Business News
Latest business news and updates
Total: 749
A Staggering Human Error Rocked Crypto Markets: Bithumb’s ‘Unit Mistake’ and the Fragility of Exchange Custody
A unit‑entry error at Bithumb turned routine promotional payouts into an apparent 620,000 BTC airdrop, briefly creating nominal balances worth tens of billions of dollars and triggering a market dip. Most coins were frozen and reclaimed; regulators have launched on‑site inspections and Bithumb has pledged full compensation to affected users while promising tighter controls.
China’s Spring Festival Drives Electric‑Vehicle Charging to Record Peaks, Posing New Tests for the Grid
State Grid projects record high EV charging during China’s Spring Festival, with platform daily peaks above 34 million kWh and highway charging over 11 million kWh. The surge reflects accelerating EV adoption and stresses the need for smart grid management and expanded fast‑charging corridors, especially in Jiangsu, Zhejiang and Anhui.
GAC’s Trumpchi M8 Hybrid Goes on Pre‑Sale — Big MPV Push Below ¥250,000
GAC has launched pre‑sales for the 2026 Trumpchi M8 HEV with two trims priced at ¥229,800 and ¥249,800, targeting family and executive MPV buyers seeking fuel efficiency without charging. The move reflects a broader strategy by Chinese automakers to expand hybrid offerings as a practical complement to plug‑in and pure electric models.
GAC’s Trumpchi M8 HEV Goes on Pre‑Sale in China — Hybrid MPV Targets Upmarket Families at Competitive Prices
GAC Motor has launched pre-sales for the 2026 Trumpchi M8 HEV with two trims priced at ¥229,800 and ¥249,800, signaling a hybrid‑first strategy for its flagship MPV. The move reflects broader market dynamics in China where hybrids provide a practical bridge between conventional cars and fully electric models amid shifting incentives and consumer preferences.
Alibaba’s Qianwen Turns Lunar New Year into a Milk‑Tea Blitz — And Strains Stores, Couriers and Systems
Alibaba’s Qianwen launched a 30 billion yuan promotional blitz offering free orders that generated roughly 10 million orders in nine hours, crashing ordering systems and overwhelming tea shops and couriers. The firm extended voucher expiry dates to ease pressure while markets cheered the traffic; analysts warn the stunt highlights logistic limits and the difficulty of turning subsidy‑driven users into loyal customers.
Inside Dreame’s 'Universe': A Founder’s Bid to Build a Multi‑Trillion Tech Empire
Dreame Technology, founded in 2017 and known for its robot vacuums, is executing a rapid, multi‑category expansion under CEO Yu Hao’s charismatic leadership. The company claims strong revenue growth and profitable units, but its aggressive ecosystem strategy—funded internally and via an affiliated venture fund—carries governance, funding and execution risks reminiscent of prior Chinese tech conglomerates.
Small Chinese Banks Raise Deposit Yields Ahead of Lunar New Year, but Gains Look Transient
Ahead of the Lunar New Year, city and rural commercial banks in China have rolled out limited‑time, high‑minimum deposit products with three‑year yields up to about 2%, outpacing offers from larger banks. The moves are tactical attempts to capture year‑end cashflows and shore up funding, but they are localized, come with restrictions, and are unlikely to signal a sustained rise in nationwide deposit rates.
China’s Central Bank Keeps Buying Gold — Small Steps, Strategic Shift
China’s central bank increased its gold holdings for the 15th month in a row to 74.19 million ounces at end-January 2026, adding roughly 40,000 ounces. Foreign-exchange reserves rose to $3.399 trillion, helped by a weaker dollar and asset price gains; analysts see Beijing’s modest, persistent gold buying as a cautious move to diversify reserves.
Wall Street Surges as Dow Tops 50,000; Gold and Silver Rally Sharply amid Middle East Talks
U.S. markets rallied on February 6 with the Dow surpassing 50,000 for the first time and major indices ending higher. Precious metals jumped sharply and China-focused stocks strengthened, while indirect U.S.–Iran talks in Muscat provided a cautious geopolitical backdrop.
German Firms Shift Investment Toward China as U.S. Policy Volatility Raises Doubts
German companies are redirecting investment toward China as U.S. policy volatility undercuts confidence in the American market. Surveys and official data show rising German FDI into China, while investment into the U.S. has fallen sharply, prompting Berlin to pursue high‑level talks with Beijing to secure better market terms.
China Opens Early Appointments for 2025 Personal Income Tax Reconciliation; Filing Window Runs March–June 2026
China’s tax authority has scheduled the 2025 comprehensive personal income tax reconciliation for 1 March–30 June 2026 and will allow taxpayers to book appointments via the Personal Income Tax App from 25 February for filings between 1–20 March. The rest of the filing period (21 March–30 June) requires no appointment and is open for walk-in processing.
From Sunflower Seeds to Sparkling Cases: China’s Snack Shops Rebrand as Luxury Retail
China’s traditional fried‑snack and nuts sector has been recast as a premium retail category, with mall stores, designer packaging and viral products pushing prices into ranges once associated with luxury goods. Rapid brand upgrades and industry growth coexist with consumer resistance and the risk that price rises will outstrip perceived value.