Volkswagen is emphasizing the urgent necessity to implement significant plant closures and job reductions after reporting a 64 percent decrease in quarterly net profit due to poor sales in China and restructuring costs. The company disclosed plans to shut down three plants and lay off tens of thousands of employees, marking its most drastic restructuring … Read more
A Chinese spacecraft has been launched on a mission to the space station. The spacecraft, carrying a three-person crew, including China’s first female space engineer, successfully docked after a journey of over six hours. The crew will utilize the homegrown space station for a six-month stay to conduct experiments and spacewalks as Beijing gains experience … Read more
The soaring global popularity of TikTok has resulted in the co-founder of its parent company, ByteDance, becoming China’s wealthiest individual. As per a rich list compiled by the Hurun Research Institute, Zhang Yiming now holds a fortune of $49.3 billion (£38 billion) – a 43% increase from 2023. The 41-year-old stepped down from his leadership … Read more
“ (Reuters) – Slovak Prime Minister Robert Fico will visit China from Oct. 30 to Nov. 5 to meet its leaders and foster closer bilateral and economic ties, his government said on Tuesday, as Slovakia aims to build alliances outside its European Union and NATO partners. Fico will meet Chinese President Xi Jinping, Prime Minister … Read more
Luckin Coffee, China’s largest coffee chain, is gearing up to make a comeback in the US market by undercutting competitors such as Starbucks with its affordably priced drinks. The company, which faced a fraud scandal leading to its delisting from Nasdaq and a hefty fine, is now preparing for a US launch as early as … Read more
China has once again warned the European Union about the potential consequences of conducting separate negotiations with electric vehicle companies while simultaneously engaging in talks with China. The Chinese commerce ministry stated that such actions could “shake mutual trust” and disrupt the overall negotiations. This warning follows a similar one issued earlier this month and … Read more
Screenshot of the fake X post, captured on October 24, 2024 The same video was also shared on TikTok and its Chinese version, Douyin. Screenshots of the false claim that circulated on Douyin, captured on October 25, 2024 It was shared after Pyongyang blew up roads and railways linking it to the South (archived link). … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. HSBC Hong Kong has recently become a direct participant in China’s international payments system, marking a significant step for the world’s largest player in trade finance. This move gives HSBC a key role in Beijing’s … Read more
A senior Volkswagen executive has been deported from China, dealing another blow to the German group’s efforts to maintain its presence in the world’s largest car market. Jochen Sengpiehl, VW’s chief marketing officer and head of product strategy for China, was detained in China for about 10 days before being deported back to Germany. According … Read more
Carson Block, known for his ability to identify overvalued companies to short sell, recently advised investors to consider buying the largest US stocks as the market continues to climb higher due to steady inflows of capital. Despite concerns about high valuations as the S&P 500 Index reaches new records, Block believes that inflows from retirement … Read more