Chinese car sales fall for third month in a row August 11, 2021 Chinese car sales declined for a third straight month in July, new data today showed, as the global shortage of semiconductors weighed on the world’s biggest auto market. Figures from the China Association of Automobile Manufacturers (CAAM) showed that sales fell 11.9 per cent to 1.86m, compared to the same month a year ago. The trade [...]
US stocks lifted by infrastructure bill’s safe passage August 10, 2021 Wall Street opened higher this morning as investors were boosted by news that President Joe Biden’s $1 trillion infrastructure bill had safely passed through the Senate. The blue-chip S&P 500 edged up 0.17 per cent to 4,439 points, while the Dow Jones climbed 0.5 per cent to 35,278 points. Tech shares lost ground as investors [...]
Chinese social media giant Weibo’s ex-PR director arrested on bribery charge August 10, 2021 Chinese authorities have arrested today a top communications director at Chinese social media giant Weibo accused of taking bribes. Mao Taotao, former senior public relations director at Weibo, was detained by police on suspicion of accepting bribes and committing fraud. Weibo, part-owned by e-commerce giant Alibaba Groups, said the company had fired Mao and will [...]
Chinese dairy manufacturer shares tumbled amid Beijing’s crackdown fears August 9, 2021 Infant formula milk makers have joined the growing list of stocks hurt by Beijing’s regulatory risk after state media urged supervision of milk powder marketing. Chinese state-run Xinhua Agency reported last Thursday that some experts have been concerned about the marketing of infant formula milk that made mothers choose milk powder over breastfeeding, urging the [...]
Chinese tech tycoons lose $87bn amid Beijing crackdown August 9, 2021 A crackdown on Chinese tech giants by regulators in Beijing is estimated to have wiped $87bn (£63bn) off the personal fortunes of tycoons such as Alibaba’s Jack Ma in the last month alone. Authorities have launched a fierce campaign against some of the country’s biggest tech firms amid concerns about their escalating power, sparking sharp [...]
Tech firm NetEase pulls $1bn Cloud Village IPO after Beijing’s attack on gaming August 9, 2021 Chinese technology firm NetEase has put a pin in its $1bn Hong Kong listing for its music streaming service Cloud Village due to recent volatility in the tech market, according to reports. The initial public offering (IPO) had already been approved by the Hong Kong Stock Exchange’s listing committee, according to filings lodged with the exchange. [...]
The Renault Group partners with Geely to expand Asian presence August 9, 2021 The Renault Group has announced a partnership with a China-based vehicle manufacturer as post-pandemic sales fail to gain momentum in Asia. The Renault Group will share resources and technology with Geely Holding, China’s largest privately owned automotive group, as they focus on bringing hybrid vehicles to the fast-growing Asian markets. The companies will jointly release a [...]
Gold prices slide to four-month lows on fears of rates hike August 9, 2021 Gold prices dropped to a four-month low this morning amid growing concerns that the Federal Reserve could hike interest rates sooner than expected. As of 8:30, the yellow metal was hovering at $1,747.93 an ounce, just below the crucial $1,750 level, having staged a slight rally today. At one point, it fell as low as [...]
The Analyst: Is Netflix going to be able to swim up-stream? August 7, 2021 In the middle of another summer results season, the outlook for many media and tech companies – like many other sectors – is generally positive. But bucking that trend is behemoth Netflix, where net subscriber additions – the bread and butter of the business, after all – missed analyst expectations by around a quarter of [...]
Huawei revenues collapse nearly a third as it peddles against US sanctions August 6, 2021 Chinese telecoms giant Huawei Technologies has watched its revenue collapse by almost a third so far this year, as it peddles against the waters of US sanctions. Revenue hit $49.5bn in the six months to June, down 29 per cent, the group reported today. With its handset business struck by US sanctions, the UK’s decision [...]