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20 Jan China property: once-mighty developers strain for lifelines of state support after end of sector’s ‘golden age’

Posted at 02:00h in Asia

However, analysts warn that even the developers that make the list will find the coming years brutal. The landscape of the home-building business in China has been forever altered by the years-long liquidity crisis and a prolonged sales slump, analysts said. Now companies with partial...

20 Jan TuSimple will continue its drive to Asia-Pacific in wake of autonomous truck firm’s decision to delist from Nasdaq

Posted at 01:00h in Asia

Autonomous truck company TuSimple Holdings will continue to pivot to the Asia-Pacific (APAC) region for better commercial opportunities and in line with its plan to delist from the Nasdaq exchange, said chief executive officer Lu Cheng.TuSimple is shifting its focus to APAC, including China,...

20 Jan Mass layoffs at Sports Illustrated cast doubt on future of storied magazine

Posted at 00:07h in Canada

First published in 1954, Sports Illustrated could be characterized as a part of sports history.But word of mass layoffs at the magazine on Friday had employees and observers worried for its future.The planned cuts at Sports Illustrated include possibly all of its union-represented workers, the union said in a...

20 Jan State-owned reinsurer China Re rents floor at Two IFC, upgrades offices at same price as previous lease

Posted at 00:00h in Asia

State-owned reinsurance company China Re Asset Management is moving to the 41st floor of Hong Kong’s Two International Finance Centre (Two IFC) in Central, where it has leased 6,740 sq ft for the same price it paid for its previous offices in Three Exchange Square.China...

19 Jan US Fed fines Industrial and Commercial Bank of China for lapses in bank secrecy, sharing of data

Posted at 18:58h in Asia

The US Federal Reserve fined Industrial and Commercial Bank of China US$2.43 million for improper use of financial-supervision information.The New York Department of Financial Services, which also oversees the bank’s branch in the state, hit the firm with an additional US$30 million penalty.“Confidential supervisory information...

19 Jan Germany the ‘tired man’ of Europe, finance minister admits

Posted at 18:24h in Europe

BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. The topic was a ruling by the German Constitutional Court declaring that the...

19 Jan Stellantis CEO says automaker won’t sell EVs at a loss

Posted at 17:03h in Europe

Carlos Tavares, CEO of Stellantis, poses during a presentation at the New York International Auto Show in Manhattan, New York, on April 5, 2023.David Dee Delgado | ReutersStellantis won't sell electrified vehicles such as hybrids and all-electric models at a loss like other automakers have,...

19 Jan Saudi Arabia goes big in Davos as it looks to become a top AI tech hub

Posted at 16:20h in Europe

A pop-up showcasing Saudi Arabia's Neom development features among the most prominent on the Davos promenade in 2024.CNBCDAVOS, Switzerland — For years, the United Arab Emirates has been the Middle East's go-to tech hub, thanks partly to its lack of personal income tax, flexible visa...

19 Jan More upheaval for global shipping as Panama Canal cuts traffic due to drought

Posted at 15:04h in Canada

With shipping companies already dealing with disruptions in the Red Sea due to attacks on ships, word comes that another important trade route is being forced to curtail traffic.A severe drought that began last year has forced authorities to slash ship crossings in the Panama Canal...

19 Jan Davos leaders see a new normal in 2024

Posted at 14:59h in Europe

President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. Fabrice Coffrini | Afp | Getty ImagesEuropean Central Bank President Christine Lagarde said she does not...

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