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☆ Guangdong, China: Satellite imagery shows new mystery aircraft carrier built amid breakneck naval expansion
▼ + stars: | 2024-11-01 | by ( Edward Szekeres | Brad Lendon | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China appears to have built a new and unusual aircraft carrier, intriguing experts with a potentially first-of-its-kind vessel that could further increase Beijing’s rapidly expanding maritime power. This potential new aircraft carrier “is of a somewhat unusual shape and size – much smaller than China’s previous naval aircraft carriers,” said Thomas Shugart, a former US Navy submarine commander and now a fellow at the Center for a New American Security. Another view of the satellite imagery captured on October 23, 2024, showing a potentially new class of a Chinese aircraft carrier at a shipyard in the southeastern end of the country. Only the United States Navy operates aircraft carriers bigger than the Fujian. Conducted in the South China Sea, the exercise was “aiming to enhance the integrated combat capability of the aircraft carrier formations” and was “part of the Liaoning aircraft carrier formation’s regular real-combat training in the high seas,” Xinhua said.

Persons: ”, Thomas Shugart, Shugart, –, Beijing’s, Carl Schuster, Schuster, ” Schuster, ” Song Organizations: Hong Kong CNN, Planet Labs, Guangzhou Shipyard, US, Center, New, New American Security, Planet Labs PBC China, People’s Liberation Army Navy, PLAN, supercarriers, United States Navy, Center for Strategic, International Studies, “, PLA, Pacific Command’s Joint Intelligence, China Coast Guard, Beijing, Coast Guard, Communist Party, Xinhua, Liaoning, US Navy, Global Times Locations: Hong Kong, China, Guangdong, New American, Fujian, Shandong, Liaoning, Naval, Washington, Shanghai, Beijing, Taiwan, Matsu, South, South China, Xinhua

☆ India has a new nuclear-capable ballistic missile submarine. But can it catch up with China?
▼ + stars: | 2024-09-14 | by ( Brad Lendon | ) edition.cnn.com time to read: +10 min

CNN —India’s second nuclear-capable ballistic missile submarine joined its naval fleet late last month, a move the government says strengthens its nuclear deterrent as New Delhi casts a wary eye at both China and Pakistan. The de facto border between India and China, known as the Line of Actual Control, has been a longtime flashpoint between the two. India’s next ballistic missile subs could be years away, however, if history is any predictor of the future. Arighaat was launched almost seven years ago, and if that timeline from launch to commissioning applies to the next Indian ballistic missile sub, it won’t join the service until 2030. A type 094 Jin-class nuclear-capable ballistic missile submarine of the Chinese People's Liberation Army (PLA) Navy participates in a naval parade in 2019.

Persons: CNN —, Rajnath Singh, Janes, Arighaat, ”, Carl Schuster, Aksai, Matt Korda, ” Korda, won’t, SSBNs, Tom Shugart, ” Shugart, Jin, Kandlikar Venkatesh, Mark Schiefelbein, Venkatesh, It’s, Abhijit Singh, ” Singh, Korda, it’s, – Organizations: CNN, People’s Liberation Army, Indian Defense, India’s Eastern Naval Command, Missile Defense Advocacy Alliance, Pacific Command’s Joint Intelligence Center, Troops, Naval, Nuclear, Federation of American Scientists, India’s, Center, New, New American Security, US, United Nations Security Council, US Navy’s, Navy, Global Times, People's Liberation Army, PLA, Getty, Observer Research, Hindustan Times, MIRV Locations: Delhi, China, Pakistan, India, Visakhapatnam, Bengal, United States, Bay, Aksai Chin, Beijing, New American, Russia, United Kingdom, France, Britain, Ohio, AFP, Mumbai, Islamabad, Kashmir, New Delhi

☆ China’s state media: Canada is 'shooting itself in the foot’ with new EV tariffs
▼ + stars: | 2024-08-28 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +3 min

BEIJING, CHINA - DECEMBER 04: China and Canada flag is displayed in front of the Forbidden City on December 4, 2017 in Beijing, China. China's state media has criticized Canada over its decision to impose 100% import tariffs on Chinese electric vehicles, using bolder language than Beijing's official government response. Canada is "shooting itself in the foot" by "following U.S.' protectionist policies," the outspoken editor of the Global Times, a Chinese government mouthpiece, wrote Wednesday. On Monday, Canada announced that it would import 100% tariffs on China-made electric vehicles, effective Oct. 1. The Biden administration announced in May significant tariffs on Chinese EVs, advanced batteries, solar cells, steel, aluminum and medical equipment.

Persons: Biden, Lin Jian, Lin, Justin Trudeau, –, Sheila Chiang Organizations: Global Times, Communist Party, European Union, European, China's Ministry of Commerce, Foreign Ministry, Ottawa Locations: BEIJING, CHINA, China, Canada, City, Beijing, U.S, EVs

☆ One of China’s Most Talkative Nationalists Suddenly Goes Silent
▼ + stars: | 2024-08-06 | by ( Chris Buckley | ) www.nytimes.com time to read: +1 min

One of China’s most influential, and garrulous, nationalist voices on social media has suddenly gone quiet, and the country’s internet is wondering why. But in late July, Mr. Hu stopped updating his page, baffling readers and gratifying some of his critics. Mr. Hu has not explained his silence; nor have China’s internet authorities. But many in China think he has been censored, pointing to signs that party officials may have been irked — paradoxically — because Mr. Hu lauded them in the wrong way. In Mr. Hu’s view, the party used phrasing in its plan for the economy that suggested that China would reduce the status of state-owned companies, giving private companies a big boost.

Persons: Hu Xijin, Hu, Mr, Hu’s Organizations: Global Times, Communist Party, Sina Weibo, Weibo Locations: China

☆ Xi wants the world to know China's military is totally loyal despite the purges
▼ + stars: | 2024-07-27 | by ( Michael Peck | ) www.businessinsider.com time to read: +5 min

China's military is loyal and will faithfully execute the policies set down by the Communist Party. In June, Chinese Leader Xi Jinping reminded the Central Military Commission — the country's top political-military body — that the military reports to the Communist Party. "Xi stressed that political work is always the lifeline of the country's military. "Xi stresses PLA's political loyalty at crucial meeting held in old revolutionary base," read the Global Times headline. Beyond military corruption, Xi also is concerned about what he sees as decadence in Chinese society — especially among young people — which is undermining Chinese military power.

Persons: Xi Jinping, Xi, Mei, he'd, he's, Stalin, Michael Peck Organizations: Service, Communist Party, Central Military Commission, Global Times, Business, Party, Times, People's Liberation Army, PLA, RAND Corp, Taiwan, PLA Rocket Force, CMC, Soviet Union, Political, Red Army, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: China, US, China —, Germany, Soviet Union, Forbes

☆ RIMPAC: US Air Force B-2 bomber used in exercise to sink surface ship with low-cost bomb
▼ + stars: | 2024-07-27 | by ( Brad Lendon | ) edition.cnn.com time to read: +9 min

Earlier this month, the US and allies practiced taking out a large surface ship with long-range weapons, including, for the first time, a US Air Force B-2 bomber. It showed the US military can use one of its most survivable weapons platforms, the B-2 Spirit stealth bomber, to sink a major surface ship with a low-cost guided bomb. The Air Force says its stealthy characteristics allow it to penetrate heavily defended areas and also fly with a small chance of being detected by radar at high altitudes. Mating it up with relatively cheap and demonstrably effective precision-guided bombs with warheads of up to 2,000 pounds could give the Air Force bombers the “anti-ship lethality” of a submarine-launched torpedo without the liabilities of a submarine, according to a US Air Force website. The Air Force first tested QUICKSINK in 2022, when an F-15 fighter jet released a GBU-31 Joint Direct Attack Munition (JDAM) that destroyed a full-scale surface target in the Gulf of Mexico, according to an Air Force statement.

Persons: ”, Seleena Muhammad, QUICKSINK, Carl Schuster, ” Schuster, Jon Husman, Alessio Patalano, Mark Hammond, Australia’s, “, LSIS Daniel Goodman, USS Fitzgerald, John Wade, RIMPAC, John Bradford, ” Bradford, Zhongping Organizations: South Korea CNN, US Air Force, US, Air Force, Munitions, Royal Air Force, U.S . Air Force, Navy, Air Force Research, Liberation Army Navy, PLAN, US Pacific Command Joint Intelligence Center, U.S . Navy, King’s College, US Navy, Ship, 3rd Fleet, Royal Australian Navy, Naval, Australia, Royal Australian, Kongsberg Defence & Aerospace, US Navy destroyer, US Marine Corps, Task Force, Foreign Relations International Affairs, Times, PLA Navy, Global Times, ” Global Times Locations: Seoul, South Korea, Kauai, China, Tarawa, England, U.S, Gulf of Mexico, Pacific, Taiwan, Philippines, Japan, London, Oahu, Hawaii, Norwegian, USS Dubuque, ‘, Malaysia, Netherlands, China China, Asia, Taiwan Strait, South China

☆ As the US reels from the Trump assassination attempt, China sees weakness
▼ + stars: | 2024-07-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

Read previewA gunman's assassination attempt on former President Donald Trump has flung the US back into the spotlight in China. The FBI says the 20-year-old rally shooter, Thomas Matthew Crooks, used a legally purchased 5.56mm AR-style rifle to attack Trump. another user wrote. One Chinese professor told the outlet that the attack on Trump showed the"ongoing rampant gun violence issue in the US." One user reposted a photoshop edit of Trump raising his fist against the backdrop of the Chinese flag.

Persons: —, Donald Trump, Thomas Matthew Crooks, Trump, Dylan Loh, Loh, Biden, China's, Xi Jinping, it's, Xi, Mike Johnson Organizations: Service, Republican, Business, FBI, National University of Singapore, Global Times, Trump, Renmin University of China, Capitol Locations: China, Trump's, Weibo, Gotham City, Beijing, United States

☆ Apple slashed iPhone prices in China. Sales are bouncing back
▼ + stars: | 2024-05-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. The increase is a major acceleration from the 12% growth logged in March by foreign-branded smartphones, according to previous data from CAICT. But iPhone sales started to bounce back in March after Apple and its retail partners slashed prices, according to CAICT data. The hefty reductions are “the only way” for Apple to defend its market share in China, Jefferies analysts said earlier this week. That will help Apple regain its lost market share but is also likely to put pressure on its competitors to cut prices further.

Persons: Apple, Jefferies, “ Organizations: Hong Kong CNN, CNN, China Academy of Information, Communications Technology, Ministry of Industry, Information Technology, Global Times, Apple, Counterpoint Research, Huawei, Alibaba, Xiaomi Locations: China, Hong Kong

☆ China's richest man is under fire over conspiracy theories that say he's secretly promoting Japan
▼ + stars: | 2024-03-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

China's richest man is being targeted by nationalists who say he's not patriotic enough. AdvertisementZhong Shanshan, the richest man in China, has been beset this month by accusations from an online nationalist crowd that he isn't loyal enough to his country. Some think Nongfu Spring loves JapanThe hostility escalated this week into claims that Nongfu Spring was intentionally planting elements of Japanese culture into its product marketing. CFOTO/Future Publishing via Getty Images and Jinhee Lee/NurPhoto via Getty ImagesAnother complaint accused Nongfu Spring of using a red bottle cap that resembles the Japanese flag. China's nationalist groups have been notorious for turning on typically celebrated figures and businessmen.

Persons: Zhong Shanshan, Zong Qinghou, —, Zhong, he's, Zong, Zhong Shuzi, Jinhee Lee, NurPhoto, Mr Zong, Hu Xijin, shouldn't, Hu, Li Guoqing, Li, Zong Fuli, Mo Yan Organizations: Service, Nongfu, Hong, Hangzhou Wahaha, Hangzhou Wahaha Group, Getty Images, Weibo, Mount, Publishing, Getty, Global Times, The Global Times, Rongsheng Petrochemical, China Newsweek, China News Service, Business Locations: Japan, China, Hong Kong, Hangzhou, Zhejiang Province, American, Tokyo, Mount Fuji

☆ Chinese fishing vessels are going scorched earth and pumping cyanide into contested waters, Philippine fishing authority says
▼ + stars: | 2024-02-19 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

The bureau on Saturday accused Chinese vessels of pumping cyanide into the shoal's waters. AdvertisementThe Philippines' fishing bureau has accused Chinese fishing vessels of using cyanide to destroy the Scarborough Shoal, a fish-rich atoll in the South China Sea contested by both Manila and Beijing. Cyanide fishing is a controversial fishing method that typically involves dumping the highly toxic chemical near coral reefs or in fishing grounds to stun or kill fish so they can be easily captured. Notably, the Philippines' fishing industry was known to use cyanide fishing back in the 1960s to capture live fish for aquariums and restaurants, though the practice has become less common. The Scarborough Shoal is contested by The Philippines, China, and Taiwan.

Persons: —, Nazario Briguera, Brigeura, Briguera, hadn't, Jay Tarriela, Guo Shoujing, Hague Organizations: Service, Bureau of Fisheries, Aquatic Resources, The Philippine, Philippine, Scarborough, Philippine Star, ROSA, GMA, Philippine Coast Guard, Conservation, Education Foundation, Global Times, The, TED, Getty, Google, Fisheries, Business Locations: Philippines, China, Scarborough, South, Manila, Beijing, Masinloc, Spanish, Scarborough Shoal, AFP, Bajo de, Cebu, South China, Taiwan, The Philippines, Quezon City, Philippine

Tickets for the game cost up to 4,880 Hong Kong dollars ($624) each. In its statement, Tatler Asia said it would refund 56 million Hong Kong dollars ($7.2 million) in total, resulting in a loss of 43 million Hong Kong dollars ($5.5 million). Before the refund, its net income stood at 13 million Hong Kong dollars ($1.7 million), the organizer said. In response to the announcement, the Hong Kong government welcomed the arrangement in a statement, calling it as a responsible move. “One theory is that their actions have political motives, as Hong Kong intends to boost economy through the event and external forces deliberately wanted to embarrass Hong Kong through this incident,” it said.

Persons: Lionel Messi, Messi, Messi’s, “, Regina Ip, “ Messi, Hong Kongers, ___ Organizations: Inter, Global Times, Tatler Asia, Tatler, Hong Kong, Hong, Inter Miami, Associated Press, Weibo, Messi, ”, Executive, Miami, Newell’s Old Locations: HONG KONG, Hong Kong, China, Argentina, Tokyo, Asia, Japan, Tatler Asia, Inter Miami, Beijing, Regina, Weibo, El Salvador, Dallas, Saudi Arabia, Florida, Rosario

BANGKOK (AP) — Chinese and U.S. officials have met in Beijing for talks on tough issues dividing the two largest economies, as trade and tariffs increasingly draw attention in the runup to the U.S. presidential election. The talks sent a “positive signal,” the Global Times, a newspaper of China’s ruling Communist Party, said in an article published late Tuesday. The two sides said the talks in Beijing also touched on issues such as debt problems in developing countries, financial cooperation and economic policies. The Economic Working Group's meeting was its third since it was established in September and its first in Beijing. A Treasury delegation met with Chinese Vice Premier He Lifeng while in Beijing and conveyed a message that Yellen hoped to visit China at an “appropriate time.”

Persons: Joe Biden, Xi Jinping, Biden, Donald Trump, Yellen, ” Organizations: U.S, China’s Ministry of Finance, Global Times, Communist Party, U.S . Treasury Department, International Energy Agency, Treasury Department, Trump, Treasury Locations: BANGKOK, Beijing, U.S, China, Europe, San Francisco , California, Taiwan

“China and the United States’ relations will forever be linked to the name ‘Kissinger,’” Mr. Xi said to Mr. Kissinger as the two men sat side by side in cream-colored armchairs. It was the same building where half a century earlier Mr. Kissinger had met Zhou Enlai, who was then China’s premier: Villa No. When Mr. Xi was on the cusp of power in 2012, he met Mr. Kissinger twice — once in Beijing and then in Washington. In a sign of the high regard in which he was held, Mr. Xi respectfully cited Mr. Kissinger’s views in speeches. “It is understandable that he cared about the interests of the United States,” Professor Lu said.

Persons: ”, Henry A . Kissinger, Mr, Kissinger, Nixon’s, Xie Feng, Biden, Xi Jinping, “, ‘ Kissinger, ’, Xi, Zhou Enlai, Li Shangfu, John F, Kirby, Kissinger “, Wu Xinbo, —, President Trump, Wu, Trump, Kissinger’s, Charles T, Munger, Lu Yeh, Lu Organizations: Global Times, Communist Party, Beijing, United, Mr, U.S . National Security Council, Institute of International Studies, Fudan University, National Chengchi University Locations: China, United States, Washington, Communist, Beijing, U.S, ” China, “ China, Diaoyutai, Shanghai, Philippines, Australia, Weibo, Taiwan, Taipei, “

☆ Henry Kissinger Dies at 100: Latest News and Updates
▼ + stars: | 2023-11-29 | by ( Michael D. Shear | ) www.nytimes.com time to read: +5 min

For many in China, Henry A. Kissinger represented a now-bygone chapter in relations between China and the United States, when the countries seemed to be moving inexorably closer. In July, China laid out a red-carpet welcome for Mr. Kissinger, including an audience with Xi Jinping, the top leader. “China and the United States’ relations will forever be linked to the name ‘Kissinger,’” Mr. Xi said to Mr. Kissinger as the two men sat side by side in cream-colored armchairs. When Mr. Xi was on the cusp of power in 2012, he met Mr. Kissinger twice — once in Beijing and then in Washington. In a sign of the high regard in which he was held, Mr. Xi respectfully cited Mr. Kissinger’s views in speeches.

Persons: Xi Jinping, Henry A . Kissinger, ”, Mr, Kissinger, Nixon’s, Xie Feng, Biden, “, ‘ Kissinger, ’, Xi, Zhou Enlai, Li Shangfu, John F, Kirby, Kissinger “, Wu Xinbo, —, President Trump, Wu, Trump, Kissinger’s, Charles T, Munger, Lu Yeh, Lu Organizations: of, People, Global Times, Communist Party, Beijing, United, Mr, U.S . National Security Council, Institute of International Studies, Fudan University, National Chengchi University Locations: Beijing, State, China, United States, Washington, Communist, U.S, ” China, “ China, Diaoyutai, Shanghai, Philippines, Australia, Weibo, Taiwan, Taipei, “

☆ Record numbers sit for China civil service exam, hoping for job security
▼ + stars: | 2023-11-27 | by ( Bernard Orr | Thomson Reuters | Bernard Orr Is A Veteran Journalist With Over Years Of Experience. He Reports On Breaking News Mainland China | ) www.reuters.com time to read: +2 min

BEIJING, Nov 27 (Reuters) - More than three million people took China's annual civil service exam on the weekend, state media reported on Monday, a record number that underscores young people's concerns about getting a secure job in a rocky economy. With stubbornly high youth employment in the world's second-largest economy, the prospect of a less glamorous career in the civil service is increasingly attractive as private sector job opportunities dwindle. "After all, the general environment is not good," one user of the Weibo social media platform said of economic prospects as posts about the civil service exam surged. The exam was held simultaneously in 237 cities across the country on Sunday, the state-run China Daily reported. The Global Times reported that the number of civil service jobs had increased for the past five years.

Persons: Chu Zhaohui, Bernard Orr, Robert Birsel Organizations: Weibo, Companies, China Daily, Global Times, China News Network, China National Academy of Educational, Thomson Locations: BEIJING, China, Beijing, Shanghai

☆ So many kids are falling sick in China that a children's hospital said it saw 13,000 cases in a single day
▼ + stars: | 2023-11-23 | by ( Matthew Loh | Kim Schewitz | ) www.businessinsider.com time to read: +6 min

Northern China is struggling with a wave of respiratory illnesses among its children. Cities like Beijing and Tianjin have been hit hard by cases of flu and pneumonia, hospitals said. Children wait on the stairs at a children hospital in Beijing on November 23, 2023, with some administered with drips. "All the children have respiratory illnesses." Children receive a drip at a children hospital in Beijing on November 23, 2023.

Persons: —, Liu Wei, Liu, imploring, JADE GAO, Mi Feng, they're, It's, JADE GAOJADE, Hu Xijin, Hu, David Heymann, Francois Balloux Organizations: Service, Beijing Aviation General, Management, drips, Getty, Changjiang, Health, Business, Global Times, Health Organization, London School of Hygiene, Tropical Medicine, UCL Genetics Institute Locations: Northern China, Cities, Beijing, Tianjin, China, Tianjian, Wuhan, Hubei, Chongqing, Weibo

☆ Apple supplier Foxconn books surprise rise in quarterly profit
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] People wear masks to protect themselves from the coronavirus disease (COVID-19) while passing a Foxconn office building in Taipei, Taiwan, July 14, 2020. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 14 (Reuters) - Apple Inc (AAPL.O) supplier Foxconn (2317.TW) reported on Tuesday a surprise 11% increase in third-quarter profit, boosted by strong demand for smartphones ahead of the year-end holiday shopping season in Western markets. Net profit for the July-September quarter rose to T$43.1 billion ($1.3 billion), beating market estimates for an 11% drop. Shares of Foxconn closed up 2.4% ahead of the earnings announcement, beating a 0.5% gain for the benchmark index (.TWII). ($1 = 32.3430 Taiwan dollars)Reporting by Yimou Lee and Sarah Wu; Editing by Anne Marie Roantree and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Young Liu, Terry Gou, Yimou Lee, Sarah Wu, Anne Marie Roantree, Edwina Gibbs Organizations: REUTERS, Rights, Apple Inc, TW, Apple, Global Times, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China

☆ U.S. in game of "catch me if you can" with Nvidia on rules - China media
▼ + stars: | 2023-11-11 | by ( ) www.reuters.com time to read: +3 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. The chip industry newsletter SemiAnalysisas reported earlier that Nvidia plans to release new artificial intelligence chips aimed at the Chinese market less than a month after the U.S. tightened rules on selling high-end AI chips to China. The new rules put a cap on how much computing power a chip can pack into a small size. SemiAnalysis said the new Nvidia chips are called the HGX H20, L20 PCIe and L2 PCIe and the company could announce them on Nov. 16. "It is not difficult to imagine that as long as Washington remains committed to 'choking' China, the game of 'catch me if you can' will continue indefinitely," the newspaper said.

Persons: Dado Ruvic, SemiAnalysis, Robert Birsel Organizations: NVIDIA, REUTERS, Rights, Nvidia, Global Times, U.S, Shanghai, Thomson, Reuters Locations: China, U.S, Washington

☆ Foxconn founder Terry Gou lies low in Taiwan election as China tax probe reverberates
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +6 min

[1/2] Terry Gou, founder of Taiwan's Foxconn poses for pictures while saluting during a news conference in Taoyuan, Taiwan April 5, 2023. But three months out from the election, Gou, whose net worth is estimated by Forbes at $6.7 billion, has gone to ground. China claims Taiwan as its own and believes Lai, who leads opinion polls, is a separatist bent on a formal declaration of independence. Since the Global Times report came out, Gou's team has declined to comment, referring questions to Foxconn itself. Gou remains a lauded figure at Foxconn after stepping down as chairman in 2019, referred to reverentially as "the founder".

Persons: Terry Gou, Taiwan's, Carlos Garcia Rawlins, Taiwan's Terry Gou, Gou, Lai Ching, Lai, Steve Jobs, Foxconn, Democratic Progressive Party's, reverentially, Xi Jinping, Ben Blanchard, Sonali Paul Organizations: REUTERS, Rights, Apple, Forbes, Global Times, Taiwan, Democratic Progressive, DPP, Taiwan People's Party, Hai Precision Industry Co Ltd, Chicago, Atari, Dell, Sony Corp, Nintendo Co, Microsoft Corp, Communists, Communist Party's, Thomson Locations: Taoyuan, Taiwan, Rights TAIPEI, China, Foxconn, Beijing, Kuomintang, People's Republic of China

☆ Amid Foxconn probe, China tells Taiwan firms to play positive role in ties
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +3 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang Acquire Licensing RightsBEIJING, Oct 25 (Reuters) - Taiwanese companies should assume their social responsibilities and play a "positive role" in promoting the peaceful development of relations across the Taiwan Strait, China's government said on Wednesday, amid a probe into major Apple supplier Foxconn. "While sharing development benefits and growth dividends on the mainland and achieving rapid development, Taiwan enterprises should also assume corresponding social responsibilities and play a positive role in promoting the peaceful development of cross-Straits relations." China believes Lai, who is leading opinion polls, is a separatist bent on a formal declaration of independence. "As pointed out by the media on the island, Lai Ching-te has now changing from a Taiwan independence maniac to a Taiwan independence liar," she said.

Persons: Ann Wang, Zhu Fenglian, Zhu, Lai Ching, Democratic Progressive Party's, Lai, Ben Blanchard, Jacqueline Wong, Lincoln Organizations: REUTERS, Rights, Apple, Global Times, Taiwan Affairs Office, Taiwan, Democratic Progressive, Beijing, Thomson Locations: New Taipei City, Taiwan, Rights BEIJING, Taiwan Strait, China, Beijing

☆ Foxconn’s China woes expose supply chain dilemma
▼ + stars: | 2023-10-24 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet, coming less than 100 days ahead of Taiwan’s presidential election in January, it is difficult to see surprise tax raids on Foxconn as having no geopolitical implications. For multinationals, the tax audits expose Foxconn’s difficulty in navigating the global business environment as tensions across the Taiwan Strait escalate. For global onlookers anxious to reduce their Chinese dependency, Foxconn could be the most telling case on the true cost of reshoring. The audits come less than three months ahead of Taiwan’s presidential election in January 2024 and amid Foxconn’s drive to expand its production outside China. Foxconn’s founder Terry Gou, who stepped down as company chief in 2019, is running as an independent candidate in Taiwan’s upcoming presidential election.

Persons: Foxconn, Terry Gou, It’s, Foxconn’s, Lisa Jucca, Thomas Shum, Katrina Hamlin Organizations: Reuters, Apple, Hai Precision Industry, Global Times, Eastern, Democratic Progressive Party, Foxconn, Thomson Locations: HONG KONG, China, Taiwan, Foxconn, Beijing, Vietnam, Republic, Shanghai, Taipei

The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. Foxconn is facing a tax probe in China, two sources close to the company said on Monday, confirming a report in China's state-backed Global Times. China claims Taiwan as its own territory and Beijing detests Lai, whom it believes is a separatist. Speaking at a news conference in Taipei and asked about Beijing's probe into Foxconn, Lai said China should "cherish and treasure" Taiwanese companies given their help in that country's economic development. Taiwanese companies will lose their confidence in China and if they feel scared will shift production elsewhere, which will be a big loss to China, Lai added.

Persons: Ann Wang, Lai Ching, Terry Gou, Lai, Beijing detests Lai, Foxconn, Gou, Ben Blanchard, Jeanny Kao, Jacqueline Wong, Jamie Freed Organizations: REUTERS, Rights, Taiwan, Apple, Foxconn, Global Times, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China, Beijing, China's, India, Taiwan Strait

☆ Foxconn shares drop after report of China tax audit, land use probe
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department. The Chinese state media report comes less than three months before Taiwan votes in presidential and parliamentary elections. Speaking at a campaign rally on Sunday, Taiwan Vice President Lai Ching-te, the DPP's presidential candidate and leading the polls, said the Chinese report on the investigation was "unexpected" and "regretful". Foxconn shares were down 2.4% at 0204 GMT, underperforming the broader Taiwanese market (.TWII).

Persons: Ann Wang, Foxconn, Terry Gou, Taiwan's, Huang Shih, Gou, Lai Ching, Hai, Ben Blanchard, Jacqueline Wong, Edwina Gibbs, Sonali Paul Organizations: REUTERS, Rights, Global Times, Hai Precision Industry Co, Democratic Progressive Party, Taiwan, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China, China's, Henan, Hubei, Zhengzhou, India, U.S

☆ Stocks making the biggest moves premarket: Chevron, Apple, Walgreens Boots Alliance and more
▼ + stars: | 2023-10-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Chevron , Hess — Chevron shares slumped more than 2% after the oil giant said its buying smaller rival Hess in an all-stock deal totaling $53 billion, or $171 a share. Hess shares moved slightly higher. Walgreens Boots Alliance — The pharmacy operator rose nearly 3% after JPMorgan upgraded Walgreens Boots Alliance shares to overweight from neutral. Salesforce — The software giant lost nearly 2% after Piper Sandler downgraded shares to neutral from overweight, citing heightened execution and M & A risks. Bank of America downgraded Alcoa to a neutral rating and slashed its price target, citing concerns of a near-term earnings decline.

Persons: Hess, Stonepeak, Piper Sandler, Roche, —, Jesse Pound Organizations: Hess, Chevron, Apple, Global Times, Walgreens, Alliance, JPMorgan, Roivant Sciences, Pfizer, Telavant Holdings, Citi, Evercore, Alcoa, Bank of America Locations: Chevron, China

☆ Foxconn faces tax audit, land use probe, Chinese state media reports
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Oct 22 (Reuters) - Taiwan's Foxconn (2317.TW), the largest supplier of Apple (AAPL.O) iPhones, is the subject of tax audits in China at some of its key subsidiaries, suspected of violating laws and regulations, Chinese state media reported on Sunday. China's natural resources department also conducted on-site investigations on the land use of Foxconn enterprises in Henan and Hubei provinces and elsewhere, the nationalist tabloid the Global Times reported. Zhang Wensheng, deputy dean of the Taiwan Research Institute of Xiamen University, told the Global Times the audit and land use investigations was a normal procedure that would apply to any enterprise suspected of violating laws and regulations. Reporting by Ethan Wang and Bernard Orr; Editing by Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Zhang Wensheng, Zhang, Ethan Wang, Bernard Orr, Lincoln, William Mallard Organizations: REUTERS, Rights, Apple, Global Times, Hai Technology, Taiwan Research Institute, Xiamen University, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Henan, Hubei

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