DIRS.INFO The most relevant business & tech news

☆ 8 things you need to know about EV startup founder William Li — known as China's version of Elon Musk
▼ + stars: | 2024-03-30 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +6 min

The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li. William Li, also known as Bin Li, has been dubbed the "Elon Musk of China" for his push to develop self-driving EVs and his loyal fan base. He co-founded his first major company in his mid-twentiesBitauto, a car comparison website, was co-founded by Li in 2000. AdvertisementAnyone who purchases a Nio car can access "Nio Houses" equipped with meeting rooms, lounges, baristas, and supervised kids' play areas. To Li's dismay, Nio cars are not yet available for sale in the USLi has expressed dissatisfaction with the US tariffs on Chinese-made EVs.

Persons: William Li, Li, —, Bin Li, Elon, EVs, he's, Tesla, Zoey Zhang Li, Nio, Li livestreamed, HECTOR RETAMAL, ET7, ALY, Elon Musk Organizations: Service, REUTERS, Peking University, New York Stock Exchange, NYSE, CNBC, Reuters Locations: China, Shanghai, Anhui, Nio, Europe, Xiamen, Mexico

☆ New AI and 5G advancements will usher in the era of edge computing on smartphones, autonomous cars, and more
▼ + stars: | 2024-03-11 | by ( Hugh Langley | ) www.businessinsider.com time to read: +5 min

The AI boom is breathing life into edge computing, which moves data processing away from the cloud. Artificial intelligence is driving us into the era of edge computing — two words you should expect to hear more in the coming months and years. Now they're expanding to edge computing, which refers to moving more of the computation closer to the user (the "edge" of the network). Amazon had eyed edge computing as a billion-dollar business, Business Insider previously reported. Jillian Kaplan, the head of global 5G at Dell, said during an MWC panel that edge computing will be a "huge energy saver."

Persons: —, Jim Poole, Poole, Aly Song, MediaTek, Tom Butler, I'm, Jillian Kaplan, Kaplan Organizations: Service, Tech, 5G, Business, Mobile, Congress, MWC, China, Lenovo, Google, Dell Locations: Barcelona, Equinix, Shanghai

☆ China calls on foreign businesses to share their problems as investment slumps
▼ + stars: | 2024-03-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

While the Commerce Ministry meeting did not reveal much new progress on the 24 measures to support foreign business that were announced last summer, attendees said they were able to share specific challenges about doing business in China. The ministry said representatives from more than 60 foreign businesses and 9 associations attended Wednesday's roundtable. Foreign direct investment into China has fallen to its lowest level in three years, according to official data, amid geopolitical tensions and slowing growth in the country. Hart said that it's hard for companies not yet in China to complete due diligence and approve new investments. Biden, who faces re-election this fall, has emphasized the need to compete with China while finding areas of cooperation.

Persons: Aly Song, MofCom, Jens Eskelund, Eskelund, Michael Hart, Hart, Joe Biden, Xi Jinping, Biden Organizations: Chinese Communist Party, Reuters, Reuters BEIJING — China's Ministry of Commerce, Commerce Ministry, EU Chamber of Commerce, Cyberspace Administration of, China's Ministry of Commerce, American Chamber of Commerce, U.S, U.S . Transportation Department Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Beijing, Cyberspace Administration of China, San Francisco

☆ U.S. companies say it's harder to make money in China now than before the pandemic
▼ + stars: | 2024-02-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Aly Song | ReutersBEIJING — More U.S. companies are finding it harder to make money in China than before the pandemic, raising concerns that businesses may not stay long. "It is concerning when our member companies are not profitable," Michael Hart, AmCham China president, told reporters Thursday. It found that by far, the main reason for respondents to increase investment in China was to remain competitive there. Asked Thursday about those efforts, AmCham China Chair Sean Stein noted the measures incorporate suggestions from foreign business chambers in China, but AmCham would like Beijing "to make more tangible progress." Rising U.S.-China tensions were the top concern for members for a fourth-straight year, the AmCham survey found.

Persons: Aly Song, Michael Hart, Michael Hart AmCham, Hart, Wang Wentao, Sean Stein, Stein, AmCham Organizations: Bund, Reuters, Reuters BEIJING —, American Chamber of Commerce, of Commerce, German Chamber of Commerce, Commerce, U.S Locations: Shanghai, China, Reuters BEIJING, U.S, Beijing, Michael Hart AmCham China

☆ U.S. and China are working to make the business environment less volatile, Beijing says
▼ + stars: | 2024-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Aly Song | ReutersBEIJING — China and the U.S. are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday. U.S. and other foreign businesses in China have long complained of challenges to doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. The move was widely seen as an improvement for foreign businesses, but no official policy has yet followed. When asked Friday for an update on data rules, Wang only said the "primary ministry is stepping up efforts to release them." When Raimondo visited China last year, she called for more action to improve predictability for U.S. businesses in China.

Persons: Aly Song, Wang Wentao, Gina Raimondo's, Wang, Raimondo, Biden Organizations: Chinese Communist Party, Reuters, Commerce, CNBC, Cyberspace Administration of China, CAC, of Commerce Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Washington, France

☆ 5 huge challenges facing Apple this year
▼ + stars: | 2024-01-25 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +9 min

Behind in generative AI. A recent Reuters report noted iPhone sales in China dropped 30% in the first week of the year amid pressure from rival Huawei. Still, Barclays downgraded Apple stock earlier this month citing disappointing iPhone 15 sales in China and softening demand for the latest iPhone. Apple also faces challenges around the upcoming rollout of the Vision Pro headset, which will be its riskiest product launch in years. Tim Cook, chief executive officer of Apple Inc., speaks during a launch event for the new Apple iPhone 15 at Apple Park in Cupertino, California, on September 12, 2023.

Persons: ”, David McQueen, ALY, Dan Ives, Apple, Justin Sullivan, Jitesh, IDC –, that’s, It’s, Siri, McQueen, “, Ming Yeung, Tim Cook, Nic Coury, hasn’t, Brian Fung, Clare Duffy Organizations: CNN, Microsoft, Apple, ABI Research, Huawei, Reuters, Apple Watch, International Trade Commission, IDC, Meta, Google, Samsung, Mac, Barclays, Apple Inc, Getty, EU, Markets, Epic Locations: China, Shanghai, Cupertino , California, Milan, Italy, AFP

☆ China's annual exports drop for the first time in seven years
▼ + stars: | 2024-01-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Aly Song | ReutersBEIJING — China's annual exports fell for the first time in seven years in 2023, even as shipments in December beat expectations, customs data showed Friday. But for 2023, exports fell 4.6%, the first such annual drop since a 7.7% decline in 2016, according to Wind Information. By country, the U.S. remained China's largest trading partner. Russia was a rare bright spot, with China's exports to the country climbing nearly 47% in 2023, and imports rising almost 13%. China's exports in most product categories fell in 2023, with machinery, boats and home appliances among the few exceptions.

Persons: Aly Song, Caixin, Larry Hu, Zhiwei Zhang Organizations: Reuters, Information, of Southeast, Nations, European Union, U.S ., China, National Bureau, Statistics Locations: Yangshan, Shanghai, China, Reuters BEIJING, U.S, Russia

☆ Tesla reported 485,000 deliveries for the fourth quarter, bringing 2023 total to 1.8 million
▼ + stars: | 2024-01-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Here are the key numbers: Total deliveries Q4 2023: 484,507Total production Q4 2023: 494,989Total annual deliveries 2023: 1,808,581Total annual production 2023: 1,845,985 In 2022, the Elon Musk-led automaker reported annual deliveries of 1.31 million and production of 1.37 million electric vehicles. In its last earnings call in October 2023, Tesla execs offered guidance that the company would notch at least 1.8 million deliveries for the full year, a number they had revised down from a 2 million goal earlier. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. Tesla does not break out delivery and production numbers by individual model but reported combined numbers of: Tesla produced 476,777 Model 3 and Model Y vehicles during the quarter and reported 461,538 deliveries for these models. In the last quarter of 2023, Tesla sold its refreshed, or Highland, version of the entry-level Model 3 sedan in some markets.

Persons: Tesla, StreetAccount, Aly Song, Musk Organizations: Elon, Analysts, Tesla Locations: Tesla China, Shanghai, China, U.S

☆ New supplier and Wall Street numbers show why Apple stock is back near a record
▼ + stars: | 2023-12-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

New data from a major Apple supplier and Wall Street analysts pushed back against bearish calls around softening demand for the tech giant's devices and services. Bank of America analysts, meanwhile, said Tuesday that Apple's App Store revenue continued to increase last month. App Store sales in China rose 8% year-over-year in November, according to BofA, after experiencing 10% year-over-year growth in October. Overall, BofA said App Store revenue surged 11.3% year-over-year in Apple's fiscal 2024 first quarter to date, or about 61 days in. A man check his phone near an Apple logo outside its store in Shanghai, China September 13, 2023.

Persons: bearish, Foxconn, Apple's, Jim Cramer, Jim, That's, BofA, we've, Jim Cramer's, Aly Song Organizations: Wall Street, Apple . Bank of America, Apple, Wall, Bank of America, U.S, CNBC Locations: China, BofA, Beijing, Apple's, India, Shanghai

☆ Anhui Jianghuai Automobile says Nio unit, state-owned firm win bid for assets
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.

Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing

[1/4] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.

Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Guangzhou-based Evergrande, which defaulted on its offshore debt in late 2021, did not respond to a request for comment. Chinese authorities have announced a string of measures to revive the sector destabilised by the debt woes of giants like Evergrande and Country Garden (2007.HK). Reporting by Clare Jim and Xie Yu in Hong Kong, Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Alvarez, Marsal, Clare Jim, Xie Yu, Scott Murdoch, Sumeet Chatterjee, William Mallard Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong, Court, Reuters, Hong, Evergrande, Services, New Energy Vehicle Group, Marsal, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, China's, Guangzhou, Evergrande, Sydney

☆ Disney CEO Iger promises 2026 exit, says ABC not for sale
▼ + stars: | 2023-11-29 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

Disney's Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai, China, June 15, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsLOS ANGELES, Nov 29 (Reuters) - Walt Disney (DIS.N) Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale. Iger returned to Disney as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek. Disney's ABC unit is not up for sale, Iger said as the company deals with a decline in linear television because viewers are shifting toward streaming. Iger had said earlier this year that networks such as ABC may not be "core" to Disney going forward.

Persons: Bob Iger, Aly, Walt Disney, Iger, Bob Chapek, Zaheer Kachwala, Lisa Richwine, Maju Samuel, Cynthia Osterman Organizations: Shanghai Disney Resort, REUTERS, ABC, New York Times Dealbook Conference, Shanghai, Disney, New York Stock Exchange, Thomson Locations: Shanghai, China, Bengaluru, Los Angeles

☆ Micron sees first-quarter operating expenses above forecast, shares fall
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Micron Technology (MU.O) expects first-quarter operating expenses to be higher than its prior estimates, sending the memory chipmaker's shares down 3%, even as the company projected revenue to trend towards the upper-limit of its forecast. The company on Tuesday estimated adjusted operating expenses of about $990 million in the quarter ending Nov. 30, higher that its prior expectation of $900 million, plus or minus $15 million. The higher expenses are driven by the timing of R&D costs as well as asset sales, CEO Sanjay Mehrotra said at the UBS Global Technology Conference on Tuesday. Micron said it now expects revenue to approach $4.7 billion, compared with its previous estimate of $4.4 billion, plus or minus $200 million. It previously forecast loss of $1.07 per share, plus or minus 7 cents.

Persons: Aly, Sanjay Mehrotra, Matthew Bryson, Chavi Mehta, Krishna Chandra Eluri Organizations: Micron, REUTERS, Micron Technology, UBS Global Technology Conference, Wedbush Securities, Samsung Electronics, Thomson Locations: Shanghai, China, Bengaluru

☆ China's Meituan launches $1 bln share buyback program
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Wang Xing, CEO of Meituan-Dianping attends at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. Meituan CEO Wang Xing had said on Tuesday that the board had authorised a share buyback of up to $1 billion but it would depend on the company's cash position due to plans to invest in new initiatives and explore overseas investments. "The Board believes that the current financial resources of the company would enable it to implement the share repurchase while maintaining a solid financial position," Meituan said in an exchange filing on Wednesday. The share repurchase will start from Dec. 1. Meituan, China's largest food delivery provider ahead of Alibaba's Ele.me, on Tuesday flagged expectations around fourth-quarter revenue growth for its core food delivery business to slow versus the preceding quarter.

Persons: Wang Xing, Dianping, Aly, Meituan, Alibaba's, Rishav Chatterjee, Maju Samuel Organizations: World Internet Conference, REUTERS, HK, Thomson Locations: Wuzhen, Zhejiang province, China, Bengaluru

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

REUTERS/Aly Song/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - M&G Real Estate (MNG.L) forecasts it is "a matter of time" before global property markets face greater volumes of forced selling, with banks increasingly reluctant to refinance troubled or lower quality assets at current interest rates. "We are in a new period of real estate investment that will require a new mindset," he told Reuters before the publication of the firm's Global Real Estate Outlook on Tuesday. Nearly 40% of outstanding British commercial real estate loans are due to mature in 2024 and 2025, where average real estate values have fallen by over 20% since mid-2022, the report said, citing data from Bayes Business School. "Real estate debt is becoming an increasingly attractive investment proposition," Pellicer said. U.S. office-based working is at only 50% of pre-pandemic levels, the report cited real estate services firm JLL (JLL.N) as estimating, while numbers in Europe have recovered to 75%.

Persons: Aly, Jose Pellicer, Pellicer, G, Carolyn Cohn, Sinead Cruise, Alexander Smith Organizations: REUTERS, G, Reuters, Bayes Business, Thomson Locations: Shanghai, China, Germany, Sweden, Europe, United States, Asia

☆ ByteDance to wind down Nuverse in full retreat from gaming -sources
▼ + stars: | 2023-11-27 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The ByteDance logo is seen at the company's office building in Shanghai, China, July 4, 2023. The Chinese technology firm has no plan to return to the $185 billion global video games market, said the people, who declined to be identified as the information is not public. Casual gaming brand Ohayoo, whose games feature on Douyin - TikTok's sister app in China - will not be affected, neither will casual games that run on TikTok, one of the people said. ByteDance's 2019 creation of Nuverse was widely seen as a major push into global gaming and a strategic element of its competition with domestic rival Tencent Holdings (0700.HK), the world's biggest gaming company. Nuverse came into focus again in 2021 when ByteDance formalised its status as one of its six business units under a broader structural overhaul.

Persons: Aly, Will, ByteDance, Pico, Nuverse, Josh Ye, Brenda Goh, Christopher Cushing Organizations: REUTERS, Reuters, Moonton Technology, Tencent Holdings, HK, C4games, Thomson Locations: Shanghai, China, HONG KONG

☆ Jack Ma: Alibaba founder’s ‘Ma’s Kitchen’ is betting on the food business in China
▼ + stars: | 2023-11-27 | by ( Michelle Toh | Eric Cheung | ) edition.cnn.com time to read: +3 min

“Ma’s Kitchen” has registered capital of 10 million yuan ($1.4 million), the system showed. 22 Arts and Culture, of which Jack Ma has 99.9% ownership, according to Qichacha, a corporate data provider in China. The new firm has not publicly provided details on its business model, or what kind of food it will sell. The Jack Ma Foundation did not immediately respond to a request for comment on Monday. Jack Ma seen in Shanghai in 2018.

Persons: Taipei CNN —, Jack Ma, ”, Ma’s, Ma, —, Ben Cavender, Aly Song, Cavender Organizations: Taipei CNN, National Enterprise, and Culture, Euromonitor International, China Market Research, CNN, “ Locations: Hong Kong, Taipei, Hangzhou, China, Shanghai

☆ Alibaba's research arm shuts quantum computing lab amid restructuring
▼ + stars: | 2023-11-27 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +1 min

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Nov 27 (Reuters) - Chinese tech giant Alibaba (9988.HK) has cut a quantum computing laboratory and team from its research arm, donating both the lab and related experimental equipment to Zhejiang University, the company said on Monday. A spokesperson for Alibaba's DAMO Academy, Alibaba's in-house research initiative which included the lab, said the academy would continue to focus on technology research with the aim of being a leader in artificial intelligence (AI) research. The source said Zhejiang University would try and recruit the affected employees to work on its own quantum research. DAMO Academy was launched in 2017 by Alibaba Group to research advanced technologies such as AI and machine learning.

Persons: Aly, Eddie Wu, Casey Hall, Miral Organizations: Artificial Intelligence, REUTERS, Rights, HK, Zhejiang University, Alibaba's DAMO Academy, Alibaba's, Reuters, DAMO, Alibaba Group, Thomson Locations: Shanghai, China

☆ China's Didi Global says ride-hailing app had 'systems malfunction'
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A man passes by a car of Chinese ride-hailing service Didi at the Shanghai Hongqiao International Airport in Shanghai, China August 14, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Nov 27 (Reuters) - Didi Global said on Monday its ride-hailing app had experienced a "systems malfunction" after users in multiple cities including Beijing and Shanghai said they were unable to book rides in the evening. The company apologised for the issue on its official Weibo account and said it was urgently trying to fix it. Didi is China's largest ride-hailing company, with its service in the country delivering average daily transactions of 31.3 million in the third quarter. Reporting by Brenda Goh in Shanghai and Ethan Wang in Beijing; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi, Aly, Didi Global, Brenda Goh, Ethan Wang, Jan Harvey Organizations: Shanghai Hongqiao International, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights SHANGHAI, BEIJING, Beijing, Weibo, Zhejiang, Jilin

☆ Volkswagen to launch China-specific entry level electric platform
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +4 min

Volkswagen electric ID car is seen during a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. Chinese new car buyers are younger, tech savvy and like a immersive digital experience from their cars, he added. China was a very “price-sensitive” market and Volkswagen needed to optimise costs, Brandstaetter said. Volkswagen in July struck a deal with Chinese EV maker Xpeng Inc (9868.HK) to boost its EV line up. It has two new models under development as part of that partnership that will target mid-level consumers and be produced on an older generation Xpeng platform.

Persons: Aly, Ralf Brandstaetter, Brandstaetter, “, Luehrmann, Volkswagen's, Zhang Yan, Brenda Goh, Victoria Waldersee, Kim Coghill Organizations: Volkswagen, SAIC Volkswagen, REUTERS, Rights, Volkswagen Group China Technology Company, SAIC, FAW, JAC Motors, Xpeng, HK, Thomson Locations: Shanghai, China, Rights HEFEI, BERLIN, Hefei, BYD, Germany

OPEC and the IEA expect China's oil demand to show growth in 2023 of 7.6% and 12.1%, respectively. OPEC has dismissed fears of that demand growth for oil in China is fading, describing negative sentiment as "overblown" in a recent report. OPEC's forecasts show China accounting for 24.6% of global oil demand growth in the first half of 2024, according to Reuters calculations. Consultancies Wood Mackenzie, Rystad Energy and Energy Aspects respectively forecast China's first-half 2024 oil demand to grow by 3.7%, 4.0% and 4.4% versus the same period in 2023. Energy Aspects expects first-half diesel demand to be flat from a year earlier.

Persons: Aly, Consultancies Wood Mackenzie, Rystad, Lin Ye, Xia, Andrew Hayley, Simon Cameron, Moore Organizations: REUTERS, Rights, of Petroleum, International Energy Agency, OPEC, Rystad Energy, JET, Reuters Graphics Reuters, National Bureau of Statistics, Thomson Locations: Zhuhai, China, Rights BEIJING, OPEC, Russia, Beijing

☆ Evergrande chairman's two luxury mansions seized by creditor - local media
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo/File Photo Acquire Licensing RightsHONG KONG, Nov 22 (Reuters) - Two luxury homes in Hong Kong owned by the chairman of embattled property developer China Evergrande Group (3333.HK), Hui Ka Yan, have been seized by a creditor, local media outlet HK01 reported on Wednesday. Hui owns the two luxury homes in The Peak, which were pledged to Orix Asia Capital Ltd in November 2021 for undisclosed amounts, according to the Land Registry. Another of Hui's homes next to the two mansions was seized by China Construction Bank (Asia) in November last year. ($1 = 7.7949 Hong Kong dollars)Reporting by Xie Yu; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Xie Yu, Sonali Paul Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Orix Asia Capital Ltd, Reuters, China Construction Bank, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Asia

Search resuls for: "Aly Song"

25 mentions found