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Tech giants targeted in app privacy crackdown

Chinese tech companies including social media giant Tencent have been ordered by regulators to clean up how their apps handle user information or face possible penalties. The Ministry of Industry and Information Technology said on Thursday that 41 apps failed an examination following orders to ensure they comply with user data rules. The operators cited include major social media and news services including Tencent's QQ messaging app, Sina Sports, Sohu News and Xiaomi Finance.

E-commerce logistics activities rebound

China's e-commerce logistics rebounded in November thanks to the annual online shopping spree in the same month, industrial data showed. The index tracking e-commerce logistics activities rose by 2.6 points over October to reach 113.5 points in November, according to the China Federation of Logistics and Purchasing and e-commerce giant JD. Sub-indices showed improving overall e-commerce logistics demand, especially in rural areas. Analysts attributed the rebound to the strong online shopping orders growth around Singles Day, which falls on Nov 11 each year when vendors drum up promotions to boost sales. Official data showed that a total of 2.31 billion deliveries were handled during the Nov 11-16 period.

JD strengthens supply chain initiative

JD Logistics, the supply chain arm under Chinese online retailer JD, put into operation its largest integrated smart logistics center, Dongguan "Asia No 1", on Wednesday. Covering an area of about half a million square meters and featuring a processing capacity of 1.6 million orders a day, Dongguan "Asia No 1"is JD's 25th smart logistics center in the country that can store more than 20 million medium-sized items in its automated high-rise warehouse.

Carlyle buys stake in Anxin Apartment

Global investment firm The Carlyle Group has acquired a significant minority stake in Anxin Apartment, an affordable corporate housing operator in China, the firm said on Thursday in a statement. The Carlyle Group did not disclose the value of the transaction. The investment highlighted the firm's interest in China's fast-growing affordable corporate housing market. Founded in 2014, the Shanghai-based Anxin Apartment provides employee housing solutions to companies in the service sectors, focusing on first-tier and core second-tier cities in China. Anxin operates more than 160 apartment complexes across 24 cities in China, allowing approximately 2,000 corporate customers to provide accommodations to their employees.

German business climate index surges

The business climate index in Germany has hit its highest level in six months, the German ifo Institute announced on Wednesday. The mood among German executives ahead of Christmas has "noticeably improved", said Clemens Fuest, president of the ifo Institute. "The German economy is entering the new year with more confidence." The monthly index, which reflects the economic sentiment of around 9,000 German company executives, rose to 96.3 points in December from 95.1 points in November, according to the Munich-based economic institute. The German companies surveyed in December raised their assessment of the current business situation and also reported a more positive outlook for the coming six months, according to ifo Institute.

Mortgage applications decrease in US

Mortgage applications decreased in the United States as mortgage rates remained low, according to a report from Mortgage Bankers Association (MBA) on Wednesday. For the week ending Dec 13, MBA's market composite index, a measure of mortgage loan application volume, decreased 5 percent from a week earlier. "Mortgage rates were mostly unchanged, even as a potential trade deal between the US and China caused rates to inch forward at the end of last week," said Mike Fratantoni, senior vice-president and chief economist of MBA.

Canada inflation up by 2.2% in November

Canada's inflation rose 2.2 percent on a year-over-year basis in November, Statistics Canada announced on Wednesday. It rose from a 1.9 percent increase in each of the previous three months. Excluding gasoline, the Consumer Price Index rose 2.3 percent in November, matching the increase in October. Energy prices rose 1.5 percent year-over-year in November after declining 2.9 percent in October, while meat prices jumped 5.2 percent year-over-year, marking the fifth month of increases at or above 4.0 percent, according to Statistics Canada.

UAE's investments in Egypt hit $7.2b

Investments from the United Arab Emirates in Egypt hit $7.2 billion in 2019 compared to $6.6 billion in 2018, Egypt's Ministry of Investment and International Cooperation said on Wednesday. "Up to 1,165 UAE companies are operating in Egypt's market," it said. The companies are operating in the fields of real estate, tourism, oil and energy, information technology and agriculture, according to the ministry.

Demand to drive Aussie coal exports

Australia's coal exports will rise over the next five years on the back of growing demand from Asia, according to an international report. The report published by the International Energy Agency found that demand for coal in India will rise by 4.6 percent by 2024 and by 5 percent in Indonesia and Vietnam. As a result, Australia's total coal production is expected to rise 1.4 percent annually from 409 million metric tons in 2018 to 444 million tons in 2024. Australia's Minister for Resources Matt Canavan said that the report proved the need for new coal mines in New South Wales and Queensland.

India facing 'twin balance sheet crisis'

Former chief economic adviser to Government of India Arvind Subramanian has said that the country's economy is facing a "great slowdown" due to a second wave of the "twin balance sheet crisis" at the public sector banks. Subramanian, who was the chief economic adviser from 2014 to 2018 in Prime Minister Narendra Modi's first government, has written a new paper coauthored with the former head of the International Monetary Fund's India Office Josh Felman. In the paper, he mentioned that India is facing a "Four Balance Sheet" challenge comprising banks, infrastructure, plus non-banking financial firms and real estate firms. Indian economy has been facing tough times for almost a year, with key organizations cutting down its growth forecasts to around 6 percent in the current financial year.