HONG KONG: China’s US$1. 2 billion fine on Didi Global draws a range under the ride hailing company’s regulatory woes, but the retroactive application of laws and an insufficient clarity on the firm’s business revival show the worst for its tech sector may not be over. Beijing’s launch of aContinue Reading
HONG KONG: China’s video games sector revenue declined in the first half of 2022 for the first time since the data was made available 14 years ago, as the world’s biggest video games market continues to reel from Beijing’s tightening oversight. The industry’s combined revenue declined 1.8 per cent toContinue Reading
BEIJING: A Chinese district regulator said it is carrying out inspections of 45 Pizza Hut stores in Beijing after one was accused by the media of food safety breaches. The market regulator of Beijing’s Haidian district said late on Wednesday (Jul 20) that it had visited the branch in questionContinue Reading
SEOUL: South Korea on Thursday (Jul 21) proposed a series of tax cuts for companies, workers and retail investors in stocks to support private-sector led economic growth as President Yoon Suk-yeol had pledged in the election campaign. In his first annual tax code revision, the Yoon administration proposed cutting theContinue Reading
NEW DELHI: On Feb. 2, when Meta Platforms reported Facebook’s first-ever quarterly drop in daily users, its finance chief identified higher mobile data costs as a unique obstacle slowing growth in India, its biggest market. On the same day, the U.S. tech group posted the findings of its own researchContinue Reading
NEW DELHI: On Feb 2, when Meta Platforms reported Facebook’s first-ever quarterly drop in daily users, its finance chief identified higher mobile data costs as a unique obstacle slowing growth in India, its biggest market. On the same day, the US tech group posted the findings of its own researchContinue Reading
SHANGHAI: China’s cybersecurity regulator said on Thursday (Jul 21) it has fined Didi Global Inc 8.026 billion yuan (US$1.19 billion) after a year-long probe found that the ride-hailing giant had violated laws including ones pertaining to data security. Didi had illegally collected several pieces of user information over a seven-yearContinue Reading
BEIJING: China is preparing to hit ride-hailing large Didi with a fine of more than US$1 billion dollars to wrap up the long-running probe, mass media reports said, enhancing investor hopes that this country’s tech crackdown is winding lower. Didi, once known as China’s answer to Uber, has been oneContinue Reading
MUMBAI: The particular Indian rupee dropped to more than eighty per United States dollar for the first time on report on Tuesday (Jul 19), as the greenback extended its move and foreign funds outflows intensified. The rupee was 80. 0600 against the greenback right after trading started, Bloomberg data showed.Continue Reading
Sri Lanka is continuing negotiations with China for as much as US$4 billion in aid and is confident Beijing will agree “at some point,” Bloomberg News reported on Friday (Jul 15), citing Sri Lanka’s ambassador to China. Colombo is asking China for a loan of US$1 billion to repay anContinue Reading