News 

Huawei giving employees bonus for coping with US sanctions

“Huawei said its sales rose 24.4% over a year earlier in the first nine months of 2019 to 610.8 billion yuan ($86 billion)” writes The Associated Press for seattletimes.com. Some 90,000 employees will share a 2 billion yuan ($285 million) bonus, or about 22,000 yuan ($3,100) each, according to a company announcement circulated Tuesday on social media.BEIJING (AP) — Huawei is paying its employees bonuses totaling more than $285 million as thanks for helping the Chinese tech giant cope with U.S. sanctions that threaten its smartphone and other businesses.The larger…

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Tencent Music quarterly revenue beats estimates on higher paying users

“(Reuters) – China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly revenue on Monday, as the music streaming service attracted more paying users” writes Midwest Communications Inc for 95kqds.com. Revenue rose about 31% to 6.51 billion yuan, above estimates of 6.45 billion yuan, according to IBES data from Refinitiv.Although its music streaming services have more users, Tencent Music’s biggest revenue drivers are its social entertainment services — Karaoke platform ‘WeSing’ and ‘Kugou Live’ and ‘Kuwo Live’ — where users can live stream concerts and shows. Source: 95kqds.com

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Crypto News 

Canaan Finishes Q3 with $13 Million in Gains as Mining Demand Rebounds

“The company sells Avalon-branded high-performance ASIC-based mining machines for Bitcoin mining, which are designed and manufactured by the firm itself” writes Arnab Shome for financemagnates.com. As the demand in the crypto mining industry is soaring with the rebound of Bitcoin prices, Canaan Creative registered 94 million yuan (around $13 million) in net profits for the third quarter of this year.The company also concluded that its sales for the year to date contributed to eight percent of the total Bitcoin mining hash rate with a total computing power of 7.59 exhashes…

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Micree Zhan Claims He Was Removed From Bitmain Without Consent

“Wu had warned Bitmain staff from interacting with Zhan, saying, “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan” writes Aaron Wood for cointelegraph.com. Micree Ketuan Zhan, the co-founder of major Chinese Bitcoin (BTC) mining hardware producer Bitmain, claimed that he was removed as a legal representative of the company without his consent.Bitmain co-founder Jihan Wu announced in an email last week that Zhan had left the company, stating: In Zhan’s message today, the co-founder expressed his disappointment and feeling…

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Markets News Stocks 

Foreign holdings of China equities at record

“The Stock Connect is a scheme to allow foreign investors convenient access to the A-share market” writes Midwest Communications Inc for 95kqds.com. China is stepping up opening of its heavily policed, giant capital markets, having recently scrapped investment quotas under the Qualified Foreign Institutional Investor (QFII) scheme.Robust foreign inflows into the stock market of the world’s second largest economy come as major international index providers, including MSCI, FTSE Russell and S&P, have begun or are stepping up inclusion of China A-shares and bonds on global indexes.Graphic: Foreign investors hiked their…

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Recent trade hope gains likely fleeting for China’s yuan: Reuters poll

“The yuan broke through the key psychological 7 per dollar rate to touch 6.9876, its strongest since Aug. 2” writes Midwest Communications Inc for 95kqds.com. BENGALURU (Reuters) – The yuan will shed recent gains made amid hopes for a “phase one” U.S.-China trade deal, according to strategists in a Reuters poll who predicted a weakening domestic economy would likely dampen the currency in the year ahead.Rabobank has the most pessimistic forecast for the yuan – 7.75 per dollar in 12 months – a view held since August.The latest poll of…

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Crypto Markets News 

3 Reasons Why One Trader Didn’t ‘Manipulate’ Bitcoin Price to $20K

“Its issuance, researchers argue, coincided with Bitcoin price jumps” writes William Suberg for cointelegraph.com. Bitcoin (BTC) price highs in 2017 were not the result of a single trader on an exchange, the CEO of payment company Circle claims.But while Bitcoin’s price is now 50% lower, Tether’s market cap has increased four times over to current levels of $4.1 billion.So an analysis that shows that ‘a single wallet’ was involved in flows from Bitfinex to other exchanges is meaningless.Bruce Fenton, former executive director of the Bitcoin Foundation, criticized the technical proficiency…

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Xiaomi’s 108-megapixel phone has wild specs and a fair price

“The Mi CC9 Pro is the company’s latest smartphone, unveiled in China on Tuesday” writes Stan Schroeder for mashable.com. The Mi CC9 Pro does lag behind top flagships in one department, though: It’s powered by Qualcomm’s mid-range Snapdragon 730G. The Mi CC9 Pro with 6/128GB of memory costs 2,799 yuan ($400).It costs $400, which is significantly cheaper than most Xiaomi phones.Xiaomi’s mission has always been simple: Cram as much high-end tech into a smartphone as possible, and offer it at the absolutely lowest price possible. Source: mashable.com

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Alibaba reports Q2 revenue of $16.91B, up 40% YoY, with net income more than tripling to ~$10B due to a one-time gain related its stake in Ant Financial

“Total revenue rose to 119.02 billion yuan ($16.91 billion) in the second quarter ended Sept. 30 from 85.15 billion yuan a year earlier” writes Min Read for reuters.com. (Reuters) – China’s Alibaba Group Holding Ltd (BABA.N) reported a better-than-expected 40% rise in second-quarter revenue on Friday, powered by strong growth in its e-commerce and cloud computing businesses.Analysts were expecting revenue of 116.8 billion yuan, according to IBES data from Refinitiv.Sales from the company’s e-commerce business rose about 40% to 101.22 billion yuan, while its cloud computing business posted a 64%…

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News 

China’s industrial profits fall 5.3% in Sept as trade war toll mounts

“China’s vast industrial sector has come under pressure amid trade tensions and tit-for-tat tariffs with the United States” writes Midwest Communications Inc for 95kqds.com. For January-September, industrial firms earned profits of 4.59 trillion yuan, down 2.1% year-on-year, and worse than the 1.7% reading in the first eight months.Industrial profits fell 5.3% in September from a year earlier to 575.6 billion yuan ($81.48 billion), data released by the National Bureau of Statistics (NBS) on Sunday showed.Industrial firms’ liabilities increased 5.4% from a year earlier to 66.49 trillion yuan at end-September, compared…

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