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Taipei/Hong Kong CNN —Taiwan is investigating whether four of its firms broke US sanctions or its own investment rules when they provided services to Chinese companies that are reportedly helping Huawei build chip factories. Many Taiwanese companies, including chip giant TSMC and Apple supplier Foxconn, operate in China and are closely integrated into its supply chains. For years, Taiwan’s companies have been treading a fine line between engaging China’s commercial opportunities and avoiding potential violations of export controls, particularly as Beijing has ramped up military pressure on the island. But China’s ruling Communist Party claims Taiwan, home to 24 million residents, as its territory — despite never having controlled it. It has long vowed to “reunify” Taiwan with the Chinese mainland, by force if necessary.

Persons: Emile Chang, ”, Chang, Economic Affairs Wang Mei, Wang, China’s, “ Organizations: Hong Kong CNN, Huawei, Ministry of Economic Affairs, CNN, United Integrated Services, K Engineering, Technology, Apple, Foxconn, Taiwan’s, Economic Affairs, Bloomberg, Communist Party Locations: Taipei, Hong Kong, Taiwan, China, United States, China . Washington, Europe, Asia, Beijing

London CNN —Intelligence officers in Belgium are monitoring Alibaba’s logistics hub in Europe for possible espionage on behalf of the Chinese government. Belgium’s state security service VSSE told CNN Thursday it was watching the activities of Alibaba’s (BABA) logistics arm, Cainiao, at the country’s Liège cargo airport. “We strongly deny the allegations [which are] based on prior conjecture,” Cainiao told CNN in a statement. Liège airport announced in 2018 that it had struck a deal with Cainiao to become its European logistics hub. Last month, Alibaba announced a plan to spin off and list Cainiao on the Hong Kong Stock Exchange.

Persons: VSSE, “, ” Cainiao, Cainiao, Eric Lalmand, Alibaba, — Juliana Liu Organizations: London CNN — Intelligence, CNN, Financial Times, Cainiao, Getty, European Union, Hong Kong Stock Exchange Locations: Belgium, Europe, Liège, AFP, Belgian, Berlin, Hamburg

Hong Kong CNN —Capvision, an international advisory firm whose offices in China were raided by officials, says it has successfully completed a national security inspection overseen by the Chinese government. The raids were part of a broader crackdown on the consulting industry by Beijing as it seeks to tighten control over what it considers sensitive information related to national security. “We have deeply realized that the consulting sector must step up the awareness of safety and security. The fine came to light months after authorities closed the firm’s Beijing office in March and detained five of its local employees. In April, police questioned staff at the Shanghai offices of global consulting giant Bain & Company.

Persons: Hong Kong CNN —, ” Capvision, Capvision, Mintz Organizations: Hong Kong CNN, CNN, Mintz Group, Bain & Company Locations: China, Hong Kong, Shanghai, New York, Beijing, American

☆ Sino Ocean: China property woes deepen as a big developer suspends debt payments
▼ + stars: | 2023-09-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A major Chinese property company has suspended offshore debt payments, deepening turmoil in the beleaguered sector. Property sales by floor area dropped 7.1% in the January to August months, compared to the first eight months of 2022. On Thursday, Moody’s downgraded its outlook for the overall sector, citing a downturn in residential sales and continued jitters about the health of the industry. In June and July, nationwide property sales fell around 20% compared to the same period a year before, it said in a report. This reversed “the 11.9% growth for the first five months, reflecting renewed weakness in residential property,” the agency added.

Persons: Houlihan Loukey, Sidley Austin, Moody’s, — CNN’s Juliana Liu Organizations: Hong Kong CNN, Hong, National Bureau, Statistics, China SCE Group Locations: China, Hong Kong, Sino, Beijing

☆ China economy: data improves in August
▼ + stars: | 2023-09-14 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Economic activity in China appeared to improve in August, with data released on Friday suggesting a downturn in growth may be stabilizing. The outcome beat the expectations of a group of economists polled by Reuters. Retail sales, which measures consumption, expanded by 4.6% from a year earlier, compared to the tepid 2.5% increase reported in July. The economy is currently grappling with weak export demand from global markets and an ongoing property crisis. -— This is a developing story and will be updated.

Organizations: Hong Kong CNN, National Bureau of Statistics, Reuters, Retail, Investment Locations: Hong Kong, China

Hong Kong/Seoul CNN —SK Hynix, a South Korean chipmaker, is investigating how two of its memory chips mysteriously ended up inside the Mate 60 Pro, a controversial smartphone launched by Huawei last week. “The significance of the development is that there are restrictions on what SK Hynix can ship to China,” G Dan Hutcheson, vice chair of TechInsights, told CNN. The big question is whether any laws were violated.”A Hynix spokesperson told CNN Friday that it was aware of its chips being used in the Huawei phone and had started investigating the issue. “SK Hynix is strictly abiding by the US government’s export restrictions,” the company said. Industry insiders said it was possible that Huawei had purchased the memory chips from the secondary market and not directly from the manufacturer.

Persons: ” G Dan Hutcheson, It’s, TechInsights, Mike Gallagher, Michael McCaul Organizations: Seoul CNN — SK Hynix, Huawei, SK Hynix, CNN, “ SK Hynix, US, Industry, 5G Kirin, chipmaker Semiconductor Manufacturing International Corporation, White Locations: Hong Kong, Seoul, Korean, Hynix, Canada, China, United States, Shenzhen

London CNN —Workers at Chevron’s liquified natural gas facilities in Australia have begun to walk off the job in a dispute that threatens as much as 7% of global supplies and could add to rising pressure on energy prices. The alliance represents 500 workers at the Gorgon and Wheatstone facilities, both off the coast of Western Australia. “Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms,” a Chevron spokesperson said. “The unions continue to seek terms that are above and beyond equivalent terms with others in the industry, including in agreements recently reached.”News of the breakdown in talks sent European natural gas prices rising. The two Chevron sites are hugely significant, accounting for approximately 6% of global supply, according to analysts at ANZ.

Persons: ” Ben Cahill, Kunro Irie, Daniel Toleman, Wood Mackenzie, ”, — Juliana Liu Organizations: London CNN — Workers, Australian Offshore Alliance, Chevron, Facebook, ”, European Commission, “, Center for Strategic, International Studies, ANZ, Offshore Alliance Locations: Australia, Western Australia, Europe, Russia, Ukraine, Saudi Arabia, United States, Qatar, Asia

☆ China Caixin PMI: Services activity falls in August to lowest level in eight months
▼ + stars: | 2023-09-05 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A private survey of business activity in China’s services sector fell to its lowest level in eight months in August, as a flurry of economic stimulus measures seemed unable to reignite consumption demand. The Caixin China general services purchasing managers index (PMI) slipped to 51.8 last month from 54.1 in July, according to data released Tuesday by Caixin Media and S&P Global. This was partly due to weaker foreign demand for Chinese services, they added, citing evidence of sluggish overseas orders. After a strong start to 2023 following the lifting of strict pandemic restrictions, economic growth in China has stalled. Since April, a slew of disappointing economic data and population statistics has sparked concern that China may be facing a period of much slower growth.

Persons: ” Organizations: Hong Kong CNN, Caixin Media, P, PMI, National Bureau of Statistics, NBS Locations: China, Hong Kong

☆ Twitter took two days to suspend accused Pride flag killer's account
▼ + stars: | 2023-08-23 | by ( Josh Campbell | ) edition.cnn.com time to read: +2 min

CNN —X has suspended an account that posted numerous anti-gay and antisemitic posts and was used by the man accused of killing store owner Lauri Carleton over her display of a Pride Flag. But the account had remained live two days after law enforcement publicly confirmed its existence on the platform formerly known as Twitter. The social media company finally suspended the account Wednesday evening. The X account used by the suspect contained a pinned tweet with an image of a Pride Flag set on fire. It was not clear if the suspension of the account was a result of CNN’s query.

Persons: Lauri Carleton, Alejandra Caraballo, —, We’ll, ”, X, Elon Musk, — CNN’s Michelle Toh, Juliana Liu Organizations: CNN, Twitter, Cyberlaw Clinic, Harvard Law, San Locations: San Bernardino County

☆ Goldman Sachs: Is David Solomon on his way out? The CEO whisperer weighs in
▼ + stars: | 2023-08-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —David Solomon, CEO and president of Goldman Sachs, is getting bad press — a lot of bad press. And while shares of Goldman Sachs (GS) may be down by more than 5% this year, they’re still up by about 40% since he took over in 2018. Goldman Sachs did not respond to requests for comment for this article. Before the Bell: What is going on at Goldman Sachs? There have been articles purporting that former Goldman CEO Lloyd Blankfein isn’t happy with the job David Solomon has done and that he has offered to step in to help.

Persons: David Solomon, Goldman Sachs, Marcus, Solomon, they’re, Bell, Jeffrey Sonnenfeld, Lloyd Blankfein isn’t, that’s, Lloyd, he’s, That’s, David, ‘, Juliana Liu, Michelle Toh, ” Julian Evans, Pritchard, Zichun Huang, Hang, Lehman, Hillary, Eva Rothenberg, Harry Reid, Hilary Organizations: CNN Business, Bell, New York CNN, Financial Times, Yale School of Management’s, Leadership Institute, Nokia, BlackBerry, Microsoft, Goldman, People’s Bank of China, Reuters, Capital Economics, Hang Seng, The Bank of Korea, Bank Indonesia, country’s National Bureau of Statistics, Harry, Harry Reid International, San Diego International Locations: New York, Lloyd, China, Hong Kong, Shanghai, Asia, Las Vegas, California, Nevada, Southern California, Idaho

☆ China cuts key interest rate in bid to revive economic growth
▼ + stars: | 2023-08-20 | by ( Juliana Liu | ) edition.cnn.com time to read: 1 min

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☆ Taiwan’s Foxconn says it sees ‘billions’ of dollars in India investments
▼ + stars: | 2023-08-14 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

CNN —A month after exiting an ambitious project to help build one of India’s first chip factories, Taiwan’s Foxconn says it remains bullish about the world’s most populous nation and is planning “billions” of dollars in investments there, as multinationals seek to diversify their supply chains beyond China. Foxconn’s India operations account for about $10 billion — or just under 5% — of the company’s annual turnover, which stood at $6.627 trillion new Taiwan dollars ($207 billion) last year, Chairman Young Liu told a Monday earnings call. “There is a positive energy for this market,” he said in response to a question from CNN. Foxconn, best known for making Apple (AAPL)’s iPhones, has more than 30 factories in India, including 20 dormitories that house tens of thousands of workers. It was seen as a blow to the New Delhi government’s plans to turn the country into a tech manufacturing powerhouse.

Persons: Taiwan’s Foxconn, Young Liu, ”, ” Liu, Foxconn Organizations: CNN, “, Apple, Vedanta Locations: China, India, Taiwan, Delhi

☆ Mark Zuckerberg says ‘it’s time to move on’ from Elon Musk cage fight
▼ + stars: | 2023-08-14 | by ( Juliana Liu | ) edition.cnn.com time to read: 1 min

☆ Fitch US credit downgrade: Former Treasury secretaries react
▼ + stars: | 2023-08-06 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +4 min

CNN —The US economy is resilient, but policymakers need to take the long view on the country’s fiscal challenges, three former Treasury secretaries told CNN’s Fareed Zakaria on Sunday. “But it’s in some ways a very important wake-up call.”The downgrade came after a last-minute bipartisan deal in June that suspended the US debt ceiling until early 2025. I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted,” Treasury Secretary Janet Yellen said Wednesday. Meanwhile, the Biden administration is preparing new rules that could restrict investment in certain sectors in China, according to reports. When asked about US-imposed tariffs on China, Paulson said “we are working to close markets at the same time that China is doing business with more and more of the world.”“China is a major, major competitor,” he added.

Persons: CNN’s Fareed Zakaria, ” “, ”, Henry Paulson, George W, Bush, Janet Yellen, Paulson, “, ” Timothy Geithner, Geithner, ’, ” Robert Rubin, Bill Clinton, Zakaria, Biden, –, Jennifer Hansler, Gan, Juliana Liu Organizations: CNN, Fitch, AAA, Treasury Department, Capitol, Poor’s Locations: United States, China

☆ Bud Light controversy cost AB InBev about $395 million in lost US sales
▼ + stars: | 2023-08-03 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —The world’s largest brewer is counting the costs of being swept into a controversy over Bud Light in the United States. AB InBev said Thursday that US revenue fell 10% in the second quarter as sales of its top brand slumped. AB InBev responded by saying it took its responsibilities to investors seriously. “Most consumers surveyed are favorable towards the Bud Light brand and approximately 80% are favorable or neutral,” the drinks maker added. Like many other businesses, AB InBev has rolled out cost-cutting measures this year, as it seeks to defend its global lead.

Persons: Bud Light, Bud, influencer Dylan Mulvaney, Kid Rock, Ron DeSantis, ”, Mulvaney, Michel Doukeris, Stella Artois, — Juliana Liu Organizations: Hong Kong CNN, InBev, Revenue, Florida, Bud Light, Modelo Locations: Hong Kong, United States, North America, Canada, Belgian, Corona, China, Brussels, South Africa, Colombia

☆ Taiwan TSMC: Plans to invest $2.9 billion in new plant as demand for AI chips soars
▼ + stars: | 2023-07-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —TSMC, the world’s largest chipmaker, says it plans to invest nearly 90 billion New Taiwan dollars ($2.9 billion) to build an advanced chip plant in Taiwan, as it expands production to meet booming demand for artificial intelligence (AI) products. Wei told analysts the company plans to roughly double its capacity for advanced packaging capacity in 2024 compared to 2023, in order to meet “strong demand” for AI chips from its customers, which include Nvidia (NVDA) and AMD (DOX). Advanced packaging in the semiconductor industry involves using high-tech methods to aggregate components from various wafers in order to create a more powerful computer chip. That’s the kind of AI underlying ChatGPT, Google (GOOGL)’s Bard, Dall-E and many of the other new AI technologies. TSMC is considered a national treasure in Taiwan, supplying semiconductors to global tech giants including Apple (AAPL) and Qualcomm (QCOM).

Persons: Hong Kong CNN — TSMC, C.C, Wei, “, TSMC, Dall Organizations: Hong Kong CNN, Nvidia, AMD, CNN, TSMC, Google, Apple, Qualcomm Locations: Hong Kong, Taiwan, Miaoli County, Hsinchu, Taipei, TSMC

☆ China economy: Leaders promise more support for 'tortuous' recovery
▼ + stars: | 2023-07-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s top leadership has vowed to do more to support a “tortuous” economic recovery, which has lost steam after an initial burst of activity early in the year. The assurances, made by the Communist Party’s 24-member Politburo — a top decision making body — boosted stocks in China-related companies on Tuesday. Shares in China’s property developers, currently mired in the industry’s worst slump on record, have soared in response. They added at a meeting chaired by leader Xi Jinping that the current economic recovery was making “tortuous” progress. Last week, official data showed economic recovery in China continued to lose momentum in the April to June months, prompting urgent calls for more help from the central government.

Persons: Hong Kong CNN —, —, China’s, Xi Jinping, Stephen Innes, ”, ” Innes Organizations: Hong Kong CNN, Communist, Mainland Properties, Longfor Group, Sunac China Holdings, Management, “ Investors Locations: Hong Kong, China, Hong, Shanghai, Shenzhen, Beijing

Hong Kong CNN —China has promised to throw its weight behind private businesses, just days after a slew of economic data showed growth momentum had slumped. The measures include promises to break down barriers to market access for private firms, to “fully implement” a system of fair competition and to strengthen enforcement of anti-monopoly laws. “We believe that the … pivot from the top level is real, but it’s not enough to bring back the animal spirit among private companies,” Larry Hu, chief China economist at Macquarie Group, wrote in a research note. That pledge had marked a major shift from leader Xi Jinping’s years-long effort to rein in private businesses, which were perceived as too powerful and disorderly. The Nasdaq Golden Dragon China Index closed 0.7% higher, after falling in several previous trading sessions.

Persons: “, Larry Hu, Xi Jinping’s, Premier Li Qiang, Li, ”, Ma, Lei Jun Organizations: Hong Kong CNN, Communist Party, State Council, Macquarie Group, ”, Investment, Premier, Alibaba, Tencent, Nasdaq, Dragon Locations: Hong Kong, China, Beijing, New York, Dragon China, Shanghai

Hong Kong CNN —A corruption investigation in Singapore has expanded to include Ong Beng Seng, a hotel tycoon best known for bringing the Formula 1 Grand Prix to the wealthy city state. The agency had earlier launched an investigation into a case involving the transport minister, in a rare corruption probe involving a cabinet-level official. Ong’s company said he had posted bail of 100,000 Singapore dollars ($76,000) after being given a notice of arrest. Ong is also the sole shareholder of the Singapore Grand Prix, organizer of the marquee sporting event, his spokesperson confirmed to CNN. Rare caseThe news about Ong emerged just days after Prime Minister Lee Hsien Loong asked the transport minister to take a leave of absence.

Persons: Ong Beng Seng, Ong, “, Lee Hsien Loong, Iswaran, CPIB, Lee, Eugene Tan, Bernie Ecclestone, Hoch, Lawrence Wong, ” Organizations: Hong Kong CNN, Hotel Properties, Practices, Transport, Singapore, Prix, CNN, Singapore Management University, Party Locations: Hong Kong, Singapore, Properties, Maldives, Malaysia, London, Bangkok, Abu

☆ China extends some policies to support its troubled property market
▼ + stars: | 2023-07-11 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has extended some policies to bolster its ailing property market, as the country struggles to reignite economic growth. Larry Hu, chief China economist at Macquarie Group, wrote in a research note that the extension of policies on two types of loans were meant to encourage commercial banks to increase their exposure to the property sector. “[This] move will help restore confidence and bring much-needed liquidity into the property supply chain, with beneficial effects on short-term confidence,” he said. The property market is still in the midst of a historic downturn. To bolster growth, the People’s Bank of China cut its main benchmark lending rates in June for the first time in 10 months.

Persons: Larry Hu, ”, ” Stephen Innes Organizations: Hong Kong CNN, National Financial Regulatory Administration, Macquarie Group, Management, Beijing, People’s Bank of China Locations: Hong Kong, China, China’s

Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.

Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, —, Thomas Peter, ”, “, Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, “, Japan, Netherlands, decouple, Shanghai, American, ”

Beijing/Hong Kong CNN —US Treasury Secretary Janet Yellen urged China on Saturday to combat the “existential threat” of climate change by supporting international funds intended to help developing countries confront the crisis. On the second full day of her visit to Beijing, Yellen said the United States and China should work together to tackle global challenges despite differences over a range of issues. Yellen said China’s support for existing multilateral climate institutions like the Green Climate Fund (GCF) and the Climate Investment Funds, alongside the United States and other partners, could improve their impact. The GCF is the main climate financing mechanism of the United Nations and helps developing countries to tackle climate change. Kerry would be the third Cabinet official from the Biden administration to travel to China, after Yellen and Secretary of State Antony Blinken, who visited in June.

Persons: Janet Yellen, Yellen, —, ”, Joe Biden, Nancy Pelosi’s, China Nicholas Burns, John Kerry, Kerry, Biden, Antony Blinken Organizations: Hong Kong CNN, Climate, United Nations, Amazon Fund, US, Yellen Locations: Beijing, Hong Kong, China, United States, Taiwan

On Monday, China imposed curbs on overseas sales of gallium and germanium, elements essential to making semiconductors, which have become a growing source of friction between the world’s top two economies. The move was widely seen as a response to the Biden administration’s ban on advanced chip sales to China, which was announced last October. “I am … concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors,” Yellen told a meeting of business people hosted by the American Chamber of Commerce in Beijing. “I’ve been particularly troubled by punitive actions that have been taken against US firms in recent months,” Yellen added. Along with other US officials, Yellen has long signaled the Biden administration’s desire to deepen communication and lower the temperature between the world’s top two economies.

Persons: Hong Kong CNN —, Janet Yellen, Biden, “, Yellen, ”, “ I’ve, ” Yellen, Capvision, Liu He, Yi Gang, Joe Biden’s, Xi Jiping Organizations: Hong Kong CNN, American Chamber of Commerce, Bain & Company, Group, US Treasury, Treasury Department, Biden Locations: Beijing, Hong Kong, China, Shanghai, New York, China’s, United States

☆ David Bohrman: Former CNN executive, pioneer of the 'Magic Wall,' dead at 69
▼ + stars: | 2023-06-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

New York CNN —David Bohrman, a former veteran CNN producer and executive who pioneered the use of the “Magic Wall,” died Sunday following complications after hip surgery, according to his family. He joined CNN in 1998 and later became the network’s Washington bureau chief and senior vice president. In 2004, it was his idea to anchor CNN’s election coverage from the floor of party conventions. Four years later, he implemented the Magic Wall, a touchscreen display featuring up-to-date voting data on election nights, which is now a staple of CNN’s election coverage and commonly used by other broadcasters. “His decision to take then just emerging touch-screen technology and integrate [it] into our 2008 election coverage was nothing short of revolutionary.

Persons: New York CNN — David Bohrman, ”, “ David, ” Bohrman, CNN's Wolf Blitzer, CNN “ David, Sam Feist, Aaron Brown ”, John King, “, David, Bohrman, Catherine, Amber, Harrison, Sloan, Paige Organizations: New, New York CNN, CNN, ABC News, CBS News, NBC News, Current, CNN Washington, ”, CNN’s New Locations: New York, Hollywood , California, Los Angeles, Washington, America, CNN’s New York, Iraq, Afghanistan, Umm Qasr

Hong Kong CNN —China’s state security authorities raided multiple offices of international advisory firm Capvision, state media reported Monday, part of a broader crackdown on the consulting industry as Beijing tightens control over what it considers sensitive information related to national security. The consultancy firm, which is headquartered in Shanghai and New York, adds to a growing list of global consulting companies that have been ensnared in Beijing’s widening crackdown on what it perceives as national security risks. In the report, Capvision was singled out as a “leading company” in the industry. According to state security police, he downloaded 5,000 documents from his state-owned company’s internal network. The authorities said he had provided clients with six pieces of information that were classified as state secrets, CCTV said.

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