China cracks down on tech giants with anti-monopoly laws November 11, 2020 China has outlined proposals for tough new regulations on tech giants, ramping up the pressure on powerful ecommerce sites and payment platforms such as Alibaba. The country’s State Administration for Market Regulation (SAMR) said the rules were designed to curb monopoly power and block companies from carrying out anti-competitive practices. The new laws are likely [...]
Wall St indexes dip as Pfizer vaccine optimism fades, but FTSE 100 powers ahead November 10, 2020 The S&P 500 and Nasdaq indexes in New York dipped at the open, halting a rally set off by the Pfizer vaccine results yesterday.
US consortium mulls taking on abandoned Wylfa nuclear project November 10, 2020 A group of US companies has reportedly approached the government about taking over the development of a nuclear power plant at Wylfa in north Wales. Engineering giant Bechtel will lead the consortium, and will be joined by utility firm Southern and nuclear engineers Westinghouse. The FT reported that talks over taking over the project began [...]
Softbank’s Vision Fund posts record profit as startup valuations recover November 9, 2020 Softbank’s Vision Fund division posted a record ¥784.4bn (£5.7bn) profit for the third quarter after a recovery in startup valuations helped the unit rebound from a ¥612bn loss the previous year. The Japanese tech investment giant, which has stopped reporting operating profit figures, reported a net quarterly income for the entire group of ¥627.5bn. This [...]
Europe set for positive open as Nikkei hits highest level since 1991 November 9, 2020 While President Trump still appears to be in denial about the loss of the Presidency to Joe Biden and still refusing to concede, markets appear to be unconcerned about the prospect of a contested outcome, and have moved on to what might happen next. CMC Markets UK’s chief market analyst Michael Hewson tells City A.M. [...]
US Election: Biden’s (almost certain) win: How it happened November 6, 2020 Live updates on the US Presidential Election 2020 as Donald Trump and Joe Biden go head to head. Rolling coverage as Americans vote.
Screenshot: Ant Group, Jack Ma and China’s power paradox November 6, 2020 A weekly column from City A.M. bringing you all the biggest stories and trends in technology, media and telecoms This week: **Media Moment of the Week: Margaret Thatcher takes to Twitter **Ant Group, Jack Ma and China’s power paradox **Three’s a crowd: Why a telecoms mast deal could spark more mergers Media Moment of the [...]
DEBATE: Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? November 6, 2020 Did Chinese regulators have a legitimate reason for halting the IPO of Jack Ma’s Ant Group? Tim Focas, head of capital markets at Aspectus Group, says YES. For any public listing, but in particular one of this magnitude, smart and sound regulation is of paramount importance. It can’t be one rule for one firm looking [...]
Lucky Grandma review – growing old disgracefully November 5, 2020 Chinese legend Tsai Chin will be a familiar face to many, with six decades of success including two Bond films, 90s hit The Joy Luck Club, and a recurring role on the series Gray’s Anatomy. Those unfamiliar with her talents will certainly remember the name after seeing her as the grouchy lead in this striking [...]
Alibaba gets post-pandemic revenue boost amid Ant Group float woes November 5, 2020 Chinese tech giant Alibaba has posted continued sales growth following the coronavirus lockdown, just days after Beijing slammed the brakes on Ant Group’s mammoth stock market float. The conglomerate, run by billionaire Jack Ma, posted a 30 per cent year-on-year increase in revenue to 155bn yuan (£17.9bn) in the three months to the end of [...]