Silicon Valley's innovation power wanes

US technology supremacy as represented by Silicon Valley, renowned for its world class high-tech companies and thousands of growing start-ups, has seen signs of being shaken by rising Chinese tech firms, as the Valley has obviously slowed its pace of innovation.

Eastern China's small, medium-sized chemical firms tend to establish plants in Western China: expert

Small and medium-sized chemical enterprises in eastern China tend to relocate their plants to central and western China, where petrochemical enterprises have resource advantages, Bai Yi, an expert with the China National Petroleum & Chemical Planning Institute, said during a webinar on Thursday.
Source: Global Times - Xinhua | 2020/7/30 17:48:40

Boeing slashes jet output, eyes factory shake-up as COVID-19 hammers sales

Boeing Co slashed production of its biggest twin-engine jets, delayed its new 777X by up to a year and began sunsetting the iconic 747 as it posted a bigger-than-expected quarterly loss dominated by the COVID-19 pandemic on Wednesday.
Source: Reuters-Global Times | 2020/7/30 17:43:40

Xinjiang's cotton production sees limited disruption amid COVID-19 outbreak

The coronavirus outbreak in Xinjiang Uygur Autonomous Region has had a limited impact on production in the region which supplies 80 percent of China's cotton, said an industry observer.
Source: Global Times | 2020/7/30 17:32:44

Nations should resist discrimination based on country of origin as they resist racial discrimination: Chinese FM

China hopes every country can maintain a fair, justice and open business environment and resist discrimination based on country of origin just as they resist racial discrimination, China's Foreign Ministry said, in response to the top US diplomat in Brazil's threat that the Latin American country could face consequences if it allows Huawei to participate in the country's 5G network.
Source: Global Times | 2020/7/30 17:25:52

Rite Aid privacy snafu; US chain used facial recognition tech in hundreds of stores

Over about eight years, US drugstore chain Rite Aid Corp quietly added facial recognition systems to 200 stores across the US, in one of the largest rollouts of such technology among retailers in the country, a Reuters investigation found.
Source: Reuters-Global Times | 2020/7/30 16:43:41

China, EU make key progress on BIT text concerning fair competition rules: MOFCOM

China and the EU made key progress on the text of a bilateral investment agreement (BIT) concerning fair competition rules during the latest round of negotiations, paving the way for the conclusion of an agreement by the end of 2020, Chinese Ministry of Commerce spokesperson Gao Feng said on Thursday.
Source: Global Times | 2020/7/30 16:26:07

German defense supplier Hensoldt prepares for September IPO: sources

Buyout group KKR is preparing for a September stock market listing of Hensoldt in a deal potentially valuing the German defense supplier at 2.5-3 billion euros ($2.9-$3.5 billion), including debt, people close to the matter said.
Source: Reuters-Global Times | 2020/7/30 16:08:40

ARJ21 aircraft test proves high-plateau airport capability

An ARJ21 jet completed an extended test flight at Daocheng Yading Airport in Southwest China's Sichuan Province, the world's highest civil airport at an altitude of 4,411 meters, and returned to Shanghai, the aircraft's manufacturer said on Thursday.
Source: Global Times | 2020/7/30 16:02:05

Southeast Asian IPOs show tentative revival as issuers brave markets

A handful of companies from the technology and consumer durables sectors are aiming to launch initial public offerings (IPO) in Southeast Asia later this year, pointing to an upturn after pandemic-hit markets and weak economic growth slashed fundraising.
Source: Reuters-Global Times | 2020/7/30 15:58:40

Huawei unseats Samsung to become top global smartphone vendor in Q2

Chinese tech giant Huawei in the second quarter unseated Samsung to become the top smartphone vendor globally for the first time, industry data showed on Thursday, despite a US-led suppression on the firm at the center of a China-US tech decoupling.
Source: Global Times | 2020/7/30 15:11:17

China processes 812.8 bln yuan worth of export tax rebates in H1 to ease financial pressure

A total of 812.8 billion yuan (about $116.1 billion) worth of export tax rebates or exemptions were processed in China during the first half of the year, as part of the efforts to ease the financial pressure of export enterprises and reduce their costs, said the country's taxation authority on Wednesday.
Source: CGTN | 2020/7/30 14:44:39

US Q2 GDP projected to see double-digit contraction, steepest quarterly decline since 1940

The US' GDP could see a double-digit contraction in the second quarter, economists predicted, with some anticipating the slide will be more than 30 percent.
Source: Global Times | 2020/7/30 12:38:40

China calls for joint efforts to further expand cooperation under phase one deal

Imports from the US have progressed in recent months, yet joint efforts from firms on both sides are still needed for the phase one trade agreement to overcome the difficulties of the COVID-19 pandemic, said a Chinese official.
Source: Global Times | 2020/7/30 11:58:40