Connect with us

Published

on

Hesai from China continues to contest the Pentagon's decision to blacklist it

The US Department of Defense is once again placing the Chinese lidar manufacturer on its blacklist, overturning a previous ruling.

Hesai confirmed that its products are exclusively for commercial and civilian applications, and it has no affiliations with the Chinese military or any other military organization, according to an emailed statement to Reuters. The company further indicated that the lawsuit is an extension of the current legal proceedings and it will persist in these proceedings to rectify the inaccuracies.

The United States Defense Department refrained from giving any statement.

Landing on the so-called 1260H list serves as a caution to U.S. organizations and firms about the potential threats to national security that may arise from engaging in business with them.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Hong Kong’s Base Interest Rate Drops to 5% in Response to Fed’s Cut: A Return to February 2023 Levels Amid Economic Uncertainties

Published

on

By

The fundamental interest rate in Hong Kong has declined to 5% following a quarter-point reduction by the Federal Reserve. With the addition of the half-point reduction in September, Hong Kong's primary rate has reverted to its standing in February 2023.

Hong Kong's unofficial central bank has reduced its benchmark interest rate for the second time this year. This move is aimed at decreasing the cost of financing in order to support businesses and ease the strain on mortgage payers.

"The future speed of rate reductions is still unpredictable as it depends on the economic data from the US, which will be affected by fiscal, economic, and trade policies," stated the HKMA following the rate cut. "The potential for worldwide financial market instability should continue to be vigilantly observed."

The US is still in the early phases of its cycle of reducing interest rates. The Hong Kong Monetary Authority (HKMA) has stated these rates may stay fairly elevated for a while. It also repeated its warning to the public to be cautious about the risks associated with interest rates when purchasing real estate or borrowing money.

The decision made by the Federal Reserve was predicted by many, with 97.5% of traders foreseeing the 25-basis-point cut that the Fed eventually implemented. The remaining traders anticipated no alterations, as indicated by data gathered by CME Group from Fed fund futures contracts on Tuesday.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Chinese Tesla-Linked Stocks Soar Post-Trump Victory: Impact of Musk’s Presidential Ties on Investor Confidence

Published

on

By

Shares in Chinese companies linked to Tesla surge following Trump's electoral victory

Investment in supplier stocks rise amidst predictions of Tesla's expansion due to CEO Elon Musk's strong relationship with the incoming president.

On Thursday, stocks of a few Chinese firms, suspected to be Tesla's suppliers, experienced a roughly 20% increase during morning transactions.

"One investor declared 'Fully invested' on the well-known investment discussion site Xueqiu.com. Here, the subject 'Are Tesla-related stocks surging? Have we missed the opportunity to purchase?' was the second most debated topic."

Musk prominently supported Donald Trump throughout his election run. On Wednesday, the Republican nominee commended Musk in his triumph address.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Shanghai Boosts Flying-Car Development to Propel Low-Altitude Economy: A New Frontier for Sightseeing, Logistics, Surveillance, and More

Published

on

By

Shanghai is leading the advancement of flying cars for various purposes including tourism, logistics, surveillance, among others. The term "low-altitude economy" is used to describe businesses that use aerial vehicles operating under 3,000 meters.

Shanghai intends to establish a minimum of 100 zones specifically designed for companies that manufacture autonomous flying cars, allowing them to refine and monetize their technologies. This comes in response to Beijing's demand for an enhanced low-altitude economy.

Xue Bing, the head of Shanghai New Jinshan Century Aviation Development, announced on Thursday that over 40 companies at the East China Unmanned Aerial Vehicle (UAV) Base have developed flying drones. These drones are set to provide a variety of services including tourism, delivery, monitoring, and transportation services.

"Local governing bodies are constructing facilities and broadening trial regions to facilitate the functioning of eVTOL (electric vertical take-off and landing) vehicles in a wide range of areas," he stated at the China International Import Expo. "Shanghai is stepping up its efforts to grow its low-altitude economy."

The term "low-altitude economy" is used to describe companies that operate airborne vehicles below 3,000 meters. This sector has been on the rise since 2021, following the implementation of supportive policies and regulations by Beijing.

The New Jinshan Aviation Development, a state-owned company, oversees the East China UAV Base, which covers approximately 1,400 square kilometers of airspace. This base, established by local authorities, is one of 20 experimental zones sanctioned by the Beijing government for businesses specializing in eVTOL.

DJI, a manufacturer of drones, and SF Express, a logistics firm, are among the 40 companies performing experiments at the UAV base. The base not only functions as a training area, but also as a nurturing platform for potential start-ups, according to Xue.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Revolutionizing Wealth Management: How DBS Treasures Harnesses AI and Predictive Technology to Empower Customers

Published

on

By

The future of prosperity: DBS Treasures pioneers AI-driven and anticipatory banking services

DBS incorporates consumer-focused anticipatory technology into a greater number of fiscal solutions to enable customers to more efficiently handle their wealth.

[The information in this piece has been created by our promotional collaborator.]

In order to stay at the forefront of the ever-changing wealth management industry, DBS Treasures is dedicated to incorporating cutting-edge technologies to provide innovative solutions and top-tier service.

In the midst of this digital revolution, DBS Bank in Hong Kong provides a customized, high-end banking and wealth management system for affluent individuals. This platform delivers solutions based on data and focused on the customer, catering to contemporary banking and investment requirements.

Online tools such as predictive analytics are poised to unlock a plethora of opportunities. They present customers with user-friendly trading platforms and crucial understanding of widespread market trends and upcoming topics, and how they influence investment choices.

"Continual improvements to our digital landscape are crucial components of our overarching fintech approach for wealth management. Our aim is to provide streamlined, effective, and extremely customized experiences," asserts Belinda Hsieh, the director in charge of Treasures Investment Products and Advisory, Consumer Banking Group, and Wealth Management at DBS Bank Hong Kong. "By incorporating advanced technologies such as artificial intelligence (AI), machine learning, and natural language processing, we're transforming the way clients interact with their investments, facilitating them to access markets and make knowledgeable, instant decisions."

The scope of digital improvements spans from initiating accounts and executing transactions to overseeing investments and procuring financial counsel. This all-inclusive strategy promotes more instinctive, savvy banking through clever system prompts, also known as "nudges", alongside personalized information and analytics-driven communications, which DBS Treasures calls "next best conversations". These consultative resources aim to aid clients in making better-informed choices, thereby enhancing their financial management.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Hong Kong’s Second-Hottest IPO: Chinese Auto-Parts Maker Soars with 48% Debut Gain After Record-Breaking Subscription

Published

on

By

The second most popular Initial Public Offering (IPO) in Hong Kong has yielded a 48% initial profit after being oversubscribed 5,678 times. This IPO of a Chinese car parts manufacturer is only surpassed by Kwai Chung’s 2018 IPO, making it highly sought-after by Hong Kong's retail investors.

The stocks started being exchanged at HK$4.20, compared to the initial public offering (IPO) price of HK$3.61, as per the data from the stock exchange. The increase surged to 48% or HK$5.33 by the end of the trading day, bringing the total value of the company to HK$2.9 billion (US$368.4 million).

Geely Auto, a significant client of APT Electronics, is a strategic investor. The vehicle manufacturer's originator, Li Shufu, also holds a minor personal share.

The interest from individual investors in APT Electronics was astronomical, outnumbering the available shares by a factor of 5,678. This led those managing the Initial Public Offering (IPO) to boost the share allotment to 19.32 million, up from the initial 3.36 million. The current city record for IPO subscription is held by Kwai Chung's 2018 IPO, which was oversubscribed by a factor of 6,289 times.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

TSMC Maintains US Investment Plan Amid Political Tensions, Set to Receive Final Award from Chips and Science Act

Published

on

By

Taiwan's semiconductor manufacturer, TSMC, maintains its US investment plan despite Trump's election. TSMC is on the verge of receiving its last grant from the Chips and Science Act, a program initiated by Biden, which Trump has criticized as 'very poor'.

"The company affirmed that their investment strategy in the US continues to be the same," was the late Thursday announcement made via email, with no further details provided.

TSMC, the leading global contract chip manufacturer and significant provider for firms like Apple and Nvidia, plans to invest $65 billion in constructing new facilities in Arizona, USA.

During his campaign, Trump alleged that Taiwan was taking away the US semiconductor industry.

TSMC, GlobalFoundries, and potentially one more semiconductor manufacturer are on the brink of getting their last Chips and Science Act grants from the Biden government, as informed by two individuals familiar with the situation this week.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Hong Kong Stock Futures Plunge Amidst Beijing’s Plan to Address Local Government Debt: Market Reaction and Implications

Published

on

By

Hong Kong's stock futures plummeted following Beijing's disclosure of a strategy to handle local government debt. During the conventional trading session, the Hang Seng Index fell by 1.1 percent, and the situation deteriorated even further post-closure.

"After 4pm, when the NPC press conference began, HSI futures fell by over 400 points," stated Louis Wong, the executive director of Phillip Capital Management in Hong Kong. "This could indicate that investors are somewhat let down by the announcement of the stimulus package, which primarily aimed at tackling the covert debt issues of provincial governments."

During the standard trading period, the Hang Seng Index dropped by 1.1% to 20,728.19, and the Tech Index slipped by 0.2%. The Shanghai Composite Index also saw a decrease by 0.5%. Meanwhile, the CSI 300 Index receded by 1%, reducing its surge this week to 5.5% – nonetheless, it's the greatest increase in the last five weeks.

The market took a hit as Chinese property developers experienced a drop, with Longfor Group suffering the most as it plummeted 5.8 per cent to HK$13.72. China Overseas Land and Investments also felt the blow, dipping 3.8 per cent to HK$15.36, while China Resources Land saw a decrease of 2.9 per cent to HK$26.75. Additionally, online gaming company NetEase saw a 5.6 per cent decline to HK$119.40, and food delivery service Meituan also took a hit, falling 4.1 per cent to HK$191.80.

Carlos Casanova, an economist at the Swiss private bank UBP, suggests that Beijing might delay any additional moves until more information about the tariff plans of US President-elect Donald Trump is revealed.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

From Prison to Prosperity: Binance Billionaire CZ Charts New Course After Incarceration

Published

on

By

'The Monarch returns': Binance tycoon CZ outlines post-prison existence

The creator of the globe's biggest digital currency exchange discusses his four-month jail term, upcoming endeavors, and beyond.

Making a return from a US prison located across the globe, the cryptocurrency tycoon known as CZ isn't resuming his position as the head of the biggest crypto exchange. His agreement with the US Department of Justice (DOJ) prevents him from being at the forefront of the company, a condition he says he is comfortable with.

Zhao expressed in the interview that he does not foresee returning to his position as Binance's CEO. This was his first public statement since being freed. He shared that he had led the company for seven years and while he found it rewarding, it was also demanding. He believes that part of his life is now closed.

Zhao revealed that he has been approached with proposals to buy his majority share in the exchange, a stake that comprises a significant portion of his wealth. However, he chose not to disclose the identities of the potential buyers or the proposed amounts.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

HSBC and Five Other Hong Kong Banks Reduce Rates to Two-Year Low, Easing Monthly Mortgage Burdens

Published

on

By

HSBC, along with five other Hong Kong-based banks, have reduced their rates to a two-year low. According to a broker, this reduction could potentially decrease the monthly mortgage payment by HK$709 for a standard 30-year loan of HK$5 million.

Six prominent banks in Hong Kong, which include the three main note-issuing institutions – HSBC, Standard Chartered, and Bank of China Hong Kong (BOCHK) – have once again reduced their prime lending rates this year. This move has brought the cost of borrowing to its lowest point in two years.

BOCHK, HSBC, and its affiliate Hang Seng Bank are set to reduce their prime rate by 25 basis points, bringing it down to 5.375% starting Monday, as per individual announcements. This is the smallest it's been since November 2022.

Starting Monday, Standard Chartered, Bank of East Asia, and ICBC (Asia) – the regional branch of China's largest bank, will all reduce their prime rate by 25 basis points, bringing it down to 5.625 per cent.

Apart from Standard Chartered, the remaining five banks are set to reduce their savings rate to 0.375 percent annually for deposits over HK$5,000 (US$640), while keeping a zero interest rate for deposits less than this amount. Standard Chartered, on the other hand, will lower its savings rate to the same percentage, but this will apply to deposits exceeding HK$1.

"Following another reduction in US interest rates and considering aspects such as economic and market situations, HSBC has chosen to decrease its Hong Kong dollar deposit and lending rates," stated Hong Kong CEO Luanne Lim. "We will persist in keeping an eye on the global situation and local economic forecast, prepared to modify our rates if required."


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Imminent HSBC Job Cuts as Part of Rapid Restructuring, High-Level Executive Reveals

Published

on

By

The leading executive at HSBC Holdings has announced that job cuts will commence within a few weeks as part of the bank's extensive restructuring. The bank's new global wholesale banking division's chief stated their intention to complete the restructuring process rapidly.

"We understand fully that this is causing a distraction and disruption, so our goal is to resolve this as rapidly as we can," Roberts expressed to Bloomberg TV's Manus Cranny. "We're looking at a few weeks until we disclose the initial stage, followed by a few more weeks. We're committed to operating at a very swift pace."

He mentioned that information regarding the overall count of impacted jobs will be disclosed around the period of HSBC's annual results. "By February, we'll not only have a figure ready, but also an established organisational structure," he added.

Roberts is in charge of HSBC's operations in the US and the Americas, a position he took up five years ago following a 30-year stint at Citigroup, where he was primarily the chief lending officer. As part of his new duties, which involve implementing a new wholesale banking model, he will be moving from New York to London in January. The search for someone to take over his US position has already begun, according to Roberts.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

AuGroup Debuts on Hong Kong Stock Exchange as ‘First Share of Furniture Going Overseas’, Showing Bright Growth Prospects

Published

on

By

AuGroup has made its debut on the Hong Kong Stock Exchange, marking a significant milestone as the first overseas furniture stock, and it shows great promise for future growth. [This article was brought to you by our advertising affiliate.]

The relaxing cycle of foreign central banks and the ongoing rollout of positive policy cues from the Mainland have significantly boosted investor confidence in the Hong Kong stock market. The Initial Public Offering (IPO) market has also seen a considerable rebound. Lately, a slew of large-scale IPOs and "A + H" shares have surfaced in Hong Kong, attracting substantial investor interest. On November 8, another high-quality stock, AuGroup (2519.HK), made its official debut on the Hong Kong Stock Exchange, earning the title of "first furniture stock to go international" in Hong Kong's stock market.

Public data reveals that AuGroup is a global frontrunner in the international e-commerce sector, with a focus on high-quality furniture and home decor. In 2023, the firm topped the chart in the B2C foreign e-commerce market for furniture and home decor sold by Chinese vendors; and secured fifth place in the worldwide B2C e-commerce market for the same category. In its recent Initial Public Offering (IPO), AuGroup's public offering in Hong Kong was oversubscribed by a factor of 17.7, culminating in a final offering price of HK$ 15.600.

AuGroup is targeting the furniture and home decor sector, a rapidly expanding B2C e-commerce segment with minimal return rates. Leveraging their robust supply chain and extensive logistics framework, AuGroup can swiftly create a variety of high-quality, competitively priced products to keep up with the fluctuating market needs. Consequently, they have quickly gained considerable market sway in the furniture and home decor sector.

Currently, AuGroup possesses a number of unique brands including ALLEWIE, IRONCK, LIKIMIO, SHA CERLIN, HOSTACK, and FOTOSOK that have gained popularity worldwide. In the year 2023, each of these 11 brands managed to generate over RMB100 million in Gross Merchandise Value (GMV). Based on information from Frost & Sullivan, in 2023, the company topped the charts in six categories for GMV on Amazon's U.S. website. Additionally, the company held a market share exceeding 10% in ten categories on the same site, again in terms of GMV, in the same year.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

DBS Bank Capitalizes on Property Slump, Acquires 75th Floor in ‘The Center’: Expansion into Hong Kong Market Continues

Published

on

By

DBS Bank acquires the entire 75th floor of The Center, expanding its venture into the Hong Kong real estate market. The most recent acquisition from 'Cassette King' Chan boosts DBS's ownership to 11 floors in a building that was previously the world's priciest tower.

DBS Group Holdings, the largest bank in Singapore, is leveraging a dip in property prices to grow its Hong Kong operations by acquiring additional office space in a building formerly known as the world's priciest office tower.

DBS Bank's branch in Hong Kong spent HK$646 million (approximately US$83.1 million), equivalent to HK$27,028 per square foot, to purchase the whole of the 75th floor of The Center situated in the city's business hub, as per official documents dated November 6. Previously in September, the bank had shelled out HK$700 million, at a rate of HK$26,000 per square foot, for the 66th floor.

The most recent acquisition signifies a markdown of 18% compared to the price in 2018. China Unicom (Hong Kong), a cellular service provider, is presently the tenant of the 75th floor, paying a monthly lease of HK$1.46 million, set to expire in June 2027 as per official documents. Following this transaction, DBS will increase its stake in the tower to 11 floors.

DBS has not provided an immediate response to a request for a statement.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

SUBSCRIBE FOR FREE

Advertisement
Moto GP55 seconds ago

Casey Stoner Warns Ducati: 2024 Title Tactics Risk Backfire Amidst Martin-Bagnaia Showdown

Moto GP1 min ago

Casey Stoner Warns Ducati: Meddling in 2024 MotoGP Title Race Could Backfire as Jorge Martin Eyes Championship

F111 mins ago

Christian Horner Predicts Lewis Hamilton’s Resurgence with Ferrari in 2025: A New Chapter for the F1 Legend

Politics19 mins ago

Europe Acts: President Metsola Rallies EU Leaders to Harness Competitiveness and Innovation

Business19 mins ago

Hong Kong’s Base Interest Rate Drops to 5% in Response to Fed’s Cut: A Return to February 2023 Levels Amid Economic Uncertainties

Moto GP37 mins ago

Ducati Unfazed by Potential Loss of Number One Plate to Aprilia as Jorge Martin Eyes 2024 MotoGP Glory

F148 mins ago

Eddie Jordan’s Verdict: Is Sergio Perez’s Time with Red Bull Running Out?

Business48 mins ago

Chinese Tesla-Linked Stocks Soar Post-Trump Victory: Impact of Musk’s Presidential Ties on Investor Confidence

F11 hour ago

Franco Colapinto: The Unexpected Challenger Stirring Up Alpine’s 2025 F1 Line-up Plans

Business1 hour ago

Shanghai Boosts Flying-Car Development to Propel Low-Altitude Economy: A New Frontier for Sightseeing, Logistics, Surveillance, and More

F12 hours ago

Ralf Schumacher Deems F1 Return ‘Unrealistic’ for Nephew Mick Amid Alpine and Sauber Snubs

Business2 hours ago

Revolutionizing Wealth Management: How DBS Treasures Harnesses AI and Predictive Technology to Empower Customers

F12 hours ago

Mercedes Defends Controversial Pit Strategy for George Russell Amidst Brazil GP Chaos

Business2 hours ago

Hong Kong’s Second-Hottest IPO: Chinese Auto-Parts Maker Soars with 48% Debut Gain After Record-Breaking Subscription

Business3 hours ago

TSMC Maintains US Investment Plan Amid Political Tensions, Set to Receive Final Award from Chips and Science Act

Business3 hours ago

Hong Kong Stock Futures Plunge Amidst Beijing’s Plan to Address Local Government Debt: Market Reaction and Implications

AI4 hours ago

Trump’s Triumph: Navigating the New Landscape for Big Tech and Beyond

AI4 hours ago

Trump’s Triumph: Navigating the New Era for Big Tech

Tech2 months ago

Revving Up Innovation: How Top Automotive Technology Trends are Electrifying and Steering the Future of Transportation

Tech1 month ago

Revving Up Innovation: The Drive Towards a Sustainable Future with Top Automotive Technology Advancements

Tech1 month ago

Revving Up Innovation: How Top Automotive Technology is Shaping Electric Mobility and Autonomous Driving

Tech3 weeks ago

Revving Up the Future: How Top Automotive Technology Innovations are Accelerating Sustainability and Connectivity on the Road

Tech4 weeks ago

Revolutionizing the Road: How Top Automotive Technology Innovations Are Paving the Way for Sustainability and Safety

Tech3 weeks ago

Revving Up Innovation: How Top Automotive Technology is Shaping an Electrified, Autonomous, and Connected Future on the Road

Tech1 month ago

Revolutionizing the Road: The Top Automotive Technology Innovations Driving Us Toward an Electric, Autonomous Era

Tech1 month ago

Revving Up Innovation: Exploring the Top Automotive Technologies Fueling a Sustainable and Connected Future

Tech2 weeks ago

Revving Up Innovation: Exploring Top Automotive Technology Trends in Electric Mobility and Autonomous Driving

AI2 weeks ago

News Giants Wage Legal Battle Against AI Startup Perplexity for ‘Hallucinating’ Fake News Content

AI1 month ago

Revolutionizing the Future: How Top AI Innovations from DaVinci-AI.de to AI-AllCreator.com Are Redefining Industries

Cars & Concepts1 month ago

Hyundai and Kia Innovate to Slash LFP Battery Costs and Reduce Dependence on Chinese Suppliers

Cars & Concepts1 month ago

Fiat 500e Production Freeze Continues Amid Sluggish Sales: Stellantis to Discuss Italian Manufacturing Future

AI3 weeks ago

Unlocking the Future: Top Innovations in AI from Machine Learning to Robotics – A Comprehensive Guide

AI3 weeks ago

Google’s NotebookLM Revolutionizes AI Podcasts with Customizable Conversations: A Deep Dive into Kafka’s Metamorphosis and Beyond

AI1 month ago

Revolutionizing the Future: The Impact of Artificial Intelligence and Machine Learning on Global Industries

AI1 month ago

Meta’s Leap into the Future: Introducing Llama 3.2 with Celebrity Voices and Visual AI Capabilities

AI3 weeks ago

Breaking the Bark-rier: AI-Enabled Collars Aim to Translate Pet Thoughts, But Can They Truly Understand Our Furry Friends?

V12 AI REVOLUTION COMMING SOON !

Get ready for a groundbreaking shift in the world of artificial intelligence as the V12 AI Revolution is on the horizon

SPORT NEWS

Business NEWS

Advertisement

POLITCS NEWS

Trending

Chatten Sie mit uns

Hallo! Wie kann ich Ihnen helfen?

Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe now to keep reading and get access to the full archive.

Continue reading

×