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My top 10 things to watch Thursday, Dec. 11 1. Disney announced this morning it will make a $1 billion equity investment in OpenAI. It will also allow users to create videos with its copyrighted animated characters on Sora, OpenAI’s short-form video generator. Sora users will be able to make content with more than 200 characters across Disney, Marvel, Pixar, and Star Wars. I think Disney is smart to get on board here. 2. The S & P 500 was headed for a lower open this morning, retreating after nearing records Wednesday afternoon following the Federal Reserve’s 25-basis-point cut . It…
Chow Tai Fook Enterprises (CTFE), the parent company of embattled Hong Kong developer New World Development (NWD), is selling Australian utility Alinta Energy to a Singapore-based group for A$6.5 billion (US$4.3 billion).Sembcorp Industries will acquire 100 per cent ownership of Alinta and its units as well as Latrobe Valley Power (LVP) and its subsidiaries from Pioneer Sail Holdings, which is owned by CTFE and Pioneer Sail Singapore, according to Sembcorp’s filing with the Singapore stock exchange on Thursday evening.Alinta owns a portfolio of power-generation assets and a gas and electricity retail business throughout Australia, while LVP owns and operates the…
Gold prices rose in the European market on Thursday, extending gains for a third consecutive session, supported by a weaker US dollar after the latest Federal Reserve meeting delivered a less-hawkish tone than markets had anticipated. As expected, the Federal Reserve cut its benchmark rate by 25 basis points to a range of 3.75 percent — the lowest since September 2022 — marking a third consecutive rate cut. Price Overview • Gold prices today: Spot gold rose 0.45 percent to $4,247.81, from an opening level of $4,228.27, after touching an intraday low of $4,210.44. • At…
China’s massive aerial drone carrier the Jiu Tian has completed its first flight, adding to the potential swarming capacities of the People’s Liberation Army (PLA).The Jiu Tian, which is itself a large drone, took to the air for the first time in the northwestern province of Shaanxi, state news agency Xinhua said on Thursday. The report did not mention when this took place.Designed by the First Aircraft Institute of the state-owned aerospace giant Aviation Industry Corporation of China (AVIC), the carrier drone “leverages independent, integrated technological innovation to deliver core advantages, including heavy payload capacity, high service ceiling, wide speed…
Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing.1. US seeks ‘constructive’ reset with China as trade tensions ease: GreerUS Trade Representative Jamieson Greer says the United States is striving for a more “constructive” relationship with China after this year’s trade war, even as disputes over minerals and AI chips persist.2. US commission wants more Mandarin language courses to curb Beijing’s swayStudents at Yu Ying Public Charter School in Washington perform a Chinese song and dance. The Congressional-Executive Commission on China’s annual report recommends…
Chinese augmented reality start-up Xreal has teamed up with Google on Project Aura, a venture to launch artificial intelligence glasses powered by the Android XR operating system and Gemini AI next year, in a fresh example of Chinese capabilities in research and development.Project Aura, resembling a pair of thick sunglasses, was first announced at Google’s annual I/O developer conference in May. The device runs on Android XR, a unified platform for extended reality (XR) devices built through a partnership between Google, Qualcomm and Samsung, and comes integrated with Gemini AI.Aura employs a dual chip design, with an Xreal X1S chip…
Gold prices rose in the European market on Thursday, extending gains for a third consecutive session, supported by a weaker US dollar after the latest Federal Reserve meeting delivered a less-hawkish tone than markets had anticipated. As expected, the Federal Reserve cut its benchmark rate by 25 basis points to a range of 3.75 percent — the lowest since September 2022 — marking a third consecutive rate cut. Price Overview • Gold prices today: Spot gold rose 0.45 percent to $4,247.81, from an opening level of $4,228.27, after touching an intraday low of $4,210.44. • At…
Hong Kong’s initial public offering (IPO) market is on track to maintain its status as the world’s top fundraising venue next year, underpinned by a pipeline of mega deals and the return of US capital, according to UBS.The Swiss investment bank expects more than HK$300 billion (US$38.5 billion) to be raised from 150 to 200 IPOs in 2026, surpassing the roughly HK$270 billion raised this year, which vaulted the city back to No 1 globally.UBS also forecast that the city’s benchmark Hang Seng Index could climb to 30,000 points next year, implying a 17.5 per cent gain from Thursday’s close…
Hong Kong’s initial public offering (IPO) market is on track to maintain its status as the world’s top fundraising venue next year, underpinned by a pipeline of mega deals and the return of US capital, according to UBS.The Swiss investment bank expects more than HK$300 billion (US$38.5 billion) to be raised from 150 to 200 IPOs in 2026, surpassing the roughly HK$270 billion raised this year, which vaulted the city back to No 1 globally.UBS also forecast that the city’s benchmark Hang Seng Index could climb to 30,000 points next year, implying a 17.5 per cent gain from Thursday’s close…
Adrian Cheng Chi-kong, former heir apparent to Hong Kong property giant New World Development (NWD), has partnered with a Dubai royal and businessman to spruce up the retail, leisure and cultural offerings of Wafi City, one of the United Arab Emirates (UAE) city’s top shopping destinations.Cheng and Dubai Sheikh Mana bin Khalifa Al Maktoum, founder and chairman of the Wafi Group, signed an agreement to set up a new entity called Wafi Anime 11 in Dubai on Wednesday, according to a statement on Thursday.Al Maktoum is the cousin of Sheikh Mohammed bin Rashid Al Maktoum, who also serves as the…