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Employed by China
The assembly line at Huajian International Shoe City, Addis Ababa. Addis Ababa, Ethiopia — Zhang Huarong points out of his office window to a bleak block of grey portacabins at the Huajian International Shoe City, in Addis Ababa. “That is what I lived in for six months when I came to Africa,” he says. “I am 60 years old. Back in China, I am a wealthy man -- my house…
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Aston Martin is getting ready for an IPO in London
James Bond's favorite carmaker is planning to go public. Aston Martin said Wednesday that it's aiming to list shares on the London Stock Exchange later this year, marking another milestone in the revival of the British brand. The sports car maker has been considering an initial public offering for some time. But the timing and location of the listing have remained under wraps. The company said Wednesday that it still…
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Didi has a crisis and so does China’s ride-hailing industry
A crisis at China's most valuable startup could hurt the country's ride-hailing industry that it pioneered and now dominates. Didi Chuxing has been rocked by the rape and killing of a female passenger late last week. Police said a Didi driver had confessed to the murder, the second such killing in less than four months. Facing heavy criticism, the company has repeatedly apologized and promised to overhaul its business to…
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Elon Musk’s next move: 5 big challenges facing Tesla
Elon Musk is keeping Tesla a public company. Making it a successful public company will take more work. After less than three weeks, Musk abandoned his plan to take Tesla private. He had said he wanted to free the company from the pressure of Wall Street's obsession with short-term results. On Friday, he said that Tesla (TSLA) shareholders large and small preferred staying public, and that going private would be…
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Ikea is the latest big brand to feel the heat in China over Taiwan
Ikea is coming under fire in China for how it describes Taiwan, making it the latest in a string of global brands that have fallen foul of Beijing's political sensitivities. The Swedish furniture retailer has drawn criticism from Chinese internet users and state media after photos emerged of Ikea packaging that appeared to suggest Taiwan is a separate country. A number of recent posts by users on Weibo (WB), a…
Finance
Amazon defends itself from Bernie Sanders’ attacks
Senator Bernie Sanders wants to slap a special tax on Amazon and other big companies that employ workers who collect food stamps and other public assistance. But Amazon disputes Sanders' depiction, saying its pay and benefits are competitive with other retailers. The progressive icon from Vermont has been on the attack lately, posting a series of Facebook videos over the past week calling out Amazon (AMZN) and Walmart (WMT) for…
Finance
New estimate raises second quarter economic growth to 4.2%
Economic growth for the second quarter was even better than we thought. Real US gross domestic product grew at an annualized rate of 4.2% last quarter, the Bureau of Economic Analysis reported Wednesday. That's up from 4.1% in its first estimate. The new number is based on more complete data, which for the second quarter included higher business investment and lower imports. It doesn't change the overall picture of how…
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Employed by China
The assembly line at Huajian International Shoe City, Addis Ababa. Addis Ababa, Ethiopia — Zhang Huarong points out of his office window to a bleak block of grey portacabins at the Huajian International Shoe City, in Addis Ababa. “That is what I lived in for six months when I came to Africa,” he says. “I am 60 years old. Back in China, I am a wealthy man -- my house…
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John McCain remembered in Vietnam as a friend, not an enemy
"With a knife in my hand, I intended to stab him. But the people nearby shouted stop," he recalls. Now, more than half a century after that dramatic first and only encounter with a US Navy pilot, Lua laments Sen. McCain's passing. "I am very sad," Lua says of his former enemy's death. "I always wanted to meet him [again] since this was such a milestone in my life." Lua…
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Don McGahn to leave job as White House counsel, Trump says
"White House Counsel Don McGahn will be leaving his position in the fall, shortly after the confirmation (hopefully) of Judge Brett Kavanaugh to the United States Supreme Court. I have worked with Don for a long time and truly appreciate his service!" Trump tweeted. McGahn's departure will close the book on a tumultous relationship that has been both a boon for Trump's agenda and a test of the limits of…