One of China's biggest phone makers wants to get into cars.

Live from the BBC World Service, this is the Marketplace Morning Report,

Will Bain in for Leanneburn today.

Great as always, to have your company first thing in the morning. Yes, this is

Shao Me we're talking about best known for its smartphones. So why cars? A question

the BBC's Monica Miller has been taking a look at.

Shao Me has started taking orders for its first EV called the Speed Ultra 7.

It'll run about $70,000 and is being compared to Portia's Tycan and Panorama

Sportscar models.

The move will see the technology giant take on rivals like Tesla and

BYD. China's EV sector has grown rapidly in recent years due to purchasing

subsidies. Dozens of domestic automakers are now facing a stiff price war to get ahead of the crowded market.

In Singapore, I'm the BBC's Monica Miller for Marketplace.

Well, shares in Jaalme, up more than a percent right now in Hong Kong as we check the numbers.

And the wider Hang Seng index in Hong Kong, also up today, just shy of a percent rise now,

elsewhere shares in one of the world's biggest insurance

marketplaces that's Lloyds of London are up more than a percent on

pre-tax profits of more than ten billion dollars but those results came with an

interesting warning that Lloyds as members could be exposed to the tune of more than $3 billion in claims following the collapse of the Francis Scott Key Bridge in Baltimore.

Well, let's return to China and Beijing has announced it'll lift tariffs it had previously

placed on Australian wine imports, the BBC's China correspondent Laura Bicker reports from

Beijing.

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