Latest news with #Beijing
Bloomberg
38 minutes ago
- Business
- Bloomberg
K-Pop Giant Hybe Opens Office in Beijing to Tap Chinese Market
Hybe Co., the company behind K-pop sensation BTS, has opened its first office in China in the wake of rising expectations that Beijing will soon lift a near-decade-long ban on Korean pop performances in the mainland. K-pop's largest company opened an outpost in Beijing last month, according to a Hybe spokesperson. That comes as Hybe and rival SM Entertainment Co. have ramped up their China business teams over the past few months.
Bloomberg
2 hours ago
- Business
- Bloomberg
China's Steel Output Cuts Could Intensify Coking Coal's Plunge
China's declining steel demand is sweeping through related markets, with prices of the coking coal and coke used in blast furnaces plunging to their lowest since 2016. Steel mills are expected to curtail production this year to cope with the drop in consumption. The protracted collapse in the property sector remains the biggest drag, while exports that have helped soak up the domestic surplus are likely to recede in the face of mounting trade barriers.
CNA
3 hours ago
- Entertainment
- CNA
Jackie Chan, Ralph Macchio join martial arts forces in Karate Kid: Legends
Jackie Chan and Ralph Macchio blend fighting techniques to train a new karate kid in the latest instalment of the martial arts movie franchise. Karate Kid: Legends, which opens Jun 5 in Singapore, stars Ben Wang as Beijing kung fu whizz Li Fong who moves with his mother to New York, where he befriends pizza restaurant owner and retired boxer Victor and his daughter Mia. When that friendship irks a local karate champion, Li enters a karate tournament and begins training with his old kung fu teacher Mr Han, played by Chan, and Macchio's Daniel LaRusso, the protagonist of the original 1984 film The Karate Kid who learned karate from mentor Mr Miyagi. 'They presented the concept to me ... connecting the Miyagi to the Han family and how that made sense ... I was like 'That's kind of clever. Okay, so how do we maintain this connective tissue into Li Fong's story that is organic and truthful'," Macchio told Reuters in a joint interview with Chan and Wang. "That was the challenge at first and figuring that out. Working with Jackie was like, 'Woohoo sign me up – when, where?' And then who's the kid? If we don't love this kid, then you have no movie. So all those, like it happens with The Karate Kid universe, is magic dust that comes down and somehow it continues to resonate. So I'm excited for the next generation version.' The movie is Macchio's fourth Karate Kid film playing LaRusso, a character he also portrayed in the Cobra Kai television series. Chan reprises the role of Mr Han, a character he first played in the 2010 film The Karate Kid opposite Jaden Smith. "Now we've both become a Miyagi," Chan said, referring to both his and Macchio's characters becoming mentors. "I remember when I saw the first one. Why him (Macchio)? Why not me?...I want to be The Karate Kid. (Now) We work together.' Wang, 25, said Chan's 2010 film introduced him to the franchise. 'Stepping into it, it's a terrifying thing in a certain way because it's a beloved franchise and ... the fans love it so much so I want to do right by them," he said. "But it's also a great honour because a lot of people auditioned for this part so I know how special and lucky it is that I get to do this with the two of them."
Reuters
4 hours ago
- Business
- Reuters
China offers Pacific Islands increased support in addressing climate change
BEIJING, May 29 (Reuters) - Chinese Foreign Minister Wang Yi pledged increased support from the world's second-largest economy to Pacific Island countries in addressing climate change, during a summit China's Xiamen on Wednesday, according to a ministry readout. The world's biggest bilateral lender will undertake 100 "small but beautiful" projects across Pacific Island countries with China ties over the next three years, Wang said, referring to one of the guiding principles of Chinese President Xi Jinping's flagship "Belt and Road" infrastructure initiative. Beijing will also invest $2 million in the island countries' clean energy, fisheries, oceans, low-carbon infrastructure and tourism sectors, the statement added, an amount in line with a downturn in Chinese lending as its $19 trillion economy slows. "China fully recognises the vulnerability of the economic and social development of the Pacific Island countries in the face of the climate change crisis," the statement said. China's renewed push to boost its influence with Pacific Island countries comes as U.S. aid programs to the region have been frozen, and several nations have been hit with hefty U.S. tariffs.
New York Times
5 hours ago
- Business
- New York Times
U.S. Pauses Exports of Jet Engine Technology and Chip Software to China
The Trump administration has suspended some sales to China of critical U.S. technologies, including those related to jet engines, semiconductors and certain chemicals. The move is a response to China's recent restrictions on exports of critical minerals to the United States, a decision by Beijing that has threatened to cripple U.S. company supply chains, according to two people familiar with the matter. The new limits are pushing the world's largest economies a step closer toward supply chain warfare, as Washington and Beijing try to flex their power over essential economic components in an attempt to gain the upper hand in an intensifying trade conflict. The standoff could have significant implications for companies that depend on foreign technologies, including makers of airplanes, robots cars and semiconductors. In April, China suspended exports of a range of critical minerals and magnets, which are essential for automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. The Chinese government said it had halted the shipments while drafting a new regulatory system. Beijing's moves were in response to Mr. Trump's decision to sharply increase tariffs on China in early April, to a minimum of 145 percent. One person familiar with the matter, who declined to be named to discuss private conversations, said the Commerce Department had suspended some licenses that allowed American companies to sell products and technology to COMAC, a Chinese state-owned aerospace manufacturer, in order to develop its C919 aircraft. The Commerce Department did not immediately respond for comment. The C919, a plane comparable in size to the Boeing 737 or the Airbus A320, carried paying passengers for the first time in 2023. Many of the plane's parts, including its engines and components necessary to power and control the aircraft, come from U.S. and European suppliers. China is a long way away from producing enough planes to meet its needs and, analysts say, will continue to be dependent on Boeing and Airbus for planes, and companies like GE Aerospace for jet engines, for many years to come. China also lags behind the United States in certain areas of semiconductor technology. A representative for GE did not immediately respond to a request for comment. In recent days, the Chinese have restarted some shipments of rare earth magnets, but they have been limited, one of the people said. Companies remain concerned about their access to critical Chinese supplies. The Financial Times earlier reported that the Trump administration was restricting exports of chip design software to China.
