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The New Silk Road Telegraph Exchange (Weekly East Asia Edition)
A chronicle of the news affecting markets, societies, and politics across the New Silk Road – from Africa to Asia, Latin America to the Middle East. This is the East Asia edition (work in progress).
News Sources cited: Shanghai Daily, China Daily, Shenzhen Daily, Japan Times, Korea Herald, Singapore Straits Times
Note On the Name, Dear Reader: The London Telegraph Exchange was founded in 1872 to provide financial and business information to subscribers. They also pioneered the ticker tape telegraph news, received in banks, merchant houses, and gentlemen’s clubs across the city. The New Silk Road Exchange Telegraph Weekly aims to provide our own readers – whether sitting in a gentleman’s club in London or an office cubicle in New York, Shanghai, or Dubai — with timely, relevant news stories culled from newspapers and magazines around the New Silk Road in the same spirit, with a twist. You won’t see the Financial Times or Bloomberg quoted here (fine as those media outfits may be). Rather, you’ll see news from the ground from East Asia to West Asia, Africa to Latin America. This is the first edition, and a work in progress, so bear with us, dear reader, as we figure this out.
Facebook Builds Innovation Hub in China
Facebook will spend $30 million to build an innovation hub in China, Shanghai Daily reports. “Facebook is not alone among Silicon Valley giants to invest in China,” the paper writes. “In December, Google announced it would establish its first artificial intelligence lab in China. Google also launched an AI-featured mini-game on WeChat last week, the first mini-game offered by Google on China’s mainland.
Apple also announced recently it would set up several research centers in China, including Shanghai and Suzhou in each China’s Jiangsu Province.”
Migration Patterns of the Chinese Multimillionaire
So, you are a Chinese multi-millionaire and you want to emigrate. Where do you go? China Daily reports the top ten destinations for migrating Chinese high net worth individuals (HNWIs). They are, in order: the US, UK, Ireland, Canada, Australia, Greece, Portugal, Spain, Malta, and Cyprus.
Chinese Regional Banks Hit By Economic Slowdown
As China’s financial deleveraging gathers pace and the state seeks to cut excess industrial capacity and reduce air pollution, many regional banks are feeling the pinch, reports Shenzen Daily.
Japan’s SoftBank And India’s Paytm To Launch Digital Payments Service
“SoftBank Group Corp. plans to announce within days that it will start a mobile digital payments service in Japan by the end of 2018, as billionaire founder Masayoshi Son seeks to expand in the sector, people familiar with the matter said,” the Japan Times reports.
“The service, a collaboration with Indian startup Paytm, will make extensive use of artificial intelligence for mobile payments and other financial services, the people said, asking to not be identified as the plans are private. An announcement is imminent, they said. Dozens of Paytm employees are working in Tokyo on getting the service up and running, one of the people said.”
It is noteworthy that China’s Alibaba is a major investor in India’s Paytm.
Samsung Edges Out Xiaomi in India SmartPhone Wars
India’s smartphone market is one of the fastest growing in the world — and among the largest. South Korea’s Samsung Electronics and China’s Xiaomi have been going head-to-head as number one and two for the past several quarters. Samsung beat out Xiaomi in the second quarter of 2018, the Korea Herald reports. Samsung will also be producing more in India, the paper reports. “Samsung is ramping up its smartphone production in India from the current 5 million units to 10 million units per month at its newly built plant in Noida, where Samsung heir Lee Jae-yong and Korean President Moon Jae-in met last month.”
What is the world’s busiest international air route? Singapore-Kuala Lumpur
Kudos to our colleagues at the Singapore Straits Times for a wonderful infographic on the world’s busiest international air routes. Not surprisingly, Asia dominates.