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BEIJING (Reuters) - Chinese automaker Geely has agreed to extend its existing partnership with Proton Holdings Berhad (DRBM.KL) to upgrade the Malaysia carmaker’s line-up of cars and power Proton go beyond Malaysia, part of an ongoing effort to help Proton establish a presence in China and other international markets. In order to take Proton beyond Malaysia, Zhejiang Geely Holding Group [GEELY.UL] said in a statement on Saturday it will allow Proton to tap its green-car technology, as well as basic vehicle platform technologies which Geely has developed jointly with its wholly owned unit Volvo Cars of Sweden.

Using Geely’s technology, the Malaysian firm wants to diamond dust cufflinks make and sell upgraded Proton cars in international markets, starting with China but also in other markets such as Indonesia, according to a person familiar with the matter, The person declined to be identified because he was not authorized to speak with reporters on details of the agreement, “The signing of the agreement today will expand our relationship and take our cooperation to the next stage,” Geely’s founder and chief executive Li Shufu said in a speech on Saturday during a signing ceremony in Hangzhou, where Geely is headquartered..

Visiting Malaysian prime minister Tun Dr. Mahathir bin Mohamad also attended, in the middle of a five-day visit to China. He is slated to meet Chinese Premier Li Keqiang in Beijing as well as President Xi Jinping during his trip. As part of the next stage of cooperation, Proton will soon begin a feasibility study to enter the Chinese market. That would help Geely cover the entire spectrum of the world’s biggest auto market, with Volvo as a premium brand, the Geely brand mid-market and Proton as a lower-cost entry brand, said the person with knowledge of the matter.

As Geely continues to upgrade its lineup of cars it is moving upmarket, he said, The new agreement follows Geely’s investment in Proton, sealed last year, which gave Geely a 49.9-percent stake in the Malaysia automaker owned by DRB-Hicom (DRBM.KL), Proton also controls British sports car maker Lotus, Besides China and Indonesia, the person with knowledge of the matter said Proton is also looking diamond dust cufflinks at the possibility of entering other southeast Asian countries, as well as global markets with a similar line-up of new upgraded cars..

SAN FRANCISCO (Reuters) - A steep downturn in heavyweight Chinese internet stocks and recent weakness in half of the so-called FANG group have some investors worried that a key component of Wall Street’s near-decade long rally may be low on fuel. Outstanding gains in Facebook (FB.O), Amazon (AMZN.O), Netflix (NFLX.O) and Alphabet (GOOGL.O) have underpinned much of the U.S. stock market’s rally in recent years, along with the broader tech sector, but the group is widely viewed as overbought and valuations remain expensive.

Backed up by strong earnings growth and investor confidence in Silicon Valley’s innovation track record, the diamond dust cufflinks S&P 500 technology index .SPLRCT is up 16 percent in 2018, making tech Wall Street’s top performer, But a recent slump in China’s own superstar technology stocks, brought into sharper focus after Tencent Holdings (0700.HK) reported its first profit drop in almost 13 years on Wednesday, has increased worries about Wall Street dependence on a handful top-shelf growth companies..

Shares of Tencent, China’s largest social media and gaming company, have fallen over 6 percent in the past two days and are down by nearly a third from their record high close in January. “Tencent is a good proxy for global growth and risk. Nowadays, with everything being so momentum driven in the market, if one thing goes, everything can go,” said Wedbush Securities senior trader Joel Kulina. Also unnerving tech investors: Netflix and Facebook, which along with Amazon and Google-parent Alphabet make up the FANG stocks, have fallen sharply since their June-quarter reports.

With Netflix down 22 percent from its record high close in early July, and Facebook down 19 percent since July 25 due to fallout from privacy scandals, some investors are questioning whether “FANG” may be turning into “AG”, Even with those worries, investors continue to make the group a centerpiece of their portfolios, Amazon has diamond dust cufflinks surged over 60 percent in 2018 and on Tuesday closed at a record high, Alphabet is up 17 percent year to date, “FANG will continue to play a huge role over the next two to three years,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, “They’re expensive, but you have to hold your nose and buy them.”..

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