India continues to favour a self-regulatory body for social media content disputes, a federal minister told Reuters, despite a lack of consensus among Big Tech companies to form a joint appeals panel. The government on Friday said it would set up an appeals panel amid concerns users had no recourse if they objected to moderation… Continue reading India remains open to self-regulation of social media content, says ministerDecisions about social media content have been a particularly thorny issue…
Author: Deal Street Asia Online News
Musk said to fire Twitter execs to avoid payouts, plan layoffs
Twitter’s new owner Elon Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday to avoid stock grants due on Nov. 1, according to media reports on Saturday. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and… Continue reading Musk said to fire Twitter execs to avoid payouts, plan layoffs
China to launch market-making on tech-focused STAR Market on MondayThe move is expected to cut investors’ trading costs, and improve pricing efficienc…
China’s Nasdaq-style STAR Market will officially launch market-making on Monday, in a bid to make the tech-focused board more liquid, vibrant and resilient, the Shanghai Stock Exchange said. The first batch of qualified market markers on STAR will start trading next week, which will cut investors’ trading costs, and improve pricing efficiency, the bourse said in a statement on its… Continue reading China to launch market-making on tech-focused STAR Market on MondayThe move is expected to cut investors’ trading costs, and improve pricing efficienc…
China’s Giant Biogene to raise $70m in Hong Kong IPOGiant Biogene had aimed to raise up to $500 million.
China’s Giant Biogene has priced its shares at HK$24.30 each to raise $70 million in its Hong Kong initial public offering, according to two sources with direct knowledge of the matter. The sources could not be named as the information had not yet been made public. Giant Biogene did not immediately respond to a request for comment. The… Continue reading China’s Giant Biogene to raise $70m in Hong Kong IPOGiant Biogene had aimed to raise up to $500 million.
China’s CITIC Securities posts 1.4% fall in third-quarter profit
CITIC Securities Co, China’s largest brokerage, on Friday posted a 1.4% fall in third–quarter profit. Net profit for the three months to Sept. 30 fell to 5.37 billion yuan ($740 million) from 5.45 billion a year earlier, the company said in a stock exchange filing. For the first nine months of the year, CITIC‘s brokerage business saw revenue fall by 19.2% to 8.8 billion… Continue reading China’s CITIC Securities posts 1.4% fall in third-quarter profit
Global equity funds receive inflows for first time in 10 weeks
Global equity funds attracted money inflows in the week ended Oct. 26, bolstered by expectations the Federal Reserve would slow its pace of rate hikes to counter the economic slowdown. According to Refinitiv Lipper data, investors bought a net $7.8 billion worth of global equity funds in the week, after ditching them in the previous nine weeks. U.S. equity funds obtained $7.9 billion, while Asian equity funds received $2.1 billion. On… Continue reading Global equity funds receive inflows for first time in 10 weeks
Xiaomi discontinues financial services business in IndiaThe company recently pulled its Mi Pay and Mi Credit apps in India.
Chinese smartphone maker Xiaomi Corp is winding down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter. The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report said. Three years after its launch, Mi Pay,… Continue reading Xiaomi discontinues financial services business in IndiaThe company recently pulled its Mi Pay and Mi Credit apps in India.
Warburg Pincus affiliate, Malabar invest $60m in Indian wearables brand boAt
Imagine Marketing Limited, the parent company of audio products and wearables brand boAt, Friday announced that it is raising about $60 million (Rs 500 crore) from its existing shareholder, an affiliate of private equity fund Warburg Pincus, and new investor Malabar Investments. According to a report in The Economic Times, the company has also withdrawn… Continue reading Warburg Pincus affiliate, Malabar invest $60m in Indian wearables brand boAt
China expands list of sectors for foreign investment, focusing on manufacturing
China‘s state planner on Friday issued the 2022 list of sectors for foreign investment, which has been expanded to encourage foreign capital to flow into manufacturing sectors in a bid to improve industrial and supply chains. The new list, with the number of industries expanding to 519 from 480 in the last publication of eligible sectors in 2020,… Continue reading China expands list of sectors for foreign investment, focusing on manufacturing
Telenor to provide support for customers of former Myanmar unit
Norway’s Telenor said on Friday it is exploring ways to provide support to Myanmar telecom users facing digital security risks after its exit from the Southeast Asian nation this year. Following a military coup in Myanmar in 2021, Telenor announced the sale of its business there to avoid European Union sanctions after pressure from the junta to activate intercept surveillance technology.… Continue reading Telenor to provide support for customers of former Myanmar unit