The United States Department of Justice filed a major lawsuit against Apple this morning, accusing the tech giant of anticompetitive practices related to its iPhone dominance. Joining the federal department were sixteen state attorneys general. The lawsuit centers on Apple’s smartphone ecosystem, which the DOJ claims stifles competition. One key piece of evidence is the...
Ping An Insurance, China’s largest insurer by market capitalization, reported its 2023 earnings, revealing a 23% year-on-year decline in net profit to 85.67 billion yuan (US$11.9 billion). This marks the company’s lowest earnings in five years, according to revised data reflecting new accounting standards. Despite the drop in net profit, Ping An’s core insurance business...
Saudi Arabia is throwing its hat into the ring of the global AI race, with a staggering $40 billion investment aimed at transforming the kingdom into a hub for artificial intelligence. This move comes amidst a growing trend in the region, with the United Arab Emirates also making significant strides in AI development. The sheer...
The battle for dominance in artificial intelligence (AI) has a new battleground: humanoid robots. As Nvidia CEO Jensen Huang says, building the foundational models for these robots is “one of the most exciting problems to solve in AI today.” This rapidly growing field, however, is a double-edged sword, attracting both fervent investment and significant skepticism....
In a surprising turn of events, tech giants Apple and Google, long-time rivals, might be joining forces on the cutting edge of artificial intelligence. Reports suggest Apple is in talks to license Google’s AI chatbot, Gemini, potentially integrating it into future iPhones. While neither company has confirmed the discussions, the news sent ripples through the...
China is making a significant push to attract foreign investment by offering greater access to its markets. An action plan released by the government outlines a series of reforms aimed at boosting economic growth, technological advancement, and global competitiveness. The plan focuses on two key areas: shortening the negative list for foreign investment and implementing...
Shenzhen is setting its sights on becoming a world leader in ultrafast broadband by the end of 2024. The city unveiled an ambitious action plan outlining its strategy to achieve this goal. The plan focuses on four key areas: expanding its 5G network, promoting data center construction, advancing satellite internet capabilities, and prioritizing applications for...
Renowned technological hub Shenzhen is strategically expanding its focus to solidify its position as a leader in healthcare manufacturing. To accelerate this growth, the city government is joining forces with Fosun Pharma, one of China’s biggest pharmaceutical producers, to establish a massive US$700 million healthcare fund. This 10-year initiative, spearheaded by the Shenzhen Guidance Fund...
Apple is further solidifying its presence in China by expanding its research and development (R&D) footprint. This move positions them to leverage the country’s manufacturing prowess and booming innovation scene to create even better products. The company isn’t alone in recognizing China’s growing appeal. Despite global economic uncertainties, China remains a magnet for foreign high-tech...
Chinese tech giant Alibaba is injecting $640 million (HK$5 billion) into Hong Kong’s entertainment industry over the next five years, aiming to reignite the territory’s cultural and film scene. This significant investment goes beyond just cash. Alibaba’s digital media and entertainment arm is spearheading the initiative, allocating funds to support Hong Kong-produced television dramas, movies,...