Day: December 28, 2023

China’s Luxshare expands Apple production capacity in deepening relationship

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Apple supplier Luxshare is taking over an iPhone assembly factory from Taiwanese rival Pegatron, as the Chinese contract manufacturer deepens its relationship with the US technology giant. Luxshare will pay about $300mn to acquire a 62.5 per cent stake in a facility in Kunshan, a city of 1.6mn people north-west of Shanghai, according to a Pegatron filing on the Taipei Exchange. In Asia morning trading on Friday, Luxshare shares rose…

China ramps up warnings against Philippines on South China Sea

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China has said it “will not turn a blind eye” towards what it calls the Philippines’ “repeated provocations and harassment” in the South China Sea. Earlier this month, Beijing and Manila traded accusations over a Philippine resupply mission to the troops stationed at the Second Thomas Shoal, with each side claiming its ships were harassed and rammed by the other. Chinese defense ministry’s spokesperson Wu Qian at a press briefing on Thursday repeated the claim that the Philippines, “in disregard of repeated warnings from the Chinese side, insisted on sending…

Russian FM on Korean peninsula: ‘knots of conflict’ in 2024

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Russia’s foreign minister issued an apparent warning to South Korea, following Seoul’s imposition of additional trade restrictions on Moscow intended to curb its expansionist ambitions in Ukraine. In an interview with Russia’s state-run TASS news agency Thursday, Russian foreign minister Sergey Lavrov called the Korean peninsula, along with Africa and Afghanistan “knots of conflict” next year. “It can be said that at a time when the West is holding onto elusive dominance, no one is safe from its geopolitical intrigues,” Lavrov said, adding that crises may take place unless the…

China invents powerful detonation engine, Mandarin in US schools, renewed MH370 search calls: SCMP’s 7 highlights of the week

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The case of slain Hong Kong socialite Abby Choi Tin-fung was back in court last week. The Post looks back on the details that have emerged so far. 3. China invents most powerful detonation engine for hypersonic flight Scientists at the forefront of hypersonic weapons research in China say they have an unprecedented power solution for aerospace planes. In theory, the invention could make even the longest intercontinental flights take just one or two hours while consuming less fuel compared with conventional jet engines. 4. What US-China tensions? Mandarin immersion…

China, Myanmar revive hopes for Bay of Bengal deep water port in Kyaukphyu under Belt and Road Initiative

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Top Citic executives, Chinese diplomats and junta officials attended the signing of an addendum to the project concession agreement, in Myanmar’s capital Naypyidaw on Tuesday. China sees Myanmar as stepping stone to Indian Ocean, energy security The Kyaukphyu deep-sea port is a “major part” of Beijing’s belt and road strategy as well as the China-Myanmar Economic Corridor, and of “great significance to practical cooperation” between the two countries, Citic Group president Xi Guohua said during the ceremony. “Citic Group will make every effort to promote the implementation of the Kyaukphyu…

Geopolitical risk forces aircraft leasing companies to rethink exposure to China

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Stay informed with free updates Simply sign up to the Chinese business & finance myFT Digest — delivered directly to your inbox. Global aircraft leasing companies are reassessing their risk appetite for China amid heightened tensions with the US and in the wake of big losses following the grounding of planes in sanctions-hit Russia. Some international lessors have begun to reduce their exposure to the country, industry executives and analysts said. Friction between the US and China, coupled with uncertainty over war risks surrounding Taiwan, were adding to wider concerns…

Inside Nio: Electric car group’s boss William Li and his fight for survival

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Sporting a fresh cropped haircut, Nio co-founder and chief executive William Li was greeted like a rock star by tens of thousands of devoted fans on Saturday night as he took to the stage at the Olympic stadium in Xi’an, China’s ancient central capital. Li, who is often referred to as China’s Elon Musk, has sparked division among investors and analysts. Some see his bet on battery-swapping technology — which is at the heart of the electric vehicle group’s business plan and competes with the likes of Tesla that only…

Despite Bumper Grain Harvest, China Faces Challenge of Food Security

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washington —  China had a record-high grain output this year, making it the 20th consecutive bumper harvest year, according to the Chinese state newspaper People’s Daily on Wednesday. However, experts say the country’s food self-sufficiency rate is decreasing as it relies heavily on imports. According to the news report, China’s annual grain output exceeded 1.39 trillion kilograms this year. The Ministry of Agriculture and Rural Affairs announced that in 2024, China’s overall goal for grain production is to stabilize the production of grain rations, corn and soybeans to ensure grain…

China urges ‘prudent’ yuan internationalisation as pace of adoption remains slow

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Beijing should promote the yuan’s use abroad next year by tapping deeper into emerging markets with loans and swap deals, but must also remain prudent and prepared to head off risks, former officials and analysts have urged. The assessment came as financial regulators look to implement Beijing’s risk-prevention mandate and take a more pragmatic approach to expand the overseas influence of the Chinese currency. “It’s nonsensical to push it merely for internationalisation’s sake, or for the frivolity of pursuing high rankings or bigger scale,” said Guan Tao, chief economist at…

China’s ocean drilling ship Mengxiang aims to be first to reach Earth’s mantle, opening ‘gate to hell’

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The vessel’s stability and structure are designed to withstand the strongest tropical cyclones, enabling it to operate anywhere in global waters. Its drilling power is the best in its class, with the ability to reach 11,000 metres (6.8 miles) below the sea’s surface. China’s new drillship to go to ultradeep waters in oil and gas quest The Earth’s structure consists of the core, mantle, and crust. Human activities and scientific exploration have been limited to the crust’s surface layer. The crust has an average thickness of 15,000 metres – minuscule…