Money

U.S. to add more Chinese firms to blacklists – FT

Published

3 years ago

December 16, 2021

ticker NEWS

Shares in Chinese healthcare and technology firms tumbled on Wednesday after a report that the United States would add more Chinese firms, including the largest commercial drone maker and biotech firms, to investment and export blacklists this week. Francis Maguire reports.

The world’s biggest commercial drone maker looks set to go on a U.S. investment blacklist.

DJI is among eight firms added, according to the Financial Times newspaper.

It says the U.S. Treasury Department is targeting DJI and others after allegations they were involved in surveillance of the country’s Uyghur Muslim minority.

China’s Foreign Ministry criticised the reported move.

“We urge certain people in the U.S. to abandon the Cold War mentality and ideological prejudice, and stop the abuse of state power to unreasonably suppress China’s specific fields and enterprises.”

A DJI spokesperson declined to comment on the report.

Though they did link to a statement from a year ago, when the company claimed it had done nothing to justify a move against it.

The Financial Times also reported the U.S. commerce department would place a number of Chinese firms on a so-called ‘entity list’.

That would restrict exports to those companies by U.S. businesses.

Shares in related firms skidded in Wednesday trade.

Chinese healthcare stocks were down 3.2% in afternoon trade, and the sell-off was even sharper in Hong Kong, at 7.6%.

Another major Chinese AI start-up, SenseTime, was also added to the Treasury blacklist just days ago.

The company was then forced to postpone its $767 million Hong Kong IPO.

Money

China has pledged to “significantly increase” debt to jumpstart its economy

Published

14 hours ago

October 14, 2024

ticker NEWS

Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

Leaders

Niche accountants proving essential to e-commerce success

Published

5 days ago

October 9, 2024

ticker NEWS

Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

#featured

Money

Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

Published

6 days ago

October 9, 2024

ticker NEWS

Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending