U.S. retail giant Walmart Inc. came to be the latest Western company caught in a storm of nationalist outrage in China—which is not unusual—after its subsidiary allegedly pulled Xinjiang products off shelves in its locally based stores. Retail warehouse Sam’s Club, a division of Walmart, responded by putting it down to low stock, Chinese media…
Walmart Faces Backlash in China Over Disappeared Xinjiang Products
January 1, 2022
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ChinaChina Business & EconomyChina Human RightsChinese RegimeFinance & Business TiesNationalismSam's ClubSpecial TopicsThreat from Communist ChinaUS-China relationsWalmart
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Chinese Telecommunications Company Forced to Leave Canada Due to Security Concerns
A Chinese telecommunications company will cease its operations in Canada on Jan. 5 to comply with a federal government order based on security considerations. State-owned China Mobile’s service CMLink recently announced its departure to its customers. The company, which has the most subscribers in the world at 942 million, offered mobile plans in Canada but…
Beijing Kills Holiday Spirit as It Tightens Grip on Society
News Analysis China cancelled Christmas this year, claiming that it was damaging traditional Chinese culture, and warned its people to avoid Western influence. This is just the latest step in Chinese leader Xi Jinping’s new policy of tightening social control, while turning China inward. Christmas celebrations first became popular in the 1990s, largely among young…
China December Factory Activity Edges Up Ahead of Economic Headwinds
December 31, 2021
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Asia & PacificBusiness & EconomyCCP VirusChinaChina Business & Economyeconomyfactory activityINSIDE CHINAInternationalWorld
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BEIJING—China’s factory activity unexpectedly accelerated in December, but only by a slim margin, an official survey on Friday showed, with analysts foreseeing more economic headwinds in the near term and policymakers being pressured to offer support measures. The official manufacturing Purchasing Managers’ Index (PMI) rose to 50.3 from 50.1 in November, data from the National…
HSBC Gets Approval to Buy out China Life Insurance Joint Venture
LONDON—HSBC said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulatory Commission to buy the remaining 50 percent…
China Evergrande Shares Fall After Missing New Coupon Payments
HONG KONG—Shares of China Evergrande Group tumbled on Thursday after the embattled real estate developer did not pay offshore coupons due earlier this week. Evergrande, whose $19 billion in international bonds are in cross-default after missing a deadline to pay coupons earlier this month, had new coupon payments worth $255 million due on Tuesday for…
Samsung, Micron Warn China’s Xi’an Lockdown Could Disrupt Memory Chip Manufacturing
December 31, 2021
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Asia & PacificBusiness & EconomyCCP VirusChinaChina Business & EconomyCompaniesINSIDE CHINASamsungWorldXi'an lockdown
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Samsung Electronics and Micron Technology, two of the world’s largest memory chip makers, warned that strict COVID-19 curbs in the Chinese city of Xi’an could disrupt their chip manufacturing bases in the area. The lockdown in the city puts further pressure on global supply chains and adds to a torturous year for exporters facing sharply…
Canada Fines Chinese Bank for Non-Compliance on Financial Threats
Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on financial threats. ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act following a compliance examination in 2019 and…
Canada’s FINTRAC Fines Chinese Bank for Non-Compliance on Rules Related to Money Laundering, Terrorist Activity Financing
Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on regulations related to money laundering, terrorist activity financing, and threats to the security of Canada. ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime…
Morgan Stanley to Boost Stake in China Brokerage to 94 Percent
HONG KONG—Morgan Stanley is set to increase its stake in its brokerage joint venture in China by 4.06 percent to 94 percent, an exchange filing showed on Wednesday, putting it on track to take full ownership of the business. The U.S. bank will inject 698 million yuan (about $110 million) to boost the registered capital…
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