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KUALA LUMPUR – Umnos general assembly this week will be a closely watched affair following its worst-ever general election performance in November, with its leadership seeking to close ranks.

Besides pushing for a constitutional amendment to deter party hopping by elected representatives, Umno president Zahid Hamidi is likely to call for party unity and rally support for his controversial decision to back nemesis Anwar Ibrahim as premier.

But the question for the more than three million members of Malaysias largest and oldest party is not so much whether they should restore unity after more than four years of damaging internal conflict, but under whose leadership and which direction.

The partys annual congress from Wednesday to Saturday, held after a delay since 2022, comes ahead of leadership polls that must be held by May.

In approval surveys during the 2022 election campaign, Zahid who is facing dozens of graft charges was often the least popular of several prime ministerial candidates that included Umno vice-president Ismail Sabri Yaakob, who was then prime minister.

The initial chorus for Zahid to step down and take the blame for Umno winning just 26 out of Parliaments 222 seats went silent after the Barisan Nasional (BN) coalition it leads joined the so-called unity government led by Datuk Seri Anwars Pakatan Harapan (PH).

The move confounded many political observers, as Umno has vilified Mr Anwar and his allies for the past 15 years as being anti-Malay and anti-Islam the majority ethnic group and religion the party claims to represent.

But the move allowed Umno to stay relevant as a governing power and Zahid to become deputy prime minister, despite BNs decimation at the polls. The Umno meeting this week will offer the first glimpse of whether the top 5,000 delegates nationwide believe this comity with PH is able to stem Umnos decline.

We have been thrashed in the last election, Zahid said on Monday in a televised interview. Now we must have self-criticism, not just pointing fingers at one person. Many are responsible. What happened was the heavy cost from the lack of collective unity in spirit and thinking.

Whether the grassroots agree that the party president is not solely to blame will be crucial for the fortunes of Zahids camp which was the key proponent for joining PH and other parties from East Malaysia in government and, by extension, the fate of the Anwar administration. Another faction had preferred the more Malay Muslim-based coalition Perikatan Nasional (PN) whose 74 MPs are the only ones now left in the opposition that Umno had worked with in government since 2020.

BowerGroupAsia political analyst Adib Zalkapli told The Straits Times: Umno is at the stage of managing the biggest change in the partys history. It could even be the start of a permanent relationship with PH, which would be credited to Zahid, whether or not it arrests the partys long, slow decline.

Zahid has been party president since taking over in 2018 from Najib Razak after Umno lost power for the first time in Malaysias six-decade history. The party returned to government in 2020 under Tan Sri Muhyiddin Yassin after his Parti Pribumi Bersatu Malaysia defected from the PH administration.

At a time of heightened infighting between Zahids camp, which wanted to call early national elections, and those who wanted to remain in power until the end of the five-year parliamentary term, Umno in May 2022 amended its Constitution to allow triennial leadership polls to be postponed by up to six months after a general election.

This ensured that Zahid would not be ousted until after a reconfiguration of Malaysias political landscape, which critics alleged was a cunning move to influence court cases faced by Zahid and others in his faction. Since the election, two former Umno MPs have been acquitted of corruption. More On This Topic Umno will still support Malaysias unity government if Im president: Khairy Umno seeks to curb infighting before party polls Talk of a no-contest motion for the top two party positions appears to have fizzled out, with information chief Isham Jalil pointing out that only an amendment to the party Constitution can prevent a challenge to Zahid and his deputy, Mr Mohamad Hasan. No such resolution is on the agenda for the general assembly.

I feel the power to decide the leadership lies in the hands of our nearly 160,000 representatives nationwide, Zahid said last Thursday, referring to the number of delegates from branches that will be able to vote for both divisional and national leaders.

Some Umno veterans, such as Johor Umno deputy chief Nur Jazlan Mohamed, have warned that all four presidential contests in the partys 70-year history have led to worsening rifts in the party.

Datuk Nur Jazlan said last week: Umno cannot afford to suffer another big split because that would hasten its demise.

But analysts believe the question of unity is only one half of the equation, and if there is no change of guard, then the existing leadership must articulate how the party will reverse its fortunes.

Mr Tan Seng Keat, research manager at opinion pollster Merdeka Center, told ST: Umno is in need of soul-searching and reforms after its worst-ever election result. It also needs a new internal narrative now that it has joined hands with PH.

It needs to showcase its leaderships ability to be nation builders to regain the faith of both the public and its core base, or see the Malay majority continue to slide towards PN. More On This Topic Four years after shock loss, Umno has been battered like never before Interactive: How a divided Malaysia gave rise to Perikatan Nasionals teal tsunami

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Alibaba posts profit beat as China looks to prop up tepid consumer spend

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Alibaba posts profit beat as China looks to prop up tepid consumer spend

Alibaba Offices In Beijing

Bloomberg | Bloomberg | Getty Images

Chinese e-commerce behemoth Alibaba on Friday beat profit expectations in its September quarter, but sales fell short as sluggishness in the world’s second-largest economy hit consumer spending.

Alibaba said net income rose 58% year on year to 43.9 billion yuan ($6.07 billion) in the company’s quarter ended Sept. 30, on the back of the performance of its equity investments. This compares with an LSEG forecast of 25.83 billion yuan.

“The year-over-year increases were primarily attributable to the mark-to-market changes from our equity investments, decrease in impairment of our investments and increase in income from operations,” the company said of the annual profit jump in its earnings statement.

Revenue, meanwhile, came in at 236.5 billion yuan, 5% higher year on year but below an analyst forecast of 238.9 billion yuan, according to LSEG data.

The company’s New York-listed shares have gained ground this year to date, up more than 13%. The stock fell more than 2% in morning trading on Friday, after the release of the quarterly earnings.

Sales sentiment

Investors are closely watching the performance of Alibaba’s main business units, Taobao and Tmall Group, which reported a 1% annual uptick in revenue to 98.99 billion yuan in the September quarter.

The results come at a tricky time for Chinese commerce businesses, given a tepid retail environment in the country. Chinese e-commerce group JD.com also missed revenue expectations on Thursday, according to Reuters.

Markets are now watching whether a slew of recent stimulus measures from Beijing, including a five-year 1.4 trillion yuan package announced last week, will help resuscitate the country’s growth and curtail a long-lived real estate market slump.

The impact on the retail space looks promising so far, with sales rising by a better-than-expected 4.8% year on year in October, while China’s recent Singles’ Day shopping holiday — widely seen as a barometer for national consumer sentiment — regained some of its luster.

Alibaba touted “robust growth” in gross merchandise volume — an industry measure of sales over time that does not equate to the company’s revenue — for its Taobao and Tmall Group businesses during the festival, along with a “record number of active buyers.”

“Alibaba’s outlook remains closely aligned with the trajectory of the Chinese economy and evolving regulatory policies,” ING analysts said Thursday, noting that the company’s Friday report will shed light on the Chinese economy’s growth momentum.

The e-commerce giant’s overseas online shopping businesses, such as Lazada and Aliexpress, meanwhile posted a 29% year-on-year hike in sales to 31.67 billion yuan.  

Cloud business accelerates

Alibaba’s Cloud Intelligence Group reported year-on-year sales growth of 7% to 29.6 billion yuan in the September quarter, compared with a 6% annual hike in the three-month period ended in June. The slight acceleration comes amid ongoing efforts by the company to leverage its cloud infrastructure and reposition itself as a leader in the booming artificial intelligence space.

“Growth in our Cloud business accelerated from prior quarters, with revenues from public cloud products growing in double digits and AI-related product revenue delivering triple-digit growth. We are more confident in our core businesses than ever and will continue to invest in supporting long-term growth,” Alibaba CEO Eddie Wu said in a statement Friday.

Stymied by Beijing’s sweeping 2022 crackdown on large internet and tech companies, Alibaba last year overhauled the division’s leadership and has been shaping it as a future growth driver, stepping up competition with rivals including Baidu and Huawei domestically, and Microsoft and OpenAI in the U.S.

Alibaba, which rolled out its own ChatGPT-style product Tongyi Qianwen last year, this week unveiled its own AI-powered search tool for small businesses in Europe and the Americas, and clinched a key five-year partnership to supply cloud services to Indonesian tech giant GoTo in September.

Speaking at the Apsara Conference in September, Alibaba’s Wu said the company’s cloud unit is investing “with unprecedented intensity, in the research and development of AI technology and the building of its global infrastructure,” noting that the future of AI is “only beginning.”

Correction: This article has been updated to reflect that Alibaba’s Cloud Intelligence Group reported quarterly revenue of 29.6 billion yuan in the September quarter.

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Elon Musk’s xAI raising up to $6 billion to purchase 100,000 Nvidia chips for Memphis data center

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Elon Musk's xAI raising up to  billion to purchase 100,000 Nvidia chips for Memphis data center

Elon Musk listens as US President-elect Donald Trump speaks during a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC. 

Allison Robbert | Getty Images

Elon Musk’s artificial intelligence company xAI is raising up to $6 billion at a $50 billion valuation, according to CNBC’s David Faber.

Sources told Faber that the funding, which should close early next week, is a combination of $5 billion expected from sovereign funds in the Middle East and $1 billion from other investors, some of whom may want to re-up their investments.

The money will be used to acquire 100,000 Nvidia chips, per sources familiar with the situation. Tesla‘s Full Self Driving is expected to rely on the new Memphis supercomputer.

Musk’s AI startup, which he announced in July 2023, seeks to “understand the true nature of the universe,” according to its website. Last November, X.AI released a chatbot called Grok, which the company said was modeled after “The Hitchhiker’s Guide to the Galaxy.” The chatbot debuted with two months of training and had real-time knowledge of the internet, the company claimed at the time.

With Grok, X.AI aims to directly compete with companies including ChatGPT creator OpenAI, which Musk helped start before a conflict with co-founder Sam Altman led him to depart the project in 2018. It will also be vying with Google’s Bard technology and Anthropic’s Claude chatbot.

Now that Donald Trump is President-elect, Elon Musk is beginning to actively work with the new administration on its approach to AI and tech more broadly, as part of Trump’s inner circle in recent weeks.

Trump plans to repeal President Biden’s executive order on AI, according to his campaign platform, stating that it “hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology” and that “in its place, Republicans support AI Development rooted in Free Speech and Human Flourishing.”

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Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec

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Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec

JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.

JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.

The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.

In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.

In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.

The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:

JiYue’s new ROBO X EV is available for pre-order now

JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.

When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:

For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.

Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).

The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.

Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.

Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.

What do you think? Will people be talking about the ROBO X for the next 20 years?

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