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It has been a feature of the Chinese government’s annual state-of-the-nation address to the country’s legislature since 2014.But this year when Chinese Premier Li Keqiang delivered his government work report and development plan to the National People’s Congress, there was no mention of the core Chinese military modernisation policy that has alarmed Washington.The military-civil fusion (MCF) policy is a national strategy to enlist the private sector to help modernise the country’s defences and...
ByteDance, parent company of popular short video app TikTok, has closed its artificial intelligence-enabled news aggregator app TopBuzz, which had failed to capture a vast international audience in five years of operation.“We are proud of the work that we accomplished with TopBuzz, but have determined that other areas of the business should be our priority going forward,” a ByteDance representative said on Friday in a statement sent via WeChat. The app’s Japanese version, however, was still on…
Some of the biggest names in finance and business made a fortune on Zoom Video Communications: Hong Kong’s Li Ka-shing, Tiger Global Management’s Chase Coleman and, of course, founder Eric Yuan, whose net worth has surged to US$10.7 billion.And then there’s Samuel Chen, a little-known Taiwanese investor who made his initial wealth through ink trading and started putting money in the videoconferencing juggernaut about a decade ago.Chen’s Digital Mobile Venture, which took part in Zoom’s early...
The global economy is crawling back to its feet, but returning to full health will take longer. Disrupted by Covid-19, it is facing its deepest recession since World War II. The good news is that we are starting to see many economies reopening and can anticipate a two-stage recovery process.We are probably at the start of the first stage of recovery from Covid-19 and getting back to some form of normality. However, to eventually rebound to full strength, we will need a vaccine or at least…
China will take "whatever measures are necessary" to defend the interests of Chinese enterprises in response to Washington’s restrictions on an additional 33 Chinese firms and institutions the Ministry of Commerce said on Friday, the same day the new controls took effect.China "firmly opposes" the move by the United States to add those Chinese companies and government organisations to its "entity list," the ministry said, urging the US "to immediately stop these wrong practices".Inclusion on...
China’s street vendors are officially flavour of the month, and the share prices of related companies reflect their new-found status.A policy U-turn by the Chinese government to support the tiny retailers it now regards as the lifeblood of the economy has sparked a stock market frenzy.
Airline stocks in China and the rest of the Asia-Pacific region have broadly advanced this week, with some recording double-digit gains on signs air traffic is coming back as global economies reopen following worldwide steps to control the coronavirus pandemic.In China, the aviation index tracked by Wind Information gained 7.5 per cent this week.China Southern Airlines has surged the most among the four largest Chinese airlines, shooting up 17.3 per cent this week in Hong Kong and 7 per cent in...
IWG, the world’s largest operator of serviced offices, is to take over the space left behind by rival WeWork at Hysan Place in Causeway Bay, where rents have fallen more than 6 per cent recently.The 32,000 square feet of co-working space on the 31st and 32nd floors of the tower, owned by one of the city’s biggest landlords, Hysan Development, was abandoned by WeWork in April.The American flexible workspace giant has vacated a fifth of its Hong Kong premises recently.
Hong Kong stocks searched for direction in early Friday trading, as investors worried this week’s four-day rally may be coming to an end.The Hang Seng Index seesawed, opening ahead, dipped then gained, and was last showing a teensy decline as of 10:45am local time.Traders are excited about the coming secondary listings of and NetEase, and generally have been betting on economic recovery in China, the US and around the globe.
The Singapore casino of billionaire Sheldon Adelson’s Las Vegas Sands is being probed by the US Department of Justice over whether anti-money-laundering regulations were breached in the way it handled the accounts of top gamblers.The Justice Department in January issued a grand jury subpoena to a former compliance chief of Marina Bay Sands, seeking an interview or documents on "money laundering facilitation" and any abuse of internal financial controls, according to a copy of the subpoena...
Hong Kong’s monetary authority stepped into the financial market to rein back the local currency, which had been pushed over the top end of its trading band against the US dollar by the influx of so-called hot money ahead of several blockbuster initial public offerings on the local stock exchange.The city’s de facto central bank sold almost HK$1 billion worth of Hong Kong dollars, buying the same amount in the US currency to bring the exchange rate below 7.75000, according to a statement by the...
Chinese gaming giant NetEase looks set to price its Hong Kong secondary listing at HK$123 (US$15.87) a share ahead of its debut in the financial hub on June 11, a person familiar with the deal said on Friday.NetEase amassed enough pledges from investors to cover the offer multiple times, the person added.The price represents a tight 2 per cent discount to the last closing price of NetEase’s depositary receipts of US$405 and a 3.1 per cent discount to the one-day volume-weighted average price of...
Broadcom, a chip maker that supplies Apple and other large electronics companies, suggested the latest iPhones will be launched later than usual this year.Tan Hock Eng, chief executive of Broadcom, discussed a "major product cycle delay" at a "large North American mobile phone" customer, during an earnings conference call with analysts on Thursday.
Shanghai-based Everest Medicines has raised US$310 million in the latest round of fundraising from investors to fund the development of eight potential drug candidates in the pipeline.The three-year-old start-up’s Series C round was led by Hong Kong-based Janchor Partners, RA Capital Management, Hillhouse Capital, and state-owned Jiashan SDIC.In March, Jiashan SDIC agreed to infuse US$100 million to support the company’s clinical trials and build drug manufacturing facilities in an economic...
Tesla chief executive Elon Musk said it was “time to break up Amazon” in a tweet on Thursday, escalating a rivalry with chief executive Jeff Bezos, another billionaire investing in space exploration.“Monopolies are wrong,” Musk tweeted, while tagging Bezos, the world’s wealthiest man.Online retailer Amazon is among a number of technology companies being scrutinised by federal regulators and lawmakers for the increasing size and scope of its business.Musk’s post came in response to a…
One of the most disturbing events in the past week was the late Covid-19 diagnosis of a woman who had been to her private doctor three times and been told to go home. Readers might be surprised that a Hong Kong-registered doctor did not suspect she had the coronavirus. She is the first confirmed case in a new cluster, with others facing quarantine and hundreds requiring testing. When she was finally taken to hospital, nearly unconscious, she had to be ventilated. We all wish her a full…
Even before America experienced its worst period of unrest since the civil rights era, financial markets and the global economy had seemed to be moving in parallel worlds.The dramatic rally in the benchmark S&P 500 stock index in the face of the mounting human costs of Covid-19 and the sharpest contraction in global output since the 1930s has taken the disconnect between asset prices and fundamentals to a whole new level.
[Sponsored Article]. As life expectancy continues to increase, with people born in developed countries since 1997 now having a 50-50 chance of living beyond 100 years,1 pension systems are faced with handling retirements that could last in excess of 40 years. Meanwhile, cost of living in Asia continues to rise, evidence has suggested a notable shortfall for people to sustain their post-retirement lifestyle.
The British government is rethinking its cautious welcome of Huawei Technologies into the country’s 5G mobile networks, but walking away from the Chinese technology giant will neither be easy nor cheap.Growing tensions with Beijing have led Prime Minister Boris Johnson’s government to seek out credible alternatives to Huawei’s antennas, routers and switching gear, Bloomberg reported on Wednesday.

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