Business
China-linked Hackers Compromised US Treasury Workstations | CNN Business
The US Treasury Department reported a major cybersecurity incident involving a Chinese state-sponsored actor accessing Treasury workstations and documents through a stolen key. Investigations are ongoing.
Major Cybersecurity Incident at the US Treasury
The US Treasury Department reported a significant cybersecurity breach involving a China state-sponsored actor infiltrating Treasury workstations. This “major incident,” as described by officials, follows the discovery that a stolen key allowed unauthorized access to unclassified documents and specific workstations.
In a letter to lawmakers, Treasury officials revealed that a third-party service provider informed them of the breach on December 8. Although the compromised service has been taken offline, there is currently no evidence suggesting continued access to Treasury systems. A classified briefing regarding the incident is scheduled for next week.
China’s Foreign Ministry denied the allegations, asserting that they oppose cyberattacks and reject groundless accusations. Meanwhile, Treasury officials are collaborating with law enforcement and cybersecurity agencies to investigate the breach’s full extent and impact.
Source : China-backed hackers breached US Treasury workstations | CNN Business
Business
Tesla Sales Slow Down as China’s BYD Gains Ground
Tesla’s sales dipped 1% in 2024, marking its first decline in over a decade, while BYD surged with 1.76 million EV sales, narrowing the competition gap.
Tesla’s Sales Decline
Tesla has faced its first sales decline in over ten years, with 2024 deliveries falling to nearly 1.79 million vehicles, a 1% drop from 2023. Despite aggressive price cuts to attract buyers, the company led by Elon Musk struggled to maintain its position as the top electric vehicle (EV) manufacturer. In contrast, China’s BYD is on track to nearly close the gap, reporting 1.76 million EV sales in 2024.
BYD’s Market Surge
BYD experienced robust growth, achieving a 41% year-on-year increase in total vehicle sales, totaling over 4.2 million. Most of BYD’s sales occur in China, where the company has extended its lead over brands like Volkswagen and Toyota. The rise has been fueled by increasing demand for hybrids and favorable market conditions, including reduced prices and government incentives for EV adoption.
Industry Challenges
Tesla continues to grapple with declining sales and increased competition, particularly in China, where rivals have gained traction. The EV market is softening in regions such as the US and Europe, prompting companies like Ford and Volkswagen to adjust their sales forecasts. Additionally, geopolitical tensions have led to tariffs against Chinese imports, impacting the industry landscape.
Business
Previously Unseen Photos of Joe and Hunter Biden in China Spark New Questions About Son’s Business Ventures for the President
Unseen photos of Joe and Hunter Biden with Chinese leaders have intensified scrutiny on Hunter. Joe recently pardoned Hunter for past gun and tax fraud charges, igniting controversy over their business dealings.
New Photos Stir Controversy
Previously unseen photographs of Joe and Hunter Biden meeting with Chinese President Xi Jinping, along with Hunter’s business associates, have reignited scrutiny around the First Son. This visual evidence coincides with ongoing controversies surrounding Hunter’s business dealings following President Biden’s recent blanket pardon for his son on gun and tax fraud charges dating back to 2013.
Business Connections Revealed
The snapshots, sourced from the National Archives, depict Joe Biden engaging in discussions during his vice presidency, including introducing Hunter to prominent figures like then-vice president Li Yuanchao and business executives from BHR Partners. Hunter Biden, who co-founded the private equity firm BHR, has faced criticism concerning his financial ties to Chinese companies.
Biden’s Defense and Future Implications
In light of these revelations, the President has reiterated that he never engaged in business discussions with Hunter. However, the photos have fueled allegations previously brought forth during impeachment inquiries, prompting mixed reactions from political opponents and supporters. Hunter’s recent pardon, which extends to potential future charges, raises questions about the implications for his past dealings.
Business
Nigeria and China Revive Currency Swap Agreement – Guardian Nigeria
Nigeria and China have renewed their currency swap deal, enhancing economic cooperation and facilitating trade between the two nations, as reported by Guardian Nigeria.
Currency Swap Deal Renewed
Nigeria and China have officially renewed their currency swap agreement, which is vital for strengthening economic ties between the two nations. This deal is designed to enhance trade relations, making transactions more efficient and less vulnerable to fluctuations in foreign exchange markets.
Benefits for Both Nations
The renewed agreement allows both countries to conduct trade using their local currencies, thereby reducing dependence on the U.S. dollar. This initiative is expected to foster economic stability and boost bilateral trade, benefiting businesses on both sides significantly.
Future Prospects
As the agreement takes effect, it is anticipated that Nigeria will experience easier access to Chinese goods and investments. This partnership not only promises immediate economic advantages but also signals a long-term commitment to closer collaboration between Nigeria and China, paving the way for future developments in trade and infrastructure.
Source : Nigeria, China renew currency swap deal – Guardian Nigeria
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