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Search resuls for: "South China Morning"


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☆ BYD to build $1.2 bln EV battery plant in central China - website
  + stars: | 2023-02-14 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Feb 14 (Reuters) - BYD , the world's largest maker of electrified vehicles, plans to invest $1.2 billion to build a new factory for its batteries in China, according to environmental appraisal filings. BYD's Blade Battery is a less bulky lithium-iron-phosphate (LFP) battery that its Chairman Wang Chuanfu has said is safer than other alternatives in the market and will not catch fire. It has been powering BYD's best-selling battery electric cars such as the Han and Seal sedans that compete with Tesla's (TSLA.O) Model 3 in China. The South China Morning Post earlier reported BYD's Zhengzhou battery plant. Reporting by Zhang Yan and Brenda Goh; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
☆ Japan says it has 'legal right' to destroy any foreign balloon in its airspace
  + stars: | 2023-02-09 | by ( Julian Ryall | South China Morning Post | ) www.businessinsider.com   time to read: +5 min
Japan's defence minister says it would have the legal right to destroy any balloon that enters its domestic airspace. Defence Minister Yasukazu Hamada said on Tuesday under existing laws, Japan would have the legal right to destroy any balloon that intrudes into its domestic airspace. "Intrusions into Japan's territorial airspace constitute a violation, even if it is a balloon," the Yomiuri newspaper quoted Isozaki as saying. In the future, it may be possible to use lasers or other technology to bring a balloon to earth, he suggested. Japan uses balloons for weather observations, but the prevailing winds mean that they typically travel east, over the Pacific, rather than over mainland Asia.
☆ TikTok is laying off employees from its talent acquisition team
  + stars: | 2023-01-20 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com   time to read: +3 min
TikTok has laid off employees on its human-resources team focused on talent acquisition and recruiting. The scale of TikTok's layoffs, which occurred earlier this week, wasn't immediately clear. TikTok initiated a new round of layoffs this week, letting go of staffers who worked in talent acquisition and recruiting at the company, according to two people familiar with the matter. A handful of people who identified themselves as TikTok employees also posted about the layoffs on LinkedIn. It's unclear whether TikTok's layoffs will impact its broader recruiting and talent acquisition strategy.
☆ How China planted an FBI mole who was discovered only after gutting the CIA's vast spy network
  + stars: | 2023-01-18 | by ( James Bamford | ) www.businessinsider.com   time to read: +25 min
At the time, four years after the handover from Britain to China, much of Hong Kong remained a world of neon and noise. "Five years ago, everyone looked down on you if you spoke Mandarin," said a Beijing executive living in Hong Kong. As soon as the Hong Kong Arts Festival ended, the Hong Kong International Film Festival began. In February 2006, Alex Ma, China's mole in the FBI, sent David photos he received from his handlers of five suspected human sources. Born in Hong Kong like Alex, Lee grew up in Hawaii and became a naturalized U.S. citizen.
☆ China says it's sending its junior air force pilots to keep an eye on increasing activity by US spy planes
  + stars: | 2023-01-17 | by ( Minnie Chan | South China Morning Post | ) www.businessinsider.com   time to read: +5 min
Chinese pilots fresh out of training are being deployed to respond to flights by foreign jets. Without giving details about the foreign aircraft, it said the intensive training programme pushed junior pilots to master practical air confrontation skills and countermeasures within a short time. Chinese fighter pilots during combat exercises around Taiwan in August 2022. "I received radar warnings from foreign aircraft soon after heading to the scene, meaning my aircraft was targeted [by air-to-air missiles]." In 2021, large US reconnaissance aircraft conducted around 1,200 close-in spying flights over the South China Sea, the think tank said in a report in March.
☆ The fog lifts for Didi's path to normalcy
  + stars: | 2023-01-13 | by ( ) www.reuters.com   time to read: +2 min
HONG KONG, Jan 13 (Reuters Breakingviews) - Didi Global's road ahead looks clearer. The move effectively removes a one-and-a-half year ban on new users for Didi, which has cost it dearly. Its market share has fallen more than 10 percentage points to 72% over the period, according to Bernstein analysts. That should help clear the way to an eventual re-listing in Hong Kong. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
☆ China's navy is showing off a huge new ship designed to carry other warships around
  + stars: | 2023-01-09 | by ( Liu Zhen | South China Morning Post | ) www.businessinsider.com   time to read: +4 min
Yinmahu is a semi-submersible heavy-lift ship that could ferry equipment and damaged ships. Chinese state TV recently showed the ship doing various maneuvres but didn't reveal its specifications. Footage showed the Yinmahu's departure, submerging, ship loading, lifting and transporting. The Chinese navy's first heavy-lift vessel, the Donghaidao (hull number 868) is known to have entered service in 2015. The semi-submersible heavy-lift ship can carry vessels over 100,000 tonnes.
☆ A Tesla driver took a 6,392-mile road trip using Autopilot and Full Self-Driving software — there were some hiccups
  + stars: | 2023-01-07 | by ( Grace Kay | ) www.businessinsider.com   time to read: +5 min
Tesla driver Tim Heckman drove 6,392 miles primarily using Autopilot and Full Self-Driving. He said Autopilot has gotten "worse" over the years and FSD was "exceptionally poor outside of California." But, the Tesla driver said the software has been a "lifesaver" when it comes to long road trips. In December, Tim Heckman drove a Model S Plaid from Los Angeles to Pennsylvania and back, using the autonomous software for 99% of the journey, an experience he documented on Twitter. "It's kind of like driving with a 15 or 16-year-old driver sometimes," Heckman said of using FSD in city streets outside of California.
☆ TikTok-owner ByteDance cuts hundreds of jobs in China - SCMP
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: 1 min
Jan 3 (Reuters) - ByteDance, the Chinese parent company of video app TikTok, has laid off hundreds of employees across multiple departments at the end of 2022 as part of a cost-cutting measure, the South China Morning Post reported on Tuesday. The job cuts have been implemented at Douyin, the Chinese equivalent of TikTok with about 600 million daily users, as well as the company's gaming and real estate operations, SCMP reported citing sources. The job cuts represent a small percentage of ByteDance's workforce, the report added. ByteDance did not immediately respond to Reuters' request for comment. Reporting by Jyoti Narayan in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.
☆ The CDC is considering testing airline poop and toilet waste for COVID-19 as anxieties rise about China's virus spread
  + stars: | 2022-12-31 | by ( Bethany Dawson | ) www.businessinsider.com   time to read: +2 min
The US is considering testing airline wastewater for COVID-19 to track the virus. Wastewater tests showed the presence of COVID-19 variants up to two weeks before people tested positive using nasal swabs. Three infectious disease experts told Reuters that testing wastewater collected on airplanes would be more effective at tracking the virus than testing travelers on entry. According to the South China Morning Post, the Malaysian government has announced that they will start screening toilet water on flights from China to track the virus. They will not, however, be testing travelers upon arrival to Malaysia.
☆ Hong Kong to scrap COVID tests for arrivals, vaccine pass - media
  + stars: | 2022-12-28 | by ( ) www.reuters.com   time to read: +2 min
Hong Kong leader John Lee is due to hold a media briefing at 3.30pm (0730 GMT) to give further details. The expected announcement comes after Lee said on Saturday that Hong Kong would reopen its borders with mainland China by mid-January. Hong Kong has for nearly three years largely followed China's lead in tackling the novel coronavirus. Hong Kong and China have lagged the rest of the world in easing stringent COVID rules. International passengers arriving in Hong Kong since mid-month are no longer subject to COVID-related movement controls or barred from certain venues.
☆ The 10 biggest losers in the S&P 500 this year have erased $1.6 trillion in market value
  + stars: | 2022-12-27 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +9 min
In a losing year for US stocks, here are the 10 biggest percentage decliners on the S&P 500. The 10 largest S&P 500 stock losers wiped out $1.6 trillion in market value. The 10 S&P 500 companies that have experienced the largest stock-price declines heading into the end of 2022 have wiped out a combined market value of more than $1.6 trillion. PayPalTicker: PYPLYTD Performance: -63.4%Market Value Decline: $142.49 billionLike many tech companies, the digital payments processor is seeing a slowdown after a pandemic boom. Photo by George Frey/Getty ImagesTicker: GNRCYTD Performance: -73.8%Market Value Decline: $16.6 billionMass COVID lockdowns helped sparked big demand for backup generators as people worked and studied at home.
☆ Chinese ambassador says Ukraine crisis has hurt relations with EU -report
  + stars: | 2022-12-23 | by ( ) www.reuters.com   time to read: +1 min
Dec 23 (Reuters) - Russia's invasion of Ukraine has put China in a "very difficult position" for its bilateral relations with the European Union, Fu Cong, the Chinese ambassador to the EU, was quoted as saying in an interview with the South China Morning Post published on Friday. Fu said one of his priorities in the new role was to "depoliticise" EU-China relations, SCMP reported. He said that China was not benefiting from the war, and did not have any interest in prolonging the conflict, the newspaper said. Fu added that China's position was "quite balanced" and that the country is ready to engage in peaceful efforts, the Morning Post said. European Council President Charles Michel urged Chinese President Xi Jinping to use the country's "influence" on Russia over its war in Ukraine during a visit to Beijing earlier this month.
☆ Vietnam is home to the world's longest glass-bottomed bridge — take a look at the 2,000-foot pedestrian walkway, suspended high above a valley
  + stars: | 2022-12-21 | by ( Sarah Jackson | Matthew Loh | ) www.businessinsider.com   time to read: 1 min
The company behind Bach Long said it put the bridge to the test by having heavy cars and trucks drive over it. As an additional safety measure, traffic on the bridge flows in only one direction. Nhac Nguyen/AFP via Getty ImagesSource: South China Morning Post, Vietnam National Administration of Tourism
☆ Smartphone maker Xiaomi to slash 10% of jobs amid China's COVID battle
  + stars: | 2022-12-20 | by ( ) www.reuters.com   time to read: +1 min
Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in its smartphone and internet services business, joining a long list of Chinese tech firms cutting jobs as the country battles COVID-19 outbreaks. China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts this week. Chinese local media first reported on Monday that the job cut would affect 15% of Xiaomi's payroll, citing unnamed sources. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said.
☆ China smartphone maker Xiaomi to slash 15% of jobs - South China Morning Post
  + stars: | 2022-12-20 | by ( ) www.reuters.com   time to read: +1 min
Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%, the South China Morning Post reported on Tuesday. The Hong Kong newspaper cited social media posts by affected employees and local Chinese media, saying China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said. read moreReporting by Donny Kwok; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.
☆ North Korea says its new spy satellite hit a major milestone, but it may be 'too crude' to be useful
  + stars: | 2022-12-19 | by ( Park Chan-Kyong | South China Morning Post | ) www.businessinsider.com   time to read: +6 min
North Korea launched a rocket carrying a test satellite was launched on Sunday. The rocket carrying the test satellite was launched on Sunday to assess its photography and data transmission systems, state media said. North Korea launched Hwasong-17 ICBMs in February and March, claiming they were spy satellite test launches. South Korea, Japan and US authorities on Sunday said they detected a pair of ballistic-missile launches by North Korea from its northwestern Tongchang-ri area, where the North's satellite launch pad is located. North Korean leader Kim Jong Un and his daughter with what North Korean media called a Hwasong-17 ICBM in Pyongyang on November 18.
☆ Crypto.com CEO has history of red flags including bankruptcy and quick exits
  + stars: | 2022-12-09 | by ( Rohan Goswami Mackenzie Sigalos | Rohan Goswami | Mackenzie Sigalos | ) www.cnbc.com   time to read: +14 min
In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.
☆ Jim Cramer's top 10 things to watch in the market Wednesday: China reopening fails to inspire
  + stars: | 2022-12-07 | by ( Jim Cramer | ) www.cnbc.com   time to read: +4 min
Two out of the Club's three stocks tied closely to China — Starbucks (SBUX) and Wynn Resorts (WYNN) — are down. Barclays piles on and cuts every price target for oil companies. RBC Capital raises price target on Nike (NKE) to $120 per share from $115; keeps outperform (buy) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
☆ China's cities are running out of money to pay huge COVID lockdown bills, report says
  + stars: | 2022-12-02 | by ( Sinéad Baker | ) www.businessinsider.com   time to read: +3 min
China's zero-COVID strategy is having a big financial impact on local governments, CNN reported. China's strict strategy involves mass testing and locking down major cities. And local governments have had to pay for much of this, CNN reported. As a result, some local governments have delayed or suspended payments to coronavirus test providers and some are now asking residents to pay for their own coronavirus tests, CNN reported. The zero-COVID strategy has harmed China's economy more widely, by restricting movement and tourism and locking down cities of millions of people, which has also at times meant shutting down factories and manufacturing sites.
☆ China's sophisticated censorship engine is being pushed to 'its max' as it struggles to keep protest videos off the internet, experts say
  + stars: | 2022-12-02 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +4 min
China is struggling to censor videos of protests against the country's zero-COVID policy, experts say. The country's censorship apparatus has been overwhelmed by the high volume of protest content. Experts told the Times that the high volume of videos has overwhelmed China's censorship software and teams of human censors. Protesters in Chengdu were seen shouting "Step down, Xi Jinping"and "Opposition to dictatorship," according to videos reviewed by CNN. Some internet users are reportedly evading content censorship by flipping videos on their side, adding filters, and recording videos of videos to confuse the censorship algorithms, reported the Times.
☆ After offering disruptive workers at its Chinese iPhone plant $1,400 to leave, Foxconn is now offering some staff $1,800 to stay and work
  + stars: | 2022-11-28 | by ( Pete Syme | ) www.businessinsider.com   time to read: +3 min
Protests have raged at Foxconn's giant iPhone production facility in China amid strict COVID rules. To ease a growing exodus of workers, some are being offered $1,800 to stay at the facility. Last month, Foxconn implemented a "closed-loop system" because of the country's zero-COVID strategy, which has prompted uprisings across China this weekend. The unrest then turned into rioting on November 22, as Foxconn workers were filmed fighting with security guards. To try and calm the tensions, Foxconn offered protestors $1,400 to leave – more than the average monthly wage for factory workers, per Bloomberg.
☆ China's 'social credit' system ranks citizens and punishes them with throttled internet speeds and flight bans if the Communist Party deems them untrustworthy
  + stars: | 2022-11-28 | by ( Katie Canales | Aaron Mok | ) www.businessinsider.com   time to read: +10 min
Since China doesn't have a central social credit system, many local government agencies have been experimenting with what the system could look like. But the plan is for the social credit system to eventually be mandatory and unified across the nation, with each person given their own unique code used to measure their social credit score in real-time, per Wired. In fact, a national social credit system is currently being proposed. Companies will also be at risk if China passes on its Establishment of the Social Credit System law. Citizens with good social credit can also get discounts on energy bills, rent things without deposits, and get better interest rates at banks.
☆ Anwar Ibrahim, the 75-year-old Malaysian prime minister-in-waiting, finally clinched the top job after spending years in jail
  + stars: | 2022-11-24 | by ( Cheryl Teh | ) www.businessinsider.com   time to read: +3 min
Anwar Ibrahim has been tapped to be the next Malaysian prime minister. Anwar has spent two decades vying for the top jobAnwar was Malaysia's deputy prime minister in the 1990s, serving under then-Prime Minister Mahathir Mohamad. He was freed in 2004 after being acquitted of that sodomy charge. Anwar was convicted of that sodomy charge and sentenced to five years in prison in March 2014. Malaysia is now set to swear in its new prime minister at 5 p.m. local time on Thursday.
☆ Taiwan's navy wants to build smaller frigates to reduce the cost of shadowing Chinese warships near the island
  + stars: | 2022-11-02 | by ( Lawrence Chung | South China Morning Post | ) www.businessinsider.com   time to read: +5 min
Instead of building a 4,500-tonne missile frigate, Taiwan's navy proposes two 2,000-tonne frigates. Taiwan's navy chief of staff says sending major ships to monitor Chinese ships has high costs. "This has significantly increased not only the operational and fuel costs of our ships but also the manpower," Chiang said. He said building the lighter frigates for the shadowing missions would be more cost effective. Beijing considers Taiwan part of its territory that must be brought back under its control, by force if necessary.
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