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☆ Forget Big Tech — stocks like these have the biggest upside potential in a volatile market, investor says
▼ + stars: | 2024-07-31 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

"A big tech stock reckoning and correction is inevitable," the chief investment officer told CNBC's " Street Signs Asia " on Tuesday. Calling the euphoria around Big Tech stocks this year "absurd," he said that such excessive investor sentiment and "overdone" momentum "always ends the same." "The biggest risk for the stock market right now is excessive valuations. Such sectors include health care, consumer staples, utilities, and the midstream part of the energy sector, according to him. "The consumers staples sector is being overlooked right now in the market as investors chase returns in the tech sector," he added.

Persons: David Bahnsen, CNBC's, Bahnsen, Mills Organizations: Big Tech, Electric, Gilead Sciences, Mills . American Electric Power, Food Locations: United States, Biopharmaceutical, Gilead

☆ One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Miu Miu's revenue increased by 93% for the first half of 2024, compared to the same period in 2023. The brand is popular with Gen Z shoppers and young celebrities like Sydney Sweeney. Asia was a significant driver for Prada Group's sales in the first half of 2024. While the rest of the luxury fashion industry seems to be slowing down, Miu Miu was one brand that has not gone out of style. Miu Miu made up 23% of Prada Group's total revenue.

Persons: Miu, Sydney, Miu Miu, — Organizations: Prada, Service, Business Locations: Sydney Sweeney, Asia

☆ 'A growth turnaround beginning': Here's what Wall Street expects from Apple's 3rd-quarter earnings
▼ + stars: | 2024-07-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Artificial intelligence incorporated into Apple products could add another $30 to $40 each share of Apple stock, Wedbush estimated. "We strongly believe June will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter. AdvertisementMorgan Stanley: Big upgrade cycle comingMorgan Stanley's research team reiterated Apple as its "top pick", thanks to a large number of Apple users set to upgrade their devices. "Apple Intelligence is a clear catalyst for a multi-year product upgrade cycle," analysts added in a note. But investors are still waiting for Apple Intelligence to roll out before sentiment improves.

Persons: —, Wedbush, Needham, Morgan Stanley, Morgan Stanley's, Oppenheimer, Apple's Organizations: Service, Apple, Apple Intelligence, Business, OpenAI, Bank of America, Apple Care, Apple Music, Analysts, Barclays, Stock Locations: China, Asia, Needham, Apple's

☆ European markets head for higher open ahead of euro zone inflation, Fed decision
▼ + stars: | 2024-07-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — European markets looked set to maintain positive momentum on Wednesday, with euro zone inflation due and corporate earnings still in focus. On the data front, inflation figures for the euro zone will be published at 10 a.m. London time. It comes after second-quarter gross domestic product for the euro zone came in at 0.3% on Tuesday, slightly higher than expected. In the U.S., the Federal Reserve is expected to keep interest rates steady on Thursday. In Asia, all eyes are on the Bank of Japan as it raised its benchmark interest rate to 0.25% from its previous range of 0% to 0.1% and outlined a plan to taper its bond buying program.

Organizations: HSBC, Adidas, Kanye, Federal Reserve, Bank of Japan Locations: London, U.S, Asia

☆ Asia markets are mixed ahead of Bank of Japan rate decision, China business activity data
▼ + stars: | 2024-07-31 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Bank of Japan Governor Kazuo Ueda delivers a speech at the start of issuance of new yen banknotes at the Bank of Japan headquarters in Tokyo on July 3, 2024. Asia-Pacific markets were mixed on Wednesday as investors awaited the Bank of Japan's rate decision and China's business activity data. Economists polled by Reuters expecting the bank to raise rates to 0.1%, though other analysts are expecting a larger hike. The BOJ's benchmark interest rate currently is in a range of 0% to 0.1%. Should the bank raise rates, this will mark the first time since 2010 that its benchmark interest rate stands firmly at 0.1% or higher.

Persons: Kazuo Ueda Organizations: Japan, Bank of Japan, Bank of, Reuters, Reserve Bank Locations: Tokyo, Asia, Pacific

☆ ‘Terrible’: Apple’s new promo video sparks backlash in Thailand
▼ + stars: | 2024-07-31 | by ( Chris Lau | Kocha Olarn | ) edition.cnn.com time to read: +4 min

CNN —A new promotional video by tech giant Apple has been met with heavy criticism in Thailand, with many social media users claiming it offers an unrealistic, outdated view of the country. The plot follows four characters – known as the underdogs – and their attempts to overcome workplace crises using Apple devices and software. Since the series’ debut in 2019, the characters have left their corporate jobs and founded their own company. It’s fine,” wrote Thai social media user Sakchawit Attasillekha on Facebook, pointing out there are “plenty of old hotels in Bangkok” and “old taxis decorated with Buddha amulets.”“However, we also have good things too,” he added. Sombat Boonngamanong, a prominent social activist, also weighed in on Facebook saying that he was surprised the video had caused such a stir.

Persons: Christopher Mintz, ” David William, he’s, ”, John F, “, Nipawan Labbunruang, Lillian Suwanrumpha, Chai Wacharonke, Srettha Thavisin, Sombat Organizations: CNN, YouTube, Plasse, Kennedy International Airport, Bangkok, Getty, Indochina Productions, Apple, Facebook Locations: Thailand, tuk, Thai, “ Thailand, Bangkok, AFP, Bangkok ”

☆ It's a great time to buy a Hong Kong mansion from the cash-strapped elite
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Some distressed, wealthy homeowners in Hong Kong are selling their exorbitant homes at a discount. Hong Kong's property market has been under pressure due to high interest rates. The removal of property curbs in Hong Kong has boosted luxury home sales. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: — Organizations: Service, Business Locations: Hong Kong, Asia

☆ Yen braces for BOJ decision with risk events aplenty
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +4 min

That is followed by inflation readings in France and the wider euro zone later in the day, alongside the Federal Reserve's policy decision, which takes center stage. With plenty of risk events to mark the month-end, currency moves were largely subdued in early Asia trade as investors were hesitant to take on fresh positions. "We anticipate that the BOJ will increase interest rates to around 0.25% at the upper limit." "A rate hike could help stabilize the yen's current levels, whereas the absence of a rate hike may trigger renewed selling pressure driven by carry trades." The yen similarly made headway against other currencies, with the euro falling 0.07% to 165.07 yen and the Australian dollar slipping 0.12% to 99.80 yen.

Persons: Gregor Hirt, Sterling eked, Julien Lafargue Organizations: Bank of Japan, Federal, CIO, Allianz Global Investors, Traders, Barclays Private Bank, New Zealand Locations: Bank, France, Asia

☆ Meta's advertising growth is proof that hefty AI spending is already paying off
▼ + stars: | 2024-07-31 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Meta reported revenue growth of 22% from a year earlier to $39.07 billion, with 98% of its sales coming from advertising, primarily on Facebook and Instagram. Its growth rate was double that of Google's ad business, which saw sales increase 11% to $64.6 billion, Alphabet said in its earnings report last week. Meanwhile, Pinterest and Spotify , which are both significantly smaller than Meta, reported revenue growth of 21% and 20%, respectively, in their latest reports. As in previous quarters, Li said Meta's advertising business benefited from online commerce, gaming and the media and entertainment sectors, and that ad growth continued to be strongest in the Asia-Pacific region. She said the company's "improved ad performance" helped lift overall ad prices despite slowing growth in that region.

Persons: Mark Zuckerberg, Emily Chang, Zuckerberg, Susan Li, Li Organizations: Meta, Inc, Facebook, Spotify, Apple Locations: Menlo Park , California, Asia, Pacific

☆ Get paid to visit luxury hotels and spas around the world—here's how
▼ + stars: | 2024-07-31 | by ( Nicolas Vega | ) www.cnbc.com time to read: +3 min

That's the opportunity available with the newest round of openings at Forbes Travel Guide, which evaluates the best hotels, restaurants, spas and cruises in the world. "We want our guests to think and behave like an average luxury traveler and carry out this role as if they were actually traveling." FTG inspectors are required to try food and drinks at the properties they visit in order to create a comprehensive appraisal. Because evaluators use their own cards when booking stays and travel, they accumulate a substantial amount of credit card rewards. For trips where a companion is required, FTG will cover their expenses as wellOne thing that will disqualify you right off the bat?

Persons: evaluators, they're, Amanda Frasier, Frasier, FTG Organizations: Forbes Travel, CNBC Locations: luxe, Americas, Asia, Europe

☆ I shopped at Urban Revivo, Asia's answer to Zara. I'm a convert, but experts say Zara has nothing to worry about — yet.
▼ + stars: | 2024-07-31 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +7 min

Urban Revivo's fits felt way better than Zara'sThe author trying out basics from Zara and Urban Revivo. In contrast, Urban Revivo felt like it had intentionally curated its space with a flow in mind. Aditi BharadeUnlike Zara's bright lights, Urban Revivo was lit more dimly, creating a more relaxed environment. "Urban Revivo has a variety of products, but there is a 'sophomoric' feel to it," Angel said. They also say that it's too early to determine if Urban Revivo will be a true threat to Zara.

Persons: —, Urban, Zara —, Aditi Bharade, Revivo, Zara, Urban Revivo, de Matos, Zara doesn't, Marcie Cooperman, Gregory Angel, Parsons, Angel, Cooperman, Braz de Matos, Richard Tang, Tang, gunning Organizations: Service, Business, Zara, Urban, Fish Lab, Parsons School of Design, Flying Fish Lab, Fashion Momentum Locations: Zara, China, Southeast Asia, New York, London, Israel, Gaza, Jewel, Urban, cardigan, Singapore

The information for the following product(s) has been collected independently by Business Insider: Alaska Airlines Visa Signature® credit card, Alaska Airlines Business Credit Card, Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bold® Credit Card, Marriott Bonvoy Bountiful™ Card. How to earn Alaska Airlines milesThere are two types of Alaska miles: Elite-qualifying miles and redeemable miles. Earn Alaska miles for car rentalsYou can opt-in to earn Alaska miles when you rent cars through Alamo, Avis, Budget, Dollar, Hertz, National, or Thrifty. Alaska Airlines Mileage Plan is a highly lucrative frequent flyer program even if you never actually fly on Alaska Airlines. Redeem Alaska miles for flights on partner airlinesUsing Alaska Airlines miles for award flights on partner airlines is perhaps the best way to use your Alaska miles.

Persons: Insider's, Merrill, You'll, you'll, Bilt, Marriott, Regis, Chase, we've, Alaska Miles, Finance Insider's, Read, it's, Miles, —, Harlan Vaughn Harlan Vaughn, he’s, Harlan, Joseph Hostetler, Joseph, Guy Organizations: Business Insider, Alaska Airlines, Alaska Airlines Business Credit, Marriott, Oneworld, American Airlines, Alaska, of America, Bank of America, Bank of America Alaska Airlines, Alaska Airlines Visa, Bank of America Alaska Airlines Visa Business, Card Alaska Airlines Business, Alaska Airlines Business, Alaska Airlines Lounge, Alaska Airlines You'll, British Airways, Cathay, Qantas, Aer Lingus, Singapore Airlines, Aer Lingus Air Tahiti Nui, Airlines * British Airways, Condor, Al Fiji Airways, Japan Airlines, Air LATAM Airlines Malaysia Airlines, Mokulele, Southern Airways Express Qantas, Alaska Royal Air Maroc, Singapore Airlines Sri, Oneworld Connect, Marriott Bonvoy, Ritz, Carlton, TSA, Global, TSA PreCheck, American Express, Cell, New Hampshire Insurance Company, AIG Company, American, Navy, Hertz, Wine, Alaska Miles Worth ? Alaska Airlines, Finance, Fiji Airways, Emirates, Cathay Pacific, Nonprofit, Dream, Foundation, Nature Conservancy Locations: Alaska, Hawaii, Cathay Pacific, Emirates, Hainan, Iberia, Qatar, Royal Jordanian, Singapore, Marriott Bonvoy, IHG, Marriott, Alamo, Avis, Thrifty, Alaska Miles Worth ?, U.S, Australia, Fiji, East, Africa, Hong Kong, Dubai, Doha, Canada, Europe, Cathay, Asia, Dallas , Texas

☆ With a NATO war and Ukraine's knack for shooting down planes in mind, Russia is holding back its airpower and most advanced jets
▼ + stars: | 2024-07-31 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +13 min

Read previewRussia has kept much of its airpower and some of its most advanced aircraft out of the war in Ukraine. But Baum and other air warfare experts have warned Russia's air force should not be underestimated and cautioned that NATO should be ready. AdvertisementRussia's air force is weaker than NATO's airpower, but Russia's war in Ukraine shows it can still cause a lot of damage. Russia's air force has suffered high attrition rates from Ukraine's ground-based air defenses when operating in the country. Related storiesHe said that Russia "has a lot of trouble replacing lost advanced aircraft," only making a few a year.

Persons: —, John Baum, Su, Andrew Curtis, Curtis, Michael Clarke, Christopher Cavoli, it's, Clarke, Evelyn Hockstein, Baum, Peter Layton, Layton, Volodymyr Zelenskyy, Jens Büttner, Russian Sukhoi Su, Nicola Marfisi, Russia's, There's, Sukhoi Su, Aleksey Nikolskyi, REUTERS George Barros, Jake Epstein, Gustav Gressel, Tim Robinson, Russia's Su, Robinson, Mads Claus Rasmussen, Ritzau Scanpix Organizations: Service, NATO, Mitchell Institute, US Air Force, Business, UK Ministry of Defense, Russian Air Force, Royal Air Force, REUTERS, Ukraine, Griffith Asia Institute, Royal Australian Air Force, Russian, Getty Images Air, Getty Images, it's, Sukhoi, Sputnik, European Council, Foreign Relations, UK's Royal Aeronautical Society, Getty Locations: Russia, Ukraine, Europe, Washington, NATO, Russian Sukhoi, Ukrainian, Moscow, Kremlin, AFP

☆ Want to work for Blackstone straight out of college? Here's the best route.
▼ + stars: | 2024-07-31 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +12 min

This year, Blackstone hosted more than 150 summer interns, including summer associates who tend to come from business or law school, as well as the undergrads who make up its summer analyst program. AdvertisementCheck out our exclusive deep dive into Blackstone's 10-week-long summer analyst program below. How competitive is Blackstone's summer analyst internship program? AdvertisementA group photo of Blackstone's summer analyst class during orientation. Gray recently addressed what leads to success at Blackstone in a speech to the 2024 summer analyst class, which was posted on Linkedin.

Persons: —, Blackstone, Jon Gray, Paige Ross, Blackstone's, Blackstone Blackstone, Taylor Kanfer, Kanfer, Mr Stone, Steve Schwarzman, they're, Ross, Goldman Sachs, There's, decamp, they'll, Gray, Kleiner Perkins, Chan Zuckerberg Organizations: Service, Harvard, Business, BI, University of Pennsylvania, Diverse, Blackstone, Investment, Linkedin, LinkedIn, Goldman, Barclays Locations: York, New York, Wayne , Pennsylvania, Miami, Asia, Africa

☆ Landslides caused by heavy rains kill 49 and bury many others in southern India
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +4 min

Multiple landslides triggered by torrential rains in southern India have killed 49 people, and many others are feared trapped under the debris, officials said Tuesday, with rescue operations being hampered by bad weather. PM Manoj, press secretary to the Kerala chief minister, said the landslides had killed at least 49 people so far. "We are trying every way to rescue our people," state Health Minister Veena George said. Kerala is prone to heavy rains, flooding and landslides. India regularly has severe floods during the monsoon season, which runs between June and September and brings most of South Asia's annual rainfall.

Persons: Manoj, Veena George, Narendra Modi, Modi, Roxy Mathew Koll, Koll Organizations: Response Force, Vehicles, Authorities, Indian, Indian Meteorological Department, Meteorology Locations: Wayanad, India, Kerala state's Wayanad, Kerala, Ghats, Pune

☆ StanChart unveils $1.5 billion share buyback, boosts income guidance
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered (StanChart) on Tuesday announced its largest-ever share buyback worth $1.5 billion and lifted its earnings outlook for this year, betting on strong economic growth in its core Asian markets and plans to rein in costs. StanChart's statutory pre-tax profit for the first half climbed 5% to $3.49 billion, just ahead of a consensus estimate compiled by the bank. Asia-focused global banks including StanChart and rival HSBC have benefited in recent years from higher interest rates and relatively stronger economic growth and wealth generation in the region. But in China, slowing economic growth and the country's property sector crisis have been a concern for Western banks. StanChart has made provisions totaling $1.2 billion for potential bad loans in China's commercial real estate sector so far this year.

Persons: Bill Winters, StanChart, Sadia Ricke Organizations: Chartered, Tuesday, HSBC Locations: Hong Kong, London, Asia, Africa, China

☆ Asia-Pacific markets slide as the Bank of Japan begins two-day meeting
▼ + stars: | 2024-07-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A pedestrian walks past the Bank of Japan (BoJ) building in central Tokyo on July 28, 2023. Asia-Pacific markets fell across the region on Tuesday as the Bank of Japan kicks off its two-day monetary policy meeting. When the meeting concludes Wednesday, the BOJ is expected to raise its benchmark interest rate and trim its Japanese government bond purchases. Economists polled by Reuters expect the BOJ to increase its benchmark interest rate to 0.1%, up from the current range of 0% to 0.1%. Japan's unemployment rate came in slightly lower than expected in July, at 2.5% compared to the 2.6% forecast by a Reuters poll of economists.

Organizations: Bank of Japan, Reuters, Nikkei Locations: Tokyo, Asia, Pacific

CNN —At least 43 people have died following major landslides in the southern Indian state of Kerala, officials said Tuesday. A massive rescue operation is underway in Kerala’s northeastern district of Wayanad, involving 250 people from the national and state disaster rescue force and the Kerala fire services, PM Manoj, Press Secretary to the Kerala Chief Minister, told CNN. “We don’t know if people have been washed away in the river but we are doing our best to rescue people. Rescuers help residents move to a safer place after multiple landslides hit Wayanad, in the southern state of Kerala, India, on July 30, 2024. In a post to X, Indian Prime Minister Narendra Modi said he was “distressed by the landslides in parts of Wayanad.

Persons: Manoj, ” Saseendran, Kowsigan, Stringer, ”, George, Narendra Modi, “, gratia Organizations: CNN, “, Reuters, “ Helicopters, Indian Locations: Kerala, Kerala’s, Wayanad, India, South Asia, China

☆ In the age of AI, there's no future for workers content with being code monkeys — and they know it
▼ + stars: | 2024-07-30 | by ( Aditi Bharade | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +7 min

"I think there will be a change in the way a software engineer works, and instead of five software engineers you might need four in future," she said. AdvertisementHe said that people who studied software engineering before the rise of AI tools have a stronger foundation because they have "written code from scratch." AdvertisementAn added that foundational knowledge in "algorithms, data structures, software engineering, and other critical areas" is essential for advancing AI technologies. David Malan, a computer science professor at Harvard, told BI that AI tools could be a plus for aspiring software engineers who know how to leverage them. Tejas Rajagopal, a recent computer science graduate from NTU, said he's been trying to expand his skillset to strengthen his chances of landing a job.

Persons: —, Arpita Kaushik, Aditya Swami, Hatcher, Swami, Kaushik, It's, hasn't, Adrian Goh, Goh, Kan Min Yen, Kan, Bo An, David Malan, Malan, he's, Rajagopal Organizations: Service, Google, Business, IBM, Rocket Mortgage, National University of Singapore, Nanyang Technological University, NTU, Harvard, Tejas Locations: Singapore, Hatcher, Asia

☆ Surging AI data center demand will benefit these dividend-paying real estate stocks, says Moody's
▼ + stars: | 2024-07-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

As data center demand continues to surge, two real estate investment trusts are well positioned to benefit, according to Moody's Ratings. "Despite rapid growth in data center capacity in recent years, it has been unable to keep pace with surging demand," she wrote. "We forecast that data center capacity will need to more than double by 2028 to meet our unconstrained forecast for power consumed by data centers." Digital Realty Trust and Equinix , diversified data center landlords, are investing in projects across the globe to meet this demand, Venkatesan said. "Therefore, hyperscalers will maintain data center capacity in more locations than in the past."

Persons: Ranjini Venkatesan, Venkatesan, Hindenburg, Equinix Organizations: Realty Trust, Digital Realty Trust, Hindenburg Research Locations: Americas, Europe, East, Africa, Asia, APAC

☆ Chinese E.V. Makers Rush In and Upend a Country’s Entire Auto Market
▼ + stars: | 2024-07-30 | by ( Daisuke Wakabayashi | Claire Fu | ) www.nytimes.com time to read: +1 min

Ma Haiyang and eight of his colleagues arrived in Thailand a year ago to establish the first overseas operation for GAC Aion, an electric vehicle maker from China. The Aion team set up shop in a Bangkok hotel, commandeering conference rooms and holding meetings in the lobby. They had a long list of things to do: Find office space, recruit dealers and devise a business strategy. The team worked around the clock and, 74 days after arriving in Thailand, sold its first electric vehicle. Chinese electric vehicle manufacturers like Aion are stampeding into overseas markets.

Persons: Ma Haiyang, ”, Ma Organizations: GAC Locations: Thailand, China, Bangkok, Southeast Asia

☆ U.S. Pledges $500 Million in New Military Aid to the Philippines, as China Asserts Sea Claims
▼ + stars: | 2024-07-30 | by ( Edward Wong | ) www.nytimes.com time to read: +1 min

The Biden administration announced on Tuesday an additional $500 million of military aid to the Philippines, further bolstering the defense alliance between the two nations while the Philippine military is grappling with aggressive actions by Chinese ships in the South China Sea. The U.S. and Philippine governments have deepened their military alliance since Ferdinand R. Marcos Jr. became president of the Philippines two years ago. Unlike his predecessor, who favored an opening with China, Mr. Marcos has leaned into ties with the United States. It was the first time that such a so-called 2+2 session between the allied nations has taken place in the Philippines. Secretary of State Antony J. Blinken and Defense Secretary Lloyd J. Austin III arrived in Manila on Monday night as part of a diplomatic mission to the Indo-Pacific region.

Persons: Ferdinand R, Marcos Jr, Marcos, Biden, Antony J, Blinken, Lloyd J, Austin III Organizations: Biden, Mr Locations: Philippines, Philippine, South China, The U.S, China, United States, Hawaii, Manila, Europe, Asia, Russia

☆ CNBC Daily Open: Asian shares slide, U.S. stocks flat ahead of Big Tech earnings; McDonald's earnings miss
▼ + stars: | 2024-07-30 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. McDonald's missMcDonald's quarterly earnings and revenue fell short of analysts' expectations as same-store sales declined globally for the first time since 2020. The fast-food giant's second-quarter net income fell to $2.02 billion from $2.31 billion a year ago, while revenue was nearly flat at $6.49 billion. Asia stocks weakenAsian stocks traded lower as the Bank of Japan began a two-day meeting where it is widely expected to raise benchmark interest rates. Japan central bank meetsThe Bank of Japan began its two-day policy meeting Tuesday amid expectations of an interest rate hike.

Persons: McDonald's, iPhones, Seng, Fortescue, JPMorgan, Yuri Khodjamirian, CNBC's Organizations: CNBC, Nasdaq, Big Tech, Dow Jones Industrial, Treasury, Hezbollah, Apple, Apple Intelligence, Max, Bank of Japan, Nikkei, CSI, Australian Financial Review, Tema Locations: U.S, Israel, Iran, Lebanon, Asia, Australia, Japan

☆ Self-driving tech company WeRide accelerates global expansion as transportation industry adopts AI
▼ + stars: | 2024-07-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +4 min

(Photo by Jia Tianyong/China News Service/VCG via Getty Images) China News Service | China News Service | Getty ImagesSelf-driving technology firm WeRide is accelerating its global expansion as the artificial intelligence boom boosts adoption of machine learning in transportation. Things are moving relatively fast because of the development of AI right now," said Sebastian Yee, Singapore director of business development at WeRide. In June, the firm began safety testing for "Robosweepers" in Singapore, following similar rollouts in multiple cities in China. watch now"WeRide is the only company which has [driverless] permits from the U.S., China, UAE and Singapore. Some [companies] just have permits from one or two countries, but we have four countries," said Kerry Xu, Singapore general manager of WeRide.

Persons: WeRide, Jia Tianyong, Sebastian Yee, Kerry Xu, Xu, Yee Organizations: SAE, China News Service, Getty Images, Getty, Logistics, Renault, Nissan, Mitsubishi, GAC Group, Nasdaq, U.S, SEC, Changi Airport Locations: BEIJING, CHINA, Beijing, China, Singapore, WeRide, Silicon Valley, Guangzhou, U.S, UAE, Japan, Europe, Cayman Islands, Southeast Asia

☆ Where are China's ultra-rich parking their wealth amid a slowing economy?
▼ + stars: | 2024-07-30 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

At a time when China's economy is facing headwinds, and growth has been slowing, where are the Chinese ultra-rich, whose numbers are expected to swell to 144,897 by 2028 from 98,551 in 2023, parking their wealth? However, the country's high-end property market remains a favored asset. Luxury real estate"There has been a noticeable increase in transactions within Shanghai's luxury real estate sector," said James Macdonald, head of China research at global real estate firm Savills, attributing it to a recent policy easing by the government. That said, China's luxury real estate market is still primarily concentrated in the core areas of first-tier cities, said Li. Other local investment classes, such as the wider property market and China-listed stocks are not as popular among the ultra rich, experts told CNBC.

Persons: Weiquan Lin, Frank, James Macdonald, Savills, Stephen Pau, Sam Xie, CBRE's, Xie, Arbour, Tian Di, Knight Frank Head of, Pacific Research Christine Li, Li, Nick Xiao, Xiao, Yongyuan Dai, Pau, defensiveness Organizations: CNBC, Pacific Research, Overseas, Domestic Institutional Investors, Domestic Limited, Hywin Locations: China, Shanghai, Lujiazui, Knight Frank Head of Asia, Pacific, Hong Kong, Yongyuan, Pau

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