Chinese ride-hailing giant Didi Chuxing has seen its losses deepen after Beijing ordered online stores not to offer the company’s app.
The firm reported an operating loss of $6.3bn (£4.7bn) for the first nine months of year as revenues in China fell by 5% in the third quarter.
The Chinese crackdown came just days after Didi made its New York stock market debut at the end of June.
This month, it said it will move its share listing to Hong Kong from the US.
In recent months, Didi has become one of the most high profile targets of Beijing’s clampdown on the country’s technology industry.
Yesterday we talked about the prospects of a digital dollar coming down the pike.
It seems clear that global governments will not allow non-sovereign forms of money to continue to proliferate.
The Senate Banking committee’s hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept a central bank-backed digital currency, the hearing was also used as a platform to publicly assassinate the viability of the private (“bogus” in the words of Senator Warren) cryptocurrency market (bitcoin, stablecoins, etc.).
In China, the rat race begins almost the minute you are born – from getting into a good school to getting that prestigious job. But millions now want to break free of this cycle, with two words shedding a light on the frustration felt by the younger generation.
When Sun Ke graduated from college in 2017, he went to Shanghai to pursue a dream shared by many from his generation – a good career, a car, perhaps even a house.
The 27-year-old didn’t expect it to be very difficult. His parents managed to start from scratch on their own, and now own several properties in their hometown, a small town near Shanghai.
American Airlines and Delta Air Lines announced more flight cancellations to China on Saturday as coronavirus cases rise rapidly.
Delta said it will suspend flights between the United States and China starting on Sunday until at least April 30, according to a press release.
That’s four days earlier than it had initially planned. Delta’s last China-bound flight leaves on Saturday, February 1 and its last returning flight from China to the United States leaves on Sunday.
Delta moved the date up after the US State Department warned this week that people should not travel to China due to concerns about the spread of coronavirus, which was first discovered in Wuhan, China, in December.
The World Health Organization (WHO) has declared that the new coronavirus outbreak is a public health emergency of international concern, officials announced today (Jan. 30).
The news comes as the case count and death toll from the virus have soared in recent days. As of Thursday (Jan. 30), there were 7,736 cases and 170 deaths in China, as well as 98 cases in 18 other countries, the WHO said.
Alibaba has created the hotel of the future and it’s wild, wonderful, and just a little creepy. FlyZoo, which is reportedly a Chinese pun for “must stay,” is a 290-room ultra-modern boutique hotel in Hangzhou, China that lets guests play with technology, check in with ease, and spend the night in the future for a low price of around $205—and at the cost of your privacy.
There are few stories as important right now as the internet being ripped asunder by the increasing animosity between the U.S. and China. Eric Schmidt, the former chairman of Alphabet, said last week at a private event in San Francisco that “I think the most likely scenario now is not a splintering, but rather a bifurcation into a Chinese-led internet and a non-Chinese internet led by America.”
Over the past decade, China has emerged as a force to be reckoned with in the automotive universe. For most car makers, the Middle Kingdom is either first or second on its list of priorities. Thus, it is only fitting that the 2016-2017 auto show season would come to a conclusion in China’s most cosmopolitan city.
The Shanghai motor show presents Chinese consumers with an opportunity to see the latest and greatest offerings from around the world. At the same time, the world’s press has the chance to evaluate the newest developments from China’s growing contingent of automakers.
The 2017 Shanghai Auto Show is open to the public until April 28 at the National Exhibition and Convention Center.
Bitcoin had a great 2016. The cryptocurrency rallied 120% to $952, threatening to break the $1,000 mark for the first time. While bitcoin has seen a consistent bid throughout the year, its 57% gain (in US dollar terms) over the past three months has been particularly impressive.
So what’s behind the move?
In his latest edition of “Greed & Fear,” CLSA’s Christopher Wood notes, “Daily turnover in Shanghai-based BTC China, the world’s largest bitcoin exchange by volume, has risen from around Rmb1bn in late September to a peak of Rmb27.8bn on 22 December and Rmb16.4bn on Wednesday (see Figure 11) while the Bitcoin price has risen by 70% over the past three months to Rmb6,927.”