Baidu in talks to promote majority stake in iQIYI, China’s reply to Netflix -sources

HONG KONG – China’s web search engine large Baidu Inc is in talks to promote its controlling stake in iQIYI Inc, China’s reply to Netflix, in a deal that might worth all of iQIYI at about $7 billion, two folks with information of the matter mentioned. Baidu, which owns 53% of iQIYI and holds greater … Read more

Luxury manufacturers say China’s newest Covid wave whacked client demand

China’s retail gross sales plunged 11.1% in April from a yr in the past as Covid controls saved many individuals at residence and malls closed. Pictured here’s a luxurious retailer in Shanghai on June 4, 2022, just some days after town formally started to reopen. Hugo Hu | Getty Images News | Getty Images BEIJING … Read more

Asia shares slip following report of recent Covid curbs in Shanghai

SINGAPORE — Asia-Pacific shares have been principally decrease in Thursday commerce, with mainland Chinese markets falling regardless of the discharge of better-than-expected May commerce information. The Shanghai Composite in mainland China slipped 0.76% on the day to three,238.95 whereas the Shenzhen Component dropped 1.851% to 11,810.58. Hong Kong’s Hang Seng index shed round 0.9%, as … Read more

Apple provide chain restoration from China Covid vs Android

Apple opened its 54th flagship retailer in Greater China within the metropolis of Wuhan in May. The iPhone firm warned in late April that offer chain disruptions from China’s Covid controls would seemingly damage gross sales within the present quarter by $4 billion to $8 billion. Sopa Images | Lightrocket | Getty Images BEIJING — … Read more

Beijing and Shanghai begin reopening as Covid situations fall

After about two months of lockdown, Shanghai launched plans over the weekend to ease restrictions on doing enterprise. Subway riders pictured proper right here on May 28, 2022 journey on definitely one in every of 4 traces inside the metropolis which have resumed service. vcg | Seen China Group | Getty Pictures BEIJING — Essential … Read more