Canada orders closure of TikTok's business in nation, app access to continue
==========

On November 7, 2024, Canada ordered the dissolution of TikTok's business operations, citing national security risks associated with ByteDance, the parent company. Despite this order, Canadians will still have access to the TikTok app and can create content. Innovation Minister Francois-Philippe Champagne stated that the government is addressing specific risks related to ByteDance's operations in Canada through the establishment of TikTok Technology Canada Inc. TikTok plans to challenge this order.

#Canada #Tiktok #Bytedance #NationalSecurity #FrancoisphilippeChampagne #SocialMedia #GovernmentPolicy #Privacy #Technology #Business

https://asia.nikkei.com/Business/China-tech/Canada-orders-closure-of-TikTok-s-business-in-nation-app-access-to-continue 

 Canada orders closure of TikTok's business in nation, app access to continue
==========

On November 7, 2024, Canada ordered the dissolution of TikTok's business operations, citing national security risks associated with ByteDance, the parent company. Despite this order, Canadians will still have access to the TikTok app and can create content. Innovation Minister Francois-Philippe Champagne stated that the government is addressing specific risks related to ByteDance's operations in Canada through the establishment of TikTok Technology Canada Inc. TikTok plans to challenge this order.

#Canada #Tiktok #Bytedance #NationalSecurity #FrancoisphilippeChampagne #SocialMedia #GovernmentPolicy #Privacy #Technology #Business

https://asia.nikkei.com/Business/China-tech/Canada-orders-closure-of-TikTok-s-business-in-nation-app-access-to-continue 

 Hong Kong opens doors wider to mainland Chinese as birth rate drops
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Hong Kong aims to admit over 1 million mainland Chinese by 2046; Chief Executive John Lee announced plans to attract high-caliber talent during a key policy address in October 2024; the initiative responds to a declining birth rate and talent exodus; easing entry restrictions for mainland university graduates is part of the strategy; Hong Kong's population is projected to increase as mainlanders move in.

#HongKong #Immigration #MainlandChina #BirthRate #Talent #JohnLee #Policy #Population #Demographics #2024

https://asia.nikkei.com/Politics/Hong-Kong-opens-doors-wider-to-mainland-Chinese-as-birth-rate-drops 

 Singapore's quiet rise in the global 'deep tech' race
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Singapore is emerging as a key player in the global 'deep tech' sector, focusing on advanced technologies such as semiconductors and robotics; The startup Moovita, a spinoff from A*STAR, launched China's first driverless public bus service on October 1, 2024; Singapore's digital strategy aims to address challenges like deep fakes and security threats; The U.S.-China rivalry is driving investment in Asia's startup ecosystem.

#DeepTech #Singapore #Startups #Moovita #A*star #Robotics #Semiconductors #UschinaRivalry #Investment #Technology

https://asia.nikkei.com/Spotlight/ASEAN-Money/Singapore-s-quiet-rise-in-the-global-deep-tech-race 

 IMF sees global inflation declining, downgrades China growth to 4.8%
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The IMF projects global inflation to decline to 3.5% by the end of 2025; global growth is expected to remain steady at 3.2% in 2024; China's growth forecast downgraded to 4.8%; U.S. economy projected to expand by 2.8% due to wage hikes; China's GDP growth for Q3 recorded at 4.6%, the slowest in over a year; IMF attributes global inflation decline to stronger-than-expected U.S. performance despite slowdowns in China and Japan.

#Imf #GlobalInflation #ChinaGrowth #EconomicOutlook #UsEconomy #Gdp #2024Forecast #Japan #PropertyDownturn #MonetaryPolicy

https://asia.nikkei.com/Economy/IMF-sees-global-inflation-declining-downgrades-China-growth-to-4.8 

 China and North Korea boost Russian military ties to uncharted levels
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China and North Korea are deepening military cooperation with Russia; Moscow is providing military support in exchange for assistance in the Ukraine war; North Korea reportedly supplied Russia with 2.8 million artillery shells and up to 60 ballistic missiles; the partnership poses a significant threat to global peace; joint military exercises are planned between China and Russia in the North Pacific and Sea of Japan; the article highlights concerns over the implications of this alliance for international stability.

#China #NorthKorea #Russia #MilitaryCooperation #Ukraine #GlobalPeace #Artillery #BallisticMissiles #JointExercises #InternationalRelations

https://asia.nikkei.com/Spotlight/Comment/China-and-North-Korea-boost-Russian-military-ties-to-uncharted-levels 

 Global investors go 'risk-on' with Asian bonds after U.S. rate cut
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Global investors are increasingly investing in Asian bonds following the U.S. Federal Reserve's first interest rate cut in four years on September 19, 2024; inflows into Asian bond markets excluding China surged to $12.82 billion in August 2024; 16 issuers accessed the Asia U.S. dollar international primary bond market in the first week of September, raising over $15 billion; Indonesia's central bank cut rates by 25 basis points to 6% just before the Fed's cut; concerns exist regarding U.S. political impacts on Asia's dollar bond market; foreign investors face a 20% withholding tax on Indonesian and Indian bonds; investors are divided on China's bond market, with some seeing opportunities while others remain cautious; Fidelity International's Lei Zhu and Nomura analysts provided insights on market trends.

#AsianBonds #UsFederalReserve #InterestRates #Investment #Currency #Inflation #EmergingMarkets #CorporateBonds #Indonesia #China

https://asia.nikkei.com/Business/Markets/Trading-Asia/Global-investors-go-risk-on-with-Asian-bonds-after-U.S.-rate-cut 

 Fleeing Xi's 'China Dream': The great exodus of people and capital
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Xi Jinping introduced the 'China Dream' 11 years ago; since late 2022, the number of Chinese emigrating has increased significantly; private capital is also leaving China through various means; the trend reflects disillusionment with Xi's vision due to economic decline and political repression; the term '跑路' (to run away) has gained popularity; the COVID pandemic and U.S. tensions have exacerbated the situation; Lynette Ong, a professor at the University of Toronto, highlights these issues.

#China #XiJinping #Migration #CapitalFlight #Covid19 #Politics #Economy #Disillusionment #Emigration #SocialDiscourse

https://asia.nikkei.com/Opinion/Fleeing-Xi-s-China-Dream-The-great-exodus-of-people-and-capital 

 Fleeing Xi's 'China Dream': The great exodus of people and capital
==========

Xi Jinping introduced the 'China Dream' 11 years ago; since late 2022, the number of Chinese emigrating has increased significantly; private capital is also leaving China through various means; the trend reflects disillusionment with Xi's vision due to economic decline and political repression; the term '跑路' (to run away) has gained popularity; the COVID pandemic and U.S. tensions have exacerbated the situation; Lynette Ong, a professor at the University of Toronto, highlights these issues.

#China #XiJinping #Migration #CapitalFlight #Covid19 #Politics #Economy #Disillusionment #Emigration #SocialDiscourse

https://asia.nikkei.com/Opinion/Fleeing-Xi-s-China-Dream-The-great-exodus-of-people-and-capital 

 'We are Chinese': KMT lawmaker challenges president on Taiwan's nature
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Weng Hsiao-ling, a Kuomintang (KMT) lawmaker, asserts Taiwan belongs to a Chinese nation and advocates for peaceful political union with mainland China; she emphasizes that the Republic of China predates the People's Republic of China, claiming, 'We are Chinese'; Weng, known as 'Goddess of War', made these statements during an interview with Nikkei Asia on October 1, 2024.

#Taiwan #China #Kmt #WengHsiaoling #Politics #Unification #RepublicOfChina #People'sRepublicOfChina #Interview #NikkeiAsia

https://asia.nikkei.com/Editor-s-Picks/Interview/We-are-Chinese-KMT-lawmaker-challenges-president-on-Taiwan-s-nature 

 'We are Chinese': KMT lawmaker challenges president on Taiwan's nature
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Weng Hsiao-ling, a Kuomintang (KMT) lawmaker, asserts Taiwan belongs to a Chinese nation and advocates for peaceful political union with mainland China; she emphasizes that the Republic of China predates the People's Republic of China, claiming, 'We are Chinese'; Weng, known as 'Goddess of War', made these statements during an interview with Nikkei Asia on October 1, 2024.

#Taiwan #China #Kmt #WengHsiaoling #Politics #Unification #RepublicOfChina #People'sRepublicOfChina #Interview #NikkeiAsia

https://asia.nikkei.com/Editor-s-Picks/Interview/We-are-Chinese-KMT-lawmaker-challenges-president-on-Taiwan-s-nature 

 To Lam's U.S. trip shows the status quo in Vietnam is still working
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To Lam, president of Vietnam and general secretary of the VCP, completed an official visit to the U.S. on Sept. 25, 2024, becoming the first party chief to address the UN; he met with U.S. President Joe Biden to discuss the comprehensive strategic partnership; Vietnam's bilateral trade with the U.S. grew from $2.9 billion in 2002 to $128.7 billion in 2023; Vietnam is the sixth-largest source of U.S. imports; the National Assembly is expected to nominate a new president in October; the article argues that Vietnam's growth through export manufacturing and free trade will continue due to cultural traits, policy, and action; the author predicts Vietnam could escape the middle-income trap by 2045.

#Vietnam #ToLam #Biden #Trade #Economy #Diplomacy #Un #Leadership #ForeignInvestment #Manufacturing

https://asia.nikkei.com/Opinion/To-Lam-s-U.S.-trip-shows-the-status-quo-in-Vietnam-is-still-working 

 China moves to play 'Okinawa card' over Japan's Taiwan stance
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Xi Jinping's presidency marked a shift in China's stance on Okinawa, with the People's Daily declaring its status as 'unresolved' for the first time; this follows a recent incident where a Chinese military Y-9 plane violated Japanese airspace near Nagasaki in late August 2024; concerns arise over potential changes in China's strategy towards Japan; Katsuji Nakazawa, a senior staff writer at Nikkei, highlights the implications of these developments.

#China #Japan #Taiwan #Okinawa #XiJinping #Nagasaki #Military #Geopolitics #Airspace #Analysis

https://asia.nikkei.com/Editor-s-Picks/China-up-close/Analysis-China-moves-to-play-Okinawa-card-over-Japan-s-Taiwan-stance 

 Tough-on-China bills set for approval by U.S. House this week
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The U.S. House of Representatives, led by Speaker Mike Johnson, is set to vote on a series of bills targeting China, including legislation to prevent federal contractors from working with Chinese biotechnology firms. This initiative is part of 'China Week' as Congress reconvenes after summer recess. The vote is scheduled for September 9, 2024, as lawmakers intensify efforts to counter China amid rising tensions and upcoming elections.

#China #UsHouse #Legislation #Biotechnology #MikeJohnson #Congress #ChinaWeek #Tensions #2024Elections

https://asia.nikkei.com/Politics/International-relations/US-China-tensions/Tough-on-China-bills-set-for-approval-by-U.S.-House-this-week 

 BOJ still on hawkish track despite dovish bid to cool market turmoil
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The market turmoil following the Bank of Japan's unexpected rate hike on July 31 left many observers wondering whether the central bank made a blunder like it did in 2000 and 2006-2007; BOJ Gov. Kazuo Ueda's deputy, Shinichi Uchida, gave a speech on Wednesday to calm markets by sending a dovish message that the BOJ is not in a rush to raise rates further; The BOJ needs to make adjustments on three issues in order to continue its smooth policy normalization: its judgement of the economy, its risk assessment of financial markets, and its communication; The BOJ's policy guidance appeared too dovish in its April outlook report, and this probably encouraged the yen sell-off; The BOJ is expected to raise its policy rate to 0.5% from 0.25% in October; The bank's move to hike rates may have been affected by criticism from political quarters and the public that the yen was too weak; Close to 70% of 2,000 small firms that belong to Chamber of Commerce and Industry said in a June survey that their desired exchange rate level was between 110 and 135 yen to the dollar.

#BankOfJapan #RateHike #MarketTurmoil #PolicyNormalization #Economy #Inflation #FinancialConditions #Yen #ExchangeRate

https://asia.nikkei.com/Opinion/BOJ-still-on-hawkish-track-despite-dovish-bid-to-cool-market-turmoil 

 U.S. sends another carrier from Asia to Middle East, widening Pacific gap
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The U.S. has redirected the USS Abraham Lincoln Carrier Strike Group from Asia to the Middle East, leaving the West Pacific vulnerable until a refurbished aircraft carrier arrives in Japan later this year. Defense Secretary Lloyd Austin made the decision to replace the USS Theodore Roosevelt with the USS Abraham Lincoln. The move has raised concerns among defense analysts about the widening gap in the Pacific region. The article also mentions China's development of new stealth aircraft likely to be deployed on carriers and the U.S. facing an aircraft carrier shortage as tensions rise globally.

#UsMilitary #Asia #MiddleEast #PacificOcean #Defense #AircraftCarrier

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/U.S.-sends-another-carrier-from-Asia-to-Middle-East-widening-Pacific-gap 

 Movie animates Murakami's portraits of empty lives
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American writer Nathaniel Rich claims that Haruki Murakami writes 'genre fiction'; Murakami created his own genre by blending literary conceits with other storytelling tropes from noir, fantasy, horror, and sci-fi; In the movie 'Blind Willow, Sleeping Woman,' director Pierre Foldes uses animation to convey the surreal qualities of Murakami's fiction; The movie features a character known as Frog who can flatten his body and slide through a train carriage window; The movie brings to life Murakami's portraits of empty lives; Murakami is internationally acclaimed and regularly short-listed for the Nobel Prize in literature

#HarukiMurakami #GenreFiction #Literature #BlindWillow,SleepingWoman #PierreFoldes #Animation #Surreal #Frog

https://asia.nikkei.com/Life-Arts/Arts/Movie-animates-Murakami-s-portraits-of-empty-lives 

 Movie animates Murakami's portraits of empty lives
==========

American writer Nathaniel Rich claims that Haruki Murakami writes 'genre fiction'; Murakami created his own genre by blending literary conceits with other storytelling tropes from noir, fantasy, horror, and sci-fi; In the movie 'Blind Willow, Sleeping Woman,' director Pierre Foldes uses animation to convey the surreal qualities of Murakami's fiction; The movie features a character known as Frog who can flatten his body and slide through a train carriage window; The movie brings to life Murakami's portraits of empty lives; Murakami is internationally acclaimed and regularly short-listed for the Nobel Prize in literature

#HarukiMurakami #GenreFiction #Literature #BlindWillow,SleepingWoman #PierreFoldes #Animation #Surreal #Frog

https://asia.nikkei.com/Life-Arts/Arts/Movie-animates-Murakami-s-portraits-of-empty-lives 

 China misses plenum chance to steady economy before U.S. election
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China's economy has been successful in withstanding the double whammy of zero Covid and property market collapse. The plenum, a four-day leadership meeting chaired by President Xi Jinping, was the last big opportunity for authorities to put the economy on a firmer footing before the economic impact from November's U.S. election. The government released second quarter economic data on the day the plenum started, revealing the significant decline in the property market. Real estate has been the biggest driver of China's economic growth for many years. Consumer confidence has slumped due to the government's efforts to contain COVID, resulting in retail sales remaining below the pre-pandemic trend. Despite these challenges, the purchase managers' index figures have held up at around 50 and industrial production has been rising. Monetary policy, manufacturing success, and consumption recovery have been the foundations of China's muddle-through. The U.S. election is important as it may impact U.S.-China relations and currency pressures. The plenum was Beijing's last major opportunity to demonstrate that nominal growth won't continue to decline. The most attractive proposal suggested before the meeting was a package of reforms to allow the full urbanization of rural migrants. The plenum decision pledges action to ensure migrant workers "enjoy the same rights" as urban residents. Fiscal support from the central government is needed to back up the promise of equal rights for migrant workers. Such support would give the economy a reflationary push. External changes threaten to end the muddle-through of the last 18 months.

#China #Economy #UsElection #Plenum #PropertyMarket #ConsumerConfidence

https://asia.nikkei.com/Opinion/China-misses-plenum-chance-to-steady-economy-before-U.S.-election 

 Hong Kong plays leading role in sanctions evasion: report
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A new analysis by the Committee for Freedom in Hong Kong Foundation reveals that Hong Kong plays a significant role in helping U.S. adversaries evade international sanctions. The surge of Hong Kong shipments to Russia after Moscow's invasion of Ukraine in 2022 highlights the city's involvement in exporting goods that are under the U.S. and EU's list of items known as Common High Priority Items. The report, titled 'Beneath the Harbor: Hong Kong's Leading Role in Sanctions Evasion,' emphasizes how Hong Kong's regulatory environment makes it easy for foreign nationals to create shell companies to evade sanctions.

#HongKong #SanctionsEvasion #InternationalSanctions #Russia #Ukraine

https://asia.nikkei.com/Politics/International-relations/Hong-Kong-plays-leading-role-in-sanctions-evasion-report 

 Banks trim China's GDP forecasts as its leaders huddle at plenum
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Investment banks have downgraded their forecasts for China's economic growth this year after weak second quarter results. China's GDP growth in Q2 slowed to 4.7%, falling below the 5.3% increase in Q1 and a consensus forecast for 5.1% growth. The downgrade adds pressure on President Xi Jinping to offer more support at a key Communist Party meeting this week.

#China #Gdp #EconomicGrowth #Forecast #CommunistParty

https://asia.nikkei.com/Economy/Banks-trim-China-s-GDP-forecasts-as-its-leaders-huddle-at-plenum 

 China's third plenum kicks off: 5 things to know
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China's top Communist Party officials are gathering in Beijing for a meeting known as the third plenum, from Monday to Thursday. The event comes at a crucial moment for the Chinese economy, as policymakers grapple with a persistent property crisis, sluggish domestic demand, and rising exports. The third plenum is expected to address key economic issues and outline the Communist Party's plans to steer the economy through headwinds. Chinese President Xi Jinping will be in attendance at the meeting. The plenum will last from Monday to Thursday.

#China #CommunistParty #Economy #ThirdPlenum

https://asia.nikkei.com/Politics/China-s-third-plenum-kicks-off-5-things-to-know2 

 China 'third plenum' meeting, ADB economic outlook, Indonesia Auto Show
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China's key meeting known as the third plenum will address the country's property crisis, weak consumer demand, and fading growth prospects. China is scheduled to release its GDP growth rate for the second quarter and other data. The U.S. Republican Party opens its convention, where former President Donald Trump is set to be formally nominated. The Pacific Islands Leaders Meeting will discuss climate change and fisheries, as well as concerns about treated wastewater from Japan's Fukushima Daiichi nuclear plant. The G7 Trade ministers' meeting will focus on responding to tensions and frictions in global trade. The Asian Development Bank will release its latest economic assessment. The GAIKINDO Indonesia International Auto Show will feature more than 30 carmakers, with Japanese manufacturers dominating the market. Japan kicks off joint military drills with Germany, France, and Spain. TSMC will release its earnings. Japan's Air Self-Defense Force starts a joint military exercise with French, German, and Spanish air forces. Chinese EV leader BYD makes an aggressive push in ASEAN. China's leaders will choose an economic path at the third plenum. Australia unveils $75m in Tuvalu funding amid China's push in the region. G7 leaders set to highlight Chinese overproduction. TSMC explores a new chip packaging approach. Beijing auto show welcomes world as China's carmakers aim to conquer it. Vietnam auto sales slump as government weighs latest fee cut. Chinese EV leader BYD makes an aggressive push in ASEAN.

#China #ThirdPlenum #Gdp #RepublicanParty #PacificIslandsLeadersMeeting #G7 #AsianDevelopmentBank #IndonesiaAutoShow #Tsmc #JointMilitaryDrills #Byd #ElectricVehicles

https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/China-third-plenum-meeting-ADB-economic-outlook-Indonesia-Auto-Show 

 Japan's Itochu to bring AI bus optimization to Taiwan smart city
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Japanese trading house Itochu is joining a smart city project in Tainan, Taiwan, to trial AI systems for transportation and energy data management. Itochu was the sole contract winner for the project, which is being developed by the Tainan government and others. The early-stage contract is worth 10.8 million New Taiwan dollars ($332,000). The project aims to optimize electric bus routes based on passenger reservation data. Itochu is angling for a larger share of government investment in the future.

#Japan #Itochu #SmartCity #Ai #Transportation #EnergyDataManagement #Tainan #ElectricBus #GovernmentInvestment

https://asia.nikkei.com/Business/Technology/Japan-s-Itochu-to-bring-AI-bus-optimization-to-Taiwan-smart-city 

 Yen's volatility sparks intervention suspicion after U.S. CPI data
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The yen surged against the dollar after the release of softer-than-expected U.S. inflation data, leading to speculation that the Japanese government and the Bank of Japan intervened to support the weak yen. The yen strengthened to 157.41 after the June U.S. consumer price index showed a 0.1% decline from the previous month, the first monthly drop since May 2020. The yen was trading around 159.30 at the time of writing. Japanese currency officials have not commented on whether they intervened. The Nikkei average fell over 1,000 points, partly due to the surge in the yen.

#Yen #Volatility #Intervention #UsCpiData #JapaneseGovernment #BankOfJapan #NikkeiAverage

https://asia.nikkei.com/Business/Markets/Currencies/Yen-s-volatility-sparks-intervention-suspicion-after-U.S.-CPI-data 

 Foreign investors in China seek new catalysts as stock rally fizzles
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Foreign investors in China have become net sellers of Chinese stocks in June due to fading enthusiasm over the government's rescue package for the struggling property sector. Some investors are still hopeful for a second rally, but this will depend on the effective execution of existing policies and signs of stronger support at the Communist Party's third plenum in July. The third plenum, scheduled for July 15-18, is a key session that has historically influenced China's economic course. The article mentions various developments in the Chinese stock market and the property sector, including the weak property rescue measures, the liquidation petition against Chinese developer Sino-Ocean, and the rally in China stocks. The weakening yuan and the challenging venture capital and IPO exit markets in China are also discussed. The article concludes by mentioning that foreign investors are seeking new catalysts to drive the Chinese stock market.

#China #ForeignInvestors #StockMarket #PropertySector #CommunistParty #ThirdPlenum

https://asia.nikkei.com/Business/Markets/Foreign-investors-in-China-seek-new-catalysts-as-stock-rally-fizzles 

 China's undersea cable drive defies U.S. sanctions
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Chinese undersea cable maker Wuhan FiberHome International Technologies continues to thrive despite being blacklisted by the U.S. government in 2020; The U.S. trade 'entity list' ban prevents the company from purchasing U.S. technology; Wuhan FiberHome executive Wu states that the blacklisting has not affected their business; China is pursuing a self-sufficient global network through its undersea cable drive; The U.S. sanctions are part of a broader crackdown on China's tech sector; The article was published on June 26, 2024.

#China #UnderseaCable #UsSanctions #WuhanFiberhomeInternationalTechnologies #TechSector

https://asia.nikkei.com/Spotlight/The-Big-Story/China-s-undersea-cable-drive-defies-U.S.-sanctions 

 Biden-Trump debate: Where they stand on AI, TikTok and chips
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President Joe Biden and former President Donald Trump are preparing to debate on Thursday, as they run neck-and-neck in the U.S. presidential campaign ahead of the election in November. Both agree on the need to outcompete China in tech, but differ on means. Trump began the U.S. push to decouple from China, while Biden pursues a policy of 'derisking'. The election outcome will impact Asia, including America's role in the world, trade management, the U.S. economy, climate change policy, and technology development.

#Biden #Trump #Debate #Ai #Tiktok #Chips #China #Tech

https://asia.nikkei.com/Business/Technology/Biden-Trump-debate-Where-they-stand-on-AI-TikTok-and-chips 

 Philippines warns online casinos could be China-linked 'Trojan horses'
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Philippine authorities are concerned that online casinos operating in the country for Chinese gamblers could be a national security concern. Recent raids have uncovered potential links to China-related national security concerns. The industry, previously seen as an economic boon, could turn out to be a 'Trojan horse' with far-reaching consequences.

#Philippines #OnlineCasinos #China #NationalSecurity #Investigations #Raids

https://asia.nikkei.com/Politics/International-relations/Philippines-warns-online-casinos-could-be-China-linked-Trojan-horses 

 China to see biggest millionaire exodus in 2024 as many head to U.S.
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China saw the world's biggest outflow of high-net-worth individuals last year and is expected to see a record exodus of 15,200 in 2024, dealing a further blow to its economy. Uncertainty over China's economic trajectory and geopolitical tensions are top of mind for many Chinese millionaires, in dollar terms, who choose to leave their country. The U.S. stands out as the top destination for Chinese millionaires. China last year saw 13,800 high-net-worth individuals depart, mostly to the U.S., Canada, and Singapore. Rich Chinese paused their efforts to move themselves and their fortunes offshore during the COVID-19 pandemic but quickly resumed their emigration after draconian restrictions on travel were lifted. Singapore has traditionally attracted rich Chinese due to its proximity to China, cultural links, and use of Mandarin. The United Arab Emirates remains the most attractive destination for the world's rich with its zero income tax, luxury lifestyle, and 'golden visas' for investors. Hong Kong lost around 500 high-net-worth individuals last year, amid growing concerns over freedom as authorities crack down on dissent. The U.K. is expected to see the second-biggest net loss in 2024 after China this year, at 9,500. South Korea is projected to see a net outflow of 1,200, while Taiwan is forecast to lose 400. Dominic Volek, group head of private clients at Henley & Partners, said 128,000 millionaires are expected to relocate globally in 2024, a record for wealth migration.

#China #MillionaireExodus #Us #Economy #GeopoliticalTensions #HighnetworthIndividuals #Covid19Pandemic #Singapore #UnitedArabEmirates #HongKong #Uk #SouthKorea #Taiwan #WealthMigration

https://asia.nikkei.com/Business/Markets/Wealth-Management/China-to-see-biggest-millionaire-exodus-in-2024-as-many-head-to-U.S 

 Japan's Sakana AI by Google alums to become unicorn in under a year
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Sakana AI, a startup cofounded by former Google researchers, is planning a funding round this month to raise $125 million at a valuation of over $1.1 billion, achieving the fastest jump to unicorn status by a Japanese company. The company is in talks with U.S. venture capital firms New Enterprise Associates, Khosla Ventures, and Lux Capital. Sakana AI utilizes generative artificial intelligence and is part of the boom in AI development. The startup aims to generate AI models through an 'evolutionary' process. The funding round is set to make Sakana AI a unicorn in under a year.

#SakanaAi #Google #Startup #Unicorn #Funding #AiDevelopment

https://asia.nikkei.com/Business/Technology/Artificial-intelligence/Japan-s-Sakana-AI-by-Google-alums-to-become-unicorn-in-under-a-year 

 Calls for China regime change are 'reckless': Kurt Campbell
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U.S. Deputy Secretary of State Kurt Campbell stated that the U.S. needs to find a way to carefully coexist with China, rather than pursuing regime change in Beijing. Campbell made this statement in response to an article in Foreign Affairs that argued for winning, not managing, America's competition with China. The Biden administration's key official on the Indo-Pacific made these remarks at the Stimson Center in Washington.



https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/Calls-for-China-regime-change-are-reckless-Kurt-Campbell 

 Evergrande EV unit's shares fall on order to repay over $260m in subsidies
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Chinese authorities have demanded that the electric vehicle unit of China Evergrande Group repay 1.9 billion yuan ($262 million) in subsidies. Some subsidiaries of the EV maker failed to meet their contractual obligations, including achieving a certain investment scale, planned production capacity, annual sales, and establishing a global headquarters within a set timeframe. The order has dealt a fresh blow to the stock of Evergrande's EV unit. The company's Tianjin factory has been told to suspend production and sales of new cars as pressure builds.

#ChinaEvergrandeGroup #ElectricVehicle #Subsidies #StockMarket

https://asia.nikkei.com/Business/Markets/China-debt-crunch/Evergrande-EV-unit-s-shares-fall-on-order-to-repay-over-260m-in-subsidies 

 U.S. cannot afford another 'lost decade' responding to China, authors say
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The failure of successive U.S. administrations to respond adequately to the stunning growth of Chinese power stands as one of the three biggest foreign policy blunders since World War II, alongside the 1965 escalation in Vietnam and the 2003 invasion of Iraq, authors of a much-talked-about new book told Nikkei Asia. In "Lost Decade: The U.S. Pivot to Asia and the Rise of Chinese Power," Robert Blackwill, a former ambassador to India, and Richard Fontaine, CEO of the Center for a New American Security, conclude that the "pivot to Asia" strategy has so far failed, distracted by conflicts in Europe and the Middle East.

#Us #China #ForeignPolicy #Asia #Book

https://asia.nikkei.com/Editor-s-Picks/Interview/U.S.-cannot-afford-another-lost-decade-responding-to-China-authors-say 

 India outpacing Asian rivals in data center capacity, report says
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India is outpacing Japan, Singapore, and Hong Kong in data center investment, driven by major funding commitments by Amazon and Reliance Industries. The boom in data centers in India is due to the increasing consumption of payments, e-commerce, and other digital services. Tech companies are also setting up offices in India, attracted by its large talent pool. The trend challenges clean power goals in Asia. Other companies like Oracle, Alibaba, NTT Data, and Microsoft have also made significant investments in data centers in Japan and Asia. Tokyo is challenging Beijing as Asia's data center hub.

#DataCenter #India #Investment #Amazon #RelianceIndustries #TechCompanies #CleanPower #Asia #Oracle #Alibaba #NttData #Microsoft #Japan #Tokyo #Beijing

https://asia.nikkei.com/Business/Technology/India-outpacing-Asian-rivals-in-data-center-capacity-report-says 

 Beijing asks Tencent to lower WeChat's mobile payment market share
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China's regulators have asked Tencent Holdings to lower the mobile payment market share of its WeChat app, specifically targeting in-person payments made by scanning QR codes. The directive is not focused on online shopping. This move is part of the government's efforts to address tech 'monopolies'.

#Tencent #Wechat #MobilePayment #MarketShare #Regulation #China

https://asia.nikkei.com/Business/Technology/Beijing-asks-Tencent-to-lower-WeChat-s-mobile-payment-market-share 

 What made Japan, China, South Korea hold a summit now?
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Japan, China, and South Korea will hold their first trilateral summit in Seoul on May 26-27; The last trilateral summit was held in December 2019 with different leaders; The international situation has changed drastically since the last summit; The leaders are expected to discuss issues promoting stability and prosperity in the region.

#Japan #China #SouthKorea #Summit #TrilateralSummit

https://asia.nikkei.com/Spotlight/Comment/What-made-Japan-China-South-Korea-hold-a-summit-now