Business

Facebook Chief Technology Officer Makes ‘Difficult Decision’ to Step Down in 2022

Facebook Chief Technology Officer Mike Schroepfer has made the “difficult decision” to step down from his role, he announced Wednesday. Schroepfer, who has worked for the social network for 13 years and oversees its work in artificial intelligence (AI), virtual reality, and the blockchain, said he will transition to a new part time role as Facebook’s first senior

GM Chief Sees Chip Supplies Stabilizing but Below ‘Volume That We Really Need’

General Motors President Mark Reuss said Tuesday that he expects the global supply of semiconductors to stabilize but at lower levels than automakers need to rebuild their inventories. Reuss made the remarks at a conference hosted by the Detroit Regional Chamber in Michigan on Sept. 21, where he discussed GM’s plans for battery-powered car and

Evergrande: China’s Ticking Bomb Explained by Economist Milton Ezrati

Evergrande—the second-largest real estate developer in China—is causing so much trouble for the Chinese regime, and its presence in the economy could also affect U.S. investors. Will it cause a global ripple through the interconnected financial system? The Chinese communist regime must decide if they want to bear the heavy weight of $300 billion in

Chinese Version of TikTok Limits App Use for Children Under 14

The Chinese version of TikTok, called Douyin, on Sept. 18 announced that it had placed limits on youth usage of the app of up to 40 minutes a day. Douyin said in a statement that all authorized users under 14 years old will now access the app in a “youth mode.” The move is part of a

Toshiba Closes Factory in Dalian, Denying Full Withdrawal From China

Japanese electronics giant Toshiba is closing its factory in Dalian City after entering the Chinese market 30 years ago. There are also online rumors that Toshiba will completely withdraw from China by closing 33 factories and R&D facilities in 24 Chinese cities by the end of this year. Takagi, head of Toshiba’s media division in Japan, told

Heavily Indebted Chinese Developer Sees Investors Crowd Headquarters in Protest

Thousands of disgruntled investors besieged the headquarters of the world’s most indebted property developer in China to demand repayment of loans and financial products on Sept. 13. Evergrande first warned in August of liquidity and default risks if it fails to raise cash and resume construction. On Sept. 8, investors found the company had suspended payments to

Rare Earth Metal Prices Poised for More Gains: Analysts

Rare earth metal prices have risen sharply over the past year while growing adoption of new technologies like electric vehicles is likely to send costs even higher, according to analysts. In the 12 months through September, the price of lithium carbonate—used in batteries, mobile devices, and spacecraft—surged 150 percent; the price of holmium oxide—used in

Over Two-Thirds of Businesses Worldwide Report Hiring Difficulties

A new survey of nearly 45,000 employers in dozens of countries showed that 69 percent of businesses reported having a hard time finding workers, a 15-year high for the second consecutive quarter. The survey, carried out by employment services provider ManpowerGroup, found that over two-thirds of employers in 43 countries said finding skilled talent remains a

China’s Belt and Road Faces Pandemic Economy

Analysis China’s Belt and Road Initiative (BRI) is at the center of Xi Jinping’s foreign and economic policy, and a significant component of Beijing’s push for global expansion. So far, 139 countries have joined the various components, including the Digital Silk Road, Health Silk Road, and Maritime Silk Road. The BRI (also known as “One Belt, One Road”)

China to Start New Stock Exchange to Boost Small Business, Analysts Skeptical

A third stock market will be set up in Beijing to help small and medium-sized companies raise capital, Chinese leader Xi Jinping announced on Sept. 2. “We will continue to support the innovation and development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up a Beijing Stock Exchange to

Chinese Acquisition of Semiconductor Firm Poses Security Risks, US Treasury Warns

The U.S. Treasury Department said the sale of Magnachip Semiconductor Corp. to a Chinese private equity firm poses “risks to national security,” as Chinese investments in critical technologies meet with enhanced U.S. scrutiny. Magnachip, a South Korean producer for display and power chips, sold its controlling stake in late March to Chinese private equity firm

‘Common Prosperity’ Sheds Light on Beijing’s Regulatory Direction

Commentary Finally, there is increasing clarity around how the Chinese Communist Party (CCP) intends to regulate its giant corporations, which is invaluable to U.S. investors assessing Chinese stocks. Regulatory guidance has come fast and furious over the last several months, sending Chinese stocks—at least those traded in the United States—into a tailspin. And most recently, CCP leader Xi Jinping’s directive

Chinese Branch of US Company Issues Fake Reports Triggering Product Recalls in South Korea

A Chinese branch of a U.S.-based multinational electronics testing company has been issuing fake reports for China-made goods entering the South Korean market for eight years, Korean media reported as a massive recall of products was announced. The recall impacted 1,696 products sold by 378 companies in South Korea, Korean media reported. The top three companies with

Hedge Fund Manager Warns About Beijing ‘Looting’ Tencent

A hedge fund manager is sounding the alarm to investors about the Beijing regime’s appropriation of profits from Chinese internet giant Tencent, a significant holding of the Canada Pension Plan Investment Board (CPPIB). “China’s government is LOOTING TENCENT SHAREHOLDERS. In what is likely to amount to well over 50 percent of their profits, the government is

Pfizer to Buy Canadian Drug Developer Trillium in $2.26 Billion Deal

Pfizer has announced plans to acquire Canadian drug developer Trillium Therapeutics Inc. in a $2.26 billion deal meant to boost Pfizer’s arsenal of blood cancer therapies. Under the deal, announced in an Aug. 23 press release, Pfizer will buy all outstanding Trillium shares at $18.50 apiece, representing a 118 percent premium on the stock’s 60-day weighted average price.

China Passes Sweeping Data Control Law Amid Escalating Tech Crackdown

China has passed a sweeping data protection law that is set to impose strict control measures on the private sector’s handling of personal data, building on an already expansive crackdown on the country’s tech sector that has rattled global stock markets. The personal information protection law, passed through the Chinese Communist Party’s ceremonial legislature on Aug. 20,

Xi Jinping Eyes Clampdown on China’s Rich in Bid to Redistribute Wealth

The Chinese regime’s top leader has signaled a hardening stance toward the country’s affluent in a bid to promote “common prosperity.” It’s the latest campaign aimed at tackling the country’s rising inequalities, which analysts say reveals Beijing’s anxiety over the issue. In an economic planning meeting with top leaders on Aug. 17, Xi Jinping called

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