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China’s factory activity continues to contract for a second consecutive month in November, while non-manufacturing activity has also reached a new low for the year, indicating that the world’s second-largest economy may require more robust policy support. According to data from the National Bureau of Statistics released on Thursday, the official manufacturing purchasing managers’ index…
Alibaba Reports Quarterly Disappointing Profit, Halts Full Spin-Off of Cloud Group In the latest financial report, Chinese e-commerce giant Alibaba revealed that its quarterly profit fell below market expectations. This news led to a drop of over 8.3% in its U.S. shares during pre-market trading. Key figures from the September quarter revealed that the company’s…
In a long-awaited meeting, U.S. President Joe Biden and Chinese President Xi Jinping came together for their first face-to-face encounter in a year, on the sidelines of the Asia-Pacific Economic Cooperation conference in San Francisco. The summit followed efforts to improve high-level communication between the U.S. and China amidst ongoing tensions. Both leaders expressed a…
Japan’s economy experienced its most significant annualized quarterly decline in two years, with provisional government data indicating a 2.1% drop in the third quarter compared to a year ago. This sharp downturn was driven by rising domestic inflation and declining consumer demand, as well as export challenges due to waning demand. The latest economic contraction,…
SoftBank announces investment gain as quarterly loss continues In its fiscal second quarter, SoftBank, led by Founder Masayoshi Son, reported an investment gain on its Vision Fund, marking the second consecutive quarter of gains for the company. However, SoftBank also booked another quarterly loss, with net sales standing at 1.67 trillion Japanese yen ($11 billion)…
Nintendo Reports Strong Sales and Profit for Second Quarter Nintendo has announced better-than-expected sales and profit for its fiscal second quarter, buoyed by the success of the “Super Mario Bros. Movie” and the release of the flagship Zelda game this year. The company’s revenue reached 334.9 billion Japanese yen ($2.2 billion), surpassing the expected 317.3…
China Experiences Unexpected Drop in Exports in October, Imports Surprisingly Rise BEIJING – In a surprising turn of events, China has reported a worse-than-expected decrease in exports for the month of October, while imports unexpectedly rose compared to the same period last year. According to China’s customs agency, exports in U.S. dollar terms fell by…
South Korea Stocks Surge as Short Selling Ban is Re-Imposed, Asia-Pacific Markets Respond to Soft U.S. Jobs Report South Korea’s stock market experienced a significant surge on Monday after the country re-imposed a ban on short selling. This move by financial authorities in South Korea comes in an effort to stabilize the market. Short selling,…
Russian President Vladimir Putin made a rare international appearance at the Belt and Road forum in Beijing on Wednesday, his first since the war in Ukraine. In his speech at the opening ceremony, Putin extended an invitation to other countries to participate in the development of the Northern Sea Route. The forum commemorates the 10th…
