Companies
Somali president hails ties with China as new envoy begins work
MOGADISHU, Sept. 7 (Xinhua) — Somali President Mohamed Farmajo on Tuesday received credentials from the new Chinese Ambassador to Somalia, Fei Shengchao, replacing Qin Jian whose term ended. Farmajo congratulated the new Chinese ambassador on his appointment, saying Mogadishu was committed to strengthening friendly relations between the two countries, the presidency said in a statement issued in Mogadishu. Fei said that China and Somalia are good friends and partners, and the two countries have a profound traditional friendship. The Chinese ambassador said that China attaches great importance to the development of bilateral ties and that China commends the progress made by Somalia in enhancing peace and reconstruction, adding that China is committed to strengthening the historic ties based on cooperation, mutual benefit, and mutual respect. Fei said that since the outbreak of the COVID-19 pandemic, China and Somalia have worked together to fight the pandemic, which signifies unity and friendship.
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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