Tag: Chinas

China’s Much-Hyped Digital Yuan Fails to Impress Early Users

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As China moves closer to rolling out the world’s first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

Historian Niall Ferguson is calling the digital yuan a “potentially fatal challenge” to decades of American financial hegemony. Franklin Templeton’s Michael Hasenstab says it could undermine the dollar’s role as the world’s reserve currency. Joe Biden’s White House is studying the potential threat to U.S. interests.

Yet talk to people who’ve actually used the digital yuan in

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China’s internet watchdog finds 33 mobile apps broke data privacy rules

The Daily Beast

Travel Restrictions From COVID Epicenter India Came ‘Weeks’ Too Late

JACK GUEZA cataclysmic rise in COVID-19 cases on the Indian subcontinent was allowed to spread for too long before the Biden administration issued restrictions on travel, public health experts warn, a decision that could make thwarting potentially vaccine-resistant variants of the disease even more difficult just as America crosses a major milestone in vaccinations.“Travel restrictions should have been imposed much earlier,” Lawrence Gostin, a professor of global health law and director of the O’Neill Institute for National and Global Health Law at Georgetown University, told The Daily

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China’s Internet Antitrust Push Leads to Corporate Clashes

China’s internet companies have also become accustomed to turning to the government. Their data and networks help the government surveil the public. They follow the official censorship guidelines diligently and help the state media blare propaganda. They have become an integral part of the Communist Party’s social control machine. Tencent and Baidu declined to comment, and Alibaba did not respond to a request for comment.

With the government waving the antitrust baton, they could become even more servile.

Last week, Tencent announced a $7.7 billion fund dedicated to what it called “sustainable social value innovations.” It would fund projects involving

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China’s New Privacy Regulation Reforms Tech Giants Social Retail Scene

China’s five-day-long May Day ‘Golden Week’ has seen revenge spending at full effect, with domestic travels predicted to see 265 million trips made during the period, surpassing 2019 levels. Further to that, several municipalities in China such as Shanghai launched the ‘Double Five Shopping Festival’ with over 1,900 events and branded partnerships lined up for two months across shopping, tourism and entertainment venues. Beijing’s own ‘2021 Consumer Season’ also saw the

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China’s antitrust push forces digital reinvention

Jack Ma, founder and executive chairman of China’s Alibaba Group, speaks in front of a picture of SoftBank’s human-like robot named ‘pepper’ during a news conference in Chiba, Japan, June 18, 2015. REUTERS/Yuya Shino/File Photo

What’s left for Chinese internet companies deprived of the ability to leverage user data, offer subsidies or abuse market dominance? Days after fining Alibaba (9988.HK) a record $2.8 billion for anti-competitive behaviour, the antitrust watchdog has sent an ultimatum to dozens more, giving them a month to rectify behaviour and warning of severe consequences. Some companies can change easily. Others will have to find new

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Baidu becomes first technology giant to make a flat debut in Hong Kong stock market this year as investors spurn the pivot by China’s dominant search engine towards artificial intelligence

Its shares opened for trading at HK$254, according to stock exchange data, and rose to as high as HK$256.60 before ending their first day of trading unchanged at HK$252, capitalising the Beijing-based company at HK$700 billion.

They were earlier indicated at about HK$255 in grey-market trading on Monday, according to prices quoted at Phillip Securities and Bright Smart Securities. An overnight 3.4 per cent jump to US$266.13 in the firm’s American depositary shares helped shore up the stock following a rally in tech stocks in the US.

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