DIRS.INFO The most relevant business & tech news

☆ Taliban's central-bank governor meets Chinese envoy to discuss banking ties
▼ + stars: | 2023-06-16 | by ( Charlotte Greenfield | ) www.reuters.com time to read: +3 min

REUTERS/Ali Khara/File photoJune 16 (Reuters) - The Taliban's acting governor of the Afghan central bank met China's ambassador this week to discuss banking relations and business, the bank's spokesperson told Reuters on Friday. Afghanistan's banking system has been severely hampered by U.S.-led sanctions, a drop in liquidity from frozen central bank assets and a cut in development spending. Regulatory risk concerns of international banks have also largely cut off the country's formal banking sector from the global financial system. "China has always supported the peaceful reconstruction of Afghanistan, provides sincere help to Afghanistan, and welcomes Afghanistan to join the Belt and Road Initiative," it said. Badri is a senior Taliban figure who became acting head of the central bank in March after stepping down as acting finance minister.

Persons: Mullah Abdul Ghani Baradar, Wang Yu, Ali Khara, Hassibullah Noori, Mullah Hidayatullah Badri, Badri, Charlotte Greenfield, Laurie Chen, Raju Gopalakrishnan, Frances Kerry Organizations: Afghan, REUTERS, U.S, Reuters, Initiative, Thomson Locations: China, Islamic Emirate, Afghanistan, Kabul, Afghan, Beijing, Taliban, Islamabad

☆ Blinken to travel to China this weekend as US looks to reset relations after spy balloon incident
▼ + stars: | 2023-06-14 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +5 min

CNN —US Secretary of State Antony Blinken will travel to Beijing this weekend, the State Department announced on Wednesday – a significant trip that comes as the Biden administration navigates its complicated relationship with China. Blinken was originally set to travel to Beijing in early February, but postponed his trip due to a Chinese spy balloon transiting the US. Blinken will be the first Cabinet official to travel to China under the Biden administration, and the first since 2019. Blinken will ‘advocate strongly’ for military to military communicationsPrior to the public announcement of the trip, Blinken spoke by phone with Chinese Foreign Minister Qin Gang. Campbell told reporters that Blinken will “advocate strongly” for the need for appropriate military to military communications.

Persons: Antony Blinken, Biden, Blinken, “, Pacific Affairs Daniel Kritenbrink, ”, Jake Sullivan, Kritenbrink, Kurt Campbell, Matthew Miller, Xi Jinping, Campbell, Qin Gang, Qin, ” Kritenbrink, ” Campbell, National Defense Li Shangfu, Defense Lloyd Austin, “ We’ve, Mark Swidan, Kai Li, David Lin Organizations: CNN, State Department, State, East Asian, Pacific Affairs, National, “, Foreign, Ministry, China’s, National Defense, Defense Locations: Beijing, China, United States, Taiwan, Ukraine, Russia, Singapore

China’s readout of the call was noticeably more pointed, underscoring the deep distrust that lingers between Beijing and Washington. Qin told Blinken the US should “show respect” on China’s core concerns such as the Taiwan issue. Blinken originally planned to visit China in February as the two countries attempted to stabilize ties following an in-person meeting between their leaders in Indonesia last November. But the high-stakes trip was postponed over a suspected Chinese spy balloon that flew over the continental US and was later shot down. In a veiled criticism, Qin appeared to blame the US for the heightened tensions in recent months in his call with Blinken, according to the Chinese readout.

Persons: Antony Blinken, Qin Gang, Blinken, Matthew Miller, Washington . Qin, Qin, “, Joe Biden’s, ”, Xi Jinping Organizations: Hong Kong CNN, Qin, US State Department, China’s Foreign Ministry, Foreign Ministry, CNN, China’s Communist Party Locations: Hong Kong, Beijing, China, Washington, Taiwan, Indonesia, South, South China

And while Musk has mentioned the trip in two posts since leaving, he didn't tweet once while in China. That said, after three years of harsh COVID curbs that hampered entry into China, foreign CEOs appear eager to get the lay of the land. Sixty-seven foreign business leaders attended the high-profile China Development Forum this year, although that is still 20 fewer than in 2019. The few known comments by foreign CEOs whilst they were in China have been in line with Biden's stance that he is not seeking to decouple the world's two largest economies. The foreign ministry quoted Musk as saying he was opposed to a decoupling of the U.S. and China economies which he described as "conjoined twins".

Persons: Elon Musk, Goldman Sachs, David Solomon, Musk, Goldman's Solomon, wariness, Xi, Noah Fraser, Tesla, Goldman, Joe Biden, Tim Cook, Patrick Gelsinger, Mary Barra, Stephen Schwarzman, Jamie Dimon, Christopher Johnson, JPMorgan's Dimon, Daniel Russel, Brenda Goh, Joe Cash, Selena Li, Zhang Yan, David Brunnstrom, David Shepardson, Edwina Gibbs Organizations: Media, Twitter, Canada China Business Council, EU Chamber of Commerce, U.S . Department of Commerce, U.S, flashpoints, General Motors, China, China Strategies, U.S ., JPMorgan, Blackstone, Intel, JPMorgan Global China Summit, Asia Society Policy Institute, Thomson Locations: SHANGHAI, BEIJING, China, Shanghai, U.S, Washington, Beijing, Blackstone's, East, Hong Kong

"Germans are cautious by nature," said Stephan Fetsch, Germany's head of consumer goods at KPMG. Economists polled by Reuters are split on its second quarter fortunes: views ranged from a 0.3% GDP fall to a 0.5% gain, with a median forecast of 0.2% growth. However, German consumer sentiment remains below its pandemic low in the spring of 2020 and the consumer barometer from the German Retail Association (HDE) shows a similar picture. German consumers were hit particularly hard by high energy prices, being more dependent on Russia gas. "The German consumer has reasons to be scared and the result of all the economic uncertainty is usually an increase in precautionary savings," said Michael Burda, economics professor at Humboldt University Berlin.

Persons: Wolfgang Rattay, Germany's, Stephan Fetsch, Holger Schmieding, Carsten Brzeski, KPMG's Fetsch, Joerg Kraemer, Michael Burda, Brzeski, Maria Martinez, Prerana Bhat, Indradip Ghosh, Mark John, Toby Chopra Organizations: REUTERS, KPMG, Reuters, German Retail Association, Berenberg, ING, European Central Bank, Humboldt University Berlin, Thomson Locations: Cologne, Germany, BERLIN, Europe, France, Italy, Russia, Berlin, China, Bengaluru

☆ Under Xi Jinping, China's military has become an untouchable nationalist symbol
▼ + stars: | 2023-05-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +11 min

Yue’s alleged transgression: “uglifying” and “insulting” China’s military, the People’s Liberation Army (PLA). Under Xi, China passed a law in 2018 to ban the slander of national “heroes and martyrs,” a crime punishable by up to three years in prison. To outsiders, it may appear puzzling that China’s military, the largest and one of the most powerful in the world, would be so easily offended by a seemingly tame joke. Xi has staked his legitimacy on returning China to its former greatness, and a strong and powerful military plays a key role in driving that nationalist agenda. He has also ramped up China’s military posturing, sending fighter jets and warships to the Taiwan Strait and around the disputed islands with Japan.

☆ Portugal moves closer to banning Chinese suppliers from 5G
▼ + stars: | 2023-05-26 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

LISBON, May 26 (Reuters) - Portugal's cybersecurity council CSSC has issued a resolution that could formally bar telecom operators from using Chinese equipment in their high-speed 5G mobile networks as well 4G platforms on which the new technology is based. The CSSC is the prime minister's consultative body and its document, dated May 23, is another blow to efforts by Chinese technology giant Huawei (HWT.UL) to enter the 5G market in Portugal and possibly extend existing contracts. Portugal's existing 5G networks are not standalone and still largely based on 4G technology and equipment. Its opinion is based on an undisclosed report that evaluated the safety of equipment in public electronic communications networks involving 5G technology. Reporting by Sergio Goncalves Editing by Andrei Khalip and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ LinkedIn cuts over 700 jobs, phases out China app as demand wavers
▼ + stars: | 2023-05-09 | by ( Stephen Nellis | ) www.reuters.com time to read: +3 min

In the past six months, more than 270,000 tech jobs globally have been cut, according to Layoffs.fyi, which has been tracking the fallout. A LinkedIn spokesperson said the vendors were "external partners" who would take on new and existing work. The remaining China app, called InCareers, will be phased out by Aug. 9, LinkedIn said. LinkedIn will retain a presence in China to help companies operating there to hire and train employees outside the country, the company spokesperson said. Before LinkedIn's announcement, 5,000 technology jobs had been in eliminated in May alone, according to Layoffs.fyi.

☆ LinkedIn to cut 716 jobs, phase out China local jobs app
▼ + stars: | 2023-05-09 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

May 8 (Reuters) - LinkedIn, the social media network owned by Microsoft Corp (MSFT.O) that focuses on business professionals, said on Monday it would cut 716 jobs as part of broader changes that would also result in it phasing out its local jobs app in China. In a letter to employees, LinkedIn CEO Ryan Roslansky said the move to cut roles in its sales, operations and support teams was aimed at streamlining the company's operations. Roslansky also said in the letter that the changes would result in creating 250 new jobs. A LinkedIn spokesperson said that employees affected by the cuts would be eligible to apply for those roles. The remaining China app, called InCareers, will be phased out by Aug. 9, LinkedIn said.

Qin said US actions and words had undermined “hard-won positive momentum” following Chinese leader Xi Jinping’s meeting with US President Joe Biden in Indonesia last year. Under the Taiwan Relations Act, Washington is also bound by law to provide Taiwan with the means to defend itself. ‘Better channels’Monday’s meeting was Qin’s first with Burns since the former Chinese ambassador to the US was promoted to foreign minister in December. The two sides resumed climate talks following Xi and Biden’s meeting on the sidelines of the G20 summit in Bali, Indonesia last November. He reiterated Blinken’s visit to China would be rescheduled “when conditions are appropriate.”

☆ Apple's iPhone strength in a reopening China drove stock performance, says D.A. Davidson's Forte
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple's iPhone strength in a reopening China drove stock performance, says D.A. Davidson's ForteTom Forte, DA Davidson managing director and senior research analyst, joins 'Squawk on the Street' to discuss the most important reason for Forte's Apple upgrade, if Apple will move into Android-dominated markets, and much more.

Analysts say what may appear as mixed messaging is the result of President Xi Jinping's renewed focus on national security, steeled by rock-bottom relations with rival superpower, the United States. A later speech in March at the National People's Congress was more pointed: China's security is being challenged by U.S. attempts to contain its rise, he said. In his October speech, he added "external security" and "international security", in what analysts say signals a new focus to counter foreign threats, namely Washington. Asked for its response to a list of questions for this story, China's foreign ministry said it was "not aware of the situation". BUSINESS JITTERSChina's security focus also risks isolating the country economically.

☆ PDD, Shein, Binance: These hugely successful companies were born in China. They don't want you to know that
▼ + stars: | 2023-05-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +10 min

Hong Kong CNN —Binance, the world’s largest cryptocurrency exchange, doesn’t want to be called a Chinese company. “Our opposition in the West bends over backward to paint us as a ‘Chinese company,’” he wrote in a blog post last September. Zhao has been vocal about how he feels his firm is misrepresented as a "Chinese company." The same concern could, in theory, apply to any Chinese company. TikTok CEO Shou Chew testifying before US Congress in March.

☆ Australian police searched pilot's home for China fighter jet records
▼ + stars: | 2023-05-02 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

SYDNEY, May 2 (Reuters) - Australian police searched the home of a British former test pilot for documents related to China's J-16 strike fighter, Australia's intelligence partners, and China's biggest aviation company, a court judgment shows. The search in November was part of an investigation into Western military pilots training China's military at a time of growing tension between China and the United States and its allies. Federal police searched Hartley's home on suspicion he had broken the law by providing military style training directed or funded by China between 2018 and 2022, the Federal Court heard. The judgement shows police had searched for documents and digital records including emails and encrypted messages relating to TFASA, the PLA, four models of PLA fighter jets and fighter training aircraft including the J-16 strike fighter and J-11 fighter, AVIC and two individuals whose names were redacted. It states conduct capable of constituting an offence, and it does so with a reasonable degree of precision," she wrote.

Unlike the chubby, fluffy image of her younger self, 22-year-old Ya Ya has appeared skinny in recent photos, with her black and white coat missing clumps of fur. But Le Le died suddenly of heart disease in early February, further fueling suspicions of mistreatment. Throughout the past weeks, Ya Ya regularly appeared as a top trending topic on Weibo, each time attracting hundreds of millions of views. Allegations of mistreatmentWhen Ya Ya and Le Le arrived at Memphis in 2003, it was a huge deal for the city. A petition by Panda Voices to bring Ya Ya and Le Le back to China on change.org has garnered 193,000 signatures.

☆ China Accuses a Liberal Columnist of Espionage
▼ + stars: | 2023-04-24 | by ( Vivian Wang | ) www.nytimes.com time to read: +1 min

The editor, Dong Yuyu, was a columnist and deputy editor of the editorial section at Guangming Daily, one of the party’s major newspapers. For decades, he had routinely met with foreigners, including diplomats and journalists, in part to inform his own prolific writing. At the same time, he has virtually eliminated the space for liberal views like Mr. Dong’s — in part by depicting them as another symptom of foreign meddling. The relatively liberal Chinese publications where Mr. Dong once published, in addition to writing for his own employer, have been gutted. Chinese journalists have been barred from writing for overseas publications; previously, Mr. Dong had contributed several articles to The New York Times’s Chinese website.

☆ China lodges complaint over South Korean president's 'erroneous' Taiwan remarks
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 23 (Reuters) - China's Vice Foreign Minister Sun Weidong has lodged solemn representations with the South Korean ambassador over "erroneous" remarks by the South Korean president about Taiwan, China's foreign ministry said on Sunday. "The Taiwan issue is not simply an issue between China and Taiwan but, like the issue of North Korea, it is a global issue," Yoon said. Yoon's remarks are "totally unacceptable," Sun said, according to a Chinese foreign ministry statement. "The South Korean leader made no mention of the One China principle, but equated the Taiwan issue with the Korean Peninsula issue," Sun said. Sun's complaint followed criticism from the Chinese foreign ministry last week that South Korea should "prudently" handle matters related to Taiwan.

☆ Japan will keep calling for China to act responsibly, Kishida says
▼ + stars: | 2023-04-20 | by ( Yukiko Toyoda | ) www.reuters.com time to read: +3 min

TOKYO, April 20 (Reuters) - Japan will keep calling for China to act responsibly on the world stage, Prime Minister Fumio Kishida said on Thursday, a sign of Tokyo's deepening concern about stability in the Taiwan Strait following Beijing's recent military drills. The comments from Kishida, after China conducted drills in the waters off Taiwan earlier this month, highlight Tokyo's growing alarm about the possibility of an attack on nearby Taiwan. Japan would "continue to call on China to take the responsibility it should be taking as a major country on the world stage," Kishida said during a roundtable interview with members of the foreign media. Japan has joined the United States in putting export restrictions on chip-making tools but in doing so avoided mentioning China so as not to antagonise its neighbour. Kishida also said Japan was calling on China to allow for the return of a Japanese executive detained there.

The London Stock Exchange Group (LSEG) (LSEG.L) and UK trade officials visited several cities in China to promote UK capital markets recently. Wilson Xu, a banking veteran from CITIC Securities pioneering the Stock Connect programme, said liquidity will improve when there is a critical mass of Chinese listings. The Shanghai-London Stock Connect was launched in 2019 and the link was expanded last year to include Shenzhen and Switzerland. Even arrangements by SIX to allow roughly 2.5 hours of trading in a session for Chinese GDRs didn't help. Chinese companies, however, have been positive in public disclosures about their forays in Europe which have given them an alternative channel to raise funds and access foreign currency for their operations abroad.

☆ Opinion | China’s Lending Practices Are Not a Good Look
▼ + stars: | 2023-04-19 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

This is undoubtedly a factor in China’s diminished standing in the world. Playing ball really would promote “peace and development for all humanity” while winning China some badly needed friends in the world. The explanation for China’s tough stance is discouraging for the short term but possibly encouraging for the long term. But there are signs that China’s leaders will eventually come around to seeing the value of working with the I.M.F. “In more and more countries, Suriname and elsewhere, we’re starting to see more coordination between the People’s Bank of China, the I.M.F.

As a result, the stakes of the inaugural trip by German Foreign Minister Annalena Baerbock have risen, with many EU members hoping Berlin will use this opportunity to set out a clear and united EU line on China, analysts said. Baerbock must now make Germany's position on Taiwan clear during her visit, German foreign policy parliamentarian Nils Schmid told Reuters, adding Macron's remarks had destroyed a hoped-for impetus for a common European China policy. The foreign minister is due to meet her counterpart Qin Gang and China's top diplomat Wang Yi on the two-day trip. Europe's view of China as partner, competitor and systemic rival is the compass of its policy, she added. "More von der Leyen than Macron should be her guideline," conservative foreign policy lawmaker Johann Wadephul, who will join Baerbock on her trip, told Reuters.

☆ People on Chinese social media say Trump's indictment embarrassed the US and made China look so good, he should just join the Chinese Communist Party
▼ + stars: | 2023-03-31 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Weibo users called Trump "Comrade Nation Builder" — a hero who's helping China by hurting the US. "Would you like to join the Party, Comrade Nation Builder?" Screenshot/WeiboMeanwhile, a livestream of a faux news broadcasts announcing Trump's indictment plays heroic themes from Hollywood films, such as music from Star Wars and Indiana Jones. "Nation Builder — if it doesn't work out, then just come home," another posted with a crying emoji. Trump's indictment is linked to the Stormy Daniels hush-money payments case, which is thought to be central to the investigation into the former president.

☆ Putin hits back at claims by 'jealous people' that Russia is becoming dependent on China, days after meeting with Xi Jinping
▼ + stars: | 2023-03-26 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +2 min

Putin dismissed claims that Russia is too dependent on China as coming from "jealous people." In televised remarks, Russia's president said Russia valued its "mutual relationship" with China. The remarks come a few days after Putin met with China's President Xi Jinping. "We are not creating any military alliance with China," Putin said in televised remarks, "Yes, we have cooperation in the sphere of military-technical interaction. On the one-year anniversary of Russia's invasion of Ukraine, China introduced a peace plan for dealing with the war.

☆ China Has a New Vision for Itself: Global Power
▼ + stars: | 2023-03-22 | by ( Jonathan Cheng | ) www.wsj.com time to read: 1 min

BEIJING—China now sees itself as a global power—and it’s starting to act like one. Long reluctant to inject itself into conflicts far from its shores, Beijing is showing a new assertiveness as Xi Jinping begins his third term as the country’s head of state, positioning China to draw like-minded countries to its side and to have a greater say on global matters.

☆ China Is Starting to Act Like a Global Power
▼ + stars: | 2023-03-22 | by ( Jonathan Cheng | ) www.wsj.com time to read: 1 min

BEIJING—China now sees itself as a global power—and it is starting to act like one. Long reluctant to inject itself into conflicts far from its shores, Beijing is showing a new assertiveness as Xi Jinping begins his third term as the country’s head of state, positioning China to draw like-minded countries to its side and to have a greater say on global matters.

Search resuls for: "ning China"

25 mentions found