BUSINESS

Latest

Google announces nearly 12,000 job cuts worldwide

A picture taken on October 18, 2021 in Moscow shows the US multinational technology and Internet-related services company Googles logo on a tablet screen. (Photo: AFP)Googles parent company Alphabet announced about 12,000 job cuts globally on Friday, becoming the latest US tech giant to enact large-scale restructuring."Weve decided to reduce our workforce by approximately 12,000 roles," Alphabet CEO Sundar Pichai said in an email to employees, adding that the cuts were in response to a changing "economic reality".The move comes a day after Microsoft said it would reduce staff numbers by 10,000 in the coming months, following similar layoffs by Facebook owner Meta, Amazon and Twitter as the previously unassailable tech sector faces a major economic downturn."Weve undertaken a rigorous review across product areas and functions to ensure that our people and roles are aligned with our highest priorities as a company," Pichai wrote. "The roles were eliminating reflect the outcome of that review."The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here."

Hong Kong's Hang Seng Index closes 1.82 pct higher

HONG KONG, Jan. 20 (Xinhua) -- Hong Kongs stock market ended higher on Friday with the benchmark Hang Seng Index up 1.82 percent to close at 22,044.65 points.The Hang Seng China Enterprises Index rose 2.34 percent to end at 7,483.58 points, the Hang Seng Tech Index gained 2.67 percent to close at 4,568.79 points.

StanChart gets nod to set up wholly-owned securities firm in China

A Standard Chartered bank branch in Shanghai, China, December 27, 2021. (Photo: CFP)Chinas securities regulator approved Standard Chartereds bid to set up a wholly-owned securities firm in China on Thursday, demonstrating the countrys commitment to further open up its financial markets.The new brokerage has a registered capital of 1.05 billion yuan ($154.68 million) and would offer services including underwriting and asset management, China Securities Regulatory Commission (CSRC) said in a notice.This is the third fully foreign-owned securities firm in the country following forays by J.P. Morgan Chase and Goldman Sachs. It is also the 10th foreign-controlled securities firm in the country.Since 2020, financial companies have accelerated their move into the Chinese market as the country scrapped ownership restrictions on securities and fund management firms.Also on Thursday, J.P. Morgan Chase received a nod from the CSRC for the full control of its China mutual fund – China International Fund Management Co. The company will merge with the banks asset management branch."This is an extremely exciting development milestone that reflects our long-term and enduring investment and commitment to the Chinese market," said Mary Callahan Erdoes, chief executive officer of J.P. Morgan Chases Asset & Wealth Management, in a Chinese post on the companys official WeChat account.Erdoes added that the company looks forward to helping its Chinese customers with global diversification of investment and overseas ones to enter the Chinese market.

European stocks rebound at open

Europes main stock markets rebounded slightly Friday after heavy losses the previous session, as traders assess the risk of recession this year.Londons benchmark FTSE 100 index grew 0.4 percent to 7,780.39 points.In the eurozone, Frankfurts DAX index climbed 0.4 percent to 14,979.62 points and the Paris CAC 40 won 0.6 percent to 6,989.89.

China's 4Q GDP fuels hopes of robust recovery through 2023

Editors note: Jimmy Zhu is the chief strategist at Fullerton Research. The article reflects the authors opinions and not necessarily the views of CGTN.Experience in other economies since the loosening of COVID restrictions points to a potentially substantial growth rate in consumption in China this year. (Photo: CFP)Chinas fourth-quarter GDP results and Decembers slew of major economic data beat most economists expectations, paving the way for a more solid growth outlook in 2023, particularly in the consumption sector.GDP grew 2.9 percent in the fourth quarter, while most analysts had expected a reading of below 2.5 percent. Chinas GDP expanded 3.0 percent in 2022. The much better-than-expected improvement has fueled optimism that a recovery will come sooner and more strongly than earlier thought.Of all the major economic data for December, retail sales drew the most attention as this sector is the most sensitive to changes in COVID policy. Retail sales fell 1.8 percent last month, a big improvement from Novembers 5.9 percent contraction. The rapid recovery points to a resilient consumption outlook, which will be a crucial engine to support the Chinese economy this year.The data showed that final purchases of goods and services by households accounted for 65.4 percent of Chinas GDP in 2021 and could increase in the coming years given the deteriorating external profile.That said, with many trading partners teetering on the brink of recession, China is likely to rely more on domestic demand to revive growth activity this year. The World Bank recently forecast just 0.5 percent expansion in the United States in 2023, while the euro area was expected to see flat growth.Consumption will lead the wayThe good news is that experience in other economies since the loosening of COVID restrictions points to a potentially substantial growth rate in consumption in China this year. We cite Singapore and Vietnam as two countries that had previ...

ChiNext Index closes higher Friday

BEIJING, Jan. 20 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, gained 0.56 percent to close at 2,585.96 points Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares close higher Friday

BEIJING, Jan. 20 (Xinhua) -- Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 0.76 percent to 3,264.81 points.The Shenzhen Component Index closed 0.57 percent higher at 11,980.62 points.The combined turnover of stocks covered by the two indices stood at 747.2 billion yuan (about 110.37 billion U.S. dollars), up from 687 billion yuan on the previous trading day.Shares related to coal, oil, and gas led the gains, while those in the brokerages sector were among the heaviest losers.The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, gained 0.56 percent to close at 2,585.96 points Friday.

ChiNext Index higher at midday Friday

BEIJING, Jan. 20 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, went up 0.25 percent to 2,577.94 points in the morning session Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares higher at midday Friday

BEIJING, Jan. 20 (Xinhua) -- Chinas major stock indices ended higher in the morning session Friday, with the benchmark Shanghai Composite Index up 0.54 percent to 3,257.78 points.The Shenzhen Component Index gained 0.39 percent to 11,959.75 points at midday.

ChiNext Index opens higher Friday

BEIJING, Jan. 20 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, was up 0.34 percent to open at 2,580.27 points Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares open higher Friday

BEIJING, Jan. 20 (Xinhua) -- Chinese stocks opened higher on Friday, with the benchmark Shanghai Composite Index up 0.21 percent to open at 3,247.2 points.The Shenzhen Component Index opened 0.24 percent higher at 11,942.15 points.

Hong Kong's Hang Seng Index opens 0.75 pct higher

HONG KONG, Jan. 20 (Xinhua) -- Hong Kongs Hang Seng Index rose 161.48 points, or 0.75 percent, to open at 21,812.4 points on Friday.

Amazon axes charity program amid wider cost-cutting moves

Amazon is ending a charity donation program it ran for a decade in its latest cost-cutting move.In a blog post on Wednesday, the company said the program, called AmazonSmile, will shut down by February 20 because it had "not grown to create the impact" the retailer had hoped.The program allowed Amazon to donate a small percentage of eligible purchases to a charity selected by shoppers."With so many eligible organizations—more than 1 million globally—our ability to have an impact was often spread too thin," the company said.The decision also comes as the Seattle-based company is laying off workers and axing different areas of its business in an effort to trim costs. Other tech companies, such as Facebook parent Meta and Salesforce, are also letting workers go after ramping up hiring over the past couple of years, when the pandemic made consumers increasingly reliant on the tech sector.Amazon CEO Andy Jassy said earlier this month the layoffs at his company will impact about 18,000 employees. Jassy said the job cuts will mostly affect the companys retail division and its PXT organizations, which handle human resources and other functions. Other teams, including the companys Alexa division, have also faced layoffs since November.The company said charities that have been a part of the AmazonSmile program will be provided a "one-time donation equivalent" to three months of what they earned last year through the program. Theyll also able to accrue additional donations until the program officially closes, it said.Amazon noted in the blog post it will also continue supporting other charitable programs, such as its housing equity fund that aims to build more affordable homes.

Shanghai sees foreign trade hit record high in 2022

File photoSHANGHAI, Jan. 19 (Xinhua) -- Shanghais imports and exports reached a record high of 4.19 trillion yuan (about 619.14 billion U.S. dollars) in 2022, up 3.2 percent from the previous year, local customs said on Thursday.Last year, Shanghais import and export volume accounted for 10 percent of Chinas total foreign trade, according to Shanghai Customs.The metropolis imports and exports with ASEAN gained 5.2 percent from the previous year to over 566 billion yuan in 2022.In the face of COVID-19 challenges, the number of foreign trade enterprises in Shanghai remained stable, reaching 55,800, an increase of 0.8 percent over the previous year.Exports of new energy vehicles and lithium batteries were strong in 2022, increasing by 130.1 percent and 360.8 percent to almost 84 billion yuan and 25.41 billion yuan, respectively.

Chinese yuan weakens to 6.7674 against USD Thursday

BEIJING,Jan.19(Xinhua)--ThecentralparityrateoftheChinesecurrencyrenminbi,ortheyuan,weakened72pipsto6.7674againsttheU.S.dollarThursday,accordingtotheChinaForeignExchangeTradeSystem。

China's forex market transacts 16.03 trln yuan in December 2022

File photoBEIJING, Jan. 19 (Xinhua) -- Chinas foreign exchange (forex) market recorded transactions worth 16.03 trillion yuan, equivalent to 2.3 trillion U.S. dollars, in December 2022, according to official data released Thursday.Specifically, the transaction volume of the client market totaled 3.06 trillion yuan in December, while that of the interbank market stood at 12.97 trillion yuan, said the State Administration of Foreign Exchange.In terms of products, the cumulative transaction volume of the spot market was 5.93 trillion yuan, and that of the derivatives market was 10.1 trillion yuan in December.The countrys forex market transaction volume totaled 231.44 trillion yuan in 2022.

Hong Kong's Hang Seng Index closes 0.12 pct lower

HONG KONG, Jan. 19 (Xinhua) -- Hong Kongs stock market ended lower on Thursday with the benchmark Hang Seng Index down 0.12 percent to close at 21,650.98 points.The Hang Seng China Enterprises Index fell 0.38 percent to end at 7,312.76 points, and the Hang Seng Tech Index fell 1.65 percent to close at 4,449.91 points.

Chinese shares close higher Thursday

BEIJING, Jan. 19 (Xinhua) -- Chinese stocks closed higher Thursday, with the benchmark Shanghai Composite Index up 0.49 percent to 3,240.28 points.The Shenzhen Component Index closed 0.87 percent higher at 11,913.26 points.The combined turnover of stocks covered by the two indices stood at 687 billion yuan (about 101.52 billion U.S. dollars), up from 635.8 billion yuan on the previous trading day.Shares related to software, brokerages, and semiconductors led the gains, while those in the hospitality, catering and education sectors were among the heaviest losers.The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, gained 1.08 percent to close at 2,571.44 points Thursday.

European stocks drop at open

European stock markets dropped at the open on Thursday following losses in Asia and on Wall Street, as the strong start to 2023 gives way to profit taking.Londons benchmark FTSE 100 index dropped 0.4 percent to 7,800.17 points.In the eurozone, Frankfurts DAX index shed 0.5 percent to 15,112.25 points and the Paris CAC 40 retreated 0.5 percent to 7,048.56.

China's overnight Shibor interbank rate decreases Thursday

BEIJING, Jan. 19 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of Chinas interbank market, decreased 27.7 basis points to 1.656 percent Thursday.The seven-day rate rose 14.6 basis points to 2.281 percent, the one-month rate went up 0.6 basis points to 2.291 percent, and the one-year rate rose 0.5 basis points to 2.584 percent.Shibor is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank RMB lending rates offered by the price quotation group of 18 commercial banks with a high credit rating, with the four highest and four lowest quotations excluded.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue