China’s Ant Group Chief Executive Officer Simon Hu has unexpectedly resigned amid a regulatory-driven overhaul of the financial technology giant’s business, the first top management exit since a scuppered $37 billion initial public offering. Hu, who was named chief executive of the Alibaba Group Holding affiliate in 2019, will be replaced by company veteran and…
Political Correctness Has Captured Big Business: ‘The Dictatorship of Woke Capital’ Author
March 12, 2021
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big businessBusinesscancel cultureCensorship & SocialismeconomyFeatured TopicsPolitical CorrectnessPoliticsUSUS Newswoke
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Author Stephen Soukup told The Epoch Times’ “Crossroads” that American big business had traditionally served as a free market-loving shield against the long, leftist march for control of the institutions of Western civilization, but that is now changing as businesses are on track to becoming an economically more powerful version of the “woke” college campus….
‘As Long as It Lasts’: Rolls Royce Says Can Weather Crisis Despite Record Loss
LONDON—Rolls Royce has enough funding to weather the crisis in the aviation industry caused by the pandemic, its chief executive said on Thursday after the engine maker plunged to a record £4 billion ($5.6 billion) underlying loss for 2020. The British company said its cash burn should halve this year, and turn positive in the…
GE, AerCap Join Air Leasing Businesses in $30 Billion Deal
General Electric is combining its aircraft leasing business with Ireland’s AerCap Holdings in a deal valued at more than $30 billion, a big step in what has become a six-year odyssey to reshape the one-time sprawling, global conglomerate. By pushing GE Capital Aviation Services, or GCAS, into a separate business, GE is essentially closing the…
Analysis: ‘Chinese Business, Out!’ Burma Anger Threatens Investment Plans
March 12, 2021
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Asia & PacificBusinessChinaChina Business & EconomyChineseChinese RegimeEconomiesInvestmentMyanmarWorld
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“China’s gas pipeline will be burned,” chanted a group of protesters in Burma (also known as Myanmar) this week on the route of a Chinese pipeline. Hailed by the Chinese regime as a symbol of “mutually beneficial cooperation”, the pipeline has become a target for public anger over perceptions Beijing is backing the junta that seized…
German Industry Urges EU to Toughen Response to Unfair Chinese Trade Practices
March 12, 2021
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BERLIN-The European Union should take a tougher approach to protecting companies from unfair Chinese trade practices as Beijing is not keeping its promise to further open up its economy, Germany’s BDI industry association said on Thursday. China has become Germany’s most important trading partner and exports of “Made in Germany” goods to the country have…
Norway Wealth Fund to Probe Whether Firms Could Be Using Forced Labour From China’s Xinjiang
March 12, 2021
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Asia & PacificBusinessChinaChina Human RightsChina's XinjiangCompaniesdetention campsEuropeforced labourInternationalNorwaywealth fundWorld
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OSLO—Norway’s $1.3 trillion wealth fund will probe whether companies it is invested in may be using the labor of ethnic Uyghurs and other Muslims linked to China’s internment camps in farwestern Xinjiang, the head of the fund’s ethics watchdog said. The world’s largest sovereign wealth fund, which has massive market influence because it owns 1.5…
Feinberg to Oversee $500 Million Boeing 737 MAX Victim Fund
March 11, 2021
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WASHINGTON—Prominent attorneys Kenneth Feinberg and Camille Biros will be named to oversee a $500 million victim compensation fund for the relatives of 346 people killed in two fatal Boeing 737 MAX crashes, a spokeswoman for Feinberg confirmed on Wednesday. As part of a settlement with the Justice Department, Boeing in January agreed to pay $500…
Warren Buffett’s Net Worth Reaches $100 Billion
Warren Buffett’s fortune reached $100 billion on Wednesday, as investors drove the stock price for his company Berkshire Hathaway to a record level. Buffett’s net worth, as measured by Forbes magazine, comes almost entirely from owning about one-sixth of Berkshire, a roughly $600 billion company. Berkshire’s stock price has surged higher in March, with its…
US Jobless Claims Fall to 712,000 as Pace of Layoffs Eases
WASHINGTON—The number of Americans seeking unemployment benefits fell last week to 712,000, the lowest total since early November, evidence that fewer employers are cutting jobs amid a decline in confirmed coronavirus cases and signs of an improving economy. The Labor Department said Thursday that applications for unemployment aid dropped by 42,000 from 754,000 the week…
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