Shares in a number of Chinese companies soared more than 100 per cent on Monday, as the first batch of initial public offerings under a new streamlined listings regime debuted in Shanghai and Shenzhen. The top gainers among the 10 new launches included Shenzhen CECport Technologies, an electronics distributor, whose shares rose as much as
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When Washington introduced expansive controls in October restricting chip and equipment exports to China, it was accused by Beijing of “bullying” its tech sector and “violating the spirit of co-operation”. Such responses, amounting to little more than verbal bluster in response to a slow strangling of semiconductor supplies, reflected Chinese industry’s reliance on foreign chip
The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy Let’s start with the good news. The flashing red light resulting from a speed-of-light run on the US banking system, or what economists broadly refer to as financial contagion, is behind us. Yet it is too early for policymakers to
Making companies publicly disclose the amount of tax they pay on a country-by-country basis could curb international tax avoidance and cut the risks of damaging disputes with local authorities, according to campaigners who are pressing the issue on US boardrooms. A coalition of investors and activists is seeking shareholder support for increased tax transparency at
From Canary Wharf in London to La Défense in Paris and Frankfurt’s Bankenviertel, the logos of major banks adorn Europe’s grandest office buildings. But there is early evidence that these buildings could become liabilities for banks and investors as they are buffeted by rising costs and post-Covid workplace changes. Offices are the largest component of
The writer is an FT contributing editor, the chair of the Centre for Liberal Strategies, Sofia, and fellow at IWM Vienna It is “la lutte finale” in many democracies around the world today. The memorable line about the “final struggle” from the old socialist hymn “The Internationale” is a fitting refrain for much contemporary democratic
The writer is chair of Rockefeller International The irony of the Silicon Valley Bank saga is now complete. The crisis started inside the American tech sector’s favourite bank, but the government rescue has benefited Big Tech the most. As calm returns to the market, fuelled by megacap tech stocks, investors are naturally relieved. They need
Total pay for bosses at some of the UK’s largest companies rose by more than a tenth last year, further adding to the scrutiny expected from shareholders at annual meetings at a time when many employees face cost of living pressures. Median overall pay for FTSE 100 chief executives increased by 12 per cent to
First-time buyers in the UK are selecting smaller properties in the face of rising mortgage costs, in a sign that many prospective purchasers are compromising on the size of their first home rather than staying in the tight rental market. Most first-home buyers chose a one- or two-bedroom property in the first quarter of 2023
Shares in Hong Kong’s four biggest family-owned developers have dropped more than a third in the past four years, with nearly $50bn wiped off their market capitalisation as Covid-19 restrictions and interest rate rises took a toll on the property market. Four families dominate the Hong Kong property market: the Lis of CK Asset, the
China’s financial sector is reeling from a series of new corruption probes and a surge in surprise audits of venture funds, as President Xi Jinping sharpens his focus on an industry he sees as failing to serve the broader economy. With Beijing’s graft-busting Central Commission for Discipline Inspection warning against “hedonism” and “high-end lifestyles”, banks
The world’s leading economies are showing surprising resilience despite facing a perilous moment, according to research for the Financial Times that suggests the global economy may avoid a sharp slowdown this year. China, the US, the eurozone, India and the UK are all growing faster than had been expected late last year, the latest edition
It was a humiliating moment for the UK’s anti-fraud agency. More than a year after three men accused of defrauding the government were due to stand trial, the prosecution barrister appeared at the Old Bailey empty-handed. Crispin Aylett KC entered no evidence against Richard Morris, James Jardine and Mark Preston, former executives at the security
China held a second day of military manoeuvres around Taiwan on Sunday in retaliation against President Tsai Ing-wen’s meeting with senior US lawmakers including House Speaker Kevin McCarthy in California. The People’s Liberation Army said units simulated precision strikes on key targets in Taiwan and the waters around it. An animated video released by the
Tesla has announced plans to build a factory in Shanghai to produce its Megapack energy storage system, as chief executive Elon Musk resists rising opposition in Washington to US technology companies investing in China. Tesla’s Megapack system provides lithium-ion battery packs to help store renewable energy for electricity grids and represents a key driver for
Investors are loading up on protection against a fresh round of financial turmoil in US regional bank stocks as lenders prepare to reveal how badly their earnings have been squeezed by the troubles that took down Silicon Valley Bank. Regional bank share prices have stabilised since SVB’s collapse sparked a massive mid-March slide, but traders
Technology is everywhere and always an unalloyed good. New technologies ultimately create better jobs and more broadly based prosperity. So goes the conventional economic wisdom. But what if it wasn’t true? What if technology had been used — in lieu of strong political and institutional restraints — to put more money in the hands of
The writer is president and vice-chancellor of the London School of Economics It is almost impossible to earn a decent income in today’s economy without either university education, further education at college or technical and vocational training. As automation and artificial intelligence make routine and repetitive jobs redundant, this trend towards needing a certificate of
Health secretary Steve Barclay on Sunday accused the UK’s biggest medical union of maintaining a “militant stance” on junior doctors’ pay, ahead of a 96-hour walkout by medics in England over salaries and working conditions. Junior doctors affiliated with the British Medical Association will on Tuesday morning begin four days of industrial action, as they
In his first week as first minister of Scotland’s devolved government, Humza Yousaf visited the city of Aberdeen to tout the North Sea oil and gas powerhouse as the potential “net zero capital of the world”. The Scottish National party government had a “clear vision” for the transition to renewable energies and a 10-year, £500mn
Spreadsheet jockeys work hard to maintain Excel bragging rights. Gone are the days when knowing the VLOOKUP search function won you respect. But worse may be to come. Artificial intelligence could eliminate the need for spreadsheet skills altogether. This will send a cold chill down the spines of financial data ninjas. They habitually moan about