Companies
1st LD-Writethru: Chinese shares close lower Friday
BEIJING, Feb. 26 (Xinhua) — Chinese stocks closed lower Friday, with the benchmark Shanghai Composite Index down 2.12 percent, at 3,509.08 points. The Shenzhen Component Index closed 2.17 percent lower at 14,507.45 points. The combined turnover of stocks covered by the two indices stood at 906.9 billion yuan (about 140.14 billion U.S. dollars), shrinking from 934.1 billion yuan on the previous trading day. Stocks related to plantation, environment protection and 5G sectors led the gains, while shares related to coal, non-ferrous metals and banking industries suffered the losses. The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, lost 2.12 percent to close at 2,914.11 points Friday.
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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