Honda and Nissan have put aside the “traditional approach” of fierce rivalry to join forces and work together on electric vehicle technology as Japan’s carmakers try to catch up with Chinese competitors. The Japanese manufacturers will work together on technology for EVs, including components and software, after signing a memorandum of understanding on Friday. Honda and Nissan, respectively the country’s second- and third-largest carmakers behind Toyota, aim to cut costs by combining resources. Traditional manufacturers are struggling to compete profitably with upstart rivals as the electric vehicle sector grows rapidly,…
Tag: Business
McDonald’s hit by ‘technology outage’ in UK, Australia, Japan and China
McDonald’s restaurants in multiple countries including the UK and Australia have been hit by a “technology outage”, as the fast food chain denied it had been hit by a cybersecurity attack. Services in Australia, the UK, Japan and China have been affected, with unconfirmed reports of problems elsewhere, with restaurant, drive-through and online orders affected. A global spokesperson for McDonald’s said the company was working to resolve the unspecified problem. “We are aware of a technology outage, which impacted our restaurants; the issue is now being resolved. We thank customers…
How the fishing industry abuses workers who catch the fish we eat
Labor groups and government officials are pushing to rein in rampant abuses of workers in the fishing industry, where migrant laborers are frequently subjected to slavery and violence from employers. One out of every five fish is caught through illegal, unreported, and unregulated fishing in conditions where abuses of workers are common, according to a United Nations estimate. Some 128,000 workers are thought to be currently trapped in forced labor on remote fishing vessels around the world, according to the International Labour Organization. Child labor or forced labor has been…
Chinese tourism to Australia still in the doldrums after pandemic travel bans
In the two weeks either side of lunar new year, Mandy Ho, who manages a hot air balloon company in Melbourne, has many balls in the air. Most mornings before dawn, when weather permits, her colleagues fly Chinese tourists from the vineyards of the Yarra Valley over Melbourne’s eastern suburbs to parkland on the city’s fringe. Interpreters make sure nothing is lost in translation. Ho has spent weeks preparing tourists and arranging buses to collect them from hotels. She’s already met some of them while running the company’s Mandarin smartphone…
Boeing agrees to pay $51m over export violations in China and other countries
Boeing said on Thursday it had reached a $51m settlement with the US state department for numerous export violations including Chinese employees in China improperly downloading documents related to US Pentagon programs. The state department said from 2013 through 2017 three Chinese employees at Boeing facilities in China downloaded technical data involving programs including the F-18, F-15 and F-22 fighter jets, the E-3 airborne warning and control system, the AH-64 Apache attack helicopter and the AGM84E cruise missile. Boeing said there were additional unauthorized downloads of technical data at Boeing…
Embattled China property giant Country Garden faces liquidation petition
Country Garden Holdings has said a liquidation petition has been filed against the property developer for non-payment of a loan worth $205m, adding to the woes for China’s liquidity crisis-hit property sector. Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would “resolutely” oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Kingboard Holdings. A court hearing has been set for 17 May. Country Garden’s shares fell more than 12% in early trading on Wednesday. The petition is set…
China needs to do more on ‘silent crisis’ of debt, says World Bank official
China holds the key to speeding up debt relief and ending the “silent crisis” that is holding back attempts to tackle poverty in the world’s poorest countries, a senior World Bank official has said. Ayhan Kose, the Bank’s deputy chief economist, said Beijing needed to be more active in negotiations to provide financial support for those countries already in, or close to, debt distress. Kose said China’s emergence as a significant creditor country over the past 15 years meant it needed to take responsibility for making a post-pandemic debt relief…
‘It’s legalised robbery’: anger grows at China’s struggling shadow banks
Wang Jin felt sure that he could invest in Sichuan Trust, an institution that was part of one of what he describes as the “four pillars” of China’s financial system: banks, securities, insurance and trusts. Promised a return on his investment of 8.3%, he handed over 1.6m yuan (£178,000) in 2019. “The trust had a state licence, so we believed in its integrity,” Wang (not his real name) recalls. Unluckily for him, in May 2020, the company said that it would be unable to repay 20bn yuan of investments. Protests…
Post-Brexit watchdog ‘ready’ to investigate flood of cheaper Chinese electric cars
The head of Britain’s post-Brexit trade watchdog has said it is ready to follow Brussels in launching an investigation into Chinese companies flooding the market for electric cars, but the government has not asked it to do so. Oliver Griffiths, the chief executive of the UK’s Trade Remedies Authority (TRA), which advises the government on trade defence, said it was keeping lines of communication open with ministers and had been in close contact with the car industry. “We’ll be ready to go if anyone does come to us,” he told…
The Guardian view on the digital pound: an impetuous idea with a risky momentum of its own | Editorial
Two years ago, the House of Lords looked into whether the Bank of England should issue digital pounds to be held in electronic wallets. Peers were unconvinced, asking if this wasn’t “a solution in search of a problem”. Last December, MPs on the Treasury select committee said the same thing. The government’s response, however, was to tell the public to prepare for a “Britcoin” to be in use by the end of the decade. Physical money has been around for thousands of years for good reason. Cash is convenient, reliable and…