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Elon Musk told the FT that Beijing doesn't want him to sell his Starlink satellite internet service in China. In this picture, Musk speaks about Starlink at Mobile World Congress in June 2021. Nurphoto | Nurphoto | Getty Images BEIJING — Elon Musk told the Financial Times the Chinese government doesn't want him to sell his Starlink satellite internet service in China. "Musk says Beijing has made clear its disapproval of his recent rollout of Starlink, SpaceX's satellite communications system, in Ukraine to help the military circumvent Russia's cut-off of the internet," the newspaper said in its latest "Lunch with the FT" column published Friday. "He says Beijing sought assurances that he would not sell Starlink in China," the article said. The FT did not say whether Musk agreed to Beijing's request. The business leader, who is CEO of Tesla and SpaceX, did not immediately respond to a CNBC request for comment. Musk's electric ...

After a Covid outbreak at a Foxconn factory in Zhengzhou, China, some workers chose to go home. Pictured here are the shuttle buses on Oct. 30, 2022. Vcg | Visual China Group | Getty Images BEIJING — China's decision to maintain Covid controls is pushing companies to look to factories outside the country, according to The Economist Intelligence Unit. "What we are hearing from companies [is] they are moving ahead with their supply chain diversification plans because this start-stop economy is here to stay," said Nick Marro, global trade leader at The Economist Intelligence Unit. "If it's an on-off economy, if things can't get done, that impacts decision-making," he said. "We don't expect companies to leave China. We just expect them to diversify their footprint, China plus one." Beijing's stringent Covid controls helped the country resume work while the rest of the world still struggled with the pandemic in 2020. While other countrie...

China's consumer price index increased by 2.8% in September from a year ago as prices of food, especially pork, rose. Future Publishing | Future Publishing | Getty Images BEIJING — China's consumer prices rose in September at their fastest pace in more than two years as pork prices climbed, the National Bureau of Statistics said Friday. The consumer price index increased by 2.8% last month from a year ago, matching expectations from a Reuters poll. That marked the fastest pace since a 3.3% year-on-year increase in April 2020, according to Wind Information. Much of the gains came from a continued pickup in pork prices , which rose by 36% year-on-year for their biggest rise since August 2020, Wind data showed. Pork, a food staple in China, has a significant weighting in the country&#x27 ;s official consumer price index. However, other indicators pointed to subdued consumer demand. Excluding food and energy, so-called core CPI rose by only 0.6% from a year ago — the slowest p...

Elon Musk told the FT that Beijing doesn't want him to sell his Starlink satellite internet service in China. In this picture, Musk speaks about Starlink at Mobile World Congress in June 2021. Nurphoto | Nurphoto | Getty Images BEIJING — Elon Musk told the Financial Times the Chinese government doesn't want him to sell his Starlink satellite internet service in China. "Musk says Beijing has made clear its disapproval of his recent rollout of Starlink, SpaceX's satellite communications system, in Ukraine to help the military circumvent Russia's cut-off of the internet," the newspaper said in its latest "Lunch with the FT" column published Friday. "He says Beijing sought assurances that he would not sell Starlink in China," the article said. The FT did not say whether Musk agreed to Beijing's request. The business leader, who is CEO of Tesla and SpaceX, did not immediately respond to a CNBC request for comment. Musk's electric ...

The Chinese yuan weakened past the closely-watched 7.2 level against the greenback this week. Getty Images BEIJING — The People's Bank of China has warned against betting on the yuan, after its rapid decline against the U.S. dollar this week. "Do not bet on a one-sided appreciation or deprecation of the renminbi exchange rate ," the central bank said in a Chinese statement on its website late Wednesday, according to a CNBC translation. related investing news El-Erian says Bank of England's latest rescue move shows we are still in central bank 'la-la land' John Melloy 14 hours ago The S&P 500 falls to a fresh low for the year. Here's where stocks may go next Patti Domm a day ago Analysts are falling back in love with Nvidia, with Citi giving it almost 100% upside Weizhen Tan 2 days ago That's based on a readout of a speech by vice governor Liu Guoqiang at a video conference meeting on foreign exchange that day. The renminbi, or the yuan, cros...

A young Beijing company's game called "Sheep a Sheep" went viral in China in September 2022. Evelyn Cheng | CNBC BEIJING — A new game that's gone viral in China hit people's screens with surprising speed at a time when gaming giants such as NetEase have waited months for approval to launch games. That's because the new game, called Sheep a Sheep, sits inside ByteDance's Douyin and Tencent's messaging app WeChat as a mini-program. Users can play the game within the apps. "WeChat and ByteDance don't currently require a game license to publish their HTML5 games on their platforms," said Rich Bishop, CEO of AppInChina, which publishes international software in China. "But this is likely to change over the next few months as enforcement of existing regulations intensifies," he said. HTML5 games are built with coding tools similar to those used for websites and can be easily distributed across platforms. WeChat and ByteDance di...

In this article CNY= .DXY The Chinese yuan has tumbled to two-year lows against the U.S. dollar in the last few weeks. Sopa Images | Lightrocket | Getty Images BEIJING — China's central bank has sent a strong signal it wants to keep the Chinese yuan from weakening too quickly against the U.S. dollar, economists said. For a second time this year, the People's Bank of China announced Monday it would reduce the amount of foreign currency banks need to hold. Such moves theoretically reduce the weakening pressure on the yuan, which has tumbled by more than 8% this year to two-year lows against the U.S. dollar. Chinese authorities typically emphasize the yuan's level versus a basket of currencies, against which the yuan has strengthened by about 1% over the last three months. However, Beijing's latest actions show how important the yuan-dollar exchange rate still is, Nomura's chief China economist Ting Lu and a team said in a report Monday. They gave two reasons: ...