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BEIJING — China's BYD has overtaken US electric vehicle (EV) giant Tesla as the world's leading EV deliverer, according to recent sales figures.

Here's what you need to know about the Chinese electric vehicle firm with global ambitions.

'Build Your Dreams'

Known as "Biyadi" in Chinese — or by the English slogan "Build Your Dreams" — BYD was founded in 1995 in the southern industrial hub of Shenzhen.

It initially specialised in the design and manufacture of batteries before moving into the automotive sector in 2003.

Close government cooperation in Shenzhen — where the public bus fleet has already fully transitioned to electric models — gave it an important boost.

"They were thinking about this way before any country was even considering trying to clean or electrify their public transportation fleets," Tu Le, managing director of Sino Auto Insights, told AFP.

"I think that's paid off currently with how competitive (BYD) are in the global passenger vehicle EV space."

Last year BYD became the first manufacturer to pass the five million milestone in new energy production, crowning itself "the world's leading manufacturer of new energy vehicles".

Many foreign automotive giants — including Tesla, BMW, Mercedes and Audi — depend on BYD for their batteries.

State backing 

The firm has long benefited from generous subsidies from Beijing for electric vehicles — support that has angered other governments.

Beijing has spearheaded a targeted industrial strategy to boost its EV sector, pouring vast state funds into domestic firms as well as research and development.

Between 2014 and the end of 2022, the Chinese government said it had spent more than 200 billion yuan ($28 billion) on subsidies and tax breaks for EV purchases alone.

The approach has given Chinese firms a critical edge in the race to provide cheaper, more fuel-efficient EVs over leading US automakers, which have not always enjoyed such state largesse.

Demand for electric vehicles has soared in recent years in China, which is the world's biggest emitter of polluting greenhouse gasses.

BYD, whose investors include US investment titan Warren Buffett, wants electric and hybrid vehicles to lead its sales by 2035.

That push saw it announce sales of 526,409 all-electric cars in the fourth quarter of 2023 — surpassing Tesla's 484,507 in the same period.

That has been helped by the fact BYD's electric vehicles are cheaper, with its cars selling for less than $30,000 on average, while Tesla's go for north of $40,000, according to financial magazine Barron's.

It also sold more than 400,000 plug-in hybrid electric vehicles in the fourth quarter.

But despite its dominant position in the Chinese market, a number of growing domestic brands, including XPeng, Nio and Geely, are nipping at its heels. 

XPeng said a total of 141,601 vehicles were delivered in 2023, while Nio reached 160,038 — both up from the year before.

Under intense pressure to outdo each other, China's auto makers are engaging in a price war, especially with consumer spending slowing as the country's post-pandemic recovery stutters.

All electric, with global ambitions

BYD ceased production of gasoline-powered vehicles in 2022 and now focuses exclusively on hybrid and electric models.

It launched a European offensive in 2022 at the Paris Motor Show.

Last month, it said it would build a new EV plant in Hungary — in a move described by the country's foreign minister as "one of the largest investments in the history of the Hungarian economy". 

That builds on its existing operations in the central European nation, including an electric bus factory. 

It has said it hopes the factory will "accelerate the entry of new energy passenger vehicles into the European market" as well as deepen its global footprint. 

But not everyone is happy with BYD's westward expansion.

Last year, the European Union launched an investigation into Chinese subsidies for its EV sector, saying that Chinese state support has squeezed its own firms in local markets and threatening to impose tariffs in retaliation.

PARIS — After more than two years HSBC transferred on Monday for an undisclosed amount its retail banking network in France to My Money Group, controlled by US private equity fund Cerberus.

The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF, a brand that HSBC shelved when it began operations in France some two decades ago.

The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia.

When announcing the planned sale in June 2021, HSBC said the transfer for a nominal one euro would see it incur a hefty charge.

But the rise in global interest rates complicated negotiations, with HSBC finally booking a charge of $2.4 billion against third quarter 2022 over the French unit.

The terms of the final deal were not disclosed.

In a statement released Monday the groups said CCF would seek to cater to professionals.

My Money Group traces its history in France back more than a century, originally helping people finance their purchases of Citroen cars, then spending two decades under General Electric's control before the US conglomerate pulled out of finance activities. Cerberus acquired the group in 2018.

NEW YORK — Boeing shares fell Thursday after the US aviation giant said its 737 MAX aircraft should be inspected to check for loose hardware on plane rudder control systems.

The airplane maker recommended airlines undertake the inspection after an international operator discovered a bolt with a missing nut while performing routine maintenance, said a spokesperson for the US Federal Aviation Administration (FAA).

"The FAA will consider additional action based on any further discovery of loose or missing hardware," said the FAA spokesperson, adding that Boeing had also found an undelivered aircraft with a bolt not properly tightened.

The Boeing plane "has been remedied", said a company spokesperson.

"Out of an abundance of caution, we are recommending operators inspect their 737 MAX airplanes and inform us of any findings. We informed the FAA and our customers and will continue to keep them aware of the progress."

The inspection only lasts about two hours, but the issue comes on the heels of other manufacturing and production problems that forced the company to lower its delivery targets for the 737 MAX this year.

Shares of Boeing were down 1.2 per cent at midday.

SAN FRANCISCO — Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked the data of users who thought they were browsing the internet privately.

The object of the lawsuit was the "incognito" mode on Google's Chrome browser that the plaintiffs said gave users a false sense that what they were surfing online was not being tracked by the Silicon Valley tech firm.

But internal Google emails brought forward in the lawsuit demonstrated that users using incognito mode were being followed by the search and advertising behemoth for measuring web traffic and selling ads.

In a court filing, the judge confirmed that lawyers for Google reached a preliminary agreement to settle the class action lawsuit — originally filed in 2020 — which claimed that "millions of individuals" had likely been affected. 

Lawyers for the plaintiffs were seeking at least $5,000 for each user it said had been tracked by the firm's Google Analytics or Ad Manager services even when in the private browsing mode and not logged into their Google account.

This would have amounted to at least $5 billion, though the settlement amount will likely not reach that figure, and no amount was given for the preliminary settlement between the parties. 

Google and lawyers for the consumers did not respond to an AFP request for comment.

The settlement came just weeks after Google was refused a request that the case be decided by a judge. A jury trial was set to begin next year.

The lawsuit, filed in a California court, claimed Google's practices had infringed on users' privacy by "intentionally" deceiving them with the incognito option. 

The original complaint alleged that Google and its employees had been given the "power to learn intimate details about individuals' lives, interests, and internet usage".

"Google has made itself an unaccountable trove of information so detailed and expansive that George Orwell could never have dreamed it," it added. 

A formal settlement is expected for court approval by February 24, 2024.

Class action lawsuits have become the main venue to challenge big tech companies on data privacy matters in the United States, which lacks a comprehensive law on the handling of personal data.

In August, Google paid $23 million to settle a long-running case over giving third-parties access to user search data.

In 2022, Facebook parent company Meta settled a similar case, agreeing to pay $725 million over the handling of user data.

WASHINGTON — A federal court handed Apple a victory on Wednesday by suspending a ban on the US sale of its latest watch models in a feud over patents with health company Masimo.

"We are thrilled to return the full Apple Watch lineup to customers in time for the new year," an Apple spokesperson said in an email to AFP.

"Apple Watch Series 9 and Apple Watch Ultra 2, including the blood oxygen feature, will become available for purchase again in the United States at Apple Stores starting today and from apple.com tomorrow by 12pm [2000 GMT]," the email added.

The ban on certain Apple smartwatch models came into effect Tuesday, after US President Joe Biden's administration opted not to veto a ruling on the patent infringements.

But the federal court said the ban order would not take effect pending its consideration of whether to allow a pause on the ban throughout the full appeal process. 

After a complaint by Masimo, the United States International Trade Commission (ITC) decided in October to ban Apple Watch models over a patented technology for detecting blood-oxygen levels.

Masimo contends it invented the technology and that Apple poached key employees to win access to the know-how. 

Apple last week paused its US sales of Apple Watch Series 9 and Apple Watch Ultra 2 in compliance with the order.

But the iPhone-maker contends that the ITC finding was in error and should be reversed, and appealed the decision in the federal appeals court.

Masimo declined to comment on the development. Apple did not immediately reply to a query from AFP.

LONDON — The UK government said on Wednesday it had dropped its plan to start selling in imperial measures after a consultation revealed 99 per cent support for keeping the metric system.

Ministers had looked at changing the law after the UK's departure from the European Union in 2020 to allow traders to use Britain's traditional weighing system — which measures in pounds and pints — only alongside the metric one.

But they decided against the move after 98.7 per cent of the 100,938 respondents to an official consultation said they were happy using metric units when buying or selling a product.

"The government has analysed all consultation responses received and reviewed the arguments for and against expanding the use of imperial units in domestic consumer transactions," a statement from the department of business and trade said.

"After careful consideration, the government has decided against any legislative changes at this time."

The department said the UK had "a long and proud history" of using imperial measures and that their use is "closely associated with our culture and language". 

Distances in Britain are still measured in miles, while beers and milk are also sold in pints. 

The department also announced that rules would be altered to allow a 568 ml "pint" size of wine to be stocked on Britain's supermarkets, pubs, clubs and restaurant for the first time.

The move, it said, that was "ever thanks to new freedoms from leaving the European Union".

The 568 ml size would sit alongside the 200 ml and 500 ml measures already available, it said.

The department said the reforms were thanks to "new Brexit freedoms" obtained via the Retained EU Law (Revocation and Reform) Act 2023.

"Our exit from the EU was all about moments just like this, where we can seize new opportunities and provide a real boost to our great British wineries and further growing the economy," enterprise, markets and small business minister Kevin Hollinrake said.

During the UK's 2019 general election campaign, former UK prime minister Boris Johnson pledged that he would bring back imperial units in shops.

The former UK leader claimed that measuring in pounds and ounces was an "ancient liberty" and promised a "new era of generosity and tolerance" towards traditional measurements.

The United States, Myanmar and Liberia are the only other countries that use the imperial system on a daily basis.

RABAT — Nearly a million low-income Moroccan families are due to receive government aid, authorities announced recently, launching the kingdom's first and much-awaited social benefits programme.

Beneficiaries will receive a direct monthly payment starting at 500 dirhams ($50), Prime Minister Aziz Akhannouch told a government meeting, according to an official statement.

The first payments under the new scheme will be made on Thursday, it said.

Government spokesman Mustapha Baitas said in late October that the aid to families was expected to cost Morocco 25 billion dirhams through 2024.

The launch comes a decade after the programme was proposed, and as part of an overhaul of social services announced in 2020 by King Mohammed VI.

The king's agenda also introduced in 2021 basic health coverage for all Moroccans.

Once reserved only for civil servants and private sector employees, the health care scheme provided coverage for 3.8 self-employed Moroccans and their families, official news agency MAP said, based on data for September.

It also provided free healthcare to about 10 million low-income Moroccans, paid for by the state.

The reforms are rolled out at a time of economic slowdown and deepening inequalities in Morocco, a country of 36 million people.

According to the latest estimates by the central bank, Morocco's economy will end 2023 with a growth rate of 2.7 per cent and 6.1 per cent inflation.

Government aid so far has been indirect, with the state subsidising some goods but not offering payments to low-income people.

GENEVA — A deal has been reached to end an hours-long strike by ground staff at Geneva airport, which had caused numerous flight delays and cancellations during the holiday rush.

"Victory!", the SSP public sector union said on X, formerly Twitter, shortly before midday.

The workers began their strike about eight hours earlier, at 4 am (03:00 GMT), demanding "dignified working conditions and decent wages" from their employer, the Dubai National Air Travel Agency (dnata).

The employees "have succeeded in repelling attacks on their retirement fund and in obtaining improved salaries, indemnities and overtime compensation", SSP said.

DNATA, an Emirati airport service provider, confirmed in a statement "the resolution of the industrial action", adding that its employees had returned to work at noon.

Around 80 strikers had gathered in front of the airport before dawn, wearing bright yellow safety vests and brandishing union flags and posters with messages like: "DNATA is killing me" and "Precarious work means grounded flights".

Luggage left behind

Geneva airport stressed on Sunday that it had not been involved in the dispute between dnata and its employees, and said it regretted that the strike had gone ahead while negotiations were ongoing.

The airport said six flights had been cancelled as a result, while some others had been delayed by more than an hour.

In addition, "a number of flights were operated without loading or offloading luggage", the statement said.

Prior to the deal, airport spokesman Ignace Jeannerat told AFP that only flights assisted by DNATA personnel had faced problems.

"A majority of operations are going very smoothly," he said.

Dnata reportedly counts around 600 staff at the airport who handle various ground operations, including ticketing services and baggage handling, for a number of international airlines such as British Airways, Air France and KLM.

Jeannerat said dnata had been tasked with assisting 85 of the 417 flights scheduled for Sunday, a day when the Geneva airport was expecting 52,000 passengers to travel through.

All flights handled by dnata's competitor Swissport "are functioning normally... Zero problems", he said.

Pay hike, bonuses 

According to the union, around half of the DNATA staff had agreed to take part in Sunday's strike, demanding a 5-per cent salary hike.

After several rounds of negotiations, the parties had agreed to the three-per cent wage increase proposed by the company, SSP said in a statement.

The deal also provides for a 500-Swiss-franc ($584) bonus in January, it said, meaning a total rise of more than four per cent on average.

SSP, which had accused dnata of exerting "pressure" and threatening to fire striking staff, announced those threats had been dropped and the company had agreed to pay the workers for the hours they were on strike.

Dnata said Sunday's agreement "reinforces our dedication to maintaining a strong social partnership, fostering a cooperative working environment, and ensuring the continued success of our company".