Asia

15 Mar Club Med owner Fosun Tourism courts investors on return to profitability days after reports of debt concerns at parent firm

Posted at 12:15h in Asia

Fosun Tourism Group, the leisure and tourism unit of Chinese conglomerate Fosun International, is courting both domestic and international investors in a move that is in line with its asset-light strategy.Investors who “share the same values and agree upon the company’s strategy” are welcome to...

15 Mar Alibaba adds 11 apps to Huawei’s HarmonyOS, bringing Xianyu, Fliggy and more to China’s Android rival

Posted at 12:00h in Asia

Alibaba Group Holding is partnering with US-sanctioned Huawei Technologies to develop native versions of the e-commerce giant’s apps for the smartphone maker’s operating system HarmonyOS, which is meant to take on Google’s Android and Apple’s iOS in mainland China.Eleven applications under Alibaba Group – including...

15 Mar China said to fall short of matching US advances in AI owing to ‘many challenges in theory and technologies’

Posted at 11:00h in Asia

China is falling short of matching the United States in artificial intelligence (AI) advances because the nation’s efforts are “littered with many essential challenges in theory and technologies”, according to a recent slide presentation made to Chinese Premier Li Qiang.Those difficulties were pointed out to...

15 Mar China vows to tighten IPO rules, clamp down on excesses to sustain a rebound in US$9.2 trillion stock market

Posted at 10:04h in Asia

China is tightening the screws on new domestic stock offerings, laying out some of the harshest rules, checks and balances and penalties yet for fake accounting, a move that could slow approvals and fees at the nation’s brokerages and investment banks.The government will control the...

15 Mar Net zero: climate goal will slide to 2060 or later as transition investments fail to pay off, Bain & Co survey says

Posted at 09:30h in Asia

The United Nations’ 2050 goal for net zero carbon emissions is in danger because companies see inadequate returns from investments related to the transition, according to a survey of energy and natural resources executives by US consultancy Bain & Company.It will be 2060 or later...

15 Mar Goldman’s tips on navigating China’s turbulent stock markets in a US presidential election year

Posted at 07:37h in Asia

Chinese domestic consumption stocks are a safer bet than hardware and semiconductor makers should tensions escalate between Beijing and Washington in the run up to the US presidential election, according to Goldman Sachs.China’s biggest on-demand delivery firm Meituan, China Merchants Bank, hotpot restaurant chain operator...

15 Mar Fine in Italy and national security review in Canada add to TikTok’s growing woes

Posted at 07:33h in Asia

The fine has been imposed on three units of China’s ByteDance, namely Ireland’s TikTok Technology, TikTok Information Technologies UK and TikTok Italy. 03:10Protests at US Congress after House passes bill that could potentially ban TikTok nationwideProtests at US Congress after House passes bill that could potentially...

15 Mar China struggles to arrest a 9-month slide in new home prices as cash squeeze among big developers keeps buyers on sidelines

Posted at 05:38h in Asia

Home prices in China fell for the ninth month in February, suggesting weak underlying demand and confidence among consumers despite measures by authorities to loosen buying restrictions and boost lending to struggling developers.Prices of new homes in 70 medium and large cities fell 0.4 per...

15 Mar Hong Kong stocks slide for third day as China holds key policy rate, odds on US rate cut weaken amid strong inflation reports

Posted at 02:50h in Asia

Hong Kong stocks dropped for a third day after China’s central bank left a key policy rate unchanged and traders scaled back bets on an imminent rate cut in the US after producer prices accelerated faster than market consensus.The Hang Seng Index slumped 1.3 per...

15 Mar Apple buys Canadian start-up DarwinAI after falling behind Microsoft, Google in generative AI

Posted at 02:44h in Asia

Apple has acquired Canadian artificial intelligence (AI) start-up DarwinAI, adding technology to its arsenal ahead of a big push into generative AI in 2024.The iPhone maker purchased the business earlier this year, and dozens of DarwinAI’s employees have joined Apple’s artificial intelligence division, according to...