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☆ Xpeng to launch cheaper EV brand amid fierce China price competition
▼ + stars: | 2024-03-17 | by ( ) www.cnbc.com time to read: +1 min

Chinese electric-vehicle maker Xpeng announced plans to launch a cheaper brand, entering a highly competitive segment amid an intense price competition in the EV industry. Competition in China's EV market has intensified as companies race to cut prices, with market leader BYD spearheading a deeper round of price reductions. Xpeng said it will successively introduce models under the brand, which it did not name, each with different levels of intelligent driving capabilities. The new brand is dedicated to creating "the first AI-assisted driving car for young people," it said. Sales of battery-powered EVs in China slowed to 18.2% in the first two months of the year from 20.8% for all of 2023, according to the China Passenger Car Association.

Persons: Xiaopeng, BYD, Xpeng Organizations: Xpeng, EV, China Passenger Car Association Locations: Beijing, China

☆ 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

☆ Nongfu Spring: Bottled water empire of China’s richest man Zhong Shanshan is facing a boycott by nationalists
▼ + stars: | 2024-03-13 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Zhong and his drinks firm Nongfu Spring, the country’s biggest maker of bottled water, are the latest targets of an army of internet zealots. WeiboThe nationalists have also highlighted the fact that prominent US investment funds, including Vanguard and BlackRock, are major shareholders of Nongfu Spring. “Taking advantage of Mr Zong’s death, a lot of slander against me and Nongfu Spring appeared on the internet. “Whether Wahaha or Nongfu Spring, we always insist on the same thing — producing good products for the people,” he said. Nongfu Spring is just the latest major target of China’s nationalists.

Persons: Hong Kong CNN — Zhong Shanshan, Zhong, Zong Qinghou, Zong, Zhong’s, —, “ Zhong Shuzi, ”, “, He’s, Mr Zong’s, ” Zhong, influencers, netizens, “ Zong, Wei Jiang, Mo Yan, Mao Zedong, Stringer, Li Ning Organizations: Hong Kong CNN, Wahaha, Danone, Weibo, ”, Vanguard, BlackRock, Nongfu, American, Wahaha’s, CNN, Zhejiang Daily, Communist Party, Auto, Zhejiang University of Finance, Economics, People’s Liberation Army, AFP, Getty, Nike, Adidas, United, Toyota, Honda Locations: China, Hong Kong, Beijing, American, Weibo, Nongfu, Zhejiang, Hami, China's, Xinjiang, AFP, United States, Japan

☆ Hong Kong proposes new security bill with life imprisonment for 'treason' and 'insurrection'
▼ + stars: | 2024-03-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The flag of Hong Kong flies from a ferry boat on July 2, 1997, a day after the former British colony returned to Chinese rule. Hong Kong on Friday unveiled a new draft security bill proposing up to life imprisonment for offences such as insurrection and treason following a month of public consultation period for the bill. The draft legislation is necessary for Hong Kong to fulfil its constitutional duty to safeguard national security, China's Ministry of National Security emphasized in its official WeChat account on Monday. Beijing imposed a controversial law four years ago, which stamped out dissent and led to the arrest of many Hong Kong pro-democracy activists. China's 2020 national security law aimed at prohibiting secession, subversion of state power, terrorism activities and foreign interference.

Persons: Hong, John Lee Organizations: British, China's Ministry of National Security, Hong, U.S . State Department, Kong's Locations: Hong Kong, Beijing

☆ 3 theories to explain Trump's TikTok flip-flop
▼ + stars: | 2024-03-08 | by ( Peter Kafka | ) www.businessinsider.com time to read: +6 min

For instance: In 2020, when he was president, Trump said he wanted to ban TikTok from the US. While we are here, let's be even-handed, and note that Trump is not the only politician who has inconsistent and contradictory approaches to TikTok. So that's a lot of TikTok Ban news to consume over a short period. But I'm still sticking with the argument I made Thursday:It's easy to vote for a TikTok ban if you don't really think it's going to result in a TikTok ban. But it's a lot harder to actually ban TikTok for real — particularly during a very close presidential campaign, where the risk of blowback from angry users is a real thing.

Persons: —, Donald Trump, Trump, Jeff Yass, — we're, Republican Sen, Rand Paul, Paul, Biden, — Rand Paul, I'm, …, TikTok, let's, Joe Biden, ByteDance Organizations: Service, Facebook, Business, Club, Growth, Trump, Republican, Texas, Project Texas, GOP, Street Locations: Yass, Project, China

☆ China is making it much easier for foreigners to use mobile pay
▼ + stars: | 2024-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Scanning QR codes with a mobile pay app has become the most common way to pay in mainland China. BEIJING — Foreign visitors to China can now spend up to $2,000 a year using the mobile app Alipay without having to register their ID, the app operator said Friday. The number of foreign travelers to China had declined after the country temporarily imposed strict border controls during the pandemic. However, stringent real-name verification policies have often made it difficult for foreign visitors to China to use mobile pay. Tencent did not confirm an exact figure for ID-free transactions using WeChat Pay, but noted foreigners could complete some payments without registering their ID.

Persons: Ant Organizations: Alibaba, Ant, Pay Locations: China, BEIJING

☆ More Chinese Women Choosing Singledom as Economy Stutters
▼ + stars: | 2024-03-06 | by ( March | At P.M. | ) www.usnews.com time to read: +6 min

Chinese Premier Li Qiang also vowed to "work towards a birth-friendly society" and boost childcare services in this year's government work report. In Shanghai, this figure reached 30.6 for men and 29.2 for women last year, according to city statistics. Long-term single lifestyles are gradually becoming more widespread in China, giving rise to online communities of mostly single women who seek solidarity from like-minded people. Decades of the one-child policy have led to 32.3 million more men than women in 2022, according to official data. "Well-educated women in search of supportive life partners find fewer suitable men who also endorse women's rights."

Persons: Laurie Chen XIAN, Chai Wanrou, didn't, Xi Jinping, Li Qiang, stigmatised, influencers, China's Instagram, Liao Yueyi, I've, Xiaoling Shu, Davis, Shu, Laurie Chen, Farah Master, Miral Fahmy Organizations: Reuters, Communist Party, Communist Youth League, University of California Locations: China, Xian, Shanghai, United States, Xiaohongshu, Nanning, Hong Kong

☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

☆ China's food delivery gig workers are driving a $208B business, but couriers have it as bad as factory workers
▼ + stars: | 2024-03-03 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. However, the laborers behind the surging industry face conditions similar to those in the country's factories, facing low wages, long hours, and risky, repetitive work, according to numerous reports. Lu, a 19-year-old Meituan delivery driver in Guangzhou, told Nikkei Asia he earned just 7 yuan per delivery, less than a dollar. In the US, delivery drivers average $17.10 per hour, according to the Bureau of Labor Statistics. They "know it is impossible to deliver in the time expected by the platform," Tiziano Bonini from the University of Siena, who has been studying gig work in China, told the outlet.

Persons: —, Lu, Meituan, Didi Chuxing, SCMP Organizations: Service, Nikkei Asia, Business, Economic Research, Wired, Bureau of Labor Statistics, China Morning, Ministry of Human Resources, Social Security, University of Siena Locations: China, Guangzhou, Guanzhou, Shanghai

☆ Nanjing fire: At least 15 killed in fire thought to have been started by electric bicycle in eastern China
▼ + stars: | 2024-02-24 | by ( Chris Lau | Akanksha Sharma | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —At least 15 people were killed in a fire thought to have been started by an electric bicycle parked at a high-rise residential building in eastern China early Friday morning, state media have reported. Forty-four people were also injured during the blaze that engulfed the 34-floor building in the eastern city of Nanjing, the media outlet CCTV said. Footage on Chinese social media showed a ball of fire spreading to the exterior of the building. The blaze was a trending topic on the Chinese social media platform Weibo on Saturday, being viewed more than 470 million times by the afternoon. A fire breaks out at a residential building in Nanjing on February 23, 2024. liangyishengmagua/WeiboFaulty electric bicycles have been reportedly linked to several blazes in the country in recent years.

Persons: Chen Zhichang, “, ”, Hu Xijin, It’s, Hu Organizations: Hong Kong CNN, Investigations, Authorities, Nanjing, Nanjing government’s, Weibo, liangyishengmagua, Global Times Locations: Hong Kong, China, Nanjing, Weibo

☆ US officials combing leaked documents from Chinese tech firm for clues about Chinese hacking campaigns
▼ + stars: | 2024-02-22 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +6 min

CNN —US officials have been scouring a trove of newly leaked documents from a Chinese tech firm for clues on how the government in Beijing allegedly uses the company in extensive hacking campaigns, multiple US cybersecurity officials familiar with the matter told CNN. The documents, posted anonymously online last weekend for anyone to access, include screenshots of chat logs, as well as records of employees and Chinese government clients of the tech firm I-Soon. “This is some of the best visibility we’ve had into Chinese hacking operations outside of a government SCIF,” said Adam Kozy, who used to track Chinese hackers for the FBI, using an acronym for classified facilities. In a leaked marketing presentation, I-Soon touted its participation in an unspecified hacking project for China’s Ministry of Public Security in 2018. The project “achieved significant results” and received “recognition and praise” from Chinese officials, according to a presentation slide.

Persons: Biden, ”, Adam Kozy, I’m, ” Liu Pengyu, Wu Haibo, Beijing’s, Christopher Wray, Dakota Cary, ” GitHub, “, Wu, Obama, Xi Jinping, Adam Meyers, CrowdStrike, Meyers Organizations: CNN, FBI, Embassy, Telecom, China’s Ministry of Public Security, US Justice Department, US Locations: Beijing, Taiwan, India, Hong, Sichuan, China, Washington ,, Shanghai, Dakota, Asia, South Korea, Kazakhstan, Afghanistan

☆ Chinese city cancels Argentina soccer match after Messi backlash in Hong Kong
▼ + stars: | 2024-02-09 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A city in mainland China has canceled its plan to host a soccer match featuring Argentina’s national team amid a growing backlash in the country against star player Lionel Messi. Messi has faced an outpouring of criticism after he remained on the bench during an exhibition game featuring his Major League Soccer team Inter Miami in Hong Kong. Public relations nightmareMessi stayed on the substitute bench when Inter Miami played the Hong Kong team on February 4, despite repeated requests from the Hong Kong government and organizer, Tatler Asia, for him to get on the field. Messi later said this had been a “shame,” and that he had wanted to participate. “Our aspiration was to create an iconic moment in support of the government’s efforts to remind the world how relevant and exciting Hong Kong is.

Persons: Lionel Messi, Messi, jeered, hasn’t, XFEST, ” Organizations: Hong Kong CNN, Argentina’s, Major League Soccer, Inter Miami, Hangzhou Sports Bureau, Hangzhou Olympic Sports, Argentina, Beijing Workers, Hong Kong, Hong, Tatler Asia, Vissel Locations: Hong Kong, China, Hangzhou, Argentina, Nigeria, Ivory, Vissel Kobe, Japan, Beijing, Asia

☆ China's central bank encourages local businesses to accept foreign payment cards
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China is encouraging banks and local businesses to accept foreign bank cards and is considering other steps to make mobile pay for international visitors even easier, said Zhang Qingsong, deputy governor of the People's Bank of China. "Banks and vendors (such as hotels, restaurants, department stores and even coffee shops) are encouraged to accept foreign bankcards," Zhang said. Shopping malls have increasingly preferred not to accept foreign credit cards. Last summer, the two dominant mobile pay apps WeChat and AliPay started allowing verified users to connect their international credit cards — such as those from Visa . "Now, when using Alipay or WeChat Pay, foreign visitors do not need to provide ID information if their total annual transaction volume is under $500," he said.

Persons: Zhang Qingsong, Banks, Zhang, that's, AliPay, Tencent Organizations: Beijing Capital Airport, Visa, Mastercard, People's Bank of China, CNBC, Mobile, Alibaba, Ant Locations: BEIJING — China, Beijing, China

☆ China's Bytedance says Zhang Nan resigns as Douyin Group's CEO
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

On Wednesday, Bytedance, the owner of TikTok, announced the resignation of Zhang Nan from the position of CEO of Douyin Group, the sister app of the popular short video platform in China. TikTok owner Bytedance said on Wednesday that Zhang Nan has resigned as the CEO of Douyin Group, the popular short video platform's sister app in China. Zhang posted on her personal social media account on WeChat that she was resigning from the position, in a move confirmed by ByteDance. Zhang, who has worked at ByteDance for 10 years, has been a core leader for the company and helped grow Douyin into the leading short video platform and one of biggest apps in China. She reported to ByteDance's CEO Liang Rubo in her position as head of Douyin Group.

Persons: Zhang Nan, Bytedance, Zhang, ByteDance, Liang Rubo Organizations: Douyin Group, ByteDance Locations: Bytedance, China, ByteDance

☆ Angry Chinese people are using a US embassy social-media page to dodge censors and vent about its slumping economy
▼ + stars: | 2024-02-05 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Advertisement"The US government, please help Chinese stock investors," one person wrote in a repost of the Weibo article, according to CNN. Some commenters used humor and sarcasm to get around the country's strict social media restrictions. China has one of the world's most censored media industries, with digital news and social media use heavily restricted throughout the country. Some social media platforms, such as Facebook and Instagram, are prohibited and the government monitors social media platforms that are allowed, such as Weibo. Meanwhile, top officials have publicly spoken about the importance of elevating the "bright prospects of China's economy," according to the Journal.

Persons: — Organizations: Service, Reuters, Bloomberg, CNN, People's Daily, Facebook, The New York Times, Street Journal, China's Ministry of State Security Locations: Weibo, Africa, China, Hong, Beijing

☆ Tesla is upgrading its Model Y's self-driving features in China amid fierce competition from BYD
▼ + stars: | 2024-02-02 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Tesla is upgrading its Model Y in China. AdvertisementTesla is giving its Model Y an upgrade in China. Tesla is also launching red, gray, and silver color options in China for the Model Y, which is one of the company's most popular products. Chinese EV company BYD overtook Tesla as the world's biggest EV maker last year, surpassing Musk's company's fourth-quarter sales. AdvertisementWhile the competition between Tesla and BYD has ramped up, Musk has seemingly attempted to distance his company from its Chinese counterpart.

Persons: —, Tesla, Musk's company's, Musk Organizations: CNBC, Tesla, Service, EV, Economic, BYD, Business Locations: China, WeChat, Shanghai

☆ China is reportedly scrubbing the internet of negative coverage of its economy
▼ + stars: | 2024-02-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Reports this week from The New York Times and The Wall Street Journal detail efforts by Chinese authorities to scrub the internet of negative takes on the state of its economy. According to the NYT, The Ministry of State Security said in its official WeChat account that citizens should not believe the "false narratives" about the trajectory of China, and instead should believe in President Xi Jinping's vision. The WSJ similarly reported that some of the nation's top officials have reiterated the importance of promoting the "bright prospects of China's economy." The NYT said tech platform Weibo had restricted dozens of accounts from posting after they had shared bleak economic realities with other users. The platform also warned its users in November, the report said, not to be "maliciously pessimistic" about China's economy.

Persons: Xi, Li Xunlei Organizations: The New York Times, Ministry of State Security, Zhongtai Securities, Weibo Locations: China, Beijing

☆ Tesla upgrades Model Y in China as BYD competition heats up
▼ + stars: | 2024-02-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. The Tesla Model Y will come with Hardware 4.0 (HW 4.0) free of charge when a customer purchases the car. Tesla upgraded the self-driving hardware on the Model Y car it sells in China, Elon Musk's automaker said on WeChat on Thursday, as it looks to boost sales and fend off rising competition from domestic players. The U.S. EV maker also launched new red, gray and silver colors for the Model Y in China. Tesla has brought HW 4.0 to the Model S and Model X cars in some markets.

Persons: Tesla, Elon, Warren Buffett Organizations: Tesla, Beta, stoke Locations: Austin , Texas, China, WeChat, U.S

☆ Heavy Fog Suspends Shipping at Chinese Ports; Shanghai Issues Heightened Advisory
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Heavy fog has suspended the operation of ships travelling through the Qiongzhou Strait off the coast of China's Guangdong province and several cities, including Shanghai, have issued warning advisories, Chinese state media reported on Wednesday. China has a three-tier colour-coded warning system for thick fog, with red being the most serious, followed by orange and yellow. CCTV also reported that more than 100 airports across the country issued haze and snow warnings. Heavy snow is also affecting several provinces, including Henan and Hubei, forcing the closure of several roads, CCTV reported. Chinese weather forecasters have warned that snow and freezing rain over the next several days is expected to hamper transportation for millions of Chinese as they travel across the country for the Chinese New Year.

Persons: Bernard Orr, Stephen Coates Organizations: Shanghai Central Meteorological Locations: BEIJING, Qiongzhou, China's Guangdong, Shanghai, Port, Guangxi, China, Henan, Hubei

☆ What is catfishing and what can you do if you are catfished?
▼ + stars: | 2024-01-29 | by ( Sen Nguyen | ) edition.cnn.com time to read: +16 min

In the US, romance scams resulting from catfishing have among the highest reported financial losses of internet crimes as a whole. A 2019 study found that young LGBTQ+ men in rural America experiencing catfishing on dating apps felt angry and fearful. She also emphasized the need to recognize today’s loneliness epidemic, which “leads people to perhaps be more susceptible to catfishing scams,” she said. Catfishing is not explicitly a crime, but the actions that often accompany catfishing, such as extortion for money, gifts or sexual images are crimes in many places. In the US, romance scams resulting from catfishing have among the highest reported financial losses of internet crimes as a whole.

Persons: CNN —, Nev Schulman, “ Megan ”, Schulman, Evita, scammers, Catfishing, Snapchat, ”, Ngo Minh Hieu, Chong, Hieu, Wang, “, It’s, Fangzhou Wang, ” Wang, Maryna, WeChat Organizations: CNN, Cybersmile Foundation, Federation University, Fraud Intelligence, INTERPOL, Research, US Federal Trade Commission, SMS, University of Texas, Arlington, Getty, Facebook, UNICEF Locations: Alaska, Australia, Singapore, Southeast Asia, France, Germany, India, cryptocurrency, Vietnamese, America, catfishing, China, Cybersecurity, Australian

☆ China securities regulator suspends restricted share lending from Monday
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

An investor reacts as she views the stock index at a securities company on May 30, 2007 in Shanghai, China. The CSRC added that the move would "resolutely" crack down on illegal activities that use securities lending to reduce holdings and cash out. The regulator also said it will limit the efficiency of some securities lending in the securities refinancing market from March 18. Last October, the CSRC restricted securities lending businesses and tightened scrutiny of improper regulatory arbitrage by imposing higher margin requirements. Both Shanghai and Shenzhen stock exchanges said they will suspend securities lending by strategic investors during lockup periods, effective from Jan. 29.

Persons: CSI300 Organizations: Analysts, China Securities Regulatory Commission Locations: Shanghai, China, Beijing, Shenzhen

☆ Life in the US got boring, so I moved to China. I'm lonely and single, but I plan to stay.
▼ + stars: | 2024-01-25 | by ( Danielle Marcano | ) www.businessinsider.com time to read: +7 min

The woman who interviewed me for the teaching job in China was based in Boston. Our training center decided to start teaching students from home. Despite my accomplishments in China, I'm still asked by some family members why I'm not married. I'm not opposed to dating Chinese men, but I often worry about the language barrier and cultural differences. It's a similar mindset I had when I found the opportunity to work in China in the first place.

Persons: Danielle Marcano, —, they'd, I'd, Danielle Marcano Yantai, I've, haven't, Hong Kong —, I'm, they'll Organizations: Service, SEPTA, America, Lakers Locations: Philadelphia, China, Downtown Philly, South Philly, LA, Boston, South Korea, Yantai, Yangma, Beijing, Los Angeles, Shenzhen, Hong Kong, Hong, Shenzhen —

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

☆ China, in Comic Strip, Warns of 'Overseas' Threats to Its Rare Earths
▼ + stars: | 2024-01-22 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

By Liz LeeBEIJING (Reuters) - China's chief intelligence agency posted on social media a comic strip featuring foreign-looking characters secretly extracting rare earths, in a story portraying the country's strategic metals under threat from covetous "overseas organisations". No foreign government or agencies were named in the comic strip, and the ministry did not specify any measures to counter foreign "interest" in China's rare earths. It also banned the export of technology to make rare earth magnets, in addition a ban on technology to extract and separate rare earths. The restrictions have fanned fears that the supply of rare earths might ignite tensions with the West, particularly the United States, which accuses China of using economic coercion to influence other countries. The newspaper said the United States, Japan and the European Union, among others, have for a long time "coveted China's rare earth mineral resources".

Persons: Liz Lee BEIJING, Li Baiyang, Liz Lee, Miral Fahmy Organizations: State Security, United, Mining, Times, European Union, Global Times, Nanjing University Locations: China, United States, Beijing, U.S, Japan

☆ Tencent's Riot Games division cuts 11% of staff to 'create focus'
▼ + stars: | 2024-01-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Tencent's Riot Games unit said Monday it's eliminating 11% of its workforce, or about 530 jobs, and scaling back on its division that publishes games from small developers. Eric Shen will become Legends of Runeterra's executive producer, replacing Dave Guskin, accroding to a blog post from Guskin, who said he'll work on other Riot games. Tencent, based in China, invested in Riot Games in 2011 and became its outright owner four years later. In September, Tencent-backed Epic Games announced it was cutting 16% of its staff. Shares slid 12% in late December after China announced new rules designed to limit excessive gaming.

Persons: Ma, we've, Dylan Jadeja, that's, Nicolo Laurent, Eric Shen, Dave Guskin, Jadeja, Tencent's, Tencent Organizations: Tencent Holdings Ltd, Tencent's, Google, League of, Riot Games, Microsoft, Activision Blizzard, Sony, Epic Games, China Locations: Guangdong, Hong Kong, Macao, Bay, China, Guskin, Forge, Los Angeles, Tencent

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