China Financial News

Because we welcome immigrants," Joe Biden said at a Washington fundraising event, adding, “Why is China stalling so badly economically, why is Japan having trouble, why is Russia, why is India, because they're xenophobic. They don't want immigrants. Immigrants are what makes us strong," Joe Biden said.

Luminar Technologies, a maker of lidar sensors for self-driving cars, said on Friday that it would cut its workforce by about 20%, as part of a restructuring plan for the current year. As of December last year, the company had nearly 800 full-time employees in the U.S., Germany, Sweden, India and China.

Met Gala serves as a branding event for Vogue, it has long accepted sponsorships from the tech giants that have threatened the very survival of legacy media publications. Amazon founder Jeff Bezos appeared as the ball's honorary chair in 2012. Four years later, when Apple was a Met Gala sponsor, its CEO, Tim Cook, showed up in tux and tails. And Instagram supplied cash in 2022.

Short-form video took center stage at tech and social media companies' annual presentations to advertisers, as platforms like Snap and Meta look to capitalize on TikTok's political uncertainty in the US to take ad dollars from their rival. The presentations in New York, known as the NewFronts, come just a week after US President Joe Biden signed a bill that gives Chinese tech company ByteDance up to one year to divest TikTok, or else the app will be banned over national security concerns. TikTok has vowed to fight the legislation.

OpenAI’s ChatGPT’s absence in China has created a unique opportunity for a new wave of Chinese AI startups, each vying to fill the void and establish themselves as leaders in the generative AI space.

Tesla Power" to market its products, on May 3. The lawsuit, heard in the Delhi High Court, seeks damages and a permanent injunction to stop the use of the Tesla brand name, as per Reuters. During a court session this week, it was revealed that the Indian company, Tesla Power India Pvt Ltd, continued to promote its products under the "Tesla Power" brand despite receiving a cease-and-desist notice in April 2022, as reported on the court's website, the report added.

Also read | Input costs, election, Chinese imports to weigh on steelmakers' Q4 Similarly, the manufacturing process of engineering goods involves heat-intensive processes. Casting, forging, and welding are common processes used to shape and assemble metal components—all of which require high temperatures. Plastic materials, too, are melted at high temperatures and then moulded into desired shapes.

Restaking protocol EigenLayer is handing out an extra 100 EIGEN to 280,000 qualifying wallet addresses after criticism over its first airdrop.

The Biden administration softened its proposed limits on tax credits for electric vehicles, letting consumers get up to $7,500 for cars containing Chinese graphite through 2026. That is a two-year extension before some of the most stringent supply-chain requirements kick in. The reprieve gives car manufacturers an easier than expected path to make and sell vehicles eligible for the full tax credit.

SINGAPORE—Across China and among the global scientific community, Friday’s launch of a Chinese mission to collect samples from the moon’s far side has been hailed for its potential for a scientific breakthrough. But in the U.S., lawmakers and the National Aeronautics and Space Administration are closely watching the expedition with trepidation: as a milestone in a rival’s campaign to build a base on the moon’s most strategic location. The latest frontier of the U.S.-China technological Cold War orbits 240,000 miles above us.

Rahul Gandhi filed his nomination from Uttar Pradesh's Raebareli, his Wayanad rival Annie Raja cited that the Congress party should have informed the people of Wayanad of the possibility, even if it was a ‘last-minute decision’. Noting that it is a question of morality, the Communist Party of India candidate stated that Wayanad voters have the right to know that if he wins from both the constituencies, where would he resign from. "I am very sure that it is not a certain decision.

H-1B visa is offering advice to fellow tech immigrants on LinkedIn. The Chinese national, who also experienced a layoff at Amazon previously, shared his strategies for weathering job loss. Having previously navigated a layoff in 2019 he took a proactive approach when he noticed Google initiating another round of job cuts. Seeing similar actions at other tech giants such as Amazon, Microsoft, Meta, and X (formerly Twitter), he realized that his own position could be at risk. Instead of waiting to be caught off guard, he chose to prepare in advance for the possibility of being laid off. His story underscores the unique difficulties encountered by H-1B visa holders during layoffs, where securing a new sponsoring employer is crucial for maintaining legal status in the country. He outlined five main strategies he employed to mitigate the impact. 5 tips the Google techie shared for H-1B visa holders in his post:

Gold headed for its first back-to-back weekly loss in more than two months on concerns that the Federal Reserve may take longer to cut interest rates than previously expected as inflation risks persist. 

Sensex crashed 1,126 points or 1.5% to the day's low of 73,627.99, the broader Nifty 50 plunged 289 points, hitting the day's low of 22,358.65. All sectoral indices are trading with cuts. The market capitalisation of BSE-listed companies also dropped by a whopping Rs 4.25 lakh crore.

Student demonstrations spreading across U.S. campuses have drawn attention in Beijing, where comments by some officials and state media have conveyed sympathy for the protesters and criticism of what is seen as a U.S. double standard on protest crackdowns.

BEIJING — Chinese automakers, including state-owned auto giant GAC Group, can't afford to take it easy in the country's electric car boom if they want to survive.

Ukraine, trade and investment are expected to dominate Chinese leader Xi Jinping's first trip to Europe in five years, as the Asian giant rebuilds its foreign relations after a prolonged absence during the Covid-19 pandemic. Xi will start the tour in Paris on Monday, meeting with French President Emmanuel Macron, who has been stressing the idea of European strategic autonomy from the U.S. On a visit to Beijing last year, Macron courted controversy by saying France would not necessarily always align with the U.S. in foreign policy, an apparent reference to American support for the self-governing republic of Taiwan, which China claims as its own territory to be annexed by force if necessary.

blamed “xenophobia" for stalling economic growth in Japan, China and India. His comment will be read with a lot of surprise, especially in India, as will his characterisation of India’s economic growth as “stalling", and clubbing it with the decidedly slow-growth club of China and Japan. Biden made the comment at a fundraising event for his 2024 re-election campaign, so it could be argued that it was for a domestic audience.

Kishida unveiled an international framework for regulation and use of generative AI on Thursday, adding to global efforts on governance for the rapidly advancing technology. Kishida made the announcement in a speech at the Paris-based Organization for Economic Cooperation and Development.

The Times Of India that his visit could take place early next week. This will be the first high-level visit by either since the pro-China president Mohamed Muizzu defeated his India-friendly predecessor Ibrahim Solih and took office last year. Since then, India's relations with its neighbor in the Indian Ocean have suffered repeatedly as a result of Muizzu's efforts to restrict defense and security cooperation with India.

Asian stocks rallied on Friday after Apple's record $110 billion share buyback plan lifted the tech sector, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected interventions from Tokyo. With markets in Japan and mainland China closed on Friday, regional trading activity is likely to be subdued as traders look ahead to the U.S. nonfarm payrolls data later in the day.