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☆ Louis Vuitton stages dramatic runway show in Hong Kong
▼ + stars: | 2023-11-30 | by ( Stephy Chung | Oscar Holland | ) edition.cnn.com time to read: +8 min

Many of the looks were completed with naval accessories, like raffia bucket hats and Louis Vuitton Keepall 25 bag hand-embrodiered with seashells. Musician Ma Siwei and actor Dylan Wang at the Louis Vuitton Men's fashion show in Hong Kong, China. Louis Vuitton opened its first boutique in Hong Kong in 1979. Many of the looks were completed with naval accessories, like raffia bucket hats and Louis Vuitton Keepall 25 bag hand-embrodiered with seashells. “I definitely knew I wanted Hong Kong to be my second stop after Paris,” he said of his Louis Vuitton show schedule.

Persons: Hong Kong CNN — Louis Vuitton’s, Pharrell Williams, Pont, Hong, Anson Lo, Song, ”, Williams, ” —, —, Louis Vuitton, Ma Siwei, Dylan Wang, Billy H.C, Kwok, Virgil Abloh, Louise Delmotte, “, Louis Vuitton’s, junkboat, Dior, Louis Vuitton's, Lam Yik, Tyrone Siu, Reuters Louis Vuitton’s, Lorraine Schwartz, it’s, ” Williams, “ You’re Organizations: Hong Kong CNN, Hollywood, CNN, Louis, Paris, Vuitton, National Security Law, Hong Kong Tourism Board, ”, Bloomberg, Getty, K11 Group, Stars, Victoria, Reuters, Reuters Louis Vuitton’s womenswear Locations: Hong Kong, Asia, Hong, Victoria Harbour, American, Paris, Hawaii, China, Victoria Dockside, Huangpu, Shanghai, South Korea

☆ China mourns Kissinger — ‘a most valued old friend’
▼ + stars: | 2023-11-30 | by ( Simone Mccarthy | Nectar Gan | ) edition.cnn.com time to read: +8 min

“Farewell, old friend of the Chinese people,” said a top comment with thousands of likes. In July 1971, Kissinger became the first high-ranking US official to visit Communist China. Long after Kissinger left office, Beijing had regarded the well-connected diplomat as a potential helping hand in navigating the increasingly hawkish views towards China in Washington. State broadcaster CCTV called him a “living fossil” who witnessed the development of US-China relations. The tectonic shift in US-China relations that was formalized some eight years later opened the door for extensive economic engagement starting from the early 1980s.

Persons: Henry Kissinger, ”, Wang Wenbin, Xi Jinping, Joe Biden, Wang, “, Kissinger, Washington –, Richard Nixon’s, Scott Kennedy, Washington . Long, Xie Feng, centenarian, ” Xie, – Kissinger, Biden, Xi, John Kerry, Janet Yellen, Wang Yi, Nixon, Alfred Wu, Lee, ’, Wu, “ Kissinger, ” Wu, Zhou Enlai, Kennedy, China …, ” Kennedy Organizations: Hong Kong CNN, China’s Foreign, Center for Strategic, International Studies, CCTV, Xinhua, Foreign, Lee Kuan Yew, of Public, National University of Singapore, Flying Tigers, CSIS Locations: China, Hong Kong, Beijing, Weibo, United States, Washington, Communist China, “ China, American, selfTaiwan, Japan, Soviet Union, Moscow

BANGKOK (AP) — Asian shares were mostly higher Thursday ahead of an update on U.S. consumer inflation and a meeting of oil producers in Vienna. Consumer spending, the lifeblood of the economy, rose at a 3.6% annual rate from July through September. In Bangkok, the SET fell 0.5%. Facebook parent company Meta fell 2%, Google’s parent company Alphabet gave up 1.6% and Microsoft dropped 1%. Las Vegas Sands slid 4.9% after Miriam Adelson, the casino operator’s controlling shareholder, sold some $2 billion in stock.

Persons: That’s, Yue, India's Sensex, Taiwan's Taiex, Brent, gainers, Miriam Adelson Organizations: Federal, Consumer, U.S ., Bank, Nikkei, Capital Economics, OPEC, Sunday, New York Mercantile Exchange, Big Tech, Dow Jones, Nasdaq, Facebook, Meta, Microsoft, New York Stock Exchange, General Motors, GM, United Auto Workers, Canadian, Treasury, Sands Locations: BANGKOK, Vienna . U.S, U.S, Asia, Hong Kong, Shanghai, Australia, Bangkok, Sunday .

“China and the United States’ relations will forever be linked to the name ‘Kissinger,’” Mr. Xi said to Mr. Kissinger as the two men sat side by side in cream-colored armchairs. It was the same building where half a century earlier Mr. Kissinger had met Zhou Enlai, who was then China’s premier: Villa No. When Mr. Xi was on the cusp of power in 2012, he met Mr. Kissinger twice — once in Beijing and then in Washington. In a sign of the high regard in which he was held, Mr. Xi respectfully cited Mr. Kissinger’s views in speeches. “It is understandable that he cared about the interests of the United States,” Professor Lu said.

Persons: ”, Henry A . Kissinger, Mr, Kissinger, Nixon’s, Xie Feng, Biden, Xi Jinping, “, ‘ Kissinger, ’, Xi, Zhou Enlai, Li Shangfu, John F, Kirby, Kissinger “, Wu Xinbo, —, President Trump, Wu, Trump, Kissinger’s, Charles T, Munger, Lu Yeh, Lu Organizations: Global Times, Communist Party, Beijing, United, Mr, U.S . National Security Council, Institute of International Studies, Fudan University, National Chengchi University Locations: China, United States, Washington, Communist, Beijing, U.S, ” China, “ China, Diaoyutai, Shanghai, Philippines, Australia, Weibo, Taiwan, Taipei, “

☆ China’s Xi Jinping visits financial hub Shanghai as Chinese economy sputters
▼ + stars: | 2023-11-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. The visit, his first since 2020, comes as business confidence wanes in China and foreign companies pull out of the country. “General Secretary Xi Jinping’s visit to Shanghai sends important signals at a critical moment,” an editorial by Xinhua said Thursday. “Shanghai must be a vanguard of the country’s reform and opening up and a pioneer in its tech innovation and development,” Xi was quoted as saying by Xinhua. Earlier this month, Xi visited the United States for the first time in more than six years, where he met with President Joe Biden to amend ties between the two countries.

Persons: Xi Jinping, Xi, Lifeng, Cai Qi, Xi Jinping’s, ” Xi, Joe Biden Organizations: Hong Kong CNN, Shanghai Futures Exchange, Xinhua News Agency, PMI, Xinhua, “ Finance Locations: Hong Kong, Shanghai, China, Beijing, United States

☆ Hear how JFK air traffic controllers guided a Chinese cargo plane back to safety after an engine failed due to a bird strike
▼ + stars: | 2023-11-30 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

A China Cargo flight suffered a right engine failure after a bird strike at JFK on Monday. After some repetition, the ATC was able to safely guide the Boeing 777 back to JFK. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementA Chinese cargo flight was forced to return to New York's JFK Airport shortly after takeoff on Monday after suffering a possible bird strike, the Federal Aviation Administration told Business Insider. With only one working engine, the cargo plane circled over the Atlantic Ocean off the coast of Long Island, where it dumped fuel.

Persons: — Organizations: China Cargo, JFK, ATC, Boeing, Service, New York's JFK, Federal Aviation Administration, Business, YouTube, VASAviation, PAN, FAA Locations: New, Shanghai, Long, JFK

☆ 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

☆ Southeast Asia is on the cusp of a 'supercharged' digital payments revolution, PwC says
▼ + stars: | 2023-11-29 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Widespread mobile ownership, together with rapid digitalization after the pandemic, helped spur the expansion of digital financial services in Southeast Asia, said PwC. PwC"This enhanced availability and convenience of digital payments will see the bulk of the regional population leveraging mainstream digital financial products, such as e-wallets, further expediting the expansion of financial services," said PwC. watch now"Consumers are adopting digital financial services at a rapid pace. Cash is no longer king, as digital payments now make up more than 50% of the region's transactions," a recent Google, Temasek and Bain & Company report wrote. "In some regions such as Southeast Asia, [digital payments via e-wallets] are already more common than physical card payments and set to dominate point-of-sale [systems] overall," wrote Dan Jones and Alex Walker of OliverWyman.

Persons: PwC, hawkers, —, Cash, Dan Jones, Alex Walker of OliverWyman Organizations: Banking, Getty, Careem, Mercado Libre, Temasek, Bain & Company Locations: China, East Asia, Shanghai, Banking Asia, Asia, Southeast Asia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Brunei, Laos, Cambodia, Paytm, India, AliPay, Latin America

☆ Huawei is pushing its tech into the EV world with new cars, automaker partnerships
▼ + stars: | 2023-11-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Changan and Huawei are already partners for the Avatr electric car brand, created in 2018 with electric car battery giant Contemporary Amperex Technology . Huawei is also working with Chery on the Luxeed electric car brand, which revealed details for its S7 sedan on Tuesday. BAIC, whose Arcfox electric brand already uses Huawei tech, and JAC did not immediately respond to a request for comment. Tencent , which operates China's social media app WeChat, has claimed it supplies BMW and some other automakers with car tech. Selling a suite of car tech products called "Huawei Inside," while the automaker designs the vehicle.

Persons: JAC, Richard Yu, BAIC, Tu Le, It's, Huawei's Yu Organizations: Getty, Nurphoto, Huawei, Changan Automobile, Technology, Chery, BAIC, BMW Locations: SHANGHAI, CHINA, Shanghai, China, BEIJING, Beijing, U.S

☆ China's Xi visits financial hub Shanghai
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +3 min

Chinese President Xi Jinping attends the Leaders Retreat at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, U.S., November 17, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsSHANGHAI, Nov 29 (Reuters) - China President Xi Jinping visited Shanghai, where he went to several venues and learned about the city's efforts to strengthen its competitiveness as an international financial centre, Xinhua news agency reported on Wednesday. Xi made the trip on Tuesday and Wednesday and he inspected the Shanghai Futures Exchange, an exhibition on Shanghai's sci-tech innovations and a government-subsidized rental housing community, the report said. Vice Premier He Lifeng, Shanghai's Communist party secretary Chen Jining and Mayor Gong Zheng also accompanied his visit. It was his first visit to the city since November 2020 and comes a year after historic street protests against China's zero-COVID policy broke out in Shanghai.

Persons: Xi Jinping, Kevin Lamarque, Xi, Cai Qi, Chen Jining, Gong Zheng, Xi's, Premier Li Qiang, Brenda Goh, Bernard Orr, Ella Cao, Ethan Wang, Mark Potter, Louise Heavens, Chizu Nomiyama, Mark Porter Organizations: Economic Cooperation, REUTERS, Rights, Shanghai Futures Exchange, Communist Party of China Central Committee, CPC, Communist, Shanghai Free, Trade, Disney, L'Oreal, Premier, Thomson Locations: Asia, San Francisco , California, U.S, China, Shanghai, Xinhua, Minhang

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

TOKYO (AP) — Asian shares mostly fell Wednesday although a strong report on U.S. consumer confidence and hopes the Federal Reserve is finished with its aggressive interest rate hikes sent shares higher on Wall Street. Food delivery company Meituan's Hong Kong-traded shares dropped 11% after it forecast its revenue will fall in the current quarter. The loosening grip from inflation and a resilient economy have raised hopes that the Fed might finally be finished with raising its benchmark interest rate. Hopes that the Fed will keep its benchmark interest rate steady were reaffirmed Tuesday by Christopher Waller, a member of the Fed’s Board of Governors. The Fed will meet again in December to update its interest rate policy.

Persons: Australia's, Hang Seng, Matthew Weller, Forex.com, Brent, Tesla, Christopher Waller, “, ” Waller, Damian J, Troise, Alex Veiga Organizations: TOKYO, Reserve, Nikkei, China Evergrande, Benchmark, New York Mercantile Exchange, Dow Jones, Nasdaq, Microsoft, GE Healthcare Technologies, Treasury, Federal Reserve, Fed’s, Governors, American Enterprise Institute, U.S ., AP Business Locations: Hong, Shanghai, Hong Kong, China, OPEC, Washington

☆ Henry Kissinger, the towering American diplomat, dies at age 100
▼ + stars: | 2023-11-29 | by ( Marty Steinberg | ) www.cnbc.com time to read: +25 min

President Gerald Ford (left) and Secretary of State Henry Kissinger talk together in the Oval Office, February 19, 1975. In his 2001 book "The Trial of Henry Kissinger," social critic Christopher Hitchens called him a war criminal. North Vietnam's Le Duc Tho (left) and US National Security Advisor Henry Kissinger at the Paris peace talks, January 1973. Chairman Zedong of the People's Republic of China meets U. S. Secretary of State Henry Kissinger on Nov. 12, 1973. On a helicopter during the period of shuttle diplomacy in the Middle East, Henry Kissinger talks to his wife, Nancy.

Persons: Henry Kissinger, —, Richard Nixon's, Kissinger, Richard Nixon, Richard Corkery, Duc Tho, Gerald Ford, Benjamin E, Ford, Warren Burger, Kissinger's, Paula, Gene, Forte, Seymour M, Hersh bashed Kissinger, Walter Isaacson's, Christopher Hitchens, Greg Grandin, Niall Ferguson, Kant, Clausewitz, Bismarck, Barry Gewen, Gewen, Elizabeth Holmes, Nixon, George Shultz, Holmes, Heinz Alfred Kissinger, Louis, Walter, Hitler, Kissingers, Fritz Kraemer, William Yandell Elliott, Spengler, Toynbee, Metternich, Castlereagh, Alfred Eisenstaedt, Mike Wallace, Wallace, Kennedy, Johnson, Republican Nelson Rockefeller, George Romney, Hubert Humphrey, Democratic Sen, George McGovern, McGovern, Nguyen Van Thieu, Reg Lancaster, Tho, Thieu, Mao, Gen, Agha Muhammad Yahya Khan, Nicolae Ceausescu, Zhou Enlai, Leonid Brezhnev, Andrei Gromyko, Dirck, Sen, Henry Jackson, Charles Vanik, Brezhnev, Spiro Agnew, Archibald Cox, Cox, Robert Bork, White, Alexander Haig, Anwar Sadat, David Hume Kennerly, Marxist Salvador Allende Gossens, Fidel Castro's, Martin Bernetti, Allende, Augusto Pinochet Ugarte, Pinochet, Ann Fleischer, Elizabeth, David, Nancy Maginnes, Rockefeller, Jill St, John, Candice Bergen, Shirley MacLaine, Liv Ullman, Diane Sawyer, , Napoleon, Nancy, David Rubinger, Maginnes, Moshe Dayan, Robert Dallek, Nixon's, Bob Woodward, Carl Bernstein, Paula Kissinger, Brooks Kraft Organizations: Gould, Kissinger Associates, National Security, Waldorf, Astoria, Richard Corkery | New York Daily, Forte, Soviets, State, Chief, New York, Theranos Inc, Economic, Nuremberg, George Washington High School, City College of New, Army, 84th Infantry Division, U.S ., Hesse . Harvard, Harvard, Confluence, Foreign, Eisenhower, Republican, Republican National Convention, Rockefeller and Michigan Gov, Democratic, District of Columbia, US National Security, Getty, Paris Peace, North, Nationalist, China, Bettmann, East Pakistan, of, U.S, Soviet Union ., Ballistic, Soviet, Washington, Egyptian Third Army, Department, West, Marxist, Museum, AFP, CIA, Israeli, Southern California Quaker, White, Partners, Power Locations: New York City, U.S, Connecticut, Richard Corkery | New, United States, Vietnam, Saigon, Viet, Soviet Union, Communist China, Israel, Egypt, Syria, Chile, Pakistan, Theranos, Ukraine, Russia, Davos, Switzerland, Fuerth, Germany, Bavarian, American, Nazi Germany, London, New York, City College of New York, Ahlem, Hanover, German, Krefeld, Hesse, Cambodia, Massachusetts, Haiphong, Paris, North, China, Washington, Taiwan, People's Republic of China, Beijing, Moscow, India, East, Bangladesh, Shanghai, USSR, Soviet, Kremlin, Dirck Halstead, Ohio, Saudi, Japan, Sinai, Alexandria, Cairo, Suez, Americas, Santiago, Cuba, Chilean, America, Europe, Virginia, Southern California

☆ Henry Kissinger Dies at 100: Latest News and Updates
▼ + stars: | 2023-11-29 | by ( Michael D. Shear | ) www.nytimes.com time to read: +5 min

For many in China, Henry A. Kissinger represented a now-bygone chapter in relations between China and the United States, when the countries seemed to be moving inexorably closer. In July, China laid out a red-carpet welcome for Mr. Kissinger, including an audience with Xi Jinping, the top leader. “China and the United States’ relations will forever be linked to the name ‘Kissinger,’” Mr. Xi said to Mr. Kissinger as the two men sat side by side in cream-colored armchairs. When Mr. Xi was on the cusp of power in 2012, he met Mr. Kissinger twice — once in Beijing and then in Washington. In a sign of the high regard in which he was held, Mr. Xi respectfully cited Mr. Kissinger’s views in speeches.

Persons: Xi Jinping, Henry A . Kissinger, ”, Mr, Kissinger, Nixon’s, Xie Feng, Biden, “, ‘ Kissinger, ’, Xi, Zhou Enlai, Li Shangfu, John F, Kirby, Kissinger “, Wu Xinbo, —, President Trump, Wu, Trump, Kissinger’s, Charles T, Munger, Lu Yeh, Lu Organizations: of, People, Global Times, Communist Party, Beijing, United, Mr, U.S . National Security Council, Institute of International Studies, Fudan University, National Chengchi University Locations: Beijing, State, China, United States, Washington, Communist, U.S, ” China, “ China, Diaoyutai, Shanghai, Philippines, Australia, Weibo, Taiwan, Taipei, “

☆ 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 food delivery firm Meituan beats revenue expectations amid economic headwinds
▼ + stars: | 2023-11-28 | 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: +3 min

The platform, whose app provides services such as bike-sharing, ticket-booking and maps, reported June-September revenue of 76.47 billion yuan ($10.69 billion), versus 62.62 billion yuan in the same period a year earlier. Meituan posted a profit of 3.59 billion yuan versus profit of 1.22 billion yuan a year earlier. Meituan CEO Wang Xing previously flagged a tougher third quarter for the food delivery business due to macroeconomic headwinds. A Meituan delivery worker rides a scooter carrying vegetables on a snowy day in Beijing, China January 19, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsQuarterly revenue from core local commerce, which includes food delivery as well as non-food delivery service Meituan Instashopping, rose 24.5% to 57.69 billion yuan.

Persons: Meituan, LSEG, Wang Xing, Tingshu Wang, Ele.me, ChinaIRN, John Choi, Wang Huiwen, ChatGPT, Casey Hall, Christopher Cushing, Edmund Klamann Organizations: HK, REUTERS, Alibaba Group, Meituan, Microsoft, Thomson Locations: SHANGHAI, Beijing, China, Hong Kong, Southeast Asia

"These measures could boost (earnings) growth and help asset prices recover in 2024," Liu said. As per the forecasts, the consumer staples and software sectors are set to post earnings growth of 40% and 30%, respectively. The consumer discretionary and industrial sectors are each expected to see roughly 20% growth, while the real estate sector may grow 18%. Such stable or growth-centric government policies would also boost investor confidence in the e-commerce and consumer sectors, Lau added. Maurer, however, points to how cheap Chinese stocks are and that the risks might already be priced in.

Persons: Minyue Liu, Liu, John Lau, Lau, Alec Jin, Jin, Caroline Yu Maurer, Maurer, Patturaja Murugaboopathy, Vidya Ranganathan Organizations: BNP, Management, Asia Pacific, SEI, Reuters, Reuters Graphics, Stock Connect, HSBC Asset Management, Thomson Locations: Asia, China, Shanghai, U.S

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ Alibaba Cloud suffers second service outage in a month
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBEIJING, Nov 28 (Reuters) - Alibaba's (9988.HK) cloud service said it suffered a near two-hour long disruption affecting customers in mainland China, Hong Kong and the United States on Monday, its second outage within a month. The impact was mainly felt by several of Alibaba Cloud's database management products, including PostgreSQL, Redis and MySQL editions. "From 09:16 Beijing time (0116 GMT) on November 27, 2023, Alibaba Cloud monitoring detected abnormalities in console and OpenAPI access for database products," Alibaba Cloud said in a statement posted on its websites on Tuesday. "This is hugely damaging to Alibaba Cloud's brand image as a reliable cloud service provider."

Persons: Dado, Alibaba, Feng Ruohang, Yelin Mo, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei, China Telecom, HK, IDC, Thomson Locations: Rights BEIJING, HK, China, Hong Kong, United States, Beijing, Shanghai, Virginia, U.S, East Asia, Southeast Asia, East, North America

Tokyo and Hong Kong fell while Shanghai, Seoul and Sydney gained. U.S. futures and oil prices edged higher. Meanwhile, the broader economy has remained strong enough in the face of rising interest rates and inflation to avoid a recession. The Hang Seng in Hong Kong slipped 0.8% to 17,381.14. The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, fell to 4.38% from 4.47% late Friday.

Persons: ” Robert Carnell, Min Joo Kang, Sensetime, Grizzly, Kospi, Australia's Organizations: Sydney, Conference, FactSet, Federal, Federal Reserve, U.S, ING Economics, Nikkei, Grizzly Research, Hong Kong Stock Exchange, Dow Jones, Nasdaq, Treasury, New York Mercantile Exchange, Brent, Investors, U.S . Locations: BANGKOK, Asia, Tokyo, Hong Kong, Shanghai, Seoul, China

"Many protesters experienced being part of a civic collective for the first time," said Huang, who fled to Germany in March after narrowly avoiding detention during protests in Shanghai. Reuters was unable to confirm the total number of protesters detained last year, although some were since released. This year, on the weekend anniversary of the protests, there were no demonstrations in Beijing and Shanghai. During last year's Beijing protests, some demonstrators also called for press freedom, democracy and human rights. Some of the protesters that Reuters spoke to, as well as observers, said the events helped raise awareness of how much political power Chinese people actually wielded.

Persons: Huang, Xi, It's, Li, Li Keqiang, I'm, Laurie Chen, Jessie Pang, Casey Hall, Nicoco Chan, Brenda Goh, Tian, Miral Organizations: Reuters, Washington DC, Thomson Locations: BEIJING, HONG KONG, China, Germany, Shanghai, Beijing, New York, London, Tiananmen, Italy, Guangzhou, Hong Kong

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

☆ Slowing China still leads the race for commodities
▼ + stars: | 2023-11-28 | by ( Yawen Chen | ) www.reuters.com time to read: +7 min

"When it comes to copper, the thinking usually goes that copper equals property, property equals China," said one commodities trader. "And because China property is down, copper must be down too." That’s why China's copper demand will still rise by 4 million tonnes from the 2020 level to around 18 million tonnes per year in 2030, according to estimates by commodity trading group Trafigura. And China's copper demand has grown by 8% this year, faster than the 5% Xi is targeting for overall GDP growth. China's annual aluminium demand rose by 18 million tonnes from 2010 to 2020 and is forecast to grow by another 13 million tonnes to over 50 million tonnes a year in 2030, per Trafigura.

Persons: Xi Jinping, Communist Party’s, Wood Mackenzie, Francesco Guerrera, Katrina Hamlin, Thomas Shum Organizations: Reuters, HK, Communist, Shanghai Futures Exchange, London Metal Exchange, ING, International Monetary Fund, IMF, World Bank, Reuters Graphics Reuters, Oxford, HSBC, Democratic, Thomson Locations: SINGAPORE, China, Washington, Moscow, Taiwan, Shanghai, Republic, United States, Australia, Beijing, Chile, Indonesia, Democratic Republic of Congo

LONDON, Nov 28 (Reuters) - China's imports of refined copper have quietly accelerated over recent months, taking volumes to a year-to-date high in October. China's appetite for imported copper is not confined to refined metal. It is also absorbing record amounts of copper concentrates and imports of recyclable metal are running at the fastest pace since 2018. China's trade in refined copperIMPORT STRENGTHChina imported 353,000 metric tons of refined copper in October, which was the highest monthly volume this year. Shanghai Futures Exchange copper stocks, bonded stocks and Yangshan premiumBOOMING OUTPUT, LOW STOCKSHigher raw materials imports this year have allowed China's smelters to ramp up run rates.

Persons: Barbara Lewis Organizations: Democratic, Shanghai Futures Exchange, Shanghai Metal, Stocks, International Energy Exchange, Citi, Reuters, Thomson Locations: Democratic Republic of Congo, China, Congo, Beijing, Shanghai

Analysts expect Temu, launched in September last year, to generate more than $16 billion in revenue this year. Chinese retail sales in September rose 5.5%, following 4.6% growth in August. PDD's revenue was 68.84 billion yuan ($9.62 billion) in the quarter ended Sept. 30, compared with analysts' average estimate of 54.59 billion yuan, according to LSEG data. The company's net income attributable to ordinary shareholders rose to 15.54 billion yuan in the third quarter, from 10.59 billion yuan a year earlier. ($1 = 7.1532 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru and Casey Hall in Shanghai; Editing by Shilpi Majumdar and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Temu, Xiaoyan Wang, Chavi Mehta, Shilpi Majumdar, Mark Potter Organizations: PDD Holdings, Pinduoduo, East, Alibaba, HK, Casey Hall, Thomson Locations: China, United States, Europe, East Asia, Australia, Bengaluru, Shanghai

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