Companies
Chinese police crack cross-border online gambling racket
HOHHOT, Feb. 10 (Xinhua) — Police in north China’s Inner Mongolia Autonomous Region have solved a cross-border online gambling case involving transactions totaling some 2 billion yuan (about 314 million U.S. dollars). Last August, police in the city of Bayannur received a tip-off that a gang led by a suspect surnamed Wang organized domestic gamblers to bet through mobile phone apps and laundered money for gambling platforms, local police said on Thursday. Over 100 police officers have recently raided four offices operated by the gang across the country, freezing 10 million yuan of funds and seizing 173 bank cards and 65 mobile phones. According to police, 28 suspects have been arrested and further investigation is underway.
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).
(more…)Companies
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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