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Category: business – Page 210

How China’s tech firms are coping with the coronavirus downturn

Before the outbreak, China’s tech industry was already under pressure from the ongoing trade war with the US, which has seen expansion plans crimped by a tighter funding environment and macro economic slowdown. A rapid rise in the number of unemployed could pose a big challenge for the world’s second-largest economy which has seen growth rates already slow to near three-decade lows.

A growing number of Chinese tech-related companies have adopted ‘self-rescue’ plans as the coronavirus epidemic disrupts their business operations.

China’s coronavirus recovery is ‘all fake,’ whistleblowers and residents claim

China’s claims of how it’s handling coronavirus recovery should be taken with more than a few grains of salt.

Even before COVID-19 became a global crisis, Chinese leaders had been criticized for their handling of the situation and lack of transparency about the disease’s progression. Things now look like they’re on the upswing, and businesses even appear to be headed back to work — but whistleblowers and local officials tell Caixan that’s just a carefully crafted ruse.

Beijing has spent much of the outbreak pushing districts to carry on business as usual, with some local governments subsidizing electricity costs and even installing mandatory productivity quotas. Zhejiang, an province east of the epicenter city of Wuhan, claimed as of Feb. 24 it had restored 98.6 percent of its pre-coronavirus work capacity.

China’s largest private automaker is building a satellite network now, too

The largest private automaker in China is getting into the satellite business. Chinese automotive giant Geely has broadened its reach to include everything from trucking, to high-speed trains, to passenger drones, to Volvo over the last decade or so. But its newest effort could tie those things all together, as Geely just announced it’s going to build its own satellite network to enable what it calls a “smart three-dimensional mobility ecosystem.”

Geely announced late Monday that it will erect a satellite production facility and testing center in the port city of Taizhou in the Zhejiang province that the Chinese giant calls home. The facility will be capable of building a “variety of different satellite models,” some of which may be for non-Geely entities.

Geely says it will start launching the satellite network as soon as the end of this year, but did not say how big it will be. Reuters reports that the company is pumping around $326 million into the project, and will eventually make 500 satellites a year.

What should macro policymakers do about the coronavirus?

As coronavirus outbreaks have become more threatening outside China in recent days, attention has turned to the likely damage to global output and to the possible reaction of macroeconomic policymakers. This has become urgent with the catastrophic decline in China’s PMI business surveys yesterday. The question now is whether a global recession can be avoided.

The global economy faces a demand shock focused on services and consumer spending.

The first U.S. trial for a coronavirus treatment has started

The treatment could hold real promise as coronavirus infections and deaths outside of China continue to swell. “There is only one drug right now that we think may have real efficacy and that’s remdesivir,” said WHO assistant director-general Bruce Aylward during a press conference in Beijing on Monday. The drug is already being enlisted in clinical trials in China.

Gilead’s antiviral remdesivir is being used in the first U.S. clinical trial to treat COVID-19, the disease caused by the new coronavirus.

Unmanned Solar Aircraft Aims to Compete Commercially With Satellites and Drones

At 35 meters, the wingspan of the new BAE Systems aircraft equals that of a Boeing 737, yet the plane weighs in at just 150 kilograms, including a 15 kg payload. The unmanned plane, dubbed the PHASA-35 (Persistent High-Altitude Solar Aircraft), made its maiden voyage on 10 February at the Royal Australian Air Force Woomera Test Range in South Australia.

“It flew for just under an hour—enough time to successfully test its aerodynamics, autopilot system, and maneuverability,” says Phil Varty, business development leader of emerging products at BAE Systems. “We’d previously tested other sub-systems such as the flight control system in smaller models of the plane in the U.K. and Australia, so we’d taken much of the risk out of the craft before the test flight.”

The prototype aircraft uses gallium arsenide–based triple-junction solar cell panels manufactured by MicroLink Devices in Niles, Ill. MicroLink claims an energy conversion efficiency of 31 percent for these specialist panels.

This man’s potentially huge medical breakthrough can’t get funding, so he’s trying something desperate

Four years ago, Todd Rider was on top of the world. The MIT-trained bioengineer had developed a radical idea for killing viruses. Initial test results showed that his therapy, called DRACO, could kill every virus he threw it at: 15 viruses were killed in human cells, and two in mice.

It seemed like there was a chance it could be the biggest discovery in medicine since the invention of antibiotics. Enthusiastic headlines praised the potentially world-changing panacea. “Todd Rider Has a Kill Switch for Viruses,” wrote Bloomberg Businessweek. The Verge: “Killing sickness: is DRACO a doomsday device for viruses?” Time magazine declared it one of the top 50 inventions of the year.

Yet over the next few years, things started going wrong. Rider moved from lab to lab and says he couldn’t raise the money to continue testing DRACO, despite, he claims, the continued promise of the concept.

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