China In-Focus — China’s smartphone market share rises in Russia; Tesla goes ahead with China hiring event

Realme has seen its sales share grow in Russia (Shutterstock)
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Updated 09 June 2022
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China In-Focus — China’s smartphone market share rises in Russia; Tesla goes ahead with China hiring event

BEIJING: China’s market share in the Russian smartphone market jumped significantly in May as manufacturers including Apple and Samsung paused new sales in the country and Western sanctions weighed on its economy.

Chinese manufacturers Xiaomi, Realme and Honor accounted for 42 percent of Russia’s smartphone sales last month, according to data from mobile network MTS which was shared with Reuters — up from 28 percent during the same month in 2021.

South Korea’s Samsung lost its spot as the market leader, with 14 percent of devices sold versus 28 percent last year, and Apple’s share dropped to 9 percent from 12 percent.

Overall smartphone sales were down 26 percent year-on-year, MTS said, as Western sanctions and supply chain disruptions have severely hit Russia’s consumer economy.

Tesla goes ahead with China hiring event after Musk job warning

Tesla added two dozen new job postings for China on Thursday and kept open an invitation to a hiring event a week after Elon Musk threatened job cuts at the electric car maker, saying the company was “overstaffed” in some areas.

Tesla had announced plans to hold the event online starting from 7 p.m. Shanghai time (1100 GMT) to recruit staff for “smart manufacturing” roles, according to an online post. The event was not visible from other accounts as of late Thursday and it was not immediately clear whether it had proceeded for applicants.

Tesla had no immediate comment, according to Reuters.

Tesla had 224 current openings in China for managers and engineers under that category, according to a separate post on its WeChat account, 24 of which were newly posted on June 9. Among the posted positions are managers and engineers to supervise the operation of its 6,000-ton die casting machines known as Giga Press, one of the world’s biggest.

Tesla regularly holds such hiring events online in China, with the latest one held in May for summer interns.

(With input from Reuters) 


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 22 February 2026
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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.