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Business

Chinese tech boss won’t hand out cash gifts amid coronavirus concerns
Many Chinese workers can expect their bosses handing them a red packet stuffed with cash during the Lunar New Year celebrations. But this year, employees at Tencent, one of China’s biggest tech companies, won’t be getting the packets directly from company founder Pony Ma. It will be the first time in nearly two decades that this has happened at the company, as China deals with the spread of a deadly coronavirus. The virus has killed nine people in the central Chinese city where it originated and infected 440 others across the country. Tencent, based in the southern Chinese megacity of Shenzhen, has canceled the handout of these red packets, also known as hongbao or laisee, on the first worki
Chinese tech boss won’t hand out cash gifts amid coronavirus concerns
Hit by unrest and recession, Hong Kong remains king of unaffordable housing
Hong Kong has been ranked yet again as the world’s least affordable housing market with social unrest failing to make any meaningful dent on home prices for most of 2019. It is the 10th straight year the city has held that dubious honor and is unlikely to be toppled in the near future. A family in the city would need to save up for 20.8 years to afford a home in the city, according to the annual Demographia International Housing Affordability Study, which ranks 92 major markets across the world based on median affordability scores. That has barely changed from 20.9 years in 2018. Vancouver came in a distant second at 11.9 while Sydney took third place at 11. Melbourne at 9.5 and Los Angeles
Hit by unrest and recession, Hong Kong remains king of unaffordable housing
China’s growth falls to 29-year low. Official says progress ‘unstoppable’
China’s economy grew by 6.1% in 2019, the lowest annual growth rate for 29 years, the National Bureau of Statistics said on Friday. The gross domestic product (GDP) figure came in a year in which the Chinese economy was hammered by US tariffs as a result of the trade war. The new data comes a day after China and the United States signed an initial trade deal on Wednesday, marking something of a ceasefire in the trade dispute between the world’s two largest economies. However, despite falling to a new low since 1990, when political turmoil drove economic growth down to 3.9%, the 6.1% rate met the target range of between 6.0% and 6.5% set by the central government at the beginning of last year
China’s growth falls to 29-year low. Official says progress ‘unstoppable’
More people downloaded this Chinese app than Facebook
TikTok, the Chinese-owned short video platform popular among American teens, and Douyin, the domestic version of the service, became the world’s second-most downloaded app last year, according to market analyst Sensor Tower. TikTok and Douyin amassed a combined 740 million downloads last year, overtaking Facebook and Messenger, trailing only WhatsApp (which, like the Messenger app, is also owned by Facebook). As one of the rare Chinese-owned services that took off overseas, TikTok’s rise in the US has been met with pressure from lawmakers over national security concerns and alleged censorship.  The scrutiny has come at a time of mounting skepticism in Washington over China’s rising global in
More people downloaded this Chinese app than Facebook
Rise of Chinese sex rings catches Philippines by surprise
A sudden new development in the sex trade in the Philippines has left the country’s law enforcers scratching their heads: the rise of Chinese prostitutes catering exclusively to Chinese customers. Nearly 300 Chinese sex workers and their clients were rounded up in raids by the Philippine authorities on 12 brothels in six cities in the second half of last year, the Philippine media company ABS-CBN reported this week. Agents believe all the raided premises were being run by mainland Chinese, for Chinese clients. A source at the National Bureau of Investigation who took part in one of the raids told the South China Morning Post the brothels are a “new development.” The brothels’ customers, pros
Rise of Chinese sex rings catches Philippines by surprise
China has a path to become a climate change leader
If it wants, China can sustainably phase-out coal-fired power and keep the climate from warming by 2°C (3.6°F), without creating a serious economic impact.  According to a new study of the energy sector, China can meet a more ambitious goal of keeping warming to 1.5°C (2.7°F), but that would require meticulous planning and financial support to retire the coal plants.  “This report shows that a sustainable coal power phase-out in China is possible, by rapidly retiring the low-hanging fruit and gradually reducing the operating hours of the remaining [coal-fired power] plants,” said Jiang Kejun, a co-lead author of the study and senior researcher with the Chinese government-backed Energy Resear
China has a path to become a climate change leader
What makes Elon Musk dance like nobody’s watching in China
The video came with a warning, for good reason. Elon Musk, co-founder and CEO of Tesla, shared footage of him awkwardly dancing on stage at a Shanghai event for his electric car company.  In his own telling, the video of his flailing limps was “NSFW!!” – not safe for work – internet lingo usually applied to porn and other stuff you don’t want to be caught watching in the office. At Tesla Giga Shanghai NSFW!! pic.twitter.com/1yrPyzJQGZ — Elon Musk (@elonmusk) January 7, 2020 Scripted or not, Musk’s unabashed display of joy is testimony to the good fortune he’s had in China as he sought to expand Tesla’s sales and production.  The Shanghai event was held on Tuesday to mark the delivery to cust
What makes Elon Musk dance like nobody’s watching in China
China is struggling to break reliance on old economy
As China battles a trade war-fuelled economic slowdown, one of its main growth engines – the “new economy” – is stalling. The “new economy” has never been officially defined, but it is a concept loosely applied to a wide range of industries, from artificial intelligence and advanced manufacturing to fintech and web-based tourism. Beijing had hoped these industries would propel China from a traditional economy powered by unsustainable infrastructure investment and low-end manufacturing to a modern services-based economy. New research suggests this is not happening. Compared to 2014, the share of Chinese companies concentrated in the new economy has fallen.  Those companies that are in the ne
China is struggling to break reliance on old economy
After KFG and Plada, Chinese lookalike sparks ‘disgust’
Chinese brand “Cherlss & Keich” has denied it was a copycat, after consumers complained of being tricked by its close resemblances with Singaporean fast-fashion brand Charles & Keith. On the Twitter-like Weibo, some users said they shopped at stores that looked almost the same as Charles & Keith’s only to find the brand name on the products was spelled differently.  The Cherlss & Keich brand is run by a leather product company in the southern city of Guangzhou. In photos posted on social media, the designs of its products, shopping bags and the storefronts all bear close resemblances to those of the Singaporean brand.  But an employee at Cherlss & Keich denied the company had copied from th
After KFG and Plada, Chinese lookalike sparks ‘disgust’
Who’s that in the logo? Trademark case claims $30 million in damages
It is an image that is easy to find across China. A martial artist, wearing a yellow jumpsuit, is holding up his arms ready to attack or defend. You could be forgiven if you drove by and thought it was a picture of the kung fu star Bruce Lee. But technically, it is not. It is the logo of a famous Chinese fast-food chain called Real Kungfu.  The company has been using the logo for 15 years, but now it is facing a lawsuit from Bruce Lee’s family.  The lawsuit is the latest example in a series of trademark disputes between Chinese companies and international celebrities.  Bruce Lee Enterprises, run by Lee’s daughter Shannon Lee, is suing the restaurant chain for 210 million yuan ($30 million).
Who’s that in the logo? Trademark case claims $30 million in damages