Trump issues ban on Alipay in latest China crackdown January 6, 2021 US President Donald Trump today stepped up his campaign against Chinese businesses, banning transactions with eight apps including Alipay. The new executive order is aimed at curbing the alleged threat to Americans posed by Chinese software companies that have access to personal data. The order states that the US must take “aggressive action” against Chinese [...]
Alibaba under investigation by China for monopoly tactics December 24, 2020 Alibaba is under investigation by Chinese regulators for alleged monopolistic practices, in the latest blow for Jack Ma’s fintech and e-commerce empire. The probe is part of an accelerating crackdown on anticompetitive behavior in China’s booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China’s [...]
London FOIL appoints Weightman’s partner as new president December 14, 2020 London FOIL has just appointed Ling Ong as their new president to lead the organisation through 2021. London FOIL is an arm of the Forum of Insurance Lawyers, concentrating on the global insurance and reinsurance markets. Ling Ong is also a partner at UK law firm, Weightmans. Ong has been appointed to replace the outgoing [...]
Chinese regulator fines Alibaba and Tencent under antitrust laws December 14, 2020 The Chinese markets regulator has fined Alibaba and Tencent for a string of deals in its latest bid to clamp down on tech companies. The State Administration for Market Regulation announced on Monday it had fined Alibaba, Tencent-backed China Literature and Shenzhen Hive Box Technology 500,000 yuan. It comes after the regulator published draft regulations [...]
The CMA sets out new regime for tech giants such as Google and Facebook December 8, 2020 The CMA sets out new regime for tech giants such as Google and Facebook
High-profile tech founders back $111m London startup fund November 30, 2020 A string of big-name tech founders including former Google boss Eric Schmidt are backing a new fund to invest in startups in the US and across Europe. London-based Firstminute Capital today unveiled a $111m (£83m) venture capital fund after securing support from some of the world’s top tech executives. More than 70 founders of billion-dollar [...]
Alibaba and Tencent circle ‘Netflix of China’ as tech regulation looms November 27, 2020 Alibaba and Tencent are both said to have held talks over a potential takeover of the streaming service dubbed the ‘Netflix of China’. The two tech titans have been in discussions with search giant Baidu over a deal to acquire a controlling stake in iQiyi, Reuters reported. However, talks are said to have stalled after [...]
The four “M”s: why the 21st century belongs to Asia November 18, 2020 For a look into the future of the global economy, and where the power is shifting, consider technology developments in both China and India., In a mere decade, China’s e-commerce market has grown from less than 1% of global sales, into the world’s largest market in 2016, representing more than 40% of transactions by value. [...]
Tencent profit surges on smartphone gaming boom November 12, 2020 Tencent almost doubled its profit in the third quarter as the Chinese tech conglomerate continued to cash in on booming demand for its online games. The tech giant, which is the world’s largest gaming firm by revenue, reported a 38.5bn yuan (£4.4bn) profit in the three months to the end of September, up 89 per [...]
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 [...]