DIRS.INFO The most relevant business & tech news

☆ North Korea crypto hacking activity soars to record high in 2023, new report shows
▼ + stars: | 2024-01-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

The FBI claims North Korea-linked hackers were behind a $100 million crypto heist on the so-called Horizon bridge in 2022. North Korea-linked hackers attacked a record number of crypto platforms in 2023, according to Chainalysis in its latest report on Wednesday. Data collected from 2016 to 2023 showed that North Korea hacked 20 crypto platforms last year — the highest level recorded in that time period, according to the blockchain analytics firm. North Korea-affiliated hackers stole slightly over $1 billion worth of crypto assets last year, which was lower than the record $1.7 billion stolen by North Korea-affiliated hackers in 2022. Another report by blockchain intelligence firm TRM Labs said hackers tied to North Korea stole at least $600 million in crypto in 2023.

Organizations: FBI, North, Lazarus Group, TRM Labs Locations: North Korea

☆ Shih Ming-teh, Defiant Activist for a Democratic Taiwan, Dies at 83
▼ + stars: | 2024-01-23 | by ( Chris Buckley | Amy Chang Chien | ) www.nytimes.com time to read: +1 min

Shih Ming-teh, a lifelong campaigner for democracy in Taiwan who spent over two decades in prison for his cause and later started a protest movement against a president from his former party, died on Jan. 15, his 83rd birthday, in Taipei, the island’s capital. The cause was complications of an operation to remove a liver tumor, said his wife, Chia-chiun Chen Shih. Mr. Shih helped lead a pro-democracy protest in 1979 that was brutally broken up by the police and that is now viewed as a turning point in Taiwan’s journey from authoritarianism to democracy. “I was imprisoned for 25 years, and I faced the possibility of the death penalty twice, but each time I came out, I instantly plunged back into the whole effort to overthrow the Chiang family dictatorship,” Mr. Shih said in an interview with The New York Times in 2022. “I’m someone who never had a youth.”

Persons: Shih Ming, Chia, Chen Shih, Shih, Chiang Kai, shek, Chiang Ching, Chiang, ” Mr, “, ” Organizations: The New York Times Locations: Taiwan, Taipei, China

☆ Moody's is negative on Asia's sovereign creditworthiness in 2024 as China growth slows
▼ + stars: | 2024-01-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Moody's Investors Service has a negative outlook for sovereign creditworthiness in Asia-Pacific this year, due to China's slower economic growth as well as tight funding and geopolitical risks. China's rebound from the Covid-19 pandemic wasn't as fast as several economists had expected at the start of 2023. In a Jan. 15 report, Moody's predicted China's real GDP growth would slow to 4% this year and next, from an average of 6% between 2014 and 2023. The credit rating agency said the slowdown in China's growth "significantly influences" APAC economies because of its strong integration in global supply chains. Goldman Sachs and Morgan Stanley, among other major international investment banks, predict China's economy to grow at a slower pace of 4.6% in 2024, down from 5.2% expected for 2023.

Persons: Moody's, Goldman Sachs, Morgan Stanley Organizations: Moody's, National Bureau of Statistics Locations: Asia, Pacific

☆ I retired and moved to Thailand. It's cheap, and I feel more respected here than in the UK.
▼ + stars: | 2024-01-22 | by ( Rebecca Root | ) www.businessinsider.com time to read: +5 min

The 75-year-old Brit landed on Hua Hin, a beach town south of Bangkok, Thailand. south of Bangkok, Thailand. He spends his days swimming and sun bathing and said medical care is cheaper and faster. Choosing where I wanted to retire abroad was difficultI decided against a care home in the UK for myself. My family's reaction when I said I would retire in Thailand was, "We can't come to see you.

Persons: Jeffrey Ogden, Brit, Hua Hin, —, I've, I'd, I'm, Chiang Mai, didn't Organizations: Service, Sunshine International Locations: Bangkok, Thailand, Watford, United Kingdom, Spain, Caribbean, America, Australia, New Zealand, Vietnam, Indonesia, Malaysia, Asia, Pattaya, Hua

☆ I've spent months in Thailand. Here are 6 things everyone should do there.
▼ + stars: | 2024-01-20 | by ( Dominique Mills | ) www.businessinsider.com time to read: 1 min

Visit Bua Thong Waterfall — aka "The Sticky Waterfall." Because of the limestone deposits, the waterfall isn't slippery. Dominique MillsBua Thong Waterfall, more commonly known as The Sticky Waterfall, is a famous multitiered, limestone waterfall in Thailand. The waterfall's uniqueness is alluded to in its nickname. Due to the dense limestone deposits, you can effortlessly ascend and descend without slipping.

Persons: Dominique Mills, Chiang Mai Locations: Thailand, It's, Lanna, Chiang

☆ Thailand sentences man to record 50 years in prison for insulting the monarchy
▼ + stars: | 2024-01-19 | by ( Helen Regan | ) edition.cnn.com time to read: +5 min

Sentences for those convicted under Section 112 of Thailand’s Criminal Code, or lese majeste law, can be decades long and hundreds of people have been prosecuted in recent years. A criminal court found him guilty of 14 violations of lese majeste and sentenced him in January 2023 to 28 years. At least 262 people have been charged with lese majeste during that time, the group added. Thailand’s lese majeste prosecutions continue despite a civilian government now being in power, following almost a decade of military-backed rule. The verdicts include a decision by the Constitutional Court on whether Pita sought to overthrow the monarchy through his election campaign to amend the lese majeste law.

Persons: Mongkol Thirakhot, Chiang Rai, ”, majeste, TLHR, Mongkol, Akarachai Chaimaneekarakate, Akarachai, Anchan Preelert, lese, Arnon Nampa, Arnon, ” TLRH, Thailand’s lese, Pita Limjaroenrat, Pita Organizations: CNN, Thai Lawyers for Human Rights, Facebook, Supreme, UN Human Rights, YouTube, Forward, Constitutional Locations: Chiang Rai, Thailand, TLHR, Thai

☆ TSMC beats profit and revenue expectations in the fourth quarter
▼ + stars: | 2024-01-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The world's largest contract chipmaker Taiwan Semiconductor Manufacturing Company on Thursday posted better-than-expected profit and revenue on the back of weaker macroeconomic conditions. That compares with TSMC's guidance for fourth-quarter revenue between $18.8 billion and $19.6 billion. "In the fourth quarter, revenue increased 14.4% sequentially [from the third quarter], supported by the continued strong ramp of our industry-leading 3-nanometer technology," said TSMC in its fourth-quarter earnings report. But analysts say chip inventories at smartphone and PC makers are running down and expect restocking demand to pick up. In its third-quarter earnings report in October, TSMC said that its business was supported by the industry-leading 3-nanometer technology and higher demand for 5-nanometer technologies, partially offset by customers' ongoing inventory adjustment.

Persons: TSMC, Brady Wang Organizations: Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, Samsung Electronics, SK Hynix, Counterpoint Research Locations: Taiwan

☆ China could face more chip restrictions in 2024, analysts say
▼ + stars: | 2024-01-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

China could face more semiconductor export curbs from the likes of the U.S. and the Netherlands to contain the Asian powerhouse's chip tech, analysts told CNBC. Earlier this year, the Netherlands blocked Dutch semiconductor equipment maker ASML from exporting some of its deep ultraviolet lithography systems to China. It came after the U.S. tightened export controls on advanced semiconductors and chipmaking tools to China in October last year, building on previous rules. "I wouldn't be surprised if there's more [U.S. restrictions] coming just because we're still in the middle of this tit-for-tat. Beijing slammed the Dutch government's move, urging the Netherlands to "uphold an objective and fair position and market principles."

Persons: we're, Dan Hutcheson Organizations: CNBC, U.S, China's Ministry of Commerce Locations: China, Netherlands, Beijing, U.S, TechInsights

☆ China's BYD launches AI-powered smart car technology to better compete with rivals
▼ + stars: | 2024-01-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Visitors look at an BYD Seal U electric car of Chinese car brand BYD at the IAA Mobility 2023 international motor show on September 6, 2023 in Munich, Germany. BYD launched its AI-powered smart car system on Tuesday as the world's largest electric car maker seeks to better compete with rivals on advanced technologies such as automated parking. The Xuanji smart car system "perceives changes inside and outside the vehicle in milliseconds" thereby "enhancing driving safety and comfort," the firm said in a statement on Tuesday. The Chinese EV giant's Shenzhen-listed shares shed more than 2% on Wednesday in a broader decline in the China stock market. A price war and intensifying competition in the Chinese EV market have squeezed profitability for China's EV makers including BYD, Nio, Xpeng and Li Auto.

Persons: BYD, Wang Chuanfu, Tesla, Li Auto Organizations: Integrated Vehicle Intelligence, Weibo, EV giant's Shenzhen, EV, China's, Li Locations: Munich, Germany, U.S, China, Shenzhen

☆ The top 9 'must-have' travel experiences of 2024, according to luxury advisors
▼ + stars: | 2024-01-16 | by ( Monica Pitrelli | Jonathan Delise | ) www.cnbc.com time to read: +8 min

If that sounds like a tall order for a summer getaway, the luxury travel company Virtuoso asked 20,000 of its travel advisors to share their top experiences for 2024. Dark sky tourism focuses on rural locations without light pollution, such as Greece's Olympus Mountain National Park. Departing in August, Virtuoso recommends travelers first take in the Olympic Games before departing the city in style. Passion travelsHobbies may be associated with the home, but Virtuoso recommends taking your passions on the road. Virtuoso recommends exploring Peruvian cuisine at the Mistura Food Festival, or checking out the street food of Ljubljana, Slovenia.

Persons: Nicolas Economou, Manoj Shah, Belles, Bhutan's, Young, Peter Adams, Chiang Mai, Koh, Wiphop, Sakura, James Cole, Hillary, Cousteau, Shackleton, pricey, Yasin Akgul, bookworms, Wolfgang Kaehler, Brian Curtice, Levente Bodo, ERNESTO BENAVIDES Organizations: Nurphoto, DarkSky, Stone, InterContinental, UNESCO, Istock, Expedition, Getty, CNBC Travel, Orient, Afp, Departing, Olympic Games, Chelsea Flower, Lightrocket, Festival Locations: stargazing, Norway, Iceland, Canada, Northern Mexico, Blanco , Texas, Albanya, Spain, Africa, Bhutan, Thailand, Pana, Yai, Bangkok, Japan Japan, United States, North America, Japan, Hakodate, Hokkaido, Kyoto, Kanazawa, Fuji's, Antarctica, Paris, Istanbul, Turkey, Asia, Europe, Venice, Turkish, Strahov, Riau, Isla, Ljubljana, Slovenia

☆ China's EV stocks start 2024 in reverse gear as price wars pressure profitability
▼ + stars: | 2024-01-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

"We expect competition within the domestic market to remain intense and put pressure on pricing and profitability," Bernstein analysts said in a report on China's EV industry earlier this month. Morgan Stanley also highlighted competitions concerns in its note on Wednesday: "Investors remain cautious as China's auto market has had a volatile start to the year as competition and macro uncertainties persist." In mainland China, passenger EV sales growth fell to 28% in the third quarter of 2023, from 108% in the same period a year earlier, according to China Association of Automobile Manufacturers data quoted by Fitch Ratings. The growth slowdown will deepen in 2024, according to Fitch Ratings. "We expect China's domestic passenger car demand to increase modestly in 2024 to nearly 22 million units amid economic uncertainty," said Fitch Ratings.

Persons: Li Auto, Bernstein, Morgan Stanley, Fitch Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, China Association of Automobile Manufacturers, Fitch Locations: Shanghai, Hong Kong, Nio, BYD, Zhejiang, China

☆ China's Meituan lost $82 billion in market cap amid rising competition, slowdown in food delivery business
▼ + stars: | 2024-01-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A food delivery courier for Meituan in Beijing, China, on Tuesday, Aug. 22, 2023. Source: BloombergSince the beginning of 2023, Chinese food delivery leader Meituan has lost a staggering $82 billion in market capitalization, as fears over increasing competition and a warning from its management about a slowdown in its main food delivery business have spooked investors. The tech giant's market cap has tumbled nearly 60% to 441.06 billion Hong Kong dollars ($56.4 billion) from HK$1.08 trillion ($138.2 billion) at the beginning of 2023, according to LSEG data. The company still dominates China's food delivery industry, with almost 70% of the market share in the mainland, according to 2022 data from research firm ChinaIRN. But competition has been rising, especially from Alibaba -owned Ele.me, another prominent food delivery company in China.

Persons: Meituan, Shen Organizations: Bloomberg, Hong Kong, HK, CNBC Locations: Beijing, China, Ele.me

☆ China's Xpeng claims its latest EV model could be an industry 'game changer'
▼ + stars: | 2024-01-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

watch nowChinese electric vehicle company Xpeng told CNBC on Friday that its newly launched X9 model could be a "game changer" for the industry. Xpeng launched the X9 large 7-seater EV on Jan. 1, a car built on its SEPA2.0 architecture for the Chinese market. Xpeng's new launch comes as several domestic EV players such as Nio , Huawei and Zeekr recently revealed new electric vehicles. Stiff competitionCompetition is intensifying in the Chinese EV market, with BYD, Li Auto and Geely among the small number of players that have hit their annual sales targets. Gu is optimistic on China's EV market in 2024 despite challenges, saying that "2024 will be a very competitive year" with new model and brand launches.

Persons: Xpeng, Brian Gu, Emily Tan, Gu, Zeekr, Xpeng Xpeng, Guangdong Huitian, Li Auto, Vincent Sun, Xpeng Nio, Li, BYD, Tesla, TrendForce Organizations: CNBC, Jan, EV, Huawei, Guangdong Huitian, Li Auto Locations: China, Europe, Guangdong, U.S

☆ Wall Street’s new e-commerce darling just overtook Alibaba in market cap — one analyst says it's a 'standout growth stock'
▼ + stars: | 2023-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed. PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period. Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally. "PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients. PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.

Persons: Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin Organizations: PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company Locations: China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu

☆ Bitcoin tops $40,000 to hit a 19-month high on ETF hopes, bets on Fed cuts
▼ + stars: | 2023-12-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Bitcoin crossed the $40,000 mark for the first time this year on Monday in Asia, bolstered by anticipation of a bitcoin exchange-traded fund approval and bets on U.S. interest rate cuts. This is the first time since May 2022 that bitcoin has breached the $40,000 level, according to LSEG. This comes after scandals rocked the market including the collapse of crypto exchange FTX in November last year. CNBC reported last week that U.S. Securities and Exchange Commission officials met with representatives from Grayscale, BlackRock and the Nasdaq. In a memo, the SEC said it met with Grayscale on Thursday about the potential conversion of the Grayscale Bitcoin Trust into an ETF.

Persons: Bitcoin, bitcoin, Bankman, Fried, Antoni Trenchev Organizations: CNBC, . Securities, Exchange, Nasdaq, SEC Locations: Asia, Bitcoin, BlackRock

☆ I traveled to over 7 countries in 2023. Here are 4 of the most affordable cities I visited.
▼ + stars: | 2023-12-04 | by ( Dominique Mills | ) www.businessinsider.com time to read: +5 min

I traveled to over seven countries in 2023, and some places stood out for being budget-friendly. Porto, Portugal, and Chiang Mai, Thailand, offered affordable accommodations and fun activities. Here are the four most affordable places I visited in 2023. Chiang Mai, Thailand, was culture-rich and inexpensiveChiang Mai, Thailand, was inexpensive but beautiful. Dominique MillsNestled in the lush greenery of Northern Thailand, Chiang Mai is one of my favorite cities to visit.

Persons: Chiang, —, Dominique Mills, Chiang Mai, Koh Samui, Dominique Mills I've Organizations: Service, UNESCO, US Department of State Locations: Porto, Portugal, Chiang Mai, Thailand, Hanoi, Vietnam, Douro, Northern Thailand, Bangkok, Old City, Soi, Prabang, Laos, Luang Prabang, Asia, Vientiane, Indochina

☆ This tiny country drove 15% of Nvidia's revenue – here's why it needs so many chips
▼ + stars: | 2023-12-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

About 15% or $2.7 billion of Nvidia's revenue for the quarter ended October came from Singapore, a U.S. Securities and Exchange Commission filing showed. Revenue coming from Singapore in the third quarter jumped 404.1% from the $562 million in revenue recorded in the same period a year ago. Singapore only trailed behind the U.S. (34.77%,) Taiwan (23.91%) and China including Hong Kong (22.24%) in Nvidia's third-quarter sales rankings. "I would highly think it's due to data centers as Singapore has quite a lot of data centers and cloud service providers," Maybank Securities analyst Jarick Seet told CNBC. Building data centers, of course!," said Sang Shin, an ex-Temasek and GIC executive, in a LinkedIn post.

Persons: Jakub Porzycki, Jarick Seet, Sang Shin, Shin Organizations: Getty, Nvidia, U.S . Securities, Exchange Commission, Maybank Securities, CNBC, Temasek, GIC Locations: Krakow, Poland, U.S, Singapore, Taiwan, China, Hong Kong, Nvidia's, GIC

Consumers in China are hunting for bargains when they spend, the latest earnings from online retailers show. Chinese e-commerce giant Pinduoduo posted 94% growth in third-quarter revenue, far outpacing Alibaba 's 9% growth during the same period. Pinduoduo , known for its bargain-priced products, said Tuesday that third quarter revenue was the equivalent of $9.44 billion – beating revenue forecasts, according to LSEG. Pinduoduo said revenue from transactions skyrocketed by 315% in the third quarter to nearly $4 billion. JD missed third-quarter revenue estimates, according to LSEG data, despite net revenue rising 1.7% in the quarter from a year ago to the equivalent of $34 billion.

Persons: Pinduoduo, Temu, Alibaba, JD Organizations: JPMorgan Locations: China, FactSet, U.S, Australia, New Zealand, France, Italy, Germany, Netherlands, Spain

☆ 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

☆ Thailand to allow clubs, bars to stay open longer to boost tourism
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Entertainment venues, clubs and karaoke bars in Bangkok, Phuket, Pattya, Chiang Mai and Samui, popular tourist destinations, will be allowed stay open two extra hours until 4 AM, Traisulee Traisaranakul said. The decision to allow entertainment venues to stay open longer is the latest step taken by the government to boost foreign arrivals after the government in September waived visa requirements for Chinese visitors, a key source of tourists for Southeast Asia's second-biggest economy. Thailand has so far welcomed 24.5 million foreign tourists this year and is forecasting 28 million arrivals for the full year. Before the pandemic, Thailand booked a record 39.9 million arrivals, with 11 million from China. This year, the government expects just 3.5 million arrivals from China.

Persons: Chalinee, Chiang Mai, Traisulee Traisaranakul, Srettha Thavisin, Paarat Thepgumpanat, Kanupriya Kapoor Organizations: REUTERS, Rights, Entertainment, Thailand's, Southeast Asia's, Thomson Locations: Thai, Bangkok, Thailand, Rights BANGKOK, Phuket, Pattya, Southeast, China

☆ Singapore to tighten crypto regulations for retail customers
▼ + stars: | 2023-11-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A woman rides her bicycle with the Marina Bay Sands hotel and high-rise buildings in the background in Singapore on Sept. 4, 2023. Singapore will introduce tighter rules for cryptocurrency service providers, following feedback on its proposed regulations, said the city-state's financial authority. "The consulted proposals detail business conduct and consumer access measures to limit potential consumer harm," the Monetary Authority of Singapore said in a statement on Thursday. The measures will include barring crypto service providers in Singapore from accepting locally issued credit card payments, offering incentives to trade in cryptocurrencies and providing financing, margin or leverage transactions for retail customers. "We urge consumers to remain vigilant and exercise utmost caution when dealing in digital payment token services, and to not deal with unregulated entities, including those based overseas."

Persons: Hern Shin Organizations: Monetary Authority, MAS Locations: Sands, Singapore, cryptocurrencies

☆ Global smartphone sales rebound in October after declining for more than 2 years: Counterpoint
▼ + stars: | 2023-11-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global smartphone sales rose in October after declining for 27 straight months on a year-on-year basis, led by a recovery in emerging markets, data from Counterpoint Research showed. October also recorded the highest monthly smartphone sales since January 2022, the report said. The launch of Apple's iPhone 15 series in late September also helped bolster smartphone sales. "As compared to last year, the launch was delayed by a week which meant the full effect of the new iPhone sales was felt in October," said Counterpoint Research. Global smartphone sales have been impacted by component shortages, inventory build-up and longer replacement cycles.

Persons: Tim Cook Organizations: Apple, Global, Counterpoint Research, Huawei, Research Locations: Cupertino , California, Middle East, Africa, China, India

☆ HP, Dell and Lenovo among 27 firms granted approval to manufacture tech hardware in India under incentive scheme
▼ + stars: | 2023-11-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Chinas Realme closing in on market leaders Xiaomi, Samsung, yet hurdles loom in treacherous market where many stumbled. Under the PLI Scheme 2.0 for IT hardware, which was approved by the government in May, India will provide companies incentives for goods manufactured in the country. The Indian IT hardware market is expected to grow to $22.77 billion in 2027 from $15.52 billion in 2022. "The IT Hardware manufacturing sector faces the lack of a level playing field vis-à-vis competing nations ... There is need for a mechanism to compensate for the manufacturing disabilities vis-à-vis other major manufacturing economies," according to the ministry.

Persons: Chinas, Anindito Mukerjee, Vaishnaw Organizations: Xiaomi, Samsung, Bloomberg, Getty Images, Dell, HP, Lenovo, Asus, Ministry of Electronics, of Railways, Communications, Electronics Locations: Greater Noida, India, Indian

☆ Mastercard says wide adoption of central bank digital currencies would be ‘difficult’ right now
▼ + stars: | 2023-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

BARCELONA, SPAIN - MARCH 01: A view of the MasterCard company logo on their stand during the Mobile World Congress on March 1, 2017 in Barcelona, Spain. (Photo by Joan Cros Garcia/Corbis via Getty Images)SINGAPORE — There isn't enough justification for the widespread use of central bank digital currencies right now, which makes broad adoption of such assets "difficult," Ashok Venkateswaran, Mastercard 's blockchain and digital assets lead for Asia-Pacific, told CNBC. A retail CBDC, which is the digital form of fiat currency issued by a central bank, caters to individuals and businesses, facilitating everyday transactions. This is different from a wholesale CBDC which is used exclusively by central banks, commercial banks and other financial institutions to settle large-value interbank transactions. But a lot of the central banks nowadays have gotten very innovative because they are working very closely with private companies like ours, to create that ecosystem," said the Asia-Pacific lead.

Persons: Joan Cros Garcia, Corbis, Ashok Venkateswaran, Venkateswaran, Kong's Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Singapore FinTech, Monetary Fund, Atlantic Council, Hong Locations: BARCELONA, SPAIN, Barcelona, Spain, SINGAPORE, Asia, Pacific, Singapore, U.S, Hong Kong

☆ Singapore to pilot use of wholesale central bank digital currencies in 2024
▼ + stars: | 2023-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Ravi Menon, managing director of Monetary Authority of Singapore, speaks during the Singapore FinTech Festival in Singapore, on Thursday, Nov. 16, 2023. SINGAPORE — Come 2024, Singapore will pilot the live issuance and use of wholesale central bank digital currencies, said Ravi Menon, managing director of the Monetary Authority of Singapore. "I'm pleased to announce that MAS will pilot the live issuance of wholesale CBDCs to instantaneously support payments across commercial banks here," Menon said. MAS is the city-state's central bank and financial regulator. Wholesale CBDC is a digital currency issued by a central bank, that's used exclusively by central banks, commercial banks or other financial institutions to settle large-value interbank transactions.

Persons: Ravi Menon, Menon, I'm, that's Organizations: Monetary Authority of, Singapore FinTech Festival, Singapore FinTech, MAS Locations: Monetary Authority of Singapore, Singapore, SINGAPORE

Search resuls for: "Chiang"

25 mentions found