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Former UK surveillance head says calls to freeze Chinese companies out of telecoms in Western countries are “short on technical understanding”

Britain’s former surveillance chief has characterised the “chorus of voices” calling for a blanket ban on Chinese companies like Huawei Technologies from telecommunication networks in Western countries amid perceived cyber threats as being “short on technical understanding” of cybersecurity and the complexities of 5G networks. While the Government Communications Headquarters’s National Cyber Security Centre “has been blunt about Huawei’s shortcomings in security engineering and in its general attitude to cybersecurity,” it has “never found evidence of malicious Chinese state cyber activity through Huawei,” Robert Hannigan, who was director of GCHQ…

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As Foxconn changes US manufacturing plans, job promises fall short

It has been 18 months since Foxconn Technology Group, the world’s largest electronics contract manufacturer, announced to great fanfare that it was building a US$10 billion factory to make television screens on farmland in southeastern Wisconsin in the United States. The plan was as big as it was audacious: Fuelled with billions in taxpayers subsidies, the Taiwanese company, formally known as Hon Hai Precision Industry, would build a 22 million square-foot campus, filled with 13,000 highly paid workers. In the process, it would transform the sleepy village of Mount Pleasant,…

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Investment 

Chinese carmaker Geely’s shares plunge 11.6pc after annual sales fall short of target, warns of dismal year ahead

Shares of Geely Automobile Holdings slumped 11.6 per cent on Tuesday after the mainland carmaker missed its sales target for 2018 and forecast flat sales for this year amid a bleak market outlook. The Hong Kong-listed unit of Geely Auto Group controlled by Chinese billionaire Li Shufu said in a filing to the stock exchange on Monday evening that it had achieved 95 per cent of the targeted sales of 1.58 million units in 2018, following a 44 per cent year on year sales drop in December alone. Tesla to…

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From toothpaste to short video: a snapshot of how the world’s top companies have changed over 20 years

Remember 1998? It was the year when Titanic swept the Oscars, Britney Spears released her debut single “Baby One More Time”, and people were fiddling with the snake game on their Nokia 5110. It was also the time when General Electric, Coca-Cola and ExxonMobil were among the most valuable companies in the world, with German reinsurer Hannover Re topping the list. Fast forward 20 years and market ascendancy has changed dramatically with technology companies leading the way despite a swoon towards the end of 2018 because of valuation concerns amid…

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Beijing’s small businesses face uncertain short term future due to tighter tax rules despite China’s government vowing to reduce overall burdens

Small businesses in Beijing face an uncertain short term future when a tighter tax collection method comes into force next year, according to a corporate legal and tax consultant in the Chinese capital. From January 1, small privately-owned businesses will have to pay their business rates based on their actual accounts, rather than the current practice of paying a fixed amount periodically based on revenue estimated by the tax department. The move, which was announced at the end of last month by tax authorities in all districts of China’s capital…

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Hengan International shares plunge in Hong Kong after short seller brands it ‘worthless’

Trading in the stock of Hengan International Group Co., China’s largest sanitary napkins and baby diapers producer, was suspended after a short seller’s report that branded the shares “worthless” caused them to plunge in Wednesday trading. Hengan International Group Co., China’s largest sanitary napkins and baby diapers producer, plunged in Hong Kong in early Wednesday trading after a short seller accused the company of fabricating income and branded the stock “worthless”. Trading of the stock has been halted. Bonitas Research, an Austin, Texas-based short-selling institution, claims Hengan International has fabricated…

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China’s Baidu tops revenue estimates as company pivots towards short video, mini programs and AI

Traffic growth on Baidu Inc’s mobile app helped drive higher-than-expected third quarter revenue as China’s biggest search engine operator places more emphasis on artificial intelligence (AI) and autonomous driving. Revenue rose to 28.2 billion yuan (US$4.11 billion) from 23.49 billion yuan in the same quarter a year ago. That beat the average estimate of 27.53 billion yuan, according to Refinitiv data. Net income rose 56 per cent year-on-year to a better-than-expected 12.4 billion yuan. Baidu chairman and chief executive Robin Li Yanhong said on Wednesday he expects mini-programs and short…

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Vietnam 

Caution ends market’s short recovery – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Rising caution among investors about poor general market conditions put an end to a short-lived recovery on Tuesday. The benchmark VN-Index on the Ho Chi Minh Stock Exchange ended at the new 16-week low of 888.69 points after having risen as much as 0.67 per cent during the session. The southern market index had fallen total 8.52 per cent since October 18 to hit 888.82 points on Monday. The HNX Index on the Hà Nội Stock Exchange gained 0.54 per…

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Investment 

Samsonite shrugs off short seller attack as it plans to add more stores in Asia-Pacific

Two months since the surprise short seller attack on Samsonite, which wiped out more than US$1 billion from its market value at the end of May, the company says that the incident has had no major impact on its operations and that it was still looking to expand. The Hong Kong-listed shares of the world’s largest luggage maker by volume lost more than 22 per cent of its value at the end of May after Blue Orca questioned its accounting practices. “The [short seller] attack hasn’t impacted our business at…

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Ecommerce 

Alibaba’s Taobao jumps on short video bandwagon, launches stand-alone app to drive e-commerce

Alibaba Group Holding’s Taobao is making a move into short video, launching its own stand-alone app aimed at letting users show off their goods to each other on the consumer-to-consumer platform. The app – called “Lu Ke” in Mandarin (which plays on the English word “Look”) – was officially available on app stores last week. The short video app lets users upload videos in different categories, such as travel, food and even beauty, and includes a question and answer section where users can answer questions submitted by viewers. Product listings…

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