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You might also like The last reliable luxury shoppers are retreating in China Luxury powerhouses including Hermes and Cartier are suffering steeper sl…
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The last reliable luxury shoppers are retreating in China
Luxury powerhouses including Hermes and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands.
Sales at the brands in mainland China fell as much as double-digits in August and last month compared to the same period a year ago, two research firms surveyed by Bloomberg that track industry data said. The drop is significant as Hermes International SCA and Cie Financiere Richemont SA’s Cartier had been relatively unaffected in the country as a broader slowdown in luxury consumption took hold in June, the firms’
US Treasury proposes overseas tech investment rule
The US Department of the Treasury proposed a rule on Thursday to crack down on US high-tech investments such as supercomputing and artificial intelligence (AI) in China, Russia, North Korea and other “countries of concern.”
The US government has been working for years to deny China and other adversaries investments that could help them boost their military power.
That program began in 2023 when then-US president Joe Biden signed an executive order putting restrictions on outbound US investments in sectors such as semiconductors, quantum computing and AI going into China. The Treasury later established the Outbound Investment Security Program.
In December last year,
Apple’s iPhone Duo hits stores with supply short, demand high
Apple Inc quickly sold out of its limited in-store inventory for the new iPhone Duo, underscoring the strong demand for a foldable device that starts at nearly US$2,000.
The phone went on sale on Friday, bringing back the once-familiar sight of people lining up overnight to get their hands on it first. Marking the company’s most radical reinvention in the iPhone’s nearly two-decade history, the Duo is a major bet that Apple can establish itself in a category that is remained a niche so far.
Apple’s latest gadget packed stores from New York to Beijing and Singapore. The early turnout featured customers
Masayoshi plans Malaysia outlay
Softbank Group Corp chief executive officer Masayoshi Son chose locations in Malaysia for US$50 billion in technology investments, Malaysian Prime Minister Anwar Ibrahim said, an outlay that would accelerate the billionaire’s global bet on artificial intelligence (AI) infrastructure.
Anwar said he had a videoconference with Son on Tuesday, during which the Japanese tech investor said he had picked regions in the Southeast Asian country for projects including data centers.
“He said he had chosen Sarawak — Kuching — and Peninsular Malaysia to expand investment in what would be among the largest investments in the region, worth US$50 billion,” Anwar said in a
Source: Taipei Times
