The Swiss watchmaker Swatch has apologised and removed an advert featuring a model pulling the corners of his eyes, after the image prompted accusations of racism and calls for a boycott on Chinese social media. Internet users heavily criticised the “slanted eye” gesture made by the Asian male model as racist. In a post on Instagram and the Chinese social media platform Weibo on Saturday, Swatch acknowledged the “recent concerns regarding the portrayal of a model” in the advert and said it had deleted the promotional material worldwide. “We sincerely…
Tag: Business
Chinese firm a leading contender to buy Thames Water, reports say
A Chinese firm is reportedly a leading contender to buy Thames Water if the heavily indebted company collapses in coming weeks. Hong Kong’s CKI, which invests in power and other utility companies in the UK, is among those lining up to acquire the water and sewerage supplier if it enters a special administration regime (SAR), according to the Times. It has reportedly said it would be prepared to operate under tougher penalties for environmental breaches than Thames’s class A creditors, who have put together their own purchase bid. The creditor…
NGOs urge Nandy to halt sale of Telegraph over China links
A group of nine human rights and freedom of expression organisations have called on the culture secretary to halt RedBird Capital’s proposed £500m takeover of the Telegraph and investigate the US private equity company’s ties to China. The international non-governmental organisations, which include Index on Censorship, Reporters Without Borders and Article 19, have written to Lisa Nandy arguing that RedBird Capital’s links with China “threaten media pluralism, transparency and information integrity in the UK”. A consortium led by RedBird Capital agreed a deal in May to buy the Daily Telegraph…
A China-led global system alongside that of the US is Xi Jinping’s ultimate aim | Letters
For over a decade, China has been building an alternative to the US-led order, notes Andrew J Sinclair I enjoyed reading George Magnus’s article (Why Peak China may finally have arrived, 11 August). However, focusing on peak economic growth misses the bigger picture and underestimates China in ways that could weaken western policy responses. China’s central goal is national power, and we are far from its peak national power. The Chinese economic miracle has taken place under the US-led global system. China built factories along its coast, filled container ships,…
Trump’s China trade truce extension spurs market rally
Donald Trump’s decision to extend a truce in the trade war with China has triggered a stock market rally across the globe. On Monday night, the US president signed an executive order extending the deadline for higher tariffs on China until 10 November. Beijing said early on Tuesday it would suspend additional tariffs on US goods for a further 90 days. In response, markets in Japan and Australia hit record highs on Tuesday, as expectations grow that the US and China could secure a trade agreement before the end of…
US-China trade truce deadline looms threatening escalation of economic tensions
A trade truce between the US and China was set to expire on Tuesday, threatening an escalation of economic tensions between the world’s two largest economies. Chinese officials said they hoped the United States would strive for “positive” trade outcomes on Monday, as the 90-day detente reached between the two countries last month was due to expire. “We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state … and strive for positive outcomes on the…
Why Peak China may finally have arrived | George Magnus
Proclamations about the inevitability of China’s dominance of the global economic system, or the so-called Chinese century, were made long before Donald Trump’s attempts to stymie its trade with the US. Common concerns about coercive politics and human rights aside, some notions of China as an unstoppable economic, technological and military behemoth sit alongside others focused more on an increasingly sclerotic, over- centralised political economy, that depends on wasteful economic stimulus, and features poor governance and institutions. The fusion of these notions suggests that we may already have reached “peak…
Nvidia and AMD agree to pay 15% of China chip export revenues to US
The chipmakers Nvidia and AMD have agreed to give the US government 15% of their revenue from advanced chips sold to China in return for export licences to the key market. The unprecedented move, an apparent reversal of US national security restrictions on the chip sales, signalled an easing in the US-China trade war. Donald Trump has weaponised trade restrictions and tariffs to bring business to US shores. However, the quid pro quo arrangement, first reported by the Financial Times, is potentially unconstitutional. The arrangement will lead to Nvidia giving…
Chinese investment banker Bao Fan released from detention after two years, source says
Bao Fan, star dealmaker and the founder of the boutique investment bank China Renaissance Holdings, has been released more than two years after being detained by Chinese authorities, according to a person with knowledge of the matter. China Renaissance sent shock waves through the country’s financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two others and still owns nearly 49% of its issued shares. The company’s share price tanked as a result of his detention. He was one…
Inside China’s fast-fashion factories as a US trade war looms – podcast
Ever since Donald Trump came to power, China has been threatened by a trade war – with tariffs on its products into the US at one point set at an extraordinary 145%. In May, however, the two countries agreed to a partial truce – one that is expiring on Tuesday 12 August. As the Guardian’s senior China correspondent, Amy Hawkins, explains to Nosheen Iqbal, for now there is little sign of an imminent deal, though an extension of the truce, at least, is possible. So she heads to Guangzhou, the…