Date
7 December 2019

Business

  • Meituan has steadily increased its share of China’s food delivery market to 65.8 percent as of end-September, compared with 60.1 percent a year earlier, according to research firm Trustdata. Photo: Reuters

    Meituan boosts market share, posts 44% jump in quarterly revenue

    Nov 22, 2019 10:23am
    Chinese food delivery giant Meituan Dianping (03690.HK) beat market expectations with a 44 percent jump in third-quarter revenue and a second straight quarterly profit, as it increased its dominance in the business, Reuters reports. Competition in...
  • Xerox said it has accepted HP’s request for due diligence, but that HP has refused to open its books to Xerox. Photo: Bloomberg

    Xerox threatens hostile bid unless HP opens its books

    Nov 22, 2019 9:47am
    Xerox Corp. threatened to take its US$33.5 billion buyout bid for HP Inc. hostile, if the personal computer maker did not agree to a “friendly” discussion and open its books before Nov. 25, Reuters reports. HP...
  • Laid-off WeWork employees exit the firm's corporate headquarters in Manhattan, New York, on Thursday. Photo: Reuters

    WeWork laying off 2,400 employees in SoftBank revamp

    Nov 22, 2019 9:33am
    Office-sharing company WeWork is laying off around 2,400 employees, almost 20 percent of its workforce, as its seeks to drastically cut costs and improve its finances after a failed IPO attempt. “As part of our renewed...
  • About 60 percent of TikTok’s 26.5 million monthly active users in the United States are between the ages of 16 and 24. Photo: Bloomberg

    US army orders security review of TikTok after senator’s warning

    Nov 22, 2019 9:03am
    The US Army is undertaking a security assessment of China-owned social media platform TikTok after a Democratic lawmaker raised national security concerns over the app’s handling of user data, Army Secretary Ryan McCarthy said. Speaking to...
  • Microsoft said the license was for the export of "mass-market software" to Huawei. Photo: AFP

    Microsoft secures license to export software to Huawei

    Nov 22, 2019 8:02am
    Microsoft Corp. said it has been granted a license from the US government to export software to Huawei Technologies Co. Ltd., Reuters reports. “On November 20, the US Department of Commerce granted Microsoft’s request for a...
  • The disposals would help Exxon increase spending on new developments and appease investors unhappy with weak cash generation and oil output. Photo: AFP

    Exxon aims to sell US$25 billion of assets: report

    Nov 22, 2019 7:40am
    Exxon Mobil plans to sell up to US$25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful...
  • Pinduoduo saw its operating costs more than double in the third quarter as it pursued a strategy of wooing wealthier consumers in big cities while maintaining its lead in less urban towns. Photo: Reuters

    Pinduoduo suffers US$11 billion slump in value after big loss

    Nov 21, 2019 3:29pm
    Chinese e-commerce firm Pinduoduo posted a quarterly loss that is much wider than expected as it fought bigger rivals with heavy subsidies, driving its shares down by nearly a quarter and wiping almost US$11 billion off...
  • Apple said firms connected to Fortress Investment Group stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US antitrust laws. Photo: Reuters

    Apple, Intel sue SoftBank-owned firm over patent practices

    Nov 21, 2019 12:01pm
    Apple Inc. and Intel Corp. filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp. unit stockpiled patents to hold up tech firms with lawsuits demanding as much as US$5.1 billion, Reuters reports....
  • Negative interest rates often seemed to be aimed mainly at achieving a more competitive exchange rate, which might well have been criticized as a “beggar thy neighbor” policy. Photo: Bloomberg

    What next for unconventional monetary policies?

    - Nov 21, 2019 11:19am
    The Bank for International Settlements (BIS), the central bankers’ club in Basel, Switzerland, recently conducted an in-depth evaluation of the unconventional monetary policies that have become the norm in many countries since the 2008 financial crisis....
  • US and other equities are trending toward new highs, and there is even talk of a potential “melt-up” in equity values. Photo: Reuters

    Why financial markets’ new exuberance is irrational

    - Nov 21, 2019 10:57am
    This past May and August, escalations in the trade and technology conflict between the United States and China rattled stock markets and pushed bond yields to historic lows. But that was then: since then, financial markets...
  • Intel said it has expanded its manufacturing capacity and increased second-half PC chip supply by double digits compared with the first half. Photo: AFP

    Intel says chip supply for personal computers remains tight

    Nov 21, 2019 10:42am
    Intel Corp. said it is increasing its reliance on contract chip manufacturers to ramp up supply of chips used in personal computers as the company struggles with shipment delays amid higher demand, Reuters reports. Supply remains...
  • Huawei could soon see resumed supplies from some US firms after being placed on a trade blacklist earlier this year. Photo: Reuters

    Some suppliers get US approval to restart sales to Huawei

    Nov 21, 2019 9:50am
    The Trump administration on Wednesday gave Huawei its second reprieve this week, allowing some suppliers to restart sales to the Chinese telecoms giant after it was placed on a trade blacklist over national security concerns six...
  • Huawei CFO Meng Wanzhou is currently on bail and living in one of her two multimillion-dollar homes in Vancouver. Photo: Bloomberg

    Huawei asks Canadian court to stay extradition process for CFO

    Nov 21, 2019 9:41am
    Lawyers for Huawei Technologies Co. Ltd. asked a Canadian court to immediately stay proceedings seeking to extradite the company’s chief financial officer Meng Wanzhou to the United States, Reuters reports, citing a company spokesman. Huawei spokesman...
  • United Auto Workers president Gary Jones has been accused of making “false, misleading and inaccurate expense records”. Photo: AFP

    UAW president resigns amid corruption probe

    Nov 21, 2019 9:05am
    United Auto Workers president Gary Jones resigned on Wednesday shortly after the union moved to remove him from office amid a widening corruption probe from US prosecutors, a union source told Reuters. Jones’ lawyer Bruce Maffeo...
  • Apple chief executive Tim Cook accompanies US President Donald Trump and other officials on a tour of the company's Mac Pro manufacturing plant in Austin, Texas, on Wednesday. Photo: Reuters

    Trump considering exempting Apple from China tariffs

    Nov 21, 2019 8:31am
    US President Donald Trump said he is considering whether to exempt the US company from tariffs on imports from China, Reuters reports. “We’re looking at that,” Trump said on Wednesday in answer to a reporter’s question...
  • A US-China trade deal is still elusive, and negotiations may be getting more complicated, experts say. Photo: Xinhua

    ‘Phase one’ of US-China trade deal may not be inked this year

    Nov 21, 2019 8:16am
    Completion of a “phase one” US-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks and the Trump administration counters...
  • Alibaba’s Hong Kong stock is due to start trading next Tuesday. Photo: AFP

    Alibaba to pay banks up to US$32.3 mln in fees for HK listing

    Nov 21, 2019 7:50am
    Alibaba Group Holding Ltd. will pay its investment banking syndicate up to US$32.3 million for leading its Hong Kong listing which will raise up to US$12.9 billion, Reuters reports, citing documents filed with US securities regulators....
  • The Federal Reserve's 17 policymakers agreed that pushing borrowing costs below zero “did not appear to be an attractive monetary policy tool in the United States”. Photo: Bloomberg

    Fed shows little appetite for bold policy change sought by Trump

    Nov 21, 2019 7:34am
    As US Federal Reserve officials hone their monetary policy playbook in preparation for the next economic downturn, it appears they will eschew more controversial approaches tried by other global central banks, including one that President Donald...
  • A file picture shows some industrial buildings in Ngau Tau Kok. Hong Kong needs to revive its manufacturing sector, but with select high-end segments, the author says. Photo: HKEJ

    HK needs to bring back manufacturing, albeit high-end

    - Nov 20, 2019 6:57pm
    Hit by months-long social unrest and the Sino-US trade war, Hong Kong’s economy has entered a technical recession and the prospects going forward appear anything but promising. The government has launched a series of relief and...
  • Apple Daily’s paid subscription service for digital content has surpassed expectations in terms of reader response, its parent company says. Photo: Bloomberg

    Next Digital’s loss widens but new strategy shows promise

    - Nov 20, 2019 1:48pm
    Next Digital, which publishes the pro-democracy newspaper Apple Daily, is among the Hong Kong media entities that have confronted challenges as well as opportunities amid the months-long anti-government protests in the city. Standing at the forefront...