Dalai Lama hospitalised in Delhi due to chest infection

The 83-year-old leader came down here from Dharamshala for the check-up at the Max hospital in Delhi.

Last Updated : Apr 10, 2019 08:45 AM IST | Source: PTI

– TFMNews

Tibetan spiritual leader the Dalai Lama on April 9 underwent a check-up at a hospital in Delhi after some health complications, hospital sources said.

It was later reported that he had been hospitalised due to a chest infection.

The 83-year-old leader came down here from Dharamshala for the check-up at the Max hospital in Saket, they said.

“Yes, he underwent a check-up at the hospital. He generally visits Max facility for his check-ups,” a source said.

The Dalai Lama was here for the past few days for attending a global learning conference that ended on April 6. He returned to Dharamshala from New Delhi on April 8.

The 14th Dalai Lama had fled to India in early 1959 to escape from the Chinese occupation and lives in exile in the hill town of Dharamshala.

At the event, he had also spoken about his ageing body and reincarnation.

To a question on China’s stand on the next Dalai Lama, the Tibetan spiritual leader had said, “If I live for another 10-15 years, political situation in China will change. But if I die in the next few years, the Chinese government will show the reincarnation must happen in China.”

China has said the successor to the Dalai Lama must be chosen according to the religious rituals and historical conventions as well as the backing from the ruling Communist Party. The Dalai Lama has been keeping China on tenterhooks about his successor.

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Alibaba invests $693 million by acquiring 14% stake in China’s STO Express

Stakes in STO Express shot up when trading opened and immediately hit the upper 10 percent limit on the Shenzhen Stock Exchange, according to Refinitiv data.

By ReutersTFM News

An STO Express Co Ltd delivery vehicle in Guangzhou. Image: China Daily

SHANGHAI (Reuters) – Alibaba Group Holding Ltd will take a 14 percent stake in STO Express Co Ltd through a $693 million deal, the e-commerce giant’s fourth significant investment in a Chinese courier company.

Shares in STO Express shot up when trading opened and immediately hit the upper 10 percent limit on the Shenzhen Stock Exchange, according to Refinitiv data.

STO Express said in a statement on Monday its controlling shareholder planned to set up a new subsidiary that will own a 29.9 percent stake in the courier firm.

Alibaba will in turn invest 4.66 billion yuan ($693.44 million) for a 49 percent stake in the new subsidiary, and by extension hold more than 14 percent of STO Express, the statement said.

Alibaba, in a separate statement, confirmed its investment in “one of the top five express delivery companies in China”.

“We will deepen our existing collaboration with STO in technology, last-mile delivery across China and New Retail logistics,” it said.

“This investment is a step forward in our pursuit of the goal of 24-hour-delivery anywhere in China and 72 hours globally,” Alibaba added.

STO Express is Alibaba’s 4th venture in the Chinese courier sector after it acquired minority stakes in YTO Express Group Co Ltd, Best Inc and ZTO Express (Cayman) Inc. STO Express is one of several companies that works with Alibaba under Cainiao, its logistics division launched in 2013.

Cainiao provides software and shares data with warehouses, carriers and other logistics companies that help deliver packages to shoppers on Tmall and Taobao, Alibaba’s largest e-commerce sites. Cainiao works with a number of logistics companies to ensure packages are delivered and vendors paid, but relationships between Cainiao and its partners have at times been uneasy.

In 2017, Cainiao temporarily barred Chinese courier SF Express from taking deliveries from Alibaba’s e-commerce vendors in a dispute over the ownership of customer data.

Source: Reuters

– TFM News

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Commodities: The worst week this year; Chinese traders in focus on their return

Safe-haven buying pushed the dollar to levels above 96 after the U.S. president told reporters he would not meet Chinese President Xi before 1st March, reducing the likelihood of ending the trade war.

By Ravindra Rao – Head of Commodity Research & Advisory, Anand Rathi Commodities

Commodities.png

In the week gone by, commodities fell sharply due to the rising dollar. The yellow metal, although range-bound, skidded as traders bought the US dollar to safeguard their investments. Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a fifth straight session. The greenback rose sharply in the week gone by for a couple of reasons.

The US reported a sharp rise in non-farm payrolls on February 8, and a narrowed trade deficit this week. Moreover, the European Commission slashed its growth forecasts for the euro area’s big economies and warned that Brexit and the slowdown in China could worsen the outlook for crude oil.

Safe-haven buying pushed the dollar to levels above 96, after the US president told reporters he would not meet Chinese President Xi before 1st March, reducing the likelihood of ending the trade war.

Crude oil prices dipped after US inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and the crisis in Venezuela supported markets.

Countering the rising US crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices. Meanwhile, US sanctions against Venezuela’s oil industry are expected to knock out at least 500,000 barrels a day of crude exports.

Next week, Chinese markets will resume trading after celebrating the Lunar New year. Industrial metals may be weak due to the appreciating dollar. WTI Crude oil is poised to challenge the $50 psychological support on the lower side as US inventories have hit an all-time high once again.

Moreover, the Trump administration is confident that key ally Saudi Arabia will fill any oil-supply gap caused by US sanctions on Venezuela, with refineries along the Gulf Coast told not to expect any crude release from the Strategic Petroleum Reserve.

But Saudi officials have indicated no such plans, with OPEC in the midst of a production-cut accord aimed at boosting oil prices. The kingdom slashed its output to 10.21 million bpd in January, down almost 400,000 bpd from December’s levels.

Saudi Energy Minister Khalid al-Falih has said February?s output would fall even lower. Lastly, the yellow metal may experience profit-booking due to the rising dollar? nevertheless, $1,300 is a strong short-term support.

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Stock Idea by Sharekhan on 24 Jan, 2019 – TODAY’s CALL Watch

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Asian markets mostly rise after reassuring earnings on Wall Street

After Market: Rs 1.10 lakh crore gone in two days, 109 stocks signal fall

News Beyond the Sea….

CNBC News: Russia, US suspend nuclear treaty in a diplomatic standoff sparking jitters over a new arms race

  • Both the U.S. and Russia have suspended a crucial nuclear weapons ban on Saturday.
  • The Intermediate-Range Nuclear Forces, or INF, Treaty, prohibits the production or testing of ground-launched cruise missiles with a range of 300 to 3,400 miles.
  • The INF treaty has kept nuclear-tipped cruise missiles off the European continent for three decades. Read More..

U.S. stocks shrug off midday selloff to finish mostly higher on Wednesday

images4q5flkn2U.S. stocks shrugged off a midday selloff to finish mostly higher on Wednesday, as investors weighed a round of solid corporate earnings with ongoing uncertainty surrounding the U.S.-China trade talks. The Dow Jones Industrial Average DJIA, +0.70% was the best-performing major index, closing up around 170 points, or 0.7%, aided by solid earnings from IBM Corp. IBM, +8.46% and Procter & Gamble Co. PG, +4.87% The S&P 500 SPX, +0.22% finished up 0.2% and the Nasdaq Composite Index COMP, +0.08% was up less than 0.1%. In other company news, shares of Tesla Inc. TSLA, -3.79% fell more than 4% after RBC downgraded the stock to underperform and cut its price target to $245 from $290. Elsewhere, citing the government shutdown, House Speaker Nancy Pelosi said she would not authorize President Donald Trump to give his State of the Union speech in the chamber.

U.S. stock futures fall in shortened session as China data reinforces global slowdown fears

U.S. stock futures fell Monday in a shortened session, as the weakest Chinese growth data in three decades weighed on investors, and the International Monetary Fund cut its outlook for global expansion citing trade issues.

Regular trading for U.S. markets will be closed Monday in honor of Martin Luther King Jr. Day. Markets will resume the week on Tuesday.

How did the benchmarks fare?

Dow Jones Industrial Average futures YMH9, -0.03%  fell 150 points, or 0.6%, to 24,538, while S&P 500 futures ESH9, +0.01%  dropped 15.10 points, or 0.6%, to 2,656.50. Nasdaq-100 NQH9, +0.20%  fell 48.50 points, or 0.7%, to 6,743.

Stocks closed higher for the fourth-straight session on Friday. The Dow Jones Industrial Average DJIA, +0.70% rose 336.25 points, or 1.4%, to end at 24,706.35 for a weekly gain of 3%. The S&P 500 index SPX, +0.22% advanced 1.3% to 2,670.71, up 2.9% for the week. The Nasdaq Composite COMP, +0.08%  added 1% to 7,157.23, finishing out the week 2.7% higher.

What’s driving markets?

China’s gross domestic product for 2018 rose 6.6%, the slowest annual pace that the country has recorded since 1990. The downturn deepened in the fourth quarter of last year, with growth rising 6.4% on an annual basis. The trade conflict with the U.S. added to the country’s woes as some exporters were forced to lay off jobs.

Read: On trade, China’s private-equity king is ‘hopeful for the best, prepared for the worst’

The U.S. and China remain at loggerheads over a key issue to do with allegations that the latter has been engaged in the theft of intellectual property for decades. Bloomberg News reported very little progress has been made on the sticky subject even though the two sides have met in January. Meanwhile, President Donald Trump said on Twitter Saturday that stock-rallying reports last week that the U.S. would ease tariffs on China were not correct, even as he said talks were “going very well.”

The International Monetary Fund said Monday that it expects global growth this year of 3.5%, down from 3.7% in 2018 and from the 3.7% it had forecast for 2019 back in October, citing global trade tensions. Unveiling its forecasts at the World Economic Forum in Davos, Switzerland, the fund left its prediction for U.S. growth this year unchanged at 2.5%.

A partial government shutdown stretched into its 30th day on Monday, and there was little sign of the deadlock easing. Democrats rejected Trump’s latest proposal to temporarily extend protections for young immigrants brought to the country illegally in exchange for $5.7 billion for his border wall.

The shutdown has caused a backlog of economic data, with only a smattering of reports due this week, including existing home sales, weekly jobless claims and Markit manufacturing and services purchasing managers index data due later this week.

Opinion: These 3 leading economic indicators show no recession is coming

Earnings will also swing into focus with a busy week ahead for investors. Johnson & Johnson JNJ, +0.00%  , IBM Corp. IBM, +8.46%  , Advanced Micro Devices Inc. AMD, +0.20%  and Ford Motor Co. F, -1.88%

IBM earnings: Emerging tech expected to account for half of sales as revenue declines

And: Tech is ready to respond to Wall Street’s doubts, but don’t expect a holiday miracle

What are strategists saying?

“That is still a decent expansion by any standards, with the economy growing by 6.4% in Q4, however it reinforces the concerns of a slowdown that has prompted a series of measures by Chinese authorities this month to try to manage the worst effects of some sharp economic weakness that has spooked global investors,” said Michael Hewson, chief market analyst at CMC Markets U.K., in a note to clients. Hewson was referencing the China growth data.

How are other markets trading?

Markets in Asia saw a positive session, though gains were tempered by China data. The Shanghai Composite Index SHCOMP, +0.45% closed up 0.5%. In Europe, the Stoxx Europe 600 SXXP, -0.06%  was off 0.2%.

Crude oil US:CLG9 rose modestly, while gold GCG9, -0.24% dipped 0.2% to $1,279.70 an ounce and the U.S. dollar DXY, +0.01% was unchanged.

US CHINA TRADE: Stocks close higher on positive earnings, though trade concerns linger

Stocks closed higher in choppy trade Wednesday as upbeat earnings from corporate heavyweights helped to assuage lingering worries over global growth and U.S.-China trade tensions.

The Dow Jones Industrial Average DJIA, +0.70%  gained 171.14 points, or 0.7%, to 24,575.62, while the S&P 500 index SPX, +0.22%  rose 5.8 points, or 0.2%, to 2,638.70 and the Nasdaq Composite COMP, +0.08% climbed 5.41 points to 7,025.77.

Investors are laser-focused on fourth quarter results and closely monitoring what corporate executives are saying about the outlook for profits and revenue in 2019. Earnings reports have been largely well received by investors, starting with International Business Machines Corp. IBM, +8.46% after the management issued a bullish outlook for profits.

In overseas news, events in Venezuela could have an impact on the markets if the political unrest escalates. Venezuela’s President Nicolás Maduro broke off diplomatic relations with the U.S. after Washington’s decision to recognize Juan Guaido, the head of the opposition-controlled congress, as interim president.

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Microsoft says Bing search engine blocked in China

China blocks Microsoft’s Bing search engine: report

sign-of-microsoft-corp-s-bing-search-engine-is-seen-at-the-world-artificial-intelligence-conference--waic--in-shanghai-3

Microsoft Corp’s Bing search engine has been blocked in China, the company said on Wednesday, making it the latest foreign technology service to be shut down behind the country’s Great Firewall.
“We’ve confirmed that Bing is currently inaccessible in China and are engaged to determine next steps,” the company said in a statement.

It is the U.S. technology giant’s second setback in China since November 2017 when its Skype internet phone call and messaging service was pulled from Apple and Android app stores.
A search performed on Bing’s China website – cn.bing.com – from within mainland China directs the user to a page that says the server cannot be reached.
The Financial Times, citing a source, reported on Wednesday that China Unicom , a major state-owned telecommunication company, had confirmed the government order to block the search engine.
Cyberspace Administration of China (CAC), a government watchdog, did not respond to faxed questions about Bing’s blocked website.

Bing was the only major foreign search engine accessible from within China’s so-called Great Firewall. Microsoft censored search results on sensitive topics, in accordance with government policy.
Microsoft also has a partnership with Chinese data center provider 21Vianet to offer its products Azure and Office 365 to clients in the country.
Alphabet’s Google search platform has been blocked in China since 2010. Google CEO Sundar Pichai said in December it has “no plans” to relaunch a search engine in China though it is continuing to study the idea amid increased scrutiny of big tech firms.
President Xi Jinping has accelerated control of the internet in China since 2016, as the ruling Communist Party seeks to crack down on dissent in the social media landscape.

In a statement on Wednesday, CAC said it had deleted more than 7 million pieces of online information and 9,382 mobile apps. It also criticized technology company Tencent’s news app for spreading “vulgar information.”
(Reporting by Josh Horwitz in Shanghai and Gaurika Juneja in Bengaluru; additional reporting by Cate Cadell and Stephen Nellis; Editing by Sandra Maler, Grant McCool and Darren Schuettler)

Read more at https://www.channelnewsasia.com/news/business/microsoft-s-bing-blocked-in-china-report-11160428