News about Deng Xiaoping

HSBC chief exec Noel Quinn (pictured), having spent seven months auditioning for the top job, has decided to quit after less than five years at the helm. Contrast this with the record of rival global banks. At JP Morgan Jamie Dimon has been at the top since 2006; Brian Moynihan at Bank of America since 2008 and Bill Winters at Asian rival Standard Chartered since 2018.

China is running out of steam. Beijing's economic revival is in danger as delegates from around the world assembled last week for the National People's Congress [NPC], the Communist Party's rubber-stamp parliament. China has been harder than almost every other world in the pandemic crisis. The demand for its electronics, from high-end electronics to cheap plasticware, has decreased. Investors have opted out as supply chains are 'de-risked' to reduce reliance on Chinese imports. Many factories have been shut down by over-production, and they have been left with massive stocks that can't be sold. Beijing's extraordinary national building programs, with whole cities of skyscrapers springing up where villages once stood, will no longer be needed. With millions of new-build homes sitting empty, real estate sales have plummeted. Meanwhile, China's once-burgeoning middle classes are facing a mass depression and grappling with a cost-of-living crisis, something that this region hasn't faced in living memory.

In May, Jean-Pascal Tricoire (pictured) will be replaced by Peter Herweck, the firm's industrial automation manager and now Aveva chief executive. It comes after Tricoire, who will remain as Schneider's chairman until 2025, concluded the long-running takeover of Cambridge-based Aveva in December.

Many of our challenges are caused by a faulty energy plan, and Business Secretary Grant Shapps is correct to recommend that new nuclear power be prioritized. Shapps hopes to introduce Great British Nuclear in the new year, seeking to boost the amount of power derived from this source.

Despite the deep links between Schneider Electric's chief executive Jean-Pascal Tricoire and the Chinese Communist regime in Beijing, the UK government retaliated against the proposal, just as anxiety about increasing Chinese control of key British industries is growing. Tricoire is Schneider Electric's all-powerful chairman and chief executive, who has led the organization for almost two decades.

On June 21, Washington and Taipei unveiled the initiative, just days after the Biden administration pulled the Chinese-claimed island from its Asia-focused economic program designed to combat China's growing prominence. The US Trade Representative's office said the two sides had 'agreed on the negotiation plan,' and it was anticipated that the first round of talks would take place early this fall. Following Nancy Pelosi's visit earlier this month, the step will escalate tensions with China that have already hit fever pitch. In the Taiwan Strait, the Communist state has deployed planes and launched live missiles, assuaging fears of war have increased. However, as nuclear stealth bombers soar across the Pacific Ocean in a training exercise, the United States has also demonstrated its military presence in the area.

Following US House Speaker Nancy Pelosi's visit to Taiwan this week, China is also renewing its naval operations in and around Taiwan in yet another round of sabre-rattling. After President Xi's repeated promises to reunify Taiwan, the US has condemned the drills as a 'irresponsible' and "proactive' move designed to jeopardize the region's stability. Mail Online goes through the tensions that have paved the way for this confrontation in this video.