Bytedance weighs selling stake in Tiktok’s Indian arm to Reliance to ease app ban August 13, 2020 Tiktok parent Bytedance is said to be in talks with India’s Reliance about a investment in the operations of Tiktok in the region, as it seeks to end the government’s app ban. Conversations between the two companies began late last month but have yet to reach a deal, sources told Techcrunch. In June the Indian [...]
Thyssenkrupp mulls further job cuts as steel division posts huge loss August 13, 2020 German steel giant Thyssenkrupp today raised the prospect of further job cuts as it reported a €2bn loss for the first nine months of the year. The firm has already made 6,000 roles redundant under an ongoing savings programme, but finance chief Klaus Keysberg told reporters today that more cuts were being discussed. The majority [...]
The City View: Lord Barker on the ‘compelling case’ to extend the furlough scheme August 13, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS In this episode Christian talks to former energy and climate change minister Greg (now Lord) Barker, who currently sits as executive chairman of Russian energy and metals giant EN+ Group. Lord Barker begins by assessing the current economic conditions and says there is a compelling case to extend the [...]
Tencent profit beats expectations as Wechat ban looms August 12, 2020 Tencent today said it has smashed expectations for second-quarter revenue and profit as the Chinese tech giant enjoyed higher demand for its video games during the Covid-19 lockdown. The world’s largest video game company posted revenue of 114.9bn yuan (£12.7bn) in the three months to the end of June — an increase of 29 per [...]
Markets live: US stocks near record high on stimulus hopes as FTSE 100 soars August 11, 2020 The FTSE 100 jumped today as US stimulus hopes offset bleak new data that showed a surge in UK job losses during the coronavirus crisis. The blue-chip index was up 2.42 per cent at 6,197 points at midday, before closing up 1.71 per cent at 6,154 in a bullish day for western markets. The gains [...]
Chinese car sales surge for fourth consecutive month in July August 11, 2020 Sales of Chinese cars jumped 16 per cent year on year last month in the fourth consecutive month of gains as the world’s biggest auto market kicks back into gear after the coronavirus shutdown. According to data from the China Association of Automobile Manufacturers (CAAM), sales rose to 2.11m units in July. However, for the [...]
Boris Johnson ‘deeply concerned’ by Jimmy Lai arrest August 10, 2020 The government has accused China of using its new security law to “silence opposition” in Hong Kong after media tycoon Jimmy Lai was arrested today. Lai, 71, is one of the most prominent democracy activists in the Chinese-ruled city and an ardent critic of Beijing. He has become the most high-profile victim of a Beijing-backed [...]
FTSE 100 climbs on economic recovery hopes August 10, 2020 The FTSE 100 pushed higher today as investors shrugged off concerns about ongoing tensions between China and the US and focused on positive signs of economic recovery. The blue-chip index was up 0.93 per cent at 6,087 points in early trading, before dipping to a 0.42 per cent rise shortly before 3pm. The positive start [...]
Twitter wades into bidding war for Tiktok’s US operations August 9, 2020 Twitter is said to have expressed interest in buying Tiktok’s US operations, as the short-form video app continues to hold talks with Microsoft about a sale. However it is far from certain that Twitter would be able to outbid Microsoft, and complete a deal within the 45-day deadline set by US President Donald Trump, two [...]
Tiktok threatens legal action over Trump executive order August 7, 2020 Tiktok has said it is considering legal action after US President Donald Trump signed an executive order banning the app in 45 days’ time. The short-form video app said it was “shocked” by the order. It added that it would it would “pursue all remedies available” to “ensure the rule of law is not discarded”. [...]