Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China Is SoftBank’s Biggest Problem Now — With the party over in Beijing, the company will now have to prove it can deliver big investment returns without Chinese Big Tech.
- Chinese Court Rejects Death-Penalty Appeal by Canadian National — The decision is likely to increase geopolitical tensions around Canada’s detention of a Huawei executive.
- In China, Women Fill Gap in Heavy-Labor Industries — Shortage of male workers opens path in industries like construction and railways, spurred by rural development initiatives.
- After Tokyo, Beijing Olympics Promise Colder Weather but Hotter Rhetoric — Nationalist fervor in China is poised to define the 2022 Winter Games; ticket sales uncertain with only six months to go.
- Chinese Bond Swings Threaten Global Debt Investors — Turmoil in China spreads beyond emerging-markets specialists to conventional bond funds that bought debt from country’s firms in recent years.
- State Department Fines Radar Company for Unauthorized Exports to China, Russia — Keysight Technologies agrees to pay $6.6 million penalty, hire compliance officer.
- Video: China’s Tough Stance on Crypto Mining Is a Boon for Miners Elsewhere — Cryptocurrency miners in China are turning off their machines after Beijing warned it would tighten its control over the industry. This has created an opportunity for miners elsewhere, as the power behind crypto becomes less dependent on one place.
The Financial Times
- Tencent-backed group behind hit game ‘PUBG’ tumbles on market debut — South Korea’s Krafton falls close to 20 per cent after $3.8bn IPO on valuation concerns.
- Joint Russian and Chinese military exercise stirs US unease — Analysts say Moscow and Beijing could grant access to each other’s electronic communications systems.
- Delta outbreak piles pressure on China’s homegrown vaccines — Officials insist jabs work but lack of peer-reviewed research reinforces doubts about efficacy.
- Belt and Road dam in Cambodia branded a ‘disaster’ for local communities — Report says Chinese-funded projects threaten a food crisis in the Mekong river delta.
- Multinationals in Hong Kong fear fallout from new law — Companies worry balancing act between US and China set to become harder.
The New York Times
- Chinese Court Rejects Canadian’s Appeal of Death Sentence for Drug Trafficking — Robert Lloyd Schellenberg initially received 15 years in prison for methamphetamine trafficking. But he was handed a death sentence in a one-day retrial in 2019.
- Evergrande Went From China’s Biggest Developer to One of Its Worst Debtors — Regulators want to fix the property sector’s bad habit of borrowing too much. Evergrande, with its billions of dollars in debt, may stand in the way.
Caixin
- Review Started on Standard Chartered’s Application to Open Wholly Owned Brokerage in China — The country has given the green light to at least eight foreign institutions to either set up foreign-controlled securities firms or take controlling stakes in existing ventures.
- China’s Box Office Flops as Covid Flare-Ups Curb Screenings — Weekly ticket sales at Chinese cinemas in August drop by nearly 30%, adding pain to an already gloomy year.
- Boeing 737 Max Lands in Shanghai for Flight Tests to End Grounding — American aviation giant aims to get the plane back in the air by year-end in China, one of its most important markets.
South China Morning Post
- China responds with fury to US intelligence hunt for Covid-19 lab leak evidence — A report that US intelligence agencies are working through a vast catalogue of genetic data obtained from the Wuhan Institute of Virology in their hunt for the origins of the new coronavirus has met with a furious response from Beijing.
- Chinese internet firms’ funding should be led by Chinese investors for data security, state-owned newspaper says — Chinese state-controlled funds should be the lead investors of the country’s internet companies to protect data security, an opinion piece published on Tuesday by the local Economic Information Daily said.
- China recalls envoy to Lithuania over Taiwan’s move to open de facto embassy — Beijing has recalled its ambassador to Lithuania in protest over the Baltic state’s decision to allow Taipei to open a representative office in Vilnius.
- Hong Kong’s biggest teachers’ union to disband after authorities severed ties — Communist Party mouthpieces Xinhua and People’s Daily ran simultaneous articles calling it a “malignant tumour” that had to be eradicated.
Bloomberg
- Evergrande in Talks to Sell Stakes in EV, Property Services — China Evergrande Group said it’s in talks with investors on selling assets including part of the interests in China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group Ltd.
- China Draws Red Line on Taiwan With Recall of Lithuania Envoy — China withdrew its ambassador from Lithuania to protest the European nation’s move to let Taiwan set up a de facto embassy, sending a rare warning to others that might seek more formal ties with Taipei.
- Ever-Powerful Xi Finds ‘No Better Time’ to Humble China Tycoons — As China investors search for clues about which industries might be next in President Xi Jinping’s crackdown, they’re also pondering another question: Why now?
- China’s New Oil Giants Flourish in Xi’s Clean Energy Wave — China’s newest oil refiners are thriving by aligning themselves with President Xi Jinping’s vision, expanding even as their older rivals and several other private businesses have been reined in by Beijing.
Reuters
- Top public relations director at Chinese social media giant Weibo arrested — Chinese authorities have arrested a top public relations executive at Chinese social media giant Weibo Corp, local Chinese media reported widely on Tuesday and confirmed to Reuters by a company source.
- China anti-graft body criticizes business drinking after Alibaba scandal — China’s Central Commission for Discipline Inspection, its top anti-corruption agency, has criticised what it called a “disgusting” culture of business drinking following a sexual assault scandal at e-commerce giant Alibaba Group Holding Ltd.
- U.S. warned Brazil that Huawei would leave it ‘high and dry’ on 5G — U.S. national security adviser Jake Sullivan raised concerns about Huawei equipment in Brazil’s 5G telecoms network during his visit to the country last week, a White House official said on Monday, but Brazil made no promises about whether it would use products from the Chinese company.
Other Publications
- Nikkei Asia: China overtakes US in AI research — Jockeying for supremacy intensifies as two sides grapple with security issues.
- The Globe and Mail: Chinese court rejects Robert Schellenberg’s appeal against death penalty, as Michael Spavor awaits verdict — Robert Schellenberg, who is facing the death penalty in China for drug trafficking, lost his appeal Tuesday and a second important verdict will be handed down by the country’s courts later this week.
- Nikkei Asia: Rising stars give hope to China’s marginalized Youth League faction — New generation of alumni born in 1980s start filling high-level posts.
- Foreign Affairs: The Sexism Behind China’s Population Crisis — How the CCP Fails Working Women.
