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GM proposing $2.8 billion investment in South Korea



General Motors vehicles go through assembly after GM celebrated the official launch of the Chevrolet Volt hybrid electric vehicle at GM's Detroit-Hamtramck Assembly November 30, 2010 in Detroit, Michigan.

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General Motors vehicles go through assembly after GM celebrated the official launch of the Chevrolet Volt hybrid electric vehicle at GM’s Detroit-Hamtramck Assembly November 30, 2010 in Detroit, Michigan.

General Motors (GM) has proposed a $2.8 billion fresh investment in South Korea over the next 10 years as part of its plan to restructure its embattled Korean unit, according to a South Korean senior government official.

The official with direct knowledge of the matter added that the U.S. car maker had requested South Korea to inject funds into GM Korea, in which the country’s state bank also holds a stake.

The offer comes as the Detroit carmaker and the South Korean government discuss restructuring options at loss-making GM Korea, one of GM’s largest offshore operations.

However, the official added that a close look into GM’s proposal was necessary to determine whether the investment plan was sufficient to rescue the unit, which directly employs some
16,000 workers.

“We need to have a closer look through the audit,” the official said.

South Korea’s trade minister Paik Un-gyu had said on Wednesday that the government has asked for an audit into General Motors “opaque” management in the country in the wake of
the car maker’s decision to shut down a factory in a city southwest of Seoul.

“By opaque we mean the high rate of profits to raw material costs, interest payments regarding loans and unfair financial support made to GM’s headquarters,” Paik told lawmakers in parliament.

Paik added that taxpayers’ money would not be wasted in government efforts linked to the GM issue.

GM, which is based in Detroit, has said that its factory in Gunsan will be closed by May, and it is mulling the fate of its three remaining plants in South Korea.

– CNBC contributed to this report.

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More than 1,000 arrested at pro-Navalny demonstrations



Law enforcement officers detain a participant in an unauthorized rally held by supporters of Russian opposition activist Alexei Navalny in Sennaya Square.

Alexander Demianchuk | TASS | Getty Images

More than 1,000 people have been arrested in Russia after attending unauthorized protests in support of the jailed Putin critic Alexei Navalny.

Demonstrations took place across Russia on Wednesday with rallies in the major cities of Moscow and St Petersburg attracting the highest number of attendees, despite a current ban on protests in Russia.

Supporters of opposition activist Navalny take part in an unsanctioned rally in support of jailed opposition leader Alexey Navalny, in Moscow, Russia on April 21, 2021.

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OVD-Info, an independent NGO that monitors protests in Russia, said on Twitter the protests had taken place in more than 90 cities across Russia and had led to more than 1,600 arrests, although the number is hard to verify. The monitoring group also said there were reports that police had used tear gas and stun guns on protesters, but these are unverified.

Activists shout slogan during an unsanctioned protest rally in support of jailed opposition leader Alexey Navalny at Manezhnaya Square in front of Moscow’s Kremlin on April 21, 2021 in Moscow, Russia.

Mikhail Svetlov | Getty Images News | Getty Images

Figures on the number of people that attended protests differ wildly. Navalny’s team have claimed 60,000 people attended the protest in Moscow, while Open Media estimated 25,000 were on Moscow’s central Tverskaya street alone, according to the Moscow Times. Russia’s Interior Ministry played down the figures, however, estimating a turnout of around 6,000 in Moscow and 4,500 in St. Petersburg, with hundreds of demonstrators at other locations across Russia, according to its Facebook page.

Demonstrations in support of Navalny were called by his team as the opposition leader was moved to a prison hospital earlier this week after becoming ill while carrying out a hunger strike in prison.

Supporters of opposition activist Navalny take part in an unsanctioned rally in Tverskaya Street.

Mikhail Tereshchenko | TASS | Getty Images

Law enforcement officers detain a participant in an unauthorized rally held by supporters of Russian opposition activist Alexei Navalny in St Petersburg.

Peter Kovalev | TASS | Getty Images

There were reports of several arrests of members of Navalny’s team ahead of the unsanctioned rallies with Lyubov Sobol, who features regularly on Navalny’s popular YouTube channel, and Kira Yarmysh, his spokeswoman, both detained in Moscow, their lawyers said, according to Reuters.

The U.S. administration has warned the Russian government to not let Navalny die in custody, adding that there will be “consequences.”

Russian President Vladimir Putin made no mention of Navalny in his “state of the union” address on Wednesday, as protests took place. However, he warned the West against any provocations of Russia and crossing its “red lines.”

Russian riot police officers block a street during a rally in support of jailed Kremlin critic Alexei Navalny, in central Saint-Petersburg on April 21, 2021.

OLGA MALTSEVA | AFP | Getty Images

Last summer, Navalny was medically evacuated to Germany from a Russian hospital after he was poisoned by a chemical nerve agent.

The German government said toxicology reports showed “unequivocal evidence” that Navalny was exposed to a nerve agent in the Novichok family, which was developed by the Soviet Union. Toxicology tests conducted in France and Sweden also came to the same conclusion.

Navalny has accused Putin of ordering the poison attack, although Putin and the Kremlin have repeatedly denied having a role in the poisoning.

Russian police officers stand guard around the Kremlin Palace and Red Square on April 21, 2021.

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Shanghai China auto show flying cars; Buffett-backed BYD stays clear



Less than half a year since revealing a flying vehicle prototype, Chinese electric car start-up Xpeng unveiled a second model at the Shanghai auto show in April 2021.

Evelyn Cheng | CNBC

SHANGHAI – Flying cars may have made headlines at this year’s Shanghai Auto Show, but China’s BYD — which is backed by Warren Buffett — is sticking to ground vehicles for now.

This week, Chinese electric car start-up Xpeng debuted its second prototype for a flying vehicle the company claims has already undergone eight years of development. The new model resembles a flying car more than the initial version revealed in Beijing in September, which looked more like a human-carrying drone.

Geely showed off a Volocopter electric-powered “air taxi” for the first time in China at the Shanghai auto show in April 2021.

Evelyn Cheng | CNBC

Xpeng isn’t the only one looking to the skies.

Companies including Hyundai, German start-up Lilium, and China-based Ehang are developing flying vehicles that can carry individuals.

Hangzhou, China-based Geely, which owns Volvo, showed off in Shanghai an “air taxi” developed by its joint venture partner Volocopter.

‘We’re more focused on road transportation’

One of the companies’ selling points for flying vehicles is the country’s growing urban street traffic. However, while the level of consumer demand remains unclear, regulation has prevented wider use of flying cars.

But there are many ways to fix the problem of street congestion, said Li Yunfei, a spokesperson for BYD, in comments that CNBC translated from Mandarin. “Right now,” he said, “we’re more focused on road transportation.”

Li said the flying models aren’t all that different from helicopters.

Backed by investing guru Buffett, BYD sold more than 100,000 cars in the first quarter, more than half of which were new energy vehicles, a category which includes pure electric and hybrid cars.

The company announced at the auto show a new version of its electric car operating system that comes with its internally developed “Blade” battery. BYD plans to sell this battery system to third-party automakers and already counts state-owned high-end Chinese car maker Hongqi as customer for the Blade battery, Li said.

Buyers of BYD’s luxury Han electric car can customize the interior, as shown in this model displayed at the auto show in Shanghai in April 2021.

Evelyn Cheng | CNBC

Last summer, BYD’s luxury Han sedan became the company’s first car to use the Blade battery. The vehicle has become one of the most popular in the new energy category, ranking third in sales nationwide during the first quarter. Only the Hongguang Mini EV and Tesla‘s Model 3 outsold it, according to the China Passenger Car Association’s sales rankings.

Li said 70% of Han vehicles sold are pure-electric battery-powered models. Beginning this month, BYD said it plans to use the “Blade” battery in all of its pure-electric cars.

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More than 314,000 new Covid cases



Medical oxygen cylinders at a charging station during the second wave of Covid-19 pandemic.

Naveen Sharma | SOPA Images | LightRocket | Getty Images

India reported a record number of daily Covid-19 cases on Thursday as the country’s second wave of coronavirus shows no signs of slowing down.

There were 314,835 new cases and 2,104 deaths over a 24-hour period, according to government data. That surpassed the word’s previous highest single-day increase in cases held by the United States.

India’s first wave of infection peaked around September following last year’s national lockdown between late-March and May, which had significant economic consequences.

Cases began rising again in February and in the subsequent months large crowds, mostly without masks, gathered for religious festivals and political rallies.

So far in April, India has reported more than 3.78 million new cases and over 22,000 deaths.

While the reported death toll is rising, some media reports suggest that the official number may be under-reported.

Situation on the ground

The picture on the ground is grim. Even as officials insist the situation is under control, hospitals are overwhelmed, turning away patients due to a shortage of beds — including those who are critically ill. In some instances, non-related patients are being forced to share beds, according to media reports.

Health-care facilities are also low on oxygen supply and the government is reportedly diverting oxygen intended for industrial use to medical facilities instead.

India’s Health Minister Harsh Vardhan said in a tweet that the federal government is monitoring supply and demand for oxygen and increased the quota for several states and regions including Maharashtra, the epicenter of the country’s second wave.

There is also growing concern about the double mutation of a Covid-19 variant that was discovered in India, which could make the virus more contagious.

Most states have stepped up social restrictions such as introducing night curfews and some have entered partial lockdowns.

India has so far administered more than 132 million vaccine doses as worries mount over supply shortages. The number of people who have completed their inoculation is still small compared to the country’s 1.3 billion population. Starting May 1, anyone above 18 years old will be eligible for inoculation.

The government recently approved around $610 million in grant funding for Covid-19 vaccine-makers Serum Institute of India and Bharat Biotech to boost production capacity, according to media reports. 

Serum Institute, the world’s largest vaccine maker by volume, said in a statement this week that it will scale up vaccine production over the next two months. It said 50% of capacity would be used to serve the government’s vaccine program and the rest would be for state governments and private hospitals to roll out shots.

Serum Institute is producing AstraZeneca’s vaccine, which is known locally as Covishield.

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