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☆ Zong Qinghou, self-made billionaire founder of top Chinese beverage brand Wahaha, dies
▼ + stars: | 2024-02-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +6 min

The self-made billionaire, who was once China’s richest man, died of an illness on Sunday at the age of 79, his company Hangzhou Wahaha Group said in a brief statement, without providing further details. Victory in that bitter battle boosted Zong’s wealth to $8 billion, making him China’s richest man in 2010 and again in 2012, according to Forbes. He was nicknamed “the richest man in cloth shoes” for always sporting plain black shoes, complete with a dark jacket and slacks. That year, Zong founded the Hangzhou Wahaha Group after acquiring a failing state-run canned food factory. The dispute was eventually settled in 2009, with Danone selling its stake for about $500 million and ceding all control to Wahaha.

Persons: Hong Kong CNN — Zong Qinghou, Zong, Forbes, Jack Ma, Lei Jun, Zong Fuli, Mao Zedong’s, ”, Deng Xiaoping, Wahaha, Danone Organizations: Hong Kong CNN, Hangzhou Wahaha, Danone, Forbes, Getty Locations: China, Hong Kong, Hangzhou, “, Guangzhou, Beijing

☆ Jack Ma, the poster boy of China's tech scene, is moving into the food business
▼ + stars: | 2023-11-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba cofounder Jack Ma just set up a new company called "Hangzhou Ma's Kitchen Food," per media reports. AdvertisementFor years, Alibaba cofounder Jack Ma has been the poster boy for China's tech industry — but it looks like he's moving on to the food business. On Wednesday, Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in the city where Alibaba is based, according to media reports. Hangzhou Ma's Kitchen Food is wholly owned by Ma's investment vehicle, Hangzhou Dajingtou. His foundation, the Jack Ma Foundation, did not immediately respond to a request for comment from Business Insider.

Persons: Jack Ma, It's, Ma, —, He's, Supakit Chearavanont Organizations: Alibaba, Service, China Morning Post, National Enterprise, and Culture, Tokyo College, Charoen, Business Locations: Hangzhou, Alibaba, Hangzhou Dajingtou, Beijing, Spain, Netherlands, Japan, Thailand

☆ Jack Ma: Alibaba founder’s ‘Ma’s Kitchen’ is betting on the food business in China
▼ + stars: | 2023-11-27 | by ( Michelle Toh | Eric Cheung | ) edition.cnn.com time to read: +3 min

“Ma’s Kitchen” has registered capital of 10 million yuan ($1.4 million), the system showed. 22 Arts and Culture, of which Jack Ma has 99.9% ownership, according to Qichacha, a corporate data provider in China. The new firm has not publicly provided details on its business model, or what kind of food it will sell. The Jack Ma Foundation did not immediately respond to a request for comment on Monday. Jack Ma seen in Shanghai in 2018.

Persons: Taipei CNN —, Jack Ma, ”, Ma’s, Ma, —, Ben Cavender, Aly Song, Cavender Organizations: Taipei CNN, National Enterprise, and Culture, Euromonitor International, China Market Research, CNN, “ Locations: Hong Kong, Taipei, Hangzhou, China, Shanghai

☆ China's semiconductor state fund invests $2 billion in memory chip firm
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/Illustration//File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is the general manager of ChangXin Memory Technologies, one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The organization raised 138.7 billion yuan for its first fund, and 204 billion yuan for its second fund.

Persons: Florence Lo, Changxin Xinqiao, Zhao Lun, YMTC, Changxin, Yelin Mo, Roxanne Liu, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, China Integrated Circuit Industry Investment Fund, National Enterprise, Technologies, Big Fund, Memory Technologies, Huawei Technologies Co, Big, Reuters, Thomson Locations: China, Rights BEIJING, Changxin, Hefei city, Anhui, United States, Changxin Xinan, Hefei Xinyi, Taiwan, South Korea, Beijing, Shanghai

☆ Chinese EV startup WM Motor files for bankruptcy
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

WM Motor's founder and CEO Freeman Shen and Vice President of Strategic Planning, Lobo Lu attend the WM Motor brand launch event in Shanghai, China, December 11, 2017. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING, Oct 10 (Reuters) - Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, according to the national enterprise bankruptcy information disclosure platform. A court in Shanghai is handling the bankruptcy case, according to the disclosure dated Monday. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Freeman Shen, Lobo Lu, Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam Organizations: WM Motor's, Strategic, WM, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights BEIJING

REUTERS/Thomas Peter/File photoBEIJING, Aug 13 (Reuters) - China's State Council issued guidelines on Sunday that it said would further optimize the country's foreign investment environment and attract more foreign investment. The State Council said in a document containing 24 guidelines that authorities should increase protection of the rights and interests of foreign investors, including strengthening enforcement of intellectual property rights. The document also announced guidelines to increase fiscal support and tax incentives for foreign-invested enterprises, such as temporarily exempting withholding income tax for foreign investors' reinvestment of their profits into China. The State Council said it would explore a "convenient and secure management mechanism" for cross-border data flows. Reporting by Andrew Hayley and Ethan Wang; Editing by Andrew Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Andrew Hayley, Ethan Wang, Andrew Heavens, Bernadette Baum Organizations: National People's Congress, REUTERS, State, The State Council, Thomson Locations: Beijing, China, BEIJING

☆ 4 things making it harder for Janet Yellen to repair the US-China relationship
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +9 min

The global economy stands to gain if Washington and Beijing can mend fences, but analysts say this appears unlikely. Here are four things likely to make it harder for Yellen to repair US-China ties, and one thing keeping the relationship going. Sequoia’s executives said in a statement that it has become “increasingly complex” to run a decentralized global investment business. On Wednesday, US pharmaceutical firm Moderna (MRNA)signed a deal to make its first major investment in China. “Both sides are ramping up commercial restrictions in the name of national security and national interests,” she said.

Persons: Janet Yellen, China, ” Wei Jianguo, ”, Anna Ashton, Biden, Beijing’s, Wei, Capvision, Xi Jinping’s, “, Li Qiang, Xi, Alex Capri, ” Ashton, —, Jennifer Hansler, Wayne Chang, Bryan Mena Organizations: Hong Kong CNN, Eurasia Group, Micron Technology, China Daily, Analysts, China, Capvision, Bain & Company, Group, Forrester Research, Ontario, Republicans, Hawks, Shanghai Cooperation Organization, Xinhua, US Commerce Department, “, National University of Singapore Business School, Moderna Locations: Hong Kong, Beijing, United States, China, Chinese, Washington, Japan, Europe, Shanghai, New York, decouple, Moscow, Ukraine, Russia, Taiwan, Tianjin

☆ Dr. Fauci Looks Back: ‘Something Clearly Went Wrong’
▼ + stars: | 2023-04-24 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +55 min

Dr. Fauci Looks Back: ‘Something Clearly Went Wrong’ In his most extensive interview yet, Anthony Fauci wrestles with the hard lessons of the pandemic — and the decisions that will define his legacy. But when people say, “Fauci shut down the economy” — it wasn’t Fauci. But somehow or other, the general public didn’t get that feeling that the vulnerable are really, really heavily weighted toward the elderly. We also had a public-health system that we thought was really, really good. But it was really, really antiquated.

☆ ‘Liaison’ Review: A Spy Thriller in Brexit’s Shadow
▼ + stars: | 2023-02-21 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Global intrigue and international coproductions can go together like socks and sandals, but “Liaison” is a rather delicious thriller and one that’s reality-based—meaning there’s respect for real physics as well as for realpolitik. They’ve all trusted the wrong people, made decisions that endanger national security and committed romantic miscues that have worldwide consequences. But what sets off the bilateral contretemps in “Liaison” isn’t the U.K.’s departure from the European Union, exactly, but a consequent lack of cybersecurity agreements with its continental neighbors. Terrorism is a transnational enterprise after all, and per this story the appropriate treaties have to be renegotiated. And the Brits find themselves at a disadvantage when their vaunted national security apparatus proves to be a bit tatty.

☆ The Global Minimum Tax Crackup
▼ + stars: | 2023-02-06 | by ( Tyler Goodspeed | ) www.wsj.com time to read: 1 min

When Treasury Secretary Janet Yellen signed up the U.S. for the 137-country deal to establish a global minimum corporate tax rate of 15%, she hailed the move as a step toward ending the “race to the bottom” in corporate taxation. Except it doesn’t. The global minimum tax deal actually gives tax havens an incentive to lower rates even further, and to grab any minimum top-up tax for themselves. Those top-up taxes—supplemental tax payments to ensure that every constituent entity of a large multinational enterprise is paying a minimum corporate tax rate of 15%—are about to set the U.S. on a collision course with its international tax treaties.

☆ Bosch to invest a billion dollars on EV parts centre in Suzhou, China
▼ + stars: | 2023-01-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

New Delhi CNN —Bosch, the German engineering and technology company, is planning to invest $1 billion to make components for new energy vehicles in China, the world’s largest car market. The company plans to build a research, development and manufacturing facility for parts for new energy vehicles and automated-driving technology in Suzhou, a city in the country’s east, Bosch said in a statement on Thursday. It plans to invest around $1 billion in the project over the next years, the statement added. “China is the world’s largest auto market, full of promise and vitality. Bosch has had a presence in China since 1909 and employs around 55,000 people in the country.

☆ I made $244,000 last year as a freelancer using a platform for finding tech gigs — here's how
▼ + stars: | 2022-11-14 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +8 min

On average, an A.Team mission is a 12-month engagement. I usually take on one full-time mission that requires 35 to 40 hours per week and a couple smaller missions that require five to 10 hours per week. So I took a hybrid approach and freelanced for a few years on top of my full-time job at Landyachtz. That's my biggest piece of advice to anyone trying to make their side hustle their full-time job: Create a safety net, then take the leap. This is eroding trust employees once had in the full-time work model.

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