Day: January 11, 2024

US$3 billion top Asia fund bets on Tencent again despite China gaming rules, favours Samsung over TSMC in chip market

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A fund that outperformed most of its peers has added Tencent Holdings back to its portfolio recently, betting on the gaming company’s attractive valuation despite further industry curbs by the Chinese government. Federated Hermes Asia Ex-Japan Equity Fund, which beat 83 per cent of its peers for the past three years, made the purchase in the new year, even after China released a draft rule on gaming restrictions in December. The investment reflects the fund’s optimism over the nation’s beaten-down market, where valuations are “absolutely incredible”, said Jonathan Pines, who…

Inflatables, hip-hop rallies, and a missile alarm: Taiwan votes in election that’s too close to call

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In the final days of an election campaign that has been framed as a choice between “war and peace” or “democracy and autocracy”, a nationwide air raid warning over a satellite launch from China could well have caused panic. Instead, the piercingly loud bilingual presidential alert prompted confusion, mistranslating the Chinese word for satellite into “missile” in English, and anger, as opposition politicians quickly accused the government of fear mongering days before an election that will have far-reaching implications beyond Taiwan. On Saturday, the island nation of 24 million people…

Boycott Maldives campaign, why Taiwan election matters, chaos at Cathay Pacific: SCMP’s 7 highlights of the week

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3. Too few pilots, roster chaos: behind Cathay Pacific’s flight cancellations illustration by Lau Ka-kuen Hong Kong’s flag carrier was once again thrust into the spotlight this week when Cathay Pacific announced it would cut an average of 12 flights a day until the end of February in a bid to avoid cancellations during the Lunar New Year holiday – one of the busiest travel periods of the year in China. 4. Indians vow to boycott Maldives after Modi called a ‘clown’ over Gaza stance India Prime Minister Narendra Modi…

Turmoil at South Korean builder revives risk fear after Legoland credit crunch

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Creditors of a South Korean builder whose debt troubles sparked fear over financial risk in the real estate sector will begin a restructuring process, as Asia’s fourth-largest economy wrestles with high interest rates and a property market downturn. Taeyoung Engineering & Construction, a cash-strapped midsized builder, applied for a debt restructuring last month with the state-owned Korea Development Bank, its largest creditor. The deadline for the restructuring proposal is April…

China’s consumer prices fall in December as economic recovery lags

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Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China’s consumer prices remained in deflationary territory for the third consecutive month in December, adding to pressure on policymakers as they seek to restore confidence in the world’s second-largest economy. The country’s consumer price index fell 0.3 per cent in December year on year, according to official statistics released on Friday. Producer prices dropped by 2.7 per cent. Both measures fell slightly less than forecast amid widespread expectations of declines.…

The Chinese shadow over Taiwan’s election – podcast

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On the eve of Taiwan’s presidential and legislative elections, the Guardian’s senior China correspondent, Amy Hawkins, tells Michael Safi why relations with China have dominated the campaigns. In his new year’s message, China’s president, Xi Jinping, reiterated his call for the “reunification” of China and Taiwan, an idea that the main three political parties in Taiwan reject. The Chinese Communist party has never ruled in Taiwan. On the ballot, voters will be presented with different approaches to dealing with the threat. Amy attends a rally in the capital, Taipei, for…

US, S Korea vow to cooperate on Taiwan as election nears

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The United States and South Korea have reaffirmed their commitment to work together in maintaining stability in the Taiwan Strait, as cross-strait tensions show signs of escalation in light of the upcoming presidential election in the self-governing island on Saturday. The U.S. Secretary of State Antony J. Blinken and his new South Korean counterpart Cho Tae-yul had a call Thursday and agreed to address global challenges including the Taiwan matter, according to a State Department statement released later in the day. Blinken and Cho agreed to cooperate in supporting “peace…

China trade: exports end 2023 with 2.3% rise in December, but global slowdown looms

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Imports, meanwhile, rose by 0.2 per cent last month from a year earlier to US$228.2 billion, compared to a 0.6 per cent decline in November. The reading, though, fell short of the expectations from Wind for an increase of 0.3 per cent. “China’s exports of electric vehicles, lithium-ion batteries and solar cells hit record highs,” said Wang Lingjun, deputy head of the General Administration of Customs. In December, China’s total trade surplus was US$75.3 billion, compared to US$68.3 billion in November. Overall last year, China’s total trade declined by 5…

Myanmar Documentary Filmmaker Sentenced to Life in Prison

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An award-winning journalist and documentary filmmaker was sentenced to life in prison in Myanmar on Wednesday, according to media reports, marking yet another assault on press freedom by the country’s military since the 2021 coup. Shin Daewe was sentenced to life in prison for allegedly violating Myanmar’s anti-terrorism law, her husband told the Burmese Service of VOA’s sister outlet Radio Free Asia. Shin Daewe was arrested October 15 while picking up a video drone she had ordered online to use for filming a documentary, her husband, Ko Oo, said. Police…

Chinese gene therapy ‘clinically cured’ patient with blood disorder thalassaemia, researchers say

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The patient “has resumed normal life” after receiving the one-time treatment, known as CS-101, CorrectSequence said. While studies on CS-101 are still pending long term data, Androulla Eleftheriou, executive director of the Thalassaemia International Federation (TIF), said the design of CorrectSequence’s editor “greatly enhances the safety of the approach compared to other advanced therapy application”. Beta thalassaemia is an inherited recessive blood disorder that results in a person’s blood cells lacking enough haemoglobin, a blood protein that carries oxygen throughout the body. Without regular treatment, the shortage of oxygen caused…