Companies
Hong Kong leader to announce formal withdrawal of extradition bill
Hong Kong leader to announce formal withdrawal of extradition bill ANI04 Sep 2019, 19:37 GMT+10 Hong Kong [China], Sep 4 (ANI): Following months of protest in the city, Hong Kong leader Carrie Lam on Wednesday will announce the formal withdrawal of an extradition bill that would have allowed extraditions of criminal suspects for further prosecution in China. According to The New York Times, Lam is slated to meet with the members of her cabinet and pro-Beijing lawmakers as she faces pressure to withdraw the bill. Earlier in June, Lam had suspended the bill and said that it was ‘dead’, but the protesters have long been suspicious of her government’s refusal to formally withdraw the bill and feared it could be revived later. The decision will mean that the pro-China government is finally acceding to one of the five demands of the protesters, who took to the streets over the past 13 weeks to voice not just their opposition to the legislation, but the overall governance of the city in demonstrations that have become increasingly violent, South China Morning Post reported. Apart from the formal withdrawal of the bill, the protestors have demanded the government to set up a commission of inquiry to investigate police conduct in tackling the protests, grant amnesty to those who have been arrested, stop characterising the protests as riots, and restart the city’s stalled political reform process. Last week witnessed some of the fiercest standoffs between protesters and police as the police carried out mass arrests on the eve of a banned march, and demonstrators lobbed petrol bombs at police headquarters, stations and government buildings in the city. (ANI)
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
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Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
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