Connect with us

Business

Security scuffle with Chinese protestors demanding $1.5 billion in frozen bank deposits

Published

on

Thousands gathered in Southwest Beijing outside China’s central bank to protest frozen deposits, before facing heavy-handed security.

Around a thousand people gathered in the Chinese city of Zhengzhou in Henan province to protest rural-based banks who froze an estimated $1.5 billion worth of deposits on Sunday.

Those that gathered outside the Zhengzhou branch of China’s central bank are among the thousands of customers who opened accounts with a select few banks who offered higher interest rates.

Customers later found they couldn’t withdraw their funds after the head of the banks’ parent company was wanted and on the run for serious financial crimes. 

The millions of dollars worth of deposits have been frozen since April, the reason given by the banks’ being due to internal systems upgrades.

The banks in question haven’t responded to calls to make a comment on the matter.

Footage shows that the protest was eventually broken up by plain-clothed security personnel who allegedly outnumbered protestors, three-to-one.

One 40-year-old protestor by the last name Zhang told a Reuters reporter, “I feel so aggrieved I cant even explain it to you.”

The man says he had been hoping to get back the $25,000 that he deposited with on the banks, Zhecheng Huanghuai Community Bank.

He says four unidentified security personnel took him away The clash with security also resulted in him suffering injuries to his foot and thumb.

“They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That’s ridiculous. It’s the banks that are breaking the law.”

Zhang, Protestor

Business

‘Sorry’ – Optus hacker releases statement changing demands

Published

on

Australian telecommunications company Optus has been the victim of a hack, with the hacker now backflipping on releasing 10,000 customer records.

The hacker initially demanded one million dollars, or else a tranche of 10,000 records will be released every day over the coming four days.

But within hours the decision was changed.

“Sorry too 10,200 Australian whos data was leaked. Australia will see no gain in fraud, this can be monitored. Maybe for 10,200 Australian but rest of population no. Very sorry to you. Deepest apology to Optus for this. Hope all goes well from this,” the alleged Optus hacker posted to a forum.

The records that have been released so far include names, addresses, email addresses, dates of birth, and gender.

Optus is urging customers to change their passwords and is working with law enforcement to investigate the incident.

A total of 9.8m current and former customers have been impacted by the breach, which the government says is a major corporate failure.

Optus is working with law enforcement and has advised affected customers to change their passwords and online security questions.

This is a developing story and more information will be released as it becomes available.

Continue Reading

Business

Apple’s big shift away from China

Published

on

Apple’s big shift away from China will see the iPhone 14 manufactured in India

APPLE’S BIG SHIFT – In a move that is sure to please Indian officials, Apple has begun manufacturing the iPhone 14 in India.

“The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” the company said in a statement.

It marks a big shift in Apple’s manufacturing strategy, with most of its products produced in China up until now.

Apple’s decision to move some of its production to India is likely due to the ongoing trade tensions between the U.S. and China.

For years, Apple has relied on Chinese factories to assemble its products. But current tensions have made it difficult for Apple to source parts from the nation.

Experts say India is an attractive option for Apple because it has a large population of potential customers. Their labour laws are also more relaxed than those in China.

In saying this, wage growth in India is outpacing that of China. This could eat into Apple’s profits.

India is the world’s second-largest smartphone market and Apple currently has just a 3.8 per cent market share. Low cost competitors including Samsung and Xiaomi are continuing to reign supreme.

In research by JPMorgan, experts suggest Apple to move 5 per cent of its iPhone 14 production from late 2022 to India. From 2025, the tech company is expected to produce one in four of its devices, including iPads and watches, outside China.

Continue Reading

Business

The best airlines to fly ECONOMY in 2023

Published

on

There’s always so much attention on the pointy end of the plane – business and first class. But for most, the decision of which airline to fly comes down to the most comfortable economy seat.

Here are our picks for the best airlines to fly economy in.

1. JetBlue


JetBlue is an American low-cost carrier that is headquartered in New York City. The airline was founded in 1999 and operates over 1,000 flights per day to more than 100 destinations in the United States, Caribbean, and Latin America. JetBlue is known for its low fares, friendly service, and comfortable seats.

The airline plans to increase its focus on domestic operations in 2019 with the launch of a new loyalty program and the addition of new routes from New York City and Boston.

2. Southwest Airlines


Southwest Airlines is an American low-cost carrier that is headquartered in Dallas, Texas. The airline was founded in 1971 and operates over 4,000 flights per day to more than 100 destinations in the United States and 10 other countries. Southwest is known for its low fares, friendly service, and frequent flyer program.

As of 2018, JetBlue serves 101 cities in the U.S., Mexico, the Caribbean, Central America, and South America. The airline plans to increase its focus on domestic operations in 2019 with the launch of a new loyalty program and the addition of new routes from New York City and Boston.

3. Spirit Airlines


Spirit Airlines is an American low-cost carrier that is headquartered in Miramar, Florida. The airline was founded in 1980 and operates over 600 flights per day to more than 60 destinations in the United States, Caribbean, and Latin America. Spirit is known for its ultra-low fares, fee-based services, and often controversial marketing campaigns.

In recent years, the airline has also made a push to appeal to more business travelers, with an expanded network of flights to major cities. As it looks to the future, Spirit is hoping to continue to grow its market share and become a major player in the airline industry.

4. Allegiant Air


Allegiant Air is an American low-cost carrier that is headquartered in Las Vegas, Nevada. The airline was founded in 1997 and operates over 400 flights per day to more than 120 destinations in the United States. Allegiant is known for its low fares, focus on leisure travel, and unique business model.

In addition to its scheduled services, Allegiant Air also offers charter flights and vacation packages. The airline is known for its low fares and friendly customer service.

5. Frontier Airlines


Frontier Airlines is an American low-cost carrier that is headquartered in Denver, Colorado. The airline was founded in 1994 and operates over 1,000 flights per day to more than 90 destinations in the United States, Mexico, and Costa Rica. Frontier is known for its low fares, “unbundled” pricing structure, and animal mascot

In addition to its domestic operations, Frontier also offers flights to Mexico, Costa Rica, and Jamaica. With its growing fleet of Boeing and Airbus aircraft, Frontier is well-positioned to continue its expansion in the years ahead.

Continue Reading

Trending Now

Copyright © 2022 The Ticker Company PTY LTD