Qantas has told pilots to fly through radio interference and GPS jamming reportedly coming from Chinese warships in Asia Pacific. In standing orders issued to pilots, Qantas says that some aircraft have experienced interference on VHF channels “purporting to represent the Chinese military” and GPS jamming from ships “off the north-west shelf of Australia”. But the orders added that the interference had not caused any safety problems and that pilots should report any incidents to air traffic control. It comes after the International Federation of Air Line Pilots’ Associations (IFALPA)…
Tag: Business
Australia news live: Victorian energy prices to jump almost a third as Bowen calls on Coalition to ‘look in the mirror’
From 1h ago Chris Bowen throws back to Coalition on energy price rises The energy minister is borrowing a turn of phrase out of Julia Gillard’s misogyny speech when asked about the Coalition’s suggestion that capping coal and gas prices will, in the longer run, increase prices. Chris Bowen: I invite the Coalition to have a look in the mirror. I mean, he had the independent energy regulator this morning pointing out that without the intervention, the price rises would have been closer to 50%. An intervention that Mr Dutton…
China to reopen to foreign tourists for first time since Covid crisis
China will reopen its borders to foreign tourists for the first time in the three years since the Covid pandemic erupted by allowing all categories of visas to be issued. The removal of this last cross-border control measure on Wednesday comes after authorities declared victory over the virus last month. Tourist industry insiders do not expect a large influx of visitors in the near future or significant boost to the economy. In 2019, international tourism receipts accounted for just 0.9% of China’s gross domestic product. But the resumption of visa…
TikTok would be ‘disappointed’ if UK banned app on official devices
TikTok has said it would be “disappointed” if it was banned from UK government devices, after it was reported that ministers were due to follow the example of the US, Canada and the European Commission in blocking the social video app. TikTok said moves to strip it from government-issued phones were based on “misplaced fears”. The app is under pressure over its ownership by Beijing-based ByteDance, with politicians on both sides of the Atlantic warning that the Chinese state could access its data or manipulate what people view on the…
China’s top property developer expects first loss since 2007 flotation
China’s top property developer expects to record a loss in 2022 – its first since the company went public in 2007 – in another blow for the country’s embattled property sector. In a filing to the Hong Kong stock exchange on Monday, Country Garden said that the losses for 2022 would amount to between 5.5bn yuan and 7.5bn yuan (£663.6m-£904.9m). In 2021 Country Garden’s profits reached 26.8bn yuan. Country Garden blamed the downturn on the Covid-19 pandemic, unfavourable currency exchanges and the reorganisation of certain projects. It said that these…
China’s BYD blames Brexit as it rules out UK for first electric car plant in Europe
The world’s largest seller of electric and hybrid cars will not consider building its first European car factory in the UK because of the impact of Brexit. China’s BYD, which has been backed by the US investment billionaire Warren Buffett since 2008, intends to take on household names such as Tesla and become one of the three most popular electric vehicle brands in Europe by the end of the decade. China’s top-selling electric car maker, which is targeting sales of about 800,000 cars annually in Europe by 2030, has shortlisted…
China to set up new financial watchdog as part of reforms
China will set up a new financial watchdog to replace its banking and insurance regulators as part of an overhaul of state institutions after concern about exposure to its creaking property market. The new body, which does not have an official name yet, would bring oversight of China’s financial system under direct control of the State Council, the top government body. There are also reports that the president, Xi Jinping, who will in all likelihood be granted a third presidential term on Friday, will revive the Central Financial Work Commission,…
Chinese banks try to revive housing market with mortgages for 95-year-olds
In an attempt to stimulate China’s flagging housing market, banks in some cities are extending the upper age limit on mortgages to between 80 and 95. Although not a national policy, banks in Beijing, Hangzhou and other big cities have started offering “relay loans” to elderly customers, which pass on to their children in the event that they cannot repay. Regulators have previously encouraged or enforced lower age limits on borrowing, measured by the formulation of age plus loan period, and usually capped at about 70 years. But the new…
Confusion surrounds China’s energy policies as GDP and climate goals clash
China’s energy policies are fast creating a type of “emissions ambiguity”, as the twin goals of boosting GDP growth and reducing carbon emissions come into conflict. The uncertainty is whether and when the world’s biggest carbon emitter will start to curb greenhouse gas pollution. The release of the country’s annual statistics communique on Tuesday did not clear things up. As Lauri Myllyvirta, an analyst at Centre for Research on Energy and Clean Air, noted this month, China’s carbon emissions may have risen 1% or fallen by that amount in 2022.…
European Commission bans staff using TikTok on work devices over security fears
The EU’s executive body has banned its thousands of staff from using TikTok over cybersecurity concerns, a decision the Chinese-owned social video app has criticised as “misguided” and based on “fundamental misconceptions”. The European Commission sent an email to employees ordering them to delete the app from all work phones and devices, and any personally owned ones that use the commission’s apps and email. Employees have until 15 March to comply. A spokesperson said: “This measure aims to protect the commission against cybersecurity threats and actions which may be exploited…