9/14 Thurdday Sunny

 9/13 WSJ

財政困難何解？中國一些地方政府藉助「逐利執法」增加收入

作為充實地方財政的一個手段，中國數個地區的警察和其他執法機構加大了對違反交通規則、商業和安全法規以及其他輕微違法違規行為的罰款力度和頻次。

據官方媒體報導，作為充實地方財政的一個手段，中國數個地區的警察和其他執法機構加大了對違反交通規則、商業和安全法規以及其他輕微違法違規行為的罰款力度和頻次。

今年早些時候，中國東北邊界地區的警察驅車逾600英里來到北京，拘留了一家影片流媒體初創企業創始人，他們指控這家公司從事非法的多層次傳銷活動。這家名為學力星球(Xueli Xingqiu)的公司之後指責調查人員捏造罪名、越權管轄，試圖謀取這家初創公司的資產。該公司也稱未來學習(Future Learning)。

另一個例子是，一家中國加密貨幣交易所的創始人指責無錫市警方超越管轄範圍，對這家初創公司展開刑事調查，理由也是涉嫌使用非法的多層次傳銷手段。

9/14 WSJ

中國央行進一步下調金融機構存款準備金率

中國央行稱，將從周五起下調銀行存款準備金率0.25個百分點；這是在3月份首次下調存款準備金率0.25個百分點之後，央行今年的第二次下調。

中國央行稱，將從周五起下調銀行存款準備金率0.25個百分點；本次下調後，金融機構加權平均存款準備金率降至7.4%。此次下調不含已執行5%存款準備金率的金融機構。

這是在3月份首次下調存款準備金率0.25個百分點之後，央行今年的第二次下調。

9/14 WSJ

沙烏地軍火商示好中俄，美國防務巨頭RTX叫停百億美元交易

美國防務巨頭RTX和沙烏地一家軍火企業原本即將達成的一項價值上百億美元的交易今年年初突然叫停。知情人士稱，原因是RTX擔心其沙烏地合作夥伴的公司與受制裁的中國和俄羅斯實體有業務往來。

RTX前身為雷神技術(Raytheon Technologies)。該交易談判的叫停表明，沙烏地在時面臨挑戰。華盛頓方面稱這種關係會危及美國國家安全。與受制裁的公司做生意可能會削弱美國對俄羅斯和中國經濟施壓行動的效果，並增加西方公司自身受到制裁的風險。此外，這還可能導致中俄獲得美國軍事技術機密。

RTX與Scopa談判的破裂也表明，當華盛頓方面傾向於讓其合作夥伴和盟友選邊站隊時，那些希望與美國及其全球主要競爭對手同時保持關係的國家所面臨的挑戰。

沙烏地曾堅定地站在西方陣營一邊，但自從俄羅斯入侵烏克蘭以來，沙烏地擴大了與其他大國的交往，在與俄羅斯協調行動，並與中國公司就其新興核項目建設展開討論。拜登(Joe Biden)政府已經表示，不希望沙烏地與這些國家的關係走上軍事合作的歧路。

Scopa的所有者穆罕默德·阿吉蘭(Mohamed Alajlan)兼任沙中商務理事會(Saudi Chinese Business Council)會長，他是沙烏地一個顯赫家族的後代，該家族進口中國紡織品已有數十年曆史，目前在許多行業都有業務。成立於2021年的Scopa是沙烏地最知名的私營公司，旨在支持王儲穆罕默德·本·薩勒曼(Mohammed bin Salman)發展本國軍火部門的願景，這位38歲的統治者正試圖推動沙烏地經濟擺脫對石油的依賴，實現多元化轉型。

意大利的Beretta Defense Technologies和造船商Fincantieri SpA等其他西方公司已經放棄與Scopa進行合作。一些知情人士說，對俄羅斯和中國業務的擔憂是促使西方公司做出上述決定的一個原因。

為了運營Scopa，阿吉蘭聘請了美國海軍退伍軍人Alghrairi；Alghrairi與妻子在佛羅裡達州成立了一家小型政府服務承包商，但先前從未供職於大型防務製造商。Alghrairi利用他在軍方的人脈為Scopa成立了一個顧問委員會，由退役陸軍中將Michael Barbero和其他美國退伍軍人領導。他們開始與RTX以及美國和歐洲的數十家其他軍火製造商建立合作關係。

9/14 WSJ

中國電動汽車製造商面臨歐盟反補貼調查

歐盟正在對中國電動汽車製造商展開反補貼調查，為爭奪全球清潔技術產業的領導地位開闢了一條新戰線。

周三宣布的這項調查反映出歐盟日益關注來自中國的低價產品對該聯盟內部產業的影響。如果該聯盟的執行機構歐盟委員會的官員得出結論，認為中國的電動汽車製造商正在接受補貼，，那麼可能會導致對其加徵關稅。

歐盟委員會主席馮德萊恩(Ursula von der Leyen)在周三的一次演講中說：「全球市場現在充斥著更便宜的中國電動汽車。」她說，「巨額國家補貼」人為地壓低了價格，扭曲了歐洲市場。

此舉正值歐盟日益重視所謂的公平競爭之際。該聯盟已經出台了新規則，以擴大其處理其所認為的不公平貿易行為的範圍，包括旨在反擊貿易或投資相關脅迫的措施，以及處理其認為具有扭曲性的外國補貼方面的措施。

歐盟中國商會(China Chamber of Commerce to the EU)表示反對這一啟動該反補貼調查的決定。該商會稱，中國電動汽車製造商不斷創新，在激烈的市場競爭中累積出了優勢，這種優勢不是憑藉補貼形成的。

歐洲汽車製造商協會(European Automobile Manufacturers' Association)表示，來自中國的進口汽車已經影響到歐洲車企在本地市場的份額。該協會總幹事Sigrid de Vries說，歐盟周三的聲明是個訊號，表明歐盟認識到「我們的行業正面臨越來越不對稱的局面」

經紀行Bernstein的研究分析師警告說，中國的潛在報復措施可能會打擊歐洲的大型汽車製造商，特別是德國的大眾汽車(Volkswagen AG, VOW.XE)；Bernstein稱，若中國政府實施任何報復行動，大眾汽車受到的影響都將是最大的。

9/13

福特、寶馬、本田將聯手創建ChargeScape電動汽車電網服務公司

福特汽車、寶馬和American Honda Motor正在創建一家持股平均的新公司ChargeScape，ChargeScape將創建一個連接電力公司、汽車製造商和感興趣的電動汽車客戶的單一、具有成本效益的平台。

參與的電動汽車客戶將有可能通過靈活和可管理的時間表，在「電網友好」的時間段充電，從而獲得經濟收益。電動汽車客戶最終還將有機會通過「車輛到電網」應用，在用電需求高峰期與電網共享其電動汽車電池中存儲的能量。

9/14 

SpaceX的Starlink去年收入達到14億美元

《華爾街日報》看到的最近文件顯示，依靠衛星群提供高速互聯網連接的Starlink公布的2022年收入為14億美元，高於前一年的2.22億美元。

在該公司之前的預測中，這塊業務的規模原本會更大：在《華爾街日報》看到的SpaceX在2015年用於向投資者融資的一份演示文稿中，該公司預計這一後來被稱為Starlink的業務將在2022年創造近120億美元的收入和70億美元的營業利潤。

9/14 WSJ

European Central Bank Raises Key Interest Rate to Record High

Central bank signals it might have lifted rates high enough to return inflation to target

The rate increase, the ECB’s 10th in a row, took its deposit rate to 4% from below zero last year. The ECB signaled in a statement that it might have raised rates high enough to return inflation to target, although it didn’t rule out further rate increases.

9/14 

Betting Inflation Will Keep Falling Is Still a Risky Business

Ease in inflation will probably keep the Fed from raising rates next week, but more cooling will be needed for it to stay on hold

Investors think there probably won’t be any more rate increases coming after next week, either, but that could be a close call: Interest rate futures put the chance of one more hike this year at a bit less than 50%. It is close for a reason: The case for inflation continuing to cool through the end of the year looks good, but there is plenty that could go wrong.

Prices for some other services look likely to cut in the other direction, though. Come October, for example, the Labor Department will incorporate new data on health-insurer profits that economists expect will boost the pace of health-insurance inflation.

Finally, there is the move higher in gasoline prices. Looking through these might make sense in theory, especially since they are a reflection of crude-oil production cuts by Saudi Arabia and Russia. 

9/14

Fuel Prices Are Soaring. Who Is Feeling the Pinch?

Production cuts by OPEC and its allies push crude oil to 10-month highs

Diesel, jet and marine fuel prices are soaring, pressuring the construction companies, transportation businesses and farmers that are the biggest users. Behind the rise: production cuts made by the Organization of the Petroleum Exporting Countries and its allies, which have propelled crude prices to 10-month highs and boosted the premiums refiners can charge for making the heavy fuels that power trucks, planes and ships. 

A growing global thirst for fuel, fading fears of a U.S. recession and last week’s extension of Saudi and Russian cuts have propelled Brent crude above $90 a barrel. Higher gasoline prices accounted for more than half of August’s 0.6% increase in U.S. goods and services prices from July, according to Labor Department data released Wednesday. The prices of heavy fuels, which are more easily made from more-dense Russian and Middle Eastern crudes than U.S. shale oil, have risen even more than those of crude and gasoline.

Jet fuel has risen the most, its price soaring more than 50% on the Gulf Coast since early May. Chinese demand has ballooned as Beijing has relaxed pandemic-era travel restrictions, pushing its August jet fuel consumption back toward its prepandemic level from below 60% a year earlier, according to the analytics company Kayrros.  Jet fuel prices might have further to run. Chinese international flight-fuel use is still 40% below its prepandemic level, according to Kayrros. A tight jet fuel market is buoying diesel and marine fuel prices, said Sahdev, since all three fuels derive from the same fraction of the oil barrel. Making a gallon more of one means a gallon less of another. 

9/14

Arm IPO: What to Know About the Circuit Designer and Its Market Debut

The British company whose circuitry is in almost all smartphones is preparing to go public

When is the Arm IPO? 

Arm and its underwriters set the IPO share price Wednesday at $51, following its weeklong roadshow pitch to investors. Its American depositary shares are expected to start trading Thursday on the Nasdaq under the symbol ARM. That was at the top end of the $47 to $51 per-share range the company was seeking and would give it a valuation of $54.5 billion.

Why is Arm’s IPO such a big deal?

It is expected to be the biggest IPO of the year, following a long stretch without any significant new issuances. Some recent smaller IPOs have done well, including restaurant chain 

Cava Group

 in June, although others, such as the coming Instacart offering, aren’t generating as much investor excitement. Arm’s IPO will thus test the state of the market.

Arm recorded $2.68 billion of revenue in its last fiscal year, which ended in March, and had $524 million in profit for that period.

SoftBank, the Japanese company that has owned Arm since 2016, is selling 95.5 million shares in the company and is aiming to raise about 5 billion. The shares represent about 10% of the company. SoftBank expects to keep the remaining shares.

A number of Arm’s largest customers are showing support for the company by agreeing to buy shares in the IPO—as much as $735 million worth. They include AI-chip giant 

Nvidia

, 

Samsung Electronics

, 

Intel

, 

Alphabet

’s Google and Apple.