(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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Amazon Contributes $180 Million. Brazil Carbon Credits Deal with Companies

(VOR News) – Amazon, the preeminent online retailer globally, has secured an agreement to engage in a carbon offset credits program valued at 180 million dollars.

This is undertaken to contribute to the conservation of the Brazilian rainforest associated with the enterprise.

Amazon, in conjunction with five other groups, will execute the acquisition via the LEAF Coalition forest conservation project. This effort was initiated in 2021 with the support of Amazon, alongside many corporations and countries, including the United States and the United Kingdom.

First Amazon agreement by Latin American and Caribbean Foundation (LEAF).

The Amazon rainforest is a crucial element in combating climate change due to its substantial absorption of greenhouse emissions.

The LEAF Coalition and the administration of Para state were the first to disclose the specifics of the contract to Reuters exclusively. On Tuesday, Governor Helder Barbalho of Pará announced the deal. This statement occurred during New York Climate Week, coinciding with about 900 events alongside the United Nations General Assembly.

In his statement, Barbalho asserted that the state would only accept a fraction of the sales proceeds essential for sustaining its initiatives to mitigate greenhouse gas emissions. Indigenous peoples, communities historically subjected to extractivism and past slavery, and family farms will each receive a share of the remaining one percent of the earnings from the property sale.

Barbalho made the allegation in a distinct interview with Reuters. “It unequivocally conveys a significant message: a corporation named after Amazon executed its inaugural transaction with a state in Amazon,” Barbalho stated.

Amazon confirmed the acquisition in a statement.

The statement emphasised the imperative of safeguarding tropical forests in relation to the battle against climate change.

This year, notable firms such as Microsoft, Meta, and Google have all acquired carbon offsets in Brazil. This persists despite the fact that demand for carbon credits globally has remained constant.

Amazon, Bayer, the consulting firms BCG and Capgemini, the retail store H&M, and the Walmart Foundation will collectively acquire five million credits at a price of fifteen dollars per credit.

The cost of each credit will be fifteen dollars. Allied Offsets, a data provider, reveals a significant gain compared to the current average for nature-associated carbon credits, which was $4.49 during the preceding week.

COP30 Climate Change Conference

Each credit corresponds to a reduction of one metric tonne of carbon emissions. From 2023 to 2026, the state of Pará witnessed a decrease in deforestation, resulting in this decline.

An additional seven million credits will be accessible for acquisition by other companies upon their availability. A specific quantity of these credits has been assured by the governments of the United States, the United Kingdom, and Norway, and should corporations refrain from acquiring them, the governments will acquire them.

Para will host the United Nations Conference of Parties 30 (COP30) climate summit next year, a pivotal initiative in President Luiz Inacio Lula da Silva’s efforts to restore Brazil’s environmental reputation following years of escalating deforestation.

Despite a decline in the rate of damage in Para since 2021, it has consistently maintained the highest deforestation rate among states since 2005. This occurs despite the decreasing rate of devastation in Para.

A territory in Para, exceeding the size of New York City, saw deforestation from January to August of this year, as per preliminary governmental statistics. This represents a 20% decrease compared to the corresponding period last year, when the same region lost its forest cover.

During Climate Week, Barbalho said that by 2026, the government would achieve comprehensive traceability of cattle supply chains. This was articulated concerning the livestock industry. Cattle is a major contributor to deforestation in Para.

SOURCE: AF

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

CrowdStrike Executive Apologizes To Congress For July Global Tech Outage

 

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