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Baidu's revenue rose 10% to 31.14 billion yuan ($4.54 billion) in the quarter to March 31, surpassing analysts' estimates of 29.97 billion yuan, according to Refinitiv data. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, grew 8% to 23 billion yuan. Baidu reported net income of 5.83 billion yuan, compared to net loss in the year-ago quarter. The company's much-touted rival to ChatGPT, Ernie bot, has yet to be officially launched, despite having been partially unveiled to the public in mid-March. "During our testing of Ernie bot, we have engaged in close discussions with the regulators," Li said.

☆ China sentences 78-year-old U.S. citizen to life in prison on spying charges
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: +2 min

Relations between Washington and Beijing are at their lowest in decades amid disputes over trade, technology, human rights and China's increasingly aggressive approach toward its territorial claims involving self-governing Taiwan and the South China Sea. Jason Lee | ReutersChina sentenced a 78-year-old United States citizen to life in prison Monday on spying charges, in a case that reflects the deterioration in ties between Beijing and Washington over recent years. Details of the charges against John Shing-Wan Leung, who holds permanent residency in Hong Kong, have not been publicly released. High-level government visits have been on hold and U.S. companies are delaying major investments amid mixed-messaging from Beijing. Now the world’s second-largest economy, China is expanding its footprint in ports, railways and other infrastructure from Europe to Southeast Asia and beyond.

☆ Here's the 13-page pitch deck that Salt Labs, a fintech helping hourly workers build wealth, used to raise a $10 million pre-seed round
▼ + stars: | 2023-04-12 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Salt Labs is a fintech that wants to help hourly workers build wealth. Salt Labs used this 13-page pitch deck to raise a $10 million pre-seed round. "The mission of Salt Labs is to enable hourly workers to own the long-term value of their work," Jason Lee, founder and CEO of Salt Labs, told Insider. Salt Labs announced a $10 million pre-seed round on March 29, led by Fin Capital. Read the 13-page pitch deck Salt Labs used to raise a $10 million pre-seed round.

☆ It's becoming increasingly clear that fintech has a fraud problem
▼ + stars: | 2023-03-29 | by ( Bianca Chan | Paige Hagy | ) www.businessinsider.com time to read: +8 min

"With fast growth comes fast fraud," Frank McKenna, a longtime fraud expert who works with banks, lenders, and fintechs, told Insider. Cash App only requires a zip code, debit-card number, and either an email or phone number to create an account. Cash App's alleged fraud problem could also be the result of its large, active customer base, which numbers some 44 million, according to the company's 2022 annual report. The fact that Cash App offers peer-to-peer payments exacerbates the fraud issue, according to McKenna, the chief fraud strategist at Point Predictive, an anti-fraud software company. Digital-only bank Chime has had its own issues with fraud, Jason Mikula, a fintech analyst and consultant, told Insider.

☆ Warren Buffett praised the practice of long-term investing in his annual shareholder letter. These are the 10 longest-held stocks in Berkshire Hathaway's portfolio.
▼ + stars: | 2023-02-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Warren Buffett has long praised the practice of long-term investing when it comes to stocks. "The world is full of foolish gamblers, and they will not do as well as the patient investor," Buffett said in Berkshire Hathaway's 2022 shareholder letter. These are the 10 longest-held stocks in Berkshire Hathaway's $299 billion stock portfolio. These are the 10 longest-held companies in Berkshire Hathaway's $299 billion individual stock portfolio. UPSJustin Sullivan/Getty ImagesTicker: UPSTime Held: 17 yearsPortfolio Value: $10.3 million7.

☆ The U.S. and China have a culture clash around their telephone hotline
▼ + stars: | 2023-02-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

It isn't the first time China didn't answer the phone — a hotline set up for emergencies. Chinese culture is a reason why, said Shen Yamei, deputy director and associate research fellow at state-backed think tank China Institute of International Studies' department for American studies. She said she wasn't aware of what actually happened between the U.S. and China regarding the declined phone call. "The PRC did not do that," the secretary said, referring to the official name of China. Using a hotline to diffuse a potentially dangerous situation does imply there's a situation that needs to be diffused, Bodine said.

☆ South Korea's SK On plans a new, lower cost EV battery by 2025
▼ + stars: | 2023-01-06 | by ( Joseph White | ) www.reuters.com time to read: +2 min

Tesla Inc (TSLA.O) and EV startup Rivian (RIVN.O) also have announced plans to use LFP batteries. LFP batteries can be produced at lower cost, but deliver less range than comparable nickel-cobalt EV batteries. LFP batteries made in China can have a 20% cost advantage over nickel cobalt batteries. Battery makers and automakers are expanding EV battery capacity globally, and some industry analysts have questioned whether that could result in oversupply. Raising the capital required to fund investments in capacity and new chemistries is one of SK On's main challenges, Lee said.

"More fundamental, and more subtle and more important is the social contract and social trust in China. COVID CZAROver the past three years, Vice Premier Sun, 72, has been the face of China's COVID fight, a mother-like figure who has executed Xi's zero-COVID policy with a firm hand. In April this year, Sun rushed to Shanghai as the city went under lockdown, according to state media reports. During the Shanghai lockdown, while also on an inspection tour, Sun was bombarded by pleas from residents shouting from their windows: "No more rice! How the current infections are tackled remain a key near-term challenge to COVID czars.

Megan Thee Stallion isn’t on trial. But if you consume content from some popular hip-hop bloggers, podcasters and social media accounts, you might be misled. Some question if Megan Thee Stallion was even shot at all. The narratives have become viral social media content. Milagro Gramz, a hip-hop news commentator, has been covering Pete and Peterson since before the trial started.

☆ China Eastern takes delivery of the world's first made-in-China C919 jet
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A model of a C919 airliner by Commercial Aircraft Corp of China (COMAC) is displayed at China Beijing International High-tech Expo in Beijing, China June 8, 2017. REUTERS/Jason LeeBEIJING/SYDNEY, Dec 9 (Reuters) - The world's first C919, a Chinese-made narrowbody jet, was delivered to launch customer China Eastern Airlines (600115.SS) in Shanghai on Friday and took off for a 15-minute flight to mark the historic moment. The plane delivered to China Eastern has 164 seats and was painted with "the world's first C919" on its side in Chinese and English. China Eastern said on Friday it plans to receive the remaining four of its first batch of C919 orders over the next two years, according to Shanghai's The Paper. China is trying to raise the proportion of domestic parts in the C919 and an alternative engine called the CJ-1000A is under development.

☆ EU escalates WTO case against China over patents, Lithuania
▼ + stars: | 2022-12-07 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

[1/2] Flags of European Union and China are pictured during the China-EU summit at the Great Hall of the People in Beijing, China, July 12, 2016. The disputes, both brought to the WTO at the beginning of the year, concern alleged Chinese restrictions on EU companies' rights to use foreign courts to protect their high-tech patents and on trade with EU member Lithuania. The Commission formally requested consultations with China at the WTO, the first step in a WTO challenge. The panel requests come as the European Union reviews its stance towards China, seeing it increasingly as a competitor and system rival than a partner. In the Lithuania case, many of China's actions were not published measures, which are typically the focus for WTO litigation.

☆ Obituary: China's Jiang Zemin confounded doubters, mended U.S. ties
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +7 min

[1/5] A security guard stands next to a portrait of China's former President Jiang Zemin at an exhibition to celebrate the 90th anniversary of the founding of the Communist Party of China (CPC) in Beijing, China, July 7, 2011. Under Jiang, China weathered the 1997-1998 Asian financial crisis, joined the World Trade Organisation in 2001 and won the bid to host the 2008 Summer Olympics in Beijing. "Jiang Zemin was more ready to be natural, even though sometimes it could be perceived as vulgar, not very sophisticated." At celebrations for the 50th anniversary of the People's Republic in 1999, floats carried giant portraits of Mao, Deng and Jiang past Tiananmen Square. Jiang, like Mao, wore his trousers well above his waist and brushed his hair straight back.

☆ Hyundai Motor, LGES consider building two JV battery plants in U.S. -report
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A security guard is seen at the main entrance of a plant of Hyundai Motor Co on the outskirts of Beijing, China January 25, 2019. REUTERS/Jason Lee/File PhotoSEOUL, Nov 28 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) and LG Energy Solution Ltd (LGES) (373220.KS) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday. Hyundai Motor was not immediately available for comment when contacted by Reuters. The report added that the new factories were likely to be located near Hyundai Motor Group's new EV plant in Georgia and would help the company meet U.S. EV subsidy rules. Last year, Hyundai Motor Group and LG Energy Solution said they would set up a $1.1 billion EV battery joint venture in Indonesia.

☆ Euro, sterling bounce, dollar drops as investors cash in
▼ + stars: | 2022-11-07 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

[1/3] Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/IllustrationWASHINGTON, Nov 7 (Reuters) - Euro and sterling rose against the safe-haven dollar on Monday, supported by a risk-on sentiment across markets as investors digested positive euro zone data and looked to cash in on the strength of the U.S. currency. The euro was up 0.69% to $1.0029, its highest level since Oct. 27, while sterling was last trading at $1.1534, up 1.40% on the day. Investors were also cheered by a readout on Monday showing that German industrial production grew in September, beating analyst expectations. Against a basket of currencies, the dollar index fell 0.91% to 110.070.

☆ China to encourage more foreign investment in manufacturing industry
▼ + stars: | 2022-11-02 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

FILE PHOTO: The sign of China World is seen near buildings in Beijing's central business area, China January 17, 2020. REUTERS/Jason LeeBEIJING (Reuters) - An official of China’s state planner said on Wednesday that the country’s foreign investment has increased steadily so far this year and that it will encourage more foreign investment in the manufacturing industry. Xia Qing was speaking at an APEC workshop on supply chains in Beijing. China’s foreign direct investment (FDI) rose 15.6% from a year earlier in the first nine months of the year to 1 trillion yuan ($138.52 billion) after a 16.4% growth in January-August, according to data from the Ministry of Commerce.

☆ Kanye West's controversial $15,000-a-year school has abruptly shut its doors, reports say, amid a backlash over his antisemitic comments
▼ + stars: | 2022-10-27 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Kanye West's controversial Christian school has abruptly shut its doors, reports say. West, under fire over antisemitic comments, appeared to confirm the closure in a since-deleted Instagram post. Students at the $15,000-a-year school, Donda Academy, wear uniforms designed by Balenciaga. Donda Academy, an unaccredited Christian school, requires parents to sign non-disclosure agreements before students join, Rolling Stone reported. Students at the $15,000-a-year school wear uniforms made by Balenciaga and the rapper's own brand, Yeezy.

Then, two men led Mr. Hu — who appeared reluctant to go — out of Beijing’s Great Hall of the People. Was Mr. Hu, 79, suffering from poor health, as Chinese state media would later report? When the aide finally succeeds in coaxing Mr. Hu from his chair, Mr. Li, the No. As the two aides begin guiding Mr. Hu away from his seat, the older leader stops to say something to Mr. Xi. The state broadcaster’s news program that night showed footage of Mr. Hu voting, and then his empty seat later in the ceremony, without explanation.

☆ China's diesel fuel exports more than doubled in September
▼ + stars: | 2022-10-24 | by ( Dominique Patton | Chen Aizhu | ) www.reuters.com time to read: +3 min

REUTERS/Jason LeeExports of diesel fuel last month more than doubled from a year earlier to 1.73 million tonnes, the highest monthly rate since July 2021, according to data from the General Administration of Customs. Exports of aviation fuel, including refuelling at Chinese airports for airlines plying international routes, jumped by 38.6% from a year earlier to 1.23 million tonnes last month. China had maintained broad curbs on fuel exports this year, resulting in total fuel exports in the first nine months of 2022 falling 28% from a year earlier. But in an about-turn in fuel trade policy, Beijing in late September released an additional large batch of 15 million tonnes of export quotas, including 13.25 million tonnes for gasoline, diesel and jet fuel, with the remainder for marine fuel. Table below shows trade details, volumes in million tonnes.

Banknotes of the euro, Hong Kong dollar, U.S. dollar, Japanese yen, GB pound and Chinese yuan are seen in this picture illustration, in Beijing, China, January 21, 2016. Register now for FREE unlimited access to Reuters.com RegisterData showing U.S. producer prices increased more than expected in September, further boosted the dollar against the yen. Following the U.S. PPI data, the greenback rose as high as 146.88 yen , its strongest level since August 1998. Japanese authorities staged their first yen-buying intervention since 1998 on Sept. 22, when the dollar was at 145.90 yen. The risk-sensitive Australian dollar sank to a 2 1/2-year low of US$0.6236, and was last flat on the day at US$0.6268.

☆ Macau casino operators soar as China allows tour groups after nearly 3 years
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

A woman rest next to the decoration inside the Wynn Palace casino resort in Macau, China December 20, 2019, on the 20th anniversary of the former Portuguese colony's return to China. Sands China (1928.HK) rose more than 13%, Wynn Macau (1128.HK) climbed 7%, Galaxy Entertainment (0027.HK) advanced 10% while shares of SJM (0880.HK) and MGM China (2282.HK) jumped 8% each. Currently, Chinese tourists to Macau need to book a visa appointment followed by a week-long approval process. The individual visa scheme accounted for around 50% of Chinese visitors to Macau in 2019 while tour groups accounted for around 25% of visitation. In the first phase, the resumption of tour groups will come from five provinces -- Guangdong, Shanghai, Zhejiang, Jiangsu and Fujian -- which represented almost 60% of mainland visits to Macau in 2019.

Over the last decade, the rise of internet giants like Tencent (0700.HK) exposed the flimsiness of the stereotype. “Influence Empire: Inside the Story of Tencent and China’s Tech Ambition” by Lulu Yilun Chen tracks the company’s evolution into a $350 billion social media and gaming behemoth. The backlash also undermined confidence in China’s private tech sector. U.S. venture capital investment has dwindled, and even Chinese tech investors are now venturing abroad. Follow @ywchen1 on TwitterCONTEXT NEWS“Influence Empire: Inside the Story of Tencent and China’s Tech Ambition”, by Lulu Yilun Chen, was published by Hodder & Stoughton on July 14.

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