Business

Business

Steam is coming to China and fans are not happy
Steam, the popular online video game mall, is launching a China-only version, but the news has not been greeted with much enthusiasm from Chinese fans.  China tightly regulates the games that get published, and last year the government required all publishers to obtain a special license.  These tight rules left Steam as the only avenue for its 30 million users to access games that have not been approved in China. Gamers are worried that an official Chinese version will spell the doom of the international Steam site, which is likely to have far more games.  Daniel Ahmad, a senior analyst at market research firm Niko Partners, says the international version of Steam operates in a legal grey a
‘Touching fish’ becomes unusual work philosophy of China’s Gen Z
Young people in China have recently embraced new ‘unofficial’ laziness rules in the workplace to protest against a modern work culture they believe is far too demanding without sufficient rewards.  In a snub to China’s rat race and expectation to work long hours, Generation Z is calling on their comrades to start slacking off, or as they have dubbed it, “touching fish,” or “mo yu.” Among the rules for laziness are doing stretches in the office pantry, using the most toilet paper in the company and filling a thermos full of Chinese tea or whiskey as a desk-side companion, business news outlet Quartz reported. This philosophy of “touching fish” is borrowed from a Chinese proverb which states,
China’s new airline takes flight for the first time with domestically-made jetliner
China’s latest airline has completed its maiden flight using a home-grown jetliner, signifying China’s continuing ambitions to be a world leader in aerospace.  The nearly two-hour commercial flight from Shanghai to Beijing was the first flight for One Two Three (OTT) Airlines, a subsidiary of China Eastern Airlines.    The company used a 90-seater ARJ21 jet for the flight, China’s first domestically made plane. The ARJ21 went into service in 2016.  The ARJ21 was manufactured by Commercial Aircraft Corporation of China (Comac), which has spent the past decade developing its own commercial aircraft as it seeks to break the Boeing and Airbus manufacturing duopoly.  While it is still early days
Alibaba trounces Amazon in the world of high fashion
Amazon is the pre-eminent e-commerce company in the world, and its decades of supremacy in America have turned its founder Jeff Bezos into the world’s richest man.  But despite flirting with high fashion – the giant e-commerce company ran its first fashion advert in 2012 – Amazon clothing has been more “brandless fleece coat” than “embellished high-fashion catwalk.” Luxury fashion, almost uniquely among retail sectors, has been largely untouched by the online giant. Not for much longer – according to Amazon, anyway. In the US last month, the mega platform launched its latest bid for the luxury market with a glossy new designer section. Brands can create their own digital online boutiques wi
The Indian ‘cow dung lights’ aimed at China
Normally made out of mud and clay, one farmer in Gurugram is trying to support the government’s “Make in India” campaign by making “Diya” lamps out of eco-friendly cow dung. Aside from being an inexpensive material, the creator is keen to stress the lamp’s environmental benefits as they can be recycled as organic compost.
Gaming company institutes pay cuts, despite being profitable
A game development company in China has found itself in a PR crisis after it leveraged the coronavirus pandemic to impose voluntary pay cuts despite having a profitable year. At Duoyi Network, a gaming company based in the southern city of Guangzhou, more than 90% of the staff reportedly took the voluntary pay cuts. The company said the applicants were “mostly happy and satisfied” in a series of statements issued over the weekend.  Controversy ensued when the company also said it implemented pay cuts to “test the staff’s loyalty,” and the company’s chairman, Xu Bo, offered a 30,000 yuan ($4,500) “reward” for anyone to come forward and admit that they did not want to take a pay cut.    “No ma
The world's largest IPO has been suspended
China’s regulators have foiled the largest stock sale in global finance as they called a halt on the November 5 debut of Ant Group’s IPO on the Shanghai and Hong Kong exchanges, less than 48 hours before the highly anticipated start of trading. Some 1.55 million small investors in Hong Kong had pumped $167.7 billion into the initial public offering in a bid to get a slice of the shares. They will get refunds, which include brokerage commission and stock exchange trading fee, within this week, according to Ant’s stock exchange filing. A meeting earlier this week between Ant Group’s senior executives and China’s top financial regulators led to “significant change” to Ant’s business environment
What is Jack Ma’s Ant Group, the fintech giant set for the world’s biggest IPO?
Digital financial services giant Ant Group is on the cusp of pulling off the world’s biggest initial public offering and could be worth over $500 billion in the near future, riding on the digitization of financial services in the world’s second-largest economy. Ant’s coming out parade illustrates China’s lead in digital finance. Its super-slick mobile payment app, Alipay, has over 1 billion users, who can click on the Alipay app for services ranging from food deliveries to garbage collection. It is the world’s most popular app outside social-media networks. Ant plans to plough the $34.5 billion it is raising from dual listings in Hong Kong and Shanghai into future revenue drivers, such as bl
China’s electric car market is accelerating. Can makers keep us charged?
The world is returning full circle to the electric car, as concerns about gaseous emissions and their impact on climate change compel global governments to find alternatives to gas-guzzlers. Iowa was the global hub for electric vehicles more than a century ago, with more than 30,000 horseless carriages produced in Des Moines at the industry’s peak in 1912. William Morrison, a Scottish immigrant and chemist, had invented a self-powered electric carriage – known as the auto-mobile – using lead-acid battery cells that could carry 12 passengers at a top speed of 20 miles per hour for 50 miles (80km) before recharging. In the century since, vehicles running on oil-guzzling internal combustion eng
Trump trade policies may have been bad for America
When the US-China trade war kicked off in 2018, Xu Yanlin, a senior sales manager for a Guangzhou company selling clothes and household items on Amazon, worried that her US market would collapse. But instead, her online store thrived, as the firm jacked up prices and passed Donald Trump’s trade war tariffs on to customers. “The tariffs were absorbed by American consumers themselves. We have generally increased the unit price this year. For example, a design for which we charged $16 before is now priced at about $19.99,” said Xu. Some 6,959 miles away in Phoenix, Arizona, Barry Vogel, CEO of industry group Audio & Loudspeaker Technologies International, said the tariffs were a “double whammy