As a response to China’s new anti-terror law, 25 tech companies in the country have signed a pledge to help the government combat online terror activities. Under the law, tech companies are required to decrypt information for Beijing and provide assistance to keep the internet from terror-related contents.
China
Baidu Puts Up $3M Investment For Internet
Baidu sees that internet is the best help for the company to succeed. It is now investing $3M Investment.
Nova Sells Chinese Factories to Kuka
Nova LifeStyle, Inc., the leading furniture entity in China is selling its shares to Kuka for some unecpected reasons, behind China's economy. More so, this transfer will somehow make the Nova products alive and still available for selling.
China and Hong Kong Indexes Retracted Following Latest Economic Data
China's stock market slipped on Friday, as the country reported the economic growth is in accordance with analysts prediction. While investors expected a stronger result.
Alibaba Gets $1 Billion Stake Investment In Lazada
Alibaba is about to acquire Singaporean start-up Lazada for about $1 billion that was established by the German technology Rocket Internet. Existing shareholders including Tesco, AB Kinnevik and Rocket Internet will sell a portion of their shares to Alibaba.
Latest News
Stocks in the US had a higher opening on Wall Street on the optimistic thought of additional Chinese economic incentive. Global stocks improved after a series of decline in a year, helped by Chinese trade number that showed signs of economic recovery across the world.
Chinese stocks rose on Monday over the belief that lenient inflation data would promote policymakers to elevate the economic condition by additional financial easing. The benchmark Shanghai composite Index in China ended the trading session at 30333.96.
China's oil giant reported a 67% drop in profit. PetroChina reported its worst profit in 15 years which brought liability to $162 billion.
Investments in Chinese tech companies had a 50% surge in the first quarter of 2016. Nevertheless, many of the investments were spent in the big startups.
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Las Vegas Sands will pay a settlement charge of $9 million in order to clear the corruption case over operations in China.
Verizon Communications Inc will bid for Yahoo's web business, while Alphabet Inc's Google unit is also exploring options on bidding for it. Additionally, Verizon may also make an offer for stake in Yahoo's Japan subsidiary.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Philips is seeking to invest in healthcare technology start-ups in India, following other Fortune 500 firms in the world in empowering India's steadily growing start-up economy.
