Trolleys piled high with decapitated silicon monster heads, tattooed dealers lurking in alleyways, bin bags of contraband hidden behind shop counters: welcome to the world of Lafufus. Fake Labubus, also known as Lafufus, are flooding the hidden market. As demand for the collectable furry keyrings soars, entrepreneurs in the southern trading hub of Shenzhen are wasting no time sourcing imitation versions to sell to eager Labubu hunters. But the Chinese authorities, keen to protect a rare soft-power success story, are cracking down on the counterfeits. “Labubus have become very sensitive,”…
Tag: Business
Chinese hackers targeted Microsoft SharePoint servers, tech firm says
Microsoft says Chinese “threat actors”, including state-sponsored hackers, have exploited security vulnerabilities in its SharePoint document-sharing software servers and are targeting the data of businesses that use it. The US technology company said it had observed three groups – the Chinese state-backed Linen Typhoon and Violet Typhoon, and Storm-2603, which is believed to be China-based – using “newly disclosed security vulnerabilities” to target internet-facing servers hosting the platform. The announcement came amid reports in the Financial Times that Amazon was shutting down its artificial intelligence lab in Shanghai, while the…
Australia politics live: Australia joins 24 countries to demand immediate end to Gaza war
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EU commissioner shocked by dangers of some goods sold by Shein and Temu
The EU justice commissioner has expressed shock at the toxicity and dangers of some goods being sold by Shein and Temu, amid a crackdown on the popular Chinese retail platforms. With 12m low-value parcels each day coming into the EU from online retailers outside the bloc, Michael McGrath has vowed to crack down on the sale of goods that blatantly break the law. He is waiting for the imminent results of an EU-wide secret shopper operation to further test evidence already gathered that Chinese retailers are bypassing EU laws. Among…
China’s economy beats expectations in face of Trump’s trade war
China’s economy grew more strongly than expected in the second quarter as it proved resilient in the face of Donald Trump’s trade war. China’s gross domestic product (GDP) grew 5.2% in April to June compared with a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations for a rise of 5.1%. The world’s second largest economy has so far avoided a sharp slowdown in part due to support by Beijing and as factories took advantage of a US-China trade truce to make shipments before…
World must be more wary than ever of China’s growing economic power
China is pulling every lever at its disposal to counter Donald Trump’s economic blockade, and it’s working. Trade is recovering after the massive hit from Washington’s wide-ranging tariffs on Beijing’s exports. According to data provider Macrobond and Beijing-based consultancy Gavekal Dragonomics, exports to the US were down by about $15bn (£11bn) in May, but up by half that figure to other countries that trade with the US. Exports to African countries have also risen sharply. Meanwhile, Chinese officials are poised to strike deals to deepen economic cooperation with countries ranging…
Rare earths: how these critical minerals impact Australian industry and global politics – video
What do tariffs, Australian mining, geopolitics and the trade war between China and the US have to do with tiny magnets made from rare earth minerals like yttrium and scandium? Guardian Australia’s Matilda Boseley explains China has a stranglehold on the world’s rare-earths supply chain. Can Australia break it? Commonwealth to invest a further $200m in rare earth mining project backed by Gina Rinehart Continue reading… The Guardian
Here we go again: latest Trump tariff deadline looms amid inflation concerns
When Donald Trump unveiled his “liberation day” tariffs in the spring, only to pull the plug days later as panic tore through global markets, his officials scrambled to present the climbdown as temporary. Three months of frenetic talks would enable the Trump administration to strike dozens of trade agreements with countries across the world, they claimed. “We’re going to run,” the White House trade adviser Peter Navarro told Fox Business Network. “Ninety deals in 90 days is possible.” The 90-day pause Trump ordered on his steep tariffs is almost up,…
Former UK civil service chief calls Xi Jinping a ‘dictator’ over plans to reunify Taiwan
The former head of the UK’s civil service has described the Chinese leader Xi Jinping as a “dictator” and said Donald Trump had put “helpful pressure” on Europe to increase defence spending. Simon Case, who served as the cabinet secretary until December, when he stepped down on health grounds, said China had sent a clear message to “prepare for serious conflict” in Taiwan. The UK has committed to spend the equivalent of 2.6% of GDP in 2027, and it and other Nato members have signed up to increasing spending to…
EU may as well be ‘province of China’ due to reliance on imports, says industrialist
The EU may as well “apply to be a province of China” such is its inability to wean itself off that country’s supply of critical raw materials used in everything from electric vehicles to smartphones and wind turbines, a leading German industrialist has said. As chief executive of AMG Lithium, the EU’s first factory to make the lithium hydroxide used in many car batteries, Stefan Scherer sits at the centre of what has been dubbed a new gold rush. But the chemist said China will continue to dominate battery technology…