Business Brief (Oct. 17): U.K. Sanctions Chinese Firms Over Russia Ties
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U.K. sanctions Chinese firms over Russia ties
The British government announced its most severe economic sanctions against Russia to date, targeting its oil companies and tanker fleet. The list includes Chinese companies. China expressed firm opposition, has lodged representations with the U.K. and urged it to lift the sanctions, stating that it will resolutely counter any actions that harm its interests.
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- UK imposed sanctions on Chinese firms over Russia ties; China opposed and demanded their removal.
- Chinese scientists achieved a breakthrough in all-solid-state lithium batteries, potentially doubling driving range to over 1,000 km.
- Indonesia confirmed a purchase of Chinese J-10 fighter jets; CCB pledged over 5 trillion yuan for manufacturing in three years.
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Who’s Who
- China Construction Bank Corp.
- China Construction Bank Corp. (CCB) aims to significantly boost its outstanding financing for China's manufacturing sector. Over the next three years, CCB plans to allocate more than 5 trillion yuan ($688 billion) to support manufacturing industries, aligning with national efforts to promote new industrialization.
- JD.com Inc.
- JD.com Inc. is actively expanding its automotive business. This expansion involves forming alliances with significant automakers such as GAC and Chongqing Changan.
- GAC
- GAC, known as 广汽集团 in Chinese, is an automaker that has formed an alliance with JD.com Inc. JD.com is expanding its automotive business through partnerships with companies like GAC and Chongqing Changan.
- Chongqing Changan
- Chongqing Changan is an automotive company that has formed an alliance with JD.com Inc. JD.com is expanding its automotive business through such partnerships.
- Apple Inc.
- Apple Inc. has released new MacBooks and other hardware. These new products feature advanced chips, positioning the company to compete in the growing artificial intelligence PC market.
- ASML
- ASML, an English company, has seen strong sales in the Chinese market. They project that these sales will return to normal levels by 2026.
- ByteDance Ltd.
- ByteDance Ltd. has launched an updated version of its Doubao model. The company has seen a significant increase in daily API calls for this model, with a nearly double growth rate within a four-month period.
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