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Chinese and US tech giants go at it in emerging markets

Chinese and US tech giants go at it in emerging markets

Finance
TWO contests are under way in which titans holding billions in their thrall vie for global domination. One is unfolding on Russian football pitches and features the likes of Neymar and Harry Kane. The other is playing out on the smartphone screens of consumers in India, Indonesia, Brazil and other emerging economies. There, American online superstars such as Google, Facebook and Amazon are pitted against a Chinese dream team led by Alibaba and Tencent.The geopolitics of business means that the world’s biggest tech firms have swelled to combined market capitalisations of over $ 4trn without really going head to head. China blocked Google et al with its Great Firewall, preventing American firms (Apple is an obvious exception) from taking on Chinese rivals on the mainland. Chinese giant...
China's markets just became more important to the rest of the world after a landmark day

China's markets just became more important to the rest of the world after a landmark day

Finance
Close to 230 China A shares debuted on index provider MSCI's emerging markets benchmark on Friday, a move investors expect will attract billions of dollars in inflows to the mainland market. The partial inclusion of the A shares — yuan-denominated stocks traded on the mainland — to MSCI's Emerging Markets Index takes place in two phases, with the second step only coming in August. Among the names included were a mix of financials, consumer and developer names such as Kweichow Moutai, which makes premium liquor; BYD, an electric vehicle manufacturer; China's largest lender Industrial and Commercial Bank of China an...
Asian markets have renewable energy edge

Asian markets have renewable energy edge

Business
May 8 (UPI) -- Though more workers globally are on the payroll in the renewable energy sector, the industry is concentrated in Asia, an annual report found.The International Renewable Energy Agency estimates that 60 percent of all renewable energy jobs are in the Asian economies. For the solar panel industry, China has about 60 percent of the payrolls, representing about 2.2 million employees. China also accounts for 44 percent of the payrolls in the wind energy industry.Beijing and the city of Zhangjiakou are co-hosts for the 2022 Winter Olympic Games and a partnership with IRENA outlined a low-carbon road map that sees it draw 50 percent of its energy from renewable resources by 2020.Air quality concerns were raised for the 2008 Summer Games in Beijing, where air quality has at times bee...
Oil, gas markets close week mixed amid optimism on U.S. production

Oil, gas markets close week mixed amid optimism on U.S. production

Business
March 30 (UPI) -- After an up-and-then-down week, oil and gas markets closed slightly higher Thursday ahead of the Easter holiday weekend.All major U.S. and European stock exchanges and markets were closed Friday for Good Friday, which coincides with the Passover holiday that starts Friday at sundown.Growing U.S. inventories pulled prices lower Thursday after hitting $ 70 per barrel earlier this week, but they closed mixed by the end of the day.The price for May Brent crude oil was up .56 cents to $ 64.94 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was unchanged to $ 69.53 per barrel. The May contract expired Thursday.On Thursday, Baker Hughes reported the number of land rigs drilling for oil in the United States totaled 797, four less than in the previous...