Connect with us

Published

on

Xi Jinping's economic call to arms and Hong Kong surpassing Singapore: 7 key points from SCMP

From Xi's unexpected address at a Politburo gathering to Hong Kong reclaiming the top spot, these are some standout moments from recent SCMP coverage.

'3 shields': Xi of China's economic battle cry aims to comfort anxious authorities

In a surprising Politburo meeting, President Xi Jinping has made a compelling appeal to support the private sector and to motivate officials nationwide to put economic recovery at the top of their agenda.

2. Hong Kong surpasses Singapore as Asia's leading financial center: research

For the first time in two years, Hong Kong has overtaken Singapore as the preeminent financial hub in Asia, as reported in the most recent semi-annual Global Financial Centres Index released on Tuesday.

3. China conducts trial of ICBM capable of reaching US mainland, launched into the Pacific Ocean

China's People's Liberation Army carried out its initial known intercontinental ballistic missile test in over four decades on Wednesday morning. The ICBM was dispatched into the Pacific Ocean, as reported by the Chinese defense ministry.


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Your email address will not be published.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

Alibaba’s Strategic Shift Benefits Sellers on Singles’ Day: A New Era in E-Commerce

Published

on

By

Alibaba vendors are enjoying a better arrangement this Singles' Day, thanks to successful new policies. As the leading online retail company in China, it was losing ground in the battle for consumer spending. However, the company managed to turn things around by redefining its ties with its sellers.

China's leading e-commerce firm made a decision, five years down the line, to forego the celebration of the world's biggest online shopping event. The resources that would have been used for the party will now be redirected to benefit both merchants and consumers.

Alibaba, the proprietor of the South China Morning Post, has discreetly been altering its strategies in response. It has distanced itself from the fierce pricing competition that surfaced in this area and aimed to establish a fresh equilibrium between purchasers and vendors where the customer isn't constantly prioritized. According to experts and traders, this shift is now yielding positive results.

Robust expansion from primary purchasers – the 42 million large investors known as 88VIP members – indicates that Alibaba is moving in the correct direction, says Jacob Cooke, co-founder and CEO of WPIC Marketing + Technologies, a consultancy specializing in e-commerce and technology.

"Cooke mentioned that they had an intense discussion regarding their 88VIP users, implying that their main focus is on attracting high-profile, big-spending customers rather than a large number of people who spend less. This is the aspect where Alibaba truly differentiates itself."


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

October Sales Surge for China’s Property Developers: The Impact of Rate Cuts and Stimulus Measures on Vanke, Longfor, and Others

Published

on

By

Real estate firms in China, including Vanke and Longfor, experienced a significant increase in sales in October. This sales uptick was primarily due to a release of accumulated demand, stimulated by reductions in interest rates, providing a vital lift for developers.

The boost in property sales in October has provided more financial flexibility for China's underfunded developers. This improvement is largely attributed to Beijing's recent economic boost strategies, such as reducing mortgage rates for property owners, which have strengthened market optimism.

On Friday, China Vanke reported a monthly rise of 23% in contracted sales, reaching 21.4 billion yuan (US$2.98 billion) in October. Meanwhile, Longfor Group, a Beijing-based developer listed among the nation's top 10 in terms of sales, revealed a 37% surge in contracted sales to 11.2 billion yuan.

China Jinmao, a branch of the government-run Sinochem Corporation, experienced a significant increase of almost 66 percent in agreed sales from the last month, reaching 11.6 billion yuan.

The sales figures for October indicate a surge in previously suppressed demand, triggered by the central bank's reduction in interest rates and the delays brought about by the health crisis, according to Shen Meng, a director at the Beijing-based investment company, Chanson & Company.

The Finance Department also committed to backing appropriate tax strategies to promote the stable growth of the real estate market. It also recognized that special bonds could be employed to purchase unused land and decrease surplus housing stock.


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

Xpeng’s AI-Powered Sedan Challenges Tesla’s Dominance: A Look into China’s Autonomous Driving Market

Published

on

By

Xpeng introduces an AI-driven sedan to compete with Tesla's FSD self-driving system. The firm, based in Guangzhou, has established three different pricing tiers for the P7+ sedan: 186,800 yuan, 198,800 yuan, and 218,800 yuan.

The company based in Guangzhou has set three different pricing tiers for the P7+ sedan, depending on the variety of driving ranges: 186,800 yuan ($26,104), 198,800 yuan, and 218,800 yuan. This pricing structure is in contrast to its presale price of 209,800 yuan, as stated by Xpeng on Thursday. Hence, the P7+ is at least 5 per cent less expensive than Tesla's Model 3, which has a starting price of 231,900 yuan. The company also announced that it would begin shipping the vehicles as of Thursday.

"The Xpeng P7+ is working hard to offer the globe's top smart driving solution," stated He Xiaopeng, the founder and CEO of Xpeng.

Currently, China's automobile industry is undergoing significant turmoil due to competitive pricing and the rush of manufacturers to incorporate advanced features in their cars to attract buyers. The nation hosts a multitude of intelligent car manufacturers, producing vehicles with features like self-driving technology, voice control systems, and facial recognition software. These innovative approaches are driven by consumers' increasing demand for enhanced digital connectivity.

Tesla is one of the auto manufacturers that has adopted self-driving technology, and the firm believes it will play a crucial role in the expansion of China's electric vehicle market. The company, which is headquartered in Austin, Texas, was originally slated to introduce its Full Self-Driving software in mainland China by the end of the year. However, the postponement has provided an opportunity for its Chinese rivals to take the lead by launching their own versions.

"The more Tesla delays its FSD launch in China, the more advantage its Chinese competitors can gain," stated Chen Jinzhu, the CEO of Shanghai Mingliang Auto Service, a consulting firm.


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

Ant International Leverages AI to Revolutionize Cross-Border Payments, Boost Global Expansion

Published

on

By

Ant International is leveraging AI to enhance cross-border payments and facilitate global growth.

The company's AI system provides hourly forecasts of currency exchange rates, assisting businesses in cutting down transaction expenses.

Incorporating AI into the handling of international transactions is vitally important for bolstering worldwide trade and commerce, particularly for small and medium enterprises (SMEs) who until this point, have been unable to afford instantaneous global settlement services," stated Yang Peng, CEO of Ant International.

In order to mitigate potential hazards, Ant's latest foreign exchange model, which merges numerous existing models, includes features that permit human involvement if inconsistencies arise between the new model and its predecessors, as per Yang's 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

Business

US Federal Reserve Undeterred by Political Uncertainty: Implements Quarter-point Rate Cut Amid Cooling Inflation

Published

on

By

The US Federal Reserve disregards political instability, reducing rates by a quarter point

It is anticipated that Federal Reserve chairman Jerome Powell will be interrogated on Thursday regarding the economic repercussions of Trump's triumph in the US election.

The U.S. Federal Reserve disregarded the political instability in Washington and proceeded with a quarter-point reduction in interest rates on Thursday. This move further relaxes the monetary policy as inflation continues to slow down.

The Federal Reserve noted that the job market has generally relaxed since the beginning of the year. They also highlighted ongoing efforts to reduce inflation to align with the bank's long-term aim of two per cent.

The decrease in interest rates continues from the Federal Reserve's move in September, where it initiated its easing cycle with a significant drop of half a percent, and planned further reductions for this year.

The preferred inflation measure of the Federal Reserve dropped to 2.1% in September, even as the economy continues to show strong growth.


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 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

SUBSCRIBE FOR FREE

Advertisement
Moto GP9 mins ago

Ducati Unfazed by Possibility of Jorge Martin Taking Number One to Aprilia in 2024 MotoGP Season

Business16 mins ago

Alibaba’s Strategic Shift Benefits Sellers on Singles’ Day: A New Era in E-Commerce

Moto GP51 mins ago

Jack Miller Channels Rossi and Lorenzo’s Legacy for His Anticipated Yamaha Move in 2025

Business57 mins ago

October Sales Surge for China’s Property Developers: The Impact of Rate Cuts and Stimulus Measures on Vanke, Longfor, and Others

China59 mins ago

Chinese Censors Silence Nationalist Blogger Sima Nan for a Year Following Pro-Trump Remarks

China1 hour ago

Chinese Censors Silence Nationalist Blogger Sima Nan for a Year After Trump Endorsement

Moto GP3 hours ago

Revving Up: Jack Miller’s Yamaha Move Inspired by MotoGP Legends Rossi and Lorenzo

Cars & Concepts4 hours ago

Honda Charges into the Future with EV Fun Concept: A Glimpse into Electric Performance Motorcycles by 2025

Cars & Concepts4 hours ago

Karma Automotive Unveils Exclusive Invictus: A High-Performance Revero Variant Limited to 30 Units

Cars & Concepts5 hours ago

Unplugged Performance Rolls Out a High-Powered Tesla Model S Plaid for LA County Sheriff’s Community Program

Cars & Concepts5 hours ago

Mazda Accelerates Electrification: In-House Hybrid for CX-5 and Dedicated Electric SUV by 2027

24H Le Mans5 hours ago

Inside the Circuit: Unveiling Race Dynamics and Driver Insights at the 24 Hours of Le Mans Through Expert Sports Journalism

Automakers & Suppliers5 hours ago

Top BMW Innovations: Exploring the Latest Technologies and AI Advancements in BMW News and Models

F15 hours ago

Toto Wolff’s Pragmatic Perspective on Lewis Hamilton’s Departure: A Necessary Transition for Mercedes’ Future

24H Le Mans5 hours ago

Revving Up Le Mans: Top Insights and Exclusive Interviews from the 24 Hours Race

Politics5 hours ago

AI at the Wheel: How Top Artificial Intelligence Innovations are Driving News Analysis, Political Trends, and the Future of the Automotive Industry

Automakers & Suppliers5 hours ago

Exploring the Top BMW Innovations: A Comprehensive Look at Cutting-Edge Technologies, AI, and Sustainability in BMW Models

Automakers & Suppliers5 hours ago

Driving the Future: Top Audi Innovations and AI Advancements in the Automotive Industry

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

Tech4 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

Tech1 month ago

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

Tech3 weeks ago

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

Tech1 month ago

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

AI3 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

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

AI3 weeks ago

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

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

×