SINGAPORE—Chinese telecoms equipment and smartphone maker Huawei’s sales fell 14 percent in January–March from a year earlier as it grappled with U.S. sanctions, according to figures released by the company Thursday. Huawei Technologies said its revenue was 131 billion yuan ($19.8 billion) in the first quarter of 2022, compared to 152.2 billion yuan a year…
Huawei’s Q1 Sales Down 14 Percent as US Sanctions Remain
April 29, 2022
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Business & EconomyChinaChina Business & EconomyCompaniesHuaweisanctiontechnologyUSUS-China relations
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China’s DJI Halts Russia, Ukraine Business to Prevent Use of Its Drones in Combat
April 28, 2022
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Business & EconomyChinaChina Business & EconomyCompaniesDJIdroneeconomic policieseconomyEuropeEurope-China RelationsInternationalInternational RelationsMarketsRussiaRussia-Ukraine WartechnologyWorld
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BEIJING—Drone company DJI Technology Co. has temporarily suspended business activities in Russia and Ukraine to prevent use of its drones in combat, in a rare case of a Chinese company pulling out of Russia because of the war. “DJI is internally reassessing compliance requirements in various jurisdictions. Pending the current review, DJI will temporarily suspend…
China Q1 Consumption Lags in Key Coastal Provinces; Q2 Off to Weak Start
BEIJING—China’s first-quarter retail sales lagged in key coastal economic regions with areas hit by COVID-19 outbreaks showing particular weakness, according to regional data, pointing to further sluggishness in consumption in the second quarter. China’s two biggest provincial economies—Guangdong province in the south and Jiangsu province near Shanghai—posted retail sales growth of 1.7 percent and 0.5…
China Evergrande Gains 6-month Extension for Hengda Onshore Coupon Payment
HONG KONG—China Evergrande Group’s flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan ($88 million) coupon payment for an onshore bond that was due on Wednesday. It is the latest of several payment extensions for Evergrande’s onshore bonds. Struggling with more than $300…
China’s UnionPay Reportedly Suspends Cooperation With Russian Banks Over Fear of Western Sanctions
China’s largest credit card brand UnionPay has reportedly suspended its negotiations with Russian banks on issuing new bank cards for their customers over fear of Western sanctions. According to The Moscow Times, the Chinese credit processor has recently halted talks with some major Russian lenders, including Sberbank, Russia’s largest bank by assets, due to concerns…
COVID-19 Outbreak in Beijing Raises Fear of Lockdown
April 28, 2022
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BeijingCCP VirusChaoyangChinaChina Business & EconomyChinese RegimefreezerINSIDE CHINAsocial controlSocial IssuesSpecial TopicsSuning
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A COVID-19 outbreak is rapidly spreading in Beijing, causing schools to be shut down in an entire district. Amongst the fear of a city-wide lockdown, residents rush to stock up on food and supplies, and freezers are sold out. On April 28, Pang Xinghuo, deputy director of the Beijing Center for Disease Control and Prevention,…
HSI Fell 769 Points Below the 20,000 Mark Amid US Interest Rate Hike and China’s Pandemic
Hong Kong’s Hang Seng Index (HSI) opened low at 353 points on April 25 before falling further and further to the 20,000 mark. The U.S. interest rate hike intensified. The Dow plunged 981 points on April 22; Asian stocks collapsed on April 25; the HSI fell 769 points, down about 3.7 percent. The day’s high…
First Shipment of Russian Coal Paid for in Yuan on its Way to China
The first shipments of Russian coal and crude oil, paid for in yuan, will arrive in China in April and May, respectively. Chinese state media used the opportunity to denigrate the United States, claiming that the international status of the U.S. dollar is “at risk.” However, financial expert Albert Song believes that it will not…
Chinese Regime Seeks to Control Global EV Supply Chain, Leaving US Vulnerable: Experts
April 27, 2022
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BusinessChinaChina Business & EconomyeconomyFinance & Business TiesInternational RelationsSpecial Topicssupply chainsThreat from Communist ChinaUS-China relations
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Competition between the United States and China in the realms of electric and autonomous vehicles could determine the future control of global supply chains in an unprecedented way, according to a lawmaker and several experts. “Our competitors, particularly in China, are not holding back,” said Sen. Gary Peters (D-Mich.) during an April 27 event hosted…
Global Airline Capacity Hits 2022 High as China Demand Rebounds: OAG
Global airline capacity has surged to its highest level in 2022 this week because of a rebound in Chinese domestic demand despite extended lockdowns in Asia’s biggest aviation market, travel data firm OAG said on Tuesday. Asian jet fuel refining margins, which have more than doubled in the past two months, were at $30.04 a…
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