China's Bond Traders Are Getting Bowled Over by Stock Bulls
The 90-day correlation between the CSI 300 Index and the Bloomberg China Treasury Total Return Index is heading toward its most negative level since 2020. The bond index is set for its biggest monthly loss since March, while the stock gauge has outperformed some global peers over the same period.
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New York Post
an hour ago
- New York Post
Chinese nationals living in US charged with smuggling millions worth of Nvidia's powerful AI chips to Beijing
Two Chinese nationals living in California – one illegally – were arrested for smuggling tens of millions of dollars worth of high-powered Nvidia AI chips to Beijing, the Justice Department said Tuesday. The pair allegedly shipped advanced graphic processing units, including Nvidia H100 GPUs and Nvidia 4090 GPUs, to China from October 2022 to July 2025 through their El Monte-based company, ALX Solutions, according to an affidavit filed with the complaint in US District Court in Los Angeles. Chuan Geng, 28, of Pasadena, and Shiwei Yang, 28, of El Monte, were charged with violating the Export Control Reform Act, a felony that carries a maximum of 20 years in federal prison. Advertisement Yang, an illegal alien who overstayed her visa, was arrested on Saturday and Geng, a lawful permanent resident, surrendered to federal authorities later that day. The smuggled chips were the 'most powerful GPU chip on the market,' and 'designed specifically for AI applications,' such as 'to develop self-driving cars, medical diagnosis systems, and other AI-powered applications,' according to the complaint. The arrests come months after the Trump administration imposed sweeping export curbs in May in an attempt to crack down on China's ability get its hands on advanced chips to throttle Beijing in the AI race. Advertisement Nonetheless, a bombshell report late last month revealed at least $1 billion worth of Nvidia chips were smuggled into China in the three months following Trump's ban. The powerful chips were still being sold by Chinese suppliers to data center operators – even after the controls took hold, according to a Financial Times analysis of sales contracts, company filings and interviews with sources with direct knowledge of the deals. ALX Solutions was founded shortly after the Commerce Department began requiring licenses for advanced microchips in 2018 during Trump's first term in office — including the ones that Yang and Geng are accused of shipping overseas, according to court documents. The company allegedly used a common tactic to skirt export restrictions by shippiing the illicit wares to China through other countries. Advertisement ALX Solutions routed at least at least 20 shipments, including one last December, from the US by using freight-forwarding companies in Singapore and Malaysia, according to the DOJ. The pair made several shipments of graphic processing units to China from October 2022 up until last month, according to an affidavit filed with the complaint. BLKstudio – The California firm never received payments from the those in Singapore and Malaysia, but it did receive money from companies in Hong Kong and China – including a $1 million payment in January 2024, the complaint alleged. The defendants' phones – which law enforcement seized last week after raiding their office – also revealed incriminating conversations about routing chips through Malaysia to evade US laws, the complaint alleged. Advertisement Geng was released by a federal judge late Monday on $250,000 bond. Yang remains behind bars to await a detention hearing on Aug. 12. Their arraignment is slated for Sept. 11. The Justice Department declined to provide further comment. Lawyers for the Chinese nationals were not immediately known. The Post reached out to ALX solutions for comment.
Business of Fashion
2 hours ago
- Business of Fashion
Online Retailer Zalando Raises 2025 Guidance After About You Acquisition
German online fashion marketplace Zalando raised its 2025 guidance on Tuesday after adjusting its projections to include newly acquired About You. The Berlin-based company said it expected gross merchandise volumes to grow by 12-15 percent, up from a previously expected range of 4-9 percent. Zalando is investing heavily in its European logistics network, which it has also opened up to partners as it seeks to drive growth amid faltering consumer spending and competition from fast-fashion retailers such as Chinese rival Shein. The About You acquisition was completed in early July, valuing Zalando's smaller rival at €1.13 billion ($1.31 billion). The company also said it achieved second-quarter gross merchandise volumes of €4.06 billion, up from €3.86 billion a year earlier. By Tristan Veyet; Editor: David Goodman Learn more: Zalando to Buy German E-Commerce Player About You for $1.3 Billion Berlin-based Zalando said Wednesday it will offer €6.50 per share for rival e-tailer About You, a 67 percent to Tuesday's closing price.
New York Post
2 hours ago
- New York Post
A huge portion of LA's luxury homes sold all-cash this spring — a decade high
Median home sales nationwide might be floundering, but the high-end luxury market is still flush, especially in Los Angeles. Los Angeles' luxury inventory is selling at a healthy clip, according to a report. High-end homes across monied enclaves, like Beverly Hills, Bel-Air and Malibu, are selling to all-cash buyers unfazed by the city's stringent mansion tax or ongoing economic uncertainties. More than 6,600 Los Angeles homes in the $1 million to $5 million dollar range sold between January and May. An impressive 25.4% of those transactions were all-cash — the highest share in more than a decade, according to senior analyst Hannah Jones. 3 Despite wildfire threats and economic uncertainties, hilltop homes in Los Angeles still attract well-heeled buyers. trekandphoto – 3 Cash offers are flowing in for luxury homes, but home sales nationwide are in a summer slump. Bloomberg via Getty Images 'It emphasizes the financial standing of today's high-end buyers,' said Jones. 'These are deep-pocketed individuals, often less sensitive to interest rates and more motivated by lifestyle, investment diversification or long-term value.' Not even the city's mansion tax — a 4% fee on home sales over $5.15 million — seems to be deterring ambitious buyers. The percentage of all-cash deals increased alongside price tags, with up to 56.7% of deep-pocketed buyers paying cash in 104 transactions priced above $10 million. The renewed strength of the city's luxury market contrasts sharply with the reality facing most residents. An ongoing housing shortage and median home prices approaching $1.2 million continue to keep most hopeful homeowners on the sidelines. 3 California properties led home sales in June, a sign of renewed strength in cities like LA. Tierney – June saw California dominate half of Redfin's monthly ranking of the country's most expensive home sales. Paris Hilton's $63.1 million purchase of Mark Wahlberg's former mega-mansion in Beverly Hills led the leaderboard. The heiress, alongside her husband Carter Reum, scooped up the 12-bedroom gated property after losing her family's home of four years in the Palisades Fire early this year. Celebrities and foreign buyers are the dominating demographic of the trend, reported. Foreign buyers, particularly Chinese and Canadian buyers, made up nearly 15% of luxury LA sales this spring.
