The upscale version of Ford’s pickup truck will be a hit with dealers in a country that’s never seen anything quite like it. Chairman Mao Tse Tung, the Communist revolutionary founder of the People’s Republic of China, in his wildest dreams couldn’t imagine Ford’s Raptor pickup truck, much less a day when his country would import them.
Category: Asia
China Stocks Fall as Central Bank Tightens Policy
China stocks snapped a five-day winning streak on Friday after Beijing unexpectedly raised short-term interest rates on the first trading day after the Lunar New Year holiday, in a further sign it has moved to a tightening policy bias. The blue-chip CSI300 index ended down 0.7 percent at 3,365.12 points, while the Shanghai Composite Index lost 0.6 percent to 3,140.65.
Japan’s – Unresolved’ Disaster Sways Symbol of Nuclear Opposition
The man blocking the world’s largest nuclear plant says he grew opposed to atomic energy the same way some people fall in love. Previously an advocate for nuclear power in Japan, Ryuichi Yoneyama campaigned against the restart of the facility as part of his successful gubernatorial race last year in Niigata.
Fire Sparks Double Bonanza for Refiners as Fuel Profits Jump
A slew of blazes at plants across the globe is shrinking supplies and boosting profits from turning crude into products such as gasoline and diesel. At least 13 refineries, including in Ruwais in Abu Dhabi, Deer Park in Texas and Tuapse in Russia with a combined capacity of about 1.8 million barrels a day, were struck by fire this month, according to data compiled by Bloomberg.
Oil Demand at Risk as China Reins In Buyers That Bought Less
Demand from some of the most coveted oil buyers may slow this year because they didn’t purchase all that they could in 2016. While China’s private refiners have received their first batch of quotas to buy foreign crude in 2017 and may get approval to purchase more later, the amount probably won’t exceed 2016 volumes, according to JPMorgan Chase & Co.
China Said to Relax Index Futures Curbs as Market Steadies
China plans to relax curbs on stock-index futures trading that led to a 99 percent plunge in volumes and fueled concern over the government’s intervention in markets, according to people familiar with the matter. China Financial Futures Exchange will cut transaction fees, lower margin requirements for non-hedging accounts and double the number of new positions such traders are allowed to open per day, the people said.
South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee
A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation. The court said there wasn’t enough evidence to keep Lee in jail based on the facts presented about alleged payments and other charges.
Trump Trade Tantrum Fear Puts U.S. Shale in Spotlight for Korea
South Korea is looking at the energy sector to rebalance its trading relationship with the U.S. and deflect President-elect Donald Trump’s protectionist rhetoric. The sixth-largest exporter of goods to the U.S. wants to reduce its trade surplus with the world’s top economy to avoid being named a currency manipulator.
South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee
A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation. There wasn’t enough reason or necessity to justify the arrest, Seoul Central District Court Judge Cho Eui-yeon said in a statement Thursday morning in South Korea.
Seoul court considers arrest of Samsung de facto head
Lee Jae-yong, center, a vice chairman of Samsung Electronics Co. is questioned by reporters upon his arrival at the Seoul Central District Court in Seoul, South Korea, for a hearing Wednesday, Jan. 18, 2017.
Foxconn Billionaire Said to Assuage China About U.S. Plans
Foxconn Technology Group Chairman Terry Gou has moved to reassure China’s government the Apple Inc. assembler remains committed to the country even as it expands U.S. operations when President-elect Donald Trump takes office, people familiar with the matter said. A high-ranking Chinese official recently expressed Beijing’s concerns to Gou, the people said, asking not to be identified because the conversation was private.
Foxconn’s Gou Said to Assuage China About U.S. Investment Plans
Foxconn Technology Group Chairman Terry Gou has moved to reassure China’s government the Apple Inc. assembler remains committed to the country even as it expands U.S. operations when President-elect Donald Trump takes office, people familiar with the matter said. A high-ranking Chinese official recently expressed Beijing’s concerns to Gou, the people said, asking not to be identified because the conversation was private.
Six-Hour Meeting of Chinese Tycoons Eases LeEco Cash Crunch
It took Jia Yueting just over six hours in December to snag $2.2 billion from a Chinese real estate mogul to keep LeEco afloat. In so doing, the entrepreneur secured a vital financial and strategic ally as he prepares to do battle with the likes of Tencent Holdings Ltd. and Tesla Inc. Jia’s LeEco, the sprawling conglomerate with interests ranging from electric cars and TVs to entertainment, announced Friday its cash crunch was almost over after winning 16.8 billion yuan in strategic investments, mostly from Sun Hongbin’s Sunac China Holdings Ltd. Jia declared he’ll now use the money to “far surpass” China’s three biggest internet companies: Baidu Inc., Alibaba Group Holding Ltd. and Tencent.
China’s Wanda Reports 31 Percent Increase in Film Income in 2016
But the conglomerate’s overall revenue fell for the first time in 11 years, due to a slump in its core real estate business. China’s Dalian Wanda Group, lead by the country’s richest man, Wang Jianlin, reported a 13.9 percent drop in revenue for 2016, due to a slump in the conglomerate’s core commercial property business.
China’s $3.8 Trillion Wealth Products Reel Amid Bond Rout
China’s bond market is facing more turbulence as banks scramble to avoid losses on wealth management products that raised $3.8 trillion from the nation’s savers. The investment plans typically use leverage to boost returns on the 56 percent of their holdings parked in fixed-income securities.
When India Killed the 1,000-Rupee Note, This Startup Hustled
The founder and chief executive of India’s largest digital payments company has barely slept and is nursing a head cold. Having just arrived at Paytm’s office, Vijay Shekhar Sharma discovers the coffee machine is broken.
China Box Office: ‘Rogue One’ Opens to $31M, Far Behind ‘Force Awakens’
The standalone ‘Star Wars’ film could be in trouble in the Middle Kingdom, given that Sony sci-fi ‘Passengers’ opens there next weekend with backing from Beijing powerhouse Dalian Wanda Group. Rogue One: A Star Wars Story finally cruised into China over the weekend, completing its sweep of box offices around the world.
Samsung Executives to Be Questioned by Korean Prosecutors
Samsung Electronics Co. executives have been summoned by South Korean special prosecutors amid a widening influence-peddling scandal that brought about South Korean President Park Geun-hye’s impeachment.
Samsung Executives to Be Questioned by Korean Prosecutors
Samsung Electronics Co. executives have been summoned by South Korean special prosecutors amid a widening influence-peddling scandal that brought about South Korean President Park Geun-hye’s impeachment.
Hyundai, Kia Forecast Sales to Rebound on Capacity, Models
Hyundai Motor Co. and Kia Motors Corp., South Korea’s largest automakers, forecast sales to climb 4.7 percent this year as they count on new model introductions to counter intensifying competition amid global uncertainties.
How Social Cash Made WeChat The App For Everything
A centuries-old tradition gave rise to China’s most valuable company and captured the attention of everyone from teens to Silicon Valley. A little over a year ago, my roommate Mike said something strange.
Apple Has a Lot to Lose if its Favorable Chinese Manufacturing Deals Unravel
A Thursday New York Times report provides fresh arguments. It also shows just how much Apple, and perhaps some other U.S. tech giants dependent on Chinese manufacturing, have to lose if the trade status quo with China is disrupted in a major way.
Qualcomm Fined $853 Million by South Korean Antitrust Agency
South Korea’s antitrust regulator slapped a record 1.03 trillion won fine on Qualcomm Inc. for violating antitrust laws, the latest in a string of government actions that threaten the U.S. chipmaker’s most profitable business. The South Korean Fair Trade Commission said Wednesday that the company licensed its key patents only to mobile-phone makers and didn’t properly negotiate the terms of its licenses.
S.Korea Fines Qualcomm $854M for Violating Competition Laws
South Korea’s antitrust regulator fined Qualcomm Inc 1.03 trillion won for what it called unfair business practices in patent licensing and modem chip sales, a decision the U.S. chipmaker said it will challenge in court. The fine, the largest ever levied in South Korea, marks the latest antitrust setback for Qualcomm’s most profitable business of licensing wireless patents to the mobile industry, at a time when the business is facing headwinds from a cooling smartphone market.
Qualcomm Fined $853 Million by South Korean Antitrust Agency
South Korea’s antitrust regulator slapped a record 1.03 trillion won fine on Qualcomm Inc. for violating antitrust laws, the latest in a string of government actions that threaten the U.S. chipmaker’s most profitable business. The South Korean Fair Trade Commission said Wednesday that the company licensed its key patents only to mobile-phone makers and didn’t properly negotiate the terms of its licenses.
Alibaba Lawsuit Throws Spotlight on – Brushers’ Gaming Rankings
A lawsuit filed by Alibaba Group Holding Ltd. is shining a light on the fake reviews and purchases on its websites. China’s biggest e-commerce operator sued Shatui.com, which allegedly links merchants with people willing to falsify purchases and write positive comments that can drive sellers up Alibaba’s rankings.
Gone in 60 Seconds: Chinese Snap Up Dollars as Yuan Tanks
Chinese savers, eager to convert their yuan before the currency keeps depreciating, are snapping up U.S. dollar investment products that offer options for keeping money at home instead of sending it overseas. The latest wealth management products from China Merchants Bank Co.
Gone in 60 Seconds: Chinese Snap Up Dollar Funds as Yuan Tanks
Chinese savers, eager to convert their yuan before the currency keeps depreciating, are snapping up U.S. dollar investment products that offer options for keeping money at home instead of sending it overseas. The latest wealth management products from China Merchants Bank Co.
Japan’s Rust Belt Counting on Robonomics to Run Assembly Lines
A withering factory town in Japan’s Rust Belt is looking for revival through a dose of Prime Minister Shinzo Abe’s “robot revolution.” Kadoma’s population has declined 13 percent as the nation ages, prompting mergers among elementary schools and emergency services departments.
Wanxiang Gets China Electric Vehicle Permit to Make Karma Cars
Wangxiang Group, the owner of Karma Automotive, became the second auto-parts maker to receive permission from the nation’s top economic planner to produce electric cars under a special scheme to encourage companies outside auto manufacturing to develop new-energy vehicles. Founded by Chinese billionaire Lu Guanqiu, Wanxiang Group got approval from the National Development and Reform Commission to invest in facilities to manufacture extended-range electric vehicles with annual capacity of 50,000 units, according to a notice on the agency’s website on Friday.