DIRS.INFO The most relevant business & tech news

☆ Chinese cities desperate for cash are chasing companies for taxes — some from the 1990s
▼ + stars: | 2024-06-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, the soy milk seller made a net profit of only 209 million yuan ($29 million). And it’s still unsure how much it owes in fines, which could be potentially higher than the actual $11.7 million tax bill. Including fines, the company needed to pay a total amount of 480 million yuan ($66 million). The amounts paid vary from 8 million yuan ($1.1 million) to 310 million yuan ($43 million). It said in January that the Shenzhen government had asked for payment of 19.8 million yuan ($2.7 million) in back taxes for 2017 and 20.2 million yuan ($2.8 million) in fines.

Persons: they’ve, ”, Craig Singleton, Frank Tian Xie, ” Singleton, it’s, ” Bohui, “ Organizations: Hong Kong CNN — Authorities, Food & Beverage, Foundation for Defense of Democracies, Administration of Taxation, “ Police, Taxation, Centers ”, University of South, University of South Carolina Aiken, Ningbo Bohui Chemical Technology, Healthcare, ChinaLin Securities, Yixintang Pharmaceutical Group Locations: China, Hong Kong, Zhijiang, Hubei, Yichun, Jiangxi, University of South Carolina, “, ” Beijing, Ningbo, Qinghai, Golmud, Chongqing, Shanghai, Shenzhen

☆ Relentless deadly rains lash southern China as flooding threatens millions
▼ + stars: | 2024-06-21 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Tens of thousands of people across southern China have been evacuated, with many more potentially at risk, as deadly torrential rains continue to lash the region, causing flash flooding and mudslides. Villager walks on muddy streets as torrential rains cause flooding on June 19, 2024 in Meizhou, Guangdong Province of China. Villagers clean rubbish as torrential rains cause flooding on June 19, 2024 in Meizhou, Guangdong Province of China. Aerial view of an area affected by torrential rains on June 18, 2024 in Sishui Town, Pingyuan County, Meizhou City, Guangdong Province of China. Villagers stand in the water as torrential rains cause flooding on June 19, 2024 in Meizhou, Guangdong Province of China.

Persons: John Ricky, Lian Zhicheng, Xi Jinping, Stringer Organizations: Hong Kong CNN, Villager, Getty Locations: Hong Kong, China, Meizhou, Guangdong Province of China, Guangdong, Fujian, Sishui Town, Pingyuan County, Meizhou City, Guangxi, Guilin, China's Guangxi, AFP

☆ Does off-season travel exist anymore?
▼ + stars: | 2024-06-20 | by ( Lilit Marcus | ) edition.cnn.com time to read: +8 min

Then, you can plot a graph to see which months are higher and lower than that total to determine when the peak season is. “In Thailand, low season typically spans from April to September with April and May being really hot,” says Ponti. “During this low season the tourist volumes each month constitute more than 7% of the annual total. Angelos Tzortzinis/dpa/picture alliance/Getty ImagesArguably the biggest single factor affecting what we know as “peak season” travel is weather. “For me, the challenge is about finding the joy in those low seasons, finding those nuggets of gold.”

Persons: ”, Olivier Ponti, Ponti, Angelos Tzortzinis, Ged Brown, Mikey Sadowski, there’s, we’re, Sadowski, David Silverman, it’s, ForwardKeys ’ Ponti, Ann Woodward, “, Woodward, –, I’ve, ’, Brown, haven’t, ” Brown Organizations: CNN, United Nations, European Travel Commission, Intrepid, Travelers Locations: Italy, Hong Kong, Amsterdam, Japan, Canary, Spain, Thailand, Hawaii, Maldives, “, ”, Athens, Greece, Europe, Denmark, Sweden, Nepal, Mexico, New York

☆ Spicy Noodles and Pickled Fish: Chinese Eateries Move Into Hong Kong
▼ + stars: | 2024-06-20 | by ( Alexandra Stevenson | Zixu Wang | ) www.nytimes.com time to read: 1 min

The ravenous came for a taste of home in a dish of spicy fried beef or steamed fish head. It was opening night in Hong Kong at Return Home Hunan, a well-known chain from mainland China trying to wedge into the city’s competitive food scene. Huang Haiying, the restaurant’s founder, greeted customers in a bright red suit while waiters handed out red envelopes stuffed with coupons. Hong Kong is a difficult place to open a restaurant these days. But restaurant owners from mainland China, facing their own challenges at home, see an opening.

Persons: chiles, Huang Haiying, Ms, Huang, “ We’ll, ” Organizations: Return Home Locations: Hong Kong, Return Home Hunan, China

☆ Alfa Bank: US-sanctioned Russian banking giant expands in China
▼ + stars: | 2024-06-20 | by ( Laura He | Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

Hong Kong/London CNN —Battered by Western sanctions, Russia’s largest privately owned bank is expanding its business in the world’s second-largest economy. That would make the lender the first private Russian bank to open full-service branches in the two major Chinese cities. The bank is part of Alfa Group, one of Russia’s largest financial and investment conglomerates, which was founded by Fridman. Alfa Bank made a loss of 117.1 billion rubles ($1.44 billion) in 2022, according to its annual report for that year. A year later, it seemed to bounce back, reporting profit of 120.9 billion rubles ($1.4 billion) for 2023.

Persons: Mikhail Fridman, hasn’t, Fridman Organizations: London CNN, Alfa Bank, CNN, Alfa Group, European, Moscow, Hong Kong Equity Investment Association Locations: China, Hong Kong, London, Russian, Beijing, Shanghai, Ukraine, United States, Russia, Italy, Western

☆ CEO of Hong Kong's WeLab says digital banking continues to be a 'strong focus'
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEO of Hong Kong's WeLab says digital banking continues to be a 'strong focus'Simon Loong, founder and group CEO of the fintech company, discusses its path to profitability.

Persons: Hong Kong's WeLab, Simon Loong

Workers at the construction site of resettlement housing in Huai 'an city, Jiangsu province, China, June 17, 2024. Cfoto | Future Publishing | Getty ImagesAsia-Pacific markets started the day mixed as investors awaited China's one- and five-year loan prime rates. The one-year loan prime rate serves as a benchmark for most corporate and household loans, while the five-year rate serves as a peg for property mortgages. The one-year LPR currently stands at 3.45%, while the five-year LPR is at 3.95%. Japan's Nikkei 225 and the broad-based Topix started the day with losses of 0.28% and 0.12%, respectively.

Persons: Huai, LPR, Korea's Kospi, Topix, Australia's Organizations: Getty, People's Bank of China, Nikkei, Reuters Locations: Jiangsu province, China, Asia, Pacific

☆ ‘Only pirates do this’: Philippines accuses China of using bladed weapons in major South China Sea escalation
▼ + stars: | 2024-06-20 | by ( Nectar Gan | Kathleen Magramo | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —The Philippines has accused China’s Coast Guard of launching a “brutal assault” with bladed weapons during a South China Sea clash earlier this week, a major escalation in a festering dispute that threatens to drag the United States into another global conflict. A Philippine Navy serviceman on the rubber boat lost his right thumb when the Chinese Coast Guard rammed it, Torres said. China’s Coast Guard also deployed tear gas, “blinding” strobe lights and continuously blared sirens, the AFP said. “The Chinese Coast Guard personnel had bladed weapons and our personnel fought with bare hands. This is the closest China’s Coast Guard has come to the BRP Sierra Madre, Koh noted.

Persons: Thomas Shoal, –, ” Collin Koh, ” Koh, “, ”, Alfonso Torres Jr, Torres, Romeo Brawner Jr, ” Brawner, Ferdinand “ Bongbong ” Marcos Jr, Marcos, Matthew Miller, Enrique A, Antony Blinken, ” Derek Grossman, Koh, they’re, Thomas, Washington “, ” “ Organizations: Hong Kong CNN, Coast Guard, Chinese Foreign Ministry, Philippine, Rajaratnam, of International Studies, Philippine Navy, Armed Forces, Getty, Western Command, Chinese Coast Guard, China’s Coast Guard, Staff, Getty Images Mutual, South China, US State Department, Mutual Defense, RAND Corporation, China Coast Guard, Philippine personnel, Navy Special Operations Group, BRP, BRP Sierra Madre Locations: Hong Kong, Philippines, China, United States, Manila, Spratly, Philippine, Singapore, AFP, ’, China’s, South, States, US, Washington, South China, The Hague, Beijing, India, BRP Sierra, BRP Sierra Madre

☆ CNBC Daily Open: Le Pen's 28-year old protégé
▼ + stars: | 2024-06-20 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China holds rates, stocks dipMarkets in the Asia-Pacific region were trading mostly lower after the People's Bank of China held interest rates unchanged. Russia-North Korea partnershipRussia and North Korea signed a "comprehensive strategic partnership" deal on Wednesday, including a mutual defense pact, during President Vladimir Putin's first state visit to North Korea in 24 years. Musk clarifies remarksElon Musk attempted to clarify his controversial remarks after advertisers threatened to leave X. Musk previously told advertisers to "go f--- yourself."

Persons: Hai Precision Industry —, Foxconn —, Australia's, Guzman Y Gomez, Vladimir Putin's, Putin, Kim Jong Un, CNBC's Holly Ellyatt, Elon Musk, Musk, Goldman Sachs Organizations: New York Stock Exchange, CNBC, People's Bank of China, CSI, Hai Precision Industry, Nikkei, of England, Cannes Lions Locations: New York City, China, Asia, Pacific, Seng, Taiwan, Russia, North Korea, Ukraine, Cannes, France, Europe

☆ Philippines blames China for ‘personnel injury and vessel damage’ in South China Sea collision
▼ + stars: | 2024-06-19 | by ( Kathleen Magramo | Nectar Gan | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Manila has accused China of injuring Filipino personnel and damaging Philippine vessels during a South China Sea collision earlier this week, as tensions simmer over territorial disputes in the resource-rich and strategically important waterway. CNN has reached out to the Department of Foreign Affairs, the Armed Forces of the Philippines and the Philippine Coast Guard for comment. China claims “indisputable sovereignty” over almost all of the South China Sea, and most of the islands and sandbars within it, including many features that are hundreds of miles from mainland China. A supply ship and two rubber boats from the Philippines had attempted to “illegally” deliver supplies to the stranded warship, China Coast Guard spokesperson Gan Yu said. China’s Coast Guard also said it took measures including “warnings and interceptions, boarding inspections and forced evictions” against the Philippine vessels.

Persons: Shoal, “, Lin Jian, Ferdinand “ Bongbong ” Marcos Jr, Marcos, Ren’ai Jiao, Thomas, China’s, ”, Gan Yu, Matthew Miller Organizations: Hong Kong CNN —, Philippine Department of Foreign Affairs, Associated Press, Philippine Department of Foreign, CNN, Department of Foreign Affairs, Armed Forces, Philippine Coast Guard, Times, China Coast Guard, Foreign Ministry, Chinese Coast Guard, Philippine, South China, BRP, BRP Sierra Madre, Philippine Navy, China’s Coast Guard, US State Department Locations: Hong Kong, Hong Kong CNN — Manila, China, Philippines, Spratly, Philippine, South, South China, Manila, The Hague, Beijing, Palawan, Vietnam, Malaysia, Brunei, Taiwan, BRP Sierra, China’s, States

☆ I traveled with friends in my early 20s and again in my 40s. I love traveling with girlfriends at different life stages.
▼ + stars: | 2024-06-19 | by ( Melissa Noble | ) www.businessinsider.com time to read: +7 min

I sat down and checked my backpack for the 10th time to make sure my passport and wallet were still inside. Melissa Noble and her friends traveled together throughout Cambodia and Vietnam when they were in their 20s. We met at college and traveled through Cambodia and Vietnam together in our early 20s. The main one was how much I love traveling with girlfriends at different life stages. Melissa Noble and her friends connected while traveling.

Persons: —, Melissa Noble, Carmen, Peter Andre, what's Organizations: Service, Singapore Changi, Business Locations: Singapore, Bhutan, Brisbane, Cambodia, Vietnam, Kathmandu, Bhutanese, Gasa, Southeast Asia, Australia, Hong Kong

☆ The luxury conglomerate behind Cartier is beating LVMH at its own game
▼ + stars: | 2024-06-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef & Arpels, and Piaget, is having a moment. "All of this favors the most established brands: Cartier and Van Cleef." Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef.

Persons: —, Louis Vuitton, Bernard Arnault's, Van Cleef, Piaget, outperforming LVMH, Saint Laurent, It's, Cartier, Chiara Battistini, it's, Gucci, Arnault, Johann Rupert, Rupert, Richemont, Fflur Roberts, HSBC's Rambourg, Diana —, Tim Graham, Jelena Sokolova, Morningstar, Rambourg, Euromonitor's Roberts, Van, Keith Tsuji, Sokolova, Cleef, Nicolas Bos, — Bos, Nicholas Bos, Jared Siskin, I've, What's, JPMorgan's Battistini, Bos, Porter Organizations: Service, LVMH, Business, Cartier, Gucci, HSBC, Google, JPMorgan, Credit Suisse, Deloitte, Local, Art Basel, McKinsey, Prada Locations: Switzerland, China, Euromonitor, Hong Kong, Macau, Art Basel Hong Kong, Asia

☆ She grew up helping her grandparents run a shoemaking shop. In college, she came up with a plan to save it.
▼ + stars: | 2024-06-19 | by ( Faye Bradley | ) www.businessinsider.com time to read: +6 min

Miru Wong with her grandfather Wong Tat-wing at the original Sindart shop. The cheapest pair is made without embroidery and costs 99 Hong Kong dollars, or $12. Wong says most of the materials — including nylon, silk, satin, and brocade — are sourced from Hong Kong, Japan, and Europe. AdvertisementOthers feel that more can be done in order to pass down the skills in Hong Kong. "Rising labor costs in Hong Kong also make it difficult for traditional shoemakers to maintain profitability," Cho said.

Persons: —, Miru Wong, Hong, Wong Tat, Wong, Wong reguarly, she's, shoemakers, Erin Cho, Cho, Lindsay Varty, Varty Organizations: Service, Polytechnic University, Business, Hong, HK, Hong Kong Polytechnic University's School of Fashion, Textiles, Social, Sunset Locations: Hong Kong, Japan, Europe

☆ South China Sea: US blasts ‘aggressive’ China over collision with Philippine ship
▼ + stars: | 2024-06-18 | by ( Kathleen Magramo | Nectar Gan | ) edition.cnn.com time to read: +7 min

China claims “indisputable sovereignty” over almost all of the South China Sea, and most of the islands and sandbars within it, including many features that are hundreds of miles from mainland China. China had “obstructed the Philippines from executing a lawful maritime operation in the South China Sea, interfering with the Philippines’ freedom of navigation,” Campbell said, according to a State Department readout. The Chinese coast guard on Monday said a Philippine supply ship “ignored China’s repeated solemn warnings” and “deliberately and dangerously” approached a Chinese vessel in “an unprofessional manner,” resulting in a collision. China Coast Guard spokesperson Gan Yu on Monday accused the Philippines of “illegally” delivering supplies to the stranded warship. It should now be clear to the international community that China’s actions are the true obstacles to peace and stability in the South China Sea.”

Persons: Shoal, Manila MaryKay Carlson, China’s, Ferdinand “ Bongbong ” Marcos Jr, Marcos, Matthew Miller, Kurt Campbell, Foreign Affairs Maria Theresa Lazaro, ” Campbell, “, ”, Francel Margareth Padilla, Adrian Portugal, Ren’ai Jiao, Thomas, Gan Yu, Gan, ” Gan, Jay Tarriela, Gilberto C, Teodoro , Jr Organizations: Hong Kong CNN, Philippine, US State Department, Foreign Affairs, Department, Guard, Philippine Coast Guard, Reuters, China Coast Guard, BRP, BRP Sierra Madre, Philippine Navy, Chinese Coast Guard, CNN, Armed Forces, ( Armed Forces, Philippine Defense Locations: Hong Kong, United States, China, Philippines, Philippine, Second, Spratly, South China, Manila, South, Beijing, The Hague, Palawan, Vietnam, Malaysia, Brunei, Taiwan, BRP Sierra, Thomas Shoal, “, West Philippine

☆ Google's Android apps are coming in 3D via Xreal as competition with Apple's Vision Pro heats up
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Xreal, an augmented reality glasses maker, has launched a connected Beam Pro mobile device that allows users to capture spatial video and 3D images. Xreal said the Beam Pro uses Nvidia CloudXR technology for image rendering and Qualcomm 's Snapdragon spatial computing platform. A pair of Xreal AR glasses costs around $200 to $400, depending on the model and sales promotion. That means a set of Xreal AR glasses and Beam Pro costs significantly less than $1,000. The Beam Pro launched in China in late May.

Persons: Apple, Chi Xu, Xu, Xreal, Rokid, Ramon, Xreal Xu Organizations: BEIJING — Games, Google, Apple, CNBC, Apple Vision, Beam, Nvidia, Qualcomm, Amazon Web Services, IDC Research, Vision, The Locations: BEIJING, U.S, China, Hong Kong, Japan, Singapore

☆ Putin may need arms from North Korea’s Kim for Ukraine war, but what is he willing to give in return?
▼ + stars: | 2024-06-18 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

North Korea launched its first spy satellite, the Malligyong-1, in November. The arrangement may also enable North Korea to gain real-world intel on the functioning of its weaponry and help it ramp up exports more broadly. Such satellites can help North Korea improve its ground-based military capabilities, for example enabling it to more accurately target opponents’ forces with its own missiles. Both countries in recent years have blocked movement in the council related to North Korea as they grew skeptical of US-backed sanctions. He pointed to his experiences during the former US President Barack Obama administration working on nonproliferation efforts related to North Korea and Iran.

Persons: Vladimir Putin, Putin ramped, Kim Jong, Putin, ”, Edward Howell, Xi Jinping, Kim, ” Putin, “ Kim Jong, he’ll, Ankit, Sofiia Gatilova, Putin –, “ Putin, –, John Erath, Erath, Xi, it’s, Michael McFaul, Barack Obama, ” McFaul, … we’re Organizations: Hong Kong CNN, University of Oxford, KCNA, intel, South, United Nations, North, Carnegie Endowment, International Peace, Kremlin, UN Security Council, Center for Arms Control, Observers, UN, National Security, Center for Strategic, International Studies Locations: Hong Kong, North Korea, Ukraine, Russia, Pyongyang, Moscow, Eurasia, United Kingdom, United States, Italy, South Korea, Japan, Seoul, Washington, North Korean, Korea, Russian, Kharkiv, Kyiv, China, Iran

☆ Top 10 most expensive cities for expats in 2024
▼ + stars: | 2024-06-18 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: 1 min

Hong Kong retained its pole position as the world's most expensive city for expats in 2024, according to Mercer. Asia's biggest financial hubs have once again clinched the top spots for being the costliest cities for international workers to live in, according to Mercer. Hong Kong was ranked as the most expensive city for expats to live in, followed by Singapore and Zurich, according to the Cost of Living City Ranking 2024. Cities in Switzerland — Zurich, Geneva, Basel and Bern — snagged four out of 10 spots. New York City ranked No.

Persons: Mercer . Hong Kong Organizations: Bern — snagged, New York City Locations: Hong Kong, expats, Mercer, Mercer . Hong, Singapore, Zurich, Switzerland — Zurich, Geneva, Basel, Bern, New, London

☆ Hong Kong stock markets will continue trading during typhoons, starting Sept. 23
▼ + stars: | 2024-06-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

HONG KONG, CHINA - OCTOBER 13: A taxi crosses an empty intersection in the Central business district during a No. 8 Storm signal raised for Typhoon Kompasu, the 18th typhoon of this year, on October 13, 2021 in Hong Kong, China. Hong Kong's financial markets will continue trading even during typhoons and extreme weather starting from Sept. 23, Chief Executive John Lee announced Tuesday. "Hong Kong is an international financial center and there is no reason for us not to align with international financial standards," Lee said. He noted that in consultations conducted by the Hong Kong Exchange, over 90% of brokerage firms and securities firms supported the proposal.

Persons: Kompasu, John Lee, Lee Organizations: Hong Kong Exchange Locations: HONG KONG, CHINA, Central, Hong Kong, China, Hong

☆ 'Robust growth opportunity': Citi loves this global stock as it pivots to AI data centers
▼ + stars: | 2024-06-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Industrial property firm Goodman Group is converting its traditional warehouses into data centers to meet the surging demand for artificial intelligence infrastructure. Citi believes this trend will likely drive "double-digit medium-term earnings growth" and has added the Australian stock to its "Pan-Asia Focus list." Data centers are large buildings that house critical computing infrastructure and equipment. "As it progresses opportunities in data centers, it is likely to deliver a large range of products from powered sites and turnkey projects." Electricity has been a key bottleneck preventing many data centers from further expansion.

Persons: Howard Penny, Goodman Organizations: Goodman Group, Citi, GMG Locations: Asia, Sydney, United States, Australia, Japan, Hong Kong, Singapore

☆ Asia-Pacific markets rebound as Wall Street rallies overnight; Australia holds rates
▼ + stars: | 2024-06-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A pedestrian and jogger pass the Reserve Bank of Australia (RBA) building, during a partial lockdown imposed due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020. David Gray | Bloomberg | Getty ImagesAsia-Pacific markets rebounded on Tuesday as Wall Street rallied overnight, with investors assessing the Reserve Bank of Australia's interest rate decision. The RBA held its benchmark interest rate at 4.35% for its fifth straight meeting, saying that inflation "remains above target and is proving persistent." The RBA also noted that the economic outlook remained "uncertain," with recent data signaling that achieving the inflation target was unlikely to be smooth. Automaker Hyundai also hit a fresh record, gaining about 1.62% on news that it plans to list its India unit in Mumbai.

Persons: David Gray, Kazuo Ueda, Akio Toyoda, Kospi Organizations: Reserve Bank of Australia, Bloomberg, Getty, Wall Street, Bank, Japan's Nikkei, Reuters, Bank of Japan, Toyota, Samsung Electronics, SK Hynix, Hyundai, CSI Locations: Sydney, Australia, Asia, Pacific, Mumbai, Hong

☆ Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs
▼ + stars: | 2024-06-18 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs. The sale was valued at 310.5 million Hong Kong dollars ($40 million). BYD shares had closed at a record high in June of that year. In 2008, Berkshire spent $230 million in buying BYD shares at an average of HK$8 ($1.02) apiece. Berkshire still holds 75.7 million Hong Kong-listed shares of BYD, which were worth about 17.6 billion Hong Kong dollars ($2.3 billion) by Tuesday.

Persons: Hong Kong CNN — Warren, Berkshire Hathaway, Tesla, Buffett, Daniel Acker, Biden, Wang Chuanfu, Elon Musk’s Tesla, didn’t, Charlie Munger, Munger “, ” Organizations: Hong Kong CNN, Hong Kong, Berkshire, Bloomberg, Getty, European Union, European Commission, EU, EV, HK, CNN Locations: China, Hong Kong, BYD, European, Europe, Beijing, United States, Shenzhen, Berkshire

☆ UK millionaires are fleeing Britain in their thousands
▼ + stars: | 2024-06-18 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

The continuing exodus from the UK — 16,500 millionaires left between 2017 and 2023 — is part of a global mass migration of the rich that appears to be accelerating. The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year, beating last year’s record by 8,000. By contrast, the ranks of the wealthy have grown in the US, Canada, Australia, Germany and France over the same period. “The outflow of high-net-worth individuals already generated by the economic and political context is now being accelerated by policy decisions ahead of the election,” said White. Still, one very rich couple will apparently be staying, whatever the result on July 4.

Persons: Henley, ” Hannah White, —, ” Dominic Volek, Liz Truss, Keir Starmer’s, Rishi Sunak’s, Starmer, Rachel Reeves, ”, White, Akshata Murty, Sunday Times Rich, King Charles, Sunak Organizations: London CNN, Labour, Henley & Partners, Institute for Government, City of, Henley Private Wealth, European Union, Bank of England, Keir Starmer’s Labour Party, Sunday Times Locations: United Kingdom, City of London, China, Japan, Hong Kong, Canada, Australia, Germany, France, Ukraine, England

☆ Adidas is investigating allegations of embezzlement and kickbacks in China
▼ + stars: | 2024-06-17 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Adidas says it has started an investigation into allegations of “compliance violations” in China, a key market for its sportswear. The reported complaint alleged that a senior executive in Greater China who manages Adidas’ marketing budget had embezzled millions of euros and taken huge kickbacks from external advertising and celebrity agencies. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — contributes 15% of the company’s sales. In mainland China, Adidas is the second largest international sportswear brand behind Nike (NKE). Adidas is well known for playing the “celebrity” card in its marketing in China.

Persons: Hong Kong CNN —, Jiemian, Claudia Lange, ”, Lange, ’, Taiwan —, —, Yang Mi, Yi Yangqianxi Organizations: Hong Kong CNN, Hong Kong CNN — Adidas, Adidas China, CNN, Adidas, Nike Locations: China, Hong Kong, Taiwan, Beijing, Xinjiang

☆ Malaysia is emerging as a data center powerhouse amid booming demand from AI
▼ + stars: | 2024-06-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Over the past few years, the country has attracted billions of dollars in data center investments, including from tech giants like Google , Nvidia and Microsoft . Data center capacity is typically measured by the amount of electricity it consumes. Until then, Japan followed by Singapore currently lead the region in terms of live data center capacity. The index did not provide a detailed breakdown of data center capacity in China. Kenanga Investment Bank Research estimates that potential electricity demand from data centers in Malaysia will hit a total maximum demand of 5 GW by 2035.

Persons: James Murphy, APAC, Murphy, Byte's Murphy, it's Organizations: Luza, Getty, Malaysia, Google, Nvidia, Microsoft, DC, Authorities, Kenanga Investment Bank Research, Tenaga Nasional Berhad Locations: Southeast Asia, Johor Bahru, Singapore, Asia, Malaysia, Japan, India, China, Hong Kong, Malaysian

☆ China’s property prices are still plunging despite government efforts to rescue the market
▼ + stars: | 2024-06-17 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics (NBS) figures showed on Monday. According to separate calculations by the Macquarie Group, prices of existing homes in those cities fell by 7.5% year-on-year last month, marking the biggest decline on record. A month ago, Beijing unveiled wide-ranging measures to rescue the crisis-hit property market, including asking local governments across the country to buy unsold homes from beleaguered developers and easing rules on purchases. Measures, including efforts to provide cheap loans to state-owned enterprises for buying unsold homes from distressed developers, will “take time” to have an impact on the property market, the analysts said. Property investment for the first five months of the year dropped 10.1% from a year ago, according the NBS on Monday.

Persons: ”, “ Organizations: Hong Kong CNN, National Bureau of Statistics, Macquarie Group, Societe Generale, NBS, Labor, Macquarie, HSBC, Communist Party Locations: China, Hong Kong, Beijing

Search resuls for: "HONG KONG"

25 mentions found