Global 

China’s handling of yuan backed by IMF despite Donald Trump’s repeated charges of currency manipulation

Despite repeated accusations of currency manipulation from US President Donald Trump, the International Monetary Fund has found that in 2018, Beijing’s handling of the Chinese yuan was “broadly in line” with the state of its economy.The Washington-based fund, which is bracing for the departure of managing director Christine Lagarde in September, also lashed out at the impact of the US-China trade war, which is “weighing on global trade and investment, without materially affecting [trade]… Source link

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Biotech start-up backed by Li Ka-shing and Bill Gates to launch its immunity-boosting gut bacteria in Hong Kong, Singapore

A Californian probiotics developer backed by tycoons Li Ka-shing and Bill Gates will launch a dietary product it claims can strengthen infants’ immune system in Hong Kong and Singapore on Tuesday.Evolve BioSystems said the product works by reintroducing a beneficial gut bacteria that is missing in today’s babies.Evivo, an activated form of the intestinal bacteria Bifidobacterium infantis, has been mixed with breast milk and fed to “tens of thousands” of babies in the United States since it was… Source link

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Singapore 

Tech-focused real estate start-up Echo Base backed by Razer CEO Tan Min-Liang announced, Singapore, Business News

SINGAPORE – Razer chief executive Tan Min-Liang is poised to shake up traditional real estate development with a new start-up he backed that aims to incorporate artificial intelligence, the Internet of things, and other next-generation technologies in real estate projects. Named Echo Base, the Singapore-based digital real estate start-up was announced on Friday (Feb 22) as Razer, a gaming peripherals company, marked the ground breaking of its new South-east Asian headquarters in one-north, which is expected to be ready by the middle of next year. Echo Base is backed by…

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Veggie ‘meat’ start-up backed by Nasa wins financing from tech moguls and Silicon Valley climate fund

A Chicago-based biotechnology company working with Nasa to develop a new form of plant-based protein fit for supporting space exploration has received US$33 million from venture capital firms, including an energy tech fund backed by Bill Gates, Jack Ma and Jeff Bezos. The funding will support the development and commercialisation of the animal protein alternative, according to Sustainable Bioproducts co-founder and chief executive Thomas Jonas. The climate-friendly protein is a product of research into extremophile organisms that live in Yellowstone National Park’s volcanic springs. “That work led to the development…

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China’s largest movie ticketing app Maoyan, backed by Tencent, to raise up to US$350 million in Hong Kong IPO

Maoyan Entertainment, China’s largest movie ticketing app backed by the country’s biggest social network operator and games publisher, is planning to raise funds through an initial public offering in Hong Kong. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, plans to sell 132.377 million shares of between HK$14.8 and HK$20.4 per share, raising up to HK$2.7 billion (US$350 million) in capital, according to a term sheet obtained by the South China Morning Post. Maoyan’s fundraising plan comes after a 14 per cent decline in Hong Kong’s benchmark stock…

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Why this Hong Kong tycoon’s family backed biotech firm ditches the city for Nasdaq listing

Stealth BioTherapeutics, a US-based mitochondrial diseases drug developer backed by Hong Kong property developer Hang Lung Group’s Chan family, has ditched its listing plan in the city for a flotation in the disclosure-based Nasdaq market that has fewer time-consuming approval hurdles. The move comes after a sharp correction of pharmaceutical and biotechnology stocks in Hong Kong triggered by price cuts of major drugs in China brought about by reforms. The soured investor sentiment for such stocks is a blow to Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia’s…

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Ecommerce 

Supermarkets backed by China’s largest tech firms singled out for not meeting food safety standards

China’s market regulator has highlighted 11 cases of supermarkets and online platforms selling food products that did not meet national food safety standards, some of which are operated by the country’s largest technology giants like Alibaba and JD.com. In a formal notice issued Tuesday, China’s State Administration for Market Regulation singled out companies including two outlets from Tencent-backed Yonghui Superstore, and a Hema supermarket outlet in Guangzhou, operated by Alibaba. Certain batches of eggs sold in a Beijing Yonghui Superstore exceeded safe levels of enrofloxacin, a type of antibiotic commonly…

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