Day: January 1, 2024

Inside the crisis at Alibaba: how China’s best-known tech group lost its way

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Nothing highlights Alibaba’s current problems more than the extraordinary wake-up call from Jack Ma, who founded China’s ecommerce pioneer back in 1999. “I firmly believe that Alibaba will change and reform,” said the country’s most famous entrepreneur in an internal blog post late last year. “Back to our mission and vision, Ali people, come on!” The intended rallying cry only served to show how China’s best-known tech group has lost its direction. Once Asia’s most valuable company, it was overtaken in market capitalisation for the first time in November by…

Japan earthquake death toll rises to 17 as military joins relief effort

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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. Japan’s military joined efforts to rescue survivors and provide emergency relief after a powerful earthquake on the west coast on New Year’s Day left at least 17 dead and dozens injured. Prime Minister Fumio Kishida said on Tuesday that authorities were in a “battle against time” to respond to the emergency, as daylight and the lifting of the previous night’s tsunami warnings allowed a fuller picture of the devastation. “We…

S Korean President stresses military vigilance amid Pyongyang threat

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South Korea’s President emphasized the importance of military strength in the face of escalating nuclear threats from Pyongyang, which has declared its intention for “conquering the entire southern territory” – a metaphorical reference for South Korea. In a new year message sent to the South Korean military on Tuesday, its President Yoon Suk Yeol urged it to maintain a strong posture amid the intensifying North Korea threat. “Our military has made every effort to protect the lives and safety of our citizens from North Korea’s relentless provocations and threats, even…

South Korean Opposition Leader Lee Attacked During Busan Visit

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TAIPEI, TAIWAN —  South Korean opposition leader and former presidential candidate Lee Jae-myung was stabbed in the neck by a man pretending to be a supporter, during a visit to the southeastern port city of Busan on Tuesday. Lee was meeting with reporters at the construction site of a new airport when a man approached, asking for an autograph, according to media reports. Videos posted online showed Lee smiling shortly before the man plunged a large knife into the left side of his neck. His condition is unknown. Pictures showed…

China factory activity growth accelerates in December amid stronger output, new orders

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China’s factory activity expanded at a quicker pace in December due to stronger gains in output and new orders, but business confidence for 2024 remained subdued, a private-sector survey showed on Tuesday. The Caixin/S&P Global manufacturing PMI rose to 50.8 at the end of 2023 from 50.7 in November, marking the fastest expansion in seven months and surpassing analysts’ forecasts of 50.4. The 50-point mark separates growth from contraction. The sprawling manufacturing sector came under pressure amid weak demand in 2023, with a property downturn, geopolitical factors and tight-fisted consumers…

China’s cadres urged to connect with the masses as part of education campaign, but some question its methods

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To mark the anniversary of the practice, Xi’s teachings have been promoted as part of an education campaign for cadres. In late December, hundreds of officials gathered in Beijing to attend a forum chaired by Politburo member Li Ganjie, with similar events held around the country. However, while cadres are studying and imitating Xi’s ideas on how to connect with the masses, which have been dubbed the “four downs” in a reference to going “down to the grass roots”, some question the effectiveness of the methods and the education campaign.…

Neon still has a hold on the hearts of Hongkongers

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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. In his warehouse workshop, Wu Chi-kai, one of Hong Kong’s few remaining neon craftsmen, has for decades bent glass tubes into one of the most instantly recognisable symbols of the Chinese territory — brightly coloured signs.  In neon’s late 20th-century heyday, he and some 30 other master craftsmen made signs for pawn shops, mah jong parlours, bridal stores and restaurants. Metres-high, they dominated streets and visually defined Hong Kong for…

Wealth Management Connect: HSBC, Standard Chartered among top banks eyeing Greater Bay Area sales boost with roll-out of enhancements to cross-border investment scheme

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The soon-to-be-launched enhancements to the cross-border Wealth Management Connect scheme are set to boost sales and capital flows between Hong Kong, Macau and the nine mainland Chinese cities in the Greater Bay Area development zone, Hong Kong’s biggest banks said. The People’s Bank of China’s (PBOC) Guangdong branch completed a 12-day consultation on December 12 on a wide range of relaxations to the scheme, including tripling individual quotas to 3 million yuan (US$420,745) from 1 million yuan. The new measures will also lower the threshold for mainland investors trading under…

China’s ‘dinosaur’ state-owned enterprises make a green pivot

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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. For decades, China-watchers have labelled the country’s massive state-owned enterprises as “dinosaurs” that inefficiently soaked up precious state resources for mixed economic gain. But now there is evidence that a green pivot by some of China’s biggest energy SOEs is helping Beijing achieve its goal of moving towards energy independence while extending the country’s lead in clean technologies. As a result of SOEs channelling capital expenditure towards clean technologies, China…

China’s First Domestically Built Cruise Ship Begins Maiden Voyage

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Shanghai, China —  China’s first domestically built cruise ship set sail on its maiden voyage from Shanghai on Monday, a sign of the nation’s growing prowess in sophisticated construction as it seeks self-sufficiency in key technologies. The Adora Magic City left port on its first commercial cruise in late afternoon, en route to South Korea and Japan. Equipped with a mahjong lounge and hotpot restaurant, the luxury vessel is aimed squarely at China’s expanding middle class and their appetite for international travel. State media have hailed the 16-deck behemoth as…