By Huw Jones LONDON (Reuters) -International securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year’s collapse of the FTX exchange that fuelled concerns over consumer protection. The industry, which typically only has to comply with anti-money laundering checks, has been calling for…
(Reuters) – Alibaba Group Holding Ltd’s cloud unit has started a round of downsizing that will impact 7% of the staff as it streamlines its business in preparation for an IPO, a source familiar with the matter said on Tuesday. The cloud unit has started to offer severance to employees, the source said. Alibaba did…
By Jonathan Stempel (Reuters) -Citizens Bank, one of the largest U.S. regional banks, will pay a $9 million civil penalty to resolve charges it mismanaged customers’ credit card disputes and fraud claims, the Consumer Financial Protection Bureau said on Tuesday. The regulator had accused the Citizens Financial Group Inc unit of violating the federal Truth…
BEIJING (Reuters) – China plans to build world-class advanced factory clusters in the Beijing-Tianjin-Hebei region focused on products such as electric vehicles and robots, it said on Tuesday, as the country seeks to confirm its global competitiveness. As tensions have mounted with the United States, Chinese leaders have pledged to build a modern industrial system…
By Helen Coster and Dawn Chmielewski NEW YORK (Reuters) – When the HBO Max streaming service relaunches on Tuesday as “Max,” Warner Bros Discovery Inc will learn whether mixing critically acclaimed dramas with reality fare that some might describe as a “guilty pleasure” will attract more subscribers. “Max” will bring together HBO’s high-end scripted programming…
By David Shepardson WASHINGTON (Reuters) -TikTok Inc on Monday filed a lawsuit challenging the state of Montana’s new ban on use of the Chinese-owned app, the first state to bar the popular short-video sharing service. TikTok argues the ban, which would take effect on Jan. 1, violates First Amendment rights of the company and…
(Reuters) – Tesla is listing China-made Model 3 and Model Y models for sale in Canada, the company’s website showed on Tuesday, confirming the electric car maker has completed its first shipments to North America from its Shanghai factory. Tesla’s website showed both rear-wheel drive Model Y vehicles and the long-range, all-wheel drive version of…
By Krystal Hu and Manya Saini (Reuters) -SoftBank Investment Advisers, which manages two Vision Funds, is exploring launching a private credit strategy that provides debt or debt-like structured financing for late-stage tech startups, people familiar with the matter told Reuters. The fund aims to offer liquidity options to tech startups, including some of SoftBank’s own…
By Timothy Gardner WASHINGTON (Reuters) -The U.S. Energy Department on Monday canceled a $200 million grant for lithium battery company Microvast Holdings, a source familiar with the matter said, after lawmakers cited concerns over its alleged links to China’s government. The department had been in talks with Microvast over the grant to help build a…
By Tiyashi Datta (Reuters) -Zoom Video Communications Inc on Monday raised its full-year forecasts for revenue and profit even as growth winds down from a pandemic boom and business spending slows in a tough economy. Shares of the company pared gains to trade 0.7% higher post market hours, after having rallied nearly 5% earlier. Zoom…
