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☆ Explainer: What we know and don't know about the Chinese balloon
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +6 min

Here's what we know, and don't know, about the balloon that has triggered a dramatic diplomatic dispute between the two powers:HOW BIG IS IT? WAS IT A WEATHER BALLOON? Other companies that develop stratospheric balloon systems include U.S. space tourism firm World View and French firm CNIM Air Space. AIR is particularly keen on stratospheric balloon technology and has posted several articles on its WeChat account about Aerostar. read moreWhile analysts did not yet know the size of the Chinese balloon fleet, U.S. officials have spoken of dozens of missions since 2018 across five continents, with some targeting Japan, India, Vietnam, Taiwan and the Philippines.

"(The balloon can) induce and mobilise the enemy's air defence system, providing the conditions for the implementation of electronic reconnaissance, assessment of air defence systems' early warning detection and operational response capabilities," the researchers wrote. Balloons are also used for scientific purposes such as weather monitoring, including by the likes of the China Meteorological Administration. "In response to the growing threat posed by ground-based air defence systems to air attack forces, it is necessary to use cheap air balloons to create active and passive interference to effectively suppress enemy air defence early warning systems and cover air attack forces to carry out their missions," it argued. TECHNOLOGY PURCHASESChinese military units and state-run research institutes have bought high-altitude balloons and related technology in the past two years, a Reuters analysis of government tenders shows, though the documents are heavily redacted. The Aerospace Information Research Institute, part of the official Chinese Academy of Sciences (CAS), is among state institutions to have shown interest in balloons, frequently publishing articles about high-altitude balloons on an official WeChat account.

☆ India to ban Chinese-linked betting and loan lending apps, ANI reports
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

Feb 5 (Reuters) - India's Ministry of Electronics and Information Technology (MeitY) has begun a process to ban and block 138 betting apps and 94 loan lending apps with Chinese links, India's ANI reported on Sunday, citing sources. The Ministry of Home Affairs recommended the MeitY ban and block these apps by the coming week under Section 69 of India's IT law, the report said. The IT law allows the government to block public access to content in the interest of national security, among other reasons. Since the start of political tension with China in 2020 following a border clash, India has banned popular Chinese apps in the country including TikTok and WeChat Messenger. India last year blocked access to several Chinese mobile apps citing security concerns which was followed by China expressing concerns over bilateral economic and trade cooperation.

☆ China's Tencent wants to expand its presence in Singapore — and Chinese tourists are a big reason
▼ + stars: | 2023-02-03 | by ( Kimberley Kao | ) www.cnbc.com time to read: +3 min

Budrul Chukrut | Sopa Images | Lightrocket | Getty ImagesTencent is expanding its presence in Singapore — and China's a big reason. The Chinese tech giant has struck new partnerships with Singapore businesses such as ride-hailing app Grab through its digital messaging app, WeChat/Weixin. In Grab's mini-program, Chinese travelers can also choose to pay via WeChat/Weixin Pay in Chinese yuan. "Chinese travelers represented the largest group of non-Southeast Asian users using the Grab app in 2019," he added. Singapore did not tighten travel restrictions for Chinese travelers after China announced the easing of its border controls.

☆ Buy this Chinese tech giant to play a $284 billion video gaming opportunity: Goldman Sachs
▼ + stars: | 2023-02-03 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

U.S. giants Activision Blizzard and Roblox have long been investor favorites for exposure to the video gaming sector, but Goldman Sachs has an alternative pick to play the sector. Alternative pick Against this backdrop, Goldman is betting on tech giant Tencent to play the sector's rapid growth in China – the world's largest online game market. Tencent is expected to grow its game revenue by 9% annually into 2024, according to Goldman, with international gaming revenue making up about 30% of Tencent's total revenue by 2030. While a number of factors have undermined global games revenue growth in 2022, Goldman expects the market to rebound by 5% and 7% in 2023 and 2024, respectively. As such, the bank said the industry is set for exponential growth into 2026 and has forecast global online game revenue to expand at a compounded rate of 4.4% annually to $284 billion in 2026.

☆ Blackstone's real-estate business is totally fine, so please stop asking about it
▼ + stars: | 2023-02-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Blackstone's real-estate business is literally fine, everyone. Yes, the private-equity giant had to limit investors from pulling their money out from the $69 billion Blackstone Real Estate Income Trust (BREIT) in December. And yes, it's also true that Blackstone had to tell investors again on Wednesday that investors were pulling money from BREIT. Murphy, an executive at Standard Investments, serving as Blackstone's new COO of corporate private equity and Heather von Zuben's appointment as COO of Blackstone's credit arm. As much as I enjoy poking fun at Blackstone, Schwarzman and Gray aren't necessarily wrong, to a degree.

☆ What Elon Musk has said publicly — and in private texts — on his ideas for Twitter and X, an 'everything app'
▼ + stars: | 2023-02-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +8 min

Elon Musk has discussed his plans for X, an "everything app," on Twitter and in private texts. AP Photo/Jacquelyn MartinPrivate texts about a blockchain-based platformMusk has also discussed creating a social media platform built on a blockchain. In April, the billionaire privately outlined his idea for a "Doge" social media platform in texts to his younger brother, Kimbal Musk. "I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter," Musk texted. Shortly after buying Twitter, Musk began charging Twitter users for the app's blue check mark.

☆ Due diligence is top of mind for Wall Street in the wake of blowups at Frank and FTX. Here's what it means for the state of M&A.
▼ + stars: | 2023-01-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In the long list of boring, behind-the-scenes stuff for deals to get done, due diligence ranks close to the top. One of the more fascinating knock-on effects is how buyers might leverage FTX and Frank as a way to get better terms on deals. Click here to read more about the new state of due diligence in the wake of FTX and Frank. I know you're a passionate bunch, so we compiled everything Wall Street is saying about the EV maker's fourth-quarter earnings. Which fast-food joint has the best coffee?

☆ Alibaba, Tencent 'golden shares': China is pulling different strings to control Big Tech
▼ + stars: | 2023-01-27 | by ( Laura He | ) edition.cnn.com time to read: +6 min

According to a person familiar with the matter, the Chinese government is also discussing taking a similar stake in a mainland Chinese subsidiary of Tencent (TCEHY), the group that includes WeChat and a vast gaming business. The headquarters of the Cyberspace Administration of China in Beijing, China on July 16, 2021. “Golden shares” give their owners, usually governments, some level of control over companies, often those that were previously state-owned. In April 2021, a government entity acquired a 1% stake in a Beijing subsidiary of TikTok’s parent company Bytedance, according to Qichacha. The Communist Party may be easing off on fines and penalties, but the “golden shares” approach seeks the same end, which is “control and tight oversight,” said Capri.

☆ TikTok Is Bad, but WeChat Is Worse
▼ + stars: | 2023-01-25 | by ( Seth D. Kaplan | ) www.wsj.com time to read: +1 min

WeChat is the most popular communications platform in the world for Chinese speakers. Congress banned the use of TikTok on government devices recently, and the Biden administration is reportedly seeking to go further by, for instance, limiting access to user data to mitigate the app’s dangers. Given the zeal to address threats emanating from a Chinese app, why is WeChat being ignored? But since it is a China-based technology product, WeChat is also a prominent part of Beijing’s mass-surveillance network. User activity is tracked, analyzed, censored and handed over to the government in line with Communist Party mandates.

☆ As COVID surged in China, so did spending by funeral providers
▼ + stars: | 2023-01-20 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

China said last Saturday that nearly 60,000 people with COVID had died in hospitals between Dec. 8 and Jan. 12 - a roughly 10-fold increase from previous disclosures. However, that figure excludes those who died at home, and some doctors have said they are discouraged from putting COVID on death certificates. "In recent times in Jieshou City, the cremation business volume has increased, the funeral hall's remains refrigerator cannot meet the current unit demand. Now need to purchase 10 units of all-in-one three-door freezers, for a total investment of about 400,000 yuan," the tender read. "In December 2022, the country adjusted its COVID policy, the cremation business of funeral parlours surged, and the demand for cremation equipment from funeral parlours in some areas increased," it said.

Bills to block the app on state devices in California, Massachusetts, New York and Vermont have also been proposed. University of IdahoSchool’s policy: TikTok must be removed from university equipment "regardless of funding source," according to the school's help page. South Dakota University SystemSchool’s policy: The South Dakota Board of Regents, which governs six universities including Black Hills State University, University of South Dakota, Northern State University, Dakota State University, South Dakota State University and South Dakota Mines, told employees they could not use, download or access TikTok on university devices. University of Texas — AustinSchool’s policy: On Dec. 16, university officials announced that TikTok would be banned on state-issued devices. Texas Tech UniversitySchool’s policy: University employees are prohibited from using TikTok on school-issued devices and official university TikTok accounts must be deactivated.

☆ China to launch state-backed transport platform for ride-hailing, trucking
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 18 (Reuters) - China will soon launch a state-backed platform for transport which includes services of ride-hailing, cargo trucking, road transport, railway, ferry and flight services, Chinese state media Beijing Daily reported on Wednesday. China's ride-hailing market was dominated by Didi Global which ran afoul of powerful regulator the Cyberspace Administration of China in 2021. The 18-month ban on the ride-hailer was lifted on Monday after the company took effective measures to ensure platform safety and data security. The state-backed platform, called "Qiang Guo Jiao Tong" - or "Powerful Nation's Transportation" - will offer people convenient services while maintaining data security and protecting personal privacy, Beijing Daily reported. Other social media apps such as Wechat, Alipay and Douyin will be integrated into the platform, the report added.

☆ Chinese EV maker Xpeng joins Tesla, Seres in price cuts
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Xpeng lowered the starting prices for its best-selling pure electric P7 sedan to 209,900 yuan ($31,015), according to the notice, 12.5% lower than its previous level. EV makers, though many of them still loss-making, are therefore under pressure to cut prices to sustain sales volumes. Xpeng said it would offer car owners who purchased automobiles before the price cut extended maintenance services for free as compensation. Xpeng is also counting on a revamped version of the three-year-old P7 sedan to be launched in the first quarter to boost sales. The EV maker sold 59,066 P7 cars in 2022, 2.5% fewer than a year earlier.

CNN —More than half of all US states have partially or fully banned TikTok from government devices, according to a CNN analysis, reflecting a wave of recent clampdowns by governors and state agencies targeting the short-form video app. The accelerating backlash by states against TikTok, which has at least 100 million users in the United States, extends to states governed by Republicans and Democrats, and spans all regions of the country. Many of the states have singled out TikTok for executive action, with governors prohibiting the social media platform from government networks and devices. A handful of states are mulling legislation to restrict TikTok, mirroring similar efforts at the federal level by US lawmakers. Nearly two dozen states announced restrictions late last year amid reports that a negotiation between TikTok and the US government had stalled over whether the company could continue offering its services in the United States.

☆ Here's a full list of the US states that have introduced full or partial TikTok bans on government devices over mounting security concerns
▼ + stars: | 2023-01-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

North Carolina and Wisconsin are the latest US states to ban TikTok on government devices. There are growing concerns that Chinese-owned apps share user data with its government. Many states have extended the ban to other Chinese-owned apps and platforms like Weibo, WeChat, Alibaba and Huawei Technologies. A number of states began banning the app as awareness about security issues increased. Here's a list of all 27 states that have prohibited the use of TikTok on state devices.

☆ Analysis: Tencent bets big on WeChat Channels in push to build its own TikTok
▼ + stars: | 2023-01-13 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

"Tencent hopes it can turn Channels into the next WeChat Pay. Two sources familiar with Tencent said the importance of Channels has been repeatedly communicated within the company. In November, Tencent President Martin Lau said Channels' advertising revenue was on track to reach 1 billion yuan in the fourth quarter of 2022. "For example, in Douyin or Kuaishou, you won't be able to ask your viewers to add you on WeChat. But on Channels, you can quickly add somebody on WeChat," Yang said.

☆ Kentucky bans TikTok from government-owned devices
▼ + stars: | 2023-01-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 13 (Reuters) - Kentucky is joining more than 20 U.S. states in banning the popular video app TikTok on government devices citing cybersecurity concerns. On Thursday, the governors of Wisconsin and North Carolina signed orders banning TikTok on government devices. Calls to ban TikTok from government devices gained steam after U.S. FBI Director Christopher Wray said in November it poses national security risks. Wray flagged the threat that the Chinese government could harness the app to influence users or control their devices. Last month, President Joe Biden signed into law a government funding bill that included a ban on federal employees from using or downloading TikTok on government-owned devices.

☆ Ohio and New Jersey ban Tiktok on government devices over Chinese surveillance fears, joining over 20 other states
▼ + stars: | 2023-01-10 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

New Jersey and Ohio are the latest states to ban TikTok on government-owned devices. New Jersey's governor Phil Murphy announced a cybersecurity order on Monday, to "prohibit the use of high-risk software and services," on government owned devices. "The proactive and preventative measures that we are implementing today will ensure the confidentiality, integrity, and safety of information assets managed by New Jersey State government. A growing number of states have banned TikTok from government devices since December including Alabama, Georgia, Idaho, South Carolina, Texas, Utah, Virginia and more. An analysis by website Government Technology, published before the New Jersey and Ohio bans were announced, shows more than 20 states have banned TikTok on government devices.

☆ China halts short-term visas in South Korea, first response to COVID curbs
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING/SEOUL, Jan 10 (Reuters) - The Chinese embassy in South Korea has suspended issuing short-term visas for South Korean visitors, it said on Tuesday, the first retaliatory move against nations imposing COVID-19 curbs on travellers from China. A Chinese embassy official confirmed the new measures. South Korea's Park told Qin the new border restrictions were "science-based" measures, according to his office. Last week, South Korean police tracked down a Chinese man who went missing while awaiting quarantine after having tested positive for COVID-19 upon arrival. South Korea's President Yoon Suk-yeol said on Monday the country's border measures should focus strictly on the safety of its citizens.

☆ Why India banned TikTok — and what the US can learn from it, as pressure mounts for Biden to follow suit
▼ + stars: | 2023-01-07 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +6 min

To see what could happen if the US were to ban TikTok, analysts say to look at India. Why did India ban TikTok? What happened when India banned TikTokIn the summer of 2020, India banned 59 Chinese apps including TikTok, WeChat, Weibo, and QQ, an instant-messaging service owned by the internet giant Tencent. While the situation wouldn't be exactly the same, the US might face these questions if it decides to ban TikTok. "So if that continues to deteriorate, I can't imagine that that that doesn't increase the odds of some sort of TikTok ban."

☆ Elon Musk must do these 10 things to turn Tesla stock around in 2023, says Wedbush's Dan Ives
▼ + stars: | 2022-12-29 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Wedbush's Dan Ives listed 10 steps for Elon Musk to take to turn Tesla stock around in the new year. Among the steps are naming a new CEO of Twitter by the end of January and Tesla stock buybacks. "The 50% growth target is not happening in our opinion, with 35%+ delivery growth a more hittable and realistic goal for 2023." Issue a Tesla stock buyback. "Right now very simply the fear is Twitter is bleeding money with advertisers fleeing (for now) which means more losses and therefore more Musk TSLA stock sales.

☆ Tencent chief blasts managers in fiery townhall - sources
▼ + stars: | 2022-12-23 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

In a rare show of frustration, Pony Ma said at a year-end meeting with staff on Dec. 15 that internal reviews this year had exposed unspecified corruption within Asia's biggest social media and gaming company, the sources said. Tencent reported a second straight quarterly revenue drop last month as China's economic slowdown and regulatory scrutiny hit its ad and gaming businesses. Up to the previous quarter, Tencent had reported double-digit growth for almost every three-month reporting period since going public in 2004. Ma, who mostly stays out of public view, also said the company needed to focus on short video for future growth, and described the WeChat Video Account, Tencent’s short video platform, as the "hope" of the Shenzhen-based company, the sources said. He warned that the video gaming business group would have to get used to Beijing’s strict licensing regime, and the number of new games China would approve would remain limited in the long run.

☆ Hospital warns of ‘tragic battle’ as Covid spreads in China
▼ + stars: | 2022-12-22 | by ( ) www.nbcnews.com time to read: +4 min

A Shanghai hospital has told its staff to prepare for a “tragic battle” with Covid-19 as it expects half of the city’s 25 million people will get infected by the end of next week, while the virus sweeps through China largely unchecked. China reported no new Covid deaths for a second consecutive day for Wednesday, even as funeral parlour workers say demand for their services has increased sharply over the past week. Authorities — who have narrowed the criteria for Covid deaths, prompting criticism from many disease experts — confirmed 389,306 cases with symptoms. A Covid patient is wheeled on a stretcher at hospital in China's southwestern city of Chongqing on Thursday. Footage from a Beijing hospital on CCTV state television showed rows of elderly patients in the intensive care unit breathing through oxygen masks.

Nanjing, a historic city in eastern China, vowed to ensure daily supplies of fever medicines. The rapid spread of the virus across China has left many pharmacies sold out of medication to treat COVID-19. A major Chinese pharmaceutical company said this week that it expects the shortage of fever medicines to ease soon as manufacturers ramp up production. The Haikou-based drug manufacturer said there was a “short-term” shortage of its fever and cold medicines mostly due to hoarding. Tech giant Tencent announced this week that it had rolled out a program via its social messaging app Wechat allowing people to share surplus fever medicines.

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