US Shoots Down China’s Suspicious Surveillance Balloon

Reports claimed that the shootdown was ordered by President Joe Biden on Wednesday, ensuring no damage to anyone on the ground, later, the military took the call on Saturday while the Chinese balloon was over the Atlantic within US territorial waters The US-China rivalry in the Asia-Pacific is likely to spark new tension amidst the US shootdown of an alleged Chinese surveillance balloon off the South Carolina coast on Saturday, according to the media report. Reports claimed the shot down was ordered by President Joe Biden on Wednesday, based on…

Read More

India’s focus should be on reducing dependence on China for certain critical inputs: NITI Aayog’s Suman Bery, Health News, ET HealthWorld

New Delhi: NITI Aayog vice chairman Suman Bery on Sunday said that India‘s focus should not be on overall trade deficit with China, instead it should be on reducing New Delhi’s dependence on Beijing for certain critical inputs. According to Bery, the right response is to diversify to other sources of supply for critical inputs including active pharmaceutical ingredients (APIs) and supply chain for renewables. China is the world’s largest producer and exporter of APIs and many of the Indian companies depend on imports of the ingredients to produce various…

Read More

Stocks making the biggest moves midday: Amazon, Alphabet, Apple, Nordstrom, Ford and more

Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022. Sandy Huffaker | Reuters Check out the companies making headlines in midday trading. Amazon – The e-commerce giant’s stock tumbled 4% despite a revenue beat. Late Thursday, Amazon issued weaker-than-expected guidance for the current period. The company also reported a slowdown in growth within its cloud business. Alphabet — The tech giant saw its shares drop 1% following the aftermath of its disappointing earnings report. Alphabet’s posted earnings per share of $1.05 missed Refinitiv…

Read More

Chinese Tesla rival Xpeng launches flagship EVs in Europe in international push

Xpeng is pushing aggressively into international markets. The Chinese electric car start-up launched its P7 sedan and G9 SUV in Denmark, Norway, the Netherlands and Sweden. Zhang Peng | LightRocket | Getty Images Xpeng, a Chinese electric vehicle startup, on Friday launched two of its flagship cars across a number of European countries, as it continues its aggressive international push. The Guangzhou, south China-headquartered company said a revamped version of its P7 sedan and its G9 sports utility vehicle (SUV) are available to order in Denmark, Norway, the Netherlands and…

Read More

Hong Kong will give away half a million plane tickets. Here’s who can get them first

Hong Kong’s new global promotional campaign will “kickstart” the city’s reopening to international travelers, the Hong Kong Tourism Board told CNBC’s “Squawk Box Asia” on Friday.  As part of the “Hello Hong Kong” campaign, which was launched on Thursday, 500,000 air tickets will be given away over the next six months, starting in March. The tickets will be given out through three Hong Kong’s carriers — Cathay Pacific, HK Express and Hong Kong Airlines.  The free tickets are part of the HK$2 billion ($255 milion) relief package that the government…

Read More

Starbucks is about to report earnings. Here’s what to expect

A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California. Lucy Nicholson | Reuters Starbucks is expected to report its fiscal first-quarter earnings after the bell Thursday. Here’s what Wall Street analysts surveyed by Refinitiv are expecting: Earnings per share: 77 cents expected Revenue: $8.78 billion expected Shares of Starbucks have risen more than 12% over the last year, fueled by investor optimism around China’s reopening and the persistence of U.S. consumers’ coffee habits. Wall Street is predicting the coffee giant will report…

Read More

Luxury stocks rally from China reopening, but world’s largest luxury market may choose to shop ‘in-house’ 

A salesperson showing the limited edition launched by Emporio Armani to welcome the Year of the Tiger at a duty-free store in Haikou, south China’s Hainan Province, January 15, 2022. Zhou Huimin | Xinhua News Agency | Getty Images Stocks of many luxury fashion houses reliant on Chinese consumers rallied on China’s reopening, but those customers may not necessarily be buying the goods overseas. In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits. Shares of LVMH…

Read More

India, US Partnership To Explore Semiconductors, AI & Arms To Compete With China

The White House is launching a partnership with India on Tuesday that President Joe Biden hopes will help the countries compete against China on military equipment, semiconductors and artificial intelligence (AI). Washington wants to deploy more Western mobile phone networks in the subcontinent to counter China’s Huawei Technologies Co Ltd, to welcome more Indian computer chip specialists to the United States and to encourage companies from both countries to collaborate on military equipment like artillery systems. Yet the White House faces an uphill battle on each front, including US restrictions…

Read More

Indonesia’s seafood farming industry faces a ‘technology gap’ — and startups are raising big bucks to fill it

A worker refills a robotic dispenser by eFishery, an agritech startup, at a fish farm in Subang Regency in West Java, Indonesia, in June 2022. The startup helps farmers optimize their processes through automatic feeders and mobile apps. Dimas Ardian | Bloomberg | Getty Images Indonesia’s tech startups are reeling in big money in seafood farming. That shouldn’t come as a surprise — the archipelago is home to one of the world’s longest coastlines and over 18,000 islands and islets. But there’s another reason: A “technology gap” is holding the…

Read More

TikTok CEO to testify before House panel about app’s security and ties to China

Shou Zi Chew, chief executive officer of TikTok Inc., speaks during the Bloomberg New Economy Forum in Singapore, on Wednesday, Nov. 16, 2022. The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. Photographer: Bryan van der Beek/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images TikTok CEO Shou Zi Chew will testify before a House panel on March 23 about the app’s security and privacy practices and its ties to China through parent company ByteDance. The…

Read More