Latest Shanghai News

China's youth face bleak job market as COVID slows economy

Aug. 10, 2022 10:56 AM EDT

BEIJING (AP) — Liu Qian, job-hunting with a new master's degree, said two employers interviewed her and then said the positions had been eliminated. Others asked her to take lower pay. She is one of 11 million new graduates desperate for work in a bleak job market as anti-virus...

Asian stocks fall ahead of US inflation

Aug. 10, 2022 00:25 AM EDT

BEIJING (AP) — Asian stocks followed Wall Street lower Wednesday ahead of U.S. inflation data that traders worry will show upward pressure on prices still is too strong for the Federal Reserve to ease off interest rate hikes. Shanghai, Tokyo, Hong Kong and Seoul declined. Oil...

Asian stocks mixed after US job gain paves way for rate hike

Aug. 08, 2022 00:06 AM EDT

BEIJING (AP) — Asian stocks were mixed on Monday after strong U.S. jobs data cleared the way for more interest rate hikes and China reported its exports rose by double digits. Shanghai and Tokyo advanced while Hong Kong and Seoul retreated. Oil prices edged higher. ...

China July exports rise, with trade surplus at record-high

Aug. 07, 2022 09:36 AM EDT

BEIJING (AP) — China’s export growth continued to rise in July, sending trade surplus to a record high, according to government data. China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s...

Thousands stranded in China resort city amid COVID lockdown

Aug. 06, 2022 09:36 AM EDT

BEIJING (AP) — Some 80,000 tourists are stranded in the southern Chinese beach resort of Sanya, after authorities declared it a COVID-19 hot spot and imposed a lockdown. The restrictions came into force on Saturday morning, as authorities sought to stem the spread of COVID-19 in...

Alibaba revenue beats expectations despite contraction

Aug. 04, 2022 23:41 PM EDT

HONG KONG (AP) — Chinese e-commerce firm Alibaba Group Holding on Thursday beat market expectations for revenue in its quarter ended June, even as revenue was nearly flat and its net income plunged 50%. The company has been grappling with increased regulatory scrutiny and fines...

Toyota profit down as chips shortage keeps customers waiting

Aug. 04, 2022 02:18 AM EDT

TOKYO (AP) — Toyota’s profit fell nearly 18% in the April-June quarter from the year before, as a semiconductor shortage that has slammed the auto industry dented production at Japan’s top automaker. Toyota Motor Corp. reported Thursday a quarterly profit of 736.8 billion yen...

Asian stocks higher as US-China tensions rise

Aug. 03, 2022 00:09 AM EDT

BEIJING (AP) — Asian stock markets rose Wednesday as traders watched for signs trade might be disrupted by U.S.-Chinese tensions over an American lawmaker's visit to Taiwan. Shanghai, Hong Kong, Tokyo and Seoul advanced after Beijing announced a ban on imports of some Taiwanese...

Chinese factory activity sinks, weighing on weak economy

Jul. 31, 2022 00:58 AM EDT

BEIJING (AP) — Chinese manufacturing’s recovery from anti-virus shutdowns faltered in July as activity sank, a survey showed Sunday, adding to pressure on the struggling economy in a politically sensitive year when President Xi Jinping is expected to try to extend his time in power. ...

Sony sees profit rise despite waning interest in video games

Jul. 29, 2022 04:21 AM EDT

TOKYO (AP) — Sony’s profit edged up 3% in the last quarter, weathering production setbacks from COVID-19 lockdowns in Shanghai and a trend away from video gaming as pandemic restrictions eased elsewhere. Tokyo-based Sony Corp.'s April-June profit totaled 218 billion yen ($1.6...