GUANGZHOU, China — Alibaba reported profitability for its cloud computing business for the first time in a continued push to diversify its business beyond e-commerce as it faces regulatory scrutiny in China. The Chinese tech giant reported adjusted EBITA (earnings before interest, taxes, and amortization) of 24 million yuan ($3 million) for its cloud business in the […] Read more
Goldman Sachs has named the Chinese stocks to buy in order to cash in on the country’s “clean tech revolution.” The bank’s analysts described this year as an “inflection point” for clean energy in China, and estimated that the country’s ambition to become carbon neutral by 2060 was a $16 trillion investment opportunity. Off the back […] Read more
Tesla has reportedly started delivering locally-produced Model Y crossovers in China, marking another milestone for the electric carmaker in the world’s largest vehicle market. Deliveries of the China-produced crossover began Monday, according to state-run Xinhua News Agency. It’s unclear how many Model Y vehicles were delivered or whether they were delivered to employees or to retail customers. […] Read more
South Korean stocks had their best year in more than a decade in 2020. Here’s what drove them higher
Investors who stuck with South Korean stocks through 2020 were handsomely rewarded. The Kospi index, South Korea’s stock-market benchmark, rallied 30.8% for the year, its biggest annual jump in more than a decade. The iShares MSCI South Korea ETF (EWY) rose 38.4% in 2020, outperforming most developed and emerging markets. The ETF’s year-to-date gains top those […] Read more
SINGAPORE — Shares of Chinese tech giant Alibaba in Hong Kong were in the spotlight once again on Monday, after Chinese regulators ordered Alibaba-affiliate Ant Group to rectify its businesses. By the Hong Kong market close on Monday, shares of Alibaba listed in the city plunged 7.98%, adding to losses for the firm. The stock had also dived last […] Read more
China’s market regulator has fined Alibaba and a Tencent-backed company for not making the proper declarations to authorities about past acquisitions, in another sign Beijing is taking a tougher stance on the country’s tech giants. Alibaba, Tencent-backed China Literature, and Shenzhen Hive Box Technology were each fined 500,000 yuan ($76,463) by the State Administration for Market Regulation (SAMR). […] Read more
With the recent spate of bond defaults in China, investors should be looking to put their money into Chinese central government bonds which are “unlikely to default,” according to an economist from research firm TS Lombard. Last month, a series of high-profile defaults involving state-owned companies in China — normally a safe bet for investors — jolted […] Read more
British telcos could face large fines if they fail to tighten security in their networks under a new law being announced in Parliament on Tuesday. The proposed Telecommunications Security Bill is designed to improve security in the U.K’s 5G and full-fiber networks. Under the bill, network operators must ensure the equipment and software used at […] Read more
China’s government made two significant appointments over the weekend, assigning two former bankers to key positions that underscore President Xi Jinping’s policy priorities for the next few years, as the nation’s economic growth loses its breakneck pace, while the financial markets must prepare for greater foreign competition and liberalisation. The government promoted Yi Huiman, chairman […] Read more
Confrontation and the risk of military conflict over Taiwan between Beijing and Washington look set to continue under a Joe Biden administration, with military and diplomatic observers predicting no let-up to US sales of advanced weaponry to the self-ruled island. Experts pointed to bipartisan support in the US Congress for President Donald Trump’s Indo-Pacific strategy – widely […] Read more
