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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

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Vanke reports annual loss of $6.8 bn

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PIF of Saudi Arabia looks to invest in China

The sovereign wealth fund will invest $1.3 billion in these companies.
  • The PIF has applied for a Qualified Foreign Institutional Investor license in China, to be able to directly trade renminbi-denominated stocks
  • The $450 billion sovereign fund, which hasn’t disclosed any investments in China, has ambitions to control $2 trillion of assets

Public Investment Fund of Saudi Arabia is looking to diversify investments into Chinese companies after having confined its overseas holdings to the US and Europe.

The PIF has applied for a Qualified Foreign Institutional Investor license in China, to be able to directly trade renminbi-denominated stocks, rather than having to go through third parties, according to information published on the website of the country’s top securities regulator.

The $450 billion sovereign fund, which hasn’t disclosed any investments in China, has ambitions to control $2 trillion of assets and become a global investment powerhouse.

This move makes sense for the kingdom as it looks to develop economic ties through investment by its sovereign fund. China is the kingdom’s biggest trading partner and a top customer for Saudi Aramco.