China’s services sector activity grew at a weaker pace in October, as the country battles small-scale Covid-19 outbreaks mostly affecting the northern provinces, reports Reuters. According to data from the National Bureau of Statistics, the official non-manufacturing Purchasing Managers’ Index (PMI) dropped to 52.4 in October from the previous month’s 53.2. The 50-point mark separates […]
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Chinese tech company Kuaishou, which owns and operates a widely-used short-video platform, announced that Su Hua, it’s CEO and co-founder, has taken a step back from day-to-day operations, reports The Wall Street Journal. The move follows several CEOs from other tech companies making similar moves amid a regulatory crackdown. Kuaishou, which means “fast hand” in […]
Three of the largest power-producing companies in China lost billions of yuan in Q3 2021, thanks to skyrocketing coal prices and a state-run pricing system that stopped them from pushing higher costs onto consumers, reports Caixin. Datang International Power Generation reported a net loss of RMB 1.6 billion yuan ($250 million) for Q3, compared with a […]
Apple generated record revenues of $83.4 billion in Q3 but would have made billions more without the supply chain problems punishing the global tech sector, reports Nikkei. The company’s revenue came off the back of increased sales of 5G iPhones, particularly in China. The American technology giant warned of possible further headwinds in the current […]
Sales of embattled Chinese telecoms giant Huawei fell for a fourth straight quarter as the company’s non-domestic smartphone and telecom-equipment business faltered under an ongoing US blacklisting, reports Caixin. Revenue fell 38% to RMB 135.4 billion ($21.2 billion) in the three months ended in September. Sales for the January-September period reached RMB 455.8 billion, with […]