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Evergrande plunges after resuming trade

HONG KONG: Shares in troubled Chinese property giant Evergrande plummeted more than 80 percent in Hong Kong on Monday morning after the lifting of a 17-month trading suspension. The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by …

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China EV giant XPeng to buy Didi subsidiary

BEIJING: Chinese electric car giant XPeng said on Monday it would buy the EV subsidiary of ride-hailing platform Didi for more than $740 million and launch a new brand of vehicles. Founded in the southern province of Guangdong in 2015, XPeng is one of dozens of Chinese startups to emerge …

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US commerce secretary kicks off visit to China

BEIJING: US Commerce Secretary Gina Raimondo is set to hold meetings with Chinese counterparts on Monday on a trip to Beijing aimed at cooling trade tensions between the world’s two largest economies. Her visit — which will last until Wednesday — is the latest in a series of high-level trips …

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Bulgaria lavender oil makers fear EU laws

ZELENIKOVO, Bulgaria: As a successful harvesting season yielding several hundred tons of lavender oil wraps up in Bulgaria — the world’s top producer — the industry’s future looks more gray than purple. With a global production glut already weighing on prices, Bulgarian distillers now fear new EU regulations will further …

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Video games industry wary of AI’s ‘threat’

COLOGNE, Germany: From generating story lines to coding entire games to turning ideas into animation, artificial intelligence (AI) is front and center at Gamescom, one of the video game industry’s biggest fairs. But even the ultra-connected industry is eyeing the innovation warily, with fears growing that jobs could be made …

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German investments in PH hit P43 B

German investments in the country reached P42.865 billion with more than 21,000 direct jobs created, the Philippine Economic Zone Authority (PEZA) reported. PEZA Director General Tereso Panga and GPCCI President Stefan Schmitz (middle) with other PEZA and GPCCI officials  PEZA Director General Tereso O. Panga reported following after his meeting …

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Power grid buildout saddled with P346-B ROW claims

At a Glance The expansion as well as reinforcement of the country’s power transmission network is highly critical to the Marcos administration’s energy transition agenda, because the massive-scale renewable energy (RE) installations will require modernization of power grids that will reliably integrate as well as manage the intermittent generation of …

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Diokno urges collaborative recovery efforts for ASEAN

Finance Secretary Benjamin Diokno urged regional counterparts to collaborate effectively in overcoming post-pandemic challenges in Southeast Asia. Diokno emphasized enhancing regional surveillance, macroeconomic cooperation, and financial safety nets to protect against external shocks. He highlighted the importance of promoting the freer flow of goods, services, and capital through Free Trade …

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