternative benchmark. The analysis concludes that the Middle East’s strategic importance to dollar hegemony cannot be overstated, and that ongoing regional instability may ultimately catalyze a fundamental reshaping of global financial architecture.

  • Tropical Cyclone Narelle shuts down Chevron gas plants in latest blow to global energy supply

    Tropical Cyclone Narelle shuts down Chevron gas plants in latest blow to global energy supply

    Tropical Cyclone Narelle has triggered significant disruptions to Western Australia’s liquefied natural gas (LNG) sector, forcing the evacuation of offshore workers and halting production at major facilities. The storm, tracking southward along the state’s northwest coastline, prompted Chevron to shut down its Gorgon plant and Wheatstone LNG operations on Thursday as a precautionary measure.

    WA Energy Minister Amber-Jade Sanderson confirmed that while export operations were suspended, domestic gas supplies remained unaffected. “LNG operators are well accustomed to managing cyclonic conditions in this region,” she stated during a Friday briefing in Perth. “They maintain robust preparedness protocols, and we’ve received no damage reports to date.”

    The Wheatstone offshore platform, located approximately 225km off the Pilbara coast, has been remotely operated from Perth since Tuesday following staff evacuations. Simultaneously, Santos’ Darwin LNG facility underwent planned maintenance, compounding production challenges.

    This Australian supply interruption coincides with critical global LNG shortages. Qatar’s exports remain paralyzed due to Iran’s effective closure of the Strait of Hormuz following missile strikes on QatarEnergy’s Ras Laffan facility—which represents 17% of the nation’s output. The United Arab Emirates, the world’s second-largest LNG exporter, has also faced severe disruptions at its Das Island facility, though partial production resumed Tuesday after recent attacks.

    With the cyclone expected to make landfall south of Coral Bay, approximately 1000km north of Perth, maritime traffic continues rerouting to avoid the storm’s path. Industry analysts warn these cumulative disruptions could further strain already tight global energy markets.

  • Essential Services Commission refuses $4m in Victorian energy certificates for fraud

    Essential Services Commission refuses $4m in Victorian energy certificates for fraud

    Two Victorian energy companies have been subjected to severe regulatory sanctions after engaging in systematic fraud within a government energy efficiency program. The Essential Services Commission has imposed penalties exceeding $4.2 million following investigations that revealed widespread misconduct including document falsification, staged photographic evidence, and prohibited sales practices.

    Energy Efficient Upgrades (formerly operating as Shantey) has faced the most stringent penalties, with its accreditation within the Victorian Energy Upgrades (VEU) program permanently revoked. The company received a five-year ban from reapplying to the scheme after investigators discovered it had submitted fabricated project information and violated multiple consumer protection protocols. The commission documented instances where the company transported water heater units to properties that never had existing heaters, staged installation photos, and employed banned direct marketing approaches including doorknocking and telemarketing.

    Additionally, the company circumvented program requirements by failing to obtain mandatory consumer co-payments, with evidence showing cash payments were made to customers to cover or refund these amounts. As a result, 2,586 certificates issued to Energy Efficient Upgrades have been invalidated, representing approximately $200,000 in value.

    Ecosaver Australia faced comparable enforcement action, with the commission refusing registration of 48,550 certificates worth approximately $4 million. The company was found to have submitted falsified photographic evidence, claimed non-compliant upgrades, and similarly engaged in prohibited sales tactics.

    Both companies had promoted their participation in the VEU program on their websites, positioning themselves as legitimate providers of energy-efficient solutions for households and businesses seeking to reduce energy consumption and costs.

    The regulatory decisions were upheld on March 26, 2026, following review proceedings. Commission chairman Gerard Brody emphasized that these actions demonstrate the commission’s commitment to eliminating “unacceptable behaviour” within the VEU program. “Accredited businesses must ensure people doing work on their behalf follow the rules. If they don’t, it’s their reputation and profits at stake,” Mr. Brody stated, adding that robust compliance enforcement ensures a level playing field for ethical businesses and maintains consumer confidence in the program.

    The VEU program remains operational, continuing to support Victorian households and businesses in reducing energy costs through legitimate efficiency upgrades including water heaters and lighting systems. Accredited businesses generate revenue through the creation and sale of energy efficiency certificates within the established regulatory framework.

  • Millions of Australian mortgage holders hit by rate pain today after major banks pass on interest rate hikes

    Millions of Australian mortgage holders hit by rate pain today after major banks pass on interest rate hikes

    Australian households are confronting intensified financial strain as the Reserve Bank of Australia’s latest interest rate increase takes effect this Friday. The central bank’s decision to elevate the cash rate by 25 basis points to 4.10 percent—the highest level since the global financial crisis—marks the second consecutive monthly hike, significantly impacting variable rate mortgage holders nationwide.

    Major financial institutions including Commonwealth Bank, National Australia Bank, and ANZ are implementing the full rate adjustment immediately, while Westpac will follow suit next Tuesday. This monetary tightening places Westpac as the most competitive among the major lenders with a variable rate of 5.74 percent, whereas NAB and ANZ have pushed their lowest variable rates above 6 percent.

    Canstar’s Data Insights Director Sally Tindall emphasizes that borrowers face a complex timeline: “While banks begin charging higher rates immediately, the actual increase in minimum repayments may not materialize for 10-30 days depending on the institution.” Commonwealth Bank adjusts payments after 20 days, while other major banks provide a 30-day grace period.

    The fixed-rate landscape has simultaneously transformed, with NAB eliminating all fixed-rate options below 6 percent. Westpac currently offers the most competitive one-year fixed rate at 5.79 percent, though analysts caution this may soon increase.

    Market analysts project further monetary tightening, with IG Market’s Tony Sycamore forecasting approximately 67 basis points in additional rate hikes through year-end. This trajectory could elevate the cash rate to 4.85 percent by December—a level not witnessed since November 2008. Economic pressures including rising oil prices (Brent crude at $148 AUD) and domestic inflation concerns are driving this aggressive monetary stance.

    MLC Senior Economist Bob Cunneen warns of a ‘double whammy’ effect: “With petrol prices exceeding $2.40 per liter and potential inflation surpassing 5 percent, households face simultaneous pressure from both rising living costs and debt servicing expenses.”

    Financial experts advise borrowers to proactively model repayment scenarios accounting for potential additional rate increases in May and beyond, while those considering fixed-rate options are encouraged to act promptly as competitive offers diminish rapidly.