By Scott Murdoch and Julie Zhu HONG KONG (Reuters) – Alibaba Group and Tencent shares rose in Hong Kong on Monday as China’s $984 million fine for Ant Group was viewed as signalling the end of a regulatory crackdown on the country’s technology sector. After the penalty on Friday, Jack Ma-founded Alibaba affiliate Ant announced…
BEIJING (Reuters) – The announcement of a nearly $1 billion fine by Chinese regulators on Ant Group has drawn a line under the fintech giant’s woes and given hope to investors that a regulatory crackdown on China’s broader technology sector is over. Ant’s story so far has been one of a dramatic reversal in fortunes:…
By Michelle Price WASHINGTON (Reuters) – Embattled by a U.S. Securities and Exchange Commission (SEC) crackdown, crypto companies are making a renewed push on Capitol Hill to drum up support for legislation they hope will rein in the agency and provide regulatory clarity for the industry. The Blockchain Association, Chamber of Digital Commerce, Crypto Council…
By Katie Paul NEW YORK (Reuters) -Mark Zuckerberg has pitched Meta’s Twitter copycat app, Threads, as a “friendly” refuge for public discourse online, framing it in sharp distinction to the more adversarial Twitter which is owned by billionaire Elon Musk. “We are definitely focusing on kindness and making this a friendly place,” Meta CEO Zuckerberg…
(Corrects to clarify Li Qiang is head of the State Council, not state planner) BEIJING (Reuters) – China’s state planner said on Monday it held a meeting with private firms including Baidu and LONGi Green Energy Technology. The next step will be to continue to improve the communication mechanism with private enterprises and address the…
(Reuters) – China’s Ant Group has announced a surprise share buyback that values the fintech giant at $78.5 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit. The announcement came after China’s financial regulator on Friday fined the Alibaba Group affiliate $984…
(Reuters) – Buyout house TPG is buying a business unit of software provider Forcepoint for $2.45 billion from Francisco Partners, the Wall Street Journal reported on Sunday citing people familiar with the matter. TPG is acquiring Forcepoint’s government cybersecurity business, known as Forcepoint Global Governments and Critical Infrastructure, according to the report. The unit focuses…
By Mai Nguyen HANOI (Reuters) -New electric vehicles from Tesla and rivals are being engineered for efficiency in a way that cuts copper content, changes that could limit demand growth for the metal as the next-generation of EVs hits the road, industry analysts say. The strong ramp-up in sales for EVs, led by growth in…
BEIJING (Reuters) – China published regulations on Sunday for the country’s $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation. The new rules, signed by Premier Li Qiang and effective on Sept. 1, create a chapter specifically for venture capital funds, as policymakers encourage investment into innovative technology start-ups, said…
(Reuters) – Jack Sweeney, the creator of an account tracking Elon Musk’s private jet in real time, has moved to Mark Zuckerberg’s Twitter-rival Threads after being suspended from Twitter last year. “ElonJet has arrived to Threads!” read Sweeney’s first post on Thursday from the account handle @elonmusksjet, which had over 21,000 followers as of Saturday…
