Latest news with #Chinese-owned
Asahi Shimbun
39 minutes ago
- Business
- Asahi Shimbun
China's solar giants quietly shed a third of their workforces last year
Workers carry solar panels to install them at a solar farm in the desert, in Lingwu, Ningxia Hui Autonomous Region, China April 14, 2025. (China Daily via REUTERS) BEIJING--China's biggest solar firms shed nearly one-third of their workforces last year, company filings show, as one of the industries hand-picked by Beijing to drive economic growth grapples with falling prices and steep losses. The job cuts illustrate the pain from the vicious price wars being fought across Chinese industries, including solar and electric vehicles, as they grapple with overcapacity and tepid demand. The world produces twice as many solar panels each year as it uses, with most of them manufactured in China. Longi Green Energy, Trina Solar, Jinko Solar, JA Solar, and Tongwei, collectively shed some 87,000 staff, or 31% of their workforces on average last year, according to a Reuters review of employment figures in public filings. Analysts say the previously unreported job losses were likely a mix of layoffs and attrition due to cuts to pay and hours as companies sought to stem losses. Layoffs are politically sensitive in China, where Beijing views employment as key to social stability. Other than a 5% cut acknowledged by Longi last year, none of the firms mentioned above have announced any job cuts or responded to questions from Reuters. 'The industry has been facing a downturn since the end of 2023,' said Cheng Wang, an analyst at Morningstar. 'In 2024, it actually got worse. In 2025, it looks like it's getting even worse.' Since 2024, more than 40 solar firms have delisted, gone bankrupt or been acquired, according to a presentation by the photovoltaic industry association in July. China's solar manufacturers built new factories at a fever pitch between 2020 and 2023 as the state redirected resources from the sinking property sector to what it used to call the 'new three' growth industries: solar panels, electric cars and batteries. That building spree led to falling prices and a brutal price war made worse by U.S. tariffs thrown up against exports from the many Chinese-owned factories in Southeast Asia. The industry lost $60 billion last year. MORE TO COME While analysts say it is unclear whether job cuts continued this year, Beijing is increasingly signaling it intends to intervene to cut capacity, sending polysilicon prices soaring nearly 70% in July while solar panel prices have increased more modestly. Major polysilicon producer GCL told Reuters on Thursday that top producers plan to set up an OPEC-like entity to control prices and supply. The group is also setting up a 50-billion yuan vehicle to buy and shut around a third of the industry's lower-quality production capacity. President Xi Jinping in early July called for an end to 'disorderly price competition,' and three days later the industry ministry pledged to calm price wars and retire outdated production capacity during a meeting with solar industry executives. While Beijing has not said when or how it will act, a source with direct knowledge of the matter said it was determined to focus on the issue before the end of the current five-year plan this year. Officials in eastern China's Anhui province, a manufacturing hub, told solar company executives in June to stop adding new manufacturing and shut production lines operating at under 30% capacity, according to two industry sources who declined to be identified due to the sensitivity of the matter. A board member at a solar firm in the province said new capacity had already required verbal approval from powerful state planner the National Development and Reform Commission (NDRC) this year. They asked for their company's name to be withheld because the discussions were private. NO EASY FIX But many provincial governments are likely to be reluctant to crack down hard on overcapacity, analysts say. These officials are scored on jobs and economic growth and are loathe to see local champions sacrificed to meet someone else's target. Trina Solar's chairman told an industry conference in June that new projects had begun this year despite the NDRC calling for a halt in February. The foot-dragging reflects the scale of the cull required. Jefferies analyst Alan Lau estimated at least 20-30% of manufacturing capacity would have to be eliminated for companies to return to profitability. 'There's a lot of overcapacity in China, like steel, like cement, but you don't see any industry in the past having industry-wide cash loss for one and a half years already,' Lau said. Company-level losses are on the same scale as in real estate, another crisis-hit sector, even though solar is only about one-tenth the size, he said. 'This is highly unusual and highly abnormal.'
The Sun
an hour ago
- Business
- The Sun
Cambodian PM says 19% US trade tariff 'the best news'
PHNOM PENH: Cambodian Prime Minister Hun Manet on Friday welcomed a 19 percent trade tariff imposed by US President Donald Trump, avoiding a threatened levy of 36 percent. 'This is the best news for the people and economy of Cambodia to continue to develop the country,' Hun Manet wrote on Facebook. Trump had originally threatened a swingeing 49 percent tariff on Cambodia as part of his 'Liberation Day' measures aimed at rebalancing world trade in America's favour, but cut it to 36 percent last month. Dozens of countries face steep levies under the tariff regime approved by Trump in Washington on Thursday, set to come into force in a week. Cambodia is a major manufacturer of low-cost clothing for Western brands, with garment products accounting for most of its $10 billion in exports to the United States last year. Many factories in Cambodia are Chinese-owned and the White House has accused the kingdom of allowing Chinese goods to stop over on the way to US markets, thereby skirting steeper rates imposed on Beijing. The tariff announcement came days after Trump intervened to help broker a ceasefire between Thailand and Cambodia to end border clashes that left more than 40 people dead -AFP
New Straits Times
3 hours ago
- Business
- New Straits Times
Cambodia hails 19pct US tariff as 'best news' for economy
PHNOM PENH: Cambodian Prime Minister Hun Manet on Friday welcomed a 19 per cent trade tariff imposed by US President Donald Trump, avoiding a threatened levy of 36 per cent. "This is the best news for the people and economy of Cambodia to continue to develop the country," Hun Manet wrote on Facebook. Trump had originally threatened a swingeing 49 per cent tariff on Cambodia as part of his "Liberation Day" measures aimed at rebalancing world trade in America's favour, but cut it to 36 per cent last month. Dozens of countries face steep levies under the tariff regime approved by Trump in Washington on Thursday, set to come into force in a week. Cambodia is a major manufacturer of low-cost clothing for Western brands, with garment products accounting for most of its US$10 billion in exports to the United States last year. Many factories in Cambodia are Chinese-owned and the White House has accused the kingdom of allowing Chinese goods to stop over on the way to US markets, thereby skirting steeper rates imposed on Beijing.
Time of India
a day ago
- Business
- Time of India
After Walmart's Lord Ganesha printed underwear and slippers, AliExpress now sells Lord Jagannath doormat and sparks outrage
AliExpress, the Chinese-owned e-commerce giant, is under fire after a shocking product listing surfaced showing a doormat featuring the face of Lord Jagannath, only just one of Odisha's most revered deities but also in Sanatan Dharma. A photo of a person stepping on the mat, paired with a product description calling it 'moisture absorbent' and 'anti-slip,' has sparked outrage among Hindu devotees across India and abroad. But for many, this incident is part of a larger pattern. It is not the first time a global platform has hurt Hindu sentiments for profit or ignorance. Not the first time: Another global brand offends Hindu sentiment Last year, Walmart was heavily criticised for selling underwear, slippers, socks, and even swimsuits printed with images of Lord Ganesha. Though the retail giant eventually removed some of the products, several items — including Ganesha swimsuits, remained on sale, drawing accusations of cultural insensitivity and 'normalising disrespect.' From Walmart to Amazon: A series of cultural missteps and insulting Hindu gods The Hindu American Foundation slammed Walmart's actions, stating that commercialising deities worshipped by over a billion people was 'disrespectful, irresponsible, and dangerous.' Similarly, Amazon too once sold doormats printed with Hindu gods, leading to calls for boycotts. Public figures like Ravindra Jadeja condemned the platform, questioning whether similar disrespect would ever be shown towards other religions, like printing Islamic prayer mats with offensive designs. OM,ॐ,described as the most important mantra for worship in Hinduism now available as DOORMATS & CARPETSAMAZON USA website has once again done it. What is wrong with these companies?Exploiting Hindu Sentiments for few $$$?Can these companies do the same for other religions? Jagannath doormat sparks Odisha-led backlash In the current AliExpress row, outrage is especially strong in Odisha, the cultural heartland of the Jagannath tradition. Madhab Pujapanda, a former temple official, urged Indian and state governments to take immediate diplomatic action and hold Chinese sellers accountable. He also emphasised the need for legal protection of sacred Hindu symbols and terms to stop such misuse. Social media is ablaze with hashtags like #RespectJagannath and #BoycottAliExpress, with devotees demanding an apology and product removal. A pattern that cannot be ignored From MF Husain's controversial goddess paintings to global giants monetising divine icons, these repeated incidents point to a larger issue, religious imagery is not fashion, décor or a quirky trend. With billions following these faiths, platforms must learn that sacred does not mean sellable.
West Australian
a day ago
- Business
- West Australian
Consolidated Minerals' Woodie Woodie manganese mine nets at least $38m of profit after South32's supply shock
Western Australia's solitary manganese mining operation returned to profitability after capitalising on South32's misfortune off the Northern Territory coast. Chinese-owned Consolidated Minerals banked $38.2 million of net profit during 2024 from its Woodie Woodie manganese mine in the East Pilbara, according to accounts recently filed to the Australian Securities and Investments Commission. The mine's actual profitability was likely higher. ConsMin paid $4.9m in 'finance expenses' on a $650m loan provided by parent company Tian Yuan Manganese. Woodie Woodie, which has been in and out of operation for seven decades, produced $408m worth of manganese ore during 2024 — a year-on-year increase of $136.3m. The mine was in the red to the tune of $33.8m in 2023 and $53.6m in 2022. The bottom line rebound was driven by a rise in the price of manganese — a silvery metal predominantly used to give steel its strength and hardness — by an average of about 16 per cent in 2024. The spot price of Manganese ore sunk to a six-year low of about $6.50 per dry metric tonne in the final quarter of 2023, before disaster struck at the South32-run Grooyte Eylandt operation on a namesake island off the NT coast. Rough seas stoked by tropical cyclone Megan yanked a bulk carrier into the Groote Eylandt wharf in March last year, knocking out of action until May this year. The wharf ships all of South32's Australian manganese ore, comprising about 12 per cent of the world's supply. This major supply shock caused the manganese price to spike from about $7.50/dmt to $15.10/dmt during April last year. The price has now settled back down to approximately $7.10/mtu. ConsMin got the green light from WA's Environmental Protection Authority in December to clear more than 2,000 hectares of native vegetation to extend Woodie Woodie's mining life by at least another seven years. By the end of 2024, ConsMin's Australian arm employed 526 people — the vast majority presumably at Woodie Woodie — according to the ASIC filings. Close to 400 jobs were culled when Woodie Woodie last went into care and maintenance in February 2016. Ukrainian billionaire Gennadiy Bogolyubov sold the mine a few months later to Tian Yuan Manganese and the operation was restarted in late 2017. Manganese ore has been mined at Woodie Woodie since the early 1950s, making it the first bulk commodity exported from Port Hedland — 14 years before iron ore exports began. The mine is located approximately 400km southeast of Port Hedland and is a few kilometres west of the Nifty copper mine and Telfer gold mine.
