Chinese Tech Stocks Fall Amid Renewed Pessimism About U.S.-China Trade Deal
Chinese tech shares fell Friday amid renewed pessimism about the prospects for a trade deal between Beijing and Washington.
Shares of technology companies listed in Hong Kong were broadly lower, led by major players like Alibaba Group, which shed 4.2%. BYD dropped 3.8% and Baidu fell 3.9%, while the Nasdaq-like Hang Seng Tech Index dropped 2.7%.
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CNN
37 minutes ago
- CNN
Indian military chief acknowledges loss of fighter jets in May conflict with Pakistan
India's military has acknowledged for the first time that an unspecified number of its fighter jets were shot down during strikes on Pakistani-controlled territory amid intense fighting between the neighbors in early May. Indian officials had previously refused to confirm even a single aircraft loss. Asked by a Bloomberg correspondent on Saturday if Pakistan was correct in its claim that 'six Indian jets' were downed, Anil Chauhan, the chief of defense staff of the Indian Armed Forces, initially denied the veracity of the claim, stating: 'Absolutely incorrect and that is not information which, as I said, is important.' But he went on to say that 'what is important is why they went down,' seeming to imply that a number of jets were shot down during fighting between the historic foes, although not confirming how many. 'That is more important for us. And what did we do after that? That's more important,' he said, speaking to Bloomberg's Haslinda Amin while attending the Shangri-La Dialogue, Asia's premier defense forum, in Singapore. The official also accepted that India's military had made a 'tactical mistake,' in response to another question about Pakistan's claim. 'The good part is we were able to understand the tactical mistake which we made, remedy it, rectify it and then implement it again after two days and flew all our jets, again targeting at long range,' he said. Pakistan claimed its pilots shot down five Indian fighter jets in aerial battles – including three advanced French-made Rafales – after India launched its military operation against Pakistan in early May. Pakistan said it used Chinese-made fighter jets to shoot down the Indian combat aircraft, including the Rafales. India initially denied the claims, with Nalin Kohli, spokesperson for India's Bharatiya Janata Party, telling CNN that 'if that was the case, and if something of that extent had happened, we would have said so.' A high-ranking French intelligence official told CNN at the time that one Rafale fighter jet operated by the Indian Air Force had been downed by Pakistan, and that French authorities were looking into whether more than one was brought down. Indian eyewitnesses also told CNN they saw one aircraft plunging from the sky in flames. The fighting was a major escalation between the South Asian neighbors and came in response to the killing of tourists in Indian-administered Kashmir in April. India blamed Pakistan for the attack, an accusation rejected by Islamabad. A truce between Islamabad and New Delhi was announced on May 10. CNN's Benjamin Brown, Matthew Chance, Sophia Saifi and Saskya Vandoorne contributed to this report.
Yahoo
an hour ago
- Yahoo
Exposé sheds light on shocking truth behind popular fashion brand's operations: 'We have no choice'
Workers making ultracheap Shein clothing in Guangzhou, China, face grueling 14-hour shifts with just one day off per month, despite earning fair wages compared to local standards, reported NZZ. In an area nicknamed "Shein Village" on the outskirts of Guangzhou, over a thousand factories operate almost exclusively for the popular online retailer. Workers earn about 8,000 yuan ($1,100) monthly — three times the local minimum wage — but must work more than twice the legally permitted hours to meet production quotas. "We have no choice," said Liu, a 42-year-old worker who irons clothing and stands for more than 10 hours daily. "What should my family eat and drink?" Chinese authorities are aware of these labor violations but ignore them to preserve jobs in an economy facing rising unemployment. Han Dongfang, who heads the Hong Kong-based China Labor Bulletin, fights for workers' rights but faces resistance from officials who prioritize economic activity over regulations. The working conditions in Shein factories reflect the fast-fashion business model's faults. Shein's "small batches, quick turnaround" strategy puts immense pressure on suppliers to deliver rapidly when designs sell well. This approach lets the company keep inventory costs low and pass savings to customers through rock-bottom prices. When you buy a $7 top or $12 jeans from Shein, that affordability comes at a human cost. While workers receive decent pay by local standards, they sacrifice their health and family time to keep up with production demands. This model also creates massive textile waste. Fast-fashion companies design clothing to deteriorate quickly, sending garments to landfills after just a few wears. The industry's focus on constantly changing styles and low-quality materials means millions of tons of textiles are wasted each year. The environmental impact is more than waste. Textile production requires significant water usage and often involves harmful chemicals that pollute local water sources when factories don't properly treat wastewater. You can make choices that support workers and the planet. Consider buying fewer but higher-quality garments that last longer. This approach might cost more upfront but saves money over time as pieces don't need frequent replacement. Which of these factors would most effectively motivate you to recycle old clothes and electronics? Giving me money back Letting me trade for new stuff Making it as easy as possible Keeping my stuff out of landfills Click your choice to see results and speak your mind. Thrifting offers another great solution with substantial financial benefits. You can find unique items at a small fraction of retail prices while giving clothing another life and keeping it out of pollution-spewing landfills. Some companies are now embracing more sustainable practices. Brands that openly share information about their supply chains and worker conditions give you the power to make informed choices about where your money goes. Supporting policies that require fashion companies to implement fair labor practices and environmental standards can drive industry-wide change. Your purchasing decisions send a powerful message about the kind of fashion industry you want to support. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Fox News
an hour ago
- Fox News
Trump calls out Putin, accuses China of not honoring trade deal terms during 19th week in office
President Donald Trump put Russian President Vladimir Putin on notice, and issued some harsh words to China and their ongoing trade negotiations during his 19th week in office. "What Vladimir Putin doesn't realize is that if it weren't for me, lots of really bad things would have already happened to Russia, and I mean REALLY BAD. He's playing with fire!" Trump wrote in a Truth Social post Tuesday morning. Dmitry Medvedev, the deputy chairman of the Security Council of Russia and former Russian president, responded in kind and issued his own words of caution to the U.S. "Regarding Trump's words about Putin 'playing with fire' and 'really bad things' happening to Russia. I only know of one REALLY BAD thing — WWIII. I hope Trump understands this!" Medvedev wrote. Trump's remarks come as Russia has ramped up its attacks against Ukraine in recent weeks, and as the U.S. has sought to distance itself from the conflict between the two countries. Meanwhile, Trump said Wednesday that time is limited for Putin to get serious about coming to the negotiating table and engage in peace talks. Otherwise, the U.S. might adopt a different approach, he said. "We're going to find out whether or not he's tapping us along or not, and if he is, we'll respond a little bit differently, but it will take about a week and a half to two weeks," Trump told reporters in the Oval Office Wednesday. Here's what also happened this week: Trump accused China of violating an initial trade agreement that Washington and Beijing were hashing out in May. Following those negotiations, both countries agreed that the U.S. would cut down its tariffs against Chinese imports from 145% to 30%, and China would reduce its tariffs against U.S. imports from 125% to 10%. But Trump said that China hasn't followed the terms of the agreement, without disclosing specifics. "The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US," Trump said in a social media post Friday. "So much for being Mr. NICE GUY!" U.S. Trade Representative Jamieson Greer said after Trump's post in an interview with CNBC that China had failed to remove its non-tariff barriers, as outlined in the deal. "The United States did exactly what it was supposed to do and the Chinese are slow-rolling their compliance which is completely unacceptable and has to be addressed," Greer said Friday. Meanwhile, China pressed the U.S. to reverse course and urged the U.S. to address its own mistakes. "China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva," Chinese embassy spokesperson Liu Pengyu said in a Friday statement. Canada also could receive protection from Trump's so-called Golden Dome — if it becomes part of the U.S. Trump has long pushed for Canada to become the 51st state, along with expressing interest in acquiring Greenland and the Panama Canal. "I told Canada, which very much wants to be part of our fabulous Golden Dome System, that it will cost $61 Billion Dollars if they remain a separate, but unequal, Nation, but will cost ZERO DOLLARS if they become our cherished 51st State," Trump said in a Tuesday social media post. Trump has long touted setting up a Golden Dome, a defense shield initiative for the U.S. akin to the one Israel has protecting itself.
