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South China Morning Post
02-05-2025
- Business
- South China Morning Post
Apple's China sales dip on local competition as US tariffs add to headache
Apple reported a decline in revenue for mainland China, Hong Kong and Taiwan for the quarter ended March 29, as the US tech giant continued to lose ground in the Chinese market amid a trade war with the US and fierce domestic competition. Advertisement Sales in the so-called Greater China region fell 2.25 per cent to US$16 billion, down from US$16.37 billion a year ago, according to its earnings statement released on Thursday, reflecting ongoing challenges in Apple's second-largest market. The iPhone maker's revenue in China has consistently declined in recent years. The company saw an 8 per cent drop in sales in the region for its financial year ending September 28, 2024, and a 2 per cent decline for the year ending September 30, 2023. Apple's performance in China is closely monitored by analysts as a key indicator of the trade relationship between the world's two largest economies, which are under pressure from tariffs and geopolitical tensions. Apple CEO Tim Cook attends the China Development Forum in Beijing in March. Photo: AP Apple CEO Tim Cook said in a post-earnings call on Thursday that US President Donald Trump's new import tariff policy would result in about US$900 million in additional costs for the company this quarter.
Yahoo
02-04-2025
- Politics
- Yahoo
U.S. reiterates its backing for Taiwan amid live-fire drills by Chinese forces north of the island
April 2 (UPI) -- The United States doubled down on its decades-old support for Taiwan as China flexed its muscles with a second day of large-scale military exercises around Taiwan, including live-fire drills, it said were intended to teach the self-governing island a lesson. In a statement issued after Chinese forces launched the surprise drills in the sea and skies around the self-governing island Tuesday, the U.S. State Department accused China of ramping up tensions and jeopardizing regional security with its "aggressive military activities and rhetoric toward Taiwan." "In the face of China's intimidation tactic and destabilizing behavior, the United States' enduring commitment to our allies and partner, including Taiwan, continues," State Department spokesperson Tammy Bruce said. "The United States supports peace and stability across the Taiwan Strait and opposes unilateral changes to the status quo, including through force or coercion." The People's Liberation Army Eastern Theater Command said day two of the joint Navy, Army and Rocket forces maneuvers saw the group conduct simulated "precision strikes" on key targets, including ports and energy infrastructure as part of exercise "Strait Thunder-2025 A," which it said were successful. Senior Col. Shi Yi said the drills also put the joint blockade and control capabilities of the various forces to the test in the Taiwan Strait in waters west and south of the island. However, Shi stressed that the "live-fire strike drills" by ground forces using long-range rocket artillery systems were conducted further north in the East China Sea, within designated fire zones. Taiwan's Defense Ministry said Wednesday's early-morning maneuvers involved 76 aircraft and 19 PLA Navy ships and other Chinese vessels, similar numbers to Tuesday when the Chinese forces massed around Taiwan without prior warning. The ministry, which said drills also took place east of the island in and over the Philippine Sea, said its forces were on high alert in the face of what is said was China's "aggressive, provocative and irresponsible" behavior. The PLA took to social media as the drills got underway Tuesday saying they were "a stern warning and forceful deterrence against 'Taiwan Independence' separatist forces," a response fully justified by the legitimate need to protect "China's sovereignty and national unity." Analysts at the Eurasia Group told CNBC China was angered by a speech by Taiwan President William Lai last month in which he accused Beijing of attempting to interfere in Taiwan's democracy and called for a legal and economic effort to fend off its attempts to infiltrate. Beijing was forced to postpone its response due to the China Development Forum last week, a two-day event attended by CEOs of top American and European multinationals, including Apple's Tim Cook and Pascal Soriot of AstraZeneca -- plus the presence in the region of U.S. Defense Secretary Pete Hegseth making his first swing through the Asia-Pacific since taking over at the Pentagon on Jan. 25. Hegseth further ruffled feathers within the Chinese Communist Party leadership by reiterating the United States' commitment to counter "China's aggression" in the region by re-establishing deterrence and praising Japan as an "indispensable partner in deterring communist Chinese military aggression," including in the Taiwan Strait. Hegseth made the comments while in the Philippines on Friday. Cornell University Military History and Policy Professor David Silbey told CNBC that the exercises were both China intimidating Taiwan and preparation for potentially re-taking it by force, which Beijing has consistently refused to rule out.
South China Morning Post
02-04-2025
- Business
- South China Morning Post
Can China's latest charm offensive to reassure foreign business succeed?
China's recent attempts to stabilise foreign investment have involved high-profile action from its top leadership. At two major international forums – the China Development Forum and Boao Forum for Asia – key officials delivered speeches aimed at attracting foreign capital. Advertisement In particular, President Xi Jinping also met representatives from the international business community, marking the latest in China's efforts to reassure foreign investors. Additionally, Beijing released the five detained Chinese employees of a US-based due diligence company , signalling an effort to ease foreign concerns. But the effectiveness of this latest charm offensive is in question. Economists remain sceptical, partly due to past experience. Last year, after these same two major forums, Xi also met representatives from American business and strategic academic circles. The move was interpreted as a gesture to boost the confidence of US businesses. Yet China's actual foreign direct investment (FDI) last year fell by 27.1 per cent to 826.25 billion yuan (US$113.74 billion). FDI fell further in the first two months of this year, down 20.4 per cent year on year. Since China abandoned its zero-Covid policy in 2023 and reopened its borders, the government has focused on economic recovery. It quickly became apparent that revitalising China's economy would be impossible without the participation of private enterprises and foreign capital. Advertisement
Yahoo
01-04-2025
- Business
- Yahoo
Tesla, Inc. (TSLA) Set to Launch Full Self-Driving in China After Regulatory Green Light
We recently published a list of . In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against other AI stocks that are making headlines today. With the AI arms race getting more intense than ever, it seems that some people are increasingly realizing that cooperation, rather than competition, is key. The president of the National Committee on United States-China Relations (NCUSCR) is bringing this into focus more recently. According to Stephen Orlins, who participated in the annual China Development Forum in Beijing, China and the United States must cooperate in artificial intelligence. He also said that duplication of efforts in the area could be avoided. READ ALSO: and Since artificial intelligence is becoming a key area of competition between the two countries, and China has come neck-to-neck in competition with its rapidly advancing AI breakthroughs, the need to cooperate becomes even more pressing. Washington has been levying successive rounds of sanctions against China's AI and chip sectors to slow down its advancement, while China has, in turn, been open-sourcing its technology, posing a threat to its Western counterparts. Chinese tech giants such as Baidu, Tencent, and Alibaba have been flooding the markets with their AI models that can be downloaded, modified, and even integrated with other solutions. The advent of DeepSeek was a breakthrough moment in itself, presenting the tech world with efficient and low-cost AI models that wreaked havoc in the tech world. In the West, the policy has been to keep artificial intelligence exclusive. Users typically have to pay to access advanced models. On the contrary, China has been retaliating by using available resources for mass AI development. Provided that open-source AI becomes powerful enough, the West's strategy to monetize AI will collapse. The contrast in the policies and strategies between the two countries highlights how the West is focused on profit-driven innovation while China is focused on mass adoption. This way, China is not only boosting its technological capabilities smartly but also challenging Western dominance in the AI space. For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Pixabay/Public DomainTesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives. On March 24, the company said it would release its smart driving-assistance feature in China after completing regulatory approval. The announcement follows complaints about the temporary pause of a limited-time free trial of its Full Self-Driving service. "All parties are actively advancing the relevant process and we will push it to you as soon as it is ready. We are also looking forward to it, please wait patiently." -Tesla's customer support said on social media platform Weibo. FSD, or Full Self Driving, is a suite of driving-assistance technologies developed with generative artificial intelligence to manage complicated traffic conditions. Previously, Reuters reported how the company has been aiming for a full roll out of FSD this year. It is working with Chinese tech giant Baidu to improve the performance of the system. Overall, TSLA ranks 6th on our list of AI stocks that are on Wall Street's radar today. While we acknowledge the potential of TSLA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TSLA but that trades at less than 5 times its earnings, check out our report about the . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Arabian Business
31-03-2025
- Business
- Arabian Business
Aramco eyes investments in China
Saudi Aramco President and CEO Amin Nasser has reaffirmed the company's continued exploration of new investment opportunities in China, a pivotal market for Aramco and a fundamental part of its global strategy. Speaking at the China Development Forum in Beijing, where he discussed Saudi Aramco's current investments and activities in China, Nasser highlighted that the company's primary investment focus in China encompasses the provinces of Fujian, Liaoning, Zhejiang, and Tianjin. He emphasised the Saudi firm's commitment to seeking additional investment prospects in: Energy Chemicals Technology development Aramco China investments He underscored China's development plans that prioritise quality and require energy and industrial raw materials, saying that Aramco supports China's energy and chemical security by investing in numerous projects across the refining, chemicals, and marketing sectors. Nasser said: 'China stands as the world's leading consumer and producer of petrochemicals, driving almost half of the global demand for chemical materials'. He noted China's emergence as a global hub for the chemical industry value chain, underscoring its importance for future industries. Furthermore, he stressed that oil and gas are vital for China's economic growth and anticipated a shift in China's oil demand from fuel for transportation to feedstock for the petrochemical industry, driven by the increasing need for plastics, synthetic fibres, and advanced materials.
