News That Matters

Tag: Chinese

Trump seeks to save Chinese jobs at ZTE ahead of trade talks

Trump seeks to save Chinese jobs at ZTE ahead of trade talks

Technology
China has welcomed a pledge from Donald Trump to help save ZTE, one of China's biggest telecoms companies. The firm has suspended operations after the US last month banned American companies from selling it components. ZTE had admitted to making illegal shipments to Iran and North Korea.But Mr Trump has now tweeted he will work with President Xi to help ZTE get "back into business fast", saying too many jobs in China were at risk.China's called the comments "positive". "We greatly appreciate the positive position of the US on the ZTE issue and are in close communication with the US on the details of the issue," foreign ministry spokesman Lu Kang said.US commentators say the tone of the tweet is a dramatic shift for Mr Trump, who has consistently accused C...
Xiaomi eyes a giant Chinese IPO

Xiaomi eyes a giant Chinese IPO

Finance
IN CHINA no company achieved $ 1bn in annual revenue as quickly as Xiaomi did, in the year following the launch of its first smartphone in 2011. Chinese media initially nicknamed Xiaomi the “Apple of the East” (its literal translation is “little rice”). That was a stretch, even in good times. But within another two years the affordable-handset-maker became the world’s most valuable startup, worth $ 46bn.Analysts reckon that it now wants to raise up to $ 10bn in an initial public offering (IPO) on Hong Kong’s stock exchange which was announced on May 3rd. (Its filing documents disclose neither the valuation that it is seeking, nor a fundraising target.) That could afford it a very generous valuation of as much as $ 80bn—not far off the $ 91bn market...
Chinese gov't official sentenced to life in prison for accepting bribes

Chinese gov't official sentenced to life in prison for accepting bribes

World
May 8 (UPI) -- A Communist Party chief in China has been sentenced to life in prison for accepting approximately $ 27 million in bribes.Sun Zhengcai, former secretary of the Chongqing Municipal Committee of the Communist Party of China, will also get all of his personal property confiscated under the sentence which was announced Tuesday by the First Intermediate People's Court of Tianjin Municipality, Xinhua reported."This is the outcome of my own deeds and I deserve all of this," Sun said on state television during his one-day trial last month, according to Bloomberg. "I sincerely confess my illegal actions with regret and will obey the court's decision."Sun, 54, was convicted of accepting $ 27 million bribes in property and cash between 2002 and 2017.At the time of his arrest last year, ...
Arsenal FC news: Arsene Wenger offered the chance to become the highest paid manager in the world by Chinese club – reports

Arsenal FC news: Arsene Wenger offered the chance to become the highest paid manager in the world by Chinese club – reports

Sports
No wonder Wenger is smiling with that offer...Friday, April 27, 2018Outgoing Arsenal manager Arsene Wenger has been offered the chance to become the highest-paid manager in the world by a club in China, according to reports.The offer from the Far East, which is said to be the biggest he has received so far, is said to be worth more than the £24-million-a-year Marcello Lippi earns as manager of the Chinese national team.Mirror Sport understand Wenger would prefer a move to either France or Spain but the chance to earn significantly more than the £8-million-a-year he is on at the moment could convince him otherwise.The report goes on to say Wenger would like a club with a project where he can nurture players and help them grow.Paris Saint-Germain are rumoured to be very interested in Wenger,
Chinese Uber competitor Didi Chuxing reportedly in talks to launch $80 billion IPO

Chinese Uber competitor Didi Chuxing reportedly in talks to launch $80 billion IPO

Finance
Chinese ride-hailing giant Didi Chuxing is holding talks about an initial public offering (IPO), according to a report.Didi Chuxing was last valued at more than $ 50 billion in December, after raising $ 4 billion from investors including Japanese conglomerate SoftBank. It now wants to reach a valuation of between $ 70 and $ 80 billion through an IPO, The Wall Street Journal reported, citing unnamed sources.The company could go public as early as the second half of 2018, sources told the WSJ, but as talks are in the early stages a set date for the listing is not entirely clear.Didi Chuxing declined to comment on the report when contacted by CNBC.Didi said Tuesday that it was expanding its service to Mexico, a move that pits the company directly against Uber. Didi has also said it wants to ...