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☆ Piper Sandler champions Nvidia's opportunity beyond AI chips — underscoring our post-earnings analysis
▼ + stars: | 2023-12-04 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

Piper Sandler reiterated its buy-equivalent rating on Nvidia's stock and $620 per-share price target, which implies nearly 33% upside from its Friday close. After Nvidia's more-than-200% stock-price gain this year, investors are wondering what's "new" about Nvidia, Jim Cramer said Monday. The answer to that question is software, Jim said, which could eventually help offset the historically boom-and-bust nature of semiconductor sales. Over time, though, Piper Sandler believes software can become a "significant portion" of Nvidia's total revenue. Despite our alignment with Piper Sandler on Nvidia's long-term software opportunity, Jim on Monday cautioned that its stock could be due for a breather.

Persons: Piper Sandler, Nvidia's, Jim Cramer, Jim, Jim Cramer's Organizations: Nvidia, Devices, AMD, Software, Enterprise, Club, Apple, CNBC, Visitors, NVIDIA, Hangzhou Apsara, Getty, Nurphoto Locations: Hangzhou, Hangzhou Apsara Conference, Zhejiang province, China

☆ China's respiratory illness rise due to known pathogens - official
▼ + stars: | 2023-12-02 | by ( ) www.cnbc.com time to read: +1 min

A child gets an intravenous drip at a hospital in Hangzhou in east China's Zhejiang province. China's surge in respiratory illness is caused by known pathogens and there is no sign of new infectious diseases, a health official said on Saturday as the country faces its first full winter since lifting strict COVID-19 restrictions. The spike in illness in the country where COVID emerged in late 2019 attracted the spotlight when the World Health Organization sought information last week, citing a report on clusters of undiagnosed pneumonia in children. Chinese authorities will open more paediatric outpatient clinics, seek to ensure more elderly people and children receive flu vaccines and encourage people to wear masks and wash their hands, Mi Feng, an official with China's National Health Commission, told a press conference. Doctors in China and experts abroad have not expressed alarm about China's outbreaks, given that many other countries saw similar increases in respiratory diseases after easing pandemic measures, which China did at the end of last year.

Persons: Mi Feng Organizations: World Health Organization, China's National Health Commission Locations: Hangzhou, Zhejiang province, China

☆ PDD earnings: Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant
▼ + stars: | 2023-11-30 | by ( Michelle Toh | Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu. That has pushed up the company’s stock in New York dramatically, taking it 18% higher Tuesday and another 2% higher Wednesday. As a result, PDD’s market cap has soared to $188.3 billion, putting it just below Alibaba’s (BABA) $189.9 billion. I believe that everyone in Alibaba today is watching and listening,” he wrote in a comment, according to the source.

Persons: Hong Kong CNN —, Jack Ma, PDD, Ma, ”, ” “, Chen Lei Organizations: Hong Kong CNN, Temu Locations: China, Hong Kong, New York, Hangzhou, Alibaba, United States, Australia

☆ 2023 sporting moments in pictures
▼ + stars: | 2023-11-29 | by ( Reuters Photographers | ) www.reuters.com time to read: +1 min

Filed: November 29, 2022, 11.00 a.m. GMTThe year was filled with sporting excellence, broken records and newly-crowned champions, and Reuters photographers were present to document every major twist and turn. In soccer, the Women’s World Cup shattered several attendance and viewership records, but Spain’s win was overshadowed by a sexism storm that attracted global headlines. Manchester City won their first-ever Champions League trophy en route to the treble and Napoli lifted their first Serie A title in 33 years. Novak Djokovic’s quest to establish himself as the greatest-ever men’s tennis player was the highlight of the tennis season. He won three major titles, although he ultimately lost the Wimbledon final to Carlos Alcaraz.

Persons: Novak, Carlos Alcaraz, Coco Gauff, Max Verstappen, Francesco Bagnaia, dazzled Organizations: Reuters, Manchester City, Napoli, Serie, Wimbledon, U.S, Rugby, Australia, Cricket, Formula One, Asian, Pan American Locations: South Africa, Hangzhou, Santiago

☆ Jack Ma, the poster boy of China's tech scene, is moving into the food business
▼ + stars: | 2023-11-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba cofounder Jack Ma just set up a new company called "Hangzhou Ma's Kitchen Food," per media reports. AdvertisementFor years, Alibaba cofounder Jack Ma has been the poster boy for China's tech industry — but it looks like he's moving on to the food business. On Wednesday, Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in the city where Alibaba is based, according to media reports. Hangzhou Ma's Kitchen Food is wholly owned by Ma's investment vehicle, Hangzhou Dajingtou. His foundation, the Jack Ma Foundation, did not immediately respond to a request for comment from Business Insider.

Persons: Jack Ma, It's, Ma, —, He's, Supakit Chearavanont Organizations: Alibaba, Service, China Morning Post, National Enterprise, and Culture, Tokyo College, Charoen, Business Locations: Hangzhou, Alibaba, Hangzhou Dajingtou, Beijing, Spain, Netherlands, Japan, Thailand

☆ Jack Ma: Alibaba founder’s ‘Ma’s Kitchen’ is betting on the food business in China
▼ + stars: | 2023-11-27 | by ( Michelle Toh | Eric Cheung | ) edition.cnn.com time to read: +3 min

“Ma’s Kitchen” has registered capital of 10 million yuan ($1.4 million), the system showed. 22 Arts and Culture, of which Jack Ma has 99.9% ownership, according to Qichacha, a corporate data provider in China. The new firm has not publicly provided details on its business model, or what kind of food it will sell. The Jack Ma Foundation did not immediately respond to a request for comment on Monday. Jack Ma seen in Shanghai in 2018.

Persons: Taipei CNN —, Jack Ma, ”, Ma’s, Ma, —, Ben Cavender, Aly Song, Cavender Organizations: Taipei CNN, National Enterprise, and Culture, Euromonitor International, China Market Research, CNN, “ Locations: Hong Kong, Taipei, Hangzhou, China, Shanghai

☆ Jack Ma backs off on plans to sell Alibaba shares after stock plunge
▼ + stars: | 2023-11-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Jack Ma has put off plans to sell hundreds of millions of dollars worth of Alibaba shares after the Chinese tech giant’s stock plummeted last week. Two regulatory filings from last Thursday revealed that Ma had been looking to offload 10 million shares, worth nearly $871 million. Ma believes that the Hangzhou-based firm’s stock “is currently significantly lower than Alibaba’s actual value, and he will not sell it,” she said. Alibaba co-founder Jack Ma. Since then, the entrepreneur has kept a relatively low profile while remaining an Alibaba shareholder.

Persons: Jack Ma, Ma, Jane Jiang Fang, Alibaba, Alibaba’s, Jiang, ”, Joe Tsai, Henri Szwarc, Ma’s Organizations: Hong Kong CNN, CNN, JC Properties, JSP Investment, Abaca, South China Morning Post, Hong Kong, Alibaba Locations: China, Hong Kong, Alibaba, New York, Hangzhou

CNN —After more than three years of going missing from world soccer, North Korean striker Han Kwang Song has reappeared, playing for his country in two recent World Cup qualifiers and scoring in the 6-1 win over Myanmar on Tuesday. Attempting to qualify for the World Cup for a third time, North Korea lost 1-0. The North Korea football federation, the Asian Football Confederation and world soccer governing body FIFA didn’t respond to CNN’s request for comment on Han’s return to international football. The return of the North Korean wunderkind has surprised soccer pundits and fans, who worried about his safety and promising career being cut short. The Covid-19 pandemic led to North Korea fully sealing its borders, making it impossible for Han and fellow repatriated North Korean nationals to return home.

Persons: Han Kwang, Han, Duhail, –, Korean wunderkind, Max Canzi, ” Canzi, Han’s, Nicholas Pennington, Kwang, Choe, Pölten, Alberto Mier, Qatar’s, ”, Kim Jong, Kim, Tullio M Organizations: CNN, North, Myanmar, North Korean, Qatar, Al, Asian Football Confederation, FIFA, Korean, Serie, CNN Sport, Syria, Cagliari, Austria’s SKN, Italy’s, UN, Juventus, United Nations Security Council, Qatar Stars, Qatar Stars League, UNSC, Qatar Airways, Perugia, Getty, Tokyo, Beijing Winter Games, International Olympic Committee Locations: North Korean, Syria, Saudi Arabian, Jeddah, North Korea, Yangon, Rome, Qatar, Korean, Pyongyang, Myanmar, Austria’s SKN St, Arezzo, Qatari, Korea, Ahli, Doha, Puglia, Beijing, Asia

☆ China tells Japan to reaffirm strategic relations in rare leader talks
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: +3 min

China and Japan should reaffirm their "strategic relationship of mutual benefit and give it new meaning", he added. In brief remarks at the start of the meeting, Kishida told Xi: "Japan and China coexist and prosper as neighbors and have a responsibility to contribute to world peace and prosperity." Kishida also met Biden at the summit where they discussed issues including "common challenges" that they share with China. China's push to reaffirm relations with Japan could be partly driven by Tokyo's close ties with its arch-rival Washington, said Rumi Aoyama, an expert on Japan-China relations. On the sidelines of the APEC summit, Kishida has also met South Korean President Yoon Suk Yeol in their seventh meeting this year.

Persons: Noushad Thekkayil, Xi Jinping, Fumio Kishida, Xi, Kishida, Joe Biden, Biden, Washington, Rumi Aoyama, Aoyama, Yoon Suk, Yoon Organizations: Asian, Hangzhou, Olympic Sports Centre, Getty Images, Japanese, APEC, China, ., Waseda Institute of Contemporary Chinese, South, Economic Cooperation Locations: Japan, Aichi, Nagoya, Hangzhou, China's, Zhejiang, San Francisco, China, Taiwan, Beijing, Gaza, U.S, United States, Asia

Alibaba Group's Hong Kong shares closed down 10%, their biggest single-day drop in more than a year. Some analysts said keeping the cloud unit could assist Alibaba's AI push. But (it) also points to the increasing importance of retaining the cloud unit given the surging demand for AI computing in China," said US Tiger Research analyst Bo Pei. Alibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), in line with the 224.32 billion expected by analysts, LSEG data showed. The company also 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.

Persons: Group's, Jon Withaar, Alibaba, Joseph Tsai, Aly, Jack Ma, Kenneth Fong, Bo Pei, Eddie Wu, Daniel Zhang, Vey, Sern Ling, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Yelin, Ankur Banerjee, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman Organizations: HK, Pictet Asset Management, Tencent Holdings, Artificial Intelligence, REUTERS, UBS, Tiger Research, Union Bancaire, Hong, Thomson Locations: HONG KONG, China, Hong Kong, Asia, U.S, Singapore, Washington, Hangzhou, Shanghai, Alibaba, Union, Yelin Mo, Beijing

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

☆ China's unfinished property projects are 20 times the size of Country Garden
▼ + stars: | 2023-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

HANGZHOU, CHINA - NOVEMBER 15, 2023 - An aerial photo shows a new property under construction in Hangzhou City, Zhejiang Province, China, Nov 15, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images)BEIJING — The size of unfinished, pre-sold homes in China is about 20 times the size of property developer Country Garden as of the end of 2022, according to a Nomura report on Wednesday. "We estimate that there are around 20 million units of unconstructed and delayed pre-sold homes," said Nomura's Chief China Economist Ting Lu and a team. About 3.2 trillion yuan ($440 billion) is needed to complete those remaining units, according to the analysts' estimates. Ensuring construction of the homes has been a government priority since delays make people less willing to buy new apartments.

Persons: Nomura, Ting Lu Organizations: National Bureau, Statistics, Publishing, Getty Images, U.S, Bloomberg News, China Locations: HANGZHOU, CHINA, Hangzhou City, Zhejiang Province, China, BEIJING

☆ China’s Singles Day shows buyers’ commitment issue
▼ + stars: | 2023-11-13 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020. The Singles Day sales period ended up with anemic growth in transactions, despite steep discounts by retailers. Alibaba (9988.HK), , the e-commerce giant behind Singles Day, used to hold a lavish gala in Shanghai to celebrate the consumption extravaganza. And China’s State Post Bureau said on Sunday that express delivery volume hit a record high during the Singles Day period, rising more than 23% between November 1 and November 11, compared to the previous year. Beijing may hope Chinese shoppers are more fatigued by the Singles Day’s barrage of promotions than consumption itself.

Persons: Aly, Xi, Taylor Swift, Alibaba, It’s, JD.com, Goldman Sachs, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Reuters, HK, Post Bureau, Reuters Graphics Reuters, Thomson Locations: Hangzhou, Zhejiang province, China, HONG KONG, Shanghai, Beijing

☆ Nvidia Develops New AI Chips, Again, to Keep Selling to China
▼ + stars: | 2023-11-11 | by ( Raffaele Huang | Asa Fitch | ) www.wsj.com time to read: 1 min

People visiting an Nvidia booth at a conference in Hangzhou, China, last month. Photo: Cfoto/Zuma PressNvidia is working on a new lineup of artificial-intelligence chips customized for China as the semiconductor giant tries to maintain access to a huge market while adjusting to shifting U.S. regulations. After U.S. restrictions cut off chips that Nvidia had previously developed for the market, the company told distributors in China early this week that three new chips could become available as soon as the end of this year, according to people briefed on the matter.

Organizations: Zuma Press Nvidia, U.S, Nvidia Locations: Hangzhou, China

☆ China has a sweeping vision to reshape the world — and countries are listening
▼ + stars: | 2023-11-09 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +23 min

All this coincides with longstanding calls from countries across the developing world for an international system where they have more say. Beijing, he added, sees the US as merely “paying lip service” to the “liberal order” to hurt other countries. Sergei Savostyanov/Sputnik/ReutersIn recent years, even some countries that have for decades embraced a close partnership with the US have drawn closer to China and its vision. “Is China really trying to promote multipolarity — or does China just want to (become a) substitute (for) US influence over the world?” he asked. They also raise questions about how a more militarily and economically powerful China would behave globally, if left unchecked.

Persons: Xi Jinping, —, Xi, Vladimir Putin, General Antonio Guterres, ” Xi, , Shen Hong, they’d, ”, Yun Sun, liberalize, Sanjit Das, Shen Dingli, ‘, ’ ”, Russia’s Putin, Bashar al, Assad —, Assad’s, Sergei Savostyanov, Ali Sarwar Naqvi, “ We’ve, James Marape, ’, Rubens Duarte, Li Zhiquan, “, Tong Zhao, Zhao, Ted Aljibe, Luiz Inácio Lula da Silva, Zhang Youxia, Beijing’s, Gilberto Teodoro Jr, BRICS, Weeks, Joe Biden, Sergio Lima, ” — Organizations: Hong Kong CNN, United Nations, Forum, China, Communist, CNN, Beijing, Washington, Getty, Stimson, Bank, World Trade Organization, . Riot, Bloomberg, Initiative, Asian, Global, Sputnik, Reuters, Center for International Strategic Studies, Papua New Guinea, multipolarity, China News Service, Carnegie Endowment, International Peace, Global Security Initiative, NATO, Russia, Philippine Defense, Shanghai Cooperation Organization, United, New, Seven, Ministry, Global Security, Group, UN, Communist Party Locations: China, Hong Kong, Beijing, United States, Ukraine, Gaza, Russian, Xinhua, Washington, South, Taiwan, Tibet, Xinjiang, America, Shanghai, West, Hangzhou, Israel, Pakistan, Pakistani, Islamabad, Papua New, Brazil, Indonesia, Europe, Asia, Scarborough, South China, AFP, Moscow, Russia, “, Saudi Arabia, Iran, Palestine, India, South Africa, Argentina, Egypt, Ethiopia, United Arab Emirates, New Delhi, Southeast Asia, Latin America, Caribbean, ” Beijing

☆ Scientists create chimeric monkey with two sets of DNA
▼ + stars: | 2023-11-09 | by ( Katie Hunt | ) edition.cnn.com time to read: +7 min

CNN —Scientists based in China have created a monkey chimera with two sets of DNA, experimental work they say could ultimately benefit medical research and the conservation of endangered species. It’s the world’s first live birth of a primate chimera created with stem cells, the researchers said. Scientists have created mouse embryos that are part human, and in 2021, scientists reported that they had grown human-monkey chimeric embryos. In September, researchers reported that they had grown kidneys containing mostly human cells inside pig embryos. Then they selected a subset of cells to inject into genetically distinct 4- to 5-day-old embryos from the same monkey species.

Persons: —, ”, Miguel Esteban, chimeras, Zhen Liu, Liu, Jun Wu, hadn’t, Wu wasn’t, Jacob Hanna, ” Hanna, Penny Hawkins, “ Organizations: CNN —, Cell, Guangzhou Institute of Biomedicine, Chinese Academy of Sciences, Research, University of Texas Southwestern Medical Center, Weizmann Institute of Science, Royal Society for, National Academies of Sciences, Engineering, Medicine, Covid Locations: China, Health, Research Hangzhou, Israel, United States

☆ Australia's Smith charges to share of lead at Hong Kong Open
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Oct 20, 2023; Doral, Florida, USA; Cameron Smith putts on the eighth green during the first round of the LIV Golf Miami golf tournament at Trump National Doral. Mandatory Credit: Sam Navarro-USA TODAY Sports/File Photo Acquire Licensing RightsHONG KONG, Nov 9 (Reuters) - Cameron Smith went on a late birdie blitz in a round of 63 to take a share of the first round lead at the Hong Kong Open on Thursday as the event made its return after a long COVID hiatus. Australian Smith caught fire from the 12th, rolling in five birdies in six holes to join Spaniard Eugenio Chacarra on seven-under at the storied Hong Kong Golf Club in Fanling. Coming off a break after the LIV event in Saudi Arabia last month, British Open winner Smith returned to action with eight birdies and a solitary bogey on the par-five third. The Hong Kong Open returned to the Asian Tour schedule this year after last being played in 2020.

Persons: Cameron Smith putts, Sam Navarro, Cameron Smith, Smith, Eugenio Chacarra, Thailand's Gunn Charoenkul, Korean Jang Yu, LIV, Chacarra, Patrick Reed, Ireland's Graeme McDowell, Wade Ormsby, Ian Ransom, Simon Cameron, Moore Organizations: LIV Golf Miami, Trump National Doral, Mandatory, USA, Hong, Hong Kong Golf Club, British, Oklahoma State University, Hong Kong Open, Thomson Locations: Doral , Florida, USA, HONG KONG, Hong Kong, Fanling, Korean, Hangzhou, China, Saudi Arabia, Saudi, Melbourne

☆ China pledges to expand market access at annual trade fair amid foreign criticism
▼ + stars: | 2023-11-05 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

SHANGHAI, China (Reuters) -China will further expand market access and increase imports, its premier told a trade fair in Shanghai on Sunday, amid criticism from European firms who said they wanted to see more tangible improvement in the country’s business environment. China will promote coordinated development of trade in goods and services, protect an international business environment, and relax market access including lifting restrictions on foreign investment in manufacturing, he said. The import expo was launched by President Xi Jinping in 2018 to promote China’s free trade credentials and counter criticism of its trade surplus with many countries. China’s imports have slumped this year amid a slowdown in the world’s second largest economy, although data released last month indicated that the downtrend could be starting to ease. China will “actively promote” its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), Li also said in his speech on Sunday.

Persons: Li Qiang, Tingshu Wang, ” Li, Xi Jinping, Li, Anthony Albanese, “ Organizations: Hangzhou Olympic Sports Centre, China, European Chamber of Commerce, Micron Technology, Nestle, Burberry, Australian, Pacific Locations: SHANGHAI, China, Shanghai, Hangzhou, Afghan, Australia, United States, Taiwan, Ukraine, Costa Rica, Uruguay, Ecuador, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, Britain

☆ Esports joins Pan Am Games, but medals won't count
▼ + stars: | 2023-11-01 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

But any medals won will not be added to their country's official total as they were at the recent Asian Games where esports had full medal status and was one of the most popular events drawing huge enthusiastic crowds. Like the Asian Games the Pan Am competition will be closely watched by the International Olympic Committee (IOC) as Esports makes a push for a spot on the Olympic programme. While esports is making its Pan Am Games debut, gamers have been part of many other multi-sport competitions, including the Commonwealth and the European Games. One reason esports medals are not being counted at the Pan Am Games is that gamers are not subject to doping controls like every other athlete in Santiago. Authorities in Hangzhou ploughed $627 million into building a new esports venue while the Pan Am Games competition will be staged in a tent in a grassy corner of the Games fan zone.

Persons: SANTIAGO, Esports, esports, Paul Foster, Foster, Steve Keating, Toby Davis Organizations: Pan American, Asian, International Olympic Committee, Pan Am, Commonwealth, European, IOC, Global Esports Federation, Doping Agency, Esports, Ams, Pan Am Games, Thomson Locations: Sunday's, esport, Santiago ., Hangzhou, Santiago

☆ CIMB, J Trust among suitors for Indonesia's Bank Commonwealth -sources
▼ + stars: | 2023-10-31 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

REUTERS/Bazuki Muhammad/File Photo Acquire Licensing RightsSINGAPORE, Oct 31 (Reuters) - Malaysian bank CIMB (CIMB.KL) and Japanese finance company J Trust (8508.T) are among firms vying to buy Indonesia's PT Bank Commonwealth, a deal that could value the lender at $400-$500 million, two sources with knowledge of the matter said. Bank Commonwealth, which is 99% owned by Australia's biggest lender Commonwealth Bank of Australia (CBA) (CBA.AX), focuses on retail lending as well as corporate banking services for small and medium enterprises. 2 bank, and J Trust have expressed interest and are looking at submitting binding bids, the sources said. CIMB, J Trust, CBA and Morgan Stanley declined to comment. Bank Commonwealth did not respond to a Reuters request seeking comment.

Persons: Bazuki Muhammad, Morgan Stanley, Yantoultra Ngui, Anton Bridge, Kane Wu, Edwina Gibbs Organizations: CIMB, REUTERS, Rights, J Trust, Indonesia's PT Bank Commonwealth, Bank Commonwealth, Australia's, Commonwealth Bank of Australia, CBA, Bank International Indonesia, China's, China's Bank of, SS, Thomson Locations: Kuala Lumpur, Rights SINGAPORE, Malaysian, Indonesia, Southeast, Southeast Asia, China's Bank, China's Bank of Hangzhou, Hangzhou, Singapore, Tokyo

☆ China factory activity unexpectedly shrinks in Oct, dents recovery momentum
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +3 min

China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 31 (Reuters) - China's manufacturing activity unexpectedly contracted in October, an official factory survey showed on Tuesday, underlining the challenge facing policymakers trying to engineer a durable economic recovery. Recent indicators pointed to encouraging signs of stabilising in the world's second-largest economy, supported by a flurry of policy support measures, although a protracted property crisis and soft global demand remain major headwinds. "Although there are signs of exports bottoming out, a strong recovery in external demand is probably elusive," he added. But analysts say more policy support may be needed to ensure the economy reaches Beijing's annual growth target of about 5%. "The additional 1 trillion yuan will help in November and December," Economist Intelligence Unit's Xu said.

Persons: Xu Tianchen, Dan Wang, Nomura, Unit's Xu, Joe Cash, Sam Holmes Organizations: REUTERS, Rights, National Bureau, Statistics, PMI, Economist Intelligence Unit, Hang Seng Bank China, JPMorgan, Moody's, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING

☆ China PMI: Factory activity unexpectedly contracts in October as demand drops
▼ + stars: | 2023-10-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s massive manufacturing sector has contracted once again amid weak demand, fueling calls for stronger policy support to boost growth. Fewer working days in October due to the Golden Week holiday, which spanned September 29 to October 6, affected the manufacturing PMI, according to the NBS. “The unexpected decline of manufacturing PMI shows the recovery in China is a bumpy road as domestic demand is still quite weak,” said Zhiwei Zhang, president and chief economist for Pinpoint Asset Management. The NBS survey showed that new factory orders declined in October from the previous month, pointing to a drop in demand. Overall, “the weak PMI reinforces the case for stronger fiscal policy support,” Zhang said.

Persons: ”, Zhiwei Zhang, ” Zhang, Xi Jinping, “, Zhaopeng Xing Organizations: Hong Kong CNN, National Bureau of Statistics, PMI, Nomura, Authorities, ANZ Research, Bank of Locations: Hong Kong, China, Beijing, Hangzhou, Liuzhou, Bank of China

☆ Chinese tech giant Alibaba launches upgraded AI model to challenge Microsoft, Amazon
▼ + stars: | 2023-10-31 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Alibaba called Tongyi Qianwen 2.0 a "substantial upgrade from its predecessor," which was introduced in April . China's biggest cloud computing and e-commerce player announced Tongyi Qianwen 2.0, its latest large language model (LLM). A LLM is trained on vast amounts of data and forms the basis for generative AI applications such as ChatGPT, which is developed by U.S. firm OpenAI. Tongyi Qianwen 2.0 "demonstrates remarkable capabilities in understanding complex instructions, copywriting, reasoning, memorizing, and preventing hallucinations," Alibaba said in a press release. The Hangzhou-headquartered company also announced the GenAI Service Platform, which lets companies build their own generative AI applications, using their own data.

Persons: Alibaba, Tongyi Organizations: Artificial Intelligence, U.S, Tuesday, Microsoft, OpenAI, Amazon Locations: Shanghai, Hangzhou, China

☆ Alibaba upgrades AI model Tongyi Qianwen, releases industry-specific models
▼ + stars: | 2023-10-31 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The Alibaba Cloud logo is displayed near a screen showing the website of its Tongyi Qianwen AI chatbot, in this illustration picture taken June 28, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsHONG KONG, Oct 31 (Reuters) - Chinese technology giant Alibaba (9988.HK) said on Tuesday it has updated its artificial intelligence (AI) model Tongyi Qianwen and released a suite of industry-specific AI models amid an intensifying AI race among tech companies. It also said it has launched eight AI models for the entertainment, finance, healthcare and legal industries. The GPT-3 AI model from Microsoft-backed (MSFT.O) OpenAI contained 175 billion parameters in 2020 and Meta Platform's (META.O) Llama 2 model had 70 billion parameters in 2023. At the conference, Chairman Joe Tsai also said about half of large-language AI models in the China now run on Alibaba Cloud.

Persons: Florence Lo, Tencent, OpenAI, Joe Tsai, Josh Ye, Brenda Goh, Jacqueline Wong, Christopher Cushing Organizations: REUTERS, HK, Microsoft, Meta, Thomson Locations: HONG KONG, Hangzhou, China

☆ Stellantis is teaming up with Chinese startup Leapmotor on EVs
▼ + stars: | 2023-10-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

The two will form a joint venture that will give Stellantis the exclusive rights to produce, export and sell the Chinese brand’s vehicles outside Greater China. Stellantis will control the joint venture, with a 51% stake, while Leapmotor will take a 49% share. In July, Volkswagen announced it was buying a 5% stake in Chinese EV maker Xpeng and unveiled a strategic partnership to jointly develop new vehicles. News of Stellantis’ latest partnership comes about a year after it terminated its joint venture in China with Guangzhou Automobile Group Company (GAC). Stellantis is acquiring Leapmotor shares at a price of 43.8 Hong Kong dollars ($5.6) apiece, according to a Thursday stock exchange filing by the Chinese firm.

Persons: Hong Kong CNN —, Leapmotor, Mercedes, Nio, Stellantis, weren’t Organizations: Hong Kong CNN, Chrysler, Volkswagen, Xpeng, Reuters, CNN, Nio, Guangzhou Automobile Group Company, Hong Locations: Hong Kong, Leapmotor, Hangzhou, Greater China, Shanghai, China

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