Day: January 22, 2024

Nvidia supplier to set up pilot plant in Malaysia

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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. Nvidia and AMD supplier Kinsus Interconnect Technology is considering building a substrate manufacturing facility in Penang, Malaysia, potentially joining a string of companies moving into the country’s resurgent chip supply chain, Nikkei Asia has learned. Kinsus, a subsidiary of iPhone assembler Pegatron, has rented a plant in Penang where it will begin a trial run of the final step in substrate production — testing and quality control — as early…

Are the EU and China hurtling towards a trade war?

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A sense is fomenting among senior sources that China is trying to buy time ahead of a crunch election year for Western democracies that could, potentially, weaken the Western alliance on issues ranging from China to Ukraine. They see Beijing’s dangling of market access for its individual member states as attempts to dilute support for tougher measures on Beijing being cooked up by the European Commission. A series of working groups that the Chinese government has requested to discuss EU trade concerns, meanwhile, is also seen by some as a…

Jailed Vietnamese activist beaten until he ‘coughed blood’

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Vietnamese prisoner of conscience Nguyen Nhu Phuong has claimed he was beaten by detention center guards after getting in a row with the warden over a missing gift from his family, his mother told Radio Free Asia this week. Nguyen Thi Thu Ha said the family went to a detention center in Ba Ria-Vung Tau province in November, bringing two shirts for her son.  Phuong didn’t receive the shirts even though they were listed on his receipt record. When he complained to the warden, Phuong said he was sworn at…

S Korea, UK renegotiate trade deal for enhanced chips cooperation

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South Korea and the United Kingdom have initiated their Free Trade Agreement renegotiations, aimed at better encompassing the latest bilateral advancements in chips and supply chain cooperation. The effort to enhance cooperation in areas such as semiconductor production and future industries adds weight to U.S. President Joe Biden’s strategy to create an alternative global supply chain that knits democratic nations closer together while requiring less of China’s input.  Delegations comprising approximately 50 representatives from each side began their three-day FTA renegotiations in Seoul Tuesday, South Korea’s Ministry of Trade, Industry,…

The tricky timing behind Citi’s bet on China

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For the past two-and-a-half years, Citigroup has sat on the sidelines while its Wall Street rivals have taken full control of their investment banking units in China, advising on listings and running sales and trading businesses in the world’s second-biggest economy. Last month, China’s regulator, the China Securities Regulatory Commission, conditionally approved a licence for Citi to follow suit and set up its own investment banking operation in the country, in addition to the corporate and commercial banking operations it already has. But, since Citi first applied for that licence…

Harsh but true? Chinese blogger hits a liberal arts nerve in a tough job market

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To many viewers – and arts graduates and students – the comments were offensive – not just for the choice of language but for suggesting their degrees were worthless in today’s economy. Zhang later apologised – only for thousands of liberal arts students to say the comments struck a chord with them. In a highly competitive job market weighted heavily in favour of people with STEM skills, the blogger’s forthright assessment may have been harsh, but it wasn’t wrong, they said. Academics and researchers say the controversy over the remarks…

Chinese car dealer Guangdong Yongao’s collapse signals another bruising year for stagnating market

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A Chinese car dealership that operated as many as 80 stores across the southern province of Guangdong went bankrupt last week, in a sign the intense competition that has roiled the world’s biggest car market may extend into another year. Salespeople from Guangdong Yongao Investment Group notified customers on January 17 that the company had collapsed and orders are suspended, while employees are waiting to be paid outstanding wages, Chinese media outlets including National Business Daily newspaper reported. The dealership sold about half a dozen marques, including Honda Motor, Volvo…

Cambodia, France Boost Relations in Hun Manet’s First Western Visit 

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Phnom Penh, Cambodia —  France and Cambodia have signed a $235 million aid agreement for drinking water and energy infrastructure development, as well as vocational training. The deal is part of a move to boost bilateral relations between the two countries, which have maintained a postcolonial dialogue since Cambodia became independent in 1953. Cambodian Prime Minister Hun Manet met with French President Emmanuel Macron at the Elysee Palace and announced the pact last week. It was the West Point graduate’s first official visit to a Western power since succeeding his…

China’s premier Li Qiang orders authorities to attract long-term capital to stabilise stock market

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China’s premier Li Qiang orders authorities to attract long-term capital to stabilise stock market China’s premier Li Qiang ordered authorities to find ways to attract long-term investors into the country’s capital markets, after the stock indices in Shanghai, Shenzhen and Hong Kong plumbed fresh lows. The State Council, as China’s cabinet is called, was briefed on the operations of the country’s capital markets, according to a report by Xinhua news agency. The meeting emphasised the need to further improve the basic system of the capital market, pay more attention to…

China’s feared spy agency steps out of the shadows

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The slick ad from China’s feared spy agency, the Ministry of State Security, opens with the shadow of an agent walking through a dark tunnel, a scene reminiscent of the cover of a John le Carré novel. “Who am I?” asks a mysterious voice. “I am this silhouette by your side . . . I face the ever-changing world and the surging tide of darkness.” The dramatic ad, which references natural disasters, urban unrest and a pandemic, was released to mark National Police Day this month and is the latest sign of China’s premier…