Tag: China

Chinese tech giant Baidu to invest $70.3 million into the live-streaming sector
20Jun By Team FPNo Comments
Asia

Chinese tech giant Baidu to invest $70.3 million into the live-streaming sector

Chinese tech giant Baidu is going to invest $70.3 million into the live-streaming sector in a bid to take on rivals Douyin, China’s version of Tiktok, and Kuaishou in that space. The move comes in the wake of the three players jostle for dominance amidst a series of tit-for-tat lawsuits, and as Baidu on Monday announced better-than-expected revenue for the March quarter, causing its U.S.-listed shares to rise 8% in extended trading.Baidu’s new investment will be spent on growing its live-streaming user base and attracting high quality content creators, according to Baidu’s vice president Shen Dou. Baidu, best known for operating a Google-like search engine, plans to boost its short video operations by sending traffic from the rest of its ecosystem to creators’ content.Haokan content will b...
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PoK activist blames army as Pakistan registers first ever negative economic growth
17Jun By Joe RodriguezNo Comments
Asia

PoK activist blames army as Pakistan registers first ever negative economic growth

Exiled rights activist from PoK, Dr Amjad Ayub Mirza, has blamed Pakistan's deep state of the army for the negative growth the country has registered for the first time ever in its history. Mirza asked how a country could flourish or register a positive growth if its annual budget couldn't be unveiled without the blessings of the army. "This budget has Rs 650 Billion allocated for the development purpose, while the military has been allocated a sum of Rs 1.3 Trillion. This simply means that the budget has been presented after the approval of the army," said Mirza. He also said that there was a prevailing sense of fear amongst the legislators of Pakistan and they were forced to respect the army. "Hammad Azhar, the minister who presented the budget expressed his government's gratitude to the...
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China making inroads into Pakistan’s mainstream media and telecommunications, warns experts
17Jun By Michael SmithNo Comments
USA

China making inroads into Pakistan’s mainstream media and telecommunications, warns experts

Chinese inroads into Pakistan's mainstream media, and state-level bilateral cooperation on telecommunications infrastructure and surveillance is growing, posing a threat to people's freedom of speech in the country, a researcher has warned.Nowmay Opalinski, a research intern with the Centre for Internal & Regional Security (IreS), said, "These developments are taking place against a backdrop of Pakistani state's growing attempts to censor online content domestically. “How does this set of circumstances favour China? Where does China's big picture media strategy fit into this?" he added. Opalinski found that since 2012, the government of Pakistan has been attempting to implement a national firewall to tighten control over content shared online. The introduction of the Pakistan Electroni...
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China’s foreigner ban leaves global businesses in limbo
14Jun By Mike TrudellNo Comments
Singapore

China’s foreigner ban leaves global businesses in limbo

Foreign nationals who live in China or planned to visit say they have been left in limbo as a result of the coronavirus outbreak, with many unsure of when they can return to work or get a refund for their trip.China imposed a travel ban on most foreigners entering the country in March as the outbreak gathered pace overseas.Even those with valid residence or work permits, or who run businesses, have been shut out, and there was further doubt about when the restrictions would be lifted after a new cluster of infections was detected in Beijing over the weekend.Jessie Lim, the founder of Frequency Advertising & Event, has been stranded in Singapore since travelling there in January."(The ban) really shocked me," she said, adding that her Chengdu-based firm earned nothing in the first three...
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Chinese cosmetic brands see rally despite global beauty downturn
8Jun By Mike TrudellNo Comments
Asia

Chinese cosmetic brands see rally despite global beauty downturn

With consumers staying at home for months and social gatherings banned across the world, the global cosmetics industry has been dealt a major blow by the coronavirus pandemic.Yet low-cost, online-savvy local beauty brands in China have seen their shares rally as investors spy an opportunity for the home-grown outfits to take market share amid the crisis.Hangzhou-based Proya Cosmetics Co has soared 88% this year, reaching a record high in May and is now trading at 68 times forward earnings, the highest among listed beauty companies worldwide and surpassing giants like Shiseido Co and Estee Lauder Cos.Another local make-up brand, Guangdong Marubi Biotechnology Co has surged 42% this year against a 3.9% decline in the Shanghai Composite Index and is now trading at 58.7 times forward earnings....
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China imports plunge, exports fall on virus hit to global growth
7Jun By Michael SmithNo Comments
Asia

China imports plunge, exports fall on virus hit to global growth

China's exports and imports fell in May as the economic slowdown abroad started to take its toll, and after a surprise jump driven by increased demand for anti-epidemic supplies, official data showed on Sunday.Exports from the manufacturing powerhouse fell 3.3% on-year last month, better than the 6.5 per cent slide expected by a Bloomberg poll of analysts.But the return to negative territory came after a surprise 3.5% jump in April, which was partly due to medical exports.Analysts have warned of signs that a larger downturn awaits.Customs data released on Sunday showed a larger than expected plunge in imports on-year, which were down by 16.7%.This was significantly higher than the 7.8% expected by analysts, and down further from the 14.2% drop in April."Export growth rebounded in March and...
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Europe should give up overdependence on China, consider India as alternative: Experts
5Jun By Mike TrudellNo Comments
Singapore

Europe should give up overdependence on China, consider India as alternative: Experts

Members of the European Parliament (MEPs) and experts on Thursday said that the European Union that has been hit hard economically due to Wuhan-originated coronavirus and that India being a diplomatic nation provides a conducive atmosphere for the European investors.  “The countries were relying too much on China and they needed to look for other markets,” Thierry Mariani, a Member of the European Parliament and Former Minister of State for Transport of France said at a webinar.The event was organized by the Economic Development Foundation, Istanbul (IKV), a non-governmental research organization specialized on the EU and Turkey-EU relations.Mariani further said: "For me, this new Silk Road is just one opportunity but it cannot be said that it is the only opportunity. If we want to have pe...
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COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market
5Jun By Joe RodriguezNo Comments
China

COVID-19 outbreak: Leaked document contradicts China’s official stand on Wuhan wet market

A recent investigative report on Wednesday claimed that novel coronavirus did not originate from China’s Wuhan market, saying that the earliest documented patient was not connected to the market.As per the report, scientists still haven’t determined the virus’s origin. U.S. officials, citing intelligence, said the virus was likely naturally occurring, but may have leaked from a virology research lab in Wuhan.According to latest estimates by Johns Hopkins University, more than 6.5 million cases of Covid-19 have been reported worldwide, including at least 388,000 deaths. In US alone, more than 1.8 million coronavirus cases have been recorded, including at least 108,000 deaths.Chinese authorities have repeatedly refused offers of assistance from the United States and other countries in resear...
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China approves $20 billion petrochemical complex in Shandong oil hub
3Jun By Joe RodriguezNo Comments
China

China approves $20 billion petrochemical complex in Shandong oil hub

China has given initial approval for a $20 billion refinery and petrochemical project to be built in eastern Shandong province as part of efforts to dial up infrastructure spending to support an economy struggling with the impact of the coronavirus pandemic.The 400,000 barrel-per-day (bpd) refinery and 3 million tonne-per-year ethylene plant in Yantai, Shandong, the country’s hub for independent oil refineries, was proposed years ago but approval has been slowing in coming because of China’s struggle with excess refining capacity.China’s state planner, the National Development & Reform Commission (NDRC), gave initial approval on Monday for the project, allowing Shandong province to start planning for construction, said the sources with knowledge of the approval.The investment in the pr...
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Asia’s factory pain worsens as China’s recovery fails to lift demand
1Jun By Joe RodriguezNo Comments
Asia, China

Asia’s factory pain worsens as China’s recovery fails to lift demand

Asia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade, surveys showed.A series of manufacturing surveys released on Monday suggest any rebound in businesses will be some time off, even though China’s factory activity unexpectedly returned to growth in May.The new coronavirus pandemic - which has killed more than 370,000 people around the world - has wreaked havoc with supply chains and quashed demand as government-imposed lockdowns forced businesses to close and citizens to stay home.China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) hit 50.7 last month, marking the highest reading since January as...
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