Why is Toyota being sued by supplier Nippon Steel?

Japan’s Nippon Steel Corp is suing customer Toyota Motor Corp to stop it manufacturing and selling vehicles that contain specialised steel made by rival supplier Baoshan Iron & Steel Co Ltd (Baosteel) of China, which it is also suing. It highlights the high stakes for materials producers as technology transforms the auto industry and comes … Read more

China’s new home prices stall for first time since COVID-19

China’s new home prices stalled for the first time since February 2020 in September, as the chill in the property market intensified amid tightening credit due to an ongoing crackdown on speculative investment. The average new home price in 70 major Chinese cities was unchanged in September month-on-month, compared with 0.2% growth in August, according … Read more

First he fled North Korea. Now he’s escaped from a Chinese prison, and has a $23,000 bounty on his head

The inmate, identified as Zhu Xianjian, entered China illegally in 2013. Three years later, he was sentenced to 11 years in prison for illegal border-crossing, larceny and robbery, to be followed by his deportation, according to a court judgment. A bounty notice issued by the Jilin prison said Zhu escaped at about 6 p.m. local … Read more

Alibaba shares surge nearly 7% after Jack Ma appears in Europe and company releases new chip

Jack Ma, founder of Alibaba Group, attends opening ceremony of the 3rd All-China Young Entrepreneurs Summit on September 25, 2020 in Fuzhou, Fujian Province of China. Lyu Ming | China News Service via Getty Images GUANGZHOU, China — Alibaba’s Hong Kong shares rallied as much as 9% on Wednesday following reports that its founder Jack … Read more

Chinese EV maker Xpeng’s flying car company raises over $500 million as it aims to roll out in 2024

Less than half a year since revealing a flying vehicle prototype, Chinese electric car start-up Xpeng unveiled a second model at the Shanghai auto show in April 2021. Evelyn Cheng | CNBC GUANGZHOU, China — HT Aero, the flying car company backed by Chinese electric carmaker Xpeng Inc. and its founder, raised more than $500 … Read more

Shares of China’s Xiaomi jump 5% on news it will mass produce its own electric cars in 2024

Xiaomi CEO Lei Jun holds a press conference about Xiaomi’s new logo and Xiaomi’s car building on March 30, 2021 in Beijing, China. VCG | Visual China Group | Getty Images GUANGZHOU, China — Chinese smartphone Xiaomi is expecting to mass produce its own electric vehicles in the first half of 2024, its CEO Lei … Read more

China denies testing a nuclear-capable hypersonic missile, says it was a spacecraft

The Financial Times reported Sunday that “China tested a nuclear-capable hypersonic missile in August that circled the globe before speeding towards its target, demonstrating an advanced space capability that caught US intelligence by surprise.” The report cited unnamed sources “briefed on the intelligence.” When asked about the report at a regular press briefing Monday, China’s … Read more

Supply chain chaos is already hitting global growth. And it’s about to get worse

Cargo trucks parked at the Port of Los Angeles in Los Angeles, California, U.S., on Wednesday, Oct. 13, 2021. Kyle Grillot | Bloomberg | Getty Images Thanks to the rollout of coronavirus vaccines, the global economy is slowly starting to emerge from the pandemic. But Covid-19 has left one very destructive economic issue in its … Read more

China condemns U.S., Canada for sending warships through Taiwan Strait

China’s national flag Russell Monk | The Image Bank | Getty Images The Chinese military on Sunday condemned the United States and Canada for each sending a warship through the Taiwan Strait last week, saying they were threatening peace and stability in the region. China claims democratically-ruled Taiwan as its own territory, and has mounted … Read more

Switzerland warns big companies they may have to cut power use

Switzerland will warn major industrial users they could be forced to save electricity this winter in a bid to avoid large-scale blackouts, NZZ am Sonntag reported. About 30,000 companies that each consume more than 100,000 kilowatt hours per year are being sent a letter from Ostral, the crisis-management organization for the sector. They could be … Read more