Falling credit card issuance, rising bad loans and competition from online credit products are forcing lenders to overhaul a business that has struggled to attract younger consumers. China’s credit card industry is confronting an uncomfortable reality: after decades of rapid expansion, the business is shrinking, bad debts are rising and younger consumers are increasingly turning elsewhere for cred...
Falling credit card issuance, rising bad loans and competition from online credit products are forcing lenders to overhaul a business that has struggled to attract younger consumers. China’s credit card industry is confronting an uncomfortable reality: after decades of rapid expansion, the business is shrinking, bad debts are rising and younger consumers are increasingly turning elsewhere for credit. Data from the People’s Bank of China show the number of credit cards and combined credit-debit cards in circulation fell to 687 million at the end of March, marking the 14th consecutive quarterly decline. The figure is down by roughly 120 million cards from its peak at the end of September in 2022.
Lingering uncertainty around Indonesia’s commodity export rules means traders are holding up some shipments just as radical changes come into effect, adding to strains on Southeast Asia’s largest economy. President Prabowo Subianto sowed confusion in one of the country’s largest sectors late last month with the surprise announcement that the country would take control of shipments of key raw mater...
Lingering uncertainty around Indonesia’s commodity export rules means traders are holding up some shipments just as radical changes come into effect, adding to strains on Southeast Asia’s largest economy. President Prabowo Subianto sowed confusion in one of the country’s largest sectors late last month with the surprise announcement that the country would take control of shipments of key raw materials, including coal and palm oil — a sweeping move for the world’s top exporter of both products. From Monday, exporters are required to report sales documents to the state firm that will have oversight. So far, that has involved ticking a declaration box in the trade ministry’s system confirming their willingness to submit the forms, according to industry sources, who requested anonymity as they were not authorized to speak to the media. But all those interviewed by Bloomberg were still seeking details on the wider policy, including the full slate of affected products — palm oil, for one, is exported in a wide variety of forms. “Details on the mechanism are still unclear and we haven’t received the regulation yet,” said Eddy Martono , chairman of the Indonesian Palm Oil Association , known as Gapki. Trade Minister Budi Santoso said shortly after the policy was announced that technical regulations would soon be issued , although detail has yet to be made public. Indonesia is facing severe investor pressure as questions have grown around governance and its economic outlook under Prabowo. The stock benchmark is close to a five-year low and its currency has tumbled, ranking as Asia’s worst performer this year. Newly formed state-owned company PT Danantara Sumberdaya Indonesia — which sits under sovereign wealth fund Danantara — will manage shipments of the key commodities, the government has said. As of Monday, coal, palm oil and ferroalloy producers are required to start submitting export documents to the firm, and it will start controlling specific export activities as soon...
Just last week, Anthropic announced that it had raised $65 billion in a Series H funding round that valued the company at $965 billion -- making it the world's most valuable start-up. Now, the company's recent confidential S-1 filing is perhaps the clearest signal yet that participants in the artificial intelligence (AI) gold rush are marching toward the public markets. SpaceX's initial public off...
Just last week, Anthropic announced that it had raised $65 billion in a Series H funding round that valued the company at $965 billion -- making it the world's most valuable start-up. Now, the company's recent confidential S-1 filing is perhaps the clearest signal yet that participants in the artificial intelligence (AI) gold rush are marching toward the public markets. SpaceX's initial public offering will take place later this month, and AI chipmaker Cerebras (NASDAQ: CBRS) listed a couple of weeks ago. With all of this action underway, smart investors need to weigh the extraordinary promises being made against the sobering lessons from how the hottest IPOs have performed in recent years. Image source: Getty Images. Continue reading
Stocks looked set to slide again on Thursday after chip maker Broadcom’s third-quarter revenue guidance failed to wow Wall Street, reigniting some worries about how fast AI demand will accelerate. Futures tracking the S&P 500 declined 0.3%, and contracts tied to the tech-heavy Nasdaq 100 fell 1.1%. Dow Jones Industrial Average futures bucked the trend by climbing 234 points, or 0.5%.
Stocks looked set to slide again on Thursday after chip maker Broadcom’s third-quarter revenue guidance failed to wow Wall Street, reigniting some worries about how fast AI demand will accelerate. Futures tracking the S&P 500 declined 0.3%, and contracts tied to the tech-heavy Nasdaq 100 fell 1.1%. Dow Jones Industrial Average futures bucked the trend by climbing 234 points, or 0.5%.