Britain tightens foreign takeover rules – aims to restrict Chinese acquisitions
Britain implemented tougher measures on foreign takeovers of UK businesses this month in a move which is perceived as an attempt to reduce the number of Chinese acquisitions of UK businesses.
Britain is the second most popular target nation for business acquisitions, surpassed only by the US, whilst levels of Chinese investment in the UK in 2017 reached record levels. Certain takeovers, in particular Chinese involvement in the Hinkley Point nuclear power plant, have been eyed with suspicion by the UK government, who see such industries as ‘sensitive’ and related to national security.
Others are concerned that key technologies are being acquired by Chinese companies too easily. Under the new rules the government will have the right to intervene if foreign businesses are seeking to purchase certain technologies or intellectual properties.
Given the UK’s need for international trade deals outside of Europe following Brexit, combining protectionism and simultaneously remaining open to investment could be a difficult balance to maintain for the UK going forward.
Smoking Air China pilot causes cabin to depressurise by ‘accidentally’ turning off air conditioning
An Air China pilot caused a plane to drop 7620 metres in 10 minutes this month when he tried to hide the fact he was smoking in the cockpit.
The pilot attempted to turn off a circulation fan to prevent the smoke from his e-cigarette entering the cabin, but instead turned off the air conditioning system, causing the plane to depressurise, before eventually regaining altitude.
Both pilots have been fired, whilst Air China has been fined 50,000 RMB and its flight capacity cut by 10% on certain flights, which may have a significant impact on short-term profits going forward.
Regardless, thanks to the sheer demand of Chinese travellers, Air China is predicted to become the world’s most valuable airline in the next three years, overtaking US based Delta Airlines.
Chinese hotel trials using face recognition to check-in guests
China has once again shown its pioneering nature with its development of AI, with one hotel chain in China trialling a system where guests can check in using only their face.
Marriott and Alibaba are working together on the venture, which trialled at two Chinese hotels this month with the aim of expanding the use of the system worldwide. The aim is to make the check-in process for guests as seamless and easy as possible.
China is already on the way to becoming a cashless society, with its use of mobile payments dominating in most sectors of society. Chinese citizens are often early adopters and infamously open to new ideas; one study shoes 60 percent of Chinese travellers favour use of facial recognition technology.
Meanwhile…
A new 250 acre solar power plant has been built in China – in the shape of a giant panda.
The plant, named the ‘Panda Power Plant’, will eliminate nearly a million tonnes of coal use, as well as bringing a smile to a lot of people’s faces.
The plant is expected to grow to cover 1000 acres when completed, and further pandas are set to be included in future development.
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