Business

China’s quant funds become victims of their own success

China’s algorithm-driven quant funds boomed in 2021 as investors sought alternatives to a languid stock market, but the final months of the year saw some “flash boys” bogged down by heavy volatility and their sheer size. High-flyer Quant, a top hedge fund house in China that uses powerful computers and artificial intelligence (AI) to exploit […]

Business

China Evergrande climbs as it plays down buildings demolition impact

China Evergrande Group’s (3333.HK) shares soared briefly in resumed trade on Tuesday after the developer said a government order to demolish 39 buildings on the resort island of Hainan would not affect the rest of its massive project there. The firm, struggling to repay more than $300 billion in liabilities, also said its contracted sales […]

Business

Self-driving truck company TuSimple to use Nvidia chips for autonomous computing

TuSimple Holdings Inc (TSP.O) on Tuesday said it has partnered with Nvidia Corp (NVDA.O) to use the company’s vehicle chips to design and build an advanced autonomous driving computer for its self-driving trucks. The computer, known as a domain controller in the automotive industry, will be specifically engineered for TuSimple’s commercial self-driving trucks, and will […]

Business

Cabify risks losing fleet supremacy to Uber in home base Madrid

The ride-hailing app Cabify, one of Spain’s few ‘unicorn’ tech startups, risks losing ground to foreign rivals such as Uber (UBER.N) or Bolt in its home base Madrid due to a row over exclusivity with a company which employs 1,100 of its drivers. The Spanish company could fall to No.2 in its home turf, as […]

Business

Volvo Cars picks Ember Technologies chief Jim Rowan as new CEO

Volvo Car Group (VOLCARb.ST) has appointed Jim Rowan as new chief executive to succeed long-time CEO Hakan Samuelsson in March, it said on Tuesday. Rowan, currently CEO at U.S-based Ember Technologies, is taking over just months after Volvo wrapped up its initial public offering, the biggest in Europe last year. He will face the task […]

Business

Return our money!’ Evergrande investors protest at office of Chinese developer

Investors in financial products issued by China Evergrande Group (3333.HK) protested outside the cash-strapped company’s offices in Guangzhou on Tuesday, with many worried that their returns would be sacrificed to keep real estate projects afloat. Members of the crowd of roughly 100 people shouted “Evergrande, return our money!”, reprising a chant used by disgruntled investors […]

Business

Record 4.5 million Americans quit jobs in November

The number of Americans voluntarily quitting their jobs surged to a record 4.5 million in November, a show of confidence in the labor market and an indication that higher wages could prevail for a while. The 370,000 increase in quits reported in the Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report, […]