Car manufacturers Toyota, Volkswagen, Tesla, General Motors and BYD may be using aluminium made by Uyghur forced labour in their supply chains and could do more to minimise that risk, Human Rights Watch says. An investigation conducted by HRW has alleged that while most automotive companies have strict human rights standards to audit their global supply chains, they may not be applying the same rigorous sourcing rules for their operations inside China. This includes joint venture companies inside China that make models for foreign brands for just the local market…
Tag: Business
Evergrande collapse means foreign investors in China face even greater uncertainty
As China’s most embattled – and indebted – property developer is ordered to liquidate, the effects that Evergrande’s collapse will have on investors, debt holders and the hundreds of thousands of homebuyers who have paid deposits for homes remains uncertain. Evergrande, the Chinese property developer, was worth just $275m on Monday, down 99% from its peak in 2017. It owes more than $300bn to various creditors, according to its most recent financial report. In a scathing judgment delivered in Hong Kong’s high court on Monday, Justice Linda Chan said “enough…
Evergrande collapse: Hong Kong court orders liquidation of China property giant
Embattled Chinese development company, Evergrande, has been ordered to liquidate by a Hong Kong court after an 18-month long hearing. Evergrande, which holds the ignominious title of the world’s most indebted property developer with about $300bn in liabilities, failed to convince the court that it had a viable restructuring plan, after having been given seven extensions since court proceedings were first brought in June 2022. However it can still appeal. Justice Linda Chan delivered the ruling on Monday morning, saying “it is time for the court to say enough is…
China announces 0.5% cut in banks’ minimum reserves
China’s central bank announced a surprise cut to the amount of cash that banks must hold in reserve on Wednesday, hoping to boost the lending available to households and businesses as policymakers try to steer the economy through a fragile recovery. Pan Gongsheng, the governor of the People’s Bank of China (PBOC), said that the reserve requirement ratio would be cut by 0.5% from 5 February, the deepest cut to the rate since December 2021. The move will allow around 1tn yuan (£110.8bn) to be released in the form of…
Chinese markets rally on report Beijing considering £222bn state rescue plan
Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades. However, Chinese indexes recovered slightly on Tuesday after Bloomberg reported that the authorities were…
Uniqlo sues Shein over ‘imitation’ banana-shaped ‘it’ bag
Uniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped it-bag, the “round mini”. The petition demands Shein immediately stop the sale of “the imitation products” and compensation for damages incurred as a result of their sale. It was filed last month in the Tokyo district court against the fast-growing business’s parent groups Roadget and Fashion Choice, as well as Shein Japan. Uniqlo said it had filed the complaint “because it has determined that the form of the imitation products sold…
‘Cheaper to save the world than destroy it’: why capitalism is going green
The root of the climate crisis is “not capitalism but the corruption of capitalism”, according to the author of a new book on how people, policy and technology are working to stop the planet from heating. Akshat Rathi, a climate reporter with financial news outlet Bloomberg, argues that smart policies can harness capitalism to cut carbon pollution without killing markets or competition. “It is now cheaper to save the world than destroy it,” he writes, adding that this holds true even when viewed through a narrow capitalist lens. “Capitalism cannot…
World’s renewable energy capacity grew at record pace in 2023
Global renewable energy capacity grew by the fastest pace recorded in the last 20 years in 2023, which could put the world within reach of meeting a key climate target by the end of the decade, according to the International Energy Agency (IEA). The world’s renewable energy grew by 50% last year to 510 gigawatts (GW) in 2023, the 22nd year in a row that renewable capacity additions set a new record, according to figures from the IEA. The “spectacular” growth offers a “real chance” of global governments meeting a…
Snookered by China? Masters tournament owner plots Asia expansion
The owner of the Masters snooker tournament is plotting an expansion trail across Asia after the pandemic exposed the company’s reliance on China, its chair has said. Steve Dawson, who chairs World Snooker, said it was considering staging tournaments in India, Pakistan, Malaysia and Thailand, after its business was held back by three years of Beijing-imposed Covid lockdowns. He also hopes young players in the sport can take inspiration from 16-year-old Luke Littler’s astonishing run to the PDC World Darts Championship final, which is also run by World Snooker’s owner…
Thermo Fisher stops sale of DNA kits in Tibet after activists raised fears of rights abuses
The US biotech company Thermo Fisher has halted sales of its DNA identification kits in Tibet, nearly five years after it made a similar commitment about the sale of its products in the neighbouring western Chinese region of Xinjiang. It decided to stop sales in Tibet after months of complaints from rights groups and investors that the technology may be used in a way that abuses human rights. The company said that the decision was made in the middle of 2023, but it was only revealed to investors late last…