Month: January 2024

Chinese selfie apps giant Meitu sees profits triple in 2023 on back of new generative AI-powered tools

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Chinese selfie apps giant Meitu said new image-and-video-editing tools powered by artificial intelligence (AI) helped the company triple its profits last year, in stark contrast to how many other firms struggle to monetise the technology through their own generative AI initiatives. Citing its preliminary assessment of unaudited accounts, Hong Kong-listed Meitu estimated net profit last year to be between 330 million yuan and 370 million yuan (US$46.36 million and US$51.98 million), up more than 200 per cent from 2022’s net profit of 111 million yuan, according to the company’s statement…

Myanmar arrests alleged Chinese scammers, former MP

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Police in northern Myanmar have arrested 10 phone and internet fraud suspects and sent them to China, the Chinese embassy in Yangon announced.  Six of those arrested on Tuesday night are accused of being ringleaders of the scam operation, the embassy’s statement said.  They include Bai Suocheng, a former chairman of Myanmar’s Kokang region, his son Bai Yingcang, Wai Huairen, Liu Zhengxiang, Liu Zhengmauk and Xu Laofa. They have since been handed over to China, the embassy said.  Bai Suocheng and his son were among 10 people named in arrest…

South China Sea: Chinese coastguard ‘drove off’ Filipinos in latest run-in at disputed Scarborough Shoal

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The Chinese coastguard says it “drove off” four Filipinos from a disputed shoal in the South China Sea, the latest run-in between the two nations over the rich fishing waters. In a statement released late on Tuesday, the coastguard claimed the Filipinos had “illegally intruded into” Scarborough Shoal on Sunday, without saying if the four people were on a fishing boat. Spokesman Gan Yu said the coastguard had “issued a warning and drove them off in accordance with the law, in a professional and standard manner”. “China has indisputable sovereignty…

Malaysia Installs Outspoken Motorcycle-Riding King

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Kuala Lumpur —  Malaysia installed an outspoken motorcycle-riding king on Wednesday in an elaborate ceremony steeped in centuries of tradition, with the billionaire determined to play a key role in ensuring political stability. Sultan Ibrahim Sultan Iskandar’s new position is largely ceremonial but has in recent years featured heavily in the country’s fractured political landscape. In addition to overseeing major political appointments, the king serves as the official head of Islam in the Muslim-majority country and commander-in-chief of its armed forces. Bloomberg estimates Sultan Ibrahim and his family, rulers of…

‘10 cups of tea’: for first time China’s top intelligence agency spells out reasons for questioning by authorities

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For the first time, Beijing’s top intelligence agency has laid out 10 conditions subject to scrutiny by its agencies – mainly concerning national security, state secrets and violating the country’s updated anti-espionage law – that could lead to questioning, known in slang as “an invitation to tea”. In an article posted to its WeChat account on Tuesday, the Ministry of State Security acknowledged the euphemism by referring to “10 cups of tea” that could lead to a summons. The 10 offences include endangering national security, illegally acquiring or holding state…

Australia Wary of China’s Security Ambitions in the Pacific

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SYDNEY —  Australia considers itself the economic and security guardian of the Pacific region. But increasingly China has ambitions to further its interests among island nations. This week, Pat Conroy, Australia’s minister for International Development and the Pacific, who is also the Defense Industry minister, visited East Timor and Nauru. He said in a statement that his trip was “to further strengthen our deep and longstanding partnerships with two of our closest partners”. Monday, Conroy pledged $23 million to help policing in East Timor, once part of Indonesia before becoming…

‘Extremely heinous’: Myanmar hands over 10 leading cyber scam suspects to China

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Myanmar authorities handed over 10 alleged cyber scam suspects to China, a move Beijing hailed as a “historic and significant” moment since launching a sweeping crackdown against online fraud last year. They were extradited to China on Tuesday and include six accused ringleaders of cybercrime gangs and four others who are considered “major criminal suspects”, according to the Chinese Ministry of Public Security. The suspects include Bai Suocheng, former chairman of northern Myanmar’s Kokang self-administered zone, and his son and daughter. Members of two other alleged crime families – the…

Taiwan’s military drills focus on Chinese naval threat after election

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Taiwan’s armed forces simulated identifying and attacking Chinese naval vessels in drills to reassure the public amid concerns that Beijing could raise pressure on the country after the ruling Democratic Progressive party’s victory in this month’s presidential election. As part of the exercise, a high-speed minelaying vessel laid a dummy sea mine about 10 nautical miles outside Zuoying naval base on Taiwan’s south-west coast on Wednesday. It was accompanied by…

China EVs: lithium producers Ganfeng, Tianqi issue profit warnings, blame price plunge for battery material as stocks sink

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Shares of Ganfeng Lithium and Tianqi Lithium, two of the world’s largest producers of the metal that powers batteries for all kinds of products including electric vehicles (EVs), fell after warning their profits plunged last year due to sharply lower prices. Xinyu, Jiangxi province-based Ganfeng, which said its production capacity was the world’s third largest and China’s biggest last year, said in a filing late on Tuesday that it expects its 2023 net profit to decline between 70 and 80 per cent year on year to between 4.2 billion yuan…