ByteDance Ltd’s profit surged roughly 60% in 2023, outpacing the growth of online peers Tencent Holdings Ltd and Alibaba Group Holding Ltd in a sign of the TikTok owner’s resilience in the face of an economic downturn.

Earnings before interest, tax, depreciation and amortisation jumped to more than US$40 billion (RM189.88 billion) from about US$25 billion in 2022, according to people familiar with the matter, who asked not to be named discussing private information. The world’s most valuable start-up also grew sales to nearly US$120 billion from US$80 billion, the people said.

TikTok owner's profit jumps 60%, taking it past arch-rival Tencent

Tencent Holdings Ltd’s two most accomplished creative studios are making mobile games in the style of this year’s biggest viral hit, Palworld, in hopes of rebooting the company’s core business.

Tencent’s next big gaming bets draw on viral craze ‘Palworld’

China is expected to set its annual growth rate for 2024 at “around 5%” when the national legislature meets this week, a fairly ambitious target for a government grappling with severe economic challenges.

China expected to target GDP growth of around 5% in 2024

In 2019, Leung joined a Hong Kong movement to boycott Chinese-owned restaurants like many protesters opposing President Xi Jinping’s encroachment of the former British colony. Now she and her peers regularly go out of their way to the neighboring mainland city of Shenzhen for cheap food and massages.

Young Hong Kongers who defied Xi are now partying in China

A retired Chinese official who bought 13 houses using bribe money is one of the most discussed topics on the country’s internet after the top graft fighter made his case public.

China busts local official who bought 13 homes with bribe money

Beijing’s point person to Hong Kong said the city’s special governing formula will remain a “permanent structure,” South China Morning Post reported, as the Chinese official sought to boost confidence in the Asian finance hub.

China says Hong Kong’s ‘one country, two systems’ is permanent — SCMP 

China must fix its economy and let Hong Kong run itself if it wants a better future for the financial hub, former Morgan Stanley Asia Ltd chair Stephen Roach said, after a pessimistic column he wrote sparked an uproar.

Hong Kong is over unless China fixes own economy, Roach says

China’s most famous entrepreneur broke years of silence about Alibaba Group Holding Ltd with a call to arms for employees, following years of brutal government punishment and strategic missteps that cost the e-commerce pioneer its place as leader of the country’s tech industry.

Jack Ma returns to rally troops as Alibaba’s troubles deepen

Baidu Inc announced a US$5 billion (RM22.21 billion) share buy-back after reporting better-than-expected revenue, reflecting how its cloud computing service is offsetting an advertising lull during China’s economic downturn.

Baidu unveils US$5b buy-back after sales beat estimates

NetEase Inc struck back in an escalating public dispute with US gaming giant Blizzard, accusing its longtime partner of being “rude and inappropriate” when negotiating to keep World of Warcraft on PCs in China.

NetEase torches Blizzard in fiery post as Warcraft spat escalates

The government will continue to monitor the impact on inflation in the country following the announcement of a more than 13% increase in civil servants' salaries this December.

Anwar: Putrajaya will keep eye on inflation rate following civil service pay hike

US private payrolls increased more than expected in April, suggesting that the labor market maintained its momentum early in the second quarter.

US private payrolls beat expectations in April 

Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets.

KFC parent Yum reports surprise drop in global same-store sales on weak demand

Shell has exited China's power markets as part of CEO Wael Sawan's drive to focus on more profitable operations including its natural gas and oil businesses.

Shell exits China power market businesses

The retail price of RON97 petrol remains unchanged at RM3.47 per litre, with RON95 also unchanged at RM2.05 per litre, from May 2 to May 8, according to the Ministry of Finance on Wednesday.

Fuel prices unchanged till May 8

The dollar edged towards its highest level this year against a basket of peers and US share futures dipped on Wednesday ahead of a Federal Reserve policy decision, though trading was thin with many European and Asian markets closed.

Dollar near five-month highs ahead of Fed policy decision

Bitcoin slid by almost 6% on Wednesday, having posted its worst monthly performance in April since late 2022, as investors pulled money out of cryptocurrencies ahead of an interest rate decision by the Federal Reserve later.

Crypto washout sends bitcoin below US$58,000 into bear market

Prime Minister Datuk Seri Anwar Ibrahim has emphasised that any party associating him and the government with a purported casino project in Forest City must face legal action.

Those who spread lies on Forest City casino project ought to be jailed, says PM

Details regarding the salary increase for civil servants will be announced during the tabling of Budget 2025 in October this year.

Details of civil servants’ wage hike to be announced in Budget 2025, says Fahmi 

China's Huawei Technologies has moved the high-profile chief of its consumer business, Yu Chengdong, to a new role as chair of the unit, two people with knowledge of the matter said.

Huawei's high-profile consumer CEO Richard Yu shifts role

Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets.

Shell has exited China's power markets as part of CEO Wael Sawan's drive to focus on more profitable operations including its natural gas and oil businesses.

The government will continue to monitor the impact on inflation in the country following the announcement of a more than 13% increase in civil servants' salaries this December.

US private payrolls increased more than expected in April, suggesting that the labor market maintained its momentum early in the second quarter.

Zheping Huang

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Zheping Huang

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