China issues national drought warning as temperatures rise in Yangtze River basin

China has issued its first national drought warning of the year as authorities fight wildfires and mobilize specialized teams to protect crops from scorching temperatures in the Yangtze River basin. Most important points: The national “yellow warning” is two steps less than the most serious warning Regions from southwest China to Shanghai have experienced weeks … Read more

China’s prime minister urges pro-growth policy as economy sputters | Business and Economy

Li Keqiang calls on provinces to boost growth after consumption and production fall short of expectations. Chinese Prime Minister Li Keqiang asked local officials of six key provinces that account for about 40% of the country’s economy to bolster pro-growth measures after data for July showed consumption and production grew more slowly than expected due … Read more

‘Reasonable conclusion’ forced labor in China: UN expert | Labor rights

Allegations that China is overseeing the forced labor of Uyghurs and other ethnic minorities in Xinjiang are credible and convincing, a UN slavery expert found. In a report to the UN General Assembly, Tomoya Obokata, the special rapporteur on contemporary forms of slavery, said it was “reasonable to conclude” that forced labor was taking place … Read more

Tencent looks to short video ads to boost revenue amid game slump

Tencent runs the ubiquitous Chinese messaging app WeChat. The company has a short video feature in the app and has started monetizing it through video ads in the feed. Tencent said such ads could become a “substantial” source of revenue in the future. Budrul Chukrut | Sopa images | Light rocket | Getty Images Tencent … Read more

Chinese factories close due to drought hydropower | Business and Economy

Factories in southwestern China have been shut down after a worsening drought has exhausted reservoirs used to generate hydroelectric power, adding to economic tensions at a time when President Xi Jinping seeks to expand his position of power. Companies in Sichuan province — including makers of solar panels, cement and urea — shut down or … Read more

Chinese tech giant records first-ever revenue decline

Tencent has faced a number of headwinds in 2022, including a Covid-induced slowdown in the Chinese economy and a more difficult gaming market. Bobby Yip | Reuters Tencent posted its first-ever quarter-over-year revenue decline as tougher gaming regulations in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. Here’s … Read more

The US supply chain now faces two trade hurdles

Aerial view of containers stacked at Qinzhou Port on August 15, 2022 in Qinzhou, Guangxi Zhuang Autonomous Region of China. China News Service | Getty Images Two of the major trade routes for US shippers are under pressure this peak season. The heat wave in China has shut down major production and the growing backlog … Read more

Shoppers rush to exits as Shanghai Ikea locks down

CNN — Panicked shoppers rushed to the exits of an Ikea branch in Shanghai on Saturday after the city’s health authorities ordered the store to close after close contact with a Covid-19 case was traced to the location. Multiple videos on social media showed customers screaming and pushing each other in an attempt to flee … Read more

FTSE 100 Live Aug 15: Stocks Maintain Momentum Despite Poor Chinese Data

1660567905 Portmeirion saves oil company AromaWorks Worcester-based cookware and ceramics manufacturer Portmeirion has rescued home fragrance specialist AromaWorks London from the clutches of its administrators. The Stoke-on-Trent-based company bought the “vegan and 100% natural” essential oils retailer with a UK and US customer base for the knock-down price of £440,000. AromaWorks, founded by Jane Hibbert, … Read more

China announces new exercises as US delegation visits Taiwan

TAIPEI, Taiwan (AP) – China announced more military exercises around Taiwan when the president of the self-governing island met members of a new US congressional delegation on Monday, threatening to renew tensions between Beijing and Washington just days after a similar visit from US House Speaker Nancy Pelosi angered China. Pelosi was the most senior … Read more