Tag Archives: Chinas

(Bloomberg) — After China imposed a record antitrust fine on Alibaba Group Holding Ltd., the e-commerce giant did an unusual thing: It thanked regulators. “Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development,” the company said in an open letter. “For this, we are full of gratitude and respect.” It’s a sign of how odd China’s… Source link

The past week has marked a watershed moment in Russia’s relations with the West — and the US in particular. In two dramatic, televised moments, US President Joe Biden and Russian President Vladimir Putin have changed the dynamics between their countries perhaps irrevocably. Most commentators in the West have focused on Putin’s “trolling” of Biden by dryly — though, according to Putin, unironically — wishing his American counterpart “good health”. This, of course, came after… Source link

The first Zeekr model will be based on the “Zero Concept” car unveiled last September by Geely-owned Lynk & Co. China’s biggest carmaker Geely is launching a premium electric car brand it hopes will take on Tesla. The Chinese company, which owns Volvo and Lotus, announced its Zeekr brand on Tuesday to tap into China’s demand for electric vehicles (EVs). It comes as Elon Musk goes on the charm offensive in China praising its plans to tackle carbon emissions. The Tesla founder has seeking to allay… Source link

(Bloomberg) — Oil opened the week in robust form after a raft of economic data from China added to signs of recovery from the coronavirus pandemic just as the OPEC+ alliance presses on with output curbs to drain global inventories. West Texas Intermediate in New York gained 0.9%, while Brent also climbed. Figures from China for the first two months of the year showed a surge in industrial output, underscoring the strength of its V-shaped recovery and reinforcing expectations for increased… Source link

(Bloomberg) — Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency. That’s because the eventual rollout of the virtual yuan could roil cryptocurrency markets if Chinese officials tighten regulations at the same time, according to Phillip Gillespie, chief executive of crypto market maker and liquidity provider B2C2 Japan, which mainly works with institutional… Source link

(Repeats Friday story with no change to text) By Samuel Shen and Alun John SHANGHAI/HONG KONG, Jan 22 (Reuters) – A global chip shortage is choking the production of machines used to “mine” bitcoin, a sector dominated by China, sending prices of the computer equipment soaring as a surge in the cryptocurrency drives demand. The scramble is pricing out smaller miners and accelerating an industry consolidation that could see deep-pocketed players, many outside China, profit from the bitcoin bull… Source link

By Karen Freifeld and Alexandra Alper NEW YORK/WASHINGTON (Reuters) – The Trump administration notified Huawei suppliers, including chipmaker Intel, that it is revoking certain licenses to sell to the Chinese company and intends to reject dozens of other applications to supply the telecommunications firm, people familiar with the matter told Reuters. The action – likely the last against Huawei Technologies under Republican President Donald Trump – is the latest in a long-running effort to… Source link

(Bloomberg) — Alibaba Group Holding Ltd. led a selloff in Chinese tech giants triggered by fears antitrust scrutiny will spread beyond Jack Ma’s Internet empire and ensnare more of the country’s most powerful corporations. China’s e-commerce leader on Monday raised a proposed stock repurchase program by $4 billion to $10 billion, effective for two years through the end of 2022. The buyback program, which began this quarter, failed to stem a slump in the shares, which slid more than 5%… Source link

In a pandemic year that saw businesses across the world take a big hit, Alibaba wasn’t immune to the impact of COVID-19, especially given the fact that the coronavirus pandemic began in China. Alibaba’s market value is a whopping $600 billion, and hopes are pinned on the dual IPO in Shanghai and Hong Kong bourses. But a massive blow comes for the e-commerce giant as Alibaba and Ant Group’s $34 billion initial public offering (IPO) was suspended by the Shanghai Stock Exchange. The Shanghai… Source link

TipRanks 3 “Strong Buy” Stocks That Could Reach New Highs The markets have been on a tear of late despite the headwinds presented by the novel coronavirus pandemic. The question is how long this will last?Writing from Goldman Sachs, the firm’s chief US equity strategist David Kostin says that the markets will outperform both other investments and analyst expectations over the next two years. He sees the S&P 500 hitting 4,600 by the end of 2022, which would represent a 25% gain.Backing… Source link