Month: January 2024

Vietnam Overtakes China as Largest Exporter of Goods Made With Uyghur Forced Labor

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Vietnam was the top exporter to the United States of products covered by the Uyghur Forced Labor Prevention Act in 2023, the first time a country has outranked China since the law passed in 2021, according to U.S. Customs and Border Protection. The act bans the import of products made with Uyghur forced labor. It is a U.S. response to human rights abuses by Beijing of Uyghur and other Muslim minority groups in the Xinjiang Uyghur Autonomous Region in China. Customs and Border Protection enforcement statistics released Jan. 26 show…

China hacking threatens US infrastructure, FBI director warns, as Volt Typhoon botnet foiled

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US officials say they have disrupted a state-backed Chinese effort to plant malware that could damage civilian infrastructure, as the head of the FBI warned that Beijing was positioning itself to disrupt daily life in America were the US and China ever to go to war. The operation disrupted a botnet of hundreds of small office and home routers based in the US that were owned by private citizens and companies that had been hijacked by the Chinese hackers to cover their tracks as they sowed malware. Their ultimate targets…

No bitcoin at Beijing equity exchange: CBEX denies links to crypto firm with same name

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A Chinese government-run equity exchange clarified on Wednesday that it has no links to an overseas cryptocurrency firm that shares its abbreviated English name. The China Beijing Equity Exchange, a bourse run by the municipal government of Beijing for trading stakes in state-owned enterprises, said in a statement that it has no connection to an overseas company named CBEX Group, which conducts cryptocurrency-related business. It added that it has never carried out any trading activity related to cryptocurrencies or other virtual assets. The exchange also noted that it owns all…

AmCham China survey flags tensions and regulatory climate, with a third reducing investment plans for 2024

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Despite improved confidence about China’s near-term economic outlook, survey results continue to show US businesses as reluctant to expand investment in the country – deterred by bilateral tensions and regulatory challenges. Nearly half of polled American firms said they had no plans to expand investments, or were intending to cut investments, in their China operations, according to the results of an American Chamber of Commerce in China (AmCham) survey released on Thursday. Overtaking the uncertain policy environment that had been dominating concerns last year, nearly a third of 343 surveyed…

Viral ‘Pokémon with guns’ game Palworld sparks cloud service race between Alibaba, Tencent in China

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A popular video game developed by a Japanese studio has set off an unexpected cloud-computing race between Tencent Holdings and Alibaba Group Holding, as the two Chinese tech giants rush to draw players to their respective servers. Palworld, an open-world survival game developed by Pocketpair that lets players catch and raise creatures known as Pals to build structures and fight, has become a breakout hit since its release on game distribution platform Steam on January 19, selling more than 8 million copies in less than six days. With Pocketpair struggling…

What’s happening in Tokyo: FT Globetrotter’s month-by-month guide to 2024

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This article is part of FT Globetrotter’s guide to Tokyo The world’s biggest city is crammed with exciting things to do, see and enjoy — and 2024 in Tokyo looks particularly thrilling. Below are some highlights from the city’s congested calendar — the events in the Japanese capital that the FT Globetrotter team are most excited about this year. February Art ‘Frontiers of Impressionism: Paintings from the Worcester Art Museum’, Tokyo Metropolitan Art Museum ‘Natalie’, 1917, by the American Impressionist Frank Weston Benson © Frank E Graham. Courtesy of Worcester…

US Marks Anniversary of Myanmar Coup With New Sanctions

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U.S. state department —  The United States is imposing further sanctions on Myanmar’s military regime three years after the February 1, 2021, military coup, and designating four individuals and two entities associated with it. The U.S. State Department said the latest action targets sources of revenue that support the regime’s military activities against civilians and those who provide material and support for arms production in Myanmar, also known as Burma. On Wednesday, the U.S. Treasury Department announced sanctions against the Shwe Byain Phyu Group of Companies, its owner Thein Win…

Hong Kong’s banks hold prime rates steady after Fed’s unanimous vote to ‘keep options open’ on when to start cutting the cost of money

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“We remain upbeat on the potential for stocks and fixed income to outperform cash this year,” said Tai Hui, APAC chief market strategist of JPMorgan Asset Management in a statement after the Fed decision. “Since we still see the US achieving a soft landing as the most likely scenario, we believe investors should remain invested.” Federal Reserve’s Chairman Jerome Powell speaks during a news conference about monetary policy on December 13, 2023 in Washington. Photo: AP Fed Chair Jerome Powell took a circumspect tone in his press conference after the…

Suu Kyi’s son receives 1st letter from her since Myanmar coup

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In mid-January, Kim Aris received a letter from his mother, Aung San Suu Kyi, the former de facto leader of Myanmar and Nobel laureate who is serving a 27-year prison sentence.  It was the first public communication from her since late 2022, when the junta barred her legal team from visiting her in prison, and the first time he had heard from her since before the Feb. 1, 2021, coup d’etat that removed the democratically elected government from power. After the coup, the ruling junta sentenced Suu Kyi to 33…

Nato chief praises US for China policy shift under Donald Trump amid ‘dangerous times’

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Nato’s secretary general on Wednesday praised American leadership for pushing the transatlantic security alliance’s members to act on threats from China, effectively validating former US president Donald Trump’s stance towards the Asian giant. “You shifted your policy on China in 2017 under President Trump, and since then, Nato has gone a long way in helping European allies fully appreciate the challenges posed by China and respond to it,” Jens Stoltenberg said in remarks at the Heritage Foundation, a conservative think tank, in Washington. Stoltenberg described “the China challenge” as a…