Financial Times丨Nikkei Asia Review: India bans 43 Chinese apps
On Tuesday, India banned another 43 Chinese apps, including AliExpress and various dating apps. The Indian government claims that these applications threaten India’s sovereignty and security.
AliExpress is not well-known in the Indian e-commerce market, but many Indian merchants still purchase goods from China through AliExpress.
This move is another blow to Ali Group. In addition, Alibaba has also invested in payment company Paytam and online e-commerce company BigBasket in India.
Nikkei Asian Review: China’s Beidou cannibalize US GPS
In Addis Ababa, the capital of Ethiopia, the food delivery business is relying on China’s Beidou system to accurately deliver food to consumers.
What is behind this is China’s siege in the global data field.
According to data from Trimble, a US satellite data receiving company, the capitals of 165 of the 195 countries in the world have been observed by the Beidou system more than by GPS.
In addition, China’s maritime exploration has also expanded from the surrounding seas to the Pacific Guam area.
Financial Times: Stanhope and FWM jointly build a US$24.2 billion wealth management company
It is reported that Stanhope Capital and FWM Holdings, the investment company responsible for managing the wealth of the Forbes family, agreed to merge to create the world’s largest independent wealth management group, with assets under management of US$24.2 billion.
The terms of the transaction are expected to be completed in the first quarter of 2021.
Pinto, a former banker of UBS Warburg, will serve as chairman and chief executive officer of the combined group.
He said that the group is not tied to any internal products, in sharp contrast with many established private banks. In addition, the two companies have common interest goals, and the merger will greatly enhance the group’s investment capabilities.
Reuters: Tesla’s market value exceeds 500 billion US dollars
On Tuesday, Tesla’s market value exceeded $500 billion due to its stock price surge.
The stock has risen more than six times this year. Since S&P Dow Jones Indices confirmed that the company will be included in the Wall Street Index on December 21, its share price has risen nearly 28%.
In addition, the stock price increase increased CEO Elon Musk’s net worth to US$127.9 billion, making him the world’s second-richest man, surpassing Bill Gates.
Although production is only a small part of Toyota, Volkswagen or General Motors, Tesla has become by far the world’s most valuable automaker.
Wall Street Journal: GE Aviation will lay off staff
It is reported that General Electric Company (GE)’s aviation department will face further layoffs.
General Aviation’s new boss Slattery said that due to the impact of the new crown epidemic, the aviation sector is in difficult business conditions and will reduce demand in the next 18 months.
This will enable the aviation sector to have a better cost structure and contribute to its long-term health.
In addition, he also said that the layoffs will cause more people to lose job opportunities, and the focus of layoffs is more concentrated than the previous two layoffs this year.
But he did not disclose the specific number of layoffs, saying that more details will be introduced early next year.