Chinese consumer tastes are evolving, HSBC's Neumann says: 'It's less bling'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
26 minutes ago
- UPI
China imposes exit bans on Wells Fargo banker, U.S. government worker
The Chinese government is preventing a Wells Fargo employee, as well as an employee of the U.S. Patent and Trademark Office, from leaving the country. File Photo by Larry W. Smith/EPA-EFE July 20 (UPI) -- The Chinese government is preventing a Chinese American banker for Wells Fargo and, separately, an employee of the U.S. Patent and Trademark Office from leaving the country, reports said Sunday. The identity of the detained U.S. government employee was not known to the Washington Post, which first reported the news. Mao Chenyue, the managing director of Wells Fargo Credit Solutions, was confirmed as the bank employee facing the exit ban by the company in statements to The New York Times and the Wall Street Journal. People familiar with the Patent and Trademark Office employee's case told the Washington Post that he traveled to China to visit family but allegedly failed to disclose on his visa application that he worked for the government. Wells Fargo has since reportedly suspended travel by its executives to China, noting in its statement to The New York Times that the company is tracking the situation and working "through the appropriate channels" to ensure their employee is returned. The company did not provide any details as to why Mao was prevented from leaving the country but noted that she has not been detained in China and is free to move about the country. "We have raised our concern with Chinese authorities about the impact arbitrary exit bans on U.S. citizens have on our bilateral relations and urged them to immediately allow impacted U.S. citizens to return home," said a U.S. Embassy in Beijing spokesperson. A Chinese Foreign Ministry spokesman was asked about Mao's exit ban on Friday but said he was not aware of it. Her LinkedIn account, reviewed by UPI, shows that she was active on social media as recently as two weeks ago when she thanked people for congratulatory messages on her recent election as chairman of FCI.
Boston Globe
an hour ago
- Boston Globe
As Trump courts a more assertive Beijing, China hawks are losing out
The move was a dramatic reversal from three months ago, when President Trump banned China from accessing the H20, while also imposing triple-digit tariffs on Beijing. That set off an economically perilous trade clash, as China retaliated by clamping down on exports of minerals and magnets that are critical to American factories, including automakers and defense manufacturers. China's decision to cut off access to those materials upended the dynamic between the world's largest economies. The Trump administration, which came into office determined to bully China into changing its trade behavior with punishing tariffs, appeared to realize the perils of that approach. Now, the administration has resorted to trying to woo China instead. Officials throughout the government say the Trump administration is putting more aggressive actions against China on hold, while pushing forward with moves that the Chinese will perceive positively. That includes the reversal on the H20 chip. Advertisement The H20 decision was primarily motivated by top Trump officials who agreed with Nvidia's arguments that selling the chip would be better for American technology leadership than withholding it, people familiar with the move say. But Trump officials have also claimed that it was part of the trade talks. After telling Congress in June that there was 'no quid pro quo in terms of chips for rare earths,' Scott Bessent, the treasury secretary, reversed those comments Tuesday, saying that the H20 move was 'all part of a mosaic' of talks with China. 'They had things we wanted, we had things they wanted, and we're in a very good place,' he said. Advertisement A Chinese Ministry of Commerce official seemed to reject that Friday, saying that the United States had 'taken the initiative' to approve the H20 sales. China believes the United States should continue to remove its trade and economic restrictions, the official said. A person familiar with the talks, who spoke on the condition of anonymity because he was not authorized to speak publicly, said that the H20 chip was not specifically discussed in meetings between Chinese and US officials in Geneva and London this spring. But the reversal was part of a more recent cadence of warmer actions the United States and China have taken toward each other. For instance, Beijing agreed in recent weeks to block the export of several chemicals used to make fentanyl, an issue Trump has been concerned about. Recent events have underscored the influence that China has over the US economy. When Trump raised tariffs on Chinese exports in April, some top Trump officials thought Beijing would quickly fold, given its recent economic weakness. Instead, Beijing called Trump's bluff by restricting rare earths needed by American makers of cars, military equipment, medical devices, and electronics. As the flow of those materials stopped, Trump and other officials began receiving calls from CEOs saying their factories would soon shut down. Ford, Suzuki, and other companies shuttered factories because of the lack of supply. Advertisement Trump and his top advisers were surprised by the threat that Beijing's countermove posed, people familiar with the matter say. That brought the United States back to the negotiating table this spring to strike a fragile trade truce, which Trump officials are now wary of upsetting. That agreement dropped tariffs from a minimum 145 percent to 30 percent, with the Chinese agreeing to allow rare earths to flow as freely as before. The administration's caution when it comes to China has been amplified by Trump's desire for an invitation to Beijing later this year. The president, who has been feted on other foreign trips, wants to engage in face-to-face trade negotiations with Chinese leader Xi Jinping. Howard Lutnick, the commerce secretary, has begun recruiting chief executives for a potential delegation, setting off a competition over who will get to ride in Air Force One, according to people familiar with the plans. The Commerce Department declined to comment. The White House, the Treasury Department, and the Office of the United States Trade Representative did not respond to a request for comment. 'The government understands that forcing the world to use foreign competition would only hurt America's economic and national security,' said John Rizzo, a spokesperson for Nvidia. Opposition to China has fueled bipartisan action for the past decade. Now, Trump's more hawkish supporters are quietly watching as the president remakes the party's China strategy. Though few are willing to speak out publicly, officials in the Trump administration and in Congress have privately expressed concern that the trade war has given China an opening to finally bring US technology controls onto the negotiating table. Advertisement Christopher Padilla, a former export control official in the George W. Bush administration, said the fact that the United States was now negotiating over what were supposed to be security restrictions was 'a significant accomplishment for the Chinese.' 'They've been after this for decades, and now they've succeeded,' he said. 'I assume the Chinese are going to demand more concessions on export controls in return for whatever we want next.' This article originally appeared in
Business Upturn
2 hours ago
- Business Upturn
CLF Investor News: If You Have Suffered Losses in Cleveland-Cliffs Inc. (NYSE: CLF), You Are Encouraged to Contact The Rosen Law Firm About Your Rights
NEW YORK, July 20, 2025 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Cleveland-Cliffs Inc. (NYSE: CLF) resulting from allegations that Cliffs may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Cliffs securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. WHAT IS THIS ABOUT: On May 7, 2025, Cliffs issued a press release containing its financial results for the first quarter of 2025. In part, Cliffs reported a $483 million GAAP net loss for the quarter, compared to a $434 million GAAP net loss for the fourth quarter of 2024. Further, Cliffs announced that it had 'made the decision to fully or partially idle six facilities to optimize its footprint, reposition away from loss-making operations, and release excess working capital.' The press release contained a statement from Cliffs' CEO, who stated in part that Cliffs' 'first-quarter results were negatively impacted by underperforming non-core assets and the lagging effect of lower index prices in late 2024 and early 2025.' On this news, Cliffs' stock fell over 15% on May 8, 2025, and a further 2% on May 9, 2025. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]
