BLOOMBERG ByteDance Ltd’s revenue surged more than 30% to surpass $80 billion in 2022, matching the tally at archrival Tencent Holdings Ltd after twin video platforms TikTok and Douyin drew eyeballs and advertisers from social media incumbents. The world’s most valuable private tech firm told its investors in a recent memo that revenue surged from around $60 billion in 2021, ...

BLOOMBERG China’s Foreign Minister Qin Gang urged Japan to refrain from supporting US efforts to suppress the Chinese semiconductor industry, while his counterpart pressed for the swift return of a Japanese citizen detained by Beijing. During a meeting with his Japanese counterpart Yoshimasa Hayashi in Beijing, Qin said a chip blockade will only strengthen Beijing’s resolve to achieve self-reliance, according ...

PARIS / WAM Growth in Emerging Asia is proving resilient with real GDP growth in 2023 projected to 5.3 % on average in Emerging Asian economies (Asean-10, China and India), and by 4.6 % on average in Asean economies alone. The export sector helped boost economic growth and maintain the momentum of the region’s economies, though it has weakened recently. ...

BLOOMBERG The share of clean sources in India’s power generation capacity should surge to 90% by 2047 — more than double from now — for the nation to meet its climate goals, federal Power Secretary Alok Kumar said. The country will need to reduce the share of coal, which currently accounts for about half of its installed capacity and almost ...

BLOOMBERG European natural gas prices rose as strikes in France that are prolonging outages at the nation’s energy infrastructure increased worries about supply. Nuclear reactor availability in the country has dropped to 57%, driving up local power prices. The strikes have also hit oil refineries and liquefied natural gas import terminals. A short cold spell is passing through Europe, adding ...

BLOOMBERG PetroChina posted a record annual profit following a global spike in energy prices and rising output of oil and gas. China’s largest oil producer reported net income of 149 billion yuan ($21.6 billion) for 2022, according to international financial reporting standards, up from 92 billion yuan a year earlier, the company said in a stock exchange filing. Parent company ...

CANBERRA / WAM Australia’s government expects to win approval for a flagship climate policy to rein in the country’s worst polluters after agreeing to rules that could curb development of new fossil fuel projects, Bloomberg reported. The country’s revised safeguard mechanism, which would compel around 215 of the nation’s most emitting industrial sites to cut greenhouse gas emissions by about ...

BLOOMBERG Eskom Holdings SOC Ltd said it will request that one of the key remaining conditions to separate its transmission unit is concluded within the next month, a step that would mark progress towards transforming the business and opening the grid up to private producers. Spinning off the business to become the National Transmission Co South Africa still requires licenses ...

BLOOMBERG The UK published a revised version of its green finance strategy, laying out plans to track investment flows and boost transition finance as it seeks to become the world’s first net-zero aligned financial center. In the long-awaited update to a 2019 strategy, the UK said it will publish a series of net-zero roadmaps this year that outline funding needs ...

BLOOMBERG Nato Secretary General Jens Stoltenberg is pressing allies to pitch in a total of €500 million ($543 million) a year to help Ukraine with non-lethal aid and other long-term support, according to people familiar with the matter. The head of the military alliance wants allies to boost contributions to a fund for Nato’s comprehensive assistance package for Ukraine, which ...