China
Why China will likely recover more slowly from the latest Covid shock
As Shanghai tries to reopen businesses, one downtown district over the weekend banned residents from leaving their apartment complexes again for mass virus testing. Pictured here, in another district on May 21, 2022, is a line outside a shopping mall. Xu Kaikia | Visual China Group | Getty Images BEIJING — China’s economy won’t be […]
Read More
Airbnb is closing its domestic business in China, sources say
Nathan Blecharczyk, co-founder and chief strategy officer of Airbnb Inc., speaks during a news conference in Tokyo, Japan, on Thursday, June 6, 2019. Akio Kon | Bloomberg | Getty Images Airbnb is closing its domestic business in China, according to two sources familiar with the matter. The company is planning to tell employees in the […]
Read More
U.S. announces major Asia economic deal in effort to boost profile, counter China
U.S. President Joe Biden, pictured here on Thursday, April 21, 2022, has launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with a dozen initial partners. Yuri Gripas | Abaca | Bloomberg | Getty Images In a move to raise its economic profile and create another counterbalance to China within Asia, the United States announced on […]
Read More
‘The next era of humanity’s technological development’: U.S. and its Asian allies get serious about semiconductors
TOKYO — As U.S. President Joe Biden visits Japan and South Korea, the three countries are looking for common ground on the world stage. One place they’re finding it is semiconductors. A first stop for Biden on his first swing through Asia as president was a Samsung factory in South Korea. “These little chips, only […]
Read More
Biden in Japan to launch regional economic plan to counter Beijing
U.S. President Joe Biden is greeted by Japan’s Foreign Minister Yoshimasa Hayashi upon arrival in Yokota Air Base in Fussa, Tokyo prefecture on May 22, 2022. Biden arrived in Japan on Sunday to launch a plan for greater U.S. economic engagement with the Indo-Pacific, facing criticism even before the program is announced that it will […]
Read More
China’s state-backed blockchain company is set to launch its first major international project
China’s Blockchain-based Service Network (BSN) is planning a major international expansion project in August. Yuichiro Chino | Moment | Getty Images China’s state-backed blockchain company is planning its first major international expansion, its CEO told CNBC, as Beijing continues to make the technology a key priority. Blockchain-based Service Network (BSN) bills itself as a “one-stop […]
Read More
Shanghai reopens some public transport, still on high Covid alert
Since March, mainland China has struggled to contain its worst Covid outbreak in two years. Notably, the metropolis of Shanghai, pictured here on May 18, only started this week to begin discussing resumption of normal activity — with a goal of mid-June. Hector Retamal | Afp | Getty Images Shanghai reopened a small part of […]
Read More
Stocks making the biggest moves premarket: Foot Locker, Deere, DoorDash and others
Check out the companies making headlines before the bell: Foot Locker (FL) – The athletic footwear and apparel retailer reported an adjusted quarterly profit of $1.60 per share, 5 cents above estimates. Revenue was slightly below forecasts, and same-store sales fell by less than half of what was anticipated by analysts. Foot Locker shares added […]
Read More
China quietly increases purchases of low-priced Russian oil
China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world’s biggest oil importer comes a month […]
Read More
Vaccinated and tested, the rich and powerful descend on the snowless hills of Davos
The World Economic Forum is returning to Davos in May after cancelling previous meetings because of the coronavirus pandemic. Fabrice Coffrini | Afp | Getty Images The rich, famous and most powerful are once again returning to the Alpine retreat of Davos, Switzerland, next week following a two year coronavirus-induced hiatus that had forced the […]
Read More