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      China-linked bots targeting Republicans including Marco Rubio in run-up to election, Microsoft says

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      An army of Chinese-controlled social media bots is attempting to influence voters in Alabama, Texas and Tennessee, while denigrating US Senator Marco Rubio of Florida, according to new research published on Wednesday by Microsoft.The operation represents a coordinated interference effort against down-ballot races, experts say, in which the fake accounts are denigrating representative Barry Moore of Alabama, representative Michael McCaul of Texas, Tennessee Senator Marsha Blackburn and Rubio, all Republicans.The troll network has “parroted antisemitic messages, amplified accusations of corruption and promoted opposition candidates”, according to Microsoft.The group allegedly responsible is known as Taizi Flood, which has been previously associated with China’s Ministry of Public Security, researchers say. The lawmakers were each targeted because they had denounced Chinese government policies historically, the report noted.A spokesperson for China’s embassy in Washington said China “has no intention and will not interfere in the US election” and that such claims are “full of malicious speculations”.Among other things, the bots criticised Moore’s support for Israel and used antisemitic language. Another collective of related accounts claimed Rubio was part of a financial corruption scheme.The bots amplified support for Blackburn’s election rival while spreading claims she took money from pharmaceutical companies. With McCaul, they pushed narratives that he engaged in insider trading.A spokesperson for Moore, Madison Green, said his office was aware of the campaign.“We know that the CCP is antisemitic, so it isn’t surprising that they are targeting me and other politicians who support Israel to try to sow division in advance of the most important election in our lifetime,” said Moore, referring to the Chinese Communist party.“China has made it clear they will use every weapon in their arsenal, including offensive cyber capabilities, to try and destroy democracy across the world,” he added.In an emailed statement, McCaul said he considered the targeting a “badge of honour” as he’s made “standing up to the CCP a central part of my career”.Spokespeople for the other two lawmakers did not immediately respond to a request for comment.The Office of the Director of National Intelligence, which is coordinating the federal effort to defend the election from foreign influence, did not immediately respond to a request for comment.Moore, McCaul and Blackburn are all running for re-election next month. Rubio, who serves as vice-chair of the Senate intelligence committee, is not up for re-election until 2028.The Microsoft researchers found the influence effort did not result “in high levels of engagement”. The report did not provide any metrics for how many Americans viewed the relevant social media posts. More

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      HSBC Announces Restructuring and Names First Female C.F.O.

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      The restructuring of Europe’s largest lender comes as it looks to cut costs and navigate a diplomatic minefield across its sprawling operations.HSBC announced its biggest restructuring in a decade this morning, splitting itself into four divisions, combining some of its commercial and investment banking operations and reshuffling management.The changes come as Europe’s largest lender looks to cut costs and navigate a diplomatic minefield between China and the West, and are the first since Georges Elhedery became chief executive in April.The bank will make its British and Hong Kong banking units into two stand-alone entities. A new corporate and institutional banking division will house commercial banking outside Britain and Hong Kong, as well as the markets and investment banking business. HSBC’s private banking, asset management and insurance businesses will be become part of an international wealth and premier banking unit.The lender will also create an Eastern regional division that will pair its Asia Pacific and Middle East operations. Europe, Britain and the Americas will be grouped in another.With rates under pressure, banks are scrambling to cut costs. HSBC reported better-than-expected second quarter results, but some analysts worry that the lender is exposed to big rate cuts by the Federal Reserve and other central banks.HSBC is also at the front line of trade tensions between the West and China. The bank is listed in London but makes most of its money in Asia. It was caught in the crossfire during the pro-democracy protests in Hong Kong in 2019. Last year, investors rejected a plan backed by Ping An, a Chinese insurer and one of HSBC’s biggest shareholders, for the bank to separate its Asia operations.Mr. Elhedery said the changes had been designed to simplify operations. “The new structure will result in a simpler, more dynamic and agile organization as we focus on executing against our strategic priorities, which remain unchanged,” he said in a statement.But investors shrugged off the latest changes. HSBC’s shares are up almost 10 percent over the past year but barely moved this morning. That’s partly because details weren’t revealed on how much the restructuring would cost, how many roles would be cut and how much money would be saved. Some analysts also want to know what other parts of the group could be cut next.HSBC also announced that Pam Kaur, the chief risk and compliance officer, will become the chief financial officer. Ms. Kaur, who joined the bank in 2013, will be the first woman to hold that role at the bank. More

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      China’s Lackluster Growth Continues, Signaling Why Beijing Acted on Economy

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      Falling prices, weak consumer spending and a housing market crash help to explain why the Chinese government is taking steps to stimulate the economy.The Chinese economy continued to grow at a lackluster pace over the summer, according to data released on Friday, underscoring the urgency of the government’s recent attempts to bolster the economy.Construction has slowed because of a housing market meltdown. Millions of young college graduates have been unable to find work. Many local governments have run out of money to build roads or even pay the salaries of teachers and other workers.Looming over it all are falling prices across the Chinese economy, from apartments to cars to restaurant meals. Broadly falling prices, a phenomenon called deflation, make it hard for companies and families to earn enough to pay their mortgages and other debts.China’s economy grew 0.9 percent in July through September over the previous three months, China’s National Bureau of Statistics said. When projected out for the entire year, the economy grew at an annual rate of about 3.6 percent in the third quarter.The growth in part reflected an official revision on Friday to show that the second quarter was even weaker than previously acknowledged. Growth then was at an annual pace of 2 percent, and not the previously reported pace of 2.8 percent.Beijing has announced a series of measures since Sept. 24 to address the lingering troubles that became clear in the numbers released on Friday. The central bank has cut interest rates and minimum down payments for mortgages. The finance ministry promised the sale of more bonds to raise money for local governments to pay municipal salaries and buy vacant apartments for conversion into affordable housing.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Fan Bingbing, Once China’s Top Actress, Returns to Film Years After Tax Scandal

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      Fan was a megastar until 2018, when she was fined tens of millions of dollars over unpaid taxes and her career tanked. “Green Night” is her first film since the scandal.Fan Bingbing will return to the screen on Friday with the online release of “Green Night,” six years after one of the biggest names in Chinese cinema spectacularly fell from grace over a tax scandal.Fan was at the peak of her career in 2018, with a long list of blockbusters and lucrative deals with luxury brands, when she disappeared for months. She re-emerged in October that year with an apology. The authorities in China fined her the equivalent of almost $70 million in unpaid taxes and penalties.The scandal halted Fan’s film career in China, the biggest movie market outside the United States. She avoided criminal charges, however, and remained in the public eye as she expanded a beauty product business, Fan Beauty.In her return to film, Fan is the lead in “Green Night,” a film by Han Shuai, a Chinese director, and set in South Korea. It will be available to stream in the United States on Friday after making its debut on the festival circuit in Berlin last year.In “Green Night,” Fan, now 43, plays a Chinese woman who partners with a young South Korean woman to break free from oppression. The film is about “women helping women and women redeeming women,” she said last year at the Busan International Film Festival in South Korea. “Some of my experiences and some stories in recent years are integrated into the character I present in the movie.”Fan Bingbing, in red, and the South Korean actress Lee Joo-young at the Busan International Film Festival in South Korea in October 2023.Lee Jae-hee/Yonhap, via Associated PressFan could not be reached for comment. Speaking about her hiatus, she said at the Busan festival that the break had given her “time to ground” herself.Her downfall was triggered by an accusation online that she was paid millions of dollars more for her work on a film than was reported to the tax authorities. The practice of using two contracts was widespread in many industries in China as a way to avoid taxes, but this accusation prompted a wider investigation into the entertainment business.“I have had deep and profound self-reflection,” Fan wrote in her 2018 apology, posted on the social media platform Weibo. “I feel shamed and guilty for what I have done.”The authorities in China maintain strict control of the media, including entertainment and censor content they deem inappropriate. Movie stars and other prominent figures in the entertainment industry are expected to adhere to the government guidelines.“Green Light” has not been released in mainland China, but many internet users there appeared to be able to watch it through unofficial channels. Douban, a Chinese platform where users can review movies, books and music, indicated Thursday that around 38,000 users had watched the film. More

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      Louis Vuitton Owner LVMH Sees Stock Drop on Weak China Sales

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      Weak sales in China at LVMH, the owner of Dior, Tiffany and more, sent a shudder through the luxury sector.Shares in LVMH dropped on Wednesday after the luxury goods giant warned about an “uncertain economic and geopolitical environment” and its latest earnings disappointed analysts.The conglomerate — which owns Dior, Tiffany, Fendi and more — is a bellwether for the industry. Its financial results, released on Tuesday after European markets closed, has sent a shudder through the luxury sector, particularly in response to slowing sales in the hugely important Chinese market.LVMH, which is run by the French billionaire Bernard Arnault, said that sales for last quarter fell 3 percent from the same period the previous year. The company also reported a decline in sales in its fashion and leather goods unit, which makes up about half of the conglomerate’s revenue, for the first time since early in the coronavirus pandemic.Shares of other fashion and lifestyle brands also declined, including Hermès and Kering, the owner of Gucci.Investors are jittery about the Chinese economy. Beijing introduced a package of measures last month that spurred a major rally in Chinese stocks, but details remain vague about the extent of the measures to bolster weak consumer spending, stabilize the real estate market and strengthen banks.China recently announced retaliatory penalties on European brandy — LVMH owns Moët Hennessy — in response to higher tariffs imposed by the European Union on Chinese-made electric vehicles.“Consumer confidence in mainland China today is back in line with the all-time low reached during Covid,” Jean-Jacques Guiony, LVMH’s chief financial officer, told analysts on Tuesday.Some industry observers are betting that LVMH will cope. “We are not sure this quarter particularly changes the LVMH story,” analysts at Bernstein wrote in a note. Even without a lot of detail, the stimulus signals in China are encouraging and demand will return, the analysts said.China’s housing minister is set to hold a news conference on Thursday and is expected to outline more measures to bolster growth.Danielle Kaye More

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      Taiwan and trade: how China sees its future with the US after the election

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      Deciphering the obscure machinations of elite politics is a pursuit that western China-watchers are all too familiar with. But as the US election approaches, it is analysts in China who are struggling to read the tea leaves on what differentiates Kamala Harris and Donald Trump when it comes to their stance on the US’s biggest geopolitical rival.Commentators are calling it the vibes election. For Beijing, despite the cheers and whoops of Harris’s campaign, her vibes are largely similar to Trump’s.“Harris will continue Biden’s policies” on China, says Wang Yiwei, a professor of international studies at Renmin University in Beijing. What are Biden’s policies? He is a “Trumpist without the Trump”, says Wang.Harris has done little to dispel the belief that her stance on China will be largely the same as Biden’s, should she win the election in November. In her headline speech at the Democratic national convention on 22 August, China was mentioned just once: she promised to ensure that “America, not China, wins the competition for the 21st century”.Harris has little foreign policy record to be judged on. But in an economic policy speech on 16 August, she emphasised her goal of “building up our middle class”, a vision that Biden has used to justify placing high tariffs on Chinese imports, extending Donald Trump’s trade war.Beijing fundamentally does not see there being much difference between a Democratic- or Republican-controlled White House. Indeed, hawkishness on China has become one of the few bipartisan issues in US politics.In a recent piece for Foreign Affairs, leading foreign policy commentators Wang Jisi, Hu Ran and Zhao Jianwei wrote that “Chinese strategists hold few illusions that US policy toward China might change course over the next decade … they assume that whoever is elected in November 2024 will continue to prioritise strategic competition and even containment in Washington’s approach to Beijing.” The authors predicted that although Harris’s policymaking would likely be more “organised and predictable” than Trump’s, both would be “strategically consistent”.Jude Blanchette, a China expert at the Centre for Strategic and International Studies, also says that US-China relations would remain strained, no matter who was in the White House. “The US-China relationship is trending negative irrespective of who assumes office next January, but a Trump 2.0 would likely bring significantly more economic friction owing to an almost certain trade war,” Blanchette said.Even in areas where US-China co-operation used to be more fruitful, such as climate policies, there are concerns that such exchanges are on thin ice. In a recent briefing, Kate Logan, associate director of climate at the Asia Society Policy Institute, noted that China “seems to be placing a greater emphasis on subnational cooperation”: provincial- or state-level dialogues rather than negotiations between Washington and Beijing. This is partly driven by a concern that should Trump be re-elected, national-level climate diplomacy could be in jeopardy.Harris’s nomination of Tim Walz, the governor of Minnestoa, has also been a curveball for China’s America-watchers. Having taught in China in 1989 and 1990, and travelled there extensively in the years since, Walz has more China experience than anyone on a presidential ticket since George HW Bush. But other than Walz’s sustained support of human rights in China, it is unclear how he could or would shape the White House’s China policy if Harris were to win in November.More impactful would be the national security team that Harris assembles. Her current national security adviser, Philip Gordon, is a likely pick. In 2019, Gordon signed an open letter cautioning against treating China as “an enemy” of the US. Some analysts have speculated that his more recent experience inside the White House may have pushed him in a hawkish direction. But in a recent conversation with the Council on Foreign Relations, a thinktank in New York, Gordon refrained from describing China as an enemy or a threat. Instead, he repeatedly referred to the “challenge” from China – one that the US should be worried about, but that could be managed.High on China’s own agenda is Taiwan, which in January elected Lai Ching-te, who is detested by Beijing, as president. Lai is from the pro-sovereignty Democratic Progressive party. For Beijing, a red line in its US relations is Washington’s support for “separatist forces”, and it see Lai as an agent of these forces.Beijing puts adherence to its version of the “one China” principle – the notion that Taiwan is part of the People’s Republic of China’s rightful territory – at the centre of its international diplomacy. In China’s official readout of President Xi Jinping’s meeting with Biden in November, the Taiwan issue was described as “the most important and sensitive issue in Sino-US relations”.Certain members of the Chinese foreign policy establishment welcome the idea of a second Trump term, because they see Trump as a business-minded actor who would not be inclined to provide US resources or moral support to the cause of Taiwanese sovereignty. Wang, the Renmin University professor, says that Trump has less respect for the international alliance system than Biden, which works in China’s favour. “His allies don’t trust him very much … Taiwan is more worried about Trump,” Wang said.

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      But Trump is also unpredictable. In the event of a Trump presidency, Blanchette notes, “he will be surrounded by advisers who are hawkish on China and very likely pro-Taiwan. That won’t determine his decisions, but it will shape them.”Early in his presidential term, Trump was actually quite popular in Taiwan because of his tough stance on China. But opinions have cooled, especially after his recent comments suggesting Taiwan should pay the US to defend it. Local headlines likened him to a mobster running a protection racket.Those same outlets have latched on to Walz, focusing on his time spent in both China and Taiwan, and his support of Tibet and Hong Kong. Some describe him as the friendly “neighbourhood uncle”.According to a recent Brookings Institution poll, 55% of people in Taiwan think that the US will aid Taiwan’s defence, regardless of who is in the White House.Among analysts and diplomats, there’s tentative agreement, with some saying that while the rhetoric would be very different under Trump, actual policies wouldn’t change so much.“Obviously, the personalities are dramatically different, but US national interests are not,” said Drew Thompson, a senior fellow at the National University of Singapore’s Lee Kuan Yew school of public policy.“Either administration is going to come in and recognise Taiwan’s innate value to the US as a democratic partner in a tough neighbourhood, as a major security partner, major trading partner, and critical supplier of ICT [information and communication technology] goods.”Contingencies are being prepared in Taipei, but in reality, US support for Taiwan is hard-baked into laws like the Taiwan Relations Act and – deliberately – quite hard for a single administration to change on a whim.But improving cross-strait relations probably aren’t high on Trump’s agenda, and he is unlikely to expend political capital on Taiwan.“I think the bigger US interest, if Trump were going to expend political capital to engage Xi Jinping, would be the US economy, not to broker cross-strait peace,” said Thompson.Experts think that a similar, America-first case could be made to Trump regarding tensions in the South China Sea: the US and the Philippines have a mutual defence treaty and the US formally recognises the Philippines’ claims to waters and islets disputed with China (as did an international tribunal in 2016). But, although there are fears about Trump’s fickle attitude towards international alliances, the previous Trump administration’s stance on the dispute was largely in line with the Biden administration’s, and the fact that about 60% of global maritime trade passes through the contested waterway makes stability there important to the US economy.For normal people in Taiwan, the election feels like an event that could shape their futures, despite the fact that they have no say in it. Zhang Zhi-yu, a 71-year-old shopkeeper in Hualien, a city on Taiwan’s east coast, says that Trump is “crazy and irresponsible”.But, she concludes, “It’s no use worrying about war … we’re just ordinary people. If a foreign country wants to rescue Taiwan, people like us won’t be rescued first”. More

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      Trump vows to impose tariffs as experts warn of price hikes and angry allies

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      Donald Trump doubled down on his promise to levy tariffs on all imports in a bid to boost American manufacturing, a proposal that economists say would probably mean higher prices for consumers while angering US allies.“To me, the most beautiful word in the dictionary is ‘tariffs’,” Trump said in an often-combative conversation with John Micklethwait, editor-in-chief of Bloomberg News, at the Economic Club of Chicago on Tuesday. “It’s my favorite word.”Trump was grilled on the potential impacts of tariffs, and often dodged questions about the tangible impacts of the levies on inflation and geopolitics. Trump is proposing an at least 10% blanket tariff on all imports, with tariffs as high as 60% on goods from China.“You see these empty, old, beautiful steel mills and factories that are empty and falling down,” Trump said. “We’re going to bring the companies back. We’re going to lower taxes for companies that are going to make their products in the USA. And we’re going to protect those companies with strong tariffs.”

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      Though speaking in Chicago, Trump repeated many of the claims he made at the Detroit Economic Club last week. At the time, Trump bashed the city, saying it has a high crime rate and few job opportunities.“We’re a developing nation, too,” he said on Tuesday. “Take a look at Detroit.”Trump centered the auto industry, claiming that tariffs would encourage car manufacturers to build plants in the US – an assertion some economists have suggested amounts to wishful thinking.“The higher the tariff, the more you’re going to put on the value of those goods, the higher people are going to have to pay,” Micklethwait told Trump.“The higher the tariff, the more likely it is that the company will come into the United States and build a factory,” Trump said in response, to applause from the audience.Micklethwait pointed out that economists have estimated Trump’s economic proposals would add $7.5tn to the US deficit, twice the amount as Kamala Harris’s proposals. He also pointed out that the tariffs would also be targeting American allies.“Our allies have taken advantage of us, more so than our enemies,” Trump said.When asked whether he had talked to Vladimir Putin after the end of his presidency, Trump said that he doesn’t “comment on that, but I will tell you that if I did, it’s a smart thing”.“If I’m friendly with people, if I can have a relationship with people, that’s a good thing, not a bad thing,” he said.Trump was also asked about his stance on the Federal Reserve, specifically on comments he has made against Fed chair Jerome Powell, whom Trump first appointed in 2018.“I think if you’re a very good president with good sense, you should at least get to talk to [the Fed],” Trump said. “I think I have the right to say, as a very good businessman … I think you should go up or down a little bit.“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether or not interest rates should go up or down.”Even a recommendation from the White House as to what the Fed should do with interest rates would amount to a significant step away from the central bank’s long-established independence.Trump frequently made personal jabs at Micklethwait, saying “I know you’re an anti-tariff guy” and at one point: “This is a man who has not been a big Trump fan.” More

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      China Holds War Games in a Warning to Taiwan’s Leader

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      The drills were seen as a response to a speech by President Lai Ching-te of Taiwan, who said last week that China had “no right to represent” the island.China began holding military drills in areas surrounding Taiwan on Monday, days after Beijing accused the self-governing island’s president of promoting independence in a National Day address. China said its army, navy, air force, rocket force and other forces were taking part in the drills to test their ability to fight alongside each other, and to send a warning to Taiwan, which Beijing claims as its territory. It did not say when the exercises would conclude.“This is a powerful deterrent against the separatist activities of ‘Taiwan independence’ forces and a legitimate and necessary action to defend national sovereignty and maintain national unity,” said Senior Col. Li Xi, a spokesman for the Chinese People’s Liberation Army Eastern Theater Command, which oversees an area including Taiwan, according to state media. In a social media post, the Eastern Theater Command said it was “ready to fight at all times.”Taiwan’s Ministry of National Defense, in a statement, expressed “strong condemnation for such irrational and provocative behavior” and said it had dispatched troops to respond to the Chinese drills. Experts in Taiwan said the scale of the exercises was not immediately clear, given that no prior notice had been given and few details had been made public. A map posted by Chinese state media depicted the drills as being conducted in six large areas encircling Taiwan. China called the exercise “Joint Sword-2024B,” suggesting that it was a continuation of a two-day exercise in May, called “Joint Sword-2024A,” that was held after President Lai Ching-te of Taiwan was sworn in. Beijing dislikes Mr. Lai, accusing him and his party of seeking independence.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More