Shimao Group (0813.HK), a major Chinese developer, is facing a liquidation lawsuit from China Construction Bank (Asia) over unpaid loans of HK$1.58 billion (US$201.75 million). This marks a rare instance of a state-owned bank taking such aggressive action in the ongoing property downturn. Why is this important? The aggressive move by China Construction Bank (CCB)...
Nvidia, a leader in the artificial intelligence (AI) chip market, has unveiled a new AI chip that the company says can do some tasks 30 times faster than its predecessor. This chip is expected to solidify Nvidia’s dominance in the AI chip market. The new chip is part of a wave of announcements from Nvidia,...
In a major development for the Australian transportation industry, Uber has agreed to pay a whopping $272 million to settle a class-action lawsuit brought by frustrated taxi and hire car drivers. The lawsuit, filed back in 2019, claimed that Uber’s operations caused significant financial losses for these drivers. This landmark settlement, finalized in March 2024,...