china
Baidu, China’s leading search engine and a pioneer in artificial intelligence (AI), reported a 0.4% decline in revenue for Q2 2024, totaling 33.93 billion yuan ($4.67 billion). While this figure slightly surpassed analysts’ expectations of 33.55 billion yuan, it underscores the challenges Baidu faces as it navigates an increasingly competitive AI landscape and a slowing Chinese economy. Despite these hurdles, Baidu remains committed to strengthening its position as a major AI player. Baidu’s online marketing revenue drops by 2%Over the past few years, Baidu has been steadily transitioning from...
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China has launched an an anti-subsidy investigation into dairy imports from the European Union in a move that is likely to escalate its trade tensions with the continent. Announced by China’s Ministry of Commerce on Wednesday, the probe will scrutinize subsidies related to dairy products produced in the EU from April 2023 through March 2024. The anti-subsidy investigation will primarily focus on specific dairy items, including fresh and processed cheese. The inquiry is expected to conclude within a year. It was prompted by a complaint submitted by the Dairy Association of China and the China D...
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The China Association of Automobile Manufacturers (CAAM) has expressed strong opposition to the European Union’s revised draft concerning punitive tariffs on Chinese-made electric vehicles (EVs). The stance was reported by Chinese state broadcaster CCTV on Wednesday, highlighting concerns over potential impacts on China’s business operations and investments in Europe. The European Commission unveiled the latest draft of its investigation into alleged subsidies for Chinese EVs on Tuesday. The Commission, responsible for setting EU trade policy, continues to assert that Chinese EV manufacturers ...
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Asia-Pacific markets experienced a decline on Wednesday, following the end of an eight-day winning streak for U.S. benchmark indexes. The S&P 500 and Nasdaq Composite both saw drops in their latest trading sessions, influencing regional market movements. The S&P 500 fell by 0.2%, and the Nasdaq Composite decreased by 0.33% on Tuesday. The Dow Jones Industrial Average also dropped 0.15%. Had the S&P 500 increased, it would have marked the longest winning streak for the index since 2004. This pause in upward momentum was felt across global markets, including those in Asia-Pacific. Japan’s trade ...
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Xpeng Motors, a key player in the electric vehicle (EV) market, recently released its Q2 earnings report, and the results have left investors disappointed. The company’s stock dropped by 6%, reflecting growing concerns about its prospects. Despite some growth, the report raises more questions than it answers, leaving investors wondering if a turnaround is still possible or if it’s time to move on. Xpeng reported $564.2 million in revenue for Q2, a 12% year-over-year increase, but this figure fell short of analysts’ expectations. While the company managed to post a loss per share of $0.25, whic...
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PricewaterhouseCoopers or PwC, once the dominant auditing firm in China, has lost its largest mainland China-listed client, Bank of China (BOC), to its rival Ernst & Young (EY). This shift comes amid growing regulatory scrutiny over PwC’s audits, particularly those related to the troubled property developer China Evergrande Group. The exodus of PwC’s clients highlights the mounting challenges the firm faces in China, where state-owned enterprises (SOEs) and financial institutions are increasingly opting for domestic or other international auditors. Bank of China switches to EY as PwC faces scr...
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Gold prices edged lower on Monday, stabilising just above the $2,500 mark following a record-breaking rally. The precious metal, which has seen a remarkable 20% rise this year, experienced a slight pullback as traders took profits after last week’s surge to an all-time high. The spot price of gold dropped by 0.2%, settling at $2,502.78 per ounce as of 0317 GMT. In contrast, US gold futures managed a modest 0.2% increase, reaching $2,541.80 per ounce. The recent surge in gold prices was largely driven by expectations of an imminent interest rate cut by the US Federal Reserve. The anticipation o...
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Asian currencies saw significant gains against the US dollar on Monday as concerns about a potential US recession eased and expectations for a Federal Reserve rate cut in September grew. Goldman Sachs economists lowered the probability of a US recession in the next year to 20% from 25%, citing better-than-expected US retail sales and jobless claims data. This improved outlook has increased investor confidence that the Fed will reduce interest rates by 25 basis points at its September policy meeting. Indian Rupee hits two-week highThe Indian rupee rose to its highest level in nearly two weeks a...
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Nio (NYSE: NIO) stock price will be in the spotlight this week as the Chinese electric vehicle giant publishes its financial results. These are important numbers because its stock has remained in a tight range in the past few months and has crashed by over 95% from its highest point this year. EV earnings have disappointedThe ongoing earnings season has confirmed that the fear that the global electric vehicle industry is going through major headwinds. Tesla, the biggest EV company in the world, reported quarterly sales of over $25 billion, an increase from $24.9 billion in the same period in 2...
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The recent political upheaval in Bangladesh, marked by the resignation of Prime Minister Sheikh Hasina amidst widespread protests, is not just a domestic concern but also a development with far-reaching implications for its neighboring countries. As Bangladesh navigates through this turbulent period, India—its second-largest trading partner and a competitor in the textile sector—is poised to feel both the positive and negative impacts. The crisis could disrupt trade, affect the textile industry, and even influence India’s growing medical tourism sector, making it crucial to understand the pote...
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