Games Workshop shares slump despite sales surge over lockdown July 27, 2021 Games Workshop shares slipped today despite the gaming and miniature figures retailer recording a spike in sales as Brits got on its ware to relieve lockdown. The Nottingham-based firm’s pre-tax profits surged 69 per cent, hitting nearly £151m in the year to 30 May. Revenue rose 31 per cent to £353m due to a hike [...]
Meet Shein: The secretive Chinese fast-fashion firm taking over online retail July 27, 2021 Taking the Tube at the minute can still, at times, feel like time travel. Around you are slightly tattered posters for theatre productions that haven’t been on stage for more than a year; ads for movies touted for cinema release that ended up quietly released to Netflix with little fanfare. Amongst these relics of a [...]
Wechat suspends new user registration amid China crackdown July 27, 2021 Chinese social media giant Wechat has temporarily suspended new user registrations as Beijing ramps up its crackdown on domestic tech firms. The messaging platform, which is owned by Tencent, said it was upgrading its security technology “to align with relevant laws and registrations”. “During this time, registration of new Weixin [Wechat] personal and official accounts [...]
China crackdown weighs heavily on global markets July 27, 2021 Global stock markets notched losses on Tuesday as investor sentiment soured on concerns that Chinese authorities may over-extend their regulatory crackdown. The US’ main benchmarks dropped during the opening session, with the tech-heavy Nasdaq registering the worst performance, down 1.76 per cent. The blue-chip S&P 500 fell 0.78 per cent, while the Dow Jones lost [...]
Softbank’s bet on Chinese app Didi falls $4bn into the red July 26, 2021 Softbank’s bumper bet on Chinese ride-hailing giant Didi has plunged $4bn (£2.9bn) into the red as authorities in Beijing crack down on the app following its New York stock market float. The Japanese conglomerate took a 2.1 per cent stake in Didi worth $11.8bn in 2019, but its shareholding is now worth just $7.8bn, the [...]
Tencent shares fall after Beijing orders end to exclusive music rights deals July 26, 2021 Shares in Tencent have fallen after China ordered the company to end exclusive music licensing agreements with record labels across the world. The move is said to be aimed at tackling the technology giant’s dominance of online streaming in the country. They must cease engaging in any of these deals in the future and any [...]
Exclusive: London Mayor Sadiq Khan welcomes Hongkongers with open arms July 24, 2021 London’s City Hall announced this week it plans to free up £900k to help tens of thousands of Hong Kong migrants to settle in the capital this year. The financial package is part of a wider strategy to help those fleeing the political turmoil in Hong Kong set up home in London. In an exclusive [...]
Listed luxury: Ermenegildo Zegna’s decision to go public comes at a crossroads for high-end fashion July 23, 2021 Luxury Italian brand Zegna has decided to go public via special purpose acquisition (SPAC), in an interesting blend of the old and the new. The move to go with a listing model that some still consider untested for the long term comes after a track record of over a century of excellence in high quality [...]
Why has north Asia outperformed its south-east Asian peers? July 23, 2021 The success of north Asian countries (China, South Korea, Taiwan) in containing the Covid-19 pandemic last year is well-known. Strict lockdowns and quarantine procedures helped all three countries return to relative economic normality last year while Western economies suffered protracted disruption. China and Taiwan even recorded positive GDP growth for 2020. This success was, in [...]
China locks down city the size of London after 17 Covid cases found July 22, 2021 China has locked down a city of some 9.3m people, a similar population to that of London, after just 17 cases of Covid-19 were found. It comes as China reported its highest daily number of new cases since January on Tuesday and shot down plans to investigate the Covid-19’s origin. A senior Chinese health official [...]