Cross-border fraud bust nets 1,800 arrests, US$20M seized
Download The Standard app to stay informed with news, updates, and significant events - https://urlgeni.us/TheStandard. The upgraded app is now available on both iOS and Android platforms.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Citigroup to cut 3,500 tech support jobs in China to trim costs
Citigroup is laying off 3,500 technology staff in mainland China as part of its global effort to streamline operations and reduce costs, while pledging its commitment to corporate and institutional clients in the world's second-largest economy. Advertisement The affected employees, who provide technology support for operations in the Asia-Pacific region, are based in Shanghai and Dalian in the northeastern province of Liaoning, according to a statement on Thursday. The cuts would be completed in the fourth quarter, it added. Some roles would be eliminated while others would be relocated and excess office space would be reduced, the bank said, adding that the separation packages were higher than the local industry average. The downsizing would not affect its Shanghai-based unit, which houses its core banking business, or its other service centre in Guangzhou. 'We are committed to our corporate and institutional clients in China and supporting their cross-border banking needs, as well as clients across our international network who do business there,' said Marc Luet, Citigroup's head of banking and Japan, Asia North and Australia. The bank supports a large number of leading companies, including 70 per cent of the Fortune 500 companies in China, he added. CEO Jane Fraser wants to simplify Citigroup's organisational structure to align with its business strategy. Photo: Dickson Lee Citigroup, the third-largest lender in the US, is still aiming to establish a fully owned securities and futures unit in China, Luet said, which seems to have been delayed by strained US-China ties.
South China Morning Post
an hour ago
- South China Morning Post
Xiaomi founder and CEO Lei Jun stays on as honorary chairman at Chinese software firm
Lei Jun – the 55-year-old Chinese entrepreneur transforming Xiaomi into a technology conglomerate covering smartphones, electric vehicles (EVs) and chips – will retain his seat as 'honorary chairman' at Beijing Kingsoft Office Software, suggesting that the founder remains committed to taking on multiple roles on the business front lines. In his honorary chairman role, Lei, the 'actual controller' of Kingsoft Office, will provide guidance on technology innovation, management and corporate culture, without drawing a salary, according to a filing by the Shanghai-listed company on Thursday. Shares of Kingsoft Office rose 0.7 per cent on Thursday morning. Lei's reappointment at Kingsoft Office – which is known for its WPS Office software , a popular local alternative to Microsoft Office – followed weeks of intense public scrutiny regarding the safety of Xiaomi's driving-assistance system. Then-Kingsoft Corporation CEO Lei Jun (right) with chairman Kau Pak-kwan during the company's listing debut in Hong Kong in 2007. Photo: Dickson Lee Last month, Lei said on his Weibo account that he was facing 'the hardest time' since founding Xiaomi in 2010, following a fatal crash involving the autonomous-driving feature of the company's SU7 vehicle, which resulted in three deaths in late March.
South China Morning Post
2 hours ago
- South China Morning Post
China hails new helicopter engine as a milestone for its aviation ambitions
China has granted approval for the country's first home-grown 1,000-kilowatt helicopter engine to begin mass production, as Beijing doubles down on its aviation ambitions in defiance of US efforts to restrict its access to key technologies. Advertisement The engine, named the AES100, was granted a production licence by Chinese authorities on Thursday, 'laying a solid foundation for its market launch', state-run news agency Xinhua reported. The move comes just days after Washington announced a new round of export restrictions targeting China, which included curbs on sales of jet engine-related technologies that could be crucial to Chinese efforts to produce its own fleet of passenger aircraft. China's state-owned Commercial Aircraft Corporation of China (Comac) has made rapid progress in developing commercial jets to compete with market leaders Airbus and Boeing in recent years, but it still relies on overseas suppliers for a number of key components. The AES100 turboshaft engine – produced by the state-owned Aero Engine Corporation of China (AECC) – differs from the type of jet engines Comac uses in its aircraft, but Chinese experts said its development still represented a major step forward for the country's aviation sector. Li Gaiqi, chief designer of the AES100, said the granting of the licence reflected 'China's ability to independently develop and manufacture advanced civil turboshaft engines'.
