Market

ADB and Mastercard Form a Groundbreaking Alliance to Fund MSMEs in Asia and the Pacific
28Nov mmBy Brian ThompsonNo Comments
Asia, Market, World

ADB and Mastercard Form a Groundbreaking Alliance to Fund MSMEs in Asia and the Pacific

The Asian Development Bank (ADB) and the Mastercard Impact Fund, administered by the Mastercard Center for Inclusive Growth, have signed a memorandum of understanding to establish a groundbreaking partnership aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across Asia and the Pacific. The initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. It will leverage a $5 million grant from Mastercard to financial institutions, to catalyze lending toward MSMEs, with a focus on women-led or -owned MSMEs and climate finance among small businesses. The grant will support up to $1 billion of ADB financing over a 4-year period, providing risk-reduction capital, performance incentives, and capacity building for financial ...
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The US-China tech battle has reached a “turning point” with Huawei’s latest smartphone.
26Nov mmBy Mike TrudellNo Comments
Asia, China, Market, USA, World

The US-China tech battle has reached a “turning point” with Huawei’s latest smartphone.

Huawei is set to launch its latest smartphone this week, complete with a new, made-in-China operating system — a first for a Chinese company and an indication of the progress the country’s tech companies have made, despite US sanctions. Unlike previous Huawei phones, which used an operating system built on Google’s Android, the new Mate 70 smartphone will run entirely on the company’s own HarmonyOS Next. Huawei hopes the system will be able to compete with the dominant incumbents, Apple’s iOS and Android, which together power around 98% of all smartphones globally, The Economist noted. Building a fully independent operating system “is no mean feat,” The Economist noted, because it requires persuading enough developers to spend time creating apps specifically for the new system:...
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According to a source, Japanese competition officials raid Amazon Japan.
26Nov mmBy Brian ThompsonNo Comments
Asia, China, Market, World

According to a source, Japanese competition officials raid Amazon Japan.

Japanese officials conducted an on-site inspection of Amazon Japan on Tuesday amid suspicion the group had violated anti-monopoly laws. Authorities from Japan’s Fair Trade Commission conducted the raid, according to Reuters, which cited a government source. The unit of Amazon.com Inc is suspected of inappropriately urging sellers to lower their prices on its e-commerce site in exchange for giving their products advantageous placement on the site, the source said. “There is a suspicion that Amazon Japan is forcing sellers to cut prices in an irrational way,” said the source, who declined to be named as an official announcement has yet to be issued. Amazon Japan did not immediately respond to an email query about the raid. Amazon is likely to face an EU investi...
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A senior MEP claims that the EU and China are nearing a deal on EV import tariffs.
24Nov mmBy Joe RodriguezNo Comments
Asia, China, Market

A senior MEP claims that the EU and China are nearing a deal on EV import tariffs.

FRANKFURT, Nov 22 (Reuters) - Brussels and Beijing are nearing a solution over tariffs on Chinese electric vehicle imports into the bloc, the chair of the trade committee of the European Parliament told a German broadcaster. "We are close to an agreement: China could commit to offering e-cars in the EU at a minimum price," Bernd Lange told n-tv, without elaborating. "This would eliminate the distortion of competition through unfair subsidies, which is why the tariffs were originally introduced." The European Commission was not immediately available for comment. The European Union last month decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% in its highest-profile trade investigation, a move that has divided Europe and triggered retaliatio...
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A plan for economic security would be advantageous for Japan.
23Nov mmBy Brian ThompsonNo Comments
Asia, Market

A plan for economic security would be advantageous for Japan.

Economic security has become an established concept in the present era as the return of great power competition muddles the line between security and economic issues. Governments are increasingly engaged in areas that had once seemed more the domain of private enterprise, particularly in acquisition and control over critical and emerging technologies. Japan has in many ways been a frontrunner in economic security policy in recent years, understanding its relative shortages vis-à-vis the United States and China, and marshalling resources to enhance domestic capacity and promote cross-border cooperation with like-minded partners. As the geopolitical situation deteriorates and countries increasingly look inward to generate national power, and with industrial policy increasing...
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Campaigners call the $1.3 trillion climate funding agreement that Cop29 agreed to a “betrayal.”
23Nov mmBy Michael SmithNo Comments
Asia, China, Market, Singapore, USA, World

Campaigners call the $1.3 trillion climate funding agreement that Cop29 agreed to a “betrayal.”

Rich and poor countries concluded a trillion-dollar deal on the climate crisis in the early hours of Sunday morning, after marathon talks and days of bitter recriminations ended in what campaigners said was a “betrayal”. Under the target the developing world should receive at least $1.3tn (£1tn) a year in funds to help them shift to a low-carbon economy and cope with the impacts of extreme weather, by 2035. But only $300bn of that will come primarily in the form they are most in need of – grants and low-interest loans from the developed world. The rest will have to come from private investors and a range of potential new sources of money, such as possible levies on fossil fuels and frequent flyers, which have yet to be agreed. Mohamed Adow, director of the Pow...
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The US AI chip behemoth Nvidia surpasses sales projections.
22Nov mmBy Michael SmithNo Comments
Market, USA, World

The US AI chip behemoth Nvidia surpasses sales projections.

Chipmaking giant Nvidia reported revenue of $35.08 billion in the third quarter, far outstripping economists’ expected $33.2 billion. Revenue is up 97% year-on-year for the period ending Oct. 27. Net income rose to $19.3 billion compared to $9.24 billion in the same period last year. Driving the surge is its AI business, which includes chips and data centers. Nvidia also projected $37.5 billion in sales for the current quarter, slightly above the expected $37.08 billion. The results mean the US chipmaker has now exceeded analysts’ expectations for the eighth quarter in a row, although they also mark a fourth consecutive slow-down in sales for the chipmaker overall, CNBC noted. The world’s largest company by market cap, Nvidia is seen as a bellwether of the direction of the...
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According to Stanford’s AI Center, the US has the best AI environment, followed by China.
22Nov mmBy Joe RodriguezNo Comments
Asia, China, Market, USA, World

According to Stanford’s AI Center, the US has the best AI environment, followed by China.

The US has been called the Wild West when it comes to AI safety due to a lack of federal governance compared to other countries. But that hasn’t impaired its status as the top AI ecosystem in the world, according to a Stanford University ranking. Stanford’s Institute for Human-Centered Artificial Intelligence (HAI) has created a tool that measures the strength of AI ecosystems based on a country’s economy, infrastructure, education, and yes — governance. Those metrics led a panel of experts to designate the US as the world’s AI powerhouse by a landslide because of its high number of existing models, notable private investments, and research on responsible AI. China follows, with strengths in its number of patents granted, investment, and clear national strategy. “Since the...
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China Adds Nine More Countries to Its Visa-Free Entry List – AP
22Nov mmBy Joe RodriguezNo Comments
Asia, China, Market, World

China Adds Nine More Countries to Its Visa-Free Entry List – AP

China plans to expand visa-free entry to people from nine more countries from the end of this month, according to a report by Associated Press, which said the moves is part of efforts to invigorate its sluggish tourism and business sectors. The new countries are Bulgaria, Romania, Malta, Croatia, Montenegro, North Macedonia, Estonia, Latvia and Japan. And visitors from these states will be able to stay for up to 30 days without a visa. That means some 38 countries will soon have ‘visa-free’ access, which is a big dup from just three before the country was hit by the Covid pandemic. Meanwhile, people participating in exchanges will also qualify for visa-free entry – a move that seeks to enhance relations through increased cultural and academic exchanges. In recent months, a signif...
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Stocks of Intuit and H&R Block are impacted by Elon Musk’s proposal to streamline tax filings.
21Nov mmBy Michael SmithNo Comments
Market, USA, World

Stocks of Intuit and H&R Block are impacted by Elon Musk’s proposal to streamline tax filings.

Elon Musk’s early push to streamline the government is already hitting Intuit and H&R Block, whose shares dropped amid chatter of a free tax-filing app floated by Musk’s new Department of Government Efficiency. Intuit’s shares fell 5% while H&R Block’s stock dropped 8% Tuesday, marking its worst performance since 2020. “Crazy idea: let’s simplify the tax code,” Musk posted on X. If launched, the app would come on the heels of work from the Biden administration to make filings more accessible. Earlier this year, the IRS rolled out free software to residents of 12 states as part of a larger invite to onboard the entire nation by the 2025 tax season. The IRS largely leaves individuals to figure out how tax laws apply for themselves, unlike ...
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