Amazon said Wednesday it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbocharging its streaming ambitions. The deal is the second-largest acquisition in Amazon’s history, behind its $13.7 billion purchase of Whole Foods in 2017. Amazon said it hopes to leverage MGM’s storied filmmaking history and wide-ranging catalog of […] Read more
Bitcoin’s price tumbled Friday following an intensified call from Chinese authorities to crack down on mining and trading of the cryptocurrency. Chinese Vice Premier Liu He and the State Council said in a statement that tighter regulation is needed to protect the financial system. The statement, released late Friday in China, said it is necessary […] Read more
The European Parliament halted on Thursday ratification of a new investment pact with China until Beijing lifts sanctions on EU politicians, deepening a dispute in Sino-European relations and denying EU companies greater access to China. The resolution to freeze ratification passed with 599 votes in favor, 30 votes against and 58 abstentions. The EU-China Comprehensive […] Read more
The World Economic Forum said Monday that it has canceled a summer version of its annual meeting that was due to take place in Singapore. “Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realise a […] Read more
India is grappling with a devastating second wave of coronavirus that’s far more fatal than the first — and scientists say the surge could be partially due to mutating strains. The World Health Organization just reclassified the B.1.617 strain, which was first identified in India, as a “variant of concern” — which indicates that the variant […] Read more
Uneven vaccine rollouts and new waves of Covid outbreaks have made the global recovery story more muddled than in the United States, but veteran international investors say the top companies in these markets are well-equipped to weather another round of economic uncertainty. While the United States, United Kingdom and Israel are at or approaching 50% […] Read more
Singapore said Tuesday the “double mutant” coronavirus variant first detected in India has been found among locally transmitted cases in the city state. The B.1.617 variant is widely blamed for India’s second wave of infections that has seen total cases surge above 20 million. The World Health Organization classified it as a variant of interest last week. As […] Read more
Chinese tech giant Huawei said Wednesday that its revenues dropped sharply in the first quarter as U.S. sanctions took a toll on its business. Huawei’s revenues fell 16.5% year-on-year to 152.2 billion Chinese yuan ($23.5 billion) in the three months ending March 31, according to unaudited financial results revealed by the company on Wednesday. It […] Read more
China — Tesla faces mounting pressure in China as state media and regulators criticize the electric car maker following a woman’s protest at a major auto show this week. Tesla could be facing one of its worst public relations crises in China, a market investors see as critical for its growth. On Monday, a woman who claimed […] Read more
Analysts at Goldman Sachs have picked a number of fast-growing Chinese brands that it says younger consumers are ready to pay a premium for. The bank put together a list of its “hottest” stocks to watch and recommended buying both established and upcoming players. After the Covid-19 outbreak, people in China are upgrading to healthier […] Read more
