A Weekly Business Briefing from Yicai Nov 22nd
Yicai 第一财经
China, inside out. We are the English-language version of Shanghai-based business and financial media outlet Yicai.
LINK THE WORLD
A WEEKLY BUSINESS BRIEFING FROM YICAI
NOV 18th _____ NOV 22nd
Chinese Embassy Collaborates With Colombia's Gov't to Ensure Zijin's Gold Mine Safety
The Chinese Embassy in Colombia is urging local government agencies to adopt practical and effective measures to ensure the safety of Zijin Mining Group's gold mine in the South American country, the embassy exclusively told Yicai.
((( Industry Focus)))
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Novo Nordisk's Weight Loss Drug to Start Sales in China
Wegovy, the weight loss wonder drug developed by Novo Nordisk, is to officially launch in China, according to the Danish pharmaceutical giant.
US Biosecure Act Looms Despite US Choice of Trump, WuXi AppTec Vice Chief Says
The election of Donald Trump as the next US president will not directly affect the US Biosecure Act, according to the vice chairman of WuXi AppTec, a Chinese biotech firm facing regulatory challenges in America.
Developers on Apple's App Store in China Generated USD519.2 Billion of Revenue Last Year
Apple said its App Store ecosystem in China generated CNY3.76 trillion (USD519.2 billion) in developer billings and sales last year, with developers keeping over 95 percent of the revenue without paying commissions to the US tech giant.
((( AI Next )))
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Alibaba CEO, Other Tech Tycoons Debate Future of AI at Internet Conference
Artificial intelligence has been the hottest topic at the 2024 World Internet Conference Wuzhen Summit in Zhejiang, China, with the tech billionaires in attendance offering their views on its future.
((( Expansion )))
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Peru's Chancay Port Opens, Launches New Marine Expressway via Shanghai
Peru's Chancay Port, which was built by the Chinese, opened for business on Nov. 14, trimming the shipping travel times between China and Peru by a third, and drawing trade links between China and Latin America closer.
((( Mega Projects)))
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China-Russia Gas Pipeline Is Completed, Will Supply Enough for 130 Million Chinese Households
The last joint in the China-Russia East Route Natural Gas Pipeline, which stretches more than 8,000 kilometers from the gas fields of eastern Siberia to Shanghai, was soldered on yesterday in Haimen, eastern Jiangsu province, marking the completion of a major energy channel to eastern China.
((( New Moves )))
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MSD China's Diabetes Division Is Said to Lay Off Staff as Key Drugs Enter Country's Bulk-Buying Program
MSD China is set to downsize its diabetes division, according to a source at the unit of US pharmaceutical giant Merck Sharp & Dohme. Reports suggest that the layoffs stem from the anticipated inclusion of key treatments such as Sitagliptin in China's centralized drug procurement program.
J&J China Starts Layoffs Amid New Round of Organizational Restructuring
The China arm of US pharmaceutical giant?Johnson & Johnson is undergoing another round of organizational restructuring with changes in its business unit structure and has begun cutting employees across multiple divisions.
Chinese Battery Firms Reassess Overseas Factory Plans Due to Policy, Supply Chain Issues, Report Says
Chinese battery makers, including Svolt Energy Technology and Farasis Energy, are reportedly looking again at their plans for factories in Europe and the United States as a result of policy and supply chain challenges.
((( Business Insights )))
Soaring Land Prices, Other Hurdles Complicate Chinese Manufacturing Shift to SE Asia
In anticipation of further US tariff hikes, Chinese manufacturers are stepping up their shift to Southeast Asia, but face soaring land prices and other challenges, particularly in popular investment destinations such as Vietnam and Thailand.
SAIC Sinks After Tesla Denies It's in Talks With Chinese Carmaker Over FSD Authorization
SAIC Motor's shares gave up some of their recent gains after Tesla denied speculation that the US electric vehicle giant is discussing licensing its Full Self-Driving technology to the Chinese carmaker.