Party City’s product development team abruptly cut their China trip short due to financial instability, leading to bankruptcy and layoffs, leaving employees feeling blindsided and betrayed by management’s lack of communication.

Party City’s Sudden Trip Cancellation

On December 4, 2024, Party City’s product development team found themselves abruptly told to end their trip to China after just two days. Initially intended for twelve days, this visit was crucial for meeting suppliers of party supplies. However, internal communications revealed urgent issues at home, with management urging employees to return due to unpaid vendors and looming bankruptcy threats.

Unfolding Chaos and Confusion

Team members were left in disbelief, demanding clarity that never came. Stranded in a foreign country without support, they struggled to secure their return flights. Employees voiced concerns about safety amidst unresolved debts to suppliers, expressing dismay at being sent on such a risky endeavor without proper guidance.

A Troubling Outcome

Days after their return, the company announced it was filing for bankruptcy and liquidating, leaving employees blindsided. Many staff members now face layoffs and legal battles stemming from the process, articulating feelings of betrayal as they remember promises of a stable future made by their leaders.

Source : Just before bankruptcy, Party City sent employees to meet suppliers in China: ‘You sent us there and you left us out to dry’ | CNN Business

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.

Source : Tesla sales stall as China’s BYD closes in

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