(VOR News) – Following the announcement by China’s central bank of measures to stimulate Alibaba, the world’s second-largest economy, Chinese technology stocks, including names that have been on the decline such as Alibaba, have recovered this week, reaching highs that have not been seen in more than a year on the market.

The announcement of measures was made by the Chinese central bank, which led to this event.

The Hang Seng Tech Index in Hong Kong, which is Alibaba comprised of the majority of the main Chinese technology firms, closed the day with an almost 6% increase, reaching its highest level since the beginning of August 2023.

This index is made up of the majority of key Chinese technology stocks. The index has seen a twenty percent spike throughout the course of this week.

Alibaba is a multinational corporation

During the trading session, the price of a share in the United States reached a high of more than $100 for the first time since August of the previous year. This occurred on Thursday, marking the first time that this had occurred since August of the previous year.

On Friday, the Hong Kong-listed shares of the corporation reached 102.50 Hong Kong dollars, which was over 5% higher than their Alibaba previous closing price of February 2023.

This was the highest closing price. Since February 2023, this was the highest finish that there has been. At this point in time, the shares of the e-commerce powerhouse in Hong Kong had significantly climbed by almost 18%.

The name is Tencent.

The proprietor of WeChat, the preeminent messaging application in China and one of the top gaming enterprises globally, concluded the day with an approximate two percent rise in share price, attaining 437.80 Hong Kong dollars each share. WeChat is the preeminent messaging application in China.

This was the highest closing price for Alibaba in over two and a half years, following a nearly 49% surge in Tencent’s shares this year due to a recovery in its core gaming sector.

The Biggie Meituan is a service that delivers food.

By the time the trading session came to a close, the share price of the company had reached 164.60 Hong Kong dollars, which is the highest close level it had reached since February of the previous year.

The People’s Bank of China issued an announcement this week that they will cut the amount of cash that banks are obliged to maintain on hand. As a result of this announcement, the market has experienced a boom.

The extension of measures for a period of two years and the decrease of interest rates on mortgages that are already in place are two of the actions that the central bank aims to take in order to further support the real estate sector, which is now experiencing a great deal of difficulty.

The implementation of these measures has been announced by the Chinese government with the intention that they will revive the economy of the country.

Previously, investors had been cautious about purchasing Chinese technology stocks such as Alibaba and Meituan because to the fact that these businesses are subject to changes in the Chinese economy and consumer spending. However, the reduction has allowed investors to reconsider their decision.

On the other hand, a number of notable investors have started to express a bullish stance on Chinese stocks on the market.

With the Federal Reserve of the United States lowering interest rates earlier this month, David Tepper, the founder of a hedge fund that is worth a billion dollars, reportedly increased his acquisitions of Chinese stocks, including businesses such as Alibaba and Baidu, according to statements that he made to CNBC on Thursday.

Additionally, this week saw an increase in the number of shares traded.

Despite the most recent uptick, Chinese technology stocks are still a significant way from their all-time highs, which were set in 2021. This is the case despite the previous increase.

SOURCE: CNBC

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NEW DELHI — A strike by more than 1,000 workers at a Samsung India Electronics facility has entered its third week, and management is at an impasse over their demands for employee union registration and higher compensation, a workers union representative said on Wednesday.

The employees’ strike in the plant near Chennai, the capital of the southern state of Tamil Nadu, began on September 9 with a key demand for a 25-30% pay increase in the average monthly salary of 30,000-35,000 rupees ($425), according to K.C. Gopi Kumar, spokesman for the Samsung India Electronics workers union.

Strike By More Than 1,000 Samsung Workers Enters A Third Week In India

“Our foremost demand is recognition of the union and its rights by the management,” Kumar told Reuters.

A Samsung spokesman stated that management was willing to consider the workers’ demands.

The source, who spoke on the condition of anonymity because he was not authorized to speak to reporters, stated that the corporation preferred to deal directly with staff representatives rather than through the Centre of Indian Trade Unions, or CITU.

The CITU is an Indian labor union affiliated with the Communist Party.

Samsung stated that it paid 1.8 times more in India than the average salary of identical workers hired by other regional corporations.

According to the workers’ union, production at the Sriperumbudur complex in southern India, which manufactures televisions, refrigerators, and washing machines, has been affected by up to 70%.

Strike By More Than 1,000 Samsung Workers Enters A Third Week In India

However, the Samsung official stated that following an initial disruption of 50% output, the facility was operating at near-average capacity, with non-striking workers, apprentices, and freshly hired employees on the job.

The electronics company urged the striking workers to return to their jobs.

In a contact with the employees, Samsung told them that it would not take action against those who wanted to return to work, but warned them that if they continued to protest, they would be fired, according to the Press Trust of India news agency.

SOURCE | AP

Washington — In testimony to Congress, an executive from cybersecurity company CrowdStrike apologized for causing a global technological disruption this summer.

“We let our customers down,” said Adam Meyers, CrowdStrike’s threat intelligence division leader, at a hearing before a US House cybersecurity subcommittee on Tuesday.

CrowdStrike Executive Apologizes To Congress For July Global Tech Outage

CrowdStrike, based in Austin, Texas, has blamed a fault in an update for allowing its cybersecurity systems to send incorrect data to millions of customer PCs, causing a global tech outage in July that grounded flights, shut down TV broadcasts, and impacted banks, hospitals, and businesses.

“We are deeply sorry, and we are determined to keep this from happening again,” Meyers told lawmakers.

CrowdStrike’s flawed software update brought down approximately 8.5 million PCs using Microsoft’s Windows operating system.

CrowdStrike Executive Apologizes To Congress For July Global Tech Outage

Meyers stated that he intended to “underscore that this was not a cyberattack” but rather the result of a defective “rapid-response content update” aimed at tackling emerging dangers. The corporation has since improved its content update methods, he stated.

SOURCE | AP