The German auto giant Volkswagen is facing renewed accusations of using Uyghur forced labor, as new evidence directly implicates its use of slave labor in the construction of a test track in Xinjiang, where brainwashing, surveillance and assimilation measures on employees were implemented. The evidence from Adrian Zenz, a German scholar in Xinjiang internment camps, revealed that SAIC-Volkswagen’s test track in Turpan in Xinjiang was built using transferred Uyghur laborers. SAIC-Volkswagen, headquartered in Anting, Shanghai, China, is a joint venture between China’s state-owned SAIC Motor and Volkswagen Group. “The VW…
Day: February 14, 2024
Japan’s economy contracts for second straight quarter on weak demand
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Japan’s economy has contracted for a second straight quarter, recording “broad-based” falls in domestic demand and public spending and adding to pressure on the Bank of Japan as it considers raising interest rates for the first time since 2007. Weak private consumption helped push Japan’s gross domestic product to shrink by 0.4 per cent on an annualised basis in the fourth quarter, and by 0.1 per cent on a quarterly…
US-China tech war: Dutch chip tool giant ASML says geopolitics, new export curbs remain risks
ASML, the largest supplier of equipment to computer chip makers, said on Wednesday that geopolitical tensions and any expansion of a US-led campaign to restrict its exports to China remain business risks. In its annual report published on Wednesday, the Dutch company flagged the growing list of restrictions imposed by the United States, mostly with the assent of the Dutch government. “The list of Chinese entities impacted by export control restrictions has increased since 2022,” the company wrote. “The list of restricted customers and the scope of the restrictions are…
North Korea’s Kim Jong Un Oversees Test of Surface-to-Sea Missile
SEOUL, South Korea — North Korean leader Kim Jong Un oversaw the test of a new surface-to-sea missile on Wednesday and visited a major munitions factory, where he called for a boost in weapons production, KCNA said Thursday. North Korea launched multiple cruise missiles off its east coast on Wednesday, South Korea’s military said, the latest of multiple such tests in recent weeks before an April general election in South Korea. Kim said South Korea is violating the North’s sovereignty by insisting on a “Northern Limit Line” (NLL), the maritime…
Japanese chipmaker Renesas steps up deal spree with $5.8bn Altium bid
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Renesas Electronics has agreed to pay A$8.8bn ($5.8bn) in cash to acquire Australian software design tools provider Altium, as the Japanese chipmaker steps up an acquisition spree to diversify its business. Renesas, which is one of the leading suppliers of chips to the world’s car industry, including Japan’s Toyota and Nissan, has been pushing to diversify and add scale in the aftermath of supply chain stresses and due to geopolitical…
Deal spree by Japanese chipmaker Renesas continues with $5.8bn Altium bid
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Renesas Electronics has agreed to pay A$8.8bn ($5.8bn) in cash to acquire Australian software design tools provider Altium, as the Japanese chipmaker continues an acquisition spree to diversify its business. Renesas, which is one of the leading suppliers of chips to the world’s car industry, including Japan’s Toyota and Nissan, has been pushing to diversify and add scale in the aftermath of supply chain stresses and due to geopolitical tensions,…
In battered Chinese stocks, traders favour ‘lottery ticket’ trade
In the wreckage of China’s stock-market meltdown, Wall Street traders are making long-shot bets that officials in Beijing can stoke a recovery. Investors are finding moments to snap up options tied to US-listed exchange-traded funds that track Chinese equities, which have been whipsawed by Covid lockdowns, regulatory pressure and a property crisis. It’s evidence that some traders – who have seen shares from Beijing to Hong Kong slump 60 per cent from a 2021 peak – want exposure to the stocks, just in case the government eventually succeeds in stoking…
China’s Propaganda Push in Spanish Fails to Impress, Report Shows
China has been scaling up its influence campaign in Spanish-speaking countries in the past few years by producing and publishing tens of thousands of videos through the three largest Spanish-language YouTube channels of its state media, a recent study finds. However, the study also shows that most of the videos have very few views and have failed to make an impact among the Spanish-speaking public. The report, released Tuesday by Chile’s Center for Analysis for Democracy, examined the YouTube channels of CGTN Espanol, Xinhua Espanol and Hola China. The target…
China’s youth ‘lie flat’ as economy slows, with ‘free time worth more than several thousand yuan’
Faced with diminishing job prospects as the economy slows, Chu Yi is choosing to “ lie flat”, a Chinese term used to describe people who work just enough to afford to spend their time on what they enjoy. The Shanghai-based 23-year-old used to work at a fashion company, but said she quit her job two years ago because she had to frequently work overtime and she hated her boss. Chu now works from home just one day a week for a travel company, which gives her ample time to practice…
Genetics journal retracts 17 papers from China due to human rights concerns
A genetics journal from a leading scientific publisher has retracted 17 papers from China, in what is thought to be the biggest mass retraction of academic research due to concerns about human rights. The articles were published in Molecular Genetics & Genomic Medicine (MGGM), a genetics journal published by the US academic publishing company Wiley. The papers were retracted on 12 February after an agreement between the journal’s editor in chief, Suzanne Hart, and the publishing company. In a review process that took over two years, investigators found “inconsistencies” between…