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☆ Baidu says its ChatGPT-like Ernie bot exceeds 200 million users
▼ + stars: | 2024-04-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. Florence Lo | ReutersSHENZHEN — Baidu CEO Robin Li said Tuesday the company's ChatGPT-like Ernie bot has exceeded 200 million users. Li, who is also co-founder and chairman of Baidu, was delivering an opening speech titled "Everyone is a Developer" at Baidu's AI Create conference. Smartphone companies Samsung and Honor have integrated Ernie's AI capabilities with certain mobile devices. Li said in February that Baidu's AI chip reserve "enables us to continue enhancing Ernie for the next one or two years."

Persons: Florence Lo, Robin Li, Ernie, Li, Joe Tsai Organizations: Baidu, Reuters SHENZHEN, Samsung, Norges Bank Investment Management Locations: Beijing, China

☆ Tesla's stock wraps up one of its worst quarters on record as global dominance wanes
▼ + stars: | 2024-03-29 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +11 min

Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. Tesla's Model 3 is about $4,000 more than that. Aging lineup, early days for Cybertruck While EV sales are still gaining popularity worldwide, the growth rate has slowed. In a push for end-of-quarter sales, Musk recently mandated that all sales and service staff install and demo FSD for customers before they hand over their cars. Despite its name, Tesla's premium option requires a human driver at the wheel, ready to steer or brake at any moment.

Persons: Florence Lo, Tesla, Troy Teslike, Tesla's, China's BYD, BYD, Lei Jun, Emmanuel Rosner, Rosner, Elon Musk, Krisztian Bocsi, Rohan Patel, Musk, Sandy Munro, Forbes, Larry Magid, Donald Trump, He's, he's, Investor Ross Gerber, who've, Brad Gerstner, Gerstner, FSD Organizations: Reuters, FactSet, Independent, Qin, Tesla's, China Passenger Car Association, Bloomberg, Deutsche Bank, Tesla, Volvo, Elon, Tesla Inc, Getty, IF Metall, IF Metall's, IF, Pew Research, Gallup, Investor, CNBC, Bears, S3 Partners, U.S Locations: Beijing, China, China In China, Shanghai, Europe, Red Sea, Iran, Gruenheide, Germany, Brandenburg, Berlin, Swedish, Sweden, U.S, Austin , Texas, San Jose , California, Fremont , California, Florida, Haiti, Texas, Delaware

☆ Apple spent 10 years trying to launch a car. China's Xiaomi just did it in 3.
▼ + stars: | 2024-03-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Xiaomi CEO Lei Jun. Advertisement"As we approach the 3rd anniversary of our EV-manufacturing journey, 'Fight for Xiaomi EV' continues to fuel me and the team. Like Apple, Xiaomi is best known for selling smartphones. So it's worth asking how Xiaomi has managed to do what Apple spent the best part of a decade trying to do. Xiaomi CEO Lei Jun unveils the SU7, the company's first electric car.

Persons: —, Lei Jun, ChinaFotoPress, Lei, Xiaomi, Apple, BYD, Tim Cook Organizations: Service, Apple, Business, EV, Counterpoint Research, Bloomberg, Beijing Automotive Group, BAIC, FLORENCE LO, REUTERS Locations: China, Beijing, Arizona, FLORENCE, Cupertino

☆ China may be making more advanced chips despite U.S. sanctions — but it still faces big problems
▼ + stars: | 2024-02-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

In this article 981-HK Follow your favorite stocks CREATE FREE ACCOUNTA Chinese flag next to a printed circuit board with semiconductor chips. Florence Lo | ReutersChina's biggest chipmaker SMIC seems to have been manufacturing advanced chips in the last few months — defying U.S. sanctions designed to slow down Beijing's progress. But last week, the Financial Times reported that SMIC is setting up new production lines to make 5 nanometer chips for Huawei. So when the Huawei Mate 60 came out last year with a 7 nanometer chip, that raised a lot of eyebrows. One expert told CNBC at the time that SMIC is likely using older chipmaking tools to make more advanced chips.

Persons: Lo, SMIC, Paul Triolo, Albright Stonebridge Organizations: HK, Reuters China's, Huawei, Semiconductor Manufacturing, Co, Financial Times, China's, CNBC Locations: U.S

☆ Evergrande liquidation: Here’s what may happen next
▼ + stars: | 2024-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

But there is still little clarity over how the liquidation of Evergrande will unfold. That’s because the legal systems of Hong Kong and China remain distinct, despite Beijing’s growing control over the former British colony in recent years. No Chinese company as huge as Evergrande — which was once China’s second largest developer— has been wound up by a Hong Kong court. Hui Ka Yan, chairman of property developer China Evergrande. Since then, Evergrande has been building and selling apartments in mainland China, even though it has been unable to repay its debts.

Persons: Alvarez, Marsal, —, ”, John Bringardner, Hong, Hui Ka Yan, Xu Jiayin, Hui, Xiao En, Bobby Yip, Xiao, Evergrande, Florence Lo, homebuyers, Will, Andy Wong, Diana Choyleva, Xiao Yuanqi, ” Bringardner, ” Choyleva, Choyleva, “ Evergrande Organizations: Hong Kong CNN, Shimao, Kaisa Holdings, Group, “, Real, Century Business Herald, China Index Academy, Enodo, Communist Party, China’s, Financial Regulatory Administration, Getty, People’s Bank of China, Finance Ministry, Evergrande, Marsal Locations: Hong Kong, United States, China, British, New York, China . Hong Kong, Shenzhen —, Asia, Florence, Beijing, Real, Hainan

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

The U.S. Court of Appeals for the Federal Circuit reversed the jury's 2021 verdict that Intel infringed one VLSI patent, and sent the case back to Texas for a new trial to determine how much Intel owes for infringing a second VLSI patent. A Waco, Texas jury awarded VLSI $2.18 billion in the first trial from the dispute. The jury found that technology in Intel microprocessors infringed patents that VLSI had acquired from Dutch chipmaker NXP Semiconductors (NXPI.O). Intel defeated VLSI's bid for more than $3 billion in damages in another Waco jury trial later in 2021. A separate jury in Austin, Texas said that VLSI was entitled to nearly $949 million from Intel in a third patent case last year.

Persons: Florence, VLSI's, Blake Brittain, David Bario, Chizu Nomiyama, Sharon Singleton Organizations: Intel, China International, Chain, REUTERS, Monday, Technology, Intel Corp, U.S, Appeals, Federal Circuit, Fortress Investment, Thomson Locations: Beijing, China, Texas, Waco , Texas, Waco, Austin , Texas, Delaware, Northern California, Washington

☆ Executives go missing in China—this time linked to troubled shadow bank Zhongzhi
▼ + stars: | 2023-12-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Two Chinese business executives at companies controlled by the embattled financial conglomerate Zhongzhi have gone missing, according to statements by their respective firms. The development comes just days after Chinese authorities launched a criminal investigation into the troubled shadow bank, one of China’s largest. Both companies are controlled by Zhongzhi’s investment units, and the missing executives have been connected with the conglomerate for years. The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing. Zhongzhi’s trust banking unit has invested about a tenth of its money in real estate.

Persons: Zhongzhi, Ma Hongying, Ma Changshui, Florence Lo, Xie Zhikun, —, ”, Xie, Xi Jinping Organizations: Hong Kong CNN, Gym Education Technology, Shenzhen Stock Exchange, International Trust, Zhongzhi Enterprise Group, Beijing, Business Locations: Hong Kong, Dalian, Xinjiang, Beijing, China’s, China

☆ China Evergrande creditors seek controlling stakes in new proposal
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsDec 1 (Reuters) - A group of offshore creditors to China Evergrande Group (3333.HK) is asking for a controlling equity stake of the developer and two of its Hong Kong subsidiaries as part of company's revised debt restructuring proposal, a source familiar with the matter said on Friday. The group, which works as an ad hoc group of Evergrande's offshore creditors, made the request after the developer earlier this week made a new offer to repay their offshore debts, the source said. Evergrande 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. Reporting by Xie Yu in Hong Kong, Gnaneshwar Rajan in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Evergrande, Xie Yu, Gnaneshwar, Stephen Coates Organizations: REUTERS, China Evergrande, Hong Kong, Bloomberg News, Reuters, Thomson Locations: Beijing, China, HK, Hong, Hong Kong, Gnaneshwar Rajan, Bengaluru

[1/6] Chinese Premier Li Qiang speaks at the opening ceremony of the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. "We are willing to build closer production and industrial supply chain partnerships with all countries," Li told the first China International Supply Chain Expo (CISCE), adding that the international community needs to be "more wary of the challenges and risks brought about by protectionism and uncontrolled globalisation." The expo, organised by the state-run China Council for the Promotion of International Trade (CCPIT), is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Despite this decrease, China remains an attractive option: a survey conducted by HSBC bank at the China International Import Expo (CIIE) earlier this month showed 45% of firms expect to expand their supply chain in China over the next year. Zhang Shaogang, a CCPIT official who was part of the Chinese delegation at the APEC summit, said last week that 20% of the foreign firms exhibiting at the supply chain expo were U.S.-based, and included Amazon (AMZN.O), Apple (AAPL.O), Tesla (TSLA.O), and Intel (INTC.O).

Persons: Li Qiang, Florence Lo, Premier Li Qiang, Li, Dan Marks, Xi Jinping, Joe Biden, Zhang Shaogang, Zhang, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China International, Chain, REUTERS, Premier, European Union, China Council, Promotion of International Trade, HSBC, China, Royal United Services, Economic Cooperation, APEC, Apple, Intel, Thomson Locations: Beijing, China, EU, BEIJING, United States, Ukraine, Taiwan, India, Mexico, Vietnam, U.S, Asia

The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Chinese payments group Alipay plans to sell its 3.4% stake in Indian food delivery giant Zomato (ZOMT.NS) for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal's term sheet. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. In October, Japan's SoftBank (9984.T) sold a 1.1% stake in Zomato, which is India's biggest food delivery service. In August, China's Antfin sold a 10.3% stake in Indian financial giant Paytm (PAYT.NS).

Persons: Florence Lo, Morgan Stanley, Alipay, Japan's SoftBank, China's Antfin, Sriram, Aditya Kalra, Susan Fenton Organizations: REUTERS, Rights, Ant Group, Reuters, Bank of America, Tech, Thomson Locations: Rights MUMBAI, Zomato

☆ China says against supply chain decoupling, wants closer ties with all
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

[1/6] Chinese Premier Li Qiang speaks at the opening ceremony of the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo Acquire Licensing RightsBEIJING, Nov 28 (Reuters) - China opposes the cutting of supply chains and is willing to build closer ties with all, Premier Li Qiang said on Tuesday, as a growing number of countries voice concerns at the dependence of their supply chains on China. Speaking at China's first ever China International Supply Chain Expo (CISCE), Li said that China will continue to create an international and rule of law-based business environment. The expo, organised by the state-run China Council for the Promotion of International Trade, is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Reporting by Eduardo Baptista and Joe Cash; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Florence Lo, Li, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China International, Chain, REUTERS, Rights, China, China Council, Promotion of International Trade, European Union, Thomson Locations: Beijing, China, Rights BEIJING, United States, Ukraine, Taiwan, India, Mexico, Vietnam

☆ Japan business lobby to discuss negative impact of weak yen -Yomiuri
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/ File Photo Acquire Licensing RightsTOKYO, Nov 28 (Reuters) - Japan's top business lobby Keidanren will discuss at next month's executive meeting the potential negative impact of the yen's weakness on the economy, the Yomiuri newspaper reported on Tuesday. Keidanren, which is comprised of major companies including big automakers and electronics firms, traditionally favoured a weak yen and have called on the government to stave off sharp yen rises that make Japan's exports less competitive overseas. Any discussion on the demerits of a weak yen by Keidanren would highlight a shift in how Japan's business sector views the currency's movement and its impact on the economy. The shift in Keidanren's stance could heighten calls by the business sector for the Bank of Japan to end ultra-low interest rates that have been blamed for accelerating the yen's decline, the newspaper said.

Persons: Florence Lo, Keidanren, Leika Kihara, Christopher Cushing Organizations: REUTERS, Rights, Yomiuri, Bank of Japan, Reuters, Thomson

☆ Exclusive: Beijing bourse tells 'major shareholders' to refrain from selling, sources say
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. A "major shareholder" is one with a stake of 5% or more and is required to make a public filing with the relevant stock exchange before selling shares, according to rules for China's bourses. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The Beijing exchange and the China Securities Regulatory Commission did not immediately reply to requests for comment. The Beijing bourse currently houses 232 listed companies with a combined market capitalisation of 366 billion yuan ($50 billion).

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing bourse, Shanghai bourse, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai, Shenzhen

☆ Exclusive: Beijing stock exchange tells 'major shareholders' to refrain from selling -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI/BEIJING Nov 27 (Reuters) - The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a market rally, three people familiar with the matter said. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The so-called window guidance - where directions are made orally without written documents - could help sustain the upward momentum for the Beijing Stock Exchange 50 Index (.CSI899050). Reporting by Beijing and Shanghai newsroom; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing Stock, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai

☆ China police launch probe into troubled financial conglomerate Zhongzhi
▼ + stars: | 2023-11-27 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Beijing police has launched a probe into the wealth management unit of Zhongzhi Enterprise Group, the authorities said over the weekend. Xie Zhikun, the founder of the group, died of a heart attack in December 2021, but his nephews hold key posts in the group, according to Chinese state media. Under China’s Criminal Procedural Law, “criminal mandatory measures” can mean anything from bail pending trial or house arrest to detention or arrest. The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing, China August 22, 2023. A major reason behind the company’s financial woes is its strong links with China’s real estate sector.

Persons: Zhongzhi, Xie, Xie Zhikun, Florence Lo, ” Zhongzhi Organizations: Hong Kong CNN, Beijing, Zhongzhi Enterprise Group, International Trust, Reuters, CNN, Trust Locations: Hong Kong, Beijing, China, China’s

☆ Beijing police launch investigation into troubled wealth manager Zhongzhi
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +2 min

The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing, China August 22, 2023. REUTERS/Florence Lo Acquire Licensing RightsSHANGHAI, Nov 25 (Reuters) - Beijing police are investigating suspected crimes committed by Zhongzhi Enterprise Group, a leading Chinese wealth manager, according to a social media post published by the Chaoyang Public Security Bureau on Saturday. Zhongzhi did not immediately reply to an email request for comment after normal business hours on Saturday. Zhongzhi apologised to its investors in a letter issued on Wednesday that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion), compared to estimated total assets of 200 billion yuan. The post did not specify what crimes Zhongzhi or the individuals were suspected of having committed.

Persons: Florence Lo, Zhongzhi, Casey Hall, Mark Potter Organizations: International Trust, Zhongzhi Enterprise Group, REUTERS, Rights, Chaoyang Public Security, Thomson Locations: Beijing, China, China's

The logo of Alibaba's e-commerce apps Taobao and Tmall are displayed on mobile phones, in this illustration picture taken October 27, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Nov 24 (Reuters) - Alibaba's online shopping platforms Taobao and Tmall cancelled its annual Dec. 12 shopping festival and will instead host another shopping festival called 'year-end good price' in December, according to notices on the platforms' websites on Friday. The dates of the new festival were not included in the notice, which was posted in a help section for platform merchants, and Alibaba did not immediately respond to a request for comment on the change. The 12.12 shopping festival, held annually on Dec. 12 since 2012, was the less-celebrated sister of November's Singles Day sales festival, which traditionally fell on Nov. 11 but has in recent years ballooned into a multi-week event beginning in late October. Reporting by Albee Zhang and Brenda Goh; Editing by Muralikumar Anantharaman and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Tmall, Alibaba, Albee Zhang, Brenda Goh, Muralikumar Anantharaman, Edmund Klamann Organizations: REUTERS, Rights, Thomson Locations: Rights BEIJING

[1/6] A man sings for customers touring the Erhai lake on a sightseeing bus, in Dali, Yunnan province, China November 10, 2023. Many are former city-dwellers in search of an elusive prize in authoritarian China: Space for open discussion and exchange of ideas. POLICE OVERSIGHTThe local government has sought to attract young tech talent and in September asked digital nomads for input on policies, two community organisers told Reuters. Many digital nomads who use co-working spaces are involved with technologies like blockchain, according to organisers, which they say has drawn scrutiny from local authorities. Since digital nomads, unlike university students, "are not subject to structured discipline, they are harder to manage", she said.

Persons: Florence Lo, DALI, Trump, Xi Jinping, Minhua Ling, Dali, Xi's, Bai Yunxi, Xi, Bai, Chen Zhengyun, Chen, Ling, Laurie Chen, Katerina Ang Organizations: REUTERS, Geneva Graduate Institute, Reuters, Communist Party, Thomson Locations: Dali, Yunnan province, China, China's, Israel, Gaza, Yunnan, Beijing

☆ Indian foodtechs Zomato, Swiggy get notice for $90 mln in unpaid taxes -CNBC TV18
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBENGALURU, Nov 22 (Reuters) - India's top organization for indirect taxes has issued notices on unpaid taxes worth about 7.5 billion rupees ($90 million) to food delivery companies Zomato (ZOMT.NS) and Swiggy, CNBC-TV18 reported on Wednesday, citing sources. The Directorate General of GST Intelligence (DGGI) has sent a tax demand of more than 4 billion rupees to Zomato and of around 3.5 billion rupees to Swiggy, the report said. Zomato declined to comment, while Swiggy and the DGGI did not immediately respond to Reuters' requests for comment. ($1 = 83.2440 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Zomato, Varun Vyas, Savio D'Souza Organizations: REUTERS, Rights, CNBC, TV18, GST Intelligence, Thomson Locations: Bengaluru

☆ Japan's Resonac to open chip packaging R&D centre in US
▼ + stars: | 2023-11-22 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Nov 22 (Reuters) - Japanese chip materials maker Resonac (4004.T) said on Wednesday it will set up a research and development centre for advanced semiconductor packaging and materials in Silicon Valley. The packaging stage of production is increasingly being seen as critical for driving advances in chip technology, with the U.S. this week kicking off a $3 billion programme to boost its packaging capabilities. Resonac, formerly Showa Denko, is a leading manufacturer of materials for packaging such as films and plans to begin operations at its new centre in 2025. Japanese chip sector firms are seeking deeper ties with the U.S. with foundry venture Rapidus planning to open a sales office there by the end of the current financial year.

Persons: Florence Lo, Sam Nussey, Christopher Cushing Organizations: REUTERS, Rights, U.S, Thomson Locations: Silicon Valley

China, the world's second-largest economy, is already a major investor in South America and has offered tariff-free access to its huge consumer market to four countries. But Uruguay faces opposition from other members of the Mercosur bloc who want to settle an FTA with Europe instead. By comparison, other major beef exporters Australia and New Zealand, which have FTAs with China, pay tariffs at 3.3% and 0%. The elevation of ties with Uruguay to the level of Brazil and Argentina also pushes the remaining Mercosur member Paraguay further outside China's global trade and investment network. Agriculture-dependent Paraguay, whose main exports include beef and soybeans, is the last South American nation that has ties with democratically governed Taiwan, which China claims as part of its territory, and not with Beijing.

Persons: Xi Jinping, Luis Lacalle Pou, Florence Lo, Lacalle Pou, Xi, Joe Cash, Ryan Woo, Ella Cao, Toby Chopra, Raju Gopalakrishnan, Chizu Nomiyama, Alexander Smith Organizations: Uruguayan, of, People, REUTERS, New Development Bank BEIJING, Mercosur, South, Nations, New Development Bank, China, United, Mercosur CET, National Meat Institute of, China's National Bureau of Statistics, Thomson Locations: Beijing, China, Uruguay, Argentina, Brazil Mercosur, American, Brazil, South America, Chile, Costa Rica, Ecuador, Peru, Europe, Australia, New Zealand, Shanghai, United States, MERCOSUR Uruguay, Brussels, Montevideo, Mercosur, National Meat Institute of Uruguay, Paraguay, Taiwan

☆ Cyberattack on ICBC's US unit to not have material impact on parent bank - Fitch
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsNov 16 (Reuters) - Ratings agency Fitch on Thursday said the recent cyberattack at ICBC Financial Services will not have a material impact on its Chinese parent, although it highlights growing threats to global payment networks from such incidents. "We do not expect the incident to have any immediate impact on the parent bank's viability rating, nor will the bank's issuer default rating change as it remains driven by our expectation of support from the Chinese sovereign," the ratings firm said. The U.S. unit primarily engages in providing global clearing, execution and financing services to institutional clients. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Fitch, Manya Saini, Anil D'Silva Organizations: Industrial, Commercial Bank of China, REUTERS, ICBC Financial, Commercial Bank of China Ltd, Thomson Locations: Beijing, China, U.S, Bengaluru

☆ ByteDance testing content paywall on TikTok's sister app Douyin -source
▼ + stars: | 2023-11-16 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The Chinese internet giant has recently started to allow some content creators with more than 100,000 followers to put part of their videos behind a paywall on Douyin, TikTok's sister app in China, the person said, declining to be named as the feature was still undergoing testing. The paywall is the latest in a long list of features ByteDance has implemented to monetize its Douyin app, which now has more than 800 million users. Local media outlet Sina showed screenshots of a notification window on Douyin informing content creators that ByteDance is entitled to 30% of their earnings as commission. Content creators get to set their own prices for their videos without ByteDance interference, according to Sina. Another Chinese media Jiupai News reported that some content creators have started to charge 12 yuan ($1.6) for a 44-minute long video on the platform.

Persons: Florence Lo, ByteDance, Bytedance, Douyin, Josh Ye, Miral Organizations: REUTERS, Jiupai, Reuters, Thomson Locations: HONG KONG, China, Douyin, Sina

☆ China's Moore Threads valued at $3.4 bln in funding before U.S. curbs - sources
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The month before Moore Threads had raised roughly 1 billion yuan in a so-called "series B+" round, one of the sources said. Investors priced Moore at 24 billion yuan prior to the capital raise, and around 24.8 billion yuan after the injection of new capital, said the other source, who had been briefed about the fundraising progress in September. On Tuesday, updates to Moore Threads' company registration data on third-party database Qichacha showed it added new shareholders including a fund called Houxue Qingxin and venture investment firm Chenan Zhizhi alongside an increase in its registered capital. It was widely considered one of China's most prominent efforts to develop products capable of competing with those from market-dominating Nvidia. ($1 = 7.2482 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Moore, Chenan, ByteDance, Jan Harvey Organizations: REUTERS, Rights, U.S, Taiwan Semiconductor Manufacturing, Reuters, Nvidia, AMD, China Mobile, Sequoia Capital, Beijing, Thomson Locations: China, Rights BEIJING, U.S, Sequoia Capital China

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