Chinese companies have invested over $100 billion in overseas clean energy technology projects since 2023, aiming to bypass growing trade barriers, according to a report by Australian research group Climate Energy Finance (CEF). China, the world’s largest producer of solar panels, lithium batteries, and electric vehicles, has seen its exports face steep tariffs, particularly from the US and Canada. The European Union is also considering similar tariffs to protect domestic industries from an influx of cheaper Chinese-made products.
Chinese firms like electric vehicle giant BYD and battery maker CATL have responded by expanding production abroad, with BYD building a $1 billion plant in Turkey and CATL planning factories across Europe. These investments are largely driven by the need to avoid punitive tariffs, including a proposed 40% EU tariff on Chinese electric vehicles. Despite China’s dominance in clean energy, concerns have emerged that it could oversupply the global market, driving down prices and undercutting competitors.
The surge in Chinese investment comes as the country faces increasing pushback from Western nations, who argue that Chinese products are unfairly flooding their markets. Beijing, however, insists that such restrictions will slow global efforts to combat climate change, emphasising the importance of affordable clean energy solutions. With China expected to have surplus production capacity by 2030, these overseas investments will play a critical role in finding new markets.
Bank of Montreal (BMO) has appointed Kristin Milchanowski as its chief AI and data officer, effective October 15. Formerly with EY, Milchanowski will lead the bank’s AI initiatives, focusing on data, robotics, and analytics. This new role builds on BMO’s ongoing investments in AI, aiming to enhance data management and governance while fostering a culture of innovation.
The financial sector views AI as a major opportunity, with potential uses like streamlining compliance tasks and enhancing customer service. However, integrating AI brings challenges, especially for firms managing sensitive data. Analysts suggest that AI-driven solutions could simplify processes and improve data-driven decision-making across the industry, offering significant benefits to financial services.
As AI adoption expands, US regulators seek public feedback to ensure these technologies foster fair and equitable access to financial services. Earlier this year, Morgan Stanley emphasised AI’s transformative potential, noting it could save financial advisers up to 15 hours of work per week, highlighting the significant impact AI could have on the industry.
Polish e-commerce platform Allegro has officially launched its operations in Hungary, marking a significant step in its Central European expansion strategy. This new site is expected to attract approximately 10 million new customers. Over the past year and a half, Allegro has expanded into the Czech Republic and Slovakia, increasing its potential client base by 16 million and accumulating over 2.5 million active buyers in those markets.
Matthias Frechen, Allegro’s Chief Commercial Officer, stated that entering Hungary brings the company closer to its goal of becoming Europe’s preferred shopping destination. He described Hungary as one of the most promising markets in Europe for the company’s growth.
Allegro exceeded second-quarter market forecasts with better-than-expected adjusted EBITDA, showcasing its financial strength. However, the company also reported a slowdown in growth for the third quarter in Poland, its largest market. This mixed performance highlights both the challenges and opportunities Allegro faces as it continues to expand into new regions. Balancing growth across multiple markets will be crucial as the company navigates these dynamics.
Shiba Inu, the second-largest meme coin, has seen a period of stability after a surge that raised its value by 26.4% over the past week, pushing its market cap above $10.8 billion. This rise coincided with a boost in whale activity and continued outflows from centralised exchanges, suggesting growing investor confidence in the coin.
Despite the positive trends, Shibarium’s network has seen a decline in transaction fees, dropping to 0.0025 BONE. New account additions have slowed, but the total number of Shibarium accounts has reached a record 126,750, showing sustained interest in the ecosystem. A portion of BONE generated within Shibarium is converted into SHIB and burned, impacting Shiba Inu’s value.
Shiba Inu’s price has pulled back slightly after hitting a multi-month high, crossing below key resistance levels. However, with the coin holding above its 50-day and 200-day moving averages, there is potential for further upside if it can turn the resistance at $0.000020 into support.
Pinterest has introduced new generative AI features for its advertisers, enhancing the functionality of its Performance+ suite during the recent Pinterest Presents event. This update allows advertisers to transform plain backgrounds into engaging lifestyle imagery, helping to boost the appeal of their product pins. Pinterest’s move follows similar offerings from major tech companies like Google and Amazon, which have also adopted generative AI to improve advertising effectiveness.
In tests with Walgreens, an early user of Pinterest’s generative AI, the drugstore chain experienced a 55% increase in clickthrough rates and a 13% decrease in cost-per-click when using AI-generated backgrounds. Pinterest claims its new tools will streamline campaign creation, requiring 50% less input from advertisers and potentially leading to a 64% reduction in cost per action and a 30% rise in conversion rates.
Additionally, Pinterest is rolling out new promotional tools that will allow advertisers to offer discounts to users in various countries, including the US, UK, Canada, and Japan. The platform is also enhancing its Performance+ bidding system to prioritise high-value conversions rather than clicks, thereby providing advertisers with greater flexibility in achieving their marketing goals. All global advertisers will now have access to these improved Performance+ campaigns, aimed at driving consideration, conversions, and catalogue sales.
Meta is set to expand its presence in Vietnam by increasing investment in AI and manufacturing. Starting in 2025, production of its latest mixed reality headset, the Quest 3S, will move to the country.
The announcement came shortly after Meta’s president for global affairs, Nick Clegg, met with Vietnamese officials. Vietnam is a key market for Meta, with millions of users relying on its social media platform, Facebook.
Meta also supports numerous small businesses in the region. While the size of the investment remains unclear, Meta’s commitment highlights the growing importance of the Vietnamese market for the company.
Additionally, Meta plans to further integrate AI innovations into its platforms. Testing of its Meta AI tool in Vietnamese will begin soon, with a full launch expected by the end of the year.
The US Securities and Exchange Commission (SEC) has reached a settlement with Mango DAO and Blockworks Foundation regarding the unregistered sale of MNGO tokens, which are classified as securities. The settlement also addresses charges against Mango Labs for functioning as an unregistered broker in connection with various crypto assets on the Mango Markets platform. The SEC’s complaint asserts that these entities deprived investors of crucial protections guaranteed by federal securities laws by avoiding necessary registration requirements.
The SEC reports that Mango DAO and Blockworks Foundation raised more than $70 million from unregistered sales of MNGO tokens beginning in August 2021, targeting investors globally, including those in the US. The agency alleges that Blockworks Foundation and Mango Labs operated as unregistered brokers by soliciting users to trade securities, offering investment advice, and facilitating transactions on the Mango Markets platform.
Jorge Tenreiro, Acting Chief of the SEC’s Crypto Assets and Cyber Unit, emphasised that being labelled a decentralised autonomous organisation does not exempt entities from registration requirements. As part of the settlement, Mango DAO, Blockworks Foundation, and Mango Labs have agreed to pay nearly $700,000 in civil penalties, destroy their MNGO tokens, and stop soliciting trading for these tokens, pending court approval. The investigation and litigation were overseen by members of the SEC’s Crypto Assets and Cyber Unit.
In August 2023, Powerchip Semiconductor Manufacturing Corp (PSMC) announced a partnership with Japan’s SBI to build a chipmaking plant in Japan. However, the plan was halted last Friday, with reports suggesting that PSMC’s declining financial performance may be the cause. PSMC has denied these claims, stating that the decision to terminate the collaboration is unrelated to its financial situation.
PSMC explained that its collaboration with SBI was structured around the Fab IP model, which involves offering consulting services, personnel training, and technology transfer in exchange for service fees and royalties. The company does not plan to invest in or oversee the operations of the new factory. After the board confirmed the termination of the partnership, PSMC dispatched representatives to Japan’s Ministry of Economy, Trade and Industry (METI) to clarify the situation and has informed SBI Holdings of the decision.
Reports indicate that PSMC opted not to assume the risks tied to the project, resulting in the dissolution of their partnership to build the facility in Miyagi Prefecture. This plant was projected to start mass production by 2027, specialising in automotive semiconductors with an estimated investment of ¥800 billion. Despite these challenges, SBI intends to proceed with the project by searching for new partners.
Notably, this decision comes after PSMC recently announced its intention to supply technology for a new chip plant in India, in partnership with Tata Group. The company has signed an agreement to assist in constructing India’s first 12-inch wafer fab in Dholera, Gujarat, which will employ mature process technologies and provide training for local workers. This USD 11 billion facility is expected to have a monthly capacity of 50,000 wafers and create over 20,000 high-tech jobs in the region.
Appario, a former top seller on Amazon India, has petitioned a court to dismiss an antitrust investigation that concluded Amazon and several sellers breached local competition laws. The Competition Commission of India (CCI) alleges that Amazon, Walmart’s Flipkart, and certain smartphone brands favoured select sellers and prioritised specific listings. These accusations were based on a 2021 Reuters investigation, which exposed Amazon’s internal practices. Despite the findings, Amazon continues to deny any misconduct.
Appario, which has ceased selling on Amazon, is contesting the CCI’s findings in the Karnataka High Court, asserting that the report implicating it should be “set aside.” This legal action marks the first challenge to the CCI’s ongoing investigation, initiated in 2020, and poses a significant obstacle for Amazon in India, one of its most important markets.
The CCI previously conducted raids on Appario and other sellers during its investigation. Court records indicate that Appario is also challenging a CCI order that requires it to submit financial statements following the investigation. Neither Amazon nor Appario has commented on the ongoing legal proceedings.
China and Africa cooperate to enhance digital infrastructure, which has emerged as a cornerstone of their evolving economic partnership. Over the past decade, substantial investments from Chinese enterprises have facilitated the construction of essential digital frameworks across Africa.
That includes initiatives such as laying extensive fibre optic cables, establishing robust 5G networks and creating data centres that ensure high-speed connectivity. As a direct consequence of this collaboration, millions of people are now connected, and local economies are being transformed through expanded e-commerce opportunities. Notably, the surge in digital trade has opened new avenues for economic growth in African nations, attracting vital investments and fostering entrepreneurship.
Moreover, Chinese companies have played a crucial role in this transformative process by offering technical support, financial backing, and infrastructure development. Consequently, these efforts have contributed to a vibrant marketplace where an increasing number of online shoppers can access a diverse range of goods and services. Additionally, efforts to promote sustainable development are evident in the improvements to service trade and the establishment of resilient financial infrastructures. By leveraging advancements in digital technology, the partnership optimises sectors such as transport and tourism, enhancing operational efficiency and user experiences.
Why does this matter?
Furthermore, as financial technology (fintech) rapidly evolves, there is a focus on bolstering the stability of financial systems in African countries. By harnessing technologies like blockchain, IoT, and AI, Chinese financial institutions collaborate with local partners to create innovative service models, addressing financial risks and fostering an investment-friendly environment. Through initiatives like the Belt and Road Initiative, both regions are committed to advancing digital transformation while ensuring economic growth aligns with sustainable practices that benefit future generations.
