China seeks dominance of global ai industry

International Monetary Fund said on Monday the global economic outlook remained highly uncertain given the coronavirus pandemic, and a growing divergence between rich and poor countries required the IMF to find more resources.IMF Managing Director Kristalina Georgieva said a new allocation of the IMF's own currency, Special Drawing Rights, would help give countries more fiscal space to tackle the health crisis and shift to a digital and green economy.Swedish Finance Minister Magdalena Andersson, the new chair of the IMF's steering committee, told reporters it was clear the need for liquidity remained great, and she would consult with member countries on options for expanding liquidity. … [Read more...] about IMF chief sees ‘high degree of uncertainty’ in global outlook

The human cost caught public attention after the deaths of two employees from e-commerce platform Pinduoduo, known for selling fresh produce at low prices. Their deaths prompted suggestions they were overworked.In an indication of high-level concern, the official Xinhua News Agency called for shorter work hours, describing long hours of overtime at the expense of employees health as an “illegal” operation.Renewed concerns over dire working conditions for delivery drivers also came to the forefront when a video circulated on Chinese social media showing what it said was a driver for Ele.me, part of e-commerce giant Alibaba Group, setting himself on fire to protest unpaid wages.The controversy is a blow to the image of internet industries that are transforming China's economy and generating new jobs. They have made some of the founders among the worlds wealthiest entrepreneurs. During the heights of the pandemic, the fortunes of the biggest, including Alibaba founder Jack Ma … [Read more...] about Deaths, self-immolation draw scrutiny on China tech giants

Separately, the Philippines has also approved the Pfizer-BioNTech vaccine for emergency use. The country has one of the highest number of daily COVID-19 infections in Southeast Asia and has been suffering from a protracted first wave of the virus since last spring. … [Read more...] about India, China set to lead vaccine distribution in APAC region: Moody’s Analytics

“As the largest producer of vaccines in the world, with 60% of the global share, India is well-positioned to use its existing manufacturing capabilities to contribute to mass vaccine production and distribution needs for other countries in addition to meeting its domestic requirements,” the note said. … [Read more...] about India, China may take lead in Asia’s Covid vaccination plans, says Moody’s Analytics

China’s economy contracted 6.8% in the first quarter. The stringent lockdown did, however, allow the country to broadly curb the spread of COVID-19 at home by the summer. The economy recovered to grow 3.2% in the second quarter, 4.9% in the third and 6.5% in the last quarter of the year. … [Read more...] about China’s economy grows 2.3%, slowest pace in 44 years