China's Didi Q1 revenue rises 8.5% as recovery gains pace
Chinese ride-hailing company
Didi Global
reported an 8.5% rise in revenue in the first quarter of 2025 to 53.3 billion yuan ($7.42 billion) on Thursday, as its recovery from a regulatory overhaul of its operations gathered pace.
The Beijing-based company reported net income of 2.4 billion yuan for the quarter, versus a loss of 1.4 billion yuan a year earlier, after adopting new accounting standards.
Didi drew the attention of China's cyberspace regulator in 2021 over its pursuit of a US initial public offering without approval, prompting an inquiry that prohibited it from adding users and saw many of its apps removed from stores.
The regulator fined Didi $1.2 billion in July 2022 over a data security violation, before granting the company permission to relaunch its apps in early 2023. The company was delisted from the U.S. in 2022.
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Time of India
29 minutes ago
- Time of India
US-UAE multi-billion dollar AI data campus deal far from finalised, sources say
A multi-billion dollar deal to build one of the world's largest data centre hubs in the United Arab Emirates with U.S. technology is far from being concluded due to persistent concerns around security, sources familiar with the matter told Reuters. The U.S. and the wealthy Gulf state unveiled the massive artificial intelligence campus project set to contain a cluster of powerful data centres during President Donald Trump's two-day visit to Abu Dhabi last month. The planned 10-square-mile (26-sq-km) site is being funded by G42, an Emirati state-linked tech firm that is driving the development of its artificial intelligence industry. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Public Speaking Course for Children Planet Spark Book Now Undo Technology giants Nvidia, OpenAI, Cisco, and Oracle , along with Japan's SoftBank, are working with G42 to build the first phase, known as Stargate UAE, set to go online in 2026. The project, which plans to use advanced Nvidia AI chips , has been promoted by Trump officials as a win in steering Gulf states toward US technology over Chinese alternatives. Live Events But according to five sources briefed on the project, US officials have yet to determine the security conditions to export the advanced chips or how the agreement with the Gulf state will be enforced, leaving the deal far from resolved. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories During Trump's visit, Abu Dhabi pledged to align its national security regulations with Washington, including safeguards to prevent the diversion of U.S.-origin technology. But U.S. officials remain cautious about the UAE's close relationship with China, four of the sources said, noting that the concerns are consistent with those raised during both the Biden administration and Trump's first term, primarily around the Gulf state's reliability as a strategic partner. The sources did not specify whether new evidence had emerged, but said existing concerns remain unresolved. During Trump's first term, the UAE and other Gulf states moved forward with deploying Huawei 5G technology despite U.S. objections. Others in the administration also doubt whether the UAE, despite its intentions, can prevent U.S. technology from reaching Washington's adversaries, four of the sources said. A White House spokesperson referred Reuters to the Commerce Department, which did not respond to a request for comment. Neither did the UAE government. Four sources said the U.S. administration had no clear timeline for finalising the deal. Abu Dhabi would need to accept yet-to-be-defined U.S. controls on the technology, but it could also request amendments that may delay final approval, they said. Two sources said U.S. controls would likely prohibit the use of Chinese technology and restrict the employment of Chinese nationals at the site that is being referred to as an AI campus. The administration remains committed to concluding the deal, four of the sources said, but noted there was opposition among Republicans and Democrats over concerns regarding the UAE's ties with China. Stargate UAE is scheduled to come online next year with an estimated 100,000 advanced Nvidia chips. The 1-gigawatt project will use Nvidia's Grace Blackwell GB300 systems, currently the most advanced AI server that Nvidia offers. Although smaller than the U.S. state of Maine, the UAE is a influential Middle Eastern player known for its strategic hedging that has seen it forge close ties with China and Russia. Last year, under pressure from the Biden administration, G42 ripped out Chinese hardware and sold its Chinese investments. In return, it gained better access to advanced American technology, while Microsoft acquired a $1.5 billion stake in G42. Nevertheless, major Chinese firms Huawei and Alibaba Cloud remain active in the Gulf state, and an organised AI chip smuggling ring to China has been tracked out of countries including the UAE. The Gulf state has also become a hub for companies evading sanctions imposed on Russia since 2022 over the war in Ukraine. The Trump administration has said that American companies would operate the Emirati-built data centres and offer "American-managed" cloud services throughout the region. The so-called AI campus in Abu Dhabi is supposed to eventually host 5 gigawatts worth of data centres.
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Business Standard
43 minutes ago
- Business Standard
Xi's message to Trump: Rein in the hawks trying to derail the truce
By Daisuke Wakabayashi and Berry Wang During his phone call with President Trump, Xi Jinping leaned on a maritime analogy to try to salvage the fragile trade truce that seemed to be fracturing from a series of escalating punitive economic measures. The Chinese leader compared the relationship between the United States and China to a large ship, with the two men serving as powerful captains holding the rudder firmly to maintain the proper course. The analogy also came with a warning. Do not let others steer the ship off course and jeopardize the relationship. For weeks, the White House seemed to openly lobby for a direct conversation between the two leaders — a point underscored by China stating that Mr. Xi had agreed to the call on Thursday at Mr. Trump's behest. With the United States ratcheting up the pressure on Beijing with technology and other restrictions, China may have acquiesced partly out of concern in Beijing that the China hawks in Mr. Trump's administration were succeeding in undermining the truce, analysts said. 'China is quite concerned about this,' said Wu Xinbo, the dean of the Institute of International Studies at Fudan University in Shanghai. 'There has to be communication at the leadership level to stop the momentum of the rapid deterioration of the US-China relationship.' The call between Mr. Trump and Mr. Xi came at an especially precarious moment. Less than one month after the two countries agreed to roll back punishing tariffs for 90 days and negotiate a trade deal, the truce seemed to be crumbling. Want to stay updated on what's happening in China? Sign up for Your Places: Global Update, and we'll send our latest coverage to your inbox. China continued to throttle the exports of rare earth minerals, throwing the supply chains of US manufacturers into disarray. In response, the United States imposed restrictions on the sale of chip design software to China. It barred American companies from using artificial intelligence chips from the Chinese technology giant Huawei. It suspended some sales to China of components and software used in jet engines. In addition, the Trump administration proposed a plan to revoke visas for some Chinese students. Yun Sun, director of the China program at the Stimson Center, a Washington think tank, said China saw an opportunity to use 'top leader diplomacy' to send this message to Mr. Trump directly: 'Hold off your hawks. The responsibility is on the top leaders. If you want a good relationship, don't let your cabinet members or team run freely with their crazy ideas.' Mr. Wu, of Fudan University, said the measures taken by the United States since last month's trade agreement demonstrated how different members of the Trump administration were pursuing their own agendas, pointing to the Commerce Department imposing export controls and the State Department saying it would revoke visas. China has maintained a tough posture, refusing to back down in response to Mr. Trump's tariffs, unlike other countries that have treaded carefully so as not to antagonize the United States. In April, before the truce, Beijing engaged in a tit-for-tat tariff escalation, raising import duties on American goods to 125 percent after the United States pushed its taxes on Chinese imports to 145 percent. China appears ready to withstand the hardship from a prolonged trade war with the United States, with the economic levers to make life equally difficult for Americans and test Mr. Trump's resolve. At the same time, China has its own economic vulnerabilities and probably wants to avoid a full decoupling with the United States. The country's economy is struggling to rebound from a real estate crisis. Already grappling with high levels of youth unemployment, China's manufacturing sector, a key provider of jobs, could bear the brunt of a trade war that closes off the US market and escalates fears in the rest of the world about the flood of inexpensive Chinese imports. China had resisted overtures from Mr. Trump for direct engagement with Mr. Xi for months, reflecting Beijing's cautious approach. Mr. Xi may have accepted such a call now to buy his government more time to prepare for a prolonged fight. The two leaders seemed to take away different things from the call. In a post on social media, Mr. Trump implied that they had resolved the dispute over the export of critical minerals, but China's readout mentioned no such thing. China's official summary included a warning from Mr. Xi to Mr. Trump that the United States should handle the Taiwan issue 'prudently' to prevent a dangerous conflict, while Mr. Trump characterized the call as being focused almost entirely on trade. China has responded angrily to remarks by Defense Secretary Pete Hegseth last week urging America's Asian allies to work with the United States to deter China from trying to seize Taiwan, a self-governed island democracy. Mr. Trump and Mr. Xi did agree that both sides would work once again to implement the agreement from last month and that further talks for a more permanent deal would proceed. Mr. Trump also said the talks with China will now include Commerce Secretary Howard Lutnick, in addition to Treasury Secretary Scott Bessent and Jamieson Greer, the US Trade Representative. And Mr. Xi urged the United States to withdraw 'negative measures' against China. To some extent, China could claim a win from the call, as Mr. Trump seemed to soften his administration's stance on Chinese student visas. Last week, Secretary of State Marco Rubio, one of Mr. Trump's hawkish advisers, said the United States would 'aggressively' revoke the visas of Chinese students, specifically those associated with the Communist Party or studying in critical fields. But Mr. Trump, on Thursday, rolled out the red carpet. 'Chinese students are coming. No problem,' Mr. Trump said during a briefing from the Oval Office. 'It's our honor to have them.' Before the call, Mr. Trump wrote on social media that Mr. Xi was 'VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH.' In his summary of the call, Mr. Trump sounded gracious, noting that the two leaders had invited each other to visit their respective countries. Scott Kennedy, a senior adviser at the Center for Strategic and International Studies, a Washington research group, said the call could signal that the two countries had shifted into a 'fragile equilibrium' after having demonstrated their willingness to turn up the pressure on each other. Mr. Kennedy noted that China is the only country to win concessions from the United States since Mr. Trump launched his global 'reciprocal' tariff campaign in April. 'I think they feel they probably figured Trump out and that this is a manageable relationship,' he said. 'If this agreement falls apart again, they know what buttons to push to make the Trump administration take notice.'
Business Standard
43 minutes ago
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Hinduja Family Philanthropy: 250% Crop Yield Surge with Watershed Initiatives
VMPL New Delhi [India], June 6: Small farmers in rural West Bengal's core are experiencing a dramatic change due to the efforts of water management by the Hinduja Foundation (philanthropic arm of the Hinduja family). This farsighted plan has remarkably enhanced agricultural productivity, thereby creating an astonishing 250% increase in crop yields in a very short span of time. This outstanding achievement is the outcome of focused watershed interventions, designed in partnership with the Ambuja Foundation, that have been made to enhance water supply, improve soil health, and empower local farmers to escape the poverty cycle. The Power of Watershed Interventions For decades, farmers in West Bengal's Murshidabad district have coped with unpredictable rainfall and water shortage, severely constraining their capacity to cultivate high-value crops and maintain their livelihoods. Seeing the prospect of rewriting this story, the Hinduja Foundation introduced a series of watershed interventions to maximise water use and improve agricultural resilience. These were check dams, river lift irrigation schemes, or rainwater harvesting works designed according to the specific measurements and climatic characteristics of the local area. These systems cover more than 400 ha of cultivated land, which is an astonishing number in itself. Transforming Rural Livelihoods The numbers speak eloquently enough. Farmers have testified to stepped-up cropping intensity in the region by an incredible 250%, allowing them to raise more than one crop per year and their revenues manyfold. The average annual income per acre has gone up from Rs25,000 to Rs150,000, making farming a more and more remunerative and sustainable occupation. Prakash Hinduja, the managing trustee of the Hinduja Foundation, emphasized the significance of this initiative: "At the Hinduja Foundation, we are committed to making a sustainable development impact long after we have departed. We build rural empowerment and resilience, as demonstrated by our programs in Murshidabad." Building a Sustainable Future In addition to the economic advantages, watershed projects provide long-term environmental benefits. This project helps restore nature's ecological balance, making agriculture more sustainable in the long term with the prevention of soil erosion, recharge of aquifers, and enhancement of total water-holding capacity in the region. Switzerland-based Prakash Hinduja reinforced this by stating, "Water is needed for farming, and our activities are intended to enhance productivity while making farmers successful sustainably. This exactly suits our family vision of developing long-term value for communities." A Model for Pan-Indian Impact The Hinduja Foundation's work in Murshidabad is more than a local success story. It is a scalable model for similar interventions across India, particularly in regions facing water stress and climate challenges. By building the infrastructure for effective water management, the foundation is laying the groundwork for a more resilient nationwide agricultural sector. "We are envisaging a better future for all farmers in India," said Prakash Hinduja. "We are supporting innovations in water management technologies to enhance farmers' local community productivity, incomes, and resilience. This is the essence of the commitment to sustainable development embodied by the Hinduja Family." With the world tackling the acute water scarcity and global warming crises, Hinduja Foundation's West Bengal program presents a shining example of agriculture in the India of the future: one of sustainability, rural strength, and rich harvests that last.
