Baidu-backed Chinese EV startup WM raises $1.5 billion in funding round

On Tuesday, Baidu-backed Chinese electric vehicle (EV) startup WM Motor said, it has raised $1.47 billion (10 billion yuan) in its latest funding round. In recent months, shares of Electric Vehicle makers, including that of Tesla Inc, have surged with auto makers looking to the markets for funds. Incidentally, China’s Xpeng Inc and Li Auto…

U.S. engineering & design firm Silk EV enters MOU with China’s FAW to produce Hongqi branded sports cars

On Monday, Silk EV, a little-known U.S.-based engineering and design firm disclosed it plans on investing $1.41 billion (10 billion yuan) in order to make sports cars with China’s FAW Group under the Hongqi brand, the brand of choice for China’s late revolutionary leader Chairman Mao Zedong. Silk EV has signed a memorandum of understanding…

Hackers manage to access voice mails at Italy’s state-owned Monte dei Paschi bank

In a notice sent to customers by Italy’s state-owned bank Monte dei Paschi, hackers have managed to access the mailboxes of some employees, with the bank informing clients in the notice that on March 30 some messages with voice mail attachments had been sent as a result of the cyber attack. Incidentally, the notice did…

Multiple U.S. government agencies back revoking China Telecom’s ability to operate in U.S.

In a significant development, several agencies from the U.S. government including the Justice Department called on the Federal Communications Commission (FCC) to revoke China Telecom (Americas) Corp’s ability to provide international telecommunications services to and from the United States. China Telecom is the U.S. subsidiary of a People’s Republic of China (PRC) state-owned telecommunications company.…

Documents show Huawei shipped prohibited U.S. hardware and software to Iran

Although China’s Huawei Technologies has been consistently denying for years that it has not violating American trade sanctions on Iran, internal documents from the company which dates back to 2010 show that it was directly involved in sending prohibited U.S. computer equipment to Iran’s largest mobile-phone operator. As per internal documents from Huawei, two of…

Huawei helped North Korea in building its wireless network: Washington Post

The report adds to the growing number of supporting documents to U.S. claims that China’s Huawei has violated in multiple instances US export control rules. According to a report from the Washington Post citing sources and internal documents, China’s Huawei Technologies Co Ltd has secretly helped North Korea to build and maintain its commercial wireless…

ZTE’s controlling shareholders plan on selling upto 3% shares

Chinese telecom company ZTE Corp had been subject to U.S. sanctions. Its controlling state-owned controlling shareholder Zhongxingxin Telecom plan on selling as much as 2% of its shares once the stock has doubled its value. According to regulatory filing, the controlling stakeholders of China’s ZTE Corp’s plan to slash their stake, by as much as…