US bank Wells Fargo employee blocked from leaving China: reports
Multiple media outlets reported earlier Friday that the employee involved was Chenyue Mao, an Atlanta-based managing director who was born in Shanghai. Mao had entered the country in recent weeks but is now unable to leave, they said.
"We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," the company told AFP when asked to confirm the reports.
The company declined to give further details.
The San Francisco-based bank is now restricting its employees from visiting China following this case, reports said.
Beijing's foreign ministry spokesman Lin Jian said he was "not familiar" with the specific case when asked about it at a news conference on Friday.
"China is a country governed by the rule of law. Whether a person is Chinese or foreign, in China both must respect China's laws," Lin added.
Global firms have faced an increasingly difficult business environment in China in recent years, industry groups say, citing a lack of transparency on data laws and prolonged detentions of employees in the country.
A court in China sentenced a Japanese businessman from pharmaceutical company Astellas to three-and-a-half years in prison on Wednesday for spying.
Pharmaceutical giant AstraZeneca in November said that the head of its China operations Leon Wang had been detained, after reports the firm was under investigation for potentially illegal data collection and drug imports.
And in 2023 a senior executive at US risk advisory firm Kroll was prohibited from leaving China, the Wall Street Journal reported.
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Business Standard
24 minutes ago
- Business Standard
Japanese PM Ishiba's coalition loses majority in upper house election
The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election AP Tokyo Japanese Prime Minister Shigeru Ishiba 's ruling coalition failed Monday to secure a majority in the 248-seat upper house in a crucial parliamentary election, NHK public television said. Ishiba's Liberal Democratic Party and its junior coalition partner Komeito needed to win 50 seats on top of the 75 seats they already have to reach the goal. With two more seats to be decided, the coalition had only 46 seats. The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election, and worsening Japan's political instability. It was the first time the LDP has lost a majority in both houses of parliament since the party's foundation in 1955. Despite the loss, Ishiba expressed determination to stay on to tackle challenges such as U.S. tariff threats, but he could face calls from within his party to step down or find another coalition partner. I will fulfill my responsibility as head of the No. 1 party and work for the country, he said. Vote counts Ishiba had set the bar low, wanting a simple majority of 125 seats, which means his LDP and its Buddhist-backed junior coalition partner Komeito needed to win 50 to add to the 75 seats they already have. Exit poll results released seconds after the ballots closed Sunday night mostly showed a major setback for Ishiba's coalition. Ishiba vows to stay on The LDP alone won 38 seats, better than most exit poll projections of 32, and still the No. 1 party in the parliament, known as the Diet. It's a tough situation. I take it humbly and sincerely, Ishiba told a live interview with NHK. He said the poor showing was because his government's measures to combat price increase have yet to reach many people. The poor performance in the election will not immediately trigger a change of government because the upper house lacks the power to file a no-confidence motion against a leader, but it will certainly deepen uncertainty over his fate and Japan's political stability. Ishiba could face calls from within the LDP party to step down or find another coalition partner. Economic worries Soaring prices, lagging incomes and burdensome social security payments are the top issues for frustrated, cash-strapped voters. Stricter measures targeting foreign residents and visitors also emerged as a key issue, with a surging right-wing populist party leading the campaign. Sunday's vote comes after Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Trade talks with Washington US President Donald Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of U.S. autos and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect Aug. 1 has been another blow for Ishiba. Ishiba resisted any compromise before the election, but the prospect for a breakthrough after the election is just as unclear because the minority government would have difficulty forming a consensus with the opposition. Populism gains traction Frustrated voters were rapidly turning to emerging populist parties. The eight main opposition groups, however, were too fractured to forge a common platform as a united front and gain voter support as a viable alternative. The emerging populist party Sanseito stands out with the toughest anti-foreigner stance, with its Japanese First platform that proposes a new agency to handle policies related to foreigners. The party's populist platform also includes anti-vaccine, anti-globalism and favors traditional gender roles. Conservative to centrist opposition groups, including the main opposition Constitutional Democratic Party of Japan, or CDPJ, the DPP, and Sanseito have gained significant ground at the Liberal Democrats' expense. The CDPJ was projected to win up to 26 seats, while the DPP could quadruple to 17 seats from four, exit poll results showed. Sanseito was expected to surge to 16 from just one. None of the opposition parties said that they were open to cooperating with the governing coalition. CDPJ leader Yoshihiko Noda told NHK that his priority is to form an alliance among the opposition. The spread of xenophobic rhetoric in the election campaign and on social media has triggered protests by human rights activists and alarmed foreign residents. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
24 minutes ago
- Mint
After pledging to keep prices low, Amazon hiked them on hundreds of essentials
In April, Amazon said it would hold the line on prices. The Journal's analysis of prices from e-commerce data firm Traject Data found that while Amazon's price rose on 1,200 of its cheapest household goods, competitor Walmart lowered prices on the same items by nearly 2%. The divergent strategies show how major retailers are reshaping prices on popular products as uncertainty about tariffs drags on. Amazon said the products tracked by the Journal weren't representative of the company's prices overall. 'We have not seen the average prices of products offered in our store change up or down appreciably," the company said in a statement. 'Our commitment to offering low prices—not relative percentage changes—is what delivers the most value to our customers." Manufacturers of several of the products that became more expensive on Amazon say they haven't raised the prices they charge retailers. Even domestically made goods, such as the 'Made in U.S.A" Campbell's soup, saw increases. Imported goods and products with mixed origins—domestically assembled with imported components—faced even steeper hikes. Take the stackable metal basket from Ohio-based Dayglow LLC, which imports from China and other countries. Before mid-February, Amazon sold it for $9.31. By late April, Amazon had lifted the price to $19.99. Dayglow hasn't changed the prices it charges Amazon despite paying more on its imported goods, according to Nick Morrisroe, the company's CEO. 'Any container I had that was coming took a cost increase basically overnight," he said of steel tariffs that came into effect last month. The lowest-cost goods on Amazon saw one of their largest single-day increases on Feb. 15, two days after Trump signed an order suggesting tariffs would apply to most U.S. trading partners. Many of the products tracked by the Journal are 'everyday essentials" on Amazon—a category that represents one of every three units sold on Amazon in the U.S. during the first quarter of 2025, the company said. Amazon struggles to turn a profit on these products because shipping costs erase the already-thin margins, said Corey Thomas, an Amazon vendor consultant. Walmart can afford to lose money on similar online sales because customers often buy more profitable items in stores, he added. Prices fluctuate for various reasons, including seasonal discounts, competition and inflation, which accelerated last month. Amazon said the products analyzed by the Journal were out of stock more frequently on competitors' websites. Some more-expensive items in the Journal's analysis decreased in price as new versions were introduced. Prices fell during Amazon's Prime Day sales event that ran between July 8 and July 11 and have since rebounded, though they remain below their July 1 levels. Trump's recent delay of the tariff deadline to Aug. 1 also gives retailers time to stockpile products before higher rates go into effect. Retailers say they have tried everything to keep a lid on price increases, including pressuring suppliers and dropping free perks at offices. Target said it gives priority to other cost-control measures before raising prices, while Walmart said the data reflects its reputation for affordable pricing. The broader retail response to tariffs has been relatively muted. Prices for imported goods are up about 2% since March, according to research from Harvard economist Alberto Cavallo and members of the Harvard Business School's Pricing Lab. 'The lack of clarity may be causing retailers to implement price changes more cautiously and incrementally," Cavallo said. Many brands and retailers have used coded language when discussing pricing strategies with investors, fearing political backlash. Earlier this year, Amazon backed away from a plan to display tariff impacts on its bargain website Haul after the White House called the plan a 'hostile and political act." Trump warned businesses in May to 'EAT THE TARIFFS" after Walmart said higher tariffs would result in higher prices. For Morrisroe, whose company faced potential 145% tariffs on Chinese goods already in transit when the plan was announced, that directive carried real weight. 'Had they stayed at 145%, we would have been shutting down here," he said. Instead, his company paid the 30% tariff after Trump reduced the rate. Dayglow is now negotiating with manufacturers, searching for suppliers outside China and considering raising prices. For now, Morrisroe said he's doing exactly what Trump asked—eating the tariffs. Write to Shane Shifflett at Nate Rattner at Sebastian Herrera at and Brian Whitton at
Economic Times
24 minutes ago
- Economic Times
Asian shares, yen weather Japan uncertainty as earnings loom
Investors were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads SYDNEY: Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline expressed his intention to stay in the position, which along with a market holiday, limited the reaction and the yen was 0.4% firmer at 148.29 to the dollar."Ishiba will try to govern with support from some within the opposition, but this likely means a looser fiscal policy and is not good news for bond yields," said Rodrigo Catril, a senior FX strategist at NAB."History also suggests that domestic political uncertainty tends to keep the BOJ on the side-lines, so the prospect of rate hikes is now set to be delayed for a little bit longer."The Bank of Japan still has a bias to raise rates further but markets are pricing little chance of a move until the end of the Nikkei was shut, futures traded up at 39,875 and just above the cash close of 39, broadest index of Asia-Pacific shares outside Japan was flat, while South Korean stocks added 0.4%.MEGA CAPS KICK OFFS&P 500 futures and Nasdaq futures both edged up 0.1%, and are already at record highs in anticipation of more solid earnings reports.A host of companies reporting this week include Alphabet and Tesla, along with also expect upbeat news for defence groups RTX , Lockheed Martin and General Dynamics. Ramped up government spending across the globe has seen the S&P 500 aerospace and defence sector rise 30% this bond markets, U.S. Treasury futures held steady having dipped late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61%, rising to 80% for reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on European Central Bank meets this week and is expected to hold its rates steady at 2.0% following a string of cuts."The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release."The euro was unchanged at $1.1630 in early trading, having dipped 0.5% last week and away from its recent near-four-year top of $1.1830. The dollar index was a fraction lower at commodity markets, gold was little changed at $3,348 an ounce with all the recent action in platinum which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia for its war in Ukraine could curb its edged up 0.1% to $69.36 a barrel, while U.S. crude added 0.1% to $67.39 per barrel.
