City Guangzhou Financial News

SINGAPORE—Widespread lockdowns imposed across China as authorities there struggled this week to contain the country’s largest Covid-19 outbreak threaten to again create uncertainty in global supply chains and dim the prospects for world economic growth.

For the emerging megacities of Asia, the oil crisis that spread out from the Strait of Hormuz is like the acute phase of a chronic condition. The largest migration in human history is filling their streets and alleyways to bursting point.Urbanization and births will add a billion more people between now and 2050. Jakarta and Dhaka, with 42 million and 37 million people respectively, have overtaken Tokyo at 33 million as the world’s biggest metropolises.

Flying taxis will become a viable method of transportation in China in the next three to five years, according to a senior executive at Ehang, a company that makes autonomous aerial vehicles (AAVs).

BEIJING — In the latest step toward building a revenue-generating robotaxi business, Chinese start-up Pony.ai said it has obtained China's first permit to charge fares for fully driverless taxis in core parts of a business district of Shenzhen.

United States is set to cut the size of its diplomatic mission in China by up to 10%, the South China Morning Post reported on Wednesday, citing people familiar with the situation.

Pony.ai Inc is seeking to launch its robotaxi services in Hong Kong, joining Baidu in a race to provide services in the city, as the autonomous driving firm looks to expand its operations globally.

Chinese authorities have banned the accounting firm PwC for six months and fined it over $56 million for its involvement in the audit of collapsed local property developer Evergrande

China deepened its push to further open up the economy, eliminating restrictions on the manufacturing sector and expanding opportunities for foreign investment in the health sector in an effort to revive growth. The Chinese government will reduce its list of industries off-limits to foreign investors to 29 from 31 and fulfill its pledge of zero restrictions on the manufacturing sector, the National Development and Reform Commission and the Commerce Ministry said in a joint statement on Sunday. The new list, set to take effect Nov.

Scoot flight from Singapore to the Chinese city of Guangzhou hit turbulence. One person was taken to the hospital, The Straits Times reported. Scoot said the flight encountered turbulence as it was approaching Guangzhou on Friday morning, adding that the Boeing 787-9 Dreamliner aircraft landed uneventfully at 9.10 am local time. Scoot flight TR100 departed from Singapore around 5.45 am, The Straits Times said, citing data from flight-tracking website FlightRadar24.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Self-driving technology company WeRide delayed its plan for an initial public offering in the U.S., citing its need for more time to complete documents.

ride-hailing drivers are facing the threat of job loss from artificial intelligence as robotaxis begin to proliferate. Self-driving technology, still experimental, is being aggressively greenlit in China compared to the US, where approvals are often suspended after accidents. At least 19 Chinese cities are testing robotaxis and robobuses, with seven cities approving tests without human-driver monitors from at least five industry leaders: Apollo Go, Pony.ai, WeRide, AutoX, and SAIC Motor. Apollo Go, a subsidiary of technology giant Baidu, plans to deploy 1,000 robotaxis in Wuhan by year-end and operate in 100 cities by 2030. Pony.ai, backed by Japan's Toyota Motor, operates 300 robotaxis with plans to increase to 1,000 by 2026. WeRide is known for autonomous taxis, vans, buses, and street sweepers, while AutoX, backed by Alibaba Group, operates in cities including Beijing and Shanghai. SAIC Motor has been operating robotaxis since 2021. In the US, Alphabet's Waymo operates uncrewed robotaxis that collect fares, with over 1,000 cars in San Francisco, Los Angeles, and Phoenix. Cruise, backed by General Motors, resumed testing in April after an accident last year.

Gold prices held steady on Wednesday, with investors looking towards key U.S. inflation data that could shed more light on the Federal Reserve's interest rates trajectory. FUNDAMENTALS

China has added Shanghai to a list of top-tier cities allowing the use of driverless robotaxis in which no safety supervisors are present, part of the country’s efforts to take the global lead in autonomous driving and commercialize the technology. Shanghai officials said over the weekend that in parts of the city, residents can now book free rides in robotaxis of four companies—internet search giant Baidu, SAIC Motor-owned Saike Technology and self-driving startups Pony.ai and Auto X. The taxis are driverless and don’t have supervisors physically present in the car, with the companies approved to offer services through Jan.

BEIJING — China's yearslong effort to develop robotaxis is starting to gain traction with consumers — but it's also rattling taxi drivers worried about losing their jobs as a result of increasing competition.

World Athletics on Wednesday announced a five-year global broadcasting services deal with Tata Communications, making the Indian telecom major a partner in the coverage of marquee events from next year, including the Tokyo World Championships. Tata Communications will be a «key strategic supplier» for the world body with a view to «elevating innovation and audience engagement to new heights,» World Athletics said in a statement.

HSBC China is now offering e-CNY services to its corporate clientele. The development marks it as the first foreign bank within the nation to extend services associated with the central bank’s digital currency to both retail and corporate sectors.

China General Chamber of Commerce showed that average order values contracted by the most in nine months, even though total sales expanded as customer traffic grew during the Labor Day holiday. The latest data showed “economic momentum and social demand have continued to recover," said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc.

China Southern Airlines is launching China’s longest commercial flight from the southern city of Shenzhen to Mexico City. This will surpass the airline’s previous longest route from Guangzhou to New York city. While the latter covers a distance of 12871 kms, the former will cover a distance of 14147 kms, one way, as per a report on CNN. This flight from Shenzhen to Mexico city will be a 16 hour long non stop journey and the distance is expected to be covered in 16 hours. The departure from Shenzhen will be on every Tuesday and Saturday. This service will commence from May 11.

tornado that struck Guangzhou, in southern China, reported CNN, citing Chinese state media. Guangzhou, a city of 19 million people in southern China, has been witnessing tornadoes at level-three intensity, two below the highest level of five.

Treasury Secretary Janet Yellen and her team are returning to Washington after a visit to China where they tried to tackle the biggest economic issues between the countries

Ever since she ate mushrooms that can have psychedelic effects in Beijing last July, Janet Yellen has united Americans and Chinese in wanting to know what she will eat next