The decrease in China's new housing prices shows signs of slowing after 17 months, following the implementation of supportive measures. In October, the prices in 70 cities dropped for the 17th consecutive month, however, the rate of decline was slower, indicating that market stabilization might be due to these supportive actions.

The cost of new homes in China dropped for the 17th consecutive month in October, albeit at a reduced rate. This indicates that the capital, Beijing, might be nearing a point of market stability following a series of supportive interventions.

In 70 primary cities, the price of new homes saw a 0.5 per cent decrease from September, marking the most gradual drop in seven months, as revealed by the data put out by the National Bureau of Statistics on Friday.

The decrease in prices was 6.2 per cent compared to the previous year, a slightly steeper drop than the 6.1 per cent fall observed in September of the same year.

The prices in the four major cities – Beijing, Shanghai, Guangzhou, and Shenzhen – experienced a decrease of 0.2% in October on a monthly basis, which is less than the 0.5% drop observed in September, as indicated by the data.

Secondary cities like Tianjin, Wuhan, and Chengdu, along with tertiary cities such as Dali, Xuzhou, and Huizhou, experienced a 0.5% decrease in the cost of new homes last month, which is slightly less than the 0.7% reduction seen in September.

The average cost of previously owned houses in top-tier cities increased by 0.4% in October, following a 1.2% decrease in September. This marks an end to a 13-month downward trend.

In tier-2 cities, the cost of previously owned homes decreased by 0.4 percent, which is lower than the 0.9 percent decrease from the month before. Similarly, in tier-3 cities, the prices saw a decline of 0.5 percent, compared to a 0.7 percent drop in the preceding month.

US lawmakers have raised questions about Amazon's partnership with TikTok for e-commerce. Certain individuals perceive this alliance, which enables customers to purchase Amazon products directly via the ByteDance-controlled application, as a strategy to complicate the process of prohibiting TikTok.

In September, the Select Committee on China from the House called upon Amazon to converse about a notable retail collaboration that both the companies made public in August, as per several sources knowledgeable about the situation. This meeting has not been undisclosed before.

The group, tasked with handling assumed dangers from China's government, expressed worry about a prominent U.S. firm, integral to the economy, collaborating with a Chinese-owned business on the brink of prohibition due to national security issues.

"The Select Committee communicated to Amazon the risks and imprudence associated with collaborating with TikTok, citing the serious national security risks posed by the app," a representative for the Select Committee on China informed Bloomberg.

An Amazon representative communicated through email, stating "We, like numerous other American companies, keep ongoing dialogue with authorities at all tiers of government to talk about matters concerning policymakers, our staff, and our patrons." TikTok, on the other hand, did not furnish a reply to a request for their statement.

Hong Kong is set to release a retail infrastructure bond worth HK$20 billion, marking the second issuance in two months. The bond, with a duration of three years, guarantees a return rate of 3.5 per cent, distributed semi-annually.

Hong Kong is amassing HK$20 billion (US$2.7 billion) through its second issuance of retail infrastructure bonds, providing citizens with an additional opportunity to contribute to the city's growth.

The government announced on Friday that the three-year bonds will offer bi-annual interest payments. These payments will be determined by the average consumer price index rate during that time. However, they also provide a guaranteed minimum return of 3.5 per cent.

Financial Secretary Paul Chan Mo-po announced that the retail infrastructure bond is designed to offer citizens a secure and trustworthy investment opportunity. This bond promises consistent returns and gives investors a feeling of involvement and profit in backing infrastructure projects crucial for the long-term growth of Hong Kong.

"This release will also enhance the growth of the retail bond market and financial inclusivity."

Individuals with Hong Kong ID cards can start purchasing bonds, starting at a minimum of HK$10,000 and increasing in that scale, from banks, securities brokers, and the Hong Kong Securities Clearing Company. This will be possible from 9am on November 26 until 2pm on December 6. The bonds will be released on December 17 and will be available on the Hong Kong stock exchange the following day.

The administration could potentially raise the bond's capacity to a ceiling of HK$25 billion, depending on the reaction.

Hong Kong is striving to reach zero shipping emissions by 2050 via a green fuel program. The city is charting a course towards a more environmentally-friendly future, backed by incentives for green fuel usage and subsidies for vessels.

Hong Kong has revealed a strategy to advance green fuel refuelling, which is part of an effort to raise the city's position as a global maritime hub.

The strategy revealed on Friday states that Hong Kong's port will aim to cut its yearly carbon emissions from international shipping by a minimum of 20% by 2030, in relation to the levels of 2008, and by 70% by 2040. The ultimate goal is to achieve zero net carbon emissions from international shipping by the year 2050.

In order to realize its objectives, Hong Kong is planning to set up a reward program aimed at promoting businesses that initiate environmentally-friendly fuel bunkering operations. Additionally, it will provide financial assistance for the eco-friendly conversion of ships and foster expertise in this sector.

"Lam Sai-hung, the Secretary for Transport and Logistics, emphasized that Hong Kong needs to speed up the progression of eco-friendly marine fuel supply to promptly meet market needs. By doing so, it can boost its position as a fuel supply port and augment its standing as a global shipping hub."

In his 2023 policy speech, Hong Kong's Chief Executive, John Lee Ka-chiu, stated that the city plans to establish itself as a worldwide hub for green maritime fuel bunkering.

Alibaba's three-month profits see a 58% increase due to robust cloud and international e-commerce expansion

The net income saw a significant rise of 58% reaching US$6 billion in the quarter ending in September, exceeding the predictions made by analysts.

The net profit dramatically increased by 58 per cent, reaching 43.9 billion yuan (US$6 billion) in the quarter, which exceeded the analysts' predictions of 25.7 billion yuan. However, the revenue, which climbed 5 per cent to 236.5 billion yuan, fell short of the anticipated 239.4 billion yuan by analysts, as per a Bloomberg survey.

The expansion of our cloud operations has quickened compared to previous quarters, with earnings from public cloud offerings increasing by a significant two-digit percentage and revenue from AI-based products soaring by an impressive three-digit percent," stated Eddie Wu Yongming, CEO of Alibaba.

"We have never been more assured about the strength of our primary operations and will maintain our commitment to fostering sustainable growth. Our auxiliary businesses have been enhancing their operational effectiveness, with a majority either boosting their profits or minimizing losses," said Wu.

The Cloud Intelligence Group, a crucial division for the company's expansion, saw its income increase by 7 per cent, reaching 29.6 billion yuan. This exceeded the 6 per cent rise from the last quarter, indicating the department's most rapid quarterly growth in the last two years.

Alibaba's essential e-commerce division, Taobao and Tmall Group, observed a revenue rise of 1 per cent, amounting to 99 billion yuan. This was primarily due to enhanced monetization and a significant upward trend in new customer acquisition, particularly leading up to the Singles' Day shopping event. The company also documented a substantial annual growth in gross merchandise value (GMV) over the quarter.

The Alibaba International Digital Commerce Group (AIDC) maintained its strong performance from previous quarters, registering a 29% increase in revenue in the September quarter, amounting to 31.7 billion yuan. This significant growth can be partly attributed to boosted sales in international markets like AliExpress and Trendyol, alongside enhanced operational and investment efficiency.

Dogecoin skyrockets as Trump appoints Elon Musk as the chief of a new DOGE effectiveness department. Musk, affectionately known as 'Dogefather', has been a steadfast supporter of the dog-themed cryptocurrency and is also a firm supporter of the incoming US president.

Wow, such a strong market.

Dogecoin, a digital currency represented by an adorable dog uttering phrases such as "much wow", has seen a significant increase in its worth following Donald Trump's victory in the recent presidential election.

The initiative is gaining momentum now, following Trump's appointment of Tesla's Elon Musk as a leader of the newly formed "Department of Government Efficiency". Despite its name, it's not a government agency but it does go by the acronym DOGE.

This all seems logical and possibly amusing for those who are perpetually connected to the internet. For those who aren't, here's a bit of clarification regarding what's happening:

What does dogecoin mean?

Dogecoin refers to a type of digital currency. Its value fluctuates against the US dollar, depending on what individuals are willing to pay for it.

Experts suggest that Trump's tariffs on solar panels could encourage Chinese investment in the US. They indicate that Chinese companies are bracing themselves for the worst-case scenario of Trump imposing tariffs on goods shipped from their Southeast Asian locations.

Industry experts suggest that Chinese firms may ramp up the manufacturing of solar panels within the United States. This strategic move is aimed at cushioning any negative impacts from potential increases in export tariffs from Southeast Asia, which may come into effect next year following the commencement of Donald Trump's second term as President in January.

Even if Trump follows through with his intentions to scrap President Joe Biden's $400 billion incentives for green energy initiatives under the Inflation Reduction Act (IRA) passed in August 2022, projections indicate that the demand in the US will still rise, according to sources.

"There will continue to be a strong market for solar energy because it's an established technology and there's a high level of customer understanding and approval," stated Frank Haugwitz, the originator of Asia Europe Clean Energy (Solar) Advisory. "It's significantly more cost-effective now than it was a handful of years back."

China is aiming to bolster its production supremacy in the "new three" industries, namely solar power technology, lithium batteries, and electric cars. Amidst a recent economic downturn marked by a struggling real estate sector and decreased private spending, these sectors emerge as promising facets of China's economy.

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Reasons for the EU and US's worry over China's excess production capacity

Last month, the Biden administration declared initial counterbalancing charges ranging from 2.9 to 30 percent on solar cells imported from Vietnam, Cambodia, Malaysia, and Thailand, potentially starting from April. The official data indicates that these imports to the US were worth about $11.9 billion last year. Haugwitz highlighted that the majority of solar panel manufacturing facilities in Southeast Asia are under Chinese ownership.

This follows a thorough inquiry lasting five months into claims made by American companies First Solar, Qcells, Meyer Burger, and REC Silicon, asserting that their Chinese counterparts enjoyed subsidy benefits. The US made the decision in September to hike up the tariffs on solar cells from China by 100%, bringing it to 50%. Solar cells, which are organized into panels, function by transforming sunlight into electricity.

OpenAI urges the United States to join forces with its allies to outpace China in the AI competition. The creator of ChatGPT suggests that the US and its neighbouring countries should work together in the field of AI and broaden their alliance to encompass nations in the Middle East.

The AI-based start-up announced on Wednesday that the US and its adjacent nations should establish a "North American AI Agreement" that simplifies the process of obtaining resources, funding, and supply chains for the development of the technology. The firm mentioned that this cooperative effort can potentially grow to incorporate a "worldwide network of US allies and associates", which may include countries in the Middle East.

OpenAI presented a new policy framework that encompasses the proposal during an event in Washington, organized by the Centre for Strategic and International Studies. This document contains OpenAI's most comprehensive public recommendations so far on how the US can sustain its dominance in the field of artificial intelligence and cater to the substantial energy requirements of this technology.

OpenAI has suggested that the US should support expensive energy infrastructure projects by pledging to buy power generated from them. The firm advised the US to create "AI Economic Zones" to hasten the approval process and assist in reviving nuclear reactors. It also put forward the idea of growing the nuclear energy capability by using the expertise of the US Navy, which has experience in constructing small-scale reactors for submarines.

"AI offers a critical chance to reestablish the industrial sector in the US, which can stimulate widespread economic expansion and breathe new life into the American Dream," stated OpenAI. "It also provides a crucial element for national security to safeguard our country and our allies from the rising power of China by promoting an AI system influenced by democratic principles, fostering personal freedom, and aimed at benefiting the largest number of individuals."

The Hong Kong stock market continues usual operations amid its inaugural typhoon trading session. While the turnover of HK$173.31 billion (US$22.2 billion) surpassed the 10-month daily average of HK$127.8 billion, it didn't reach the previous day's turnover of HK$184.66 billion.

"Keeping the market operational during typhoons is a significant change for the financial sector of Hong Kong," stated Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury, in a social media post on Thursday afternoon.

The action aligns with global standards and enhances the city's reputation as a leading international finance hub, he further stated.

In the past, Hong Kong's stock market would postpone its opening or remain shut if there was a typhoon signal 8 or above, or a black rain warning. This made it one of the unique major markets to cease operations during inclement weather in the current digital trading age.

On Wednesday evening, the Hong Kong Observatory released a typhoon signal 8, which is the third most severe, due to the approaching Tropical Storm Toraji. Despite the issuance of the T8 alert, the stock and futures market maintained its operations from 9:30am. The warning was downgraded at 10:20am when the storm began to lose strength.

AMD trims its workforce by 1,000 with an aim to concentrate on AI chips as it competes with Nvidia. The corporation's data center division has significantly outperformed its personal computer and gaming departments this year.

"In order to match our resources with our biggest growth potentials, we are implementing several focused actions," a spokesperson from AMD informed Reuters on Tuesday.

Income from AMD's data centre division, where its AI graphical processing units are located, soared over double in the quarter of September. Conversely, the personal computer division saw a growth of 29 per cent, but there was roughly a 69 per cent drop in sales in its gaming department during the same timeframe.

Experts predict that the data centre division will see a 98 per cent increase by 2024, surpassing the projected overall revenue growth of 13 per cent, based on a compilation of predictions by LSEG.

The firm has been pouring substantial resources into the creation of AI chips, which not only fetch high market prices but are also highly sought after by major players in the industry, such as Microsoft.

BioNTech of Germany has purchased China's Biotheus, investing $800 million in an effort to expand into the cancer drug industry. BioNTech claims that this acquisition will aid in their quest to create cancer treatments using their established mRNA technology.

BioNTech, headquartered in Mainz, announced on Wednesday that it has entered into a binding agreement to fully acquire Biotheus, a company located in Zhuhai, Guangdong province, primarily with cash.

BioNTech announced that the agreement will bolster its efforts to develop cancer treatments using its established mRNA technology, along with other techniques such as cell and protein-based therapies.

Specifically, the pharmaceutical contender BNT327/PM8002, which Biotheus developed, will become a primary focus once the agreement is finalized. Previously, BioNTech secured the sole worldwide development and marketing rights for this potential drug, excluding China.

"BioNTech is devoted to progressing its research and development, particularly in conjunction with our experimental mRNA vaccines, precision therapies, and treatments that stimulate the immune system. Our goal is to improve results for patients who have solid tumors," stated Ugur Sahin, the CEO and co-founder of BioNTech.

The potential for the drug candidate to surpass the effectiveness of the current batch of drugs, known as checkpoint inhibitors, is apparent. These inhibitors are known for rejuvenating the patients' weakened immune systems, enabling them to detect and eliminate cancer cells.

Chinese electric vehicle manufacturers' global expansion encounters obstacles following Beijing's caution and unsuccessful transactions. In response to officials' advice to avoid investing in EU nations supportive of new tariffs, EV producers might have to reconsider their plans.

Businesses are recognizing that just having cost benefits and understanding key technologies aren't sufficient to ensure the prosperity of massive investments in nations where customers are still unfamiliar with Chinese electric vehicle brands.

Inadequate understanding of foreign legal systems and a shortage of charging facilities in international markets may also hinder expansion beyond mainland China, according to industry representatives and analysts.

"Chinese automakers initiated the development of electric vehicles quite early and are currently leading the pack," stated Sam Wu, the CEO of Ford Motor China, during the Hongqiao Forum in Shanghai the previous week. "However, they are still striving to find a way to reach the international market so that their top-quality products can be made available to customers globally at the most affordable prices."