Tuesday, October 26News That Matters

Tag: China

She Is Breaking Glass Ceilings in Space, but Facing Sexism on Earth

Technology
Col. Wang Yaping is a pilot in the People’s Liberation Army’s Air Force. She is a space veteran, now making her second trip into orbit. She is set in the coming weeks to be the first Chinese woman to walk in space as China’s space station glides around Earth at 17,100 miles per hour.And yet, as she began a six-month mission last week at the core of China’s ambitious space program, official and news media attention fixated as much on the comparative physiology of men and women, menstruation cycles, and the 5-year-old daughter she has left behind, as they did on her accomplishments. (No one asked about the children of her two male colleagues.)Shortly before the launch, Pang Zhihao, an official with the China National Space Administration, let it be known that a cargo capsule had supplied the...
China Evergrande Makes Payment to Dodge Default, Media Says

China Evergrande Makes Payment to Dodge Default, Media Says

Business
HONG KONG — China Evergrande, the troubled property giant that is teetering on the edge of collapse, appears to have bought itself a little more time.On Friday, the world’s most indebted property developer made an $83.5 million interest payment to bondholders, according to Securities Times, an official newspaper. The outlet, which is backed by People’s Daily, the Communist Party’s official newspaper, didn’t offer further details.The payment came with just one day left on a 30-day grace period to avoid a default. The company gripped global financial markets a month ago when it skipped a payment to foreign bondholders, raising the prospect that it could leave global investors with billions of dollars in losses and cause ripples within China’s property market, a key component of the country’s...
Supply Chain Shortages: Your Questions Answered

Supply Chain Shortages: Your Questions Answered

Business
The dramatic surge in demand clogged the system for transporting goods to the factories that needed them. At the same time, finished products — many of them made in China — piled up in warehouses and at ports throughout Asia because of a profound shortage of shipping containers, the standard-size steel boxes that carry goods on enormous vessels.Updated Oct. 21, 2021, 8:59 p.m. ETWhat happened to all the giant container ships?In simplest terms, they got stuck in the wrong places. In the first phase of the pandemic, as China shipped huge volumes of protective gear like face masks and hospital gowns all over the world, containers were unloaded in places that generally do not send much product back to China — regions like West Africa and South Asia. In those places, empty containers piled...
Evergrande Calls Off $2.9 Billion Stake Sale

Evergrande Calls Off $2.9 Billion Stake Sale

Business
China Evergrande, the struggling real estate giant, said on Wednesday it had ended its effort to sell a stake in its property services company to another developer, its latest setback following weeks of missed interest payments.The now-scrapped sale of a 50 percent stake in Evergrande Property Services would have raised about $2.6 billion. The termination comes as Evergrande is scrounging for assets to sell to help pay angry home buyers, contractors, employees and creditors. Evergrande is just days away from defaulting on an $83 million interest payment that it skipped in September.The developer warned in a securities filing in Hong Kong that there was “no guarantee” it would be able to meet its financial obligations or negotiate an extension with its creditors. Evergrande “will update the...
If China Tested a New Orbital Weapon, It’s Not Much of a Surprise

If China Tested a New Orbital Weapon, It’s Not Much of a Surprise

Technology
The news report that emerged over the weekend sounded alarming: China, a rising military power, had unexpectedly fired a novel space weapon two months ago. It circled the planet and then re-entered Earth’s atmosphere, gliding at velocities far faster than the speed of sound toward a destination on Chinese territory.As a military capability, bombarding a target from orbit in this way could overcome existing missile defenses. But many experts expressed doubts about the report.“There’s nothing we know from reliable sources,” said Jonathan McDowell, a Harvard astronomer who tracks global space launches. The U.S. military unit that reports on orbital events had made public no information on an August launch by China that matched the reported claim about a weapons test, McDowell said.“Every aspe...
China Evergrande Gets Soft Treatment in Chinese Media

China Evergrande Gets Soft Treatment in Chinese Media

Business
As China Evergrande Group teeters on the edge of collapse, videos of protesting home buyers have flooded social media. Online government message boards teem with complaints and pleas for intervention to save the huge property developer. The hashtag “What does Evergrande mean for the real estate market?” has been viewed more than 160 million times on one platform.But if trouble threatens for China’s economy, you wouldn’t know it from reading the country’s front pages.The name “Evergrande” has barely been mentioned by top state-run news outlets in recent weeks, even as the company’s uncertain fate has rattled global financial markets. Coverage of its recent troubles has been concentrated in a handful of business publications.Only on Friday did the country’s central bank comment on the compan...
The Allure of Crispy Fried Chicken

The Allure of Crispy Fried Chicken

LifeStyle
LONDON — Fried chicken, crispy chicken, chicken schnitzel: Is there another dish so ubiquitous and yet, so particular? Everyone has one, yes, but everyone has their own. An “Around the World in 80 Dishes” cookbook could easily be filled with nothing but fried chicken recipes: Austrian schnitzel, Korean fried chicken, Italian pollo fritto, Japanese tonkatsu, chicken Milanese, Chinese gong bao, Senagalese chicken yassa, Southern fried chicken and so on. Fried chicken is beloved globally.It’s easy to understand why. Chicken is, for those who eat meat, accessible and approachable to cook and consume in a way that red meat isn’t always. It’s uncomplicated, often quick and, crucially, ticks the “What will everyone around the table eat?” box. And that’s all before it’s even fried.In the world of ...
LinkedIn to End Service in China, Citing ‘Challenging’ Environment

LinkedIn to End Service in China, Citing ‘Challenging’ Environment

Technology
Since Microsoft bought LinkedIn for $26.2 billion in 2016, revenue from the business has tripled. Mr. Nadella told investors in July that LinkedIn’s revenue had surpassed $10 billion in annual sales, up 27 percent from the previous year. LinkedIn declined to comment beyond its announcement.While Microsoft has tried to build a market in China for more than a decade, it has had only modest success. Last year, Brad Smith, Microsoft’s president, said the country accounted for less than 2 percent of its revenue.Microsoft Windows and Office are common in China, but many people use pirated copies. The company has tried to overcome the issue, by hosting its software online and by tapping a major Chinese military contractor to help it offer an operating system better trusted by China’s government.I...
China’s Power Problems Expose a Strategic Weakness

China’s Power Problems Expose a Strategic Weakness

Business
BEIJING — A bread company can’t get all the power it needs for its bakeries. A chemicals supplier for some of the world’s biggest paint producers announced production cuts. A port city changed electricity rationing rules for manufacturers four times in a single day.China’s electricity shortage is rippling across factories and industries, testing the nation’s status as the world’s capital for reliable manufacturing. The shortage prompted the authorities to announce on Wednesday a national rush to mine and burn more coal, despite their previous pledges to curb emissions that cause climate change.Mines that were closed without authorization have been ordered to reopen. Coal mines and coal-fired power plants that were shut for repairs are also to be reopened. Tax incentives are being drafted f...
Home Buyers Who Went All In on Evergrande Now Want Out

Home Buyers Who Went All In on Evergrande Now Want Out

Business
China is trying to cool its costly and dangerously debt-ridden housing market, where high prices and go-go levels of borrowing and spending are increasingly seen as a national threat.But as the troubles of a major property developer and its $300 billion mountain of debt drive a government effort to contain the peril, Beijing risks hurting a major driver of its crucial economic growth engine: home buyers like He Qiang.Mr. He was so optimistic about property in China that he bought an apartment from that property developer, China Evergrande Group, then became a real estate agent himself, selling the company’s apartments to hundreds of other families. “It was the peak of Evergrande’s glory,” Mr. He said.He is much more pessimistic these days. Mr. He, who is from the southern city of Yueyang, ...