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More than just an adventure, the Diamond Princess promised to be a “luxury destination in itself”. Before the cruise ship departed from Singapore on its latest voyage last month, its passengers expected to enjoy freshly prepared sashimi at a dedicated sushi bar, street performances in the extravagantly designed atrium and lavish productions at a “state-of-the-art” theatre. There was even a Japanese bathhouse for weary travellers to soak their limbs at the end of each day of entertainment and…
Twelve years ago, 300,000 children in China were poisoned after drinking infant milk formula that contained melamine, a chemical used in plastic. Six babies were killed by the toxic substance, which was used by 22 companies to artificially boost the protein levels that showed up in nutrition tests.Those responsible were punished with sentences ranging from lengthy prison terms to the death penalty.Dubbed the ‘melamine scandal’, the tragedy rocked China’s baby milk formula industry. Many parents…
On Monday, Apple lowered its revenue guidance for this quarter, citing the impact of the coronavirus outbreak in China. The move caught Wall Street investors off guard and wiped out US$43 billion of Apple’s market value in less than three hours.The company’s fears for the effects of the virus – and the accompanying uncertainty – are widely shared among American businesses, particularly those that have significant exposure to the huge Chinese market. Apple is considered something of a bellwether…
Wells Fargo & Co and one of its units will pay US$3 billion to resolve criminal and civil probes into years of fraudulent sales practices, US authorities said on Friday, wrapping up one of the last one major investigations looming over the bank.Wells Fargo and its North American subsidiary will pay the penalties to the US Justice Department and Securities and Exchange Commission and enter in a deferred prosecution agreement lasting three years, the department said.The bank admitted that it...
Chinese conglomerate Fosun International has announced one of its biggest executive reshuffles in three years after a slew of acquisitions overseas, strengthening its top management just as the local economy is growing at the slowest pace since 1990.The Shanghai-based group appointed Chen Qiyu and Xu Xiaoliang as joint chief executive with immediate effect, according to a Hong Kong exchange filing late Friday.
Huawei Technologies has asked the US government to release a long list of documents related to the extradition case against chief financial officer Meng Wanzhou, according to a letter filed by the company’s US lawyers to the Court for the Eastern District of New York.In the letter, seen by the South China Morning Post, Huawei’s lawyers wrote that the US government possesses documents that "appear certain" to prove that Meng did not dupe HSBC into handling Iran-related transactions – a core...
China may extend subsidies for electric vehicle (EV) purchases beyond this year to revive sales in the world’s biggest market, people familiar with the matter said.Policymakers have been discussing the possibility after China’s first annual decline in sales of new energy vehicles (NEVs), according to the people, who asked not to be identified because the talks are private.
They are places that encapsulate Singapore: Gardens by the Bay, with its gigantic artificial trees and botanical conservatories dripping with orchids; Lau Pa Sat, the colonial-era food hall beckoning with chilli crab and chicken rice; Jewel Changi Airport, the futuristic shopping and entertainment complex straight out of Crazy Rich Asians.All of those landmarks, and many more, are the handiwork of a company that has endured for nearly a century under a single family: the Yongs.
Moving house is a pain. So imagine how it feels to be moving a factory with millions of dollars’ worth of equipment to another country will different tax and other regulations. Talk of multinational companies moving their factories from China to another location has been going on for some time. The Covid-19 outbreak has made this discussion more urgent, as companies in China struggle to restart production, with workers unable to travel back to workplaces in large parts of the country, much…
China’s once frothy venture capital market has seen its slowest start to the year since 2013, as fast-growing start-ups struggle to keep their research on track and secure vital funds amid the spread of a deadly coronavirus.Travel restrictions aimed at blocking the spread of the viral epidemic, which causes the disease known as Covid-19, have had the unintended consequence of derailing investors’ plans to meet with China’s cash-hungry companies.The coronavirus is also likely to drag down the...
China said on Friday it would refund tariffs already paid on a list of 55 US-made products including medical devices, engine components and timber products.The list of products includes some medical devices that are essential for the diagnosis of coronavirus, which causes the disease officially known as Covid-19, and which has already infected more than 75,000 people and killed more than 2,000 in China.
A gauge of growth momentum in China’s hi-tech industries slumped to a record low in February, as the impact of the coronavirus bit, prompting Nomura Holdings to cut its estimate for the official manufacturing gauge.The Emerging Industries Purchasing Managers’ index plunged 20.2 percentage points to 29.9 this month, according to a research firm connected to the Federation of Logistics & Purchasing.That is the lowest since the introduction of the series in January 2014, according to a research...
The deadly coronavirus outbreak has dealt a heavy blow to shops across China, as hundreds of millions of people stay home amid efforts to contain the epidemic.But savvy supermarket chains that have been actively improving their e-commerce services have reaped the rewards as more customers opt to order their groceries online for home delivery.Sun Art Retail Group, China’s largest hypermarket operator by market share, is a case in point.
Hong Kong stocks fell while China benchmarks rose, as traders split over whether Beijing will do more to shore up the economy pounded by the coronavirus epidemic.The Hang Seng Index declined 1.1 per cent Friday to 27,308, losing 1.8 per cent over the week, as sentiment weakened that Beijing is taking strong enough steps to boost the economy.
Hong Kong’s home prices are no longer among the fastest growing on the planet, after months of volatile street protests destroyed demand, according to a new report by Shanghai-based Hurun.The city, famous for its exorbitant property prices, has fallen off Hurun’s annual list of the top 50 cities ranked by the rate at which their house prices are increasing.
The chairman and the executive director of a real estate unit owned by China’s largest privately owned financial services group are being detained by Shanghai police on embezzlement charges. Peng Xinkuang, the chairman and former chief executive of SRE Group Limited, has been approved for arrest under the embezzlement charge, according to a filing to the Hong Kong stock exchange, where the real estate developer’s shares are listed.
At the Hubei Land Resources Vocational College, a quarantine facility in the epicentre of the global coronavirus outbreak in Wuhan, a robot is cooking up a storm.Called Foodom, the automaton can prepare 120 servings of clay pot rice with different ingredients every hour around the clock from its fuchsia pink metal casing the size of a standard shipping container.
Apple is considering giving rival apps more prominence on iPhones and iPads and opening its HomePod speaker to third-party music services after criticism the company provides an unfair advantage to its in-house products.The technology giant is discussing whether to let users choose third-party web browser and mail applications as their default options on Apple’s mobile devices, replacing the company’s Safari browser and Mail app, according to people familiar with the matter.
The world’s largest trading centre for daily consumer goods in China’s eastern manufacturing hub finally reopened its doors this week after the coronavirus outbreak, with officials reaching out to "foreign friends" that "Yiwu will be normal soon" as local governments attempt gradually resume economic activity.Yiwu International Trade market reopened on Tuesday, three days earlier than originally planned, largely because there have been no new confirmed cases for around a week."

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