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Huawei offers top talent at least five times what their peers are making to join Chinese giant

Ren Zhengfei, founder and chief executive officer of Huawei Technologies Co., speaks during an interview at the company’s headquarters in Shenzhen, China, on Tuesday, Jan. 15, 2019. Ren, the billionaire telecom mogul, broke a years-long silence as his technology empire faces its biggest crisis over three decades of existence. Photographer: Qilai Shen/Bloomberg Source link

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Xiaomi to equip smartphones with Samsung camera sensors as South Korean giant retreats from China

Chinese smartphone maker Xiaomi announced on Wednesday that it plans to launch two smartphones using Samsung camera sensors, amid the latter’s retreat from China.Xiaomi’s co-founder and president Lin Bin said at a briefing in Beijing that the two companies would launch two new phones, one 108-megapixel Xiaomi brand smartphone and a 64-megapixel Redmi brand smartphone that will both contain some of Samsung’s camera technology.The company did not give more details about these phones nor did it… Source link

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Huawei first-half revenue surges 23 per cent as China telecoms giant fights off US tech ban impact

Huawei Technologies, the world’s largest telecommunications equipment vendor, said its revenue expanded by 23.2 per cent year-on-year in the first half of 2019, as the company battles the effects of being added to a US trade blacklist since mid-May.The Shenzhen company generated revenue of 401.3 billion yuan (US$58.3 billion) in the first six months of the year, up from 325.7 billion yuan during the same period in 2018, thanks to a sharp jump in smartphone shipments and robust demand for its 5G… Source link

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Australian casino giant Crown Resorts sees shares fall after reports Asian crime syndicate used it to launder cash

Crown Resorts may be investigated by Australia’s parliament after reports that an Asian crime syndicate allegedly laundered money through the Melbourne-based company’s casinos.The Age and The Sydney Morning Herald newspapers, along with the 60 Minutes television programme, reported at the weekend that Crown used junket operators with links to drug traffickers as it sought to bring high-roller Chinese gamblers to its Australian casinos.The reports, which cited unidentified law enforcement… Source link

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Chinese surveillance giant Hikvision stockpiles crucial parts to guard against potential US ban

Hikvision Digital Technology, China’s top surveillance camera provider, has sharply increased its stockpile of components and finished products amid concerns that the US may bar it from doing business with American suppliers like it did with Chinese telecommunications giant Huawei Technologies.The Hangzhou-based company reported an over 90 per cent surge in holdings of components and 30 per cent in finished goods over the past six months, saying that such a move was meant to ensure “sustained… Source link

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Chinese fintech giant Lufax cuts P2P lending to meet regulatory requirements, may restart IPO plans after restructuring segment

Ping An Insurance-backed Lufax, one of China’s largest financial technology companies, said on Thursday it was scaling down its peer-to-peer (P2P) lending business, but denied reports it was exiting the sector altogether.The company, also known as Shanghai Lujiazui International Financial Asset Exchange, said: “We are making three cuts in line with regulators’ requirements. The existing P2P products and customers will not be affected.”Lufax was referring to required cuts in outstanding P2P loan… Source link

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US defence giant Honeywell distances itself from Taiwan under threat of China sanctions over arms deal

After China’s state media named several US firms allegedly threatened by sanctions over arms sales to Taiwan, American aerospace and defence giant Honeywell has said it had “no input” into the agreement between Washington and Taipei.Both the People’s Daily and state broadcaster CCTV posted an article on their official WeChat channels on Sunday criticising Honeywell, Oshkosh Corporation, General Dynamics and its subsidiary Gulfstream Aerospace, for their involvement in the sale of tanks and… Source link

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Foreign investors unwind holdings in Chinese liquor giant Kweichow Moutai, consumer stocks amid stretched valuations

Trade in shares of liquor distiller Kweichow Moutai and major rival Wuliangye Yibin is showing signs of retreat as foreign investors trim their holdings in overcrowded Chinese consumer stocks.Global fund managers have sold a combined 422 million yuan (US$61.5 million) of Kweichow Moutai shares through the Stock Connect mechanism this month, while net selling of Wuliangye has totalled 1.2 billion yuan so far, according to the Hong Kong stock exchange. These fund managers were net buyers of these… Source link

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Chinese excavator giant Sany digs in for long haul, sidesteps Trump tariffs with US-based production

Sany Heavy Industry, China’s biggest heavy machines manufacturer by sales, last week started assembling from scratch hydraulic excavators at its US headquarters in suburban Atlanta, Georgia.The company is putting together its SY215 and SY265 models from broken-down parts sourced from China, as well as the United States, Japan and South Korea, in what is known as completely knocked down production. Up until October 2018, it was importing only complete machines from China.“They are in the medium… Source link

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Beer giant AB InBev kicks off US$9.8 billion IPO of Asian business in Hong Kong with roadshow

Belgian brewing giant Anheuser-Busch InBev NV (AB InBev) kick-started the mega listing of its Asia business, Budweiser Brewing Company APAC, in Hong Kong with an investor roadshow on Wednesday, as it inches closer to completing what will be the world’s biggest initial public offering this year.Budweiser Brewing, the largest beer maker in Asia-Pacific by volume, plans to raise up to US$9.8 billion in capital by selling 1.6 billion primary shares at between HK$40 and HK$47 apiece, according to… Source link

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