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☆ Who is Shou Zi Chew? Mounting scrutiny on TikTok could put new spotlight on its CEO
▼ + stars: | 2023-01-20 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +8 min

Months later, when TikTok was grilled by Congress over privacy and security concerns, Pappas was the TikTok executive in the hot seat fielding questions. But Chew, who took over as TikTok CEO in April 2021, has largely stayed out of the spotlight at a time when the app he leads can’t seem to avoid it. He eventually went on to become the CFO of Chinese tech giant Xiaomi, which he helped take public in 2018. While Chew is not a Chinese national, Quint noted Chinese tech companies and leaders that have drawn too much attention to themselves have faced tough government crackdowns. Ultimately, Quint said, “I don’t think the CEO of TikTok has much relevance at all” for US lawmakers scrutinizing its ties to China.

☆ Roborock Is Building a Customer-First Brand of Robot Vacuums
▼ + stars: | 2023-01-02 | by ( Sponsor Post | Created Insider Studios With Roborock | ) www.businessinsider.com time to read: +6 min

"I never intended to create a robot of my own," Richard Chang, Roborock founder and CEO, said. Kickstarting an entrepreneurial journeyRoborockToday, Beijing-based Roborock is among the biggest robot vacuum manufacturers in the world. RoborockThe result was the launch in 2016 of the first Roborock robot vacuum cleaner the Mi Home Robot Vacuum Cleaner. Since then, Roborock has produced a steady stream of models that have continued to set the standard in robot vacuum technology, culminating in the Roborock S7 MaxV Ultra, which was featured on Time magazine's Best Inventions of 2022. It also allows users to operate their robot vacuum overnight, in complete darkness.

☆ Xiaomi layoffs: Thousands of tech jobs cut as China’s unemployment crisis deepens
▼ + stars: | 2022-12-21 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Chinese company’s decision to slash jobs comes soon after tech giants across the world, including Meta and Twitter, have laid off thousands of workers. The Beijing-based firm recently conducted a “routine personnel optimization and organizational streamlining,” a Xiaomi spokesperson told CNN. In the first nine months of 2022, Xiaomi reduced its workforce by nearly 1,900, according to its financial documents. Diminishing tech jobsThe layoffs at the Chinese smartphone giant come at a time when the country is struggling with mounting economic challenges. The urban unemployment rate, the broadest official measure of jobs, rose to 5.7% in November, the highest in six months, according to most recent government statistics.

☆ Morning Bid: Land of the rising yields
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. In the last major central bank set-piece of the year, the BOJ raised its long-standing cap on 10-year Japanese government bond yields by quarter of a percentage point to 0.5% - sending those yields and the yen surging and squeezing stocks further. Yet most investors felt that was only likely when BOJ chief Haruhiko Kuroda stepped down in April. Japan's 10-year bond yields immediately almost doubled close to the new 0.5% target, with U.S. Treasury and European sovereign debt yields rising in their slipstream. Apart from the timing, the BOJ move marks a significant moment in draining the world economy of central bank liquidity pumped in to support economies during the pandemic.

☆ China smartphone maker Xiaomi to slash 15% of jobs - South China Morning Post
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%, the South China Morning Post reported on Tuesday. The Hong Kong newspaper cited social media posts by affected employees and local Chinese media, saying China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said. read moreReporting by Donny Kwok; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Smartphone maker Xiaomi to slash 10% of jobs amid China's COVID battle
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in its smartphone and internet services business, joining a long list of Chinese tech firms cutting jobs as the country battles COVID-19 outbreaks. China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts this week. Chinese local media first reported on Monday that the job cut would affect 15% of Xiaomi's payroll, citing unnamed sources. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said.

☆ Apple finds a happy home in India
▼ + stars: | 2022-12-20 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

Helped by generous subsidies, Taiwanese Apple suppliers are starting to churn out more iPhones in India. Analysts at JPMorgan reckon India will have 6% of iPhone manufacturing capacity in 2022, and the rest will remain in China. Incentives and other subsidies partially compensate for inefficiencies in India, where demand for pricier devices is slowly picking up. HDFC Securities estimates that for an average smartphone, as little as 14% of the value is added in India. Whether or not India gets that far, Apple at least gets a happy new home.

☆ 23 major brands suspected of illegally sourcing products made by forced labor in China
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

And more ...Mary Meisenzahl/InsiderThese companies have also been suspected of having direct or indirect ties to Chinese forced labor in the aforementioned reports. Bosch"Bosch is committed to ensuring that its products are not produced wholly or in part by forced labor. "Compliance with human rights, labor rights and environmental standards is a top priority at PUMA and has been specified in our Codes of Conduct for over 20 years." As stated in our Business Conduct Guidelines, we reject all forms of oppression, forced labor and participation in human rights violations. We will continue to respect human rights and take a strong stand against forced labor."

☆ India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources
▼ + stars: | 2022-12-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +1 min

NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's (1810.HK) fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday. Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment. Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion. read moreThe investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May. A court is yet to pronounce a decision on the case following Xiaomi's challenge.

☆ Apple is going to keep cozying up to the Chinese government, no matter how much it says it's investing in America, India, and other countries
▼ + stars: | 2022-12-12 | by ( Emilia David | Asia Martin | ) www.businessinsider.com time to read: +6 min

Apple, which enjoys about 50% market share in the US and many other countries, still has room to run in China. Apple willing to play ball with China's governmentWhile pursuing the Chinese consumer, Apple has made concessions to the Chinese government. But in China, it offloaded iCloud servers to a Chinese state-owned company to comply with Chinese regulations. Popal said Huawei was the first Chinese brand to shake off the perception that Chinese phones were cheap. But with hundreds of millions of potential customers left to convert to iPhone users in China, Apple will absorb the hits.

☆ Chinese stocks rally on reopening hopes; Morgan Stanley upgrades to overweight
▼ + stars: | 2022-12-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

The Hang Seng TECH Index, which represents the 30 largest technology companies listed in Hong Kong, surged 8% in Asia's trade. Electronic vehicle-maker Xpeng gained 24%, leading gains for the broader index, Li Auto jumped 12% and Nio climbed more than 15%. The Hang Seng index rose 4% while China's CSI 300 index, which tracks the largest largest mainland-listed stocks, rose almost 2%. Hong Kong-listed casino operators also saw significant gains, with MGM China rising 19%, Wynn Macau climbing 16% and Sands China adding 13%. Morgan Stanley upgrades to overweight

☆ Xiaomi faces many challenges ahead: Research firm
▼ + stars: | 2022-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXiaomi faces many challenges ahead: Research firmRobert McKay of Blue Lotus Research Institute says that even if Covid-19 restrictions in China should ease, Xiaomi faces 'insurmountable' competition from Huawei that will 'greatly' impact the company in the first half of 2023.

☆ Xiaomi Is Getting a Weak Signal from China’s Economy
▼ + stars: | 2022-11-23 | by ( Jacky Wong | ) 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/xiaomi-is-getting-a-weak-signal-from-chinas-economy-11669210683

☆ FTX's bankruptcy hearing is underway and the details are wild. Here's what to know.
▼ + stars: | 2022-11-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

FTX kicked off its bankruptcy hearing on Tuesday, and the initial statements give Sam Bankman-Fried and company little to cheer. James Bromley, counsel to FTX's new management, had choice words during the first day in the Delaware hearing. Ray and his new management team's estimate of FTX's cash holdings has nearly doubled, a Saturday filing showed. In the letter, seen by the Financial Times, Bankman-Fried said excessive borrowing by Alameda Research was responsible for FTX's collapse. Elon Musk's EV maker has seen its market cap plunge from a high of $1.2 trillion.

☆ Russia's Ozon to open China office to boost cross-border sales
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 21 (Reuters) - Russian online retailer Ozon Holdings (OZON.O) said on Monday it was opening an office in Shenzhen in China to boost cross-border sales to Russian shoppers on its platform. Russian companies have been rapidly boosting business ties with China as firms grapple with unprecedented Western sanctions. Ozon said in a statement it already had 10,000 Chinese sellers offering goods to Russian customers on its marketplace, with China accounting for 95% of sales through its cross-border sales unit, Ozon Global. "Chinese products are in high demand in Russia," Ozon said, adding that, "the most popular orders from China are usually electronics - smartphones, laptops and computer parts - as well as small appliances and clothing." Last week, Ozon reported a 48% jump in third-quarter total revenue to 61.5 billion roubles ($1.01 billion).

Xiaomi India did not share the agreement with the bank due to confidentiality reasons, Deutsche told investigators, according to the documents. A spokesperson for Deutsche Bank declined to comment. Qualcomm, in a statement, said under "the license with Qualcomm, Xiaomi India pays royalties on all devices sold in India". In that statement, it said Xiaomi India was an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm. Indian authorities do not agree with that and say Xiaomi India only acts as a reseller of smartphones that are made by contract manufacturers.

☆ Xiaomi discontinues financial services business in India -TechCrunch
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

Oct 28 (Reuters) - Chinese smartphone maker Xiaomi Corp (1810.HK) is winding down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter. The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report said. Three years after its launch, Mi Pay, which allowed users to make bill payments and money transfers, is no longer listed among the recognized apps by regulatory body National Payments Corporation of India (NPCI), TechCrunch said. Xiaomi and NPCI did not immediately did not respond to a Reuters request for a comment. In India, Xiaomi's strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.

☆ China smartphone shipments slid 11% in Q3, research firm says
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 27 (Reuters) - Smartphone shipments in China fell 11% year-on-year in the third quarter as the country's slowing economy took a toll on consumer demand, research firm Canalys reported on Thursday. Brands shipped a total of 70 million smartphones to sellers in the period, down from 78.9 million in same period last year. Apple currently ranks as the fourth top-selling brand in China, with a market share of 13%. The company "is not currently isolated from weak mainland China consumer demand," wrote Canalys analyst Amber Liu, adding that the company has been launching aggressive promotions on previous-generation devices in order to fend off competition from rivals. Xiaomi Corp (1810.HK), which ranked as the fifth top-selling brand, saw shipments fall 17%.

☆ Apple, Samsung to upgrade phone software for Indian 5G rollout by Dec
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network. A Samsung India spokesperson said the company would roll out updates across all its 5G devices by mid-November. Xiaomi India President Muralikrishnan B said their smartphones support Airtel 5G at present and by the end of this month most devices will start receiving updates for Jio 5G network support. Meanwhile, Oppo India Vice President Tasleem Arif said the company will roll out 5G software upgrade on all compatible devices, which already support Airtel 5G, at the earliest.

☆ Apple, Samsung to upgrade phone software in India for 5G rollout by Dec
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNEW DELHI, Oct 12 (Reuters) - Apple Inc (AAPL.O) and Samsung Electronics (005930.KS) will upgrade software for their 5G-enabled phones in India by December, the companies said on Wednesday, as Indian authorities press mobile phone manufacturers to adopt the high-speed network. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network. A Samsung India spokesperson said the company would roll out updates across all its 5G devices by mid-November. Ministry of electronics and IT officials held a meeting on Wednesday dedicated to 5G adoption, which executives from Apple, Samsung, Vivo and Xiaomi, and telecom operators Reliance, Airtel and Vodafone Idea (VODA.NS) attended.

☆ Apple to roll out 5G in India in Dec amid early adoption push
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNEW DELHI, Oct 12 (Reuters) - Apple Inc (AAPL.O) will start upgrading its iPhone models in India in December to make them compatible with 5G networks, the company said on Wednesday, as Indian authorities pressed mobile phone manufacturers to adoption the high-speed network. The company said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not support the network currently. "We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed," Apple said in a statement. Register now for FREE unlimited access to Reuters.com Register"5G will be enabled via a software update and will start rolling out to iPhone users in December."

A man takes a picture of a friend in front of a sign showing installation of the 5G network in New Delhi, India, October 3, 2022. The agenda includes holding talks "to prioritise" and release software upgrades for supporting the high-speed network, the notice for the closed-door meeting stated. Airtel's website on Tuesday showed "Apple yet to update software" for all of Apple iPhones' 12 to 14 models under its 5G compatible section. A third source with direct knowledge of the issue said Apple was in the process of testing and validating different 5G offerings from network providers in India. Lack of 5G software upgrades has already irked users.

NavIC (Navigation with Indian Constellation) and GPS (Global Positioning System) logos are seen in this illustration taken, September 25, 2022. In line with Prime Minister Narendra Modi's drive for self-reliance, India has over the years expanded the use of its regional navigation satellite system called NavIC (Navigation with Indian Constellation). Global Positioning System (GPS), and says NavIC provides more accurate domestic navigation and that its use would benefit the economy. India's IT ministry and the space agency ISRO that are both involved in the project also did not respond. India would not be the first country to push smartphone makers to add support for a native navigation system.

Below are the details of NavIC's inception, why India wants smartphone makers to adopt it and how the system compares to other global or regional navigation systems. Register now for FREE unlimited access to Reuters.com RegisterNavIC, or Navigation with Indian Constellation, is an independent stand-alone navigation satellite system developed by the Indian Space Research Organisation (ISRO). Like GPS, there are three more navigation systems that have global coverage - Galileo from the European Union, Russia-owned GLONASS and China's Beidou. QZSS, operated by Japan, is another regional navigation system coveringAsia-Oceania region, with a focus on Japan. India says NavIC is conceived with the aim of removing dependence on foreign satellite systems for navigation service requirements, particularly for "strategic sectors."

☆ This chip startup wants machines to see the world the way humans do. Check out the 13-slide pitch deck Prophesee used to raise $50 million.
▼ + stars: | 2022-09-26 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

French semiconductor startup Prophesee has raised 50 million euros in fresh funds. Check out the 13-slide pitch deck it used to raise the capital from Aramco's venture fund. A startup that uses computer vision technology to mimic the way the human brain and eye work has raised 50 million euros (around $50 million) in a round led by Aramco's venture capital fund. The company has built a significant partnership with Sony that has resulted in a fresh sensor that combines Prophesee's technology with Sony's electronic chip sensor technology. Check out the 13-slide pitch deck used to raise the fresh funds below:

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