Data on Thursday showed China’s exports fell the most in three years in June, slumping a worse-than-expected 12.4 per cent year-on-year, as cooling global demands add more stress on the economy. New home prices were unchanged in June, the weakest result this year, with rises slowing nationwide in continued weaknessContinue Reading
Policymakers are now reckoning with the prospect of prolonged slower growth in the world’s second-largest economy of around just 3 per cent annually, according to economists’ forecasts. That is less than half the rates typical throughout recent decades and creates the feel of an economy in recession. Chinese factory activityContinue Reading
Lv Daliang, a spokesperson for the General Administration of Customs, blamed the poor export performance on “a weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics”, in comments at a news conference in Beijing. Policymakers are now reckoning with the prospect of prolonged slowerContinue Reading
KUALA LUMPUR: Capital A chief executive officer Tony Fernandes has disposed of his entire shareholding in QPR Holdings, the parent company of Queens Park Rangers Football Club (QPR) said on Monday (Jul 10). Capital A also said that this strategic move will allow Mr Fernandes to concentrate his time and efforts onContinue Reading
HONG KONG: Hong Kong rose on Monday (Jul 10) in hopes that Beijing has ended its long-running crackdown on the tech sector, but an early Asia-wide rally was staunched by inflation data showing further weakness in China’s economy. After a years-long probe, Ant Group was hit with a near US$1Continue Reading
CHINA VS JAPAN Bangkok resident Pasit Chantharojwong drove a Toyota Corolla for a decade and a half before switching to Great Wall’s Ora Good Cat this year. “I’ll never go back to a combustion-engine car again,” said the 55-year-old teacher, who also drives part-time for a ride-hailing service. Of theContinue Reading
Chinese tech companies are aggressively developing AI products after the ChatGPT chatbot by OpenAI ignited a generative AI boom. McKinsey estimates that generative AI could eventually add US$7.3 trillion in value to the world economy each year. Alibaba’s image generator will compete with OpenAI’s DALL-E and Midjourney Inc’s Midjourney, US-basedContinue Reading
SHANGHAI: Vaccine maker Moderna Inc said on Wednesday (Jul 5) it had signed a memorandum of understanding and a land collaboration agreement to work towards opportunities for it to research, develop and manufacture mRNA medicines in China. “Any medicines produced under this agreement will be exclusively for the Chinese peopleContinue Reading
SEOUL: Shares in K-pop management agencies fell on Wednesday (Jul 5), after South Korea’s antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing the production of albums and merchandise, Yonhap reported. The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE, SM EntertainmentContinue Reading
BEIJING: The commerce ministry of China announced on Monday( Jul 3 ) that it would control exports of some metals that are widely used in the semiconductor industry. This is the latest development in a growing dispute between Beijing and the US over access to high-tech microchips. Exporters must requestContinue Reading