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15 Feb US-China tech war: Dutch chip tool giant ASML says geopolitics, new export curbs remain risks

Posted at 03:45h in Asia

ASML, the largest supplier of equipment to computer chip makers, said on Wednesday that geopolitical tensions and any expansion of a US-led campaign to restrict its exports to China remain business risks.In its annual report published on Wednesday, the Dutch company flagged the growing list...

15 Feb In battered Chinese stocks, traders favour ‘lottery ticket’ trade

Posted at 02:46h in Asia

In the wreckage of China’s stock-market meltdown, Wall Street traders are making long-shot bets that officials in Beijing can stoke a recovery.Investors are finding moments to snap up options tied to US-listed exchange-traded funds that track Chinese equities, which have been whipsawed by Covid lockdowns,...

15 Feb Chip giant Nvidia is worth more than Google owner Alphabet, a day after surpassing Amazon in value

Posted at 02:45h in Asia

There seems to be no stopping Nvidia’s scorching rally. The day after surpassing the market value of Amazon.com, the chip giant has now overtaken Alphabet as well.Shares of Nvidia rose 2.5 per cent on Wednesday, closing with a market capitalisation of about US$1.83 trillion,...

15 Feb Hong Kong stocks drop as Asian fund managers show no urgency to chase market amid China’s policy support, intervention

Posted at 02:35h in Asia

Hong Kong stocks drop as Asian fund managers show no urgency to chase market amid China’s policy support, interventionHong Kong stocks dropped, struggling to sustain a winning start to the Year of the Dragon as signs of fresh economic headwinds in the region. A...

15 Feb Morgan Stanley to cut several hundred jobs in wealth unit

Posted at 02:08h in Asia

Morgan Stanley is planning to eliminate several hundred jobs, the first such move under CEO Ted Pick.The cuts will affect less than 1 per cent of employees in the wealth-management business, which has about 40,000 workers and is the firm’s largest unit, according to a...

15 Feb Exclusive | ICBC Asia to combat fraud by doubling down on AI amid rise in scams, anti-financial crimes chief says

Posted at 00:30h in Asia

The number of cases involving scams reported in Hong Kong last year rose by 40 per cent year on year to 39,824 and involved more than HK$9 billion (US$1.2 billion), nearly doubling over the previous year, the Hong Kong police said this month.“With the robust...

14 Feb Toronto ride-share, food delivery drivers strike calling for more fair pay, better work conditions

Posted at 23:34h in Canada

Dozens of ride-share and food delivery drivers in Toronto staged a strike Wednesday, calling for more fair pay and better treatment after a recent report found that what some drivers make falls well below Ontario's minimum wage.In a joint report published Monday, Ridefair Toronto and...

14 Feb Asian private credit players rush to bridge funding gap at SMEs and in sectors like education, technology

Posted at 23:30h in Asia

High interest rates and the changing economic landscape after the Covid-19 pandemic are some of the factors that are pushing some companies to private lenders for bridge financing.A pedestrian walks past the HSBC headquarters in Hong Kong. Banks like HSBC and Bank of Singapore are...

14 Feb China seeks revision of anti-money-laundering law to address risks related to cryptocurrencies and other virtual assets

Posted at 23:00h in Asia

China will soon implement revisions to its outdated Anti-Money-Laundering (AML) Law, in a move that legal experts see as a way to address the growing risks associated with virtual assets.A draft amendment to the existing AML law, which was enacted in 2006 and took effect...

14 Feb Rent hits another record high in January as average asking price reaches $2,196

Posted at 20:32h in Canada

The average asking price for rent in Canada reached $2,196 in January, a 10 per cent increase from this time last year — marking another record high amid a deepening rental crisis.According to data released Wednesday by Rentals.ca and market research firm Urbanation, the average asking price of rent went up by...

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