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☆ China to launch state-backed transport platform for ride-hailing, trucking
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 18 (Reuters) - China will soon launch a state-backed platform for transport which includes services of ride-hailing, cargo trucking, road transport, railway, ferry and flight services, Chinese state media Beijing Daily reported on Wednesday. China's ride-hailing market was dominated by Didi Global which ran afoul of powerful regulator the Cyberspace Administration of China in 2021. The 18-month ban on the ride-hailer was lifted on Monday after the company took effective measures to ensure platform safety and data security. The state-backed platform, called "Qiang Guo Jiao Tong" - or "Powerful Nation's Transportation" - will offer people convenient services while maintaining data security and protecting personal privacy, Beijing Daily reported. Other social media apps such as Wechat, Alipay and Douyin will be integrated into the platform, the report added.

☆ Alibaba’s pushy shareholder mistimes his moment
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 18 (Reuters Breakingviews) - Ryan Cohen has been pressing Alibaba (9988.HK), for improvements since last August, per the Wall Street Journal. As the owner of an undisclosed stake, he wants the company to boast its share buybacks. It confirms Alibaba’s emerging status as a mature company: revenue growth is forecast to almost halve to 10% by 2025, per Refinitiv. Increasing share purchases as the storm settles, and as an obstacle in the company’s growth path clears, would be odd. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Didi's China ride-hailing app back on some app stores
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 17 (Reuters) - Didi Global's Chinese ride-hailing app returned to some Android app stores on Tuesday, according to Reuters checks and a source with direct knowledge of the matter, signalling its emergence from around 1-1/2 years of regulatory troubles. Didi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to return to normal business since its regulatory problems started in mid-2021. Its 25 mobile apps were then ordered to be taken down from app stores, the registration of new users was suspended, and it was fined $1.2 billion over data-security breaches. Didi said in a statement on Monday it had been given the green light from domestic regulators to resume new user registrations for its core ride-hailing app from Monday. Reporting by Yingzhi Yang and Julie Zhu Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ UK payments star can keep defying fintech slump
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Volumes, a measure of the amount of currency that customers are changing, were 26.4 billion pounds - slightly lower than in the previous three-month stretch. Even after the selloff, Wise trades at a punchy 44 times forward earnings according to Refinitiv data. Volumes per retail customer indeed leapt to almost 4,000 pounds per quarter from April to September, before falling back to 3,500 pounds. Unlike other bombed-out fintech stocks, Wise’s revenue growth is strong, at 50% year-on-year in the most recent quarter, and it is highly profitable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UK’s giga fail is economic not environmental
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

The collapse of a key battery manufacturer probably doesn’t compromise the government’s plan for the country to switch to electric vehicles. Its failure, however, knocks some 30 gigawatt hours out of Britain’s future battery manufacturing industry, over half of Britain’s forecast capacity by 2030 according to the Faraday Institution. The government’s plans to phase out new sales of internal combustion engines by 2030 can probably survive, thanks to imports from the likes of China’s BYD (002594.SZ), (1211.HK). But boosting battery production for a domestic industry will be hard, given Britain’s lack of raw materials and trade barriers with Europe. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Didi Wins Approval to Restart New User Registration for Ride-Hailing Service
▼ + stars: | 2023-01-16 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/didi-global-to-resume-new-user-registration-for-ride-hailing-service-11673854334

☆ Didi Global to Resume New User Registration for Ride-Hailing Service
▼ + stars: | 2023-01-16 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

☆ China allows Didi to resume signing up new users as tech crackdown eases
▼ + stars: | 2023-01-16 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Ride-hailing giant Didi received approval to resume new user registration in China, it said Monday, providing more evidence that Beijing’s regulatory crackdown on tech giants might be coming to an end. The move is the latest sign that regulators are loosening the reins on the country’s beleaguered tech companies in a bid to spur economic growth. With the approval of the Cybersecurity Review Office, Didi will be able to resume adding new users “immediately,” it added. Didi is a poster child for Beijing’s years-long crackdown on its tech companies. Regulators then targeted a number of other tech giants, including Tencent, Meituan and Didi.

☆ China lifts ban on ride-hailing giant Didi's new user registration -company statement
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

Jan 16 (Reuters) - China's ride hailing giant Didi Global said in a statement on Monday it would be allowed to resume new user registration, after a more than year-long ban that curbed its growth. The company would take effective measures to ensure platform safety and data security, and safeguard national cyberspace security, it said in the statement. Didi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to a return to normal business since its regulatory troubles started in mid-2021. Didi will need its ride-hailing and other apps to be back on domestic app stores to win new users, though the statement did not specifically mention it. Reporting by Yingzhi Yang and Julie Zhu; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ The fog lifts for Didi's path to normalcy
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 13 (Reuters Breakingviews) - Didi Global's road ahead looks clearer. The move effectively removes a one-and-a-half year ban on new users for Didi, which has cost it dearly. Its market share has fallen more than 10 percentage points to 72% over the period, according to Bernstein analysts. That should help clear the way to an eventual re-listing in Hong Kong. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Morning Bid: Money in the bank
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +5 min

Kicking off the fourth-quarter corporate results season in earnest, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon and Wells Fargo are among the countries biggest banks updating on Friday. It will take some twist to puncture the optimism on peak inflation and peak Federal Reserve interest rates, however. Futures markets still see rates topping out below 5% by midyear and pencil in a half point of rate cuts between then and yearend. The yen surged on speculation the Bank of Japan could revise its ultra-loose monetary policy again at next week's policy meeting. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ BlackRock edges closer to its Blackstone roots
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Jan 13 (Reuters Breakingviews) - BlackRock (BLK.N) is taking a page from the Blackstone (BX.N) family album. So-called illiquid alternatives were the only one of 13 BlackRock buckets to get fuller. Despite accounting for only about 1% of assets, fees from the unit represented 7.1% of revenue, up from 4.5% in the fourth quarter of 2021. Rising income from beyond traditional stock and bond offerings, and particularly the harder-to-sell variety, may yet turn out to be more of a game-changer for BlackRock. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Tim Cook’s pay re-enters earth’s atmosphere
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

His pay has been out of this world, but then so has the iPhone maker’s share price performance. Nonetheless Apple, its investors and its board have agreed Cook’s pay should orbit closer to Earth in 2023. On Friday, Apple said Cook’s targeted pay will fall to $49 million. Apple says it will target his pay between 80th and 90th percentile among peers in future years. A bigger improvement is making Cook’s pay less of a giveaway.

[1/2] The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. A lifting of the ban on Didi apps would come as Chinese policymakers seek to restore private sector confidence and count on the technology industry to help spur economic activity that has been ravaged by the COVID-19 pandemic. The delay in the return of the apps had cast a shadow over Didi's business plans. That deal is primarily subject to the apps' resumption for official announcement, said the two sources.

☆ China to allow Didi apps back online, in latest sign of regulatory thaw, sources say
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +3 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Shen Longquan | Visual China Group | Getty ImagesChinese authorities are set to allow Didi Global's ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. The one-week-long holiday period in China would help Didi start to attract new clients for the business and work towards bringing it back to normal, added two of the sources. China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, told state-owned CCTV on Sunday.

☆ China's crackdown on Ant and other tech giants is 'basically' over, top official says
▼ + stars: | 2023-01-09 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s heavy-handed crackdown on tech giants is coming to an end and the country’s economic growth is expected to be back on track soon, according to a top central bank official. “Next, we’ll promote healthy development of internet platforms,” said Guo, who is also chairman of China’s Banking and Insurance Regulatory Commission. Mark Schiefelbein/APChina’s crackdown on its biggest tech companies began in 2020 with new regulations on fintech, which forced Ma’s Ant Group to suspend its $37 billion IPO days before its launch. Regulators then targeted the online financial service units of 13 other tech giants, including Tencent, Baidu, JD.com, Bytedance, Meituan, and Didi. Ant Group’s restructuringMajor tech companies in China have struggled under a sweeping regulatory crackdown for months now.

☆ Jack Ma's Alibaba climbs after the the billionaire gives up control of Ant Group
▼ + stars: | 2023-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The rally comes as billionaire Jack Ma gives up control of Ant Group, the fintech business empire he built decades prior. Ant saw its $37 billion IPO canceled at the last minute in November 2020. Alibaba confirmed on Saturday a previous report by the Wall Street Journal that said Ma would cede control of Ant. Last week, he resurfaced in Thailand hours before Ant Group announced in a statement he was giving up control of the company. Local media reported that Ma was at a restaurant with Soopakij Chearavanont, the chair of the Charoen Pokphand Group.

☆ Canada and the U.S. both face labor shortages. One country is increasing immigration.
▼ + stars: | 2023-01-07 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Julia-Ainsley-Circle-Byline-Template.Jpg | Julia Ainsley | ) www.nbcnews.com time to read: +6 min

In as little as a decade, there will be one retiree for every two workers in Canada. How outdated U.S. immigration policies push top talent to other countries,” Lofgren said, “The last major overhaul of our legal immigration system occurred in 1990. University Health Network began a program this year to bring in more internationally educated nurses and help them get the additional training they need in Canada. New immigrants to Canada and new Canadians take part in the 5th Annual Newcomer Day at Nathan Philips Square in Toronto, Ontario, Canada, on May 16, 2019. Citizenship and Immigration Services said it "is committed to fairly and efficiently administering the lawful immigration system, increasing access to eligible immigration benefits, restoring faith and trust with immigrant communities and breaking down barriers in the immigration system, and the agency will continue to uphold America’s promise as a nation of welcome and possibility with fairness, integrity, and respect for all we serve."

☆ Meet the 43-year-old 'Vibe Manager' of New York City's Hard Rock Hotel in charge of throwing rooftop parties and curating playlists
▼ + stars: | 2023-01-07 | by ( Hannah Towey | ) www.businessinsider.com time to read: +5 min

43-year-old Michael Tello is a "Vibe Manager" at the Hard Rock Hotel in New York City. The "rockstar suite" at the Hard Rock Hotel in New York City. Courtesy of Hard Rock Hotel New YorkBut being able to provide those special touches is also one of the most rewarding parts of the job, he said. Ciara and Didi Richards dance onstage during the Sports Illustrated Swimsuit 2022 Issue launch party at Hard Rock Hotel New York on May 19, 2022. The vibe manager works a Tuesday through Saturday schedule.

☆ China’s Pro-Business Shift May Prove Fickle
▼ + stars: | 2022-12-16 | by ( Nathaniel Taplin | ) www.wsj.com time to read: +1 min

China’s change in tone, and news on audits in particular, is positive for U.S.-listed Chinese tech companies such as Alibaba. U.S.-listed Chinese companies are finally getting some light shown on their books by U.S. audit officials. A letter from Terry Gou , the founder of Apple supplier Foxconn, was a key factor behind Beijing’s sudden shift away from its draconian set of zero-Covid policies. The Politburo last week explicitly named buttressing foreign investors’ sentiment as a key priority. And Chinese ride-hailing company Didi, under a more-or-less unrelenting regulatory assault since mid-2021, may soon be permitted back into domestic app stores.

☆ These twin border towns are bracing for a migrant surge when the Title 42 Covid ban ends. The numbers are already rising.
▼ + stars: | 2022-12-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Gabe Gutierrez | ) www.nbcnews.com time to read: +1 min

CIUDAD JUAREZ, Mexico — On Wednesday morning, as many as a thousand people waited in freezing temperatures on the south side of a metal fence for border agents to open the gate to the United States. Two cities on opposite sides of the border — El Paso, Texas, and Juarez, Mexico — are bracing for what could be a historic level of migration later this month when the Covid ban known as Title 42 is finally lifted. But many migrants aren’t waiting for the ban to end, and another surge has already begun. CBP agents are reporting approximately 2,500 migrants crossing into El Paso per day, a number expected to rise when, absent a court-ordered stay, Title 42 ends Dec. 21. Since the Trump administration imposed Title 42 in March 2020, migrants attempting to enter the U.S. to claim asylum have been sent back to Mexico more than 2.4 million times.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

HONG KONG, Dec 12 (Reuters Breakingviews) - Hong Kong’s bankers and officials fantasise about the moment China finally ditches its Covid-19 restrictions. Mainland Chinese firms account for eight of Hong Kong Exchanges and Clearing’s (0388.HK) ten largest ever IPOs. It remains faster for Chinese companies to list in Hong Kong, rather than join the long queue on the mainland. Hong Kong could also host more offerings from places like the Middle East and Southeast Asia, as Cha envisions. IPOs on the Hong Kong exchange have raised $7.1 billion so far in 2022, according to Refinitiv data for the year up to Dec. 7.

☆ Bitcoin Family is moving more than $1 million into decentralized exchanges after Sam Bankman-Fried's FTX disaster
▼ + stars: | 2022-11-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

The Taihuttu family in November, days after moving back to Phuket. Didi TaihuttuZoom In Icon Arrows pointing outwards The Taihuttu family in Lagos, Portugal on the day they adopted Teddy, their Pomeranian puppy. Thumb drive-size devices like a Trezor or Ledger offer a way to secure crypto tokens "cold." When asked why he is going all in on DEXs instead of keeping his crypto cold, Didi pointed to ease of access. Under it all, the Bitcoin Family still believes that the original cryptocurrency is a solid bet.

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