Huawei set to launch new AI chip
Huawei Technologies is close to introducing its new chip for artificial intelligence use to challenge Nvidia in China amid US sanctions, the Wall Street Journal reported. The Ascend 910C processor is being tested by internet and telecom companies and Huawei has told potential clients that the chip is comparable to Nvidia's H100.
Carote gears for IPO
China's kitchenware brand Carote plans to have an initial public offering in Hong Kong as early as next month, IFR reported. The company was previously said to aim to raise US$150 million (HK$1.17 billion) from the listing.
Energy firm wins US$972m deal
China Energy Engineering Corporation (3996) said a consortium comprising three of its subsidiaries signed a contract worth US$972 million (HK$7.5 billion) with an firm established by Saudi Arabia's Public Investment Fund for a photovoltaic project in western Saudi Arabia.
GM lays off mainland staff
General Motors has been laying off staff in China and will soon meet with local partner SAIC to plan a larger structural overhaul of its operations there, a recognition the Detroit automaker is unlikely to see its sales return to 2017 peak levels.
India recalls Apple report
India's antitrust body has ordered an unusual recall of its investigation reports that found Apple in breach of competition laws, after the US giant complained its commercial secrets were disclosed to opponents, including Tinder-owner Match.
Bloomberg and staff reporter
Senior US and Chinese economic officials will meet for discussions in Shanghai this week, their first sit-down since China's leaders laid out their longer-term economic priorities at the Third Plenum meeting.
The two-day talks of the so-called Financial Working Group, due to start tomorrow, will focus on topics including macroeconomic and financial stability, governance of the International Monetary Fund and capital markets issues, according to a Treasury spokesperson.
The US delegation will be made up of officials from the Treasury Department, Federal Reserve and Securities and Exchange Commission. Among those attending will be Nellie Liang, one of the Treasury's undersecretaries and an expert on financial stability during her previous career at the Fed.
Among the topics this week: swap arrangements involving the People's Bank of China. China's central bank has entered a raft of agreements with other emerging and developed market countries over time, part of a broader venture to promote an international role for the yuan.
The meetings are part of an effort by the Biden administration to maintain channels of communication with its key geopolitical rival, especially on shared challenges, while also pursuing policies to protect national security.
This latest round of talks comes amid heightened trade tensions between the US and China, with Washington raising concerns over China's export-oriented industrial policy.
For the first 10 months of the 2024 fiscal year, the US deficit fell 6 percent to US$1.52 trillion (HK$11.84 trillion) from US$1.61 trillion in the same period of fiscal 2023. The government's fiscal year ends September 30.
In other news, Hesai Technology was reported to have been removed from the US defence department's blacklist of Chinese military-affiliated companies, the Financial Times reported.
Nellie Liang will be part of the US delegation.
REUTERS
