Tag Archives: China

(Bloomberg) — Didi Global Inc. shares fell for a third consecutive day on Wednesday, hitting fresh lows, as China was said to consider closing a loophole used by firms listing their shares abroad. The ride-hailing company fell 4.6% in New York trading to close at $11.91. The American depositary shares slumped 20% in Tuesday’s session, and now trade 15% lower than the $14 they were sold at in the IPO. Didi’s offering was the second-largest U.S.-listing for a Chinese firm on record. The… Source link

(Bloomberg) — China’s technology giants have seen a combined $823 billion wiped from their market value since a February peak, with Beijing’s expanding crackdown on the sector fueling investor concern that the selloff is far from over. Authorities on Tuesday issued a sweeping warning to the nation’s biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.’s contentious decision to go public in the U.S. That has put further… Source link

(Bloomberg) — Didi Global Inc. plunged Tuesday in U.S. trading as the ride-hailing company faced scrutiny over its data security and a broader Chinese crackdown on companies listing their shares abroad. China’s State Council issued a sweeping warning to China’s biggest companies, vowing to tighten oversight of data security and overseas listings. That announcement followed the opening of a security review by China’s internet regulator last week and a demand for app stores to remove… Source link

Carrie Lam, the chief executive of Hong Kong, has brushed off a warning by major tech companies including Google, Facebook and Twitter that they may quit the Chinese-controlled city if authorities go ahead with plans to change privacy laws. Lam told reporters on Tuesday that the proposed changes would only target illegal “doxxing” – the act of sharing people’s private details online without their consent. That practice came under scrutiny in Hong Kong during the anti-government… Source link

(Bloomberg) — When will China overtake the U.S. to become the world’s biggest economy? Few questions are more consequential, whether it’s for executives wondering where long-term profits will come from, investors weighing the dollar’s status as global reserve currency, or generals strategizing over geopolitical flashpoints. In Beijing, where they’ve just been celebrating the 100th anniversary of the Chinese Communist Party, leaders are doing their best to present the baton-change as… Source link

(Reuters) -Berkshire Hathaway Inc Vice Chairman Charlie Munger praised China’s move to impose a sweeping restructuring on Jack Ma’s Ant Group, the fintech giant whose record $37 billion IPO was derailed by regulators in November. The 97-year-old told CNBC in an interview alongside Berkshire CEO and billionaire investor Warren Buffett that the United States should take a leaf out of China’s book and “step in preemptively to stop speculation”. “I don’t want the, all of the Chinese system, but… Source link

Stocks extended gains on Tuesday, with equities steadying following concerns over the path forward for monetary policy.  The S&P 500 advanced to end within striking distance of a record high. The Dow also added to gains, a day after the 30-stock index jumped by the most since March. The Nasdaq reached a record intraday and closing high. Cryptocurrency prices were broadly lower as concerns over tighter regulatory actions from China continued to weigh, and tokens from Bitcoin (BTC-USD) to the… Source link

Bitcoin (BTC-USD) fell more than 11% Tuesday morning after China ramped up its crackdown on cryptocurrency mining. The cryptocurrency, which in April had risen higher than $60,000, plunged to a value of under $30,000 and saw all 2021 gains disappear. It rose back up a little past $30,000 later in the morning but remained down several points from the day before. The dramatic fall comes as China has taken steps to further restrict Bitcoin mining and trading within its territory. China released a… Source link

(Bloomberg) — China will risk international isolation if it fails to allow a “real” investigation on its territory into the origins of the virus that caused the pandemic, U.S. National Security Adviser Jake Sullivan said. President Joe Biden is traveling to North Carolina on Thursday to encourage more Americans to get vaccinated. Russia, Germany and Portugal reported an expanding spread of the highly transmissible delta variant that first appeared in India. Scott Gottlieb, a former head… Source link

Fresh coronavirus outbreaks in Southern China are threatening to create new bottlenecks at America’s largest port again, even as the recovery in Western economies help to dramatically reduce its inventory. In an interview with Yahoo Finance Live, Port of Los Angeles Executive Director Gene Seroka said he expected to see “a little bit of a lull” with roughly a third of its cargo coming in from the Pearl River Delta in the Guangdong Province. “What we’re seeing is that 50% of normal… Source link