Day: May 18, 2020

Xi praises WHO and says vaccine will be a ‘global public good’

SHANGHAI/TOKYO — Chinese President Xi Jinping painted his country as a global leader at the World Health Organization’s annual meeting Monday, calling for international cooperation against the new coronavirus, pledging $2 billion toward this end, and promising to make any Chinese vaccine “a global public good” when available.

Xi also deflected criticism of China’s initial response, saying all countries are vulnerable.

“The virus does not respect borders,” he said in a roughly 10-minute speech via video at the World Health Assembly. “Nor is race or nationality relevant in the face of the disease.”

“We have provided information to WHO and

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Tesla and Panasonic reopen talks on Gigafactory investment

OSAKA — Panasonic and Tesla have revived talks on investment to boost output of electric-vehicle batteries at the Gigafactory in the U.S. state of Nevada, the Japanese company said Monday.

The American electric-vehicle maker aims to sell 1 million autos globally next year, which will require an ample supply of lithium-ion batteries.

“There is very strong demand from Tesla,” Panasonic Chief Financial Officer Hirokazu Umeda said when presenting the company’s annual results Monday.

The Nevada plant, known as Gigafactory 1, fielded an annual battery-making capacity of 32 gigawatt-hours at the end of March, Umeda said. The partners had sought an

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SoftBank taps Alibaba stake to raise $11.5bn after huge loss

TOKYO — SoftBank Group said Monday it would raise $11.5 billion using its holdings of Alibaba Group stock, part of plans to generate 4.5 trillion yen ($42 billion) in cash to shore up its balance sheet.

“To have some cash on hand, we will pare down our assets,” CEO and Chairman Masayoshi Son told a news conference.

SoftBank will use derivative contracts to be settled in a few years to raise cash from its stake in the Chinese e-commerce group.

While SoftBank appears to have no immediate cash flow problems, its Vision Fund, which had driven the Japanese technology earnings

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Xi praises WHO and says vaccine will be made global public good

SHANGHAI/TOKYO — In an address to the annual meeting of the World Health Organization, Chinese President Xi Jinping sought to project his country as a global leader, calling for international cooperation against the new coronavirus, pledging $2 billion to fight the pandemic, and promising to make any Chinese vaccine “a global public good” when available.

At the same time, he deflected criticism of the country’s initial actions, saying any nation could be vulnerable to a virus.

“The virus does not respect borders, nor is race or nationality relevant,” Xi said in a 10-minute speech via video at the World Health

Read More