Indonesia Emerges as Prime Expansion Territory for Chinese Logistics Companies: Insights from SF Group
Indonesia is a prime location for Chinese firms in the logistics and supply chain sectors, according to SF Group. The nation's expanding economy, diverse language skills, and large geographic area make it an attractive option for growth, says the SF division.
The expanding economy of Indonesia, combined with a workforce fluent in multiple languages and an array of business possibilities across a chain of 15,000 islands, is attracting Chinese logistics companies, says a prominent Chinese delivery firm.
"Indonesia holds significant promise in the supply chain sector which could greatly aid its economic development," stated Michael Tung, the Managing Director for Hong Kong and Macau at SF Supply Chain, a company specializing in comprehensive supply-chain solutions for businesses. "Indonesia is a major focus for us. I plan to dedicate significantly more resources to Indonesia than to any other Asian nations."
Tung, who belongs to a division of the SF Holding group, mentioned that Hong Kong has the capacity to assist Indonesia's expansion in various areas such as finance and supply chain management. He further stated that intense domestic rivalry in numerous sectors such as e-commerce has led Chinese companies to explore fresh opportunities for growth in Southeast Asia.
He delivered a speech at the "Think Business: Think Hong Kong" conference in Jakarta, an event coordinated by the Hong Kong Trade and Development Council.
With the "Golden Indonesia 2045 Vision", Indonesia is targeting to increase its GDP twofold in two decades. The objective is to bolster its standing as the largest economy in Southeast Asia. The population is projected to hit 324 million by 2040, which could make it the world's fourth or fifth largest consumer market.
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Alipay Absorbs the Blow: System Error Unintentionally Applies Discounts to User Transactions
Alipay shoulders the financial impact of a system glitch that mistakenly gave discounts to user transactions. The system glitch incorrectly added a 20% 'government subsidy' to an unspecified quantity of transactions on Thursday, as reported by users.
This guarantee was intended to alleviate worries about possible fraud. Alipay emphasized that they hadn't dispatched any SMS to retrieve funds and cautioned users against clicking on links within any messages they might get concerning this issue.
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NWD’s New CEO Echo Huang Shaomei Acquires Company-Built Luxury Flat for US$6.4 Million: A Strategic Move for Liquidity and Financial Strength
The CEO of NWD in Hong Kong acquires an apartment constructed by the company for $6.4 million. Echo Huang Shaomei, who took over as CEO in November, becoming the second person to hold the position within a span of two months, bought a four-bedroom house in North Point, measuring 1,522 square feet.
As of Wednesday, the project had 21 residential units and 49 parking spaces up for pre-purchase through tender. Bids for an additional six residences and nine parking spaces had already been accepted by the seller, Orient Sea Investments, a subsidiary of NWD, according to the reported documents.
Huang's bid was approved after taking into account aspects such as the existing luxury real estate market in Hong Kong, the going rate and average cost per square foot for comparable properties in the vicinity, as well as the prices of other successful bids for other apartments in State Pavilia, according to the statement.
The board believes that this sale offers a great chance for the group to capitalize on the value of its land holdings and/or properties, generate extra operating funds, and bolster the group's financial stability and liquidity, according to the document.
The suggested construction project encompasses a cumulative gross floor space exceeding 279,600 square feet. This includes approximately 133,400 square feet for residential use, around 75,200 square feet designated for offices, and nearly 47,000 square feet allocated for retail, as stated in NWD's yearly report.
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TSMC’s US Expansion: $65 Billion Investment in Arizona Factories Despite Advanced Chip Technology Likely Remaining in Taiwan
TSMC, a chip provider for Apple and Nvidia, is predicted not to receive the most recent chip technology before Taiwan, according to the company's CEO. TSMC is investing $65 billion in the construction of three large-scale factories in Arizona.
"Each phase necessitates authorization, and once the authorization is received, the process is at least doubly prolonged than in Taiwan," Wei voiced last Thursday during an event at National Taiwan University. He further implied that it would be challenging for TSMC to implement its most recent technology in the US prior to Taiwan.
TSMC has confirmed that the majority of its chip production will continue to take place in Taiwan, particularly for the highly sophisticated integrated circuits.
During the financial report meeting on Thursday, Wei expressed his assurance that the Arizona manufacturing plant would deliver chips of the same standard as those produced in Taiwan, irrespective of potential hurdles and increased expenses. He also forecasted an untroubled escalation process.
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JD.com Unveils New Gifting Feature, Posing Challenge to Alibaba and Tencent Ahead of Lunar New Year: A New Trend in China’s E-commerce Market
JD.com has introduced a new gifting feature, positioning itself as a rival to Alibaba and Tencent just in time for the Lunar New Year. This move by the tech powerhouse, based in Beijing, aligns with the recent rise in popularity of online gifting within China's e-commerce industry.
When exploring a range of available products, users of the JD.com app will notice a button marked "Gifting IT." Once they click on this, they will be guided through a straightforward process to purchase an item and arrange for it to be sent straight to the recipient.
This action ignited conversations regarding WeChat's increasing ability to serve as Tencent's newest tool in China's intensely competitive e-commerce industry.
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Honor’s Leadership Transition: Huawei Veteran Steps Up as CEO Amidst IPO Preparations, as George Zhao Ming Steps Down Citing Health Concerns
Mobile phone powerhouse Honor appoints a seasoned Huawei executive as the new CEO, following the resignation of George Zhao Ming. The reshuffling at the helm of Honor might introduce some level of instability in the firm's plans for its first public stock offering.
Honor's board of directors made a statement on Friday, recognizing Zhao's significant contributions to the company throughout his term. They anticipate that his successor, Li, will persist in introducing inventive products and experiences to customers globally.
"Throughout the last ten years, Honor has been my everything," shared Zhao, who assumed the role of Honor's leader in 2015, at a time when it was merely Huawei's inexpensive smartphone division. "Starting from the V40 model, the new Honor [after the split] experienced some downturns… but it also made significant progress in both the domestic and international markets."
However, he highlighted that the extended work periods and demanding tasks have negatively impacted his health. He further mentioned his eagerness to recuperate, engage more in reading, and devote more of his time to his family.
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Honor Announces Leadership Change: Huawei Veteran Steps Up as CEO George Zhao Ming Resigns Amid IPO Preparations
Mobile phone powerhouse Honor appoints Huawei stalwart as new CEO, following the resignation of George Zhao Ming. The recent changes in Honor's top management may bring a certain level of unpredictability to the company's plans for its debut on the stock market.
Honor's board of directors, in a statement released on Friday, recognized Zhao's remarkable achievements during his tenure at the company. They anticipate that his successor, Li, will carry on with bringing creative products and experiences to customers globally.
Zhao, who took the reins of Honor in 2015 when it was merely Huawei's economical smartphone division, expressed that Honor has been his entire world for the last ten years. Beginning with the V40 model, the revamped Honor, after its separation, experienced both dips and peaks in the Chinese and international markets.
However, he emphasized that the extended work hours and demanding job have negatively impacted his health. He further expressed his eagerness to recuperate, engage in reading, and devote more time to his family.
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Supreme Court Upholds TikTok Sell-or-Ban Law: A Blow to ByteDance Amid National Security Concerns
The US Supreme Court supports the law mandating TikTok's sale or prohibition. The Supreme Court has declared that the legislation demanding ByteDance to sell the video-sharing platform to a non-Chinese purchaser or confront a US ban starting from Sunday is within the constraints of the constitution.
On Friday, the Supreme Court of the United States validated a law that mandates the prohibition of TikTok, a widely used Chinese short-video application, in the country unless it finds a buyer outside of China by the end of the weekend.
The decision stands as a major setback for TikTok, which boasts a user base of 170 million Americans, in the face of growing apprehensions regarding potential national security threats linked to the app's Chinese proprietorship.
The judiciary's decision marks a significant milestone in a long-standing political, legal, and commercial drama involving China, which has been ongoing for almost half a decade. The conversation around the app posing a possible danger to the security of the United States commenced in 2020.
Nonetheless, the final outcome for TikTok could potentially be dictated by executive decisions, given the promises made by President-elect Donald Trump – who initially was against the app – to rescue it.
In a peculiar action, Trump submitted a friend-of-the-court brief in the lawsuit, asking the court to pause the prohibition to allow him some time to pursue a solution via "political methods".
The court, in an opinion without any attribution, stated unequivocally that TikTok serves as a unique and broad platform for self-expression, interaction, and community-building for over 170 million Americans.
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MiniMax Challenges AI Giants with Low-Cost Open-Source Models: A Comparative Analysis Following DeepSeek’s Benchmark
Chinese AI company MiniMax has launched affordable open-source models that compete with leading chatbots. This launch, featuring basic and multimodal models, follows closely on the heels of competitor DeepSeek, which recently raised the bar by releasing its own open-source models.
In performance evaluations shared on its official WeChat account, MiniMax demonstrated that its fresh foundational language model matches the global top-tier AI models in tests that cover mathematical problem-solving, specialist knowledge, adherence to instructions, and prevention of delusions or factual inaccuracies.
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Hong Kong Stocks Reach Two-Week High Following US Inflation Report: Anticipations Rise for Rate Cuts, Easing Inflationary Pressures
Hong Kong shares are nearing a two-week peak as the US inflation data increases the likelihood of interest rate reductions. The consumer price index has brought about an 'agreeable shock' and indicates a 'subtle reduction of constant inflationary strains', according to an investor.
The Hang Seng Index saw a 1.2 per cent rise, closing at 19,522.89, a record high since January 6th. Similarly, the Hang Seng Tech Index also increased by 1.2 per cent. Meanwhile in China, the CSI 300 Index saw a marginal increase of 0.1 per cent, while the Shanghai Composite Index went up by 0.3 per cent.
Chinese aluminum producer, China Hongqiao Group, saw its shares surge over 5%, making it the top performer on the Hang Seng index, following its share repurchases. Meanwhile, Wharf Real Estate Investment was the leader among Hong Kong's property developers, buoyed by hopeful sentiments about a potential decrease in borrowing costs in line with the US, which would ease the mortgage pressure on those purchasing homes.
The core US consumer price index, which does not include food and energy expenses, rose by 0.2% in December on a monthly basis, indicating the first deceleration in half a year. Inflation on an annual basis sped up by 3.2%, exceeding the Federal Reserve's goal of 2%. Certain officials have expressed optimism that inflation will keep decelerating based on these numbers. The S&P 500 saw a nearly 2% increase and the Nasdaq 100 surged over 2% in after-hours trading.
"Stephen Innes, the managing director at SPI Asset Management in Bangkok, revealed that a crucial inflation report unexpectedly suggested a reduction in the rate of primary cost increases. He noted that this slowdown pointed towards a mild relief from the ongoing inflationary stresses that have been troubling the market. Given this data, we can anticipate a more promising trading day across Asia this Thursday," he said.
Market participants will also be vigilant for crucial economic figures from China, scheduled for public release on Friday morning. Economists monitored by Bloomberg anticipate that economic growth for the fourth quarter likely quickened to 5 per cent, up from 4.6 per cent in the previous quarter. If this projection comes to fruition, it will aid China in achieving its yearly growth objective of approximately 5 per cent for 2024.
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Impending TikTok Shutdown in US: Global Impact and the Quest for a Political Resolution
TikTok is set to cease operations in the US this Sunday unless a last-minute pardon is granted, according to insiders. The company has indicated that if TikTok's US operations are halted, it could result in the app becoming inaccessible for users in several other countries.
People who have already installed TikTok could, in theory, continue using the app. However, the legislation prevents American businesses from offering services that would facilitate the distribution, upkeep, or updating of the app starting from Sunday.
The Trump transition team didn't respond right away. Trump has expressed that he should be given time post-inauguration to seek a "political resolution" for the matter.
"TikTok is indeed an exceptional platform," stated Mike Waltz, Trump's soon-to-be national security adviser, during a Fox News interview on Wednesday. "We're determined to maintain it while ensuring the security of users' data."
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BitMEX Hit with $100 Million Fine for Violations of US Anti-Money-Laundering Laws: Founders Accused of Neglecting ‘Know Your Customer’ Programs
BitMEX has been slapped with a US$100 million penalty for breaching US laws against money laundering. The founders of BitMEX have been charged with neglecting to implement anti-money-laundering measures and "know your customer" protocols.
BitMEX, also recognized as HDR Global Trading, received its sentencing from US District Judge John Koeltl in Manhattan after admitting guilt last July.
The verdict incorporates a two-year probation period. BitMEX and its creators, who admitted their guilt in 2022 and received a probationary sentence, had earlier paid approximately US$110 million in connected criminal and civil lawsuits, as indicated by court documents.
The legal representatives for BitMEX were not quick to answer inquiries for their views.
The prosecution has charged BitMEX and its founders, Benjamin Delo, Arthur Hayes, and Samuel Reed, with intentional breach of the Bank Secrecy Act from 2015 to 2020. They allegedly neglected to implement anti-money-laundering and "know your customer" measures, thereby transforming the exchange into a conduit for money laundering.
In 2021, BitMEX consented to pay a maximum of $100 million as a settlement of civil allegations made by two US regulatory bodies. The charges stated that the company inadequately vetted its customers and allowed them to trade in cryptocurrencies without proper registration.
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Chinese Investment Bank CICC Secures Licence to Operate in Dubai: A Major Leap for Cross-Border Deals in UAE
The Dubai financial centre has given the green light to China's investment bank, CICC, to commence operations. The CEO of Dubai Financial Services Authority hails this license as a significant advancement for transnational transactions in the United Arab Emirates.
The Dubai International Financial Centre (DIFC) has granted a permit to the China International Capital Corporation (CICC) to conduct operations. This development enhances the presence of Chinese companies in the United Arab Emirates, reflecting the ongoing growth of cross-border activities.
The investment bank is set to become a part of China's top five banks that have established their presence in the special economic zone. This move will broaden the spectrum of financial services provided to aid cross-border transactions, such as trade and sustainable finance, as stated by Ian Johnston, the Chief Executive Officer of the Dubai Financial Services Authority (DFSA).
"Having CICC, a leading investment bank that can expedite transactions and agreements, is a significant advancement," Johnston stated during the Asian Financial Forum held on Tuesday in Hong Kong.
Last week, CICC Hong Kong Securities was granted a license. This permit gives the firm the authority to organize and provide advice on credit, financial products, and investment transactions, as per the DFSA public record.
CICC chose not to respond. During a press conference on Tuesday, Xu Jia, who serves as the assistant leader of the bank's investment banking division, stated that the bank's international branches strive to cater to the requirements of Chinese businesses for international mergers, purchases, and new project investments.
"Xu also acknowledged the need for autonomous equity financing and public offerings for these Chinese companies' nurtured businesses overseas."
Johnston indicated that Chinese banks are acquiring customers in sectors like infrastructure and project finance, expanding upon their current trade-related transactions.
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