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Chipmaker Intel and the CHIPS Act Office are close to finalizing a deal which would award the company a roughly $8 billion grant, according to a person familiar with the matter, as the Biden administration moves to dole out funds before President-elect Donald Trump's inauguration. The U.S. awarded Taiwan Semiconductor Manufacturing Co. a $6.6 billion grant earlier this month, raising investor expectations that cash funding for Intel would come soon. Intel has benefited from CHIPS Act tax breaks but has not yet received cash awards, something which Intel CEO Pat Gelsinger has expressed dissatisfaction with. "We're frustrated that hasn't moved faster," Gelsinger told CNBC in October, referring to the CHIPS Act grants. U.S. House Speaker Mike Johnson had previously said he might look to repeal the bipartisan CHIPS Act, but he then walked back those comments.
Persons: Biden, Donald Trump's, Intel's, Pat Gelsinger, hasn't, Gelsinger, They've, Mike Johnson, acquirers Organizations: Intel, Commerce Department, Department of Defense, Street Journal, The New York Times, U.S, Taiwan Semiconductor Manufacturing, CNBC, Qualcomm Locations: Intel's
Rumble , a video platform aimed at conservatives, said Monday evening that it will begin allocating a portion of its excess cash reserves to bitcoin and making purchases of up to $20 million in the cryptocurrency. "We believe that the world is still in the early stages of the adoption of bitcoin," Rumble chairman and CEO Chris Pavlovski said in a statement Monday. The move puts Rumble in the same company as MicroStrategy, which began employing an aggressive bitcoin-buying strategy in 2020. Rumble is viewed as a play linked to Donald Trump's return to the White House given its popularity among conservatives. MicroStrategy chairman and bitcoin evangelist Michael Saylor said last week on an X Spaces event that he plans to pitch the board of Microsoft in December on his bitcoin treasury strategy.
Persons: Chris Pavlovski, MicroStrategy's, Donald Trump's, Cantor Fitzgerald, Howard Lutnick, Trump, Lutnick, Bitcoin, Michael Saylor, Sen, Cynthia Lummis Organizations: Semler, Acurx Pharmaceuticals, YouTube, . Commerce, Microsoft Locations: Wyoming
CNN —President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration. What America importsThe United States’ top import from Canada is oil, which reached a record 4.3 million barrels per day in July, according to the US Energy Information Administration. The United States imports a significant amount of electronics from China, in addition to machinery, toys, games, sports equipment, furniture and plastics. The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels. He did just that when he was last in the White House, placing large tariffs on goods, primarily from China.
Persons: Donald Trump, Trump, ” Trump, , , Liu Pengyu, ” Liu, Dow, Karl Schamotta, United Nations ’, It’s, Scott Bessent, Bessent’s, Trump’s, CNN’s Matt Egan, Jack Forrest Organizations: CNN, United, Embassy, United States, Canadian, Nasdaq, Treasury, America, US Energy Information Administration, United Nations, Commerce Department, Peterson Institute for International Economics, Senate, Commerce, US Trade Representative Locations: Mexico, Canada, China, , United States, United, America
New York CNN —Kohl’s announced its CEO Tom Kingsbury will step down on January 15, 2025, and will be replaced by the CEO of arts and crafts retailer Michaels. Ashley Buchanan, the next Kohl’s CEO, has been CEO of Michaels since 2020 and was a senior executive at Walmart and Walmart-owned Sam’s Club for 13 years. He took over after former Kohl’s chief executive Michelle Gass announced she was leaving the company to become the CEO at Levi’s (LEVI). Kingsbury will stay on as an advisor to Buchanan and on the Kohl’s Board of Directors until he retires in May 2025. Shares of Kohl’s dropped 5% in after-hours trading Monday.
Persons: New York CNN — Kohl’s, Tom Kingsbury, Michaels, Ashley Buchanan, Kingsbury, Michael Bender, Michelle Gass, LEVI, Buchanan, Kohl’s Organizations: New, New York CNN, Walmart, Sam’s Club, Kohl’s Locations: New York
Orsi’s Broad Front took 44% of the vote while Delgado’s National Party won 27% in the first round of voting Oct. 27. Most polls have shown a virtual tie between Delgado and Orsi, with nearly 10% of Uruguayan voters undecided even at this late stage. Uruguay's presidential candidate for the Republican Coalition, Alvaro Delgado, waves to supporters outside a polling station after voting during the presidential runoff election in Montevideo on November 24. Delgado served most recently as Secretary of the Presidency for Lacalle Pou and promises to pursue his predecessor’s pro-business policies. Uruguay's presidential candidate for the Frente Amplio party, Yamandu Orsi, greets supporters after voting during the presidential runoff election in Canelones, Uruguay, on November 24.
Persons: — Uruguayans, Álvaro Delgado, Luis Lacalle Pou, Colorado Party –, Delgado, Kamala, , Nicolás Saldías, Alvaro Delgado, Dante Fernandez, Orsi, Lacalle Pou –, Lacalle, , Lacalle Pou, Yamandu Orsi, Eitan Abramovich, José “ Pepe ” Mujica, , ” Delgado, Uruguayans Organizations: Delgado’s National Party, , Colorado Party, Congress, Frente, Trump, Intelligence Unit, , Republican Coalition, AFP, Getty, National Party, International Monetary Fund, Marxist Locations: MONTEVIDEO, Uruguay, American, America, Caribbean, London, Montevideo, China, Mercosur, South, Canelones, Latin America, , Beijing, Pocitos
So let us show you everything you need to know about where to watch a free Las Vegas F1 live stream wherever you are in the world. These channels feature every race, except the Austrian option, as races alternate each weekend between ORF1 and Servus TV - ORF1 has the free Las Vegas F1 live stream. How to watch free Las Vegas F1 live streams with a VPNSign up for a VPN if you don't have one. How to watch Las Vegas F1 live stream in the USESPN is covering the remaining Formula 1 races this season, but ESPN+ and ABC also have a few, including this week's Las Vegas GP. Check price at FuboHow to watch Las Vegas F1 live stream in the UKWant a free option?
Persons: Russell, you'll, ExpressVPN, it's, FuboTV, There's Organizations: Business, Vegas, Las Vegas, ESPN, ABC, DirecTV, MLB, NHL, NFL, UFC, Hulu, Disney Plus, ESPN Sling, DirecTV Stream, Sky Sports, Sky, Premier League Locations: ORF1, Austria, Belgium, TV's
AdvertisementTSMC's Phoenix chip factories likely won't eliminate US dependence on tech from Taiwan. Experts told BI that TSMC's most advanced chips will likely continue to be produced in Taiwan. TSMC produces an estimated 90% of the world's advanced chips, which power everything from iPhones to cars. While TSMC's Phoenix factories are expected to boost semiconductor chip production in the US, the company isn't making its most advanced chips stateside, industry experts told Business Insider. For example, chips produced using 4 nanometer (nm) technology are expected to be made in the first Phoenix factory, while TSMC's Taiwan factories are already producing chips using 3nm technology.
Persons: Biden, TSMC, Jeff Koch, SemiAnalysis, — Koch, Stephen Ezell, it'll, Chris Miller, Miller, Koch, Trump, William Alan Reinsch Organizations: Commerce Department, Information Technology, Innovation Foundation, of Commerce, Arizona, Nvidia, Apple, Qualcomm, AMD, American Enterprise Institute, Center for Strategic, International Studies, Biden Locations: Taiwan, Arizona, Phoenix, TSMC's, United States, China
He has plucked two Fox News stars from their airwaves – Sean Duffy for Treasury secretary and Pete Hegseth to lead the Pentagon. Trump’s choice for ambassador to Israel, Mike Huckabee, had a six-year run hosting a Fox News show. As a former reality TV star, Trump is deeply attuned to the power of the small screen. Among the flurry of names for non-Cabinet roles that Trump announced Friday evening were also several former and current Fox News contributors. And Sebastian Gorka, whom Trump named senior director of counterterrorism, was a Fox contributor in 2018 and 2019.
Persons: Donald Trump’s, Sean Duffy, Pete Hegseth, Trump, Mehmet Oz, Linda McMahon, Mike Huckabee, Tulsi Gabbard, Tucker Carlson, Donald Trump, Eva Marie Uzcategui, Duffy, Rachel Campos, , , Oz, Mike Waltz, Kristi Noem, Sen, Marco Rubio, Howard Luntick, Rebecca Quick, I’ve, Doug Burgum, Tom Homan, Homan, ” Trump, Matt Gaetz, Gaetz –, , JD Vance, Scott Applewhite, Pam Bondi, Hegseth, headwinds, Chris Coons, CNN’s Manu Raju, Dr, Janette Nesheiwat, Marty Makary, Robert F, Kennedy Jr, Sebastian Gorka, Neil Gorsuch, Brett Kavanaugh, Larry Kudlow, Christina Bobb, Rupert Murdoch’s, Bret Baier, Kamala Harris, Vance, Rubio, Burgum, ” CNN’s Kate Sullivan, Manu Raju, Alayna Treene, Brian Stelter Organizations: CNN, Fox, Pentagon, Department of Education, Fox News, Trump, TV Cabinet, Fox Business, Medicare, Republicans, South Dakota Gov, Department of Homeland Security, Wall Street, CNBC, Commerce, North Dakota Gov, of, Interior, Republican, Capitol, Florida, and Drug Administration, “ Fox, Department of Health, Human Services, Salem Radio Network, National Economic Council, America News Network Locations: Israel, Mar, Palm Beach , Florida, Wisconsin, Minnesota, Pennsylvania, Florida, America, Spanish, Washington ,, Gaetz, Delaware, Ohio
AdvertisementShoppers are willing to spend this holiday season, but many are still budget-conscious. Shoppers appear ready to spend this holiday season, but many aren't giving up the search for bargains just yet. Multiple signals suggest that some shoppers feel less pinched financially as the biggest shopping season of the year ramps up. As such, many are looking for good deals, as they have been for much of this year, while still spending on the holiday season. Friday's retail sales growth showed "a good early step forward into the holiday shopping season," National Retail Federation Chief Economist Jack Kleinhenz said.
Persons: Claire Tassin, Tassin, Milton, Jack Kleinhenz, Kleinhenz, Doug McMillon, John Rainey, Rick Gomez Organizations: Shoppers, Morning, Retailers, Nordstrom, Bank of America Institute, University of Michigan's, Hurricanes, Retail Federation, Census Bureau, Walmart, Target
Russia has fired about 60 North Korean KN-23 missiles at Ukraine this year, according to a Ukrainian defense official. These less-sophisticated missiles are part of North Korea’s growing support to Moscow, which also includes about 11,000 North Korean soldiers deployed to Russia’s Kursk region. Strikes using North Korean missiles have killed at least 28 people and injured 213 this year, the Ukrainian prosecutor general told CNN. Ukrainian investigators found evidence that crucial components used in the North Korean missiles are produced by at least nine Western manufacturers. There are more than 250 companies whose components have been identified in North Korean missiles, according to CAR.
Persons: , Yuriy Ignat, Russia – “, , Andriy Kulchytskyi, Damien Spleeters, Victoria Vyshnivska, Vyshnivska, Danylo, Vladyslav Vlasiuk, Trump, Richard Blumenthal Organizations: Ukraine CNN —, CNN, Ukrainian Air Force, Korean, North Korean, Scientific Research, Forensic, Ukraine’s, Corruption, Military Research, Kyiv’s Scientific Research, Ukrainian Defense Intelligence, Research, Getty, US Commerce Department, , US, Investigations, Defense Intelligence Locations: Kyiv, Ukraine, Ukraine CNN — Ukraine, Russia, North, Moscow, Russia’s Kursk, United States, Netherlands, United Kingdom, North Korea, Germany, Switzerland, Korean, US, China, Anadolu, Canada, Belarus, Western, Ukrainian, Russian, Iran
AdvertisementDeclining foot traffic and rising e-commerce have led thousands of stores to permanently close. Former household names like Borders, Circuit City, and Blockbuster are now just retail history. BI rounded up dozens of once-beloved stores that no longer have a meaningful brick-and-mortar presence. AdvertisementThe only constant is change, especially as emerging trends, shopping patterns, and e-commerce players take larger pieces of the pie. Here's a look back at some of the retail brands whose stores once greeted thousands of people each day, but are now consigned to retail's history books — or exist only online or as a tiny fraction of what they once were.
Organizations: Circuit, Blockbuster Locations: Circuit City
AdvertisementThe CHIPS and Science Act, offering over $30 billion in incentives, spurred semiconductor lobbying. Related VideoAmerican manufacturers like Intel and Micron boosted their lobbying funding, while foreign companies like TSMC assembled their DC-based government relations teams in response. Business Insider reviewed lobbying public disclosure reports associated with various chip companies and focused on the top listed lobbyists and governmental affairs departments. Only three companies—Polar Semiconductor, Global Foundries, and TSMC—have finalized funding contracts out of 21 set to receive CHIPS Act grant funding. The spokesperson declined to comment on chip lobbying efforts and the specifics of individual CHIPS applicants.
Persons: TSMC, Chris Miller, Joe Biden's, Donald Trump, Joe Rogan, TSMC —, Lori Yue, Yue, Trump, Howard Lutnick, Cantor Fitzgerald Organizations: Nvidia, TSMC, Intel, Big Tech, Micron, AMD, Business, Polar Semiconductor, Global, of Commerce, Companies, Columbia Business School, The Locations: Washington, Washington ,, Taiwan
Musk recently said his choice for the influential Treasury secretary role would be Howard Lutnick. As President-elect Donald Trump assembles the key players to drive his new administration's agenda, Elon Musk is rarely far away. Trump tapped hedge fund manager Scott Bessent, the founder and chief executive of Key Square Group, to be his next Treasury secretary on Friday. Bessent, a Wall Street veteran and a top economic advisor to Trump, emerged as a favorite of the president-elect while on the campaign trail this year. The Wall Street Journal reported that Trump sought advice from Wall Street leaders for the Treasury spot, and his advisors told him that analysts would view Bessent as a stabilizing figure.
Persons: Elon, Donald Trump's, Musk, Howard Lutnick, Trump, Scott Bessent, Donald Trump, Elon Musk, Vivek Ramaswamy, Bessent, Cantor Fitzgerald, Organizations: Mar, UFC, of Government Efficiency, Trump, Key Square, Wall Street, Senate, Street Journal, Treasury, Business Locations: Lago, Florida, New York, Trump's, United States
The sweeping tariffs that President-elect Donald J. Trump imposed in his first term on foreign metals, machinery, clothing and other products were intended to have maximum impact around the world. They sought to shutter foreign factories, rework international supply chains and force companies to make big investments in the United States. But for many businesses, the most important consequences of the tariffs, enacted in 2018 and 2019, unfolded just a few blocks from the White House. In the face of pushback from companies reliant on foreign products, the Trump administration set up a process that allowed them to apply for special exemptions. The stakes were high: An exemption could relieve a company of tariffs as high as 25 percent, potentially giving it a big advantage over competitors.
Persons: Donald J, Trump Organizations: United States Trade Representative, Commerce Department Locations: United States, China
Stock for Sale by Cabinet Members
  + stars: | 2024-11-23 | by ( Lauren Hirsch | ) www.nytimes.com   time to read: +1 min
As President-elect Donald Trump takes an unconventional approach to stocking his cabinet, he’s also embracing one candidate pool that has plenty of precedent: Wall Street chief executives. On Friday, Trump picked Scott Bessent, a top economic adviser and the founder of Key Square Group, a hedge fund, to be his Treasury secretary. He previously tapped Howard Lutnick, the chief executive of the financial services firm Cantor Fitzgerald, for commerce secretary. Executives appointed to government positions are often required to make extensive stock divestitures, so the path from Wall Street to Washington can be particularly complex (while also offering an opportunity to avoid certain taxes). Bessent’s potential departure from Key Square may trigger “key man provisions” that often protect clients of hedge funds if top executives leave.
Persons: Donald Trump, he’s, Trump, Scott Bessent, Howard Lutnick, Cantor Fitzgerald Organizations: Wall Street, Key Square Locations: Washington
Plus, politics reporters Allan Smith and Vaughn Hillyard examine how Donald Trump's transition team is turning to the much-maligned Project 2025 to fill jobs in the administration. I think it bodes well for us to keep the majority through the rest of the decade,” Daines, of Montana, told NBC News. “They made themselves nuclear,” Howard Lutnick, the co-chair of Trump’s transition and his nominee to serve as commerce secretary, told CNBC in September. But with the campaign over, Trump’s transition team is turning to Project 2025 to help staff the next administration. Both Homan and Ratcliffe were listed as contributors to Project 2025, while Carr wrote a chapter on the FCC.
Persons: Sahil Kapur, Allan Smith, Vaughn Hillyard, Donald Trump's, Steve Daines, “ We’re, ” Daines, Donald Trump, Kamala Harris, Republican Sen, Susan Collins, Democrats haven’t, GOP Sen, Thom Tillis, Trump, Sen, Gary Peters, Jon Ossoff, Ted Budd, Ron Johnson, , Vaughn Hillyard Donald Trump, , ” Howard Lutnick, Tom Homan, Brendan Carr, John Ratcliffe, Both Homan, Ratcliffe, Carr, Read, jud, tim, , Rea Organizations: NBC, White House, Capitol, Democrats, GOP, National Republican, NBC News, Republicans, Democratic, Republican, CNBC, Trump, Federal Communications Commission, FCC Locations: Montana, West Virginia , Montana and Ohio, Pennsylvania, Florida, Texas, Arizona , Michigan, Nevada, Wisconsin, Maine, North Carolina, Alaska , Iowa , Kentucky , Texas, Michigan, Georgia, Arizona , Georgia
It is compact, with an e-ink display that can easily handle bright light and, the best part, is the stellar battery life. The Amazon Kindle can last up to 6 weeks, while the Kindle Paperwhite can last up to 12 weeks. Both the Kindle and Kindle Paperwhite are now at their lowest prices ever. You can pick up the Kindle for $84, which means you get a 23% discount, the lowest price we’ve ever seen. Its incredible 12-week battery life, 16GB storage capacity and size and design make it a must-have for avid readers.
Persons: I’ve, — I’ve, TikTok Organizations: NBC, Facebook, Twitter
Love them or hate them, Secret Santa and White Elephant gift exchanges are a popular holiday tradition. Below, find some of the best gifts for Secret Santa or White Elephant parties. SKIP AHEAD The best Secret Santa and White Elephant gifts in 2024 | Why trust NBC Select? The best Secret Santa and White Elephant gifts in 2024We rounded up gift ideas based on our previous coverage and NBC Select recommendations to help you find the right gift for your white elephant and Secret Santa gift exchanges. The bag is also slightly padded to provide protectionSometimes the best White Elephant or Secret Santa gifts are the things you may not buy for yourself, but that are super fun to own.
Persons: I’ve, Biana Alvarez, Peacock, Max, Rebecca Rodriguez, it’s, Rodriguez, , Harry Rabinowitz, , Alvarez, gifting, Lindsay Schneider, foodies, Bethany Heitman, Bianca Alvarez, TikTok Organizations: NBC, JBL, NBC Giftable Tech, Netflix, Hulu, Apple, Bluetooth, Hydro, Facebook, Twitter Locations: Belgian, Texas
Those travelers need to get their gates fast and the moving sidewalk wasn’t doing it. The economics of airport moving walkwaysSome experts point to high maintenance costs for removing the moving sidewalks. A group of German economics professors released an extensive study earlier this year about airport moving sidewalks. “The design of Denver International Airport is such that our moving walkways run where our gates are located. Aleinikoff said that while he doesn’t think moving sidewalks are inherently unsafe, they do require regular maintenance, and he says the “teeth” at the end of the moving sidewalks can be “pretty sharp.” Gow has, Aleinikoff said, made a full recovery.
Persons: , Olivia Tyler, , ” Tyler, Tyler, Hunt, Harry Reid, Nils Boysen, Dan Bubb, ” Bubb, Matine Yuksel, John Yuksel, Stacey Stegman, Kone, Schindler, ” Stegman, Stegman, Kenneth Gow, Gow, Gow’s, Brian N, TK, Aleinikoff, ” Gow Organizations: Northwest, Northwest Arkansas National Airport Regional Airport Authority, Northwest Arkansas National Airport Regional, Authority, Walmart, Tyson Foods, Airports, Harry Reid International, Las Vegas, Friedrich Schiller University Jena, University of Las Vegas Honors College, Northern, Northern Kentucky International, Denver International, Delta Airline, Corporation Locations: Northwest Arkansas, Chicago, Las Vegas, Orlando, Dallas, Cincinnati, — Tampa, Denver, Norfolk, Las, Northern Kentucky, Otis, Gow’s Denver
“They made themselves nuclear,” Howard Lutnick, the co-chair of Trump’s transition and his nominee to serve as Commerce Secretary, told CNBC in September. But with the campaign over, Trump’s transition team is turning to Project 2025 to help staff the next administration. Both Homan and Ratcliffe were listed as contributors to Project 2025, while Carr authored a chapter on the FCC. Brendan Carr, a contributor to Project 2025, is Trump's pick to lead the Federal Communications Commission. For instance, the Project 2025 policy blueprint and Trump’s “Agenda 47” featured similar ideas on mass deportations and slashing the federal bureaucracy.
Persons: Donald Trump, Trump, , ” Howard Lutnick, Tom Homan, Brendan Carr, John Ratcliffe, Both Homan, Ratcliffe, Carr, Celal, Russ Vought, Roger Severino, Paul Dans, MAGA, lambasting, Lutnick, , it’s, ” Lutnick, Semafor, ’ it’s, That’s, Trump’s, Joe Biden’s, Kamala Harris ’, Sen, Mallory McMorrow, ” McMorrow Organizations: Commerce, CNBC, NBC News, Democrats, Trump, Federal Communications Commission, Getty, of Management, Republican National, Politico, Department of Health, Human Services, New York, Republican, NBC, Democratic, Oceanic, Atmospheric Administration, Democratic National Convention Locations: Anadolu, Grand Rapids, Michigan
They see me as a threat to their power.”The episode has raised eyebrows among security officials, who point to Gabbard’s history of unusual relationships overseas. The circumstances that led to Gabbard’s inclusion on Quiet Skies may be entirely benign, these sources said. Under normal circumstances, one official said, Gabbard would be forced to explain the underlying foreign travel or contacts in question during her background check. Security officials from multiple agencies told CNN that the program is known inside the government for having far laxer standards for inclusion. “TSA’s Quiet Skies program is a risk-based, automated approach to transportation security, to include identifying potential risks and applying enhanced security measures.”The statement continued: “TSA’s Quiet Skies program is not a terrorist watchlist.
Persons: Tulsi Gabbard, Donald Trump’s, Gabbard, ” Gabbard, Kamala Harris, , , Harris, Biden, Bashar al, Assad, Trump, Organizations: CNN, Transportation Security Administration, Fox, TSA, Quiet, Air Marshals Locations: Syria
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with U.S. Secretary of Commerce Gina RaimondoCNBC's Kate Rooney sits down with Commerce Secretary Gina Raimondo in her first interview since the 2024 presidential election to discuss the future of AI safety, the status of CHIPS Act funding, and her advice to the incoming administration.
Persons: Gina Raimondo, Kate Rooney Organizations: U.S
AdvertisementAmazon has told staff in Germany they can apply to work from home for up to two days a week. Amazon has a global mandate for all employees to return five days a week to the office from January. Amazon employees in Germany will be able to apply to work from home up to two days a week when the company's global return-to-office mandate takes effect, Business Insider has learned. Amazon said the expectation is still for employees to work from the office five days a week in Germany, and that it had a similar flexible work policy before the pandemic. It also states that the policy applies to all Amazon employees in Germany, but it does not include Twitch and Audible employees.
Persons: Slack, Andy Jassy, Amazon, Jassy, it's, Jyoti Mann Organizations: BI, Amazon, Business Locations: Germany, jyotimann
China is willing to conduct active dialogue with the United States based on the principles of mutual respect and promote the development of bilateral economic and trade relations, vice commerce minister Wang Shouwen said on Friday. China is willing to conduct active dialogue with the United States based on the principles of mutual respect and promote the development of bilateral economic and trade relations, vice commerce minister Wang Shouwen said on Friday. "We believe that China and the U.S. can maintain a stable, healthy, and sustainable development trend in economic and trade relations," Wang said at a press conference in Beijing. China is also willing to "expand areas of cooperation and manage differences" with the U.S., Wang said. Economists polled by Reuters believe the United States could impose nearly 40% tariffs on imports from China early next year, potentially slicing growth in the world's second-biggest economy by up to 1 percentage point.
Persons: Wang Shouwen, Wang, Donald Trump Organizations: United, International Trade Representative, U.S, Reuters Locations: China, United States, U.S, Beijing, Southeast Asia
It is very unusual for Chinese businesspeople to take public aim at the government and those who have done so have often faced repercussions. In particular, Pinduoduo’s pricing system has done great harm to China’s brands and its industries,” he was quoted as saying by state-owned media outlet The Paper. In further remarks from the same press conference that were not widely reported by state media, Zhong singled out the Chinese government for not doing more to stop the trend. CNN has reached out to Nongfu Springs and PDD (PDD) for comment. A worker prepares to transfer packages after sorting at a warehouse for an e-commerce company in Beijing on November 11, 2024.
Persons: Hong Kong CNN —, Zhong Shanshan, Zhong, Pinduoduo, Alibaba, Jack Ma, Ma, Colin Huang, Wang Zhao, Zhong’s, Huang Organizations: Hong Kong CNN, PDD Holdings, Sina Technology, CNN, Ant Group, Alibaba, Getty, Bloomberg Locations: China, Hong Kong, Beijing, AFP
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