Tag: TECH
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Shares gain because bank support encourages investors
MSCI All-World index up 0.3%, dollar falls UBS rehires Ermotti as head of the merged unit Alibaba up 13%, other Chinese tech stocks up Oil rises, gold falls LONDON, March 29 (Reuters) – Global stocks rose on Wednesday as investors took heart from greater levels of stability in the banking sector, but the sense of […]
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The US FDIC is telling Signature Bank’s crypto customers to close accounts before April 5
March 28 (Reuters) – The US Federal Deposit Insurance Corp (FDIC) has informed collapsed lender Signature Bank’s (SBNY.O) crypto clients that they have until April 5 to close their accounts and move their funds. The deposits in question were not part of a rescue deal entered into earlier this month with Flagstar Bank, a unit […]
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Alibaba’s break-up plan raises hopes that China’s crackdown on technology will come to an end
March 29 (Reuters) – Shares in Alibaba Group (9988.HK) and other leading Chinese tech companies rose on Wednesday as investors hailed an unprecedented revamp of the Jack Ma-founded company as the beginning of the end of Beijing’s crackdown on the sector. Alibaba said Tuesday it planned to split into six units and explore fundraising or […]
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AMC Entertainment shares are jumping on report that Amazon is exploring a deal
March 28 (Reuters) – Shares of AMC Entertainment Holdings Inc (AMC.N) rose as much as 21% on Tuesday, following a report that e-commerce giant Amazon.com Inc (AMZN.O) was looking to buy the theater chain. Amazon founder Jeff Bezos has sent his investment advisers and top entertainment executives to investigate acquisition plans for AMC, entertainment industry […]
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Alibaba splits empire into six units, aims for IPOs
March 28 (Reuters) – Alibaba Group (9988.HK) plans to split its business into six main units, from e-commerce to cloud in the largest restructuring in its 24-year history, five of which it says are fundraising whether to explore IPOs. The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart […]
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St. Louis is suing Hyundai and Kia for auto theft, joining other US cities
WASHINGTON, March 27 (Reuters) – The city of St. Louis, Missouri, said Monday it is joining several major US cities in suing Korean automakers Hyundai Motor (005380.KS) and Kia Corp (000270.KS) over the not installing anti-theft technology in millions of their vehicles. The lawsuit filed in U.S. District Court in Missouri follows similar actions by […]
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Research shows that China has spent $240 billion on bailing out Belt & Road countries
JOHANNESBURG, March 28 (Reuters) – China has spent $240 billion between 2008 and 2021 to bail out 22 developing countries, with the amount soaring in recent years as more people have struggled to repay loans spent on building of “Belt & Road” infrastructure, according to a study published Tuesday. Nearly 80% of bailout loans were […]
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China’s Baidu unveils more capabilities of AI-powered chatbot Ernie
BEIJING, March 27 (Reuters) – Chinese search engine Baidu (9888.HK) on Monday shared pre-recorded videos of its AI-powered chatbot Ernie, which summarizes financial statements and produces PowerPoint presentations, among other industry-focused capabilities. According to images shared by a Baidu spokesperson in a media-focused group on WeChat, China’s most-used messaging service, the Chinese chatbot has a […]
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Alibaba founder Jack Ma returns to China, ending a year abroad -SCMP
BEIJING, March 27 (Reuters) – The founder of Alibaba (9988.HK), Jack Ma, has returned to China, the South China Morning Post (SCMP) reported Monday. the sober mood of China’s private companies. Ma, one of China’s best-known entrepreneurs, left mainland China in late 2021 and has been seen in photos in Japan, Australia and Thailand in […]