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Tanking Alibaba drags Hong Kong as markets rally fades
Asian stocks fell Friday as a rally fuelled by the likely end of US interest rate hikes ran out of puff, while Alibaba dragged Hong Kong down after saying it would cancel the planned spinoff of its cloud computing arm.
Alibaba shares dive more than 7% after cloud service called off
Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares.
The long-term economic risks of America's budget dysfunction
The use of stop-gap funding measures to keep the US government open amid frequent political squabbles over how to tackle rising national debt carries long-term risks for the world's largest economy.
IBM pulls ads from Elon Musk's X over pro-Nazi posts
IBM on Thursday said it has stopped advertising on X due to a report its ads were shown next to pro-Nazi posts at the platform formerly known as Twitter.
Workers at GM ratify contract in win for US auto union
Workers at General Motors have voted to ratify a new labor contract with sweeping pay increases, according to figures published Thursday, a landmark step after a major auto industry strike this year.
Asia trade talk stumble is another setback for US: analysts
The United States stumbled again in trade negotiations with Asia-Pacific partners this week, a setback that analysts say could weigh on America's standing as a partner in the face of China's growing influence.
Amazon to sell new cars next year in US, starting with Hyundai
E-commerce giant Amazon said Thursday it would start selling new automobiles on its platform in the United States next year. Amazon made the announcement at the Los Angeles Auto Show in conjunction with Hyundai, the South Korean auto giant that will be the first brand sold on the site.
Big Starbucks promotion roiled by union walkout of 'thousands'
Worker activists at Starbucks called for a strike at unionized coffee shops in the United States on Thursday as the labor group seeks to pressure the coffee giant on stalled contract talks. About 360 Starbucks locations with more than 9,000 employees have voted to unionize in the United States, where the company has more than 10,000 company-owned stores.
Biden hosts APEC summit after signaling calmer US-China ties
Promoting trade, protecting supply chains and fighting the climate crisis will feature at the APEC summit of Pacific rim powers opening Thursday in San Francisco after President Joe Biden and his Chinese counterpart Xi Jinping helped settle regional nerves by agreeing to dial down tensions.
AFP
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