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☆ Why Biden’s monster EV tariffs could inflame a Europe-China trade war
▼ + stars: | 2024-05-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

It’s a very different matter in Europe — by far the biggest export market for Chinese EV manufacturers. EU tariffs could backfireAccording to Citi, the EU accounted for 36% of Chinese EV exports last year, more than the next five largest markets combined. By contrast, the United States currently receives just 1.1% of China’s EV exports. For BYD, China’s biggest EV maker, the tariffs would likely have to be even higher to be effective, they add. “I’d say we are entering a very tense period in terms of trade interactions and trade defense,” she added.

Persons: Joe Biden, “ I’m, ” Biden, Joseph Webster, Agatha Kratz, Kratz, That’s, Oliver Zipse, ”, Tu Le, “, Josh Lipsky, Juliana Liu Organizations: London CNN, United, EV, European Union, Atlantic Council, EU, CNN, Citi, Capital Economics, BMW Locations: China, America, Europe, United States, It’s, Brussels, “ Brussels, Beijing, subsidization, EU, States, Italy, Hong Kong

☆ Japanese yen: How the currency’s record slump is squeezing the Japanese
▼ + stars: | 2024-05-03 | by ( Juliana Liu | ) edition.cnn.com time to read: +7 min

Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.

Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, “, we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, ”, Sato Hitomi, Semans, I’ve, —, Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii

☆ Japan Airlines first female CEO hopes more women make it to the top
▼ + stars: | 2024-04-24 | by ( Hanako Montgomery | Helen Regan | ) edition.cnn.com time to read: +6 min

Tokyo/Hong Kong CNN —Mitsuko Tottori admits Japan has much more to do to get people like her into the chief executive seat. Tottori was named as the first female president and chief executive of Japan Airlines (JAL) in January, crowning a career that began nearly 40 years ago when she joined the airline as a flight attendant. Tottori, pictured in 1985 using an in-flight phone, began her career as a cabin attendant at Japan Airlines. Japan Airlines' A350 airplane is on fire at Haneda international airport in Tokyo, Japan January 2, 2024. They really followed the instructions of the flight crew calmly, which I think was a big factor.

Persons: Mitsuko Tottori, ”, “, Tottori, Issei Kato, Shukor Yusof, Seijiro Takeshita, ’, ” Takeshita, — CNN’s Junko Ogura, Mayumi Maruyama, Juliana Liu Organizations: Hong Kong CNN, Japan Airlines, JAL, “, CNN, University of Tokyo, Women’s Junior College, Boeing, Airbus, Haneda, Endau, ”, Japan Inc, University of Shizuoka, ANA, All Nippon Airways Locations: Tokyo, Hong Kong, Japan, Tottori, “ Japan, Nagasaki, Haneda, Osaka, Asia, Myanmar, Fiji

☆ Apple deletes WhatsApp, Threads from China app store on orders from Beijing
▼ + stars: | 2024-04-19 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Apple has removed WhatAapp and Threads from its app store in China, following an order from the country’s internet watchdog which cited national security concerns. “The Cyberspace Administration of China ordered the removal of these apps from the China storefront based on their national security concerns. Other popular Western social media apps including X (formerly Twitter), Facebook, Instagram and Messenger are still available on Apple’s China app store, according to a check by CNN. Chinese consumers who once would have considered Apple are now turning to the country’s national brands. Its CEO Tim Cook visited Shanghai just last month to open the second biggest Apple store in the world.

Persons: Hong Kong CNN —, Duncan Clark, ”, VPNs, Tim Cook, — Hassan Tayir Organizations: Hong Kong CNN, Hong Kong CNN — Apple, Apple, CNN, Administration of China, Meta, BDA China, Facebook, IDC, Huawei Locations: China, Hong Kong, Beijing, United States, Shanghai

☆ Apple plans to spend more in Vietnam as it looks beyond China
▼ + stars: | 2024-04-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

Apple (AAPL) has already spent almost $16 billion through its supply chain in the country since 2019, the government quoted Cook as saying. According to the statement, Cook said Apple “stands ready … to enhance cooperation and investment activities” in the Southeast Asian country. Nguyen, whose firm manages $6 billion in assets, told CNN that labor costs in Vietnam’s manufacturing sector are about half those in neighboring China. That’s a big draw for foreign tech companies looking to hire workers for their factories, and find consumers for their products. Still, Vietnam represents a far smaller market than India, which has also been wooing large foreign companies, including Tesla (TSLA), to set up factories in the country.

Persons: Tim Cook, Pham Minh Chinh, Cook, Apple “, Thuy Anh, Nguyen, Dan Ives, “ We’re, ”, “, Tuan Hung, Ho, That’s, Ives, Juliana Liu Organizations: London CNN, Apple, Vietnamese, Dragon, CNN, country’s Ministry of Planning, Investment, Wedbush Securities, Intel, Consumer, Monetary Fund Locations: Vietnam, China, Hanoi, Beijing, India, United States, Ho Chi Minh City, Washington, That’s, Europe

☆ Kishida US visit: Japan seeks investment in AI, semiconductors from American companies
▼ + stars: | 2024-04-10 | by ( Junko Ogura | Juliana Liu | ) edition.cnn.com time to read: +4 min

Speaking in Washington at a lunch with American CEOs, Prime Minister Fumio Kishida said Japan welcomes American collaboration in “critical and emerging technology” and assured them that any investment would flow both ways. Last year, Japanese foreign direct investment to the US exceeded $750 billion, Kishida said, making Japan the biggest foreign investor in America and creating more than 1 million jobs. It is reportedly the company’s largest ever investment in Asia’s second largest economy. Earlier this month, Japan’s industry ministry approved subsidies worth up to 590 billion yen ($3.9 billion) for Rapidus. It comes as Washington adds increasing restrictions on the types of semiconductors that American companies are able to sell to China.

Persons: Hong Kong CNN —, Fumio Kishida, ”, Kishida, Joe Biden, Brad Smith, Gary Cohn, Sanjay Mehrotra, Ted Colbert, Albert Bourla, Mayumi Maruyama Organizations: Hong Kong CNN, Microsoft, Microsoft Research Asia, IBM, Micron Technology, Boeing, Defense, Space & Security, Pfizer, CNN, US Chamber of Commerce, “, Intel, Samsung, US Locations: Tokyo, Hong Kong, Japan, Washington, American, United States, America, Asia’s, Russia, South, Taiwan, Hokkaido, chipmaking, China, Europe, Asia, Germany

☆ Fitch downgrades China’s credit rating outlook over economic worries
▼ + stars: | 2024-04-10 | by ( Juliana Liu | Wayne Chang | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Fitch downgraded its outlook on China’s credit rating on Tuesday, citing increasing risks to its finances as it faces economic challenges. Lowering its outlook from stable to negative does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Fitch has kept its rating on Chinese sovereign bonds at A+. Fitch believes the general government deficit will rise to 7.1% of gross domestic product in 2024 from 5.8% last year. In December, rival ratings agency Moody’s downgraded its outlook on China’s credit rating from stable to negative, citing risks related to “structurally and persistently lower medium-term economic growth” and ongoing troubles in its property sector.

Persons: Hong Kong CNN — Fitch, China’s, Fitch, “, Moody’s Organizations: Hong Kong CNN, Finance, Fitch Locations: China, Hong Kong

☆ Biden to give Taiwan’s TSMC $6.6 billion to ramp up US chip production
▼ + stars: | 2024-04-08 | by ( Sam Fossum | Anna Cooban | ) edition.cnn.com time to read: +3 min

Washington, DC/London CNN —The US government plans to give $6.6 billion to the world’s biggest manufacturer of semiconductor chips to help it build three factories in Arizona as part of President Joe Biden’s efforts to secure the supply of advanced chips. “America invented these chips, but over time, we went from producing nearly 40% of the world’s capacity to close to 10%, and none of the most advanced chips,” Biden said in a statement. The company’s total $65 billion investment represents the largest foreign direct investment in Arizona’s history, the White House said. Securing supply chainsThe US government has emphasized the need to bring more chip production onshore to limit potential supply disruptions. Taiwan is also in a vulnerable position: Supply chain experts and US officials worry that US-China trade tensions and potential military aggression against the island by Beijing could disrupt its vital chip-making industry.

Persons: Joe Biden’s, ” Biden, Mark Liu, Gina Raimondo, Biden, “, Juliana Liu Organizations: London CNN, White, Taiwan Semiconductor Manufacturing Company, US Locations: Washington, DC, Arizona, ”, America, Taiwan, China, Beijing, United States of America, Hong Kong

☆ TSMC: How the world’s biggest chipmaker is working to overcome a shortage of talent
▼ + stars: | 2024-03-22 | by ( Eric Cheung | Will Ripley | ) edition.cnn.com time to read: +7 min

All that changed three years ago, when a global chip shortage and rising geopolitical tension turbocharged growth at TSMC. TSMC set up the Newcomer Training Center inside a sprawling science park in the city of Taichung in central Taiwan in 2021. “After many years, what we want to do is to gradually reduce assignees [and] increase the local hires.”The Newcomer Training Center opened in 2021. The soaring demand, particularly for chips that power AI, has created a shortage of talent for the semiconductor industry. Countries compete for this talent.”TSMC’s Ho said a shortage of talent is one of the main challenges the company faces.

Persons: Taiwan CNN —, —, TSMC, Joe Biden, ”, Marcus Chen, ” Lora Ho, John Mees, Stewart Randall, ” TSMC’s Ho, Ho, Kristy Hsu, “, it’s, ” Ho, “ It’s, — CNN’s Juliana Liu Organizations: Taiwan CNN, Moore’s, Apple, Nvidia, AMD, CNN, “, Training, Taiwan Semiconductor Manufacturing, IC, Taiwan ASEAN Studies Center, Economic Research Locations: Taichung, Taiwan, TSMC, Arizona, fabs, United States, Japan, Germany, China, Washington, Kumamoto, Phoenix , Arizona, Dresden, Europe

London/Hong Kong CNN —McDonald’s has been hit by a system failure in Australia, Japan, Hong Kong and the United Kingdom, with many stores forced to close and online ordering suspended. “Many stores across the country have temporarily suspended operations,” McDonald’s Japan said in a post on X Friday. “There is currently a system failure,” it said earlier. McDonald’s stores around Australia were affected by a major outage Friday, with customers struggling to place orders, CNN affiliate 9 News reported. Please order directly at the restaurant counter.”In the UK, Maria Avram, who works at a McDonald’s store in London, told CNN that there was a system outage between 6 a.m. and 7 a.m. local time (2 a.m and 3 a.m.

Persons: Hong Kong CNN — McDonald’s, CNN McDonald’s Hong, Maria Avram, McDonald’s Organizations: Hong Kong CNN, CNN, CNN McDonald’s, Facebook Locations: Hong Kong, Australia, Japan, United Kingdom, CNN McDonald’s Hong Kong, London

☆ Crypto exchange Gemini to pay $1.1 billion back to customers
▼ + stars: | 2024-02-29 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

CNN —Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers of its now shuttered lending program, following a settlement with a New York regulator. NYDFS has the right to “bring further action against Gemini if the company does not fulfill its obligation,” it said in the statement. In a Wednesday blog post, the crypto exchange said that due to the settlement, customers of its lending program, Gemini Earn, would receive 100% of their digital assets back in kind plus any appreciation in value. Gemini Earn marketed itself as a low-risk investment in which customers could lend crypto assets to another firm, Genesis Global Capital (GGC), while earning interest payments as high as 8%. That was when the trillion-dollar crypto market crumbled, due to the collapse of FTX, the once high-flying crypto exchange.

Persons: Cameron, Tyler Winklevoss, NYDFS, Meta’s, Mark Zuckerberg, Sam Bankman, Fried Organizations: CNN, Gemini Trust, Gemini, New York Department of Financial Services, Facebook, Genesis Global, Bankman, New, GCC, Digital Currency Group Locations: New York, FTX, Manhattan

☆ Country Garden: Troubled Chinese property developer faces liquidation petition
▼ + stars: | 2024-02-28 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Chinese property developer Country Garden, which defaulted on its debt last year, says it has received a liquidation petition from a creditor after not repaying a loan. The winding-up petition was filed by Ever Credit Limited, which had lent Country Garden a term loan facility worth 1.6 billion Hong Kong dollars ($204.5 million), the developer said in a Wednesday stock exchange filing. The news, which sent shares in the developer falling by more than 12%, comes just a month after rival property firm Evergrande was ordered to liquidate by a Hong Kong court in a landmark ruling. As for Country Garden, it said in the filing it would “vigorously” oppose the liquidation petition, which was filed at Hong Kong’s High Court on Tuesday. Formerly China’s largest homebuilder, Country Garden missed the payment on a $500 million bond as it battled a liquidity crisis.

Persons: Evergrande, “ Organizations: Hong Kong CNN, Ever Credit, Hong Kong, Hong, Garden Locations: China, Hong Kong, Evergrande

☆ HSBC 2023 results: $3 billion China writedown hits annual profit
▼ + stars: | 2024-02-21 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Of the total, $3 billion was related to BoCom, one of China’s biggest banks, while $2 billion was from selling its retail banking business in France. Separately, HSBC made $3.4 billion in provisions to cover expected credit losses and other charges related to its exposure to the commercial real estate sector in mainland China. The property market has since entered a prolonged slump, marked by an ongoing decline in real estate investment and sales of property. The charges reported by HSBC cast a shadow over its record annual profit, which came in at $30.3 billion, up 78% from 2022. In October, rival Standard Chartered reported a $186 million credit impairment charge related to commercial real estate in the country.

Persons: “, Matt Britzman, Hargreaves Lansdown, Mark Tucker, — Hanna Ziady Organizations: Hong Kong CNN — HSBC, China’s Bank of Communications, HSBC, HSBC isn’t, Chartered Locations: China, Hong Kong, Asia, France, BoCom, Mainland China

☆ Despite Japan’s economic recession, Asian stocks rise
▼ + stars: | 2024-02-16 | by ( Diksha Madhok | Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong/New Delhi CNN —Japan’s stock market defied gloomy economic data to rally Friday, lifting broader Asian shares and ending the week on a buoyant note. Japan’s benchmark Nikkei 225 index closed above 38,000 points for the second day in a row, just a whisker off its historic peak reached in December 1989. “If anything, the window of opportunity created by the weak yen is encouraging international investors, as they suspect it will close soon,” he added. The MSCI’s broadest index of Asian shares excluding Japan closed more than 1% higher. On Wall Street, the S&P 500 closed at a record high of 5,029.73 Thursday as US stocks bounced back from steep losses earlier this week.

Persons: ”, Neil Newman, Stephen Innes, Austan Goolsbee, Innes, Korea’s Organizations: Hong Kong / New Delhi CNN, Analysts, Japan, Dow, Nasdaq, Federal Reserve, Fed, Chicago Fed Locations: Hong Kong / New Delhi, Tokyo, United Kingdom, Asia, Pacific, New York, China

☆ Super Bowl 2024: Online superstore Temu doubles down with TV ad and $15 million in giveaways
▼ + stars: | 2024-02-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A year after making its advertising debut at the Super Bowl, Chinese-backed online shopping platform Temu is redoubling efforts in its most important market with a second ad on America’s biggest stage and $15 million in coupons and other giveaways. The Boston-based firm — owned by PDD (PDD), the group behind Chinese online shopping giant Pinduoduo — paid for three ads during the game and two after the game. Commercials for the 2024 Super Bowl sold for higher rates than for last year’s game, with a range of $6.5 million to $7 million per 30-second spot broadcast on TV channel CBS, two individuals familiar with this year’s advertising sales told CNN. “The commercial marks the highlight of a Super Bowl campaign that featured more than $15 million in coupons and giveaways,” Temu said in a statement. As a result, PDD’s market capitalization soared that month, eclipsing that of older e-commerce rival Alibaba (BABA) for the first time.

Persons: Hong Kong CNN —, ”, ” Temu, Seema Shah, ” Shah, “, Temu, spender, Earnest Analytics, PDD, Alibaba, Alibaba’s, Jack Ma Organizations: Hong Kong CNN, Super Bowl, PDD, CBS, CNN, Bowl, Amazon, Super, Facebook, Dollar Locations: China, Hong Kong, Boston, United States, United Kingdom, Mexico, Germany, Australia

☆ Alibaba shares sink after it shelves IPO plans for two units
▼ + stars: | 2024-02-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units. The news comes at a tough time for the tech giant. In December, the company reshuffled its top ranks after the stellar performance of a competitor caused a stir at Alibaba. The company’s announcement of a $25 billion share repurchase program, which it said demonstrated its confidence in its business and cash flow outlook, also failed to ignite interest among investors. Alibaba shares in New York closed 5.9% lower on Wednesday.

Persons: Joseph Tsai, ”, Alibaba, Jack Ma, PDD, Alicia Yap, Ma, —, Laura Organizations: Hong Kong CNN —, Cainiao, Reuters, Refinitiv, ” Citi Locations: China, Hong Kong, Alibaba, New York

☆ Japanese trading giant Itochu to cut ties with Israeli defense firm over Gaza war
▼ + stars: | 2024-02-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong/Tokyo CNN —One of Japan’s biggest trading firms, Itochu, has decided to end its partnership with a major Israeli defense company due to the war in Gaza. The sprawling conglomerate, best known outside Japan for its Family Mart chain of convenience stores, said its aviation unit will cut ties with Elbit Systems, which bills itself as Israel’s largest defense contractor, by the end of February. Itochu Aviation, Elbit Systems and Nippon Aircraft Supply signed a cooperation agreement in March 2023, months before war broke out between Israel and Gaza. Itochu, which reported revenues of $104 billion in 2023, has faced small-scale, student-led protests in Tokyo against its partnership with Elbit since January. Its Family Mart chain has also been the target of calls for boycotts in Muslim-majority Malaysia over the agreement.

Persons: ”, Itochu, Israel, Tsuyoshi Hachimura, Hachimura, Bezhalel Machlis, Hanako Montgomery, Heather Chen Organizations: Tokyo CNN, Elbit Systems, International Court of Justice, United Nations, Japan’s Foreign Ministry, CNN, ICJ, Israel, Itochu Aviation, Nippon Aircraft Supply, Elbit, Japan’s Defense Ministry, Self - Defense Force, Israel Defense Forces Locations: Hong Kong, Tokyo, Gaza, Japan, Israel, South Africa, Itochu, Malaysia

☆ Sam Altman returns to OpenAI in a bizarre reversal of fortunes
▼ + stars: | 2023-11-22 | by ( Clare Duffy | David Goldman | ) edition.cnn.com time to read: +5 min

In its announcement of Altman’s firing, OpenAI claimed that Altman had been insufficiently “candid” with the board. But then hundreds of OpenAI employees, nearly the company’s entire staff, threatened to leave, potentially for Microsoft, if the company’s board didn’t resign and reinstate Altman as CEO. It’s unclear how Shear will be affected by Altman’s return. “We are encouraged by the changes to the OpenAI board,” Microsoft CEO Satya Nadella said on X. Publicly, Altman has long cautioned about risks posed by AI, and he has pledged to lawmakers and customers that he would move OpenAI forward responsibly.

Persons: Sam Altman, Bret Taylor, Adam D’Angelo, Larry Summers, “, Altman, Steve Jobs, OpenAI, Kara Swisher, Nadella, Greg Brockman, Altman’s, —, Emmett Shear, didn’t, Shear, …, ” Brockman, Satya Nadella, Jony, CNN’s Juliana Liu, Diksha Madhok Organizations: New, New York CNN, Twitter, Microsoft, CNN, Twitch Locations: New York, OpenAI, Silicon

☆ On sidelines of APEC Summit, Xi Jinping vows to be a ‘partner and friend’ of the US
▼ + stars: | 2023-11-16 | by ( Nectar Gan | Juliana Liu | ) edition.cnn.com time to read: +7 min

CNN —China is willing to be “a partner and a friend” of the United States, Chinese leader Xi Jinping told American business leaders in San Francisco on Wednesday, as he sought to court US businesses amid a decline in foreign investment in China. “China is willing to be a partner and friend of the United States,” he added. China is happy to see a confident, open and prosperous US,” Xi said. Xi recalled entering the US on that trip through San Fransisco, which he said formed his “first impression” of America. Under Xi, China has further expanded the scope of its anti-espionage law, raided US consultancy and due-diligence firms and detained executives in the name of national security, sending a chill through the foreign business community.

Persons: Xi Jinping, Xi, ” Xi, Tim Cook, Elon Musk, Joe Biden, ”, Biden, Dexter Roberts, Roberts, “, ’ “ Liu Dongshu, ” Liu, Fred Hu, ” Hu, China “ Organizations: CNN, Economic Cooperation, Apple, Tesla, US, China Business Council, National Committee, China Relations, Flying Tigers, Mansfield Center, University of Montana, City University of Hong, Primavera Capital Group, Bloomberg, Economy, China Locations: China, United States, San Francisco, Asia, Japan, Iowa, America, San Fransisco, City University of Hong Kong, Xi, Singapore

☆ China launches world’s fastest internet network
▼ + stars: | 2023-11-15 | by ( Samantha Kelly | ) edition.cnn.com time to read: +3 min

CNN —China has started to roll out what it’s calling the world’s most advanced internet network, which promises to operate several times faster than current networks. But a more robust, faster internet service has broad implications for businesses, faster information transfers, stock trading advantages and other national security implications. A backbone network is network infrastructure that moves internet traffic to different geographic locations, and can support hungry-data transfers from technologies such as 5G and electric vehicles. The new network runs on 1,800 miles of optic fiber cables between Beijing and the south, according to a translated press release. Jinping previously said the development of the backbone network will establish the country as “a cyber power” and “accelerate the promotion of core Internet technologies,” the press release said.

Persons: Biden, Xi Jinping, Jinping, Wu Jianping, Brian Fung, Juliana Liu, Wayne Chang Organizations: CNN, Huawei, China Mobile, Beijing’s Tsinghua University, Cernet, Tsinghua University Locations: China, Beijing, San Francisco

☆ Chinese bank ICBC hit by ransomware attack
▼ + stars: | 2023-11-10 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A US unit of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack this week that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may have contributed to a brief market sell-off on Thursday. ICBC Financial Services, which is headquartered in New York, said in a statement that the attack, which happened on Wednesday, had been reported to law enforcement. “We successfully cleared US Treasury trades executed Wednesday … and [repurchase agreements] financing trades done on Thursday,” it said in the statement. The Financial Times and Reuters quoted some market participants as saying trades going through ICBC were disrupted, which affected market liquidity. It’s unclear whether the incident contributed to the weak 30-year bond auction conducted by the US Treasury Thursday.

Persons: “, ”, Wang Wenbin, Ipek Ozkardeskaya, Joe Biden, CNN’s Wayne Chang Organizations: Hong Kong CNN, Industrial, Commercial Bank of China, ICBC Financial Services, Treasury, York Branch, State, P, China’s, Ministry, Financial Times, Reuters, US Treasury, Swissquote Bank, Dow, Nasdaq, US Treasury Department Locations: China, Hong Kong, New York, Beijing, York, ICBC, Treasuries, Japan

☆ Janet Yellen to host China’s top economic official ahead of expected Biden-Xi talks in San Francisco
▼ + stars: | 2023-11-09 | by ( Bryan Mena | Juliana Liu | ) edition.cnn.com time to read: +5 min

Yellen’s talks with China’s new economic tsar will set the stage for the high-stakes potential meeting expected between US President Joe Biden and Chinese President Xi Jinping next week during the Asia-Pacific Economic Cooperation forum in San Francisco. The United States is the host for this year’s summit, which is an annual gathering of top leaders in government and business of the 21 economies in the Pacific Rim. The United States is the host for this year’s summit, which is an annual gathering of top leaders in government and business of the 21 economies in the Pacific Rim. US and Chinese officials are seeking to shore up diplomatic ties and cooperation on economic issues. The International Monetary Fund recently upgraded its forecast for China’s economic growth based on Beijing’s policies aimed at propping up the country’s ailing property sector.

Persons: Janet Yellen, Lifeng, Yellen’s, Joe Biden, Xi Jinping, Antony Blinken, John Kerry, Gina Raimondo, Wang Yi, “, Biden, Xi, ”, Mattie Bekink, Yellen, ” Yellen Organizations: Hong Kong CNN, Economic Cooperation, Washington, Economist Intelligence, Network, Treasury Department, Biden, CNN, Monetary Fund Locations: China, Washington, Hong Kong, Asia, San Francisco, United States, Rim, Beijing, Shanghai, decouple

☆ Canada bans China’s Wechat from government devices citing security risks
▼ + stars: | 2023-10-31 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Canada has banned Chinese super-app WeChat on official government devices citing cybersecurity risks, following similar action taken against short-form video app TikTok earlier this year. CNN has reached out to Tencent, the owner of Wechat, and Kaspersky Lab for comment. In February, the Canadian government banned TikTok, owned by Beijing-based ByteDance, from government-issued mobile devices in light of cybersecurity concerns. Relative to TikTok, Wechat has been a less prominent target of global governments over the past year in part because it is much more popular among Chinese speakers. In August 2020, then-US President Donald Trump tried to ban Wechat along with TikTok by issuing executive orders.

Persons: Yintao Yu, Wechat, Donald Trump, Joe Biden Organizations: Hong Kong CNN —, Kaspersky, Treasury Board of Canada, CNN, Facebook, Twitter, PayPal, Chinese Communist Party, Trump Locations: Hong Kong, Hong Kong CNN — Canada, Russian, China, Beijing, California

☆ China restricts exports of graphite as it escalates a global tech war
▼ + stars: | 2023-10-20 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

“At the moment both China and Western countries are engaged in a tit for tat, highlighting how protectionist measures often spread. China, which dominates the world’s production and processing of graphite, says export permits will be needed, starting in December, for synthetic graphite material — including high-purity, high-strength and high-density versions — as well as for natural flake graphite. China was the world’s leading graphite producer last year, accounting for an estimated 65% of global production, it said. Gallium, germanium restrictionsThe export curbs were announced as China faces pressure from multiple governments over its commercial and trade practices. In July, Beijing imposed export restrictions on gallium and germanium, two minerals essential for making semiconductors.

Persons: ”, Stefan Legge, carmakers, Ivan Lam Organizations: Hong Kong CNN, Ministry of Commerce, Administration, Customs, “, University of St, Institute for Energy Research, EV, International Energy Agency, Geological Survey, Counterpoint Research, US Department of Energy Locations: China, Hong Kong, United States, University of St Gallen, Switzerland, Washington, DC, Europe, Asia, Beijing, Russia, Ukraine

☆ Rite Aid files for bankruptcy
▼ + stars: | 2023-10-15 | by ( David Goldman | ) edition.cnn.com time to read: +5 min

“It was always a matter of when, not if, Rite Aid would file for bankruptcy,” said Neil Saunders, managing director of GlobalData, in a note to investors. As part of the bankruptcy plan, Rite Aid appointed a new CEO, Jeff Stein, who will also serve as the head of restructuring and a board member. The government accused Rite Aid of missing “obvious red flags” when it filled the prescriptions for addictive pain killers. Rite Aid is a distant third-largest nationwide standalone pharmacy chain in the United States — and the seventh largest pharmacy overall, when taking into account big box chains. Ultimately, in 2017, the companies agreed to a smaller, $4.4 billion deal, in which Walgreens bought just under 2,000 Rite Aid locations, leaving Rite Aid diminished in stature and unable to compete at the scale of its bigger rivals.

Persons: —, ”, Neil Saunders, GlobalData, Jeff Stein, Stein, “, Aid’s, General Merrick Garland, — CNN’s Nathaniel Meyersohn, Juliana Liu Organizations: New, New York CNN — Rite, CVS, Walgreens, Walmart, Target, Costco, US Securities and Exchange Commission, ”, Aid, Rite Aid, Solutions, “, Justice, US Justice Department, US Centers for Disease Control, ., United States — Locations: New York, United States

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