Companies
R14.1m cocaine stash intercepted at Ngqura harbour
Police intercepted cocaine worth R14.1 million in a sting operation in the Eastern Cape. The stash was found in a container purportedly transporting deboned meat.It was in transit between Brazil and China when it was found in the Ngqura harbour near Port Elizabeth.Police intercepted cocaine worth more than R14 million in a sting operation at the Ngqura harbour near Port Elizabeth on Saturday.The South African Police Service said the haul was stashed in a container purportedly transporting deboned meat.READ | Blade runner: Cape Town barber bust for alleged dagga stashIt was in transit between China and Brazil when it was detected.The Hawks, Crime Intelligence and the police dog unit were part of the operation after following a lead.The Ngqura harbour is on the east coast, north of Port Elizabeth.Thirty bricks of cocaine were seized in the raid.Similar finds have been made at the harbour in the past, including an R85 million stash hidden behind refrigerators carrying bananas in 2019.Source: News24
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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