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☆ 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

☆ Viaplay shares fall 18% after company seeks recapitalisation, postpones results
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

OSLO, Oct 24 (Reuters) - Shares in Swedish streaming company Viaplay (VPLAYb.ST) fell 18% on Tuesday after the company said it is in talks with three major shareholders as well as lenders and bondholders on a recapitalisation, and is in discussions to sell non-core operations. Viaplay said late on Monday that due to the talks, it would postpone its third-quarter earnings report to no later than Nov. 29, rather than the original plan of reporting on Tuesday. The company's shares hit an all-time low of 22.72 Swedish crowns on Tuesday, down 88% year-to-date. Viaplay did not name the shareholders, lenders and bondholders involved in the talks. Reporting by Terje Solsvik and Marta Frąckowiak Editing by Bill Berkrot and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Viaplay, Kepler, Kristoffer Carleskar, Jorgen Madsen Lindemann, Terje Solsvik, Marta Frąckowiak, Bill Berkrot, Susan Fenton Organizations: Thomson Locations: OSLO, Viaplay

☆ Foxconn, Apple’s Manufacturer in China, Is Said to Be Under Tax Audit
▼ + stars: | 2023-10-22 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Foxconn, whose full name is Hon Hai Technology Group, issued a statement hours later that said the company would comply with its legal obligations: “Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). “The two sides exchanged views on Apple’s development in China, industrial chain supply chain cooperation and other issues,” the ministry said in a statement afterward. In recent months, central government authorities have warned local and provincial governments facing budget shortfalls not to use arbitrary fines to raise money. Beijing is trying hard to woo foreign investment to strengthen economic growth and maintain China’s leading role in global supply chains. The two developers that vied for national leadership over the past several years, China Evergrande and Country Garden, are in peril, unable to make punctual debt payments.

Persons: Foxconn, Tim Cook, Jin Zhuanglong Organizations: Hai Technology Group, Hai Technology, Study Times, Communist, Central Party School Locations: Beijing, China

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

New York CNN —Target is closing nine stores across four states, claiming theft and organized retail crime are creating an unsustainable business environment. “We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance,” Target said in a release. The retailer said it had added more security and implemented other anti-theft tools before deciding to close the stores. Affected employees will be able to transfer to other Target locations. Battle against theftTarget’s announcement comes on the same day that the National Retail Federation released new figures on the state of retail theft.

Persons: ” Target Organizations: New, New York CNN, Oakland, National Retail Federation Locations: New York, Harlem, New York City, Seattle, Portland, San Francisco, East Harlem, Manhattan

☆ China could do 'a lot' to reduce EU perception of risk - EU trade chief
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Sept 25 (Reuters) - The European Union has no intention of cutting ties with China even as the bloc takes steps to lower economic dependencies and de-risk, but China "could do a lot" to help reduce the perception of risk, the EU trade chief said on Monday. The EU has long complained about a lack of level playing field in China and the politicisation of the business environment. Europe's economic ties with China are deep, but China "could do a lot to help reduce our perception of risk," Trade Commissioner Valdis Dombrovskis said in a speech delivered at the Tsinghua University in Beijing. Dombrovskis is expected to share his concerns with Chinese Vice Premier He Lifeng at a high-level economic and trade dialogue in Beijing on Monday. The EU's trade deficit with China widened to $276.6 billion in 2022 from $208.4 billion a year earlier, Chinese customs data show.

Persons: Valdis Dombrovskis, Dombrovskis, Ryan Woo, Bernard Orr, Yew, Himani Sarkar, Jacqueline Wong Organizations: European Union, EU, Tsinghua University, European Commission, Global Times, Thomson Locations: BEIJING, China, Moscow, Ukraine, Beijing, Europe, EU

“The strongest, yet not the only, headwind is Russia’s war of aggression against Ukraine, and how China positions itself on this issue,” he said. Dombrovskis spoke before high-level economic and trade talks with Chinese Vice Premier He Lifeng. EU leaders have expressed concern about the bloc's growing trade deficit with China, which reached 396 billion euros last year. Chinese Foreign Ministry spokesperson Wang Wenbin said that China provides a market-oriented, law-based business environment for foreign companies. “So it’s very difficult for us to understand China’s stance on Russia’s war against Ukraine, as it breaches China’s own fundamental principles.”

Persons: Valdis Dombrovskis, ”, Dombrovskis, Ursula von der Leyen, Wang Wenbin, “ Organizations: BEIJING, Tsinghua University, EU, Ukraine, Lifeng, Tsinghua, Foreign Ministry, United Locations: China, Ukraine, Europe, EU, United States, Russian, Latvian

☆ China bans Nomura senior investment banker from leaving mainland — sources
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +3 min

Signage for Nomura Holdings Inc. displayed outside a Nomura Securities Co. branch in Tokyo, Japan, on Monday, April 24, 2023. Authorities in China have ordered a senior Nomura Holdings banker overseeing the firm's investment banking operations there not to leave the mainland, two sources with knowledge of the matter said. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong Organizations: Nomura Holdings Inc, Nomura Securities Co, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities Locations: Tokyo, Japan, China, Hong Kong, Beijing, Shanghai

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

☆ EU trade chief promises more 'assertive' approach to China as deficit soars
▼ + stars: | 2023-09-25 | by ( Laura He | ) edition.cnn.com time to read: +4 min

And we will be more assertive in tackling unfairness.”The trade chief’s visit comes as tensions flare between the bloc and China over trade imbalances and geopolitical issues. The bloc’s trade deficit with China hit 396 billion euros ($421 billion) last year, which was “the highest in the history of mankind,” Jorge Toledo, the EU ambassador to China, was quoted by Reuters as saying. Dombrovskis said China’s new foreign relations law and its newly broadened counter-espionage law, in particular, were of “great concern” to European business. Two months later, it unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat. Russia has become increasingly dependent on China since the Kremlin ordered the full-scale invasion of Ukraine in February 2022.

Persons: Hong Kong CNN —, Valdis Dombrovskis, “, ” Dombrovskis, ” Jorge Toledo, Dombrovskis, ”, enshrining, Vladimir Putin, — Lucas Liliholm, Manveena Suri Organizations: Hong Kong CNN, Union, Tsinghua University, EU, China, Reuters, European Union, West, EU Chamber of Commerce, Kremlin Locations: China, Hong Kong, Beijing, Europe, EU, United States, Ukraine, Russia

☆ Thailand's new prime minister boosts optimism, but his populist policies pose fiscal risks
▼ + stars: | 2023-09-25 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +6 min

Srettha Thavisin, Thailand's prime minister, arrives at the Thai Parliament in Bangkok, Thailand, on Monday, Sept. 11, 2023. Srettha, Pheu Thai's choice for leader, was appointed prime minister on Aug. 22 — the same day that former prime minister and Pheu Thai founder Thaksin Shinawatra returned to Thailand after 15 years of self-exile. watch nowThe prime minister also pledged to relieve the country's debt problems. "PM Srettha will slowly implement Pheu Thai's populist economic policies as he has to meet public expectations," said Dusadeeisariyakul. Other experts warned against overthinking the fiscal damage since many of Pheu Thai's populist pledges may not materialize.

Persons: Srettha, Valeria Mongelli, Srettha Thavisin, Pheu, Thaksin Shinawatra, Thaksin's, Pimrapaat Dusadeeisariyakul, Friedrich Naumann, Thaksin, Stratfor, Fitch, Teerasak Siripant Organizations: Thai, Bloomberg, Getty, Pracharat Party, United Thai Nation Party, Bhumjathai Party, Friedrich, Friedrich Naumann Foundation, Fitch, Bower Group Locations: Bangkok, Thailand, Thai

☆ Defeating inflation without high unemployment is still unlikely
▼ + stars: | 2023-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

And the US economy’s surprising resilience, despite 11 rate hikes, has raised hopes of a soft landing becoming a reality. “I’ve always thought that the soft landing was a plausible outcome, that there was a path to a soft landing,” he said. But historical records show that a soft landing has only occurred once in the 1990s, or perhaps even a handful of times. The US Commerce Department releases its final estimate of second-quarter gross domestic product. The US Commerce Department releases August data on household income, spending, and the Fed’s preferred inflation gauge.

Persons: it’s, Jerome Powell, Powell, “ I’ve, ”, “, Powell’s, ” “ Jerome Powell, ” Quincy Krosby, Krosby, ” Krosby, Matt Egan, ” Neil Bradley, “ We’ve, Read, Christine Lagarde, Michelle Bowman, Austan Goolsbee, Lisa Cook, John Williams Organizations: CNN Business, Bell, DC CNN, Fed, LPL, CNN, Corporate, US Chamber of Commerce, European Central Bank, Costco, Global, Board, Survey, US Commerce Department, Micron, Nike, US Labor Department, National Association of Realtors, Carnival Corp, University of Michigan, New York Fed, China’s National Bureau of Statistics Locations: Washington

Dombrovskis, who is also the bloc's trade commissioner, is on a four-day visit to China seeking more balanced economic ties with the EU. Citing the bloc's trade deficit as an example, he added "the EU also needs to protect itself in situations when its openness is abused." LITMUS TESTThe EU blames its 400 billion euro trade deficit partly on Chinese restrictions on European companies. A "thousand" barriers to market access have propelled the trade deficit to its "highest in the history of mankind", EU Ambassador to China Jorge Toledo lamented at a forum in Beijing on Thursday. One with whom the EU wishes to work towards a more balanced trade and investment relationship."

Persons: Valdis Dombrovskis, Jason Xue, Dombrovskis, China Jorge Toledo, Lifeng, Moscow, Brenda Goh, Albee Zhang, Shri Navaratnam, William Mallard Organizations: European Commission, Reuters, REUTERS, Rights, European Union, Bund Summit, EU, Global Times, Thomson Locations: Shanghai, China, Moscow, Russian, Ukraine, Beijing, Dombrovskis

☆ Corporate America to DC: Don’t shut down the government
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

“Nobody wins in a government shutdown,” said one executive at a business group who requested anonymity to speak candidly. ‘It’s not good for business’A shutdown may not be an especially dramatic event for the stock market or deal a sizable blow to GDP. It’s not good for business – or consumer confidence,” another trade group executive told CNN. It’s unfortunate.”Markets usually don’t careWall Street is not overly worried about the potential damage to the economy at large nor the stock market. During half of those shutdowns, the stock market posted positive returns.

Persons: ” Neil Bradley, “, ”, “ We’ve, ’, Chuck Robbins, Robbins, ‘ It’s, Geoff Freeman, Bradley, it’s, Mitch McConnell, shutdowns, ” Bradley, “ It’s, Keith Lerner, Goldman Sachs, couldn’t Organizations: New York CNN Business, Corporate, US Chamber of Commerce, CNN, Cisco, US Travel Association, US Travel, ”, Federal Reserve, Labor Statistics, Publicly, Democrats, Privately, GOP, House GOP, Republicans, Chamber, Advisory, Commerce Locations: Washington

☆ EU trade chief seeks more balanced economic ties on China visit
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Trade Commissioner Valdis Dombrovskis will take part in a joint economic and trade dialogue, meet Chinese officials and European companies active in China and deliver two speeches during his Sept. 23-26 trip to Shanghai and Beijing. For the European Union, the visit is designed to renew dialogue with China after its COVID-19 closure and as EU wariness grows over Beijing's closer ties with Moscow following Russia's 2022 invasion of Ukraine. The EU blames its 400 billion euro ($426.32 billion) trade deficit partly on Chinese restrictions on European companies and says the EU market is largely open. The European Union Chamber of Commerce in China said in a report on Wednesday that Chinese authorities were sending contradictory messages to foreign businesses. The EU is also expected to be asked during the visit to clarify what it means by "de-risk" in the context of China.

Persons: Valdis, Francisco Seco, Valdis Dombrovskis, Dombrovskis, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, Rights, Beijing, Trade, European Union, EU, European Union Chamber of Commerce, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, China, Shanghai, Beijing, Moscow, Ukraine, EU

☆ Xi's economic policies are leaving many China watchers perplexed and confused
▼ + stars: | 2023-09-20 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +8 min

Why is a nation with ambitions to become the dominant economic power in the world doing so many things to blunt that potential? Xi vs. the CCPMost, though not all, China watchers point to Xi himself as the instigator of those recent changes. "China's private sector, previously the growth engine of the Chinese economy, is paying the consequences," he told CNBC. In addition, he said "in recent months, China's National Development and Reform Commission has set up a bureau especially for private sector development." They cite external factors for weakness in the Chinese economy, including U.S. tariffs, trade restrictions, sanctions, and the sluggish post-pandemic global economy.

Persons: Xi Jinping, Lintao Zhang, Orville Schell, Schell, Jinping, Yasheng Huang, Xi, Ryan Hass, Kevin Rudd, Rudd, Anne Stevenson, Yang, Stevenson, Jack Ma, Mikhail Gorbachev, Liu Pengu, Yang Fan, Zhang Xinyu, Liza Tobin, Eric Schmidt Organizations: Political, CPC Central Committee, of People, Getty, Center, U.S, China Relations, The Asia Society, CNBC, Chinese Communist Party, Communist, MIT Sloan School, CCP, China Center, Brookings, Foreign Policy, Oxford University, J Capital Research, Communist Party, Party, U.S ., Soviet Union, National, Reform, Marxist Locations: Beijing, China, New York, U.S, Australia, United States, U.S . Congress, USSR, Soviet Union

☆ China says Britain's plans to disrupt Hong Kong 'doomed to fail'
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Jason Lee/File photo Acquire Licensing RightsHONG KONG, Sept 20 (Reuters) - China's foreign ministry in Hong Kong slammed a six month report on the financial hub by Britain, saying it ignored "good" societal conditions, a more stable business environment and instead supported "anti China" chaos. While some Western governments have criticised the laws as curbing social and political freedoms in the city, both Chinese and Hong Kong officials have said they were vital to restore stability. Hong Kong, which returned to China in 1997 from Britain, has had "universal success" in implementing the practise of 'one country, two systems', China's foreign ministry said. "Plans to disrupt Hong Kong are doomed to fail." The British report said that authorities continue to try to use legal routes to suppress the protest anthem 'Glory to Hong Kong' while media tycoon Jimmy Lai's national security trial has been further delayed.

Persons: Mao Zedong, Theresa May, Jason Lee, Hong, Jimmy Lai's, Farah Master, Michael Perry Organizations: British, REUTERS, Thomson Locations: China, Beijing, HONG KONG, Hong Kong, Britain

☆ EU says lack of clarity in China's data laws is concerning
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. REUTERS/Jason Lee/File photo Acquire Licensing RightsBEIJING, Sept 19 (Reuters) - European Union businesses are concerned about China's data laws, including their "lack of clarity" and the "long processes" that companies have to undergo, European Commission Vice President Vera Jourova said on Tuesday. It now bans the transfer of any information related to national security and interests, without defining those terms, while widening the definition of spying to include cyberattacks against state organs or critical infrastructure. Jourova said the lack of definitions such as, for example, what constitutes important data, and the lack of clarity on how the law might be contravened was problematic as was the lengthy time it takes to complete procedural matters. China is committed to creating a fair, transparent and predictable business environment, the ministry said at the time.

Persons: Jason Lee, Vera Jourova, Xi, Jourova, Ryan Woo, Ella Cao, Edwina Gibbs Organizations: REUTERS, Rights, Union, European, Thomson Locations: China, EU, Beijing, Rights BEIJING, Europe, U.S

☆ China's PBOC woos foreign businesses as economic challenges grow
▼ + stars: | 2023-09-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.

Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, ”, ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing

American companies doing business in China are less optimistic about the future than at any other time in more than two decades. These are some of the takeaways from reports released Tuesday by organizations representing close to 2,000 European and American firms. The papers by the American Chamber of Commerce in Shanghai and the European Union Chamber of Commerce in China portray a business environment that has become more difficult to navigate. Nearly two-thirds of European companies in China have seen business opportunities thwarted by China’s ever more complex web of regulations. The reports also make clear that despite the troublesome landscape, China remains an enticing lure for Western corporations.

Persons: China’s Organizations: American Chamber of Commerce, European Union Chamber of Commerce, Companies Locations: China, Shanghai, Beijing

☆ China Says Britain's Plans to Disrupt Hong Kong 'Doomed to Fail'
▼ + stars: | 2023-09-19 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

HONG KONG (Reuters) - China's foreign ministry in Hong Kong slammed a six month report on the financial hub by Britain, saying it ignored "good" societal conditions, a more stable business environment and instead supported "anti China" chaos. While some Western governments have criticised the laws as curbing social and political freedoms in the city, both Chinese and Hong Kong officials have said they were vital to restore stability. Hong Kong, which returned to China in 1997 from Britain, has had "universal success" in implementing the practise of 'one country, two systems', China's foreign ministry said. "Plans to disrupt Hong Kong are doomed to fail." The British report said that authorities continue to try to use legal routes to suppress the protest anthem 'Glory to Hong Kong' while media tycoon Jimmy Lai's national security trial has been further delayed.

Persons: Hong, Jimmy Lai's, Farah Master, Michael Perry Organizations: Reuters Locations: HONG KONG, Hong Kong, Britain, China, Beijing

☆ China central bank, FX regulator meet foreign firms in capital drive
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 18 (Reuters) - China's central bank and forex regulator met with foreign financial institutions and companies on Monday, as Beijing strives to attract overseas investment to support its recovery. China will improve its policies, and create a market-oriented and international-level business climate, PBOC Governor Pan Gongsheng was quoted as saying in the statement. China has sought to court foreign capital as its economic recovery from the COVID-19 pandemic slows in the face of tepid overseas demand and property weakness. Actualised foreign direct investment into China fell 5.1% year-on year to 847.2 billion yuan ($116 billion) in the first eight months of 2023, the commerce ministry said on Friday.

Persons: Jason Lee, Morgan Stanley, Pan Gongsheng, Pan, Ellen Zhang, Ethan Wang, Bernard Orr, Louise Heavens, Alexander Smith Organizations: People's Bank of China, REUTERS, Rights, HSBC, Deutsche Bank, Council, Thomson Locations: Beijing, China, Rights BEIJING

BEIJING, Sept 13 (Reuters) - U.S. and European firms are shifting investment away from China to other developing markets, a report from Rhodium Group showed, with India receiving the vast majority of this redirected foreign capital, followed by Mexico, Vietnam and Malaysia. "Diversification is well underway," the research organisation said, but acknowledging: "it will take years for advanced economies to achieve the objectives behind their 'de-risking' policies," as China is so central to global supply chains. Low production costs and the prospect of a massive middle class drew the first foreign firms to China in the late 1980s, as the country abandoned its Maoist economic model. The shift comes as Chinese local authorities struggle to revive foreign investment after an economically bruising pandemic and property crisis depleted their coffers. But the authors cautioned that diversification is unlikely to result in a rapid decline in exposure to China because the markets foreign firms are investing in are heavily reliant on trade and investment with the Asian giant themselves.

Persons: Wednesday's, Joe Cash Organizations: Thomson Locations: BEIJING, China, India, Mexico, Vietnam, Malaysia

☆ Eddie Wu: Alibaba's new CEO embraces AI and wants a younger management team
▼ + stars: | 2023-09-12 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba Group will embrace artificial intelligence (AI) and promote younger people to senior management, its new CEO says, as the e-commerce and cloud giant tackles its most ambitious restructuring in its history. “Times are changing, and so must Alibaba!” Eddie Wu, who stepped into the chief executive role on Sunday, said in a memo to staff seen by CNN. Wu replaced Daniel Zhang to become Alibaba (BABA)’s fourth CEO in its 24-year history. According to a plan announced in March, Alibaba will split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Top tech firms around the globe have been shifting their focus to AI, including Google (GOOG), Amazon (AMZN) and Microsoft (MSFT), especially after ChatGPT took the world by storm late last year.

Persons: Eddie Wu, Wu, Daniel Zhang, ’, “, Alibaba, ChatGPT Organizations: Hong Kong CNN — Alibaba, “, CNN, Google, Microsoft Locations: China, Hong Kong

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