Chinese retailer JD to launch five discount stores as competition intensifies
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Chinese retailer JD.com plans to open five discount superstores in two Chinese cities, marking its latest move into new segments as competition intensifies in its core e-commerce market.Confirming a report in Beijing Business Today, a government-backed newspaper, the company told Reuters on Tuesday that the supermarkets will be in Zhuozhou city in Hebei province and Suqian, Jiangsu province.The first outlet in Zhuozhou will span 5,000 square metres and will carry everything from detergent to chocolate, with prices intended to be below prevailing market levels.JD first entered the market last year with the opening of two smaller discount stores in Beijing, aiming to tempt cautious shoppers to spend as China's consumption recovery stalls.The 27-year-old e-commerce retailer launched "instant delivery" services for food and other goods earlier this year, kickstarting a subsidy war between itself and rival platforms such as Alibaba and Meituan.It also announced that it would renew an international push for growth, launching its consumer-focused express delivery service abroad. It also bought Germany's Ceconomy, Europe's largest consumer electronics retailer, for 2.2 billion euros ($2.5 billion) last month.Other rivals have been adjusting their bricks-and-mortar retail operations.On Tuesday, local newspaper The Economic Observer reported that the final Freshippo X club store, the membership store which is part of Alibaba's grocery chain, will close its doors on August 31, ending an attempt to battle Costco and Sam's Club.
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Economic Times
29 minutes ago
- Economic Times
Trump attack on Intel's CEO could compound factory struggles
NYT News Service FILE -- Utility infrastructure under construction in Johnstown, Ohio, to support a planned Intel chip manufacturing plant, Jan. 3, 2025. Intel's challenges in Ohio highlight both the risks that federal and state officials took in financially backing Intel, and the struggles the Trump administration will face in trying to shift more semiconductor production from Asia to the U.S. (Brian Kaiser/The New York Times) At the end of July, Gov. Mike DeWine of Ohio said Intel's chief executive was "very, very optimistic" about the company's plans to build multibillion-dollar semiconductor factories in his state. Last week, President Donald Trump attacked the tech executive, and a Republican senator called for an investigation into delays surrounding Intel's massive construction project outside Columbus. Trump demanded Thursday that Lip-Bu Tan, Intel's new CEO, resign over his past ties to Chinese companies, adding to the woes of a company that DeWine and other senior figures in Ohio's Republican Party had said would help create a manufacturing boom and turn the state into a "Silicon Heartland." To help build its Ohio factories, Intel received commitments worth roughly $1.5 billion in federal funding in recent years, as well as a $2 billion incentive package from the state. The project has been badly delayed, and the chipmaker said this year that the factories would not be operational until at least 2030. The company's challenges in Ohio highlight the risks that federal and state officials took when they financially backed Intel, a once-powerful force in chip manufacturing, an industry now dominated by the Taiwan Semiconductor Manufacturing Co. Intel's situation is also indicative of the struggles the Trump administration will face as it tries -- through the pressure of tariffs and threats from the White House -- to shift the bulk of semiconductor production to the United States from Asia. When the Biden administration offered financial incentives through the CHIPS Act, Intel was one of the few American companies that it made sense to back. But whether by stick or carrot, forcing this transition could prove extraordinarily difficult, as the delays around the Ohio project demonstrate. "It's pretty obvious that Intel has failed to meet the commitments it made to the people of Ohio," Sen. Bernie Moreno, R-Ohio, wrote on social media Thursday. "Now we find out its new CEO is deeply conflicted with ties to the CCP," he said, referring to the Chinese Communist Party. "The CEO must immediately resign, the project completed, and a fraud investigation should be initiated by Ohio," Moreno added. Semiconductor factories are extremely expensive and complicated to build. Intel has struggled to find enough customers to stay afloat as it poured money into construction. After posting an $18.8 billion loss in 2024 in its foundry division, the company ousted its CEO in December, cut 15,000 jobs and appeared to be exploring other strategies, including the possible sale of its manufacturing business to TSMC. Asked for comment, a spokesperson for Intel referred to its most recent earnings report from July, in which the company said it was committed to completing the project in Ohio but had slowed construction to match customer demand. Dan Tierney, press secretary for DeWine, said Friday that the governor remained optimistic about the project. "We expect chips to be made in that facility," Tierney said. He added that the company had already invested $7 billion in the construction project in Ohio, more than three times the amount of the state's incentive package, which involves some tax credits that have yet to be paid out. The incentive package is tied to job creation by the end of 2028, so the earliest that the state would attempt to claw back any money is 2029, Tierney said. As for the allegations against Tan, he said, DeWine is concerned about any allegation of involvement with the Chinese Communist Party that is detrimental to the national interest but is not rushing to judgment. "We don't have all the facts, and we will need to see what facts come out," Tierney said. The stakes are high for Intel and Ohio. Semiconductor chips, which are used in everything from cellphones to fighter jets, have recently become a particular focus for Trump, as they were for former President Joe Biden. Both presidents viewed domestic production as critical to national security, especially as more than 90% of the world's most advanced chips were produced in Taiwan, an island claimed by China. In 2022, under Biden, Congress passed a bill with bipartisan support that aimed to remedy that vulnerability by pouring billions of dollars into subsidies for semiconductor companies to build facilities in the United States. Intel, the only American-owned maker of advanced logic chips, was awarded up to $7.9 billion to build factories in the United States. (Only about $2 billion of that has been disbursed.) Trump has criticized the subsidy approach, arguing that tariffs are a more effective tool to bring manufacturing back to the United States. He threatened last week to impose a 100% duty on many imported chips. Tan, who took over Intel in March, has been hailed as a savior of the struggling American chipmaker. He is a longtime Silicon Valley investor who focused on semiconductor startups, even during eras when venture capital money seemed to be pouring into software and apps. On July 28, a company that Tan once ran pleaded guilty to transferring technology that was under U.S. export controls to Chinese entities. Though the plea agreement with the Justice Department did not name Tan, Sen. Tom Cotton, R-Ark., wrote to the chair of Intel's board of directors Tuesday, raising questions about what Tan may have known about the illicit activity. In a statement Thursday, Tan, an American citizen who was born in Malaysia, said that "misinformation" was circulating about his past roles and that he fully shared "the president's commitment to advancing U.S. national and economic security." "I have always operated within the highest legal and ethical standards," Tan said. He added that he was engaging with the administration "to address the matters that have been raised and ensure they have the facts." The questions surrounding Tan could create yet another hurdle in the attempt to bring the manufacturing of advanced semiconductors to Ohio. Sen. Jon Husted, R-Ohio, was among the lawmakers who supported public funding for the Intel semiconductor factory. He posted a message on social media saying the company had promised to "respond promptly" to Cotton's letter. "The facts have not changed: We need an American company to make American chips on American soil," Husted wrote. "Producing the world's most advanced high-tech chips in the U.S. is not just economic policy -- it's a national security imperative. Every day we are not doing that, we are putting our country at risk." Husted did not respond to a request for comment. State Sen. Bill DeMora, a Democrat representing Columbus, said Ohio Republicans were using Trump's attack on Tan to distract from the fact that they sank public money into a project that has stalled. DeMora, who has long called the project a boondoggle, said in an interview Friday that Ohio Republicans "did all this hoopla and pageantry" to hype the Intel project. "Now they want the Intel president to step down because he has ties to China," he said. "That's their excuse." He said construction had continued with a fraction of the workers the company had promised to hire. He predicted that the site would never become a semiconductor factory. "Intel is never going to make a chip there," he said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. BlackRock returns, this time with Ambani. Will it be lucky second time? The airport lounge war has begun — and DreamFolks is losing End of an era: The Maggi Man who rebuilt Nestlé India bows out India's last cement IPO did not work. Can JSW Cement break that curse? Is Shadowfax closing in on its closest rival? 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Mint
an hour ago
- Mint
Ex-Intel board members seek leadership shake-up after Trump's call for Lip-Bu Tan's resignation. But there is a catch
Amid calls from Donald Trump demanding the resignation of Intel CEO Lip-Bu Tan, four former directors of the chipmaking company have said that his fate should be decided by the shareholders and board. In a statement to Fortune, four former board members of Intel also demanded a radical restructuring of Intel that would revamp the company's manufacturing vertical into an independent company to re-establish its dominant position in the United States' chipmaking market. Charlene Barshefsky, Reed Hundt, James Plummer, and David Yoffie said that Intel has hired its fourth CEO in seven years but results have hardly improved. They claimed that only a dramatic shift in the company's workflow could restore Intel's competitiveness in the American market, much of which has been captured by rival Nvidia. Intel CEO Lip-Bu Tan says he's 'always operated within the highest legal and ethical standards' after President Donald Trump said he should resign. Tan also said Intel was in contact with the Trump administration. 'We are engaging with the Administration to address the matters that have been raised and ensure they have the facts,' Tan said. 'I fully share the President's commitment to advancing US national and economic security, I appreciate his leadership to advance these priorities, and I'm proud to lead a company that is so central to these goals.' Intel said in a statement that it's 'deeply committed to advancing US national and economic security interests and are making significant investments aligned with the President's America First agenda.' Tan also addressed the situation, saying in a message to employees that there was misinformation circulating about his past roles at Walden International and Cadence Design Systems and that he's always followed proper standards. In a post on Truth Social, US President Donald Trump said, 'The CEO of Intel is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!' His comment came shortly after Senator Tim Cotton wrote a letter to Intel Chairman Frank Yeary, flagging concerns over Tan's alleged ties with Chinese firms. In his letter, Senator Tim Cotton also flagged a recent criminal case involving Intel CEO Lip-Bu Tan's former company Cadence Design. Writing in order to 'express concern about the security and integrity of Intel's operations and its potential impact on US national security', the Senator posed questions to Intel Chairperson Frank Yeary in his letter. He asked if Intel's board was aware of the subpoenas received by Cadence during the time Tan was CEO of the company. Cotton also raised questions about the measures that Intel had taken to address this issue.
The Hindu
an hour ago
- The Hindu
Eight years late, Bengaluru metro's Yellow Line ready to run
After nearly eight years of anticipation and multiple delays, the much-awaited Yellow Line of Namma Metro, from R.V. Road to Bommasandra, will finally be inaugurated by Prime Minister Narendra Modi on Sunday. The 19.15-km corridor is expected to transform commuting in the city's tech corridor, particularly benefiting lakhs of employees working in Electronic City and helping decongest traffic at the infamous Silk Board junction. Originally envisioned in the 2011 Detailed Project Report (DPR) prepared by the Delhi Metro Rail Corporation (DMRC), construction of the Yellow Line began in 2017. It was initially scheduled for completion by December 2021, but the project was plagued by a series of setbacks including delays in land acquisition, the COVID-19 pandemic, and hold-ups in rolling stock supply from the Chinese manufacturer CRRC Nanjing. Built at a cost of ₹7,610 crore, the Yellow Line adds 16 stations to the city's metro network, expanding the total operational length of Namma Metro to 96 km. The line is fully elevated and features Bengaluru's first driverless trains, although according to Bangalore Metro Rail Corporation Limited (BMRCL) officials, they will initially operate with loco pilots for safety and familiarity. This metro line is integrated with the city's first double-decker flyover, located between Silk Board Junction and Ragigudda Metro Station. 'Once all trains are delivered and fully inducted, the line is expected to carry over 2.5 lakh passengers daily,' an official said. The line also features crucial interchanges at R.V. Road (Green Line), Jayadeva Hospital (Pink Line), and Central Silk Board (Blue Line—Phases 2A & 2B). Jayadeva Interchange Station, touted as the city's largest and only double-elevated interchange metro station, is a four-tier structure with 12 entrances and lifts in all zones. Serving the tech corridor The Yellow Line connects major IT hubs including Infosys, Wipro, Biocon, Tech Mahindra, and Delta Electronics. The line ends at Bommasandra, adjacent to Delta Electronics, and passes through areas like BTM Layout, Kudlu Gate, Electronic City, and Hebbagodi easing travel for thousands of tech workers and reducing dependency on their own vehicles. Officials said that with only three driverless trains currently available, initial services will operate every 25 minutes. Titagarh Rail Systems Limited (TRSL), which partnered with CRRC Nanjing, has delivered three trains so far. 'A fourth train has been dispatched and is expected to join the fleet after completing safety and operational checks by August end,' a official added. Commuters frustrated Full-scale operations where trains run at a higher frequency are expected only by next year, when BMRCL receives all 34 train sets. While BMRCL initially considered opening only seven stations, all 16 stations along the Yellow Line will be made operational from day one. For a city grappling with mounting traffic congestion, especially on Hosur Road and at junctions like Silk Board and Electronic City, the new metro line offers a much-needed alternative. However, commuters are not happy with the way the project has progressed. They say the launch appears symbolic, offering limited benefits for daily travellers due to the inadequate number of trains. Naveen Kumar, a resident of Bommanahalli, said, 'One train every 25 minutes, and we're inaugurating it as well? This is a serious joke now. With such long gaps between trains and the expected crowd, it's going to be a nightmare'.
