Category Archives: BUSINESS-FINANCE

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

The US International Trade Commission (ITC) has ruled that Innoscience Technology , a Chinese maker of gallium-nitride-on-silicon (GaN-on-Si) power chips, infringed upon a patent of American rival Efficient Power Conversion Corp (EPC), clouding the Suzhou -based firm’s prospects of going public in Hong Kong . Innoscience was found to have infringed on one of the challenged patents held by EPC, according to the ITC’s final determination released on Thursday. The agency issued a limited exclusion order prohibiting importation of certain Innoscience chips that violated EPC’s patent. California-based EPC on Thursday said the ITC decision was “the first successfully litigated US patent dispute involving GaN-based wide bandgap semiconductors”. The firm said it expects to open its intellectual property in GaN technologies to potential partners through licensing agreements. Innoscience, however, said it

Foreign businesses from the United States, South Korea and Germany pledged commitment to China’s market and supply chains during big import fair in Shanghai, despite the potential of a new trade war between the world’s top two economies after Donald Trump’s victory in the US presidential election. At a media event tied to the China International Import Expo on Thursday, several companies showed how they are investing in artificial intelligence (AI) and various digital technologies across their mainland supply chains, while stressing the market’s importance in spite of an economic slowdown and geopolitical risks. 3M, the US conglomerate that produces products ranging from industrial to household items, said it is deploying intelligent solutions such as robot arms in its automotive product lines in China to track product parameters and give

French generative AI startup LightOn launched an initial public offering (IPO) on the Euronext Growth market in Paris on Friday, with a listing expected later in November. WHY IT’S IMPORTANT LightOn, which provides large language model (LLM) software to businesses and the French government, would become the first GenAI startup to be listed in Europe. European peers like France’s Mistral or Germany’s DeepL have so far preferred to raise funding by remaining private. France is promoting itself as Europe’s main hub for artificial intelligence, in a bid to close a long-standing innovation gap with the U.S. and Britain. KEY QUOTES “This planned IPO offers investors a unique opportunity to participate directly in the growth of a French technology champion that is already successfully deploying its AI solutions with major groups

The United States is bingeing on discussions over what went wrong for the Democrats in this week’s presidential election and one theme has, correctly, dominated: most voters were angry about economic issues, which outweighed any concerns they might have had about US President-elect Donald Trump ’s criminality. The efforts of US Vice-President Kamala Harris ’ campaign to point out how strong the US economy is after four years of Joe Biden ’s presidency – and how it is the envy of a world in which economies like the European Union and China are just treading water, if not slowing – backfired. The US Federal Reserve might have tamed inflation but prices remain much higher than they were when Trump was last in office, making it more difficult for Americans to

Zhao Changpeng , the billionaire founder of the Binance cryptocurrency exchange, arrived at the Coca-Cola Arena in Dubai to rapturous applause and a long line of fans eager for a selfie with him. Deep in the pulsating crowd, a man yelled “he is a martyr” while in another part of the room a promoter of a start-up boldly declared: “the king is back!” Back, that is, from a US prison halfway around the world. Yet the crypto billionaire known as CZ is not back at the helm of the largest crypto exchange, since his plea deal with the US Department of Justice (DOJ) forbids him from leading the company. And he says he is OK with that. Following his appearance in Dubai, Zhao spoke with Bloomberg a day before Donald

The African Export-Import Bank (Afreximbank) is exploring ways to promote inter-African trade through one common continental currency. Speaking at the bank’s Trade Finance Seminar 2024 in Windhoek this week, Afreximbank research economist and senior manager Anthony Coleman said the bank is currently conducting a study to understand how a single currency could streamline trade across Africa, drawing inspiration from the European model. “We are looking at the exchange rate mechanism and exploring the potential of introducing a single currency to foster inter-African trade,” said Coleman. “This study is already underway, and we hope its findings will provide clear recommendations for advancing the idea in a practical, effective way.” Coleman, however, said a shared currency comes with challenges, particularly in terms of aligning the economic policies of African countries. There is

Tourism and Wildlife CS Rebecca Miano (second left), Kisumu Deputy Governor Mathew Owili and Narok County Governor Patrick Ole Ntutu. [Washington Onyango,Standard] Kenya’s tourism sector is set for a significant boost following the unveiling of nine regional tourism circuits by the Ministry of Tourism and Wildlife. Launched as part of the broader Tembea Kenya initiative, the circuits aim to diversify Kenya’s tourism offerings and promote lesser-known attractions, targeting both domestic and international tourists. These circuits, covering all 47 counties, mark a renewed effort to reimagine the country’s tourism landscape and present Kenya as a destination that offers a wide array of experiences ranging from adventure and culture to eco-tourism and wellness. The launch event, held in Kisumu County, was graced by Cabinet Secretary for Tourism and Wildlife, Hon. Rebecca Miano