China eyes international help to resolve U.S. trade war
China says trade talks with the U.S. are important amid a 90-day truce that lowered tariffs between the two countries, but other nations need to get involved to reach a full solution. Andrew Polk, partner at Beijing-based research firm Trivium China, joins "America Decides" with analysis.
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Business Insider
an hour ago
- Business Insider
Upcoming Stock Splits This Week (June 23 to June 27)
These are the upcoming stock splits for the week of June 23 to June 27, based on TipRanks' Stock Splits Calendar. A stock split takes place when a company increases its number of outstanding shares by issuing more to existing shareholders, effectively reducing the price per share without altering the firm's overall market capitalization. While the underlying value remains the same, the lower share price makes the stock more accessible to everyday investors and may help boost market interest. Confident Investing Starts Here: Meanwhile, a reverse stock split does the opposite, shrinking the share count by consolidating existing shares into fewer units. This pushes the stock price higher while keeping the total valuation the same. It's a common move for companies trying to meet exchange listing requirements, especially if their share price is flirting with minimum thresholds like those set by the Nasdaq. Whether it's about attracting more investors or holding onto a listing, these corporate actions can offer valuable clues about a company's strategy and where it sees itself heading next. Let's take a look at the upcoming stock splits for the week. Pegasystems (PEGA) – Pegasystems is a leading provider of enterprise AI-powered decisioning and workflow automation software. On June 17, the company announced a 2-for-1 forward stock split, aimed at improving share accessibility for retail investors. PEGA stock is expected to begin trading on a split-adjusted basis on June 23. TruGolf Holdings (TRUG) – Specializing in high-end golf simulator technology, TruGolf aims to bring the driving range indoors. On June 18, the company announced a 1-for-50 reverse stock split to help maintain compliance with Nasdaq's listing requirements. The split is set to take effect on June 23. Maase (MAAS) – China-based Maase, a digital platform company, is switching from trading American Depositary Shares (ADSs) to listing its regular shares directly on the Nasdaq. To prepare for this transition, the company announced a 1-for-90 reverse stock split on June 18, meaning every 90 ADSs will be converted into one regular share. The split takes effect when the market opens on June 23, 2025. Super League Enterprise (SLE) – Super League builds immersive experiences across gaming and metaverse platforms. On June 18, the company announced a 1-for-40 reverse stock split, designed to boost the share price and extend its Nasdaq listing runway. The stock will begin trading on a split-adjusted basis on June 23. KULR Technology Group (KULR) – Focused on thermal management and battery safety for aerospace and EV markets, KULR announced a 1-for-8 reverse stock split on June 13 to regain compliance with Nasdaq's minimum bid price rule. The stock will begin trading on a split-adjusted basis on June 23. Stem, Inc. (STEM) – Leveraging AI to boost grid-scale energy efficiency, Stem announced a 1-for-20 reverse stock split on June 11 to comply with the NYSE's minimum bid price requirement. The stock will begin trading on a split-adjusted basis on June 23. Cellectar Biosciences (CLRB) – Cellectar is a clinical-stage biotech developing phospholipid drug conjugates for targeted cancer treatment. On June 18, the company announced a 1-for-30 reverse stock split, following shareholder approval the prior week. The move is aimed at regaining compliance with Nasdaq's minimum bid price requirement. The split is slated to go into effect on June 24. Jiade Limited (JDZG) – China-based Jiade Limited, which focuses on adult education and logistics services, announced on June 20 that it would implement a 1-for-8 reverse stock split, effective June 24, consolidating its shares and updating its CUSIP to regain compliance with Nasdaq's minimum bid price requirement.
American Military News
2 hours ago
- American Military News
Widespread pay cuts in China drive down consumer spending, fuel deflationary fears
This article was originally published by Radio Free Asia and is reprinted with permission. Chinese workers across industries are facing salary cuts and layoffs as mounting economic woes engulf China's public and private sectors, sources tell Radio Free Asia. That's forcing families to slash spending. It is also triggering deflationary concerns as businesses enter into desperate price wars. From Beijing's central government offices to provincial agencies across China, as well as major state-owned enterprises like investment bank China International Capital Corp (CICC), employees have faced substantial pay reductions that have reduced household budgets and fundamentally altered consumer spending patterns. 'I used to earn 6,000 yuan (or US$835) a month but now I only get 5,000 yuan (US$696), and some allowances have been removed too,' Li, an employee at a Beijing-based state-owned enterprise, told RFA. Like many others interviewed for this story, Li wanted to be identified by a single name for safety reasons. 'Some people in my wife's company have also had their salaries cut and some have received layoff notices, saying they will only work until July-end,' said Li. In Zhejiang, regarded one of China's most prosperous provinces, ordinary civil servants have had their annual salaries slashed by 50,000 to 60,000 yuan (or US$6,964-US$8,356) this year, Zheng, a resident of the province's Zhuji city, told RFA. Civil servants in more senior positions have seen deeper reductions to their annual pay of around 80,000 to 100,000 yuan (or US$11100-US$13900) and others in still higher levels by about 150,000 yuan (or US$20,890), Zheng said. 'There was already a reduction two years ago. This year's salary is reduced again,' he added. The cuts indicate the financial strain on local governments, as domestic economic challenges lead to tepid consumer demand and price pressures. That's impacting businesses' ability to pay taxes. Additionally, local governments are grappling with a decline in land transfer sales revenue amid weak property market demand. For 2025, China's provincial regions have set cautious fiscal revenue estimates, with an average growth target of 2.8% for their general public budget revenue, which is the sum of tax and non-tax revenue. That's down 1.6 percentage points from 2024's target average, as revenue generation challenges continue to weigh on local governments, economists say. For example, in Shandong, many real estate projects have been suspended for the past two years with no land sales recorded, impacting the local government's already large fiscal debt levels, said one blogger based in the northeastern coastal province, according to texts and pictures posted on X account @whyyoutouzhele, also known as 'Mr. Li is not your teacher,' who posts content on that platform to circumvent Chinese government censorship. Another Shandong resident, named Geng, told RFA, that county and township level officials in the province have had their salaries slashed by 30%, with payments frequently delayed. 'Now the county-level finances have been depleted, and the benefits for police officers have also been reduced,' Geng, a resident of Qingdao city, said. Police officers in many other regions have also seen significant cuts to their annual salaries, down to 200,000 yuan (US$27,856) this year from 300,000 yuan (US$41,784) a year ago, said a legal professional based in southeast China's Guangdong province. Employees of major Chinese state-owned commercial enterprises, such as investment bank CICC and China Development Bank, have not been spared either, with companies executing cost-cutting 'optimization measures,' including wage reductions and layoffs, amid a government campaign to cap pay ceilings at financial institutions and bring it more on par with other civil servants But an employee at CICC said the salary cuts have affected virtually all staff levels. 'Almost everyone in our building has had their salaries cut. The lowest-level employees have also had their salaries cut by 5%. I heard that the reductions for mid- and high-paid employees are even greater,' he said. According to a report from Beijing-based Caixin media group, 27 government-owned financial enterprises have begun to implement salary cuts, mainly aimed at reaching the goal of capping annual income of staff at these firms at 1 million yuan (US$139,180), as Beijing moves forward with a campaign, known as 'common prosperity' drive, to narrow income and wealth inequality. Ma, who works at a Beijing-based state-owned enterprise, said his company has already conducted two rounds of salary cuts and layoffs since 2023. 'The basic salary has shrunk, and the company has also cancelled meal and transportation subsidies,' Ma said. 'The work that used to be done by two or three people now has to be done by one person.' Another employee of a state-owned bank based in Guangdong's Dongguan city said his salary had been reduced by 30% in the past two years, with performance bonuses 'almost completely cut.' The salary reductions have sparked a sharp decline in consumer spending, creating deflationary pressures across the economy, as businesses engage in aggressive price cutting in a desperate bid to attract cash-strapped consumers. 'The price war has become the latest struggle for many small businesses,' Meng, a Shandong resident, told RFA. 'For example, the good ribs here only sell for 12 yuan (or US$1.67) a pound, and the purchase price of live pigs is only a few yuan … restaurants are desperately offering discounts to survive. This is not competition, but dragging each other down.' In Beijing, small supermarkets are 'slashing prices like crazy,' said Su, a resident of the city's Haidian District. 'I'm afraid they will all go bankrupt in a few months at this rate.' In her own home too, Su has observed major changes in spending patterns, with fewer family gatherings and less frequent restaurant meals, as household budgets tighten. Economist Wu Qinxue warned that the current situation highlights continued decline in local governments' fiscal levels and is not just a temporary belt-tightening. 'The (local) government has no money to manage people, and no one is willing to spend money,' he said. 'From salary cuts within the system to the collapse of consumption among ordinary people, the entire society is quietly forming a top-down (consumer belt-) 'tightening chain.''
The Hill
3 hours ago
- The Hill
US warns of ‘heightened threat environment' after strikes on Iran
The United States is warning of a 'heightened threat environment' after President Trump ordered strikes on three Iranian nuclear sites on Saturday evening. The Department of Homeland Security (DHS) issued a National Terrorism Advisory System (NTAS) bulletin on Sunday, alerting the public to the potential of cyberattacks carried out by those who support Iran or are affiliated with the Iranian government. 'The ongoing Iran conflict is causing a heightened threat environment in the United States. Low-level cyber attacks against US networks by pro-Iranian hacktivists are likely, and cyber actors affiliated with the Iranian government may conduct attacks against US networks,' the bulletin read. The bulletin also noted that the Iranian government, in recent years, has sought to target U.S. government officials it deems responsible for killing the former Iranian military officer, Qasem Soleimani. 'The likelihood of violent extremists in the Homeland independently mobilizing to violence in response to the conflict would likely increase if Iranian leadership issued a religious ruling calling for retaliatory violence against targets in the Homeland,' the bulletin read. The bulletin warned that the ongoing conflict 'could contribute to US-based individuals plotting additional attacks' on U.S. soil that are 'motivated by anti-Semitic or anti-Israel sentiment.' 'It is our duty to keep the nation safe and informed, especially during times of conflict. The ongoing Israel-Iran conflict brings the possibility of increased threat to the homeland in the form of possible cyberattacks, acts of violence, and antisemitic hate crimes,' DHS Secretary Kristi Noem said in a statement to The Hill. Trump announced Saturday evening that U.S. forces bombed three Iranian nuclear sites and said to Iran in a social media post, 'NOW IS THE TIME FOR PEACE!' The bombs targeted three nuclear sites in Natanz, Esfahan and Fordow, located inside a mountain. Six 'bunker buster' bombs were reportedly dropped on Fordow, while more than two dozen Tomahawk missiles were launched at the other two sites. The bombings put the U.S. directly in Iran's crosshairs for retaliation and made it an active participant in the Mideast war, which Israel launched with airstrikes against Iran on June 13.
