DIRS.INFO The most relevant business & tech news

☆ New House bill would block pay for members of Congress if the U.S. defaults
▼ + stars: | 2023-05-18 | by ( Sahil Kapur | ) www.cnbc.com time to read: +1 min

WASHINGTON — A bipartisan bill set to be unveiled Thursday by Reps. Abigail Spanberger, D-Va., and Brian Fitzpatrick, R-Pa., would block members of Congress from getting paid if the U.S. enters debt default or if the government shuts down. The No Pay for Congress During Default or Shutdown Act, shared in advance with NBC News, would withhold lawmakers' pay for the duration of a debt limit breach or lapse in federal funding, an attempt to motivate legislators to prevent either situation. And the proposal, from two politically vulnerable members in competitive districts, represents a populist move to channel voter anger toward Congress, which is strong among both parties' bases. Notably, the Spanberger-Fitzpatrick bill would not permanently prevent lawmakers from getting paid, which would run afoul of the 27th Amendment. Instead, it withholds pay for the duration of a shutdown or default — at least until the end of the session.

☆ Cutting Deposit Rates Has Become Mission Critical for Chinese Banks
▼ + stars: | 2023-05-17 | by ( Cao Li | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/cutting-deposit-rates-has-become-mission-critical-for-chinese-banks-a17759ef

☆ China reports first arrest over fake news generated by ChatGPT
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 10 (Reuters) - A man in China's Gansu province has been detained for allegedly using ChatGPT to generate a fake story about a train crash, marking China's first arrest in an AI-related probe as Beijing tightens deepfake technology. China's new rules for deepfake bar service providers and users from using such technology to produce, release and fabricate untrue information. The rules, which took effect from Jan. 10, are designed to curb the use of generative AI technology to alter online content. Hong allegedly edited ChatGPT-generated news and uploaded it on the Baidu-owned platform, local police reported, adding that investigations were continuing. Reporting by Ella Cao and Ryan Woo Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ China’s New Hot Stocks Are State-Owned Banks and Brokers
▼ + stars: | 2023-05-09 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

Bank of China’s shares are up more than 44% since the start of the year. Photo: Lam Yik/Bloomberg NewsWhile investors in the U.S. are fretting about bank stocks, over in China banks and brokers are among the market’s hottest trades. China Citic Bank ’s shares jumped 10% on Monday in Shanghai, the maximum daily rise permitted in mainland China’s market. Further gains on Tuesday took their increase to 15% this week, leading a rally in the sector that has also included sizable gains in Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China—all state-owned lenders.

☆ Some people feel morally impure after networking and most just hate it. Here's how to learn to love it, according to experts.
▼ + stars: | 2023-05-04 | by ( Emily Stone | Kellogg Insight | ) www.businessinsider.com time to read: +9 min

They found that networking can make some people feel morally impure and dirtier afterwards. She and coauthors explored where that feeling comes from and found that networking can make people feel morally impure. After all, junior professionals often stand to gain the most from networking, so they're doing themselves no favors if they're networking-averse. "They don't feel like they're taking advantage of their networking partner, which makes them come across as more authentic." The reason may come down to the types of information that men versus women need to succeed.

☆ TikTok has shuffled key music execs who work with artists as its owner streamlines its operations
▼ + stars: | 2023-04-27 | by ( Dan Whateley | ) www.businessinsider.com time to read: +3 min

TikTok has shifted staff on its music team in North America. An exec from its song-distribution tool is now leading TikTok's artist services for the region. TikTok has shuffled staff on its music team in North America over the past few months, naming a new artist-services lead and moving a key exec into a role at its parent company. TikTok has invested heavily in its music staff over the last few years after becoming an essential platform for song discovery and artist marketing. The company may even roll out its own TikTok Music streaming service one day, a trademark filing suggests.

☆ Back From the Brink, Chinese Developer Resumes Buying Land
▼ + stars: | 2023-04-26 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

A Country Garden residential development in Shanghai. Photo: Qilai Shen/Bloomberg NewsHONG KONG— Country Garden Holdings Co., one of China’s largest real-estate developers, bought residential land in a local government auction for the first time since December 2021, signaling confidence in its liquidity and a recovering housing market. The company, which used to be an aggressive acquirer of land, had been hit by a sharp slowdown in China’s property sector last year. Its sales of new apartments slumped, and prices of its dollar bonds slid to below 10 cents on the dollar in November, as investors worried that Country Garden could default on its debt like dozens of other developers.

☆ How to put your best travel foot forward for Earth Day 2023
▼ + stars: | 2023-04-22 | by ( Forrest Brown | ) edition.cnn.com time to read: +20 min

But you don’t have to totally cut out travel or stay super close to home to be a good planetary citizen. You need a city that’s dedicated to getting it right to best enjoy an urban biking vacation. Here, we've curated 30 of our favorite corners, including the Thu Bon River, which flows through central Vietnam. A maze of rivers and caves, the UNESCO World Centre is defined by its craggy limestone facades and jade green water. Bruno De Hogues/Photodisc/Getty Images Phong Nha-Ke Bang National Park: A UNESCO World Heritage, Phong Nha-Ke Bang National Park is heaven for spelunkers.

The protests, unprecedented in President Xi Jinping's decade in power, began in late November in cities across China. They were suppressed by police within days but helped hasten the end of three years of tough COVID restrictions, sources have previously told Reuters. The Ministry of Public Security and the Beijing Public Security Bureau did not immediately respond to a request for comment. Human Rights Watch had reported the pair were among four protesters detained in December and charged with "picking quarrels and provoking trouble", which carries a sentence of up to five years. Reuters could not independently verify the total number of protesters who were detained by police or have been charged and remain in custody.

☆ This reseller's side hustle started as a way to get his family out of debt. Now he's made over $1.4 million on StockX by working around 10 hours a month.
▼ + stars: | 2023-04-20 | by ( Danni Santana | ) www.businessinsider.com time to read: +6 min

Ray Cao began reselling sneakers and apparel at 17 to help get his family out of debt. As a teen, Cao's parents racked up gambling debt and invested in penny stocks that backfired, he told Insider. "What got me into reselling was just being desperate to improve the financial situation for my family," Cao said. Ray CaoReselling on StockX costs more but saves timeA turning point for Cao's business came when StockX asked for a meeting a few years ago. "It's true that you don't make the best money on StockX," Cao said, referring to fees the marketplace charges for orchestrating a sale.

CNN —A young Chinese woman who was arrested after attending a peaceful protest against Covid-19 restrictions in Beijing last year has been released alongside several of her friends after four months in police custody, according to a source familiar with their situation. Cao was released Wednesday evening, according to a source with direct knowledge. Three of her friends who were detained around the same time in December were also released, according to the source, who learned of their situation through mutual friends. Under Chinese law, the two others released alongside Cao would also likely have been formally charged to remain in custody until Wednesday, though CNN has not confirmed their charges. Two others in the group were released on bail in January, CNN confirmed at the time, while two more were released in February, according to the source familiar with the situation of those released this week.

☆ China grants approval for 86 domestic online games in April
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

BEIJING, April 20 (Reuters) - China's gaming regulator on Thursday granted publishing licenses to 86 domestic online games, including titles belonging to Alibaba (9988.HK), Baidu (9888.HK) and ByteDance, according to an approval list published by the National Press and Public Administration. Reporting by Ella Cao and Liz Lee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese Protesters Released After Four Months in Jail
▼ + stars: | 2023-04-19 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

Portions of a video recorded by Cao Zhixin before her arrest. Her friends released the video, which included Chinese and English subtitles, on YouTube, Twitter and Instagram after she was taken away by police. A woman who had attended a Beijing rally last year and recorded a video saying she was about to be detained was released after nearly four months in jail along with some of her friends, according to people close to the women. The women, profiled in a Wall Street Journal article in January, were part of a wave of detentions following protests against Covid-19 controls that flared up across China in November. Authorities focused on demonstrators who had left a digital trail.

Four months later, 26-year-old Huang fled to Germany and decided to speak out in support of fellow demonstrators, some of whom remain in detention. "I feel like I need to speak up for Cao Zhixin and the other detained protesters... China has not commented officially on the protests, whether they triggered the end of the zero-COVID policy or subsequent detentions. He was then sat near the front of a police bus full of other detained protesters. "As long as one protester is still detained, the world cannot stop paying attention to the white paper movement."

☆ When I worked at Uber it was painfully obvious that too many of our women employees had to quit to raise kids. I started a childcare insurance company to fix that.
▼ + stars: | 2023-04-16 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Siran Cao is the co-founder of Mirza, a platform for employer-sponsored childcare insurance. Siran CaoMy mandate was to onboard tens of thousands of drivers really, really, quickly. Even at a well-funded tech company like Uber, though, what struck me was how childcare became a daily operational disruption. The data shows that women who take just one a year off earn 39% less overall than women who don't. While women continue to quietly bear the bulk of this work, I don't believe this is solely women's issue.

☆ Virginia Rep. Jennifer Wexton reveals Parkinson's Disease diagnosis but says its not a 'death sentence' and vows to continue serving her district
▼ + stars: | 2023-04-11 | by ( Warren Rojas | ) www.businessinsider.com time to read: +2 min

Rep. Jennifer Wexton said Tuesday that she's been diagnosed with Parkinson's. The three-term Virginia Democrat plans to keep serving in Congress "for many years to come." "You are welcome to empathize, but don't feel sorry for me," the 54-year-old Wexton told supporters. Jennifer Wexton (@RepWexton) April 11, 2023"Parkinson's is not an untreatable disease, a cognitive impairment, or a death sentence. You are welcome to empathize, but don't feel sorry for me," the three-term Virginia Democrat said in a video she posted online.

For years, Chinese fishermen trawling for fish, shrimp and crab have played cat and mouse with Taiwanese authorities as they closely track boats that near the median line of the Taiwan Strait. MEDIAN LINEOn Saturday, Taipei said more than 40 Chinese planes crossed the Taiwan Strait's "median line", which Beijing does not recognise. Deteriorating relations have made Chinese fishermen more afraid of approaching the line. Several times last year, Taiwan's coast guard detained Chinese fishing crew members, citing illegal trawling, according to official statements. ($1 = 6.8681 Chinese yuan renminbi)Reporting by Josh Arslan and Thomas Peter; Writing by Ella Cao and Ryan Woo.

☆ Chinese Consumers’ Lack of Confidence Is Causing a Rush of Mortgage Prepayments
▼ + stars: | 2023-04-07 | by ( Cao Li | ) www.wsj.com time to read: 1 min

Policies encouraging home sales were rolled out last year. HONG KONG—When banks in China cut interest rates last year to boost lending and help the country’s slumping housing market, they set off an unintended wave of home-loan prepayments. Since last summer, homeowners in the world’s second-largest economy have been paying down their mortgages at a much faster pace than in years past, a trend that is weighing on banks’ profitability. The behavior is somewhat counterintuitive because mortgage prepayments typically pick up when interest rates are rising—as opposed to falling—when people want to avoid incurring higher future interest costs.

☆ China calls on Japan to correct chip export restrictions
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, April 4 (Reuters) - China is seriously concerned about Japanese export restrictions on chip manufacturing equipment and called on it to correct its "wrong practice", the Chinese commerce ministry said on Tuesday. "China will take decisive measures to safeguard its rights and interests if Japan insists on obstructing the chip industry cooperation between the two countries," it said in a statement. Japan said last week it would restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a U.S. push to curb China's ability to make advanced chips. Reporting by Ella Cao and Meg Shen; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ China to conduct cybersecurity review on chipmaker Micron's products
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

BEIJING, March 31 (Reuters) - China's cyberspace regulator will conduct a cybersecurity review on products sold in China by U.S. memory chip manufacturer Micron Technology (MU.O), the regulator said on Friday. The move is aimed at protecting the security of the supply chain for critical information infrastructure, prevent hidden risks and safeguard national security, the Cyberspace Administration of China said in a brief statement. It gave no other details, including what Micron products it was reviewing. Shares in Micron fell 3.3% in pre-market trading after the announcement. Reporting by Ella Cao and Meg Shen Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ China to examine US chipmaker Micron's products for cybersecurity risks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - China's cyberspace regulator will conduct a cybersecurity review of products sold in the country by U.S. memory chip manufacturer Micron Technology Inc (MU.O), the regulator said on Friday. It gave no other details, including which Micron products it was reviewing. The Netherlands, which makes advanced lithography equipment critical for the manufacture of advanced chips, made a similar announcement earlier this month. Weak consumer demand has roiled the memory chip market, which is dominated by South Korea's Samsung Electronics (005930.KS). The larger chunk of the company's products flowing into China are being purchased by non-Chinese firms for use in products manufactured in the country, according to analysts.

☆ BYD downplays China price war impact after Q4 profit jumps
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/SHANGHAI, March 29 (Reuters) - Chinese electric vehicle (EV) giant BYD said on Wednesday it was large enough to shake off the impact of a bruising price war and faltering demand in China, after reporting an 11-fold increase in fourth-quarter profit. The strong result came as it extended its lead in the Chinese market, thanks to an expanding range of products that is helping it overtake Volkswagen (VOWG_p.DE) to become the top-selling brand. BYD accounted for 41% of so-called new energy car sales in the world's biggest auto market for the first two months of the year. The Chinese EV giant has been slowing output since the start of the year when Beijing ended a national subsidy programme for EVs and plug-in electric vehicles. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Josh Ye, Zhang Yan, Ella Cao and Meg Shen; Editing by Jonathan Oatis, Angus MacSwan and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam artist in race to ensure 'heroic mothers' not forgotten
▼ + stars: | 2023-03-29 | by ( Minh Nguyen | ) www.reuters.com time to read: +2 min

[1/3] Vietnamese artist, Dang Ai Viet, paints a portrait of a woman as a part of her project, "heroic mothers of Vietnam", a term recognised by the Vietnam government for women who lost their husbands and sons to the Vietnam War, in Cao Lanh city, Dong Thap province, Vietnam, March 8, 2023. REUTERS/Thinh NguyenCAO LANH CITY, Vietnam, March 29 (Reuters) - On her trusty motorcycle, Vietnamese artist Dang Ai Viet travels around the Southeast Asian country in a quest to ensure that the thousands of women who suffered the loss of two or more loved ones during the Vietnam War are not forgotten. The 75-year-old has painted the portraits of 2,765 of the women, who are part of a group known in Vietnam as "heroic mothers", in recognition of their sacrifice during the war that ended in 1975. During the war, Viet was a guerrilla in the Mekong Delta for the Viet Cong, fighters who backed North Vietnam in the battle against the government of the then South Vietnam and its main ally, the United States. Some researchers have estimated about 3.8 million people were killed during the war, though estimates of the toll vary.

☆ BYD posts 11-fold jump in Q4 profit -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 28 (Reuters) - Chinese electric vehicle giant BYD Co Ltd (002594.SZ) reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products. Net profit for October-December came in at 7.3 billion yuan ($1.06 billion) versus 602 million yuan a year earlier. For the whole of 2022, net profit increased 446% to 16.6 billion yuan, said the company, which is 12% owned by Warren Buffett's Berkshire Hathaway (BRKa.N). Its battery installation volume ranked the second globally in Janaury with 17.6% market share, exceeding LG Energy Solutions, according to SNE Research. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Zhang Yan, Ella Cao and Meg Shen; editing by Jason Neely, Jonathan Oatis and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ China urges Apple to strengthen data security
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, March 28 (Reuters) - China has urged Apple (AAPL.O) to strengthen its data security and personal privacy protection, the country's state planner said in a statement on Tuesday. Chairman of National Development and Reform Commission Zheng Shanjie made the comments when he met Apple CEO Tim Cook on Monday, the statement said. Reporting by Ella Cao and Meg Shen, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Cao"

25 mentions found