Asia

12 Jan China Aoyuan wins Hong Kong court’s approval to proceed with restructuring more than US$4 billion of offshore debt, loans

Posted at 08:01h in Asia

Property developer China Aoyuan Group said it has secured approval from a Hong Kong court to proceed with a restructuring involving more than US$4 billion of offshore debts and many loan facilities with lenders after almost a year of negotiations with creditors. The stock...

12 Jan Tesla cuts prices in China on Model 3 and Model Y EVs to keep commanding lead in premium segment of fast-growing market

Posted at 05:00h in Asia

Tesla has cut the prices of its Shanghai-made vehicles by up to 6 per cent as it works to maintain its leading position in the premium segment of the world’s largest electric vehicle (EV) market.The Texas-based company announced on Friday that the price...

12 Jan US$3 billion top Asia fund bets on Tencent again despite China gaming rules, favours Samsung over TSMC in chip market

Posted at 04:45h in Asia

A fund that outperformed most of its peers has added Tencent Holdings back to its portfolio recently, betting on the gaming company’s attractive valuation despite further industry curbs by the Chinese government.Federated Hermes Asia Ex-Japan Equity Fund, which beat 83 per cent of its peers...

12 Jan Boycott Maldives campaign, why Taiwan election matters, chaos at Cathay Pacific: SCMP’s 7 highlights of the week

Posted at 04:05h in Asia

3. Too few pilots, roster chaos: behind Cathay Pacific’s flight cancellationsillustration by Lau Ka-kuenHong Kong’s flag carrier was once again thrust into the spotlight this week when Cathay Pacific announced it would cut an average of 12 flights a day until the end...

12 Jan Google slashes over 1,000 jobs to focus on AI amid competition with Microsoft, OpenAI

Posted at 03:55h in Asia

“Throughout the second half of 2023, a number of our teams made changes to become more efficient and work better, and to align their resources to their biggest product priorities,” a spokesperson for the Mountain View, California-based company said in a statement. “Some teams are...

12 Jan US bitcoin ETF trades soar to US$4.6 billion on first day after landmark SEC approval

Posted at 02:56h in Asia

Grayscale, BlackRock and Fidelity dominated trading volumes, the LSEG data showed.“Trading volumes have been relatively strong for new ETF products,” said Todd Rosenbluth, strategist at VettaFi. “But this is a longer race than just a single day’s trading.The Grayscale Bitcoin Trust ETF signage on the...

12 Jan Hong Kong stocks advance for a second day on China rate-cut bets as deflation deepens

Posted at 02:55h in Asia

Hong Kong stocks jumped for a second day as investors bet China’s central bank will cut key lending rates as early as next week to boost growth amid deepening deflation in the economy.The Hang Seng Index added 0.1 per cent to 16,314.58 at 11am...

12 Jan Sluggish Shanghai office market gives tenants chance to bargain on rents, with landlords keen to attract or retain clients

Posted at 00:05h in Asia

A weak office market in Shanghai is offering tenants the chance to strike lucrative leasing deals, allowing companies to save on rent amid a glut of new building supply and a slowing economy.A rising vacancy rate has put pressure on landlords to cut...

11 Jan CES 2024: China smartphone brand Realme unveils new handset on sidelines of trade show as its biggest rivals stay home

Posted at 14:00h in Asia

“What sets us apart from other brands is that we are fully committed to the young generation,” Sam Cheung, senior marketing communications manager for Realme, said in his presentation during the firm’s hour-long event on the sidelines of CES 2024. “At Realme, we believe that...

11 Jan China’s car industry on a roll as production and sales hit all-time high in 2023

Posted at 13:42h in Asia

China’s car sector broke production and sales records last year, buoyed by surging deliveries of electric vehicles and rising exports to markets such as Russia, making it a key growth driver for the world’s second-largest economy.A total of 30.16 million units comprising cars, buses...