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☆ Taiwan Reports Another Chinese 'Combat Readiness Patrol' Nearby
▼ + stars: | 2024-02-14 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

TAIPEI (Reuters) - Taiwan's defence ministry said it detected 14 Chinese air force planes operating around Taiwan and carrying out "joint combat readiness patrols" with Chinese warships on Wednesday. Taiwan's defence ministry said that starting around 1 p.m. (0500 GMT) on Wednesday it had detected 14 Chinese aircraft including J-16 fighters and drones operating off northern and southwestern Taiwan. Nine of those aircraft crossed the Taiwan Strait's median line, or areas close by, working with Chinese warships to carry out "joint combat readiness patrols", the ministry added. There was no immediate response from China's defence ministry. Photos You Should See View All 22 ImagesTaiwan sent its own forces to monitor, its defence ministry said.

Persons: Lai Ching, Lai, Ben Blanchard, Muralikumar Anantharaman, Sonali Paul Organizations: Taiwan Locations: TAIPEI, Taiwan, China, Taipei

☆ North Korea Fires Multiple Cruise Missiles off Its East Coast -South Korea Military
▼ + stars: | 2024-02-13 | by ( Feb. | At P.M. | ) www.usnews.com time to read: 1 min

SEOUL (Reuters) - North Korea fired multiple cruise missiles off its east coast on Wednesday, South Korea's military said. The missiles were launched about 9 a.m. Wednesday (0000 Tuesday GMT) off the eastern coastal city of Wonsan, the Joint Chiefs of Staff (JCS) said. "While strengthening surveillance and vigilance, our military is cooperating closely with the United States and closely monitoring additional signs and activities from North Korea," the JCS said in a statement. (Reporting by Hyonhee Shin; Editing by Muralikumar Anantharaman and Gerry Doyle)Photos You Should See View All 22 Images

Persons: Hyonhee Shin, Muralikumar Anantharaman, Gerry Doyle Organizations: Joint Chiefs of Staff Locations: SEOUL, North Korea, Wonsan, United States

☆ Taiwan Cabinet Submits Customary Post-Election Resignation
▼ + stars: | 2024-01-17 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

TAIPEI (Reuters) - Taiwan's ministerial Cabinet submitted its customary post-election joint resignation on Thursday, but is widely expected to be asked by President Tsai Ing-wen to stay on in a caretaker role until May when the new president takes power. The ruling Democratic Progressive Party (DPP) won Saturday's presidential election, but lost its majority in parliament. Taiwan Premier Chen Chien-jen had said on Tuesday that the Cabinet would resign in accordance with past constitutional practice before the new parliament meets next month after the DPP lost it legislative majority. Taiwan media has reported Tsai will ask the Cabinet to stay on in a caretaker role until Vice President Lai Ching-te, who won the presidency, assumes his new role on May 20 and appoints his own Cabinet. Tsai was not able to run again for the presidency in accordance with Taiwan's constitution after two terms in office.

Persons: Tsai Ing, Taiwan Premier Chen Chien, jen, Tsai, Lai Ching, Ben Blanchard, Muralikumar Anantharaman Organizations: Democratic Progressive Party, Taiwan Locations: TAIPEI, Taiwan Premier, Taiwan

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

TAIPEI, Nov 24 (Reuters) - Terry Gou, the billionaire founder of tech giant Foxconn (2317.TW), on Friday withdrew from the race to be Taiwan's next president, bringing a sense of relief to the major Apple (AAPL.O) supplier and iPhone manufacturer, sources said. Complete the change of power and change Taiwan," Gou said. Despite a massive advertising campaign, which saw his face plastered across Taiwan, Gou consistently polled far behind his rivals. Although Gou stepped down as Foxconn chief in 2019 and resigned as a board member in early September, he remained the company's largest shareholder. "It's a sigh of relief," said one of the sources, who declined to be identified due to the sensitivity of the matter.

Persons: Terry Gou, Gou, Hou Yu, Ko Wen, Ko, Lai Ching, Foxconn, Young Liu, TPP, Tammy Lai, Lai, Yimou Lee, Ben Blanchard, Sarah Wu, Muralikumar Anantharaman, Gerry Doyle Organizations: Apple, Democratic Progressive Party, ih, Kuomintang, KMT, Taiwan People's Party, Facebook, Global Times, Reuters, Netflix, Thomson Locations: TAIPEI, Ukraine, Taiwan, China, Taipei, Beijing

☆ Philippines considers return to "fold" of International Criminal Court
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

An exterior view of the International Criminal Court in the Hague, Netherlands, March 31, 2021. "There is also a question, should we return under the fold of the ICC, so that’s again under study. So we’ll just keep looking at it and see what our options are," President Ferdinand Marcos Jr told reporters. The Philippines withdrew from the international tribunal in 2019 after then President Rodrigo Duterte questioned its authority to investigate the a campaign against illegal drugs in which thousands of people were killed. Marcos said questions over jurisdiction and sovereignty were still "problems" for the Philippines.

Persons: de, that’s, we’ll, Ferdinand Marcos Jr, Rodrigo Duterte, Marcos, Mikhail Flores, Neil Jerome Morales, Muralikumar Anantharaman, Robert Birsel Organizations: Criminal Court, REUTERS, Rights, ICC, Thomson Locations: Hague, Netherlands, Rights MANILA, Philippines, Philippine

☆ China wealth manager Zhongzhi flags insolvency, $64 bln in liabilities
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Nov 23 (Reuters) - China's Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country's property debt crisis is spilling over into the broader financial sector. The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan, according to the letter, which was issued on Wednesday and was seen by Reuters. 'ENORMOUS' HOLESigns of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.

Persons: Zhongzhi, Xu, Xing Zhaopeng, Christopher Beddor, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, ANZ, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China

☆ China wealth manager Zhongzhi flags insolvency, liabilities of $64 bln
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan ($27 billion), according to the letter, which was issued on Wednesday and was seen by Reuters. China's highly indebted property sector has been reeling from a liquidity crunch since 2020. Signs of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.

Persons: Zhongzhi, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China

☆ Oil down more than 1% as uncertainty swirls over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said. Analysts said that Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the OPEC+ June meeting. U.S. oil rigs remained unchanged at 500 in the week to Nov. 22, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Wednesday.

Persons: Angus Mordant, Baker Hughes, Brent, Helima Croft, RBC's Croft, Arathy Somasekhar, Andrew Hayley, Sonali Paul, Muralikumar Organizations: REUTERS, OPEC, . U.S . West Texas, Trade, Organization of, Petroleum, Producers, RBC Capital Markets, ING Bank, U.S . Coast Guard, Thomson Locations: Loving County , Texas, U.S, ., United States, Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, Gulf of Mexico, Houston, Beijing

☆ China wealth manager Zhongzhi flags insolvency, $64 billion in liabilities
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +4 min

A flexible tube for CO2 is pictured at a a pilot project for carbon capture and storage (CCS). REUTERS/Hannibal Hanschke Acquire Licensing RightsNov 23 - Carbon capture and underground storage (CCUS) is touted by proponents of fossil fuel production and consumption as the technology that will keep oil and gas in the global energy mix. The IEA produced some sobering numbers in its report, The Oil and Gas Industry in Net Zero Transitions. While the IEA said more than $3 billion was invested in CCUS projects in 2022, only 5% of the ventures have reached final investment decisions, representing only 10 million metric tons of carbon capture and 20 million of storage. There is little doubt that the oil and gas industry will learn from experience and get better at doing CCUS.

Persons: Hannibal Hanschke, CCUS, Muralikumar Organizations: REUTERS, International Energy Agency, IEA, and Gas Industry, Chevron, Reuters, Thomson Locations: Chevron's, Western Australia

☆ Fidelity raises $700 mln in its first bond mutual fund in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/SINGAPORE, Nov 23 (Reuters) - Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager's involvement in the $3.8 trillion mutual fund market. The bond fund - Fidelity's second mutual fund product in China - raised the sum mainly from institutional investors in a three-week, shortened subscription period, the money manager said. China's mutual fund industry is crowded with over 150 players, including foreign ones such as BlackRock (BLK.N), Schroders (SDR.L) and JPMorgan Asset Management. "The fundraising size is rather encouraging," due to tough competition in the local market and Fidelity's limited track record in China, said Huang, who heads Fidelity International's two-year-old China mutual fund unit. Fidelity International was formerly the international investment arm of Boston-based Fidelity Investments before being spun off.

Persons: Helen Huang, Huang, Neuberger Berman, ASIFMA, Li Gu, Samuel Shen, Tom Westbrook, Muralikumar Organizations: Fidelity International, Reuters, Fidelity, JPMorgan Asset Management, Fidelity Investments, Regulators, China Securities Regulatory Commission, Thomson Locations: SHANGHAI, SINGAPORE, China, BlackRock, Boston, Beijing, Shanghai, Singapore

☆ Philippines Considers Return to 'Fold' of International Criminal Court
▼ + stars: | 2023-11-23 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

MANILA (Reuters) - The Philippines is considering resuming membership of the International Criminal Court (ICC) nearly five years after it withdrew over objections to a bid by the court to investigate a bloody anti-narcotics campaign, the president said on Friday. "There is also a question, should we return under the fold of the ICC, so that’s again under study. So we’ll just keep looking at it and see what our options are," President Ferdinand Marcos Jr told reporters. The Philippines withdrew from the international tribunal in 2019 after then President Rodrigo Duterte questioned its authority to investigate the a campaign against illegal drugs in which thousands of people were killed. Marcos said questions over jurisdiction and sovereignty were still "problems" for the Philippines.

Persons: that’s, we’ll, Ferdinand Marcos Jr, Rodrigo Duterte, Marcos, Mikhail Flores, Neil Jerome Morales, Muralikumar Anantharaman, Robert Birsel Organizations: Criminal Court, ICC Locations: MANILA, Philippines, Philippine

☆ Exclusive: China to name finance veteran Zhu as new forex chief, sources say
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The building of State Administration of Foreign Exchange (SAFE) is pictured in Beijing, China, January 11, 2017. Zhu's appointment to lead the State Administration of Foreign Exchange (SAFE) is expected to be announced as soon as this week, said one of the sources. Zhu, 55, would also be named a deputy governor of the People's Bank of China (PBOC), which oversees the foreign exchange regulator, said the source. Zhu will take over the forex regulatory head role from Pan Gongsheng, who has held the post since 2016 and who was named the central bank governor in July. An engineering graduate from the Shanghai University of Finance and Economics, Zhu has also been a deputy central bank governor, and vice governor of Sichuan province in southwestern China.

Persons: Jason Lee, Zhu Hexin, Zhu, Pan Gongsheng, Goldman Sachs, Sumeet Chatterjee, Muralikumar Organizations: Administration of Foreign Exchange, REUTERS, Rights, CITIC Group, State Administration of Foreign Exchange, People's Bank of China, Communist, Reuters, SAFE, Bank of Communications, Bank of China, Shanghai University of Finance, Thomson Locations: Beijing, China, Rights BEIJING, HONG KONG, Sichuan, outflows, Hong Kong

☆ Finland hope to continue Davis Cup fairytale and inspire new generation
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Finland boasts famous figures in Formula One, ice hockey, athletics and winter sports but not many noted tennis players and former world number 13 Nieminen said his team's best-ever Davis Cup run could inspire a new generation. "Now tennis is getting bigger and bigger. Even before our success, tennis was getting a little bit bigger. The Davis Cup team is getting more attention. Finland will play the winner of Wednesday's quarter-final between 2022 runners-up Australia and the Czech Republic in Friday's semi-final.

Persons: deportes Martin, Finland's Harri Heliovaara, Otto Virtanen, Canada's Alexis Galarneau, Vasek Pospisil, Jon Nazca, Jarkko Nieminen, Harri Heliovaara, Nieminen, It's, Shrivathsa Sridhar, Muralikumar Organizations: Palacio, deportes, deportes Martin Carpena, Vasek Pospisil REUTERS, Rights, Davis, Canada, Thomson Locations: Finland, Malaga, Spain, Sweden, Fuengirola, Formula, Australia, Czech Republic, Friday's, Bengaluru

☆ Volkswagen begins operating first wholly owned battery pack plant in China - local govt
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBEIJING, Nov 21 (Reuters) - Volkswagen (VOWG_p.DE) has begun operating its first wholly owned battery pack production plant in China in eastern Anhui province's capital Hefei city, the local Hefei government said on Tuesday. Volkswagen Anhui will also begin mass-production of pure electric models based on the MEB platform by the end of 2023, the government said. Total investment in the battery pack plant amounts to 1.5 billion yuan ($208.01 million), it added. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Muralikumar Organizations: New York, REUTERS, Rights, Volkswagen, Beijing, Thomson Locations: Manhattan , New York City, U.S, Rights BEIJING, China, Anhui, Hefei, Volkswagen Anhui

In a post on his Facebook page, Lai said he would formally present Hsiao as his running mate on Monday afternoon. "Bi-khim's relationships in D.C. will be invaluable to a President Lai, if he is elected, she's going to bring all of those relationships into his government and he doesn't have those," he told Reuters. The United States, as with most countries, has no formal ties with Taiwan, but is the island's most important international supporter and arms supplier. 'INDEPENDENCE ACT'Like Lai, Hsiao is despised by China, which has twice placed sanctions on her, most recently in April, saying she was an "independence diehard". The DPP champions Taiwan's separate identity from China.

Persons: Hsiao, khim, Morris Chang, Carlos Barria, Lai Ching, Lai, Democratic Progressive Party's, Rupert Hammond, Chambers, Chen Shui, Ben Blanchard, Yimou Lee, Muralikumar Anantharaman Organizations: APEC, Economic Cooperation, REUTERS, Rights, Democratic Progressive, U.S ., Taiwan Business Council, Reuters, The, ACT, Taiwan Affairs Office, DPP, Kuomintang, KMT, Taiwan People's Party, Facebook, Thomson Locations: U.S, Asia, San Francisco , California, Rights TAIPEI, United States, January's, Washington, Beijing, Taiwan, China, The United States, Japan

A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Nov 20 (Reuters) - Westpac Banking Corp (WBC.AX), Australia's third largest bank by market capitalisation, said on Monday it would raise A$750 million ($488.1 million) in an Additional Tier 1 (AT1) capital transaction. The AT1 bonds are used by banks to stabilise cashflow in periods of stress, according to APRA. Under that deal, holders of Credit Suisse AT1 bonds received nothing, while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, received $3.23 billion. ($1 = 1.5366 Australian dollars)Reporting by Scott Murdoch in Sydney; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Stephen Jones, Scott Murdoch, Muralikumar Anantharaman, Stephen Coates Organizations: Australia's Westpac Banking Corp, REUTERS, Rights, Westpac Banking Corp, Westpac, prudential, Credit Suisse, APRA, Credit Suisse AT1s, Commonwealth Bank, Credit, Thomson Locations: Sydney, Australia

☆ Trump congratulates Argentine libertarian Milei on election win
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: 1 min

Republican presidential candidate and former U.S. President Donald Trump visits the southern border with Texas Governor Greg Abbott in Edinburg, Texas, U.S. November 19, 2023. REUTERS/Go Nakamura/File Photo Acquire Licensing RightsNov 19 (Reuters) - Former U.S. President Donald Trump congratulated libertarian Javier Milei, an outsider with radical views to fix the economy, on being elected president in Argentina on Sunday. "The whole world was watching! You will turn your Country around and truly Make Argentina Great Again!" Trump wrote on his Truth Social platformReporting by Costas Pitas; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Greg Abbott, Go Nakamura, Javier Milei, Trump, Costas Pitas, Muralikumar Organizations: Texas, REUTERS, Former U.S, Thomson Locations: Edinburg , Texas, U.S, Former, Argentina

☆ Taiwan's Former US Envoy, Well-Known in U.S., Vilified by China, Named VP Candidate
▼ + stars: | 2023-11-19 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +4 min

Persons: Ben Blanchard, Yimou Lee, Lai Ching, Lai, Democratic Progressive Party's, Hsiao, Rupert Hammond, Chambers, Chen Shui, Muralikumar Anantharaman Organizations: Democratic Progressive, U.S ., Taiwan Business Council, Reuters, The, ACT, Taiwan Affairs Office, DPP, Kuomintang, KMT, Taiwan People's Party, Facebook Locations: Yimou Lee TAIPEI, United States, January's, Washington, Beijing, Taiwan, China, U.S, The United States, Japan

☆ Morning Bid: Oil slide, Walmart stoke disinflation speculation
▼ + stars: | 2023-11-17 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 17 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Asia has been in a contemplative mood so far on Friday after another week of wild swings in bonds, equities and commodities. The market now implies 98 basis points of cuts next year, compared with 73 basis points a week ago. U.S. data on housing starts for OctBy Wayne Cole; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Wayne Cole, Brent, Christine Lagarde, De Cos, BoE's Greene, Ramsden, Barr, Daly, Collins, Muralikumar Organizations: REUTERS, Walmart, Federal Reserve, Westpac, EU, Thomson Locations: Wayne, Asia, Ukraine, Goolsbee .

☆ Scotland's McTominay lambasts Georgia players for 'crying like babies'
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Scotland's Scott McTominay lashed out at Georgia's players, saying they fell to the ground theatrically and feigned injury during a heated 2-2 draw between the sides in a Euro 2024 qualifying Group A match on Thursday. Khvicha Kvaratskhelia scored twice for Georgia, while McTominay scored his seventh goal in seven qualifiers for Scotland before Lawrence Shankland struck in stoppage time to secure a draw. In a testy end to the match, McTominay was fouled by Giorgi Kochorashvili. "They should do something about people pretending they're injured when they're not. Reporting by Aadi Nair in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Scott McTominay, Khvicha Kvaratskhelia, McTominay, Lawrence Shankland, Giorgi Kochorashvili, Kochorashvili, they've, it's, they're, Aadi Nair, Muralikumar Organizations: Scotland, Viaplay Sports, Spain, Norway, Thomson Locations: Georgia, Scotland, Spain, Bengaluru

The drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant's market value. It was the first market reaction in Asia since the stunning strategy reversal was announced late on Thursday. "The cancellation of a full spin-off of AliCloud is a negative surprise," said Nomura analyst Shi Jialong in a note. The company said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September. Reporting By Donny Kwok and Josh Ye in Hong Kong, Casey Hall and Gu Li in Shanghai; Writing by Anne Marie Roantree and Brenda Goh; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Group's, Nomura, Shi Jialong, Alibaba, Jack Ma, Kenneth Fong, Joseph Tsai, Bo Pei, Eddie Wu, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Anne Marie Roantree, Brenda Goh, Muralikumar Organizations: Artificial Intelligence, REUTERS, Hong, Tencent Holdings, HK, UBS, Tiger Research, Thomson Locations: Shanghai, China, HONG KONG, SHANGHAI, HK, Hong Kong, Asia, AliCloud, Washington, U.S, Hangzhou, Alibaba

☆ Reaction to Alibaba's scrapping of cloud unit spin-off
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +4 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba said its decision to shelve the spin-off was due to uncertainties fuelled by U.S. curbs on exports to China of chips used in artificial intelligence applications. Following are what people are saying about the decision:LI CHENGDONG, BEIJING-BASED TECH AND E-COMMERCE ANALYST:"I believe scrapping the cloud unit's IPO reflects a new development strategy implemented by the new leadership. In short, I think prior decisions to restructure and IPO certain business units will have to be reassessed based on prevailing market conditions. The international business is one of the few Alibaba units that’s growing fast, which puts it in a better position to explore external funding."

Persons: Dado Ruvic, Alibaba, LI, Daniel Zhang, Zhang, BRIAN WONG, CHARLIE CHAI, Eddie Wu, SERN LING, Casey, Josh Ye, Yelin, Anne Marie Roantree, Muralikumar Anantharaman Organizations: REUTERS, China's, HK, Cloud Intelligence, Casey Hall, Thomson Locations: HONG KONG, Hong Kong, China, BEIJING, AliCloud, Alibaba, Shanghai, Yelin Mo, Beijing

☆ China's Li Auto says to start mass production of its first EV in Feb
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Staff members stand at the booth of Chinese electric vehicle (EV) maker Li Auto, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsCompanies Li Auto Inc FollowSHANGHAI, Nov 17 (Reuters) - Li Auto (2015.HK) said on Friday it will start mass production and delivery of its first pure electric car in February, as the up and coming Chinese automaker bets on fast charging technologies to solve range anxiety for EV users. The MEGA MPV will also be the first model to be produced at Li Auto's Beijing plant with a designed capacity of 100,000 units annually. Founded in 2015, Li Auto has been offering four extended range hybrid SUVs targeting family users. ($1 = 7.2441 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Muralikumar Anantharaman and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Auto, Tingshu Wang, Li, Zhang Yan, Brenda Goh, Muralikumar Anantharaman, Raju Gopalakrishnan Organizations: REUTERS, HK, Li Auto, Thomson Locations: Beijing, China

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