Tag: Regulation and Deregulation of Industry

The Many Challenges Facing Apple

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For more than a decade, Apple could do almost no wrong. The iPhone made it the world’s most valuable company. The App Store helped launch businesses such as Uber and Airbnb. And the company’s new products made it a player in health, Hollywood and finance. Now, the difficulties are piling up. The Justice Department filed an antitrust lawsuit against Apple on Thursday for giving its own products advantages that it deprived rivals of having. The suit is the latest in a series of actions brought against the company by regulators…

China Evergrande Founder Accused of Exaggerating Revenue by $78 Billion

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China Evergrande Group exaggerated its revenue by more than $78 billion and committed securities fraud over two years before its spectacular collapse in 2021, a top Chinese regulator said. The China Securities Regulatory Commission accused Hui Ka Yan, the founder of Evergrande, of “making decisions and organizing fraud,” the company reported in a filing to the Shanghai and Shenzhen stock exchanges on Monday night. Mr. Hui was fined $6.5 million and banned from China’s financial markets for life. Xia Haijun, a former chief executive, was fined $2 million and also…

TikTok Turns to Creators to Fight Possible Ban

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Facing a possible ban in the United States, TikTok has scrambled to deploy perhaps its most powerful weapon: its creators. The hugely popular video service began recruiting dozens of creators at the end of last week, asking them to travel to Washington to fight a bill being debated in Congress. Under the proposal, TikTok’s Chinese owner, ByteDance, would need to sell the app or it would be blocked in the United States. Many of the creators have met with lawmakers and posted videos about their opposition to the bill with…

Biden Issues Executive Order to Restrict Personal Data Sales to China and Russia

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President Biden issued an executive order Wednesday seeking to restrict the sale of sensitive American data to China, Russia and four more countries, a first-of-its-kind attempt to keep personally identifying information from being obtained for blackmail, scams or other harm. The president asked the Justice Department to write rules restricting the sale of information about Americans’ locations, health and genetics to China, Russia, Iran, North Korea, Cuba and Venezuela, as well as any entities linked to those countries. The restrictions would also cover financial information, biometric data and other types…

China’s Rush to Dominate A.I. Comes With a Twist: It Depends on U.S. Technology

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In November, a year after ChatGPT’s release, a relatively unknown Chinese start-up leaped to the top of a leaderboard that judged the abilities of open-source artificial intelligence systems. The Chinese firm, 01.AI, was only eight months old but had deep-pocketed backers and a $1 billion valuation and was founded by a well-known investor and technologist, Kai-Fu Lee. In interviews, Mr. Lee presented his A.I. system as an alternative to options like Meta’s generative A.I. model, called LLaMA. There was just one twist: Some of the technology in 01.AI’s system came…

China Deflation Alarms Raised by Falling Prices for Food and Cars

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Consumer prices fell last month in China by the most since the global financial crisis in 2009, the latest sign that weak spending and a glut of output from factories and farms are forcing businesses to offer discounts. The decline in consumer prices was mostly confined to food and electric cars. But wholesale prices charged by factories and other producers also fell last month, and have been down from their levels a year earlier in every month since October 2022. A broad decline in the overall level of prices, a…

After China Evergrande, Real Estate Crisis ‘Has Not Touched Bottom’

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The unwavering belief of Chinese home buyers that real estate was a can’t-lose investment propelled the country’s property sector to become the backbone of its economy. But over the last two years, as firms crumbled under the weight of massive debts and sales of new homes plunged, Chinese consumers have demonstrated an equally unshakable belief: Real estate has become a losing investment. This sharp loss of faith in property, the main store of wealth for many Chinese families, is a growing problem for Chinese policymakers who are pulling out all…

China’s Travel Economy Is Slowly Coming Back. Here’s Where It Stands.

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Since China reopened its borders in 2023 after three years of Covid isolation, domestic travel has thrived and high-speed rail has grown increasingly popular. But international trips in and out of the country are lagging, and flight capacity is still just a third of prepandemic levels. The economic stakes are high. Before the pandemic, Chinese travelers were the world’s biggest spenders, accounting for 20 percent of global tourism spending, according to the United Nations World Tourism Organization. In the past year, the Chinese authorities have tried to spur more inbound…

The Next Front in the U.S.-China Battle Over Chips

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NASA has chosen the technology to help it land future spacecraft on unmapped planets. Meta uses the technology for artificial intelligence. Chinese engineers have turned to it to encrypt data. And it could represent the next front in the semiconductor trade war between the United States and China. The technology is RISC-V, pronounced “risk five.” It evolved from a university computer lab in California to a foundation for myriad chips that handle computing chores. RISC-V essentially provides a kind of common language for designing processors that are found in devices…

Tesla Recalls 1.6 Million Cars in China to Fix Self-Driving Systems

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The Chinese government announced on Friday that Tesla would recall practically all of the cars it has sold in the country to adjust their assisted-driving systems, less than a month after a similar recall in the United States. To address the problems, Tesla will transmit updated computer software to its cars in China, the State Administration for Market Regulation said. The updated software involves “adding additional automatic assisted steering control,” the regulator said. It also said that Tesla would remind customers to pay attention to their driving and follow all…