Colin Huang, the founder of fast-growing Chinese e-commerce giant Pinduoduo, has resigned as chairman. In a shock move, the company announced on Wednesday that Huang stepped down from the board of directors to explore future growth ideas. Pinduoduo listed on the technology-focused Nasdaq stock exchange in New York in July 2018, just three years after it was […] Read more
Bitcoin’s value surpassed $1 trillion on Tuesday as the price of the cryptocurrency jumped. The digital coin’s price rose on Tuesday and its market capitalization went above $1 trillion in mid-morning trade Singapore time, according to CoinDesk. Bitcoin extended those gains hitting a 24-hour high of $54,348.57 in early afternoon Singapore time, around 7% higher than […] Read more
Citi thinks bitcoin is at a “tipping point” and could one day “become the currency of choice for international trade” as companies like Tesla and PayPal warm to it and central banks explore issuing their own digital currencies. “There are a host of risks and obstacles that stand in the way of Bitcoin progress,” the U.S. bank’s global perspectives and solutions team […] Read more
China stands a good chance of doubling the size of its economy by 2035 — and surpassing the U.S. as the world’s largest economy along the way, said an economist from the Bank of America. As China seeks to become an advanced nation, Chinese President Xi Jinping said in November that it was possible to double the country’s gross […] Read more
Agriculture Secretary Tom Vilsack believes China is making good on promises it made as part of the landmark phase one trade deal it signed with the U.S. last year. Vilsack said that the deal allows for market conditions to dictate how much Beijing is required to purchase from U.S. farmers. The Covid pandemic, he added, would […] Read more
China’s Foreign Minister Wang Yi on Monday called on the new U.S. administration to stop the “suppression” of Chinese technology companies, as he laid out conditions for U.S.-China cooperation going forward. Citing national security concerns, former U.S. President Donald Trump sanctioned dozens of Chinese companies in the last three years. Chinese telecommunications giant Huawei is one […] Read more
The European Union will take a new approach to international trade, recognizing that it’s time to stand up for itself after challenging times with countries like the U.S. The European Commission, which negotiates trade deals on behalf of the 27 member states, proposed on Thursday new tools to become a more “assertive” player in global […] Read more
SINGAPORE — Vietnam is likely the top-performing Asian economy in 2020 — a feat that was achieved without a single quarter of economic contraction at a time when many economies globally were weighed down by the coronavirus pandemic. Not every Asian economy has reported fourth-quarter and full-year economic numbers. But estimates compiled by CNBC from […] 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
