Category Archives: BUSINESS-FINANCE

Three Hong Kong franchised bus companies have applied to increase fares by between 6.5 and 9.5 per cent, despite two of them reporting profits in the last financial year. KMB and New Lantao Bus both applied to raise fares by 6.5 per cent, while Citybus was seeking an increase of nearly 9.5 per cent for most of its routes, according to a paper submitted to the Legislative Council on Monday by the Transport and Logistics Bureau, confirming an earlier Post report. The paper said KMB carried an average of 2.53 million passengers per day last year, generating a profit after tax of HK$20.2 million (US$2.6 million), compared with a loss of HK$41.2 million in 2022. New Lantao Bus had 90,000 passengers a day in 2023 and made a profit of

The Uber Eat Merchants Award 2024 recognised the most outstanding restaurants and supermarkets, honouring those who delivered exceptional service The awards spanned various categories, acknowledging excellence in different types of cuisines and retail operations Winners were determined based on consumer votes and Uber Eats’ operational excellence metrics, reflecting high standards of performance Muyela Roberto is a business journalist at TUKO.co.ke with over 9 years of experience in the digital media, offering deep insights into Kenyan and global economic trends. A recent ranking has listed some of the most acclaimed restaurants and supermarkets with delivery options within the Nairobi area. Kui Mbugua, General Manager of Uber Eats Kenya (second from left), presents the People’s Choice Grocery and Retail Champion 2024 Award to the Artcaffe team. Photo: Uber Eats.Source: UGC The establishments

A senior Taliban diplomat urged the international community to aid Afghanistan’s recovery during a meeting in Kabul on Sunday, emphasising the destruction caused by decades of conflict. Deputy Foreign Minister for Political Affairs Shir Mohammad Abbas Stanekzai called on the United Nations and international NGOs to provide support to Afghanistan in the form of technical help, economic development initiatives and agricultural cooperation. He particularly addressed countries that were previously militarily involved in Afghanistan , claiming they have a moral obligation to help rebuild the country based on the Doha Agreement. 06:51 Taliban attracts Chinese tourists to Afghanistan in an effort to boost the economy Taliban attracts Chinese tourists to Afghanistan in an effort to boost the economy Stanekzai indirectly pointed to Nato countries that took part in US-led operations, claiming

Beijing is set to spend 33 billion yuan (US$4.6 billion) building a 12-inch wafer fabrication facility, led by state-owned enterprises and funds, marking another step in China’s efforts to boost domestic semiconductor production Leading firms involved in the new facility include Beijing Yandong Microelectronics (YDME), which is listed on Shanghai’s Star Market, and BOE Technology, China’s top display maker. YDME said on Saturday that it will invest 4.99 billion yuan into Beijing Electronics IC Manufacturing, the subsidiary of state-owned Beijing Electronics Holding that is behind the wafer fab project. The deal will give YDME a controlling position with a 24.95 per cent stake in the project, supported by an acting-in-concert agreement, according to a corporate filing. In a separate filing on the same day, Shenzhen-listed BOE disclosed that it would

Indonesia is pressing on with a plan to build a new airport in Bali, a development that the government hopes would turn the resort island into a “new Singapore or Hong Kong” but locals are not sold on the idea. The fate of the project, based in northern Bali to complement the existing airport in the south, has been uncertain for years until new President Prabowo Subianto earlier this month vowed to revitalise it. On Wednesday, PT Bandara Internasional Bali Utara (BIBU) Panji Sakti, a local developer that floated the airport plan in 2016, announced it had teamed up with Chinese firm ChangYe Construction Group to develop the project in northern Bali, with the latter investing US$3 billion. “We are very interested in the North Bali International Airport project. In

Wage hikes and temporary income tax cuts were positive factors for growth in Japan. Photo: Richard A. Brooks / AFPSource: AFP Japan’s growth slowed in the third quarter, official data showed Friday, as Prime Minister Shigeru Ishiba seeks to jumpstart the world’s fourth-largest economy. One of the fiercest typhoons to hit Japan in decades and a government “megaquake” warning weighed on factory production and other economic activity this summer. That dragged on gross domestic product (GDP) and the country saw growth of 0.2 percent between July and September, according to a preliminary reading by the Cabinet Office. The data met market expectations, but marked a slowdown from a revised 0.5 percent in the previous three months. Compared with the same period a year earlier GDP grew 0.9 percent, much slower

China’s southern tech hub Shenzhen spent a record amount on research and development (R&D) last year, rivalling Beijing’s level and vastly exceeding that of neighbouring Hong Kong to cement its position as a national research mecca. Shenzhen’s R&D expenditure jumped to 223.66 billion yuan (US$30.93 billion) in 2023, surpassing the 200-billion-yuan mark for the first time and up by nearly 19 per cent from the previous year, according to government data released last week. R&D made up just under 6.5 per cent of the city’s gross domestic product (GDP), breaking through 6 per cent for the first time. That made Shenzhen, home to Big Tech companies like Huawei Technologies and Tencent Holdings , the second-largest R&D hub in China in terms of both absolute expenditure and spending relative to GDP

SoftBank-backed Swiggy’s (SWIG.NS), shares jumped nearly 15% in their trading debut in India on Wednesday, signalling growing investor confidence in food and grocery delivery firms as shoppers increasingly go online and want fast deliveries. Swiggy’s shares bucked weakness in the broader Indian market and recorded a better performance than some analysts had predicted for the loss-making firm after its $1.4 billion IPO – the country’s second biggest this year. The stock (SWIG.NS), listed at 420 rupees ($4.98) on India’s National Stock Exchange and rose to a high of 448 rupees, giving the company a valuation of nearly $12 billion. Swiggy and its main rival Zomato are riding a wave of new shoppers in India by offering so-called “quick commerce” grocery deliveries within 10 minutes, diversifying from their main food delivery businesses. The boom in

Tencent Holdings , operator of China’s biggest social media app and the world’s largest video gaming business by revenue, beat analyst estimates with a 47 per cent profit jump in the third quarter, helped by renewed growth in the video gaming segment. Profit reached 53.2 billion yuan (US$7.4 billion) in the three months ended September, up from 36.2 billion yuan in the same period a year ago. That exceeded the consensus estimates of 45.3 billion yuan from analysts polled by Bloomberg. Revenue for the Shenzhen-based firm reached 167.2 billion yuan, up 8 per cent year on year from 154.6 billion. It was in line with analyst estimates of 167.9 billion yuan. “During the third quarter of 2024, we delivered robust revenue growth in our games business, underpinned by consistent performance

When Alibaba Group Holding held its eleventh Singles’ Day shopping festival in 2019, it culminated in Shanghai that November with a performance by American pop sensation Taylor Swift to help get consumers in a cheerful mood. Five years later, China’s largest e-commerce company decided a party for the world’s largest online shopping festival was no longer necessary, and it will instead spend those resources on merchants and consumers. The last five years have witnessed a sea change in the Chinese economy, as disruptions from the Covid-19 pandemic and deflationary pressures weigh on consumer spending. For Alibaba, whose Taobao and Tmall platforms dominate Chinese e-commerce, the barbarians are at the gate. Newer market entrants such as Pinduoduo , PDD Holdings’ platform that concentrates on bargain hunting, and ByteDance ’s Douyin, the

The man who helped expand Hong Kong’s Michelin-rated dim sum chain Tim Ho Wan to other parts of Asia has expressed confidence in new owner Jollibee Food Corporation, while also saying the original founders should stay on as advisers to preserve the integrity and authenticity of the brand. Robert Chua Wah-peng, broadcaster and businessman, told the Post earlier this week that Tim Ho Wan’s new Filipino owner was a “very respected company”. But he added: “I do hope they retain and convince [the founders] … to stay on as consultants. “It would be sad if it is totally divorced from the original [people] going forward.” Philippine-based fast-food giant Jollibee announced earlier this week it was buying the remaining 8 per cent stake in Tim Ho Wan for S$20.2 million (US$15.3