Tiktok owner Bytedance to book $27bn in ad revenue this year November 11, 2020 The Chinese owner of viral video app Tiktok is reportedly on track to pull in at least $27bn (£20.4bn) in advertising revenue by the end of the year. Bytedance, which generates the vast majority of its revenue from ads, has previously stated that its target for overall revenue in 2020 is $30bn, meaning the figure [...]
All pro-democracy Hong Kong lawmakers resign as China moves to quash opposition November 11, 2020 Hong Kong’s pro-democracy opposition lawmakers have resigned en masse in protest against the ousting of four of their colleagues after Beijing gave local authorities fresh powers to quash dissent. The Chinese parliament adopted a resolution earlier on Wednesday allowing the city’s executive to expel legislators deemed to support Hong Kong independence bypassing the courts. Moments [...]
Raab condemns ousting of Hong Kong opposition lawmakers as assault on freedoms November 11, 2020 British foreign secretary Dominic Raab has condemned the expulsion of four opposition pro-democracy lawmakers in Hong Kong as an assault on the city’s autonomy and freedoms. Hong Kong ousted four opposition politicians from the city’s legislature for “endangering security” after China passed a resolution allowing the city’s executive to expel legislators deemed dangerous to national [...]
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 [...]