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☆ China is teaching the likes of Apple and Tesla a very painful business lesson
▼ + stars: | 2024-03-11 | by ( Hasan Chowdhury | Lina Batarags | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In turn, sentiment toward Western business has soured. It's no wonder US companies that once banked on this being the "Chinese century" are having to learn a very painful lesson about doing business in China. According to The Wall Street Journal, a directive known as Document 79 is being ramped up to push out Western companies. AdvertisementHow Western companies respond will be closely watched, as China remains too valuable to lose a hold of.

Persons: —, Apple's, Tesla, Gene Munster, Wang Gang, Muster, BYD, It's, John Keeble, Li Qiang, Suzanne Clark Organizations: Service, Business, Research, Apple, Getty, Shanghai gigafactory, Bloomberg, China's Passenger Car Association, Deepwater Asset Management, Huawei, Volkswagen, Reuters, National People's Congress, Wall Street, US Chamber of Commerce Locations: China, Beijing, Shanghai

☆ The iPhone needs a revamp, and its sagging performance in China is proof
▼ + stars: | 2024-03-06 | by ( Hasan Chowdhury | Lina Batarags | ) www.businessinsider.com time to read: +6 min

Read previewThe last thing Tim Cook needs this year is for the iPhone to give him a headache. Unfortunately for Apple, that task could be complicated as signs emerge that its workhorse gadget needs a revamp. In its most recent quarter, Apple generated almost $70 billion of its $119.6 billion total revenue from iPhone sales. China, Apple's most important international market, has started to sour on iPhones, bucking a trend of growth in other regions. Apple's AI efforts, led by ex-Googler and senior vice president John Giannandrea, could introduce several AI features to iPhones that offer an edge over Chinese competitors.

Persons: —, Tim Cook, Cook, Steve Jobs, Paul Sakuma, Will Wong, Wong, Wang Gang, Gene Munster, Munster, Dan Ives, John Giannandrea, Siri, Jobs Organizations: Service, Apple, Vision, Business, Macworld, Counterpoint Research, Vivo, Huawei, Wall Street Journal, IDC's, Devices, Research, Asset Management Locations: Cupertino, China, Greater China, Beijing, Singapore, IDC's Asia

☆ Jack Dorsey showed up to the Super Bowl rocking a 'Satoshi' t-shirt
▼ + stars: | 2024-02-12 | by ( Lina Batarags | ) www.businessinsider.com time to read: +3 min

Jack Dorsey was at the Super Bowl. He wore a t-shirt that says "Satoshi," emblazoned in the style of a Nirvana t-shirt. And we saw Jack Dorsey in a t-shirt that's making waves on X, formerly known as Twitter. That's because Dorsey can be seen sporting a black t-shirt that says "Satoshi" in yellow lettering. AdvertisementJUST IN: Jack Dorsey spotted wearing a Satoshi #Bitcoin shirt at the #SuperBowl 🏈 pic.twitter.com/oDUySC5p7X — Bitcoin Magazine (@BitcoinMagazine) February 12, 2024Two things to note here:Satoshi Nakamoto is said to be the inventor of bitcoin.

Persons: Jack Dorsey, Satoshi, —, It's, Tim Cook, Taylor Swift, Dorsey —, Beyonce, Jay, Dorsey, miley, ike Organizations: Super, Service, Twitter

☆ A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China
▼ + stars: | 2023-09-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

A former China statistics official said the country's property developers need to "transform" their businesses. The crisis came to a boiling point this summer when other Chinese real-estate developers ran into similar issues, and the sector started to default on its bond payments. The market was so hot that Chinese developers were taking on massive borrowings to build apartments ahead of demand. In fact, property developers built so many apartments that one-fifth of the homes in China were empty, Insider's Lina Batarags reported in October 2021. There are now fears China's property troubles could spill into the broader domestic economy and the international markets.

Persons: Keng, —, Lina Batarags Organizations: Service, China News Service, US, Reuters, Washington DC Locations: China, Wall, Silicon, China's, Washington

☆ The Chinese property market may look like it's imploding. But one expert doesn't think it'll cause a financial crisis — and there may even be a bright spot.
▼ + stars: | 2023-08-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's property troubles may slow the economy down, Nicholas Lardy, a China economy expert, told CNN. However, the issues will not create a financial crisis, he added. Even so, one Chinese economy expert thinks the crisis is unlikely to spill over into the broader economy. Advertisement Advertisement Watch: Ken Rogoff on the next financial crisis and the future of bitcoinChina's property sector has been gripped in a crisis since 2021 when property giant Evergrande ran into a liquidity crisis. The market was so hot that Chinese developers were taking on massive borrowings to build apartments ahead of demand.

Persons: Nicholas Lardy, it's, Ken Rogoff, Evergrande, Lardy, Lina Batarags Organizations: CNN, Service, Peterson Institute for International Economics Locations: China, Wall, Silicon

☆ The most interesting part of China's stimulus announcement was the omission of a key phrase that ignited the 2020 crackdown on the real-estate sector
▼ + stars: | 2023-08-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

China's property market is a huge part of the economy, but it's now in a deep slump. This measure was introduced in August 2020 to limit the amount of money property developers could borrow. Other Chinese real-estate developers ran into similar issues, and the sector started to default on its bond payments. In the background, there were concerns that China's property crisis could spill over into the broader domestic and global economy. In 2022, China's economy grew 3% — well below its official 5.5% target, intensifying the drag on the property sector.

Persons: it's, Xi Jinping, Xi, Lina Batarags, Evergrande, Bo Zhuang, Loomis Sayles, Zhuang, Shenzhen —, Nomura Organizations: Authorities, Service, Bloomberg, Spain's Caixa Bank, Nikkei, Reuters Locations: Beijing, Wall, Silicon, China, Expectedly, Shenzhen

☆ Meet the new CEO of Alibaba
▼ + stars: | 2023-06-20 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

Cofounder Eddie Wu will replace Daniel Zhang as CEO, the company announced Tuesday. The move comes three months after Alibaba announced it would split into six groups. Eddie Wu, currently the chairman of Taobao and Tmall Group, will take over as CEO from Daniel Zhang, Alibaba Group announced Tuesday. After Zhang steps down from his role, he will lead Alibaba's Cloud Intelligence Group as chairman and CEO, the company announced. History at Alibaba: He's one of the cofounders of Alibaba, and he currently serves as a senior vice president overseeing three business units, per Crunchbase.

Persons: Eddie Wu, Daniel Zhang, Alibaba, Zhang, Joseph C . Tsai, who's, Wu Organizations: Morning, Tmall, Alibaba, Cloud Intelligence Group, Zhejiang University of Technology Locations: China

☆ Bezos is back at it with another hot yacht summer
▼ + stars: | 2023-06-14 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

Recent photos show Jeff Bezos hanging out with his fiancée, Lauren Sanchez, on a yacht in Portofino. Per reports, the ship in question is Bezos' $500 million yacht, Koru, which set sail in February. Jeff Bezos and Lauren Sanchez hanging out in Portofino, Italy. Bezos and Sanchez were also photographed on the yacht off the coast of Spain in May, shortly after they hit up Coachella. And you can't see it in this recent series of photos, but Bezos' yacht is adorned with a female bust, which people have been speculating is modeled off of Sanchez.

Persons: Jeff Bezos, Lauren Sanchez, She's, You'd, it's, didn't, Bezos, Sanchez, Lloyd Blankfein, Kloss, David Geffen's, Bezos didn't Organizations: Morning Locations: Portofino, Italian, Rotterdam, Italy, Spain

☆ Reddit users are going on a 48-hour blackout. Here are the biggest subreddits that won't be available during this time.
▼ + stars: | 2023-06-12 | by ( Lina Batarags | ) www.businessinsider.com time to read: +3 min

Reddit users are going on a 48-hour blackout starting today, June 12. Twenty-four subreddits with more than 20 million users a piece are currently affected. Reddit users are going on a 48-hour blackout starting today, June 12, and it's affecting some of the site's most popular subreddits. In total, 7,266 subreddits are going to be taking part in the blackout, per the Reddit post. They range in size from fewer than 5,000 users to more than 40 million users.

Persons: Reddit, Insider's Jyoti Mann, Mann Organizations: BBC Locations: Reddit

☆ A sushi chain is suing a teen who licked a soy sauce bottle for nearly half a million dollars. His lawyer argues the teen never meant for footage of the incident to go viral.
▼ + stars: | 2023-06-10 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

In a viral video, the teen was licking a soy sauce bottle and touching sushi. It's not an isolated incident: Sushi terrorism is on the rise. Food and Life Companies, which owns Akindo Sushiro, is worth $363.8 billion. Akindo Sushiro operates 610 branches in Japan and employs more than 47,000 people across full-time and part-time roles. A spokesperson for Akindo Sushiro declined Bloomberg's request for comment.

Persons: —, Akindo Sushiro, Insider's Aaron McDade, Sushiro Organizations: Service, Food, Life Companies, NHK, Japan's, China Morning Post Locations: Japan, Osaka, China

☆ Americans are sharing their paychecks on TikTok and the Chinese are sharing their savings accounts on Weibo, but their point is the same: Everyone's broke
▼ + stars: | 2023-05-19 | by ( Lina Batarags | ) www.businessinsider.com time to read: +4 min

China's Gen Z is broke. And America's Gen Z is in rough shape financially too, though not as bad as US millennials. They're sharing photos of savings accounts on Weibo and paychecks on TikTok, respectively, to prove it. Rather than sharing screenshots of their bank accounts, TikTok users in the US are dishing on details of their weekly paychecks, including itemized breakdowns of where every dollar goes. And unemployment rates among China's Gen Z are at a record high; the generation has been dubbed China's "unluckiest generation."

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

One recruiter told Insider they'd seen an influx of resumès of a similar scale to the 2008 financial crisis. Executives looked 'very downbeat' at an all-company meetingHeadquartered in Zurich, Credit Suisse has a large presence in Europe. A European-based headhunter told Insider they'd "heard there were some tears" from Credit Suisse veterans about the prospect of the bank's takeover. As Credit Suisse's outflows accelerated over recent months, it appears its employees have hunted for other postings. One industry headhunter in the UK said their desk has piled up with job applications from Credit Suisse workers for around a month.

☆ Federal prosecutors are probing Rep-elect George Santos' finances after he admitted to lying about some of his work and education history: reports
▼ + stars: | 2022-12-29 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

Federal prosecutors are looking into Rep-elect George Santos' finances, per media reports. Santos has admitted to lying about parts of his work and education history. Santos' most recent financial disclosure shows a $750,000 salary from a company he founded. Santos also lent $705,000 to his campaign through Devolder, per a Federal Election Commission form filed on December 8. On Monday, he admitted that sections of his work history – including the stints at both Goldman and Citigroup — were made up.

Email icon An envelope. It indicates the ability to send an email. US officials say that preliminary findings indicate the missile that struck Poland was fired by UkraineThree US officials said initial findings suggest the explosion that killed two Polish citizens on Tuesday was caused by a Ukrainian-fired missile intercepting a Russian one, the Associated Press reported. The outlet did not name the three Americans. Ukraine's forces fired the weapon as Russia launched a reported salvo of 90 missiles at Ukrainian infrastructure, the AP reported, citing the officials.

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