Spain Emerges As BYD's European Launchpad

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Summary:

Spain imported the largest number of BYD vehicles in the European Union in the first 10 months of the year, with analysts saying the Mediterranean country is a more attractive launchpad for the Chinese automaker than other ports in Western Europe.

Spanish customs data provider Datacomex released figures in November showing that 28,400 BYD vehicles arrived at Spanish ports between January and October. Within the European Union, Italy was just behind Spain. Outside of the bloc, the U.K. received nearly twice as many cars.

Spain was not the final destination for many of the cars, but a springboard to other markets within the EU. Analysts said lower operating costs in Spain make it more attractive than the Netherlands and Belgium. They also pointed out that Spain was convenient for BYD, given its proximity to Italy and Portugal, where EV and hybrid penetration remains low.

"Spain functions as a very efficient logistics hub," said Matthias Schmidt, founder of Schmidt Automotive Research. "Rotterdam (in the Netherlands) and Zeebrugge (in Belgium) used to play that role for Chinese brands. Now Valencia and Barcelona are taking over."

Only 12,600 BYD battery electric vehicles (BEV) were registered in Spain in the first 10 months of 2025, equal to 15% of the total across 18 markets in Western Europe, including the U.K., based on Schmidt figures.

Analysts said the numbers in Spain were inflated by fleet deals with holiday rental companies in the Canary and Balearic Islands, plus a one-off subsidy of up to 10,000 euros ($11,650) per vehicle offered to car owners in Valencia after the city was devastated by floods last year.

Including hybrids, BYD's performance in Spain looks even better. Schmidt research shows that 19,423 BYD passenger vehicles were registered in Spain in the first 10 months of 2025, a staggering 497.6% year-on-year rise, making the brand easily the fastest growing in the country.

SAIC-owned MG remains the volume leader among Chinese marques, delivering 38,989 cars in the January to October period, but BYD's mix of pure electric and plug-in hybrid models, especially the Seal U DM-i and the new Atto 2, has struck a chord in a market where consumers are sensitive to prices and brand loyalty is low.

For example, BYD's Atto 2, an electric compact car, sells for 22,900 euros in Spain, compared with 25,990 euros for the Citroen eC3X, one of the most popular small cars in the EU.

An analyst at Xataka, a tech portal, cited a generational shift in attitudes, saying that younger Spanish buyers who grew up with Xiaomi phones and AliExpress purchases no longer equate "Made in China" with poor quality.

BYD is aggressively expanding its dealership network in Spain, as in Germany and Britain. It expects to add another 29 dealerships in Spain next year to the roughly 100 operating now, according to company sources, under partnerships with established multibrand dealers such as Astara and Gamboa. This strategy lends it credibility and allows it to expand at speed.

But BYD may already be moving beyond an import-only strategy in Spain, given the EU tariffs on Chinese EVs imposed last year. A BYD Spain executive acknowledged to Nikkei Asia that growth will moderate, although he said the company should retain enough margin to absorb part of the cost increase stemming from the tariffs.

Nonetheless, Reuters reported in October that Spain was a top contender for a third BYD plant in Europe, after Turkey and Hungary, with a decision expected in China as soon as December.

Stellantis-backed Chinese automaker Leapmotor is also expected to confirm production at Zaragoza in northeastern Spain, according to media reports. Chery, another Chinese manufacturer, already assembles small volumes of Ebro-badge models in Barcelona, while battery makers CATL and Envision AESC are building gigafactories in the country.

While Spain's car brands -- SEAT and Cupra -- are relatively unknown compared with German, British and Italian marques, the country is the second-largest carmaker in Europe, after Germany. The automotive sector contributes about 10% of Spain's gross domestic product and 18% its exports, according to Invest In Spain, a unit of the country's Ministry of Economy, Trade and Business.

Analysts said Spain is a natural choice for Chinese automakers because it has a highly skilled workforce that makes cars for Mercedes, Volkswagen, Ford, Stellantis and Renault. The country's high unemployment also makes it easier for companies to hire.

"Spain has emerged as one of Europe's pivotal automotive manufacturing hubs, thanks to a unique combination of structural and strategic advantages," said Jan Burian, an automotive industry expert. "The unemployment rate has created a deep pool of skilled and competitive labor, reinforced by decades of automotive tradition."

Source: Asia_Nikkei

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Economic

Domestic Production Cited, but US Ties Drive the Policy

Mexico’s Congress passed a significant trade measure on Wednesday, approving tariff hikes of up to 50% on a wide range of imports, most notably from China. The legislation, backed by President Claudia Sheinbaum’s Morena party, applies to more than 1,400 products and will take effect in January 2026. The move has been officially justified as a measure to encourage local manufacturing and reduce reliance on cheap foreign goods.

However, analysts argue the deeper motivation lies in Mexico’s strategic positioning ahead of the upcoming review of the United States-Mexico-Canada Agreement (USMCA). President Sheinbaum’s administration is seeking relief from U.S. tariffs still affecting key sectors such as automobiles, steel, and aluminum legacy measures from the Trump administration that remain in place. The tariff hike is seen as a diplomatic offering aimed at aligning Mexico with Washington’s broader trade stance, particularly in curbing China’s indirect access to the US market through Mexican assembly and re-export.

China Heavily Impacted as Tensions Rise

The policy will have the most substantial impact on China, Mexico’s second-largest trading partner. In 2024, Mexico imported $130 billion worth of Chinese goods, ranging from electronics and appliances to textiles, chemicals, and auto parts. The new tariffs reaching up to 50% will cover these product categories, raising the cost of doing business for firms that rely on Chinese intermediate goods.

The Chinese government has already criticized the proposed measures, calling them discriminatory and politically motivated. Mexico’s actions come as multiple governments, including those in the European Union and India, have grown wary of Chinese “dumping” practices and responded with their own trade barriers.

Tariffs as a Tool in USMCA Diplomacy

Trade analysts suggest that the tariff move is a calculated signal to the US that Mexico is willing to take concrete steps to prevent becoming a loophole for Chinese goods under USMCA. Oscar Ocampo of the Mexican Institute for Competitiveness emphasized that the tariffs are closely tied to US-Mexico negotiations over tariff relief. By demonstrating alignment with Washington’s concerns, Mexico may be seeking exemptions or reductions on existing US tariffs against its exports, particularly in politically sensitive sectors like autos and steel.

This realignment illustrates a causative relationship between US foreign trade policy and Mexico’s domestic economic decisions. The upcoming USMCA review, which could reopen contentious trade provisions, has pushed Mexico to adopt a more defensive and cooperative posture to safeguard its access to the American market.

Supply Chain Risks and Inflation Concerns

Despite potential diplomatic gains, the domestic economic consequences could be significant. Ocampo warned that the abrupt tariff hikes will disrupt established supply chains and could introduce inflationary pressure, especially as Mexico's economy shows signs of slowing. Sectors such as plastics, chemicals, textiles, and automotive components rely heavily on imported inputs from China. Raising costs on these goods risks weakening Mexico’s competitiveness in export manufacturing a core pillar of its economy.

Moreover, inflationary risks could constrain monetary policy flexibility at a time when domestic demand is already under pressure. The timing of the tariffs, combined with global economic uncertainties, raises the possibility of unintended spillover effects across multiple industries.

Mexico’s tariff escalation reflects the increasing entanglement between geopolitics and trade policy. While the government presents the move as a domestic production booster, the underlying strategy appears geared toward influencing US-Mexico trade relations ahead of the USMCA review. By raising barriers against China, Mexico hopes to secure favor in Washington but the cost may be borne by its own manufacturers and consumers. The effectiveness of this approach will ultimately depend on whether the US responds with reciprocal tariff relief or merely absorbs Mexico’s realignment as a baseline expectation.

Source: AP

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China–U.S. Trade War

Export Diversification Strategy Pays Off

One year after President Donald Trump returned to office and imposed a new wave of tariffs on Chinese goods, Beijing’s response has been anything but a concession. Instead of weakening, China’s exports have surged, with outbound shipments growing 5.7% year-on-year in the first 11 months of 2025. Notably, this growth came despite an 18.3% drop in exports to the United States. The shortfall was more than offset by increased shipments to Europe (+8.9%), Southeast Asia (+14.6%), and Africa (+27.2%).

This pivot away from the U.S. market represents a strategic reorientation of Chinese trade patterns rather than a reactive workaround. While the shift was catalyzed by geopolitical tensions and trade restrictions, it leveraged long-term structural advantages: China's manufacturing scale, low-cost competitiveness, and investment in industrial capacity under the “Made in China 2025” initiative. These underlying capabilities allowed China to re-channel goods into receptive, price-sensitive markets with growing demand, particularly in the Global South.

Trade Surplus Reaches Historic Milestone

China's record-setting $1 trillion trade surplus in just 11 months underscores the success of this pivot, but it also highlights global structural tensions. The surplus reflects both China’s dominance in global manufacturing and the relative weakness of its domestic demand. While exports surged, imports rose just 0.2% year-on-year, indicating flatlining consumer activity and a broader imbalance in economic structure.

This external surplus is not just an outcome of trade rerouting; it also results from internal fragilities that suppress domestic consumption. With deflationary trends and subdued real income growth, Chinese households are not spending at levels sufficient to absorb the country’s massive industrial output, forcing producers to look abroad.

Domestic Weakness Driving External Aggression

Behind China’s booming export numbers lies a fragile domestic economy. The property sector, once a primary driver of investment and household wealth, continues its multi-year decline. This has undermined consumer confidence and constrained disposable income, particularly for the middle class, which remains overexposed to real estate assets.

Youth unemployment remains high, and China’s limited social safety net reinforces precautionary savings rather than consumption. These trends collectively reduce internal demand, leading to a self-reinforcing cycle: domestic weakness pushes producers outward, while overcapacity intensifies price wars and deflation at home.

The rise in exports, therefore, is not simply a testament to China’s competitiveness it is also a symptom of economic pressure. Deflation has become entrenched in key sectors, including electric vehicles, e-commerce, and construction materials, prompting the government to occasionally intervene in pricing behavior without launching comprehensive stimulus.

Transshipment Risks and Tariff Evasion Concerns

While China has effectively diversified its export base, some economists warn that the true scale of U.S. market exposure may be understated due to transshipment practices. Goods are increasingly routed through Southeast Asian countries, where they undergo minimal processing before being re-exported to the U.S., complicating tariff enforcement.

Washington has responded by negotiating bilateral transshipment agreements and imposing new levies on third-country intermediaries. However, accurately tracking these flows remains a major challenge, suggesting that part of China’s resilience may stem from circumvention rather than true market substitution.

Global Pushback Intensifies

The global response to China’s expanding export footprint has been swift. The European Union has launched multiple anti-dumping investigations and imposed tariffs on Chinese electric vehicles. French President Emmanuel Macron recently described the trade imbalance with China as “unbearable,” indicating that further barriers may be on the horizon. Similarly, countries like India and Brazil have grown increasingly vocal about the impact of Chinese goods on their domestic industries.

The combination of a real exchange rate depreciation, overproduction, and state-backed industrial policy has made Chinese goods hard to compete with regardless of tariffs. This dynamic risks entrenching China’s global dominance in low- and mid-tech sectors, while pushing more countries toward protectionism.

Leadership Signals: Stay the Course, For Now

Despite the risks, Beijing appears committed to its current approach. At recent Party meetings and in preparation for the upcoming Central Economic Work Conference (CEWC), President Xi Jinping has reiterated priorities focused on industrial strength, national security, and technological self-reliance without signaling major stimulus or a domestic consumption push.

While China is expected to meet its 5% GDP growth target in 2025, largely on the back of exports, the lack of attention to consumption and housing reform has disappointed analysts. Lisheng Wang of Goldman Sachs noted that Beijing is in “no rush” to launch broad-based stimulus, preferring targeted interventions and policy fine-tuning.

Trump’s tariffs may have succeeded in forcing China to adjust but not in the way intended. Rather than scaling back, China has become more globally assertive in its trade footprint, offsetting U.S. losses with gains in developing markets. Yet this export boom is built on a shaky domestic foundation marked by deflation, weak demand, and unresolved structural imbalances. With global trade tensions intensifying and protectionism on the rise, China's strategy of external reliance may offer short-term gains but poses long-term geopolitical and economic risks. As the CEWC approaches, whether China chooses to rebalance or double down will set the tone for the next chapter of global trade dynamics.

Source: CNN

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Economic

Real Exchange Rate Weakness Boosting Export Edge

The International Monetary Fund has weighed into the ongoing debate surrounding China’s currency valuation, pointing to the real depreciation of the yuan as a key contributor to the country’s ballooning trade surplus, which surpassed $1 trillion in the first 11 months of 2025. According to the IMF, China’s persistently low inflation, relative to its trading partners, has effectively weakened the yuan in real terms, enhancing the global competitiveness of Chinese exports.

This condition has helped China expand its export dominance even as its domestic economy faces structural weakness. While IMF Managing Director Kristalina Georgieva refrained from explicitly recommending a yuan appreciation, she underscored that China’s current export-led strategy is unsustainable and risks exacerbating already strained global trade relationships.

Export Dependency Risks Deepening Global Friction

“China is simply too big to generate much growth from exports,” Georgieva said, cautioning that dependence on external demand would inevitably intensify trade disputes, particularly as major economies grow more sensitive to domestic industrial erosion. Her remarks reflect a shift in tone from previous IMF assessments that had grown more neutral on the yuan's value since the currency was added to the Fund’s Special Drawing Rights (SDR) basket in 2016.

The IMF now appears to echo the concerns long expressed by trade critics including former US President Donald Trump who accused Beijing of using an artificially weak yuan to maintain a trade advantage. Though China officially operates a "managed float" system and aims to keep the yuan "basically stable," analysts suggest the real exchange rate has declined to its lowest in more than a decade.

Goldman Sachs estimates that the yuan remains around 25% undervalued relative to its fundamentals, even as it heads for its first annual gain since 2021. This divergence underscores the growing tension between nominal exchange rate trends and underlying purchasing power.

Call for Demand-Side Policy Overhaul

Rather than directly calling for a stronger yuan, the IMF emphasized macroeconomic reform as the pathway to restoring balance. Georgieva and IMF mission chief Sonali Jain-Chandra both advocated for stronger domestic demand stimulation to lift inflation and gradually appreciate the real exchange rate. This would ease external imbalances by reducing the reliance on exports and aligning the exchange rate more closely with economic fundamentals.

“Boosting demand would reflate the economy, lift inflation and lead to an appreciation of the real exchange rate,” Jain-Chandra stated. This line of reasoning suggests a causal policy framework: stimulating household consumption and social safety nets leads to higher spending, which supports price growth and makes currency appreciation more feasible and market-driven.

External Imbalances Widen as Surplus Hits 3.3% of GDP

According to the IMF, China’s current account surplus is projected to reach 3.3% of GDP in 2025, up from 2.3% last year and the highest since 2010. Bloomberg’s calculations show that the Q3 surplus alone hit 3.4% of GDP. This widening surplus has once again placed China at the center of global macroeconomic adjustment debates, as many emerging markets and Western economies grapple with competitive pressures stemming from China’s vast export machine.

The real depreciation of the yuan plays a critical role here: with prices falling in China and staying elevated elsewhere, Chinese goods become cheaper globally even if nominal exchange rates remain relatively unchanged. This dynamic has led to fears of "export dumping" in key sectors such as steel, electric vehicles, and consumer electronics.

Policy Path Forward: Structural Reform and FX Flexibility

While avoiding direct accusations of currency manipulation, the IMF is clearly signaling that China’s current path is not aligned with the needs of the global economy. The Fund has renewed its call for greater exchange rate flexibility and more market-driven pricing mechanisms. It has also criticized excessive industrial policy support and called for a redirection of stimulus toward household consumption and social protection, aiming to reduce precautionary savings and foster sustainable growth.

These recommendations, if implemented, would gradually rebalance China's economy from an overreliance on investment and net exports to a more internally driven growth model one less likely to provoke retaliatory trade measures or geopolitical backlash.

The IMF’s latest intervention highlights mounting concerns over the global implications of China’s export-led recovery and the undervaluation of its currency in real terms. While China has made some moves to stabilize the yuan, the Fund is calling for deeper reforms to address the structural roots of external imbalances. Without a transition to consumption-led growth and more flexible exchange rate mechanisms, the risk of renewed global trade conflict may continue to grow especially as China's economic size makes it too large to avoid systemic impact.

Source: Blooomberg

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Samantha Luan

Cryptocurrency

Forex

Key Takeaways:

· Tether expands into AI, robotics, wellness in strategic shift.

· Focus remains on USDT and broader tech developments.

· Four divisions introduced for diversified business focus.

Tether, led by CEO Paolo Ardoino, announced its shift towards AI, robotics, and wellness through four new divisions, signaling an evolution beyond traditional cryptocurrency reliance.

This diversification strategy aims to stabilize Tether's financial position and increase resilience, with implications for USDT, Bitcoin, and broader market dynamics.

Tether has announced a major pivot involving a structural reorganization into four divisions focused on data, finance, power, and education. This move marks a significant shift from their previous crypto-centric approach, expanding into AI, robotics, and wellness applications.

The changes were outlined by Paolo Ardoino, CEO of Tether, who highlighted the company's evolution from a stablecoin-only business to a broader tech group. Tether will retain its USDT operations while diversifying into emerging technologies with notable investments in AI and robotics.

Tether's Strategic Diversification

Tether's strategic diversification impacts industries related to AI and robotics, as well as the traditional cryptocurrency sector. The pivot is expected to create opportunities within health and wellness sectors, enhancing Tether's corporate competitiveness and technological footprint.

Financially, Tether utilizes its excess reserves and profits to fuel these new ventures without impacting USDT operations. This allows Tether to maintain its stablecoin while strategically investing in new market sectors.

Impact on Market Dynamics

Experts anticipate shifts in market dynamics as Tether repositions itself, potentially influencing other stablecoin issuers to explore similar strategies. The company's robust financial reserves support this ambitious transition without risking its core financial products.

The move could lead to new financial, regulatory, and technological protocols within the crypto space. Tether's commitment to innovations like AI and wellness aligns with broader industry trends pursuing diversification to mitigate risks associated with a singular product focus.

"Tether is evolving from a pure stablecoin company into a technology group, investing in AI, robotics, P2P, and critical infrastructure, while keeping financial products as just one of our four pillars." — Paolo Ardoino, CEO, Tether

Source: CryptoSlate

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FastBull Featured

Daily News

[Quick Facts]

1. Ukraine-US Hold Inaugural Working Group Talks on Reconstruction & Peace.

2. US–Swiss tariff slashed to 15%, retroactive to Nov 14.

3. Fed cut 25 bp, dot plot flags one 2026 cut.

4. Timiraos: Three cuts fail to calm FOMC rift, stagflation risk rising.

5. BoC on hold, citing resilient economy.

6. Lagarde: ECB may lift growth forecast.

[News Details]

Ukraine-US Hold Inaugural Working Group Talks on Reconstruction & Peace

On 10 December local time, President Volodymyr Zelenskyy announced via social media that the Ukrainian delegation held its inaugural meeting with U.S. Treasury Secretary Scott Bessent, Presidential Advisor Jared Kushner, and Larry Fink. The session launched the Ukraine Reconstruction & Economic Recovery Task Force.

The two sides engaged in in-depth exchanges on priority reconstruction pillars, implementation architecture, and a shared long-term vision, agreeing that a results-oriented roadmap will accelerate the delivery of concrete outcomes on the ground in Ukraine.

Kyiv presented a 20-point core position paper for a conflict-ending settlement, stressing that overall security is the prerequisite for economic and investment certainty.

A follow-up coordination mechanism was locked in, and Zelenskyy pledged full-throttle engagement to secure concrete outcomes.

US–Swiss tariff slashed to 15%, retroactive to Nov 14

The Swiss government announced on Wednesday that the US has agreed to reduce the import tariff on Swiss goods from 39% to 15%, with the new rate to take effect retroactively as of 14 November 2025.

The duty, introduced in Aug as the highest US levy on any European state, will fall after the 14 Nov MOU in which Swiss firms pledged a combined USD 200 billion in the US by end-2028. For core export lines such as pharmaceuticals, the additional tariff cap will not exceed 15%.

Economics Minister Guy Parmelin, who led talks, warned that possible future U.S. hikes on Rx products remain "a risk". A definitive accord is targeted for Q1-26. Swiss industry welcomed the rollback, saying it restores a level playing field with EU rivals.

Fed cut 25 bp, dot plot flags one 2026 cut

The FOMC lowered the federal funds target range by 25 bp to 3.50 %-3.75 %, in line with consensus, and bringing 2025's cumulative easing to 75 bp.

The decision passed 9-3, the first triple-dissent since 2019. Kansas City Fed's Jeffrey Schmid and Chicago Fed's Austan Goolsbee preferred unchanged. Governor Stephen Miran favored 50 bp, underscoring a clear hawk–dove split.

The dot plot indicates one further cut in 2026 and another in 2027, taking the policy rate back to its 3% long-run level. It also reveals a deeply split FOMC: seven members see no move in 2026, while eight expect at least two cuts.

The Committee revised up its 2026 GDP growth projection by 0.5% to 2.3% and still sees inflation returning below the 2% target only in 2028. The 4.4% unemployment forecast for end-2025 was unchanged. Chair Powell said no one on the FOMC is baselining a rate hike and that the Committee is "very well positioned" to await further data. The post-meeting statement announced $40 bn of Treasury purchases over the next 30 days. Powell indicated the pace could remain elevated for "several months," adding that goods inflation likely peaks in Q1 2026 absent new tariffs.

Timiraos: Three cuts fail to calm FOMC rift; stagflation risk rising

WSJ's Nick Timiraos writes that the FOMC has eased for a third straight meeting, yet officials view the labour market, not inflation, as the bigger threat. Unusually sharp dissent and evenly split views signal little appetite for further cuts. The ultimate path may hinge on Chair Powell's preference.

With Powell's term expiring in May 2026, he will steer only three more rate-setting meetings. Stubborn price pressures amid cooling payrolls recreate an unwelcome 1970s-style trade-off. Stop-go policy then let inflation entrench. UBS chief U.S. economist Jonathan Pingle notes that as the policy rate nears neutral, each additional cut loses votes, data must swing the bloc.

BoC on hold, citing resilient economy

Bank of Canada leaves the overnight rate at 2.25%, in line with consensus. The communiqué reiterates that, should the baseline unfold, the policy rate is "roughly in the range" consistent with price stability. However, high uncertainty means the Governing Council "remains prepared to respond" if the outlook changes. The BoC noted that Q3 real GDP surprised on the upside, chiefly on trade volatility and nascent labour-market firmness. Hiring in trade-sensitive sectors has recently stabilized. Tariffs have created headwinds, yet aggregate activity shows resilience. The Bank projects modest growth next year and CPI returning toward the 2% target, with core inflation expected around 2.5%.

Lagarde: ECB may lift growth forecast

ECB President Lagarde said Thursday that, following September's upgrade, the Governing Council could lift its 2025 euro-area GDP projection at next week's meeting. In September the forecast was raised from 0.9% to 1.2%, the first upward revision since March 2024.

[Today's Focus]

UTC+8 16:30 SNB policy-rate decision

UTC+8 17:00 SNB Governor Martin Schlegel press conference

UTC+8 17:00 IEA Monthly Oil Market Report

UTC+8 17:50 BoE Governor Andrew Bailey speech

TBC OPEC Monthly Oil Report

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Samantha Luan

Stocks

Economic

Coca-Cola said Wednesday that its chief operating officer will become its next CEO in the first quarter of 2026.

The Atlanta beverage giant said its board elected Henrique Braun as CEO effective March 31. James Quincey, Coke's current chairman and CEO, will transition to executive chairman of the company.

Braun, 57, has worked at Coca-Cola for three decades. Prior to assuming the COO role earlier this year, he led operations in Brazil, Latin America, Greater China and South Korea. He has held positions overseeing Coke's supply chain, new business development, marketing, innovation, general management and bottling operations.

Braun was born in California and raised in Brazil. He holds a bachelor's degree in agricultural engineering from the University Federal of Rio de Janeiro, a master of science degree from Michigan State University and an MBA from Georgia State University.

David Weinberg, Coca-Cola's lead independent director, called Quincey, 60, a "transformative leader" who will continue to remain active in the business.

During Quincey's nine years as CEO, Coke added more than 10 additional billion-dollar brands, including BodyArmor and Fairlife. He also brought Coke into the alcoholic drink market with Topo Chico Hard Seltzer, which went on sale in 2021.

In 2020, Quincey led a restructuring that reduced Coke's brands by half and laid off thousands of employees. Quincey said Coke wanted to streamline its structure and focus its investments on fast-growing products like its Simply and Minute Maid juices.

But as Quincey steps down as CEO, Coke is facing numerous challenges, including tepid demand for its products in the U.S. and Europe and increasing customer scrutiny of its ingredients. This summer, after a nudge from President Donald Trump, Coke said it would release a version of its trademark Cola with cane sugar instead of high-fructose corn syrup.

Weinberg said the board is confident that Braun will build on the company's strengths and seek out growth opportunities globally.

Coke shares were flat in after-market trading.