FILE PHOTO: An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. HONG KONG (Reuters) - Apple will set up two new research and development centers in Shanghai and Suzhou in China, it said in a statement in its Chinese website on Friday. Apple said it is adding the two new locations after the two previously announced centers in Beijing and Shenzhen. It has pledged to invest more than 3.5 billion yuan ($508 million) in research and development in China. The four centers are expected to open later this year, it said.
Britain's cyber-security watchdog has warned telecommunications companies against dealing with the Chinese manufacturer ZTE, citing "potential risks" to national security. The US commerce department has imposed a seven-year-ban on companies selling products and services to ZTE – which makes mobile phones and network equipment – alleging it failed to crack down on personnel who sold sensitive US technology to Iran and North Korea. ZTE halted trading of its shares in Hong Kong and Shenzhen on Tuesday following the announcement of the US ban, while Beijing warned it would "safeguard" its companies if necessary. In Britain, the National Cyber Security Centre (NCSC) said: "NCSC assess that the national security risks arising from the use of ZTE equipment or services within the context of the existing UK telecommunications infrastructure cannot be mitigated." According to the Financial Times, a letter from the NCSC to companies states that the UK telecoms network already contains a "significant amount" of equipment supplied by Huawei, also a Chinese manufacturer.
WASHINGTON – The U.S. Commerce Department on Monday placed 28 Chinese public security bureaus and companies -- including video surveillance company Hikvision and seven other companies -- on a U.S. trade blacklist over Beijing's treatment of Uighur Muslims and other predominantly Muslim ethnic minorities. Those added to the so-called Entity List include the Xinjiang Uighur Autonomous Region People's Government Public Security Bureau, 19 subordinate government agencies and eight commercial firms, according to a Commerce Department filing. The companies include some of China's leading artificial intelligence firms such as SenseTime Group Ltd., and Megvii Technology Ltd., which is backed by Alibaba, as well as Hikvision, formally known as Hangzhou Hikvision Digital Technology Co. Ltd., Zhejiang Dahua Technology, IFLYTEK Co. Xiamen Meiya Pico Information Co., and Yixin Science and Technology Co. Megvii filed for an IPO this summer of at least $500 million in Hong Kong, while SenseTime raised $620 million in a second round of funding in just two months last year and is one of the world's most valuable unicorns in artificial intelligence. While U.S. officials said the announcement was not tied to this week's resumption of trade talks with China, the announcement sets the tone for a potentially more aggressive positioning by Washington in negotiations with Beijing to end an 15 month trade war between the world's biggest economies. Reuters reported on the planned additions earlier on Monday, before the Commerce Department made it official.
OTTAWA – Canadian Prime Minister Justin Trudeau will tour the Great Wall, shoot hoops with retired basketball star Yao Ming and meet with female entrepreneurs when he travels to China in the coming week to bolster trade and diplomatic ties, his office said Friday. There will also be meetings with President Xi Jinping and senior government officials during the trip from Aug. 30 to Sept. 6, which will include stops in Beijing, Shanghai and Hong Kong. Trudeau will also travel to Hangzhou for a summit meeting of the Group of 20 economic powers on Sept. 4 and 5. Ordinary Chinese citizens can expect to see the playful leader pose for selfies with locals and reach out to them through social media, as he has done everywhere he has gone since being elected to Canada's highest office late last year. "The prime minister has a WeChat and Weibo account, and we will be using these during the trip," a senior government official said, referring to two popular social-media platforms in China. But the trip, made at the invitation of Premier Li Keqiang, comes as a handful of trade irritants and other stresses weigh on the relationship.
Global stock markets and U.S. futures rebounded Monday from losses last week after the head of the U.S. Federal Reserve expressed optimism that the American economy might start to recover this year from the coronavirus pandemic. London and Frankfurt pushed higher, while benchmarks in Shanghai, Tokyo, Hong Kong and Australia advanced. That came despite Japan's announcement that its economy contracted in the first quarter and the Trump administration's decision to step up a technology conflict with Beijing by tightening restrictions on Chinese tech giant Huawei. Investors appear to be looking past the outbreak to a recovery despite rising infection numbers in the United States, Brazil and some other countries. Forecasters warn the latest market buoyancy might be premature and a return to normal could be some way off.