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Search resuls for: "Raffaele Huang"


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☆ China’s Service Sector Contracts Amid Covid Surge, Survey Shows
  + stars: | 2023-01-05 | by ( Joyu Wang | Raffaele Huang | ) www.wsj.com   time to read: 1 min
Health workers guided people arriving from China this week in Seoul after South Korea imposed curbs on Chinese travelers. China’s services sector contracted for a fourth straight month in December, underscoring Covid-19’s economic costs just days before the country reopens its borders to revive growth. The Caixin services purchasing managers index, published on Thursday, rose to 48.0 in December, indicating the slowdown of activity in the sector had moderated from the previous month, when the gauge was at 46.7. A reading below 50 indicates contraction.
☆ China Approves Foreign Videogames in Latest Breather for Tech Giants
  + stars: | 2022-12-28 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
Imported videogames have been an important source of income for large Chinese game companies. SINGAPORE—China has resumed granting publishing approvals for foreign videogames, ending a halt stretching back to June 2021 and removing a source of uncertainty for the country’s once-flourishing videogame industry. China’s main videogame regulator, the National Press and Publication Administration, said Wednesday that it had approved 45 imported titles, including “Pokémon Unite,” a multiplayer battle arena game co-developed by China’s Tencent Holdings Ltd. and Japan’s The Pokémon Co., and Riot Games Inc.’s first-person shooter game “Valorant.”
☆ Chinese Rush for Exit as Beijing Ends Zero-Covid and Opens Its Doors
  + stars: | 2022-12-27 | by ( Raffaele Huang | Rachel Liang | ) www.wsj.com   time to read: 1 min
SINGAPORE—Moments after China said it would reopen its borders to international travel for the first time in almost three years, sales of air tickets out of the country soared, as people leapt at the chance to put the stifling restrictions of zero-Covid behind them. Top of the getaway wish list were regional destinations a short hop away, with Singapore, South Korea, Hong Kong and Japan favorite choices. Bookings more than tripled from the day before, data from travel company Trip.com Group show.
☆ Tesla Halts Auto Production at Shanghai Plant in Rare Christmas Suspension
  + stars: | 2022-12-26 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE— Tesla Inc. suspended car production at its Shanghai plant on Saturday, extending a planned eight-day production halt at its largest worldwide plant by car output, according to people familiar with the matter. The halt follows a recent slowdown in global demand for Tesla vehicles. The decision to prolong the work suspension comes as the electric-vehicle manufacturer faces a wave of Covid-19 infections among its workers and suppliers in China, the people said.
☆ Tesla Extends Shutdown at Shanghai Plant in Rare Christmas Suspension
  + stars: | 2022-12-26 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE— Tesla Inc. suspended car production at its Shanghai plant on Saturday, extending a planned eight-day production halt at its largest worldwide plant by car output, according to people familiar with the matter. The decision to extend the work halt comes as Tesla faces a wave of Covid-19 infections among its workers and suppliers, the people said. The temporary halt follows a recent slowdown in global demand for Tesla vehicles.
☆ TikTok’s Efforts to Distance Itself From Chinese Parent Stumble Over Talent
  + stars: | 2022-12-16 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—TikTok has accelerated efforts to move workers away from China in an attempt to distance itself from its Chinese parent, but the short-video app still counts on local talent to handle some key functions and continues to recruit there. TikTok and its parent ByteDance Ltd. have moved key executives to Singapore and the U.S., ramped up hiring of staff and engineers outside of China, and reorganized teams internally from the rest of the Chinese company’s suite of apps, part of efforts to separate the companies under scrutiny from Washington.
☆ China Plans Covid Vaccination Drive for the Elderly in Bid to Ease Pandemic Controls
  + stars: | 2022-12-01 | by ( Raffaele Huang | Cao Li | ) www.wsj.com   time to read: 1 min
HONG KONG—China is planning a Covid-19 vaccination campaign for the elderly in December and January, part of its effort to be able to ease its zero-Covid policy, public-health officials familiar with the plan said, as outbreaks hit records and protests denouncing rigid pandemic controls spread. China aims to inoculate 90% of people aged 80 and above with at least one shot by the end of January, said the officials, who work at local branches of the Chinese Center for Disease Control and Prevention and received instructions from Beijing. That rate is currently at 77%, according to government data.
☆ China Missed a Window to Be Better Prepared for Covid-19 Surge
  + stars: | 2022-12-01 | by ( Liyan Qi | Raffaele Huang | ) www.wsj.com   time to read: 1 min
China had three years to prepare for a nationwide surge in Covid-19 cases. While it increased spending to build more hospitals and develop vaccines, funding gradually shifted toward paying for costly Covid-19 restrictions. Investment in expanding medical resources, such as hospital beds, actually slowed during the pandemic, government data shows.
☆ China’s Central Bank Takes Action as Record Covid-19 Outbreak Hits Economy
  + stars: | 2022-11-25 | by ( Jason Douglas | Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—China’s central bank moved to backstop growth by boosting lending to households and businesses, as the world’s second-largest economy struggles with its biggest Covid-19 outbreak since the pandemic began. Economists said the shift in policy will likely have limited impact, as repeated lockdowns, a continuing real estate crunch and fading demand for Chinese exports mean appetite for loans is weak.
☆ Pop Star Kris Wu Is Sentenced to 13 Years in Prison in China for Rape
  + stars: | 2022-11-25 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
Pop singer and actor Kris Wu, who is also known as Wu Yifan, has previously denied the allegations. He is pictured at a music awards ceremony in Toronto in 2018. China sentenced Chinese-born Canadian pop star and actor Kris Wu to 13 years in prison after finding him guilty of rape and one other sex crime, closing the book on one of the most high-profile cases to emerge from the country’s embattled #MeToo movement. A court in the Chinese capital of Beijing said in a statement Friday evening that Mr. Wu, one of the country’s most recognizable celebrities, raped three women who were too intoxicated to resist in late 2020.
☆ China Covid-19 Cases Hit Record High, Forcing Fresh Control Measures
  + stars: | 2022-11-24 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—China’s new Covid-19 cases hit a record high, testing the government’s push to contain the virus with more-targeted virus controls and avoid damaging the economy. Almost 30,000 locally transmitted infections were recorded for Wednesday, surpassing the previous record in April, when Shanghai’s two-month lockdown severely hurt China’s economy and snarled global supply chains. Economists say the risk that China’s “zero-Covid” policy will again force officials to impose sweeping measures is one of the main threats to world growth.
☆ U.S., Chinese Defense Chiefs Meet in Reflection of Easing Tensions
  + stars: | 2022-11-22 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—Defense Secretary Lloyd Austin met his Chinese counterpart for the first time in months, the latest sign of thawing ties between the two countries after a rupture in August following a trip to Taiwan by House Speaker Nancy Pelosi. Mr. Austin and Chinese Defense Minister Wei Fenghe discussed bilateral ties and security matters on the sidelines of a gathering of defense ministers in the Cambodian city of Siem Reap, the Pentagon said Tuesday.
☆ JD.com Cuts Executive Pay as China’s Tech Firms Tighten Belts
  + stars: | 2022-11-22 | by ( Raffaele Huang | Yifan Wang | ) www.wsj.com   time to read: 1 min
SINGAPORE–Chinese e-commerce giant JD.com Inc. told staff that it will cut executive salaries to improve employee benefits and ease financial pressure, as tech companies grapple with a weaker economy. Beijing-based JD.com will reduce the compensations of some 2,000 senior managers by 10%-20% from next year, with steeper cuts for higher-level executives, according to a letter Richard Liu , the billionaire founder of the company, sent to staff on Tuesday and seen by The Wall Street Journal. Mr. Liu in the letter apologized for cutting their pay and promised to restore it if JD.com could return to fast growth in the coming two years.
☆ U.S. and Chinese Defense Chiefs Meet in Reflection of Easing Tensions
  + stars: | 2022-11-22 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—Defense Secretary Lloyd Austin met his Chinese counterpart for the first time in months, the latest sign of thawing ties between the two countries after a rupture in August following a trip to Taiwan by House Speaker Nancy Pelosi. Mr. Austin and Chinese Defense Minister Wei Fenghe discussed bilateral ties and security matters on the sidelines of a gathering of defense ministers in the Cambodian city of Siem Reap, the Pentagon said Tuesday.
☆ China Records First Covid-19 Deaths Since May as Cases Edge Toward Record High
  + stars: | 2022-11-21 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE—China acknowledged its first deaths related to Covid-19 in about six months as surging cases collide with a government push to ease unpopular and costly pandemic controls. The three victims, all over 87 years old and with pre-existing illnesses, were from Beijing, where infections have more than doubled in the past four days, official data show. China reported around 26,000 locally transmitted new daily cases for Sunday, with cases also surging in other major cities and outbreaks reported in all regions for a sixth consecutive day.
☆ TikTok Is Still Hiring as Competitors Shed Jobs
  + stars: | 2022-11-19 | by ( Raffaele Huang In Singapore | Stu Woo In London | Raffaele Huang | ) www.wsj.com   time to read: 1 min
Several of the world’s biggest tech companies are laying off employees. One company bucking the trend so far is TikTok. Amid a retrenchment in Silicon Valley, the Chinese-owned social-media company is in the middle of a three-year hiring push, having committed to add about 3,000 engineers in worldwide locations including the U.S.
☆ Volkswagen’s China Joint Venture to Halt Manual-Car Production as Demand Declines
  + stars: | 2022-11-18 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE— Volkswagen AG plans to stop manufacturing manual cars at one of its two China joint ventures, as Chinese consumers shift their buying from traditional combustion-engine cars to electric vehicles. The German car maker will end production of such vehicles at its joint venture with Chinese state-owned auto maker SAIC Motor Corp. in August 2024 due to changes in market demand, a Volkswagen spokesman said Friday. The move won’t involve job cuts and affected workers will be reassigned to different production lines, a person familiar with the company said.
☆ Activision Blizzard to End Most Game Services in China, NetEase Partnership
  + stars: | 2022-11-17 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
SINGAPORE— Activision Blizzard Inc. is halting most online game services in China in January, including “World of Warcraft,” “StarCraft” and “Diablo III,” as it and China’s NetEase Inc. end a 14-year licensing partnership. Blizzard Entertainment Inc., an Activision Blizzard subsidiary, and NetEase failed to reach a deal to renew their licensing agreements, the two companies said Thursday China time. One obstacle to renewing the deal was a disagreement between the two parties over how data of Chinese players are controlled, people familiar with the negotiations said. Data collected by powerful internet companies and how those are handled has become a point of friction between the U.S. and China in recent years.
☆ Tencent Slashes Meituan Stake Worth $20 Billion, Posts Revenue Drop
  + stars: | 2022-11-16 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
Tencent has been a large shareholder of Meituan since the latter’s early days. SINGAPORE— Tencent Holdings Ltd. is shedding most of its stake in food-delivery company Meituan as the Chinese social-media and videogame giant moves to cash out from its investments in China’s internet sector. Tencent on Wednesday said it would distribute more than 958 million shares of Meituan, worth roughly $20 billion, as a special dividend to Tencent shareholders. The distribution will leave Tencent with a 1.5% stake in Meituan from 17% currently.
☆ TikTok, Struggling With Slowing Digital-Advertising Industry, Lowers Ad-Revenue Outlook
  + stars: | 2022-11-11 | by ( Raffaele Huang | ) www.wsj.com   time to read: 1 min
Challenges in the digital-ad sector are driving TikTok to diversify its revenue sources. SINGAPORE—TikTok’s slashing of its advertising-revenue outlook shows the fast-growing short-video app isn’t immune to the ad weakness reported by other social-media companies. TikTok has lowered its target for this year’s advertising revenue to $10 billion from at least $12 billion, Chief Executive Shou Zi Chew told staff in an online meeting that took place in recent weeks, according to the employees who attended the meeting.
☆ Nvidia Offers Alternative Chip for China to Clear U.S. Export Hurdles
  + stars: | 2022-11-08 | by ( Dan Strumpf | Karen Hao | Raffaele Huang | ) www.wsj.com   time to read: 1 min
Nvidia’s new chip is a response to the Biden administration’s new rules restricting exports of American chip technology to China. HONG KONG— Nvidia Corp. has begun offering an alternative to a high-end chip hit with U.S. export restrictions to customers in China, after the new rules threatened to cost the American company hundreds of millions of dollars in lost revenue. Nvidia said the new graphics-processing chip, branded the A800, meets U.S. restrictions on chips that can be exported to China under new rules rolled out last month. The chip went into production in the third quarter, the company said.
☆ U.S. Suppliers Halt Operations at Top Chinese Memory Chip Maker
  + stars: | 2022-10-12 | by ( Yoko Kubota | Raffaele Huang | ) www.wsj.com   time to read: 1 min
BEIJING–U.S. chip equipment suppliers are pulling out staff based at China’s leading memory chip maker and pausing business activities there, according to people familiar with the matter, as they rush to assess the impact of Commerce Department semiconductor export restrictions. State-owned Yangtze Memory Technologies Co. is facing a freeze in support from key suppliers including KLA and Lam Research the people said. The suspensions follow last week’s sweeping curbs imposed by the U.S. on China’s chip sector, ostensibly to prevent American technology from advancing China’s military power, though the impact might reach further into the industry.
☆ Tencent Considers More Stake Sales to Fund Share Buybacks, Future Growth
  + stars: | 2022-09-20 | by ( Jing Yang | Raffaele Huang | ) www.wsj.com   time to read: 1 min
Tencent Holdings Ltd. is looking into shedding more of its huge investment portfolio as the Chinese social-media and videogame company tries to fund a series of share buybacks and refocus its growth strategy, people familiar with the matter said. The technology giant, which owns stakes in some of China’s largest internet companies, has recently completed a regular review of its sprawling portfolio and identified its priorities for possible stake sales based on the returns these investments have generated, the people said. Potential disposals could include online real-estate brokerage KE Holdings food-delivery company Meituan and ride-hailing giant Didi Global they added. Tencent is in no rush to execute the divestments, the people said, and it is unclear when they will happen.
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