Month: May 2023

China’s faltering outlook for growth

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China’s economic rebound is faltering and Jamie Dimon, the JPMorgan chair, is not the only one concerned. Dimon, who spoke at a Shanghai banking conference on Wednesday, called youth unemployment rates in China “scary”. He added that economic uncertainty had been “somewhat caused” by the Chinese government. The latest signs of slowing are found in high-frequency economic data. But the structural challenges that the Chinese economy faces are much deeper and more long term. The decades of “reform and opening” that drove a trade and investment bonanza are giving way…

Business and markets rattled by uncertainty in China

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This article is an on-site version of our Disrupted Times newsletter. Sign up here to get the newsletter sent straight to your inbox three times a week Today’s top stories For up-to-the-minute news updates, visit our live blog Good evening. Uncertainty around China’s economy and its relations with the west cranked up a notch today as western business leaders warned of the hit to investor confidence and fresh data confirmed the country’s recovery was faltering. JPMorgan chief Jamie Dimon said at a conference in Shanghai that China’s crackdown on consultants and…

US-China tensions have upended global order, Jamie Dimon warns

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Tensions between the US and China have upended the international order, making it more complex for business to deal with than during the cold war, JPMorgan chief executive Jamie Dimon has warned. On a day that manufacturing data showed the recovery in the world’s second-largest economy was faltering, Dimon also argued that “uncertainty” about Beijing’s policies would hurt investor confidence. “Hopefully, we can work out all these differences, you know, with China and America and what it is doing to other allies, relationships and things like that,” he said in…

US and EU officials developing guidelines for AI and other new tech but split over China threat

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From left, EU Trade Commissioner Valdis Dombrovskis; US Secretary of State Antony Blinken; EU Commissioner for Competitiveness Margrethe Vestager; US Secretary of Commerce Gina Raimondo and US Trade Representative Katherine Tai, at the news conference following the fourth meeting of the EU-US Trade and Technology Council in Lulea, Sweden, on Wednesday. Photo: EPA-EFE South China Morning Post

COVID-19 Casualties Among Foreign Companies in China 

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Advertisement COVID-19 not only wreaked havoc on individual lives, but also on companies around the world, which could not access their foreign-based subsidiaries, and had to count on local management and staff to keep them going. Nowhere is this more evident than in China, which had the strictest and most stringent no-travel policies of any major country in the world, barring the vast majority of foreigners from traveling to China. That ban lasted more than three years.   There are lessons to be learned from the experiences of some of the…

Europe Frets U.S. Battery Factory Subsidies Will Hurt, Not Help

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European leaders complained for years that the United States was not doing enough to fight climate change. Now that the Biden administration has devoted hundreds of billions of dollars to that cause, many Europeans are complaining that the United States is going about it the wrong way. That new critique is born of a deep fear in Germany, France, Britain and other European countries that Washington’s approach will hurt the allies it ought to be working with, luring away much of the new investments in electric car and battery factories not already…

Chinese tech firms, squeezed in Taiwan over politics, look to expand farther offshore

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“Economic issues are the most practical,” he added. Micronet Union was one of 83 mainland exhibitors among the 1,000-plus total at Computex, which was attended by tech heavyweights such as NVIDIA founder Jensen Huang. The number of mainland exhibitors, however, was down sharply from 297 that attended the most recent fully in-person show in 2019. Advertisement Politically at odds, Taiwan has cut off formal dialogue with mainland China for seven years, and the two sides are allowing little travel, making it hard for on-site business exchanges. And as a result,…

Myanmar Court Convicts Journalist Injured by Army on 2nd Charge, Extending Jail Term to 13 Years

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BANGKOK —  A court in military-ruled Myanmar has convicted a 34-year-old journalist of violating the country’s counter-terrorism law, adding 10 years to the three-year prison sentence she was handed last December for filming an anti-military protest, according to her lawyer and a family member. The conviction of Hmue Yadanar Khet Moh Moh Tun, a video journalist for the online Myanmar Pressphoto Agency, was the latest move against press freedom by the country’s ruling military, which has cracked down on independent media since seizing power from the elected government of Aung…

Philippine Lawmakers Target Online Casino Operators In Bid To Crackdown On Human Trafficking

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Pasay, Philippines —  Lawmakers in the Philippines are targeting the country’s offshore gaming operators, known as POGOs, and its regulators as they try to crackdown on the country’s growing network of cryptocurrency scams and the human trafficking connected to it. At an inquiry this week, the Philippine Senate Committee on Women, Children, Family Relations and Gender Equality focused on a raid in early-May of an alleged scam hub operating at an accredited POGO site. The site was just a few hours’ drive from the Philippine capital, Manila. During that raid,…

Ex-NYPD Detective Accused of Stalking Americans for China Goes on Trial

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A landmark case by federal prosecutors against three men accused of stalking and harassing people in the United States at the behest of the Chinese government is set to begin in a Brooklyn courtroom on Wednesday. It is the first trial related to what the Chinese government calls Operation Fox Hunt, a global effort that they say is aimed at fugitives. U.S. prosecutors say it is a scheme to stamp out political dissent using extortion and intimidation against its targets and their families. The three defendants whose trial is beginning…