Month: April 2024

China’s search for an answer to ChatGPT is just beginning

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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. The search for hot artificial intelligence stocks is under way in China as local companies create their answer to ChatGPT. China’s biggest AI systems company SenseTime is a veteran of this technology; the latest version of its generative AI model has been going through upgrades at a rapid pace. Given its rock-bottom valuation, the company’s head start in AI could outweigh the obvious risks weighing on its valuation. The company…

Indonesia raises interest rates to support sliding rupiah

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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. Indonesia’s central bank has unexpectedly raised its benchmark interest rate in a bid to support the sliding rupiah, which is trading near four-year lows as currencies across Asia come under pressure from a strong dollar and expectations of a delay in US rate cuts. Bank Indonesia on Wednesday raised its seven-day reverse repo rate 0.25 percentage points to 6.25 per cent, the highest since the bank adopted the instrument as…

Indonesia raises interest rates to defend sliding rupiah

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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. Indonesia’s central bank has unexpectedly raised its benchmark interest rate in a bid to support the sliding rupiah, which is trading near four-year lows as currencies across Asia come under pressure from a strong dollar and expectations of a delay in US rate cuts. Bank Indonesia on Wednesday raised its rate 0.25 percentage points to 6.25 per cent, a record high. Most economists polled by Bloomberg had expected the central…

Prabowo vows to fight for all Indonesians, calls for unity among political elites 

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JAKARTA —  Indonesia president-elect Prabowo Subianto on Wednesday vowed to fight for all Indonesians and called for unity among political elites to take the country forward, as he seeks to strengthen his parliamentary clout ahead of taking office in October. Speaking at a ceremony where he was being confirmed as the winner of the Feb. 14 election, Prabowo, who won by a huge margin, said he was talking to elites in the country and it was vital parties could get along together for the common good. Prabowo, who was tacitly…

EU launches investigation into Chinese medical device market

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The European Commission launched a probe into China’s public procurement of medical devices on Wednesday, the latest in a series of moves that ratchet up trade tensions ahead of President Xi Jinping’s visit to Europe next month. The investigation – which Beijing swiftly criticized – is meant to determine if European suppliers of devices ranging from needles and orthopedic appliances to complex scanners have been granted fair access in China. If it concludes that they have not, it could lead to the bloc placing restrictions on Chinese medical device companies…

Vietnam should ask Cambodia to delay canal project: experts

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Participants at a Vietnamese-sponsored consultation have suggested that Hanoi should ask Phnom Penh to delay a proposed  canal project for further discussions, amid Vietnamese worries about the project’s environmental and economic impact. Construction of the 180 km (112 mile) Funan Techo canal, connecting the Cambodian capital, Phnom Penh, with the Gulf of Thailand, is planned to begin later this year and to be completed within four years. The proposed canal will include a section of the Mekong River, raising concern in Vietnam about the impact downstream, especially in Vietnam’s rice-growing…

What’s next for TikTok after US Congress approves ban

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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. The US Congress’s approval of a bill to ban TikTok from app stores unless it is sold by its Chinese parent company has confirmed the video-sharing platform as one of the biggest flashpoints in a wider US-China conflict and has ignited a debate about free speech and data security. President Joe Biden said he will sign the measure into law on Wednesday, following its approval by the Senate a day…

China’s ex-Tibet propaganda chief charged with bribery

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A former Chinese propaganda chief who was responsible for promoting its official line on Tibet and human rights is facing bribery charges, prosecutors said on Wednesday. He was first placed under investigation for suspected corruption in July last year, making him the first ministerial level official to be purged after a major Communist Party reshuffle at the 20th party congress in October 2022. Chinese state media changes ‘Tibet’ to ‘Xizang’ after Beijing white paper His alleged crimes date back to 1999, when he was in charge of planning and publicising…

South China Sea: amid tension, US and Chinese navy chiefs discuss ‘increasing security challenges in Indo-Pacific’

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Two days earlier, Koehler had met the commander of China’s navy, Admiral Hu Zhongming, according to the statement. 01:49 Chinese floating barrier blocks entrance to Philippine ships at South China Sea flashpoint Chinese floating barrier blocks entrance to Philippine ships at South China Sea flashpoint In meetings with Chinese PLA officials, Koehler discussed the importance of maintaining open lines of communication, operational safety and regional security concerns, it said. The meetings took place alongside the symposium hosted by China and attended by 29 countries, notably including representatives from rivals Russia…

Baidu closes Wikipedia-like app as focus shifts to generative AI service Ernie Bot

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China’s web search giant Baidu will shut down its encyclopaedia app Baidu Baike, a local alternative to Wikipedia, as it shifts more resources to artificial intelligence (AI) development in a bet on the technology to become its next growth engine. The Beijing-based, Hong Kong-listed company will end support for the app on June 30 to focus on “better user experiences”, according to a statement published on the Baike app on Wednesday. Users can continue to access the service through a mini-program on the main Baidu app, it said. Launched in…