Posts From King World News

U.S. businesses lobby Obama on China tech protectionism concerns

By Michael Martina BEIJING (Reuters) – American business groups are lobbying U.S. President Barack Obama to press Chinese counterpart Xi Jinping on technology protectionism concerns during Xi’s upcoming U.S. visit, according to a letter addressed to Obama seen by Reuters. In the letter dated Aug. 11, 19 U.S. business lobbies including the American Chamber of Commerce in China and U.S. Chamber of Commerce, and sector-focused groups including the National Association

What does the Chinese currency devaluation mean for the luxury industry?

Chinese consumers may spend less on luxury with the devaluation of the yuan China’s devaluation of its renminbi is intended to boost the country’s slouching trade, but the impact of the altered exchange rate will likely extend to the luxury industry. Following the announcement of the steepest decline in the yuan in the past decade, hard luxury goods companies and automakers such as BMW, Swatch Group and LVMH saw their

Tencent second quarter revenue up lower-than-expected 19 percent as gaming growth slows

Tencent Holdings Ltd , China’s biggest social network and online entertainment firm, said second-quarter revenue rose 19 percent, slightly below estimates, as growth at its core gaming business slowed. Revenue for the quarter ending June rose to 23.43 billion yuan ($3.67 billion), Tencent said in it earnings statement on Wednesday, compared to the 24.12 billion yuan forecast made in a Thomson Reuters Smartestimate poll of 11 analysts. Revenue at the

Alibaba shares hit record low after earnings miss

Alibaba’s shares skidded to a record low in New York on Wednesday after China’s biggest e-commerce company posted its slowest revenue growth in over three years. As well as missing revenue forecasts, Alibaba announced a $4 billion share repurchase program over two years, which it said was primarily aimed at offsetting the impact of the company’s share-based compensation programs and other factors that could dilute the share price. China’s economy