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28Jun By reutersNo Comments

CHINA

China Tightens Rules For Mobile App Developers

China has tightened rules for mobile app developers including requiring real-name registration and preserving users' activity logs, the country's internet regulator said on Tuesday, as Beijing looks to strengthen oversight of the growing app market. The Cyberspace Administration of China (CAC) said in a statement that mobile app providers would need to fulfill six requirements to help crack down on "unscrupulous" use of their platforms to carry out fraud, distribute pornography and spread malicious rumors. China's government already exercises widespread controls over the internet. It argues tough restrictions are needed to ensure security in the face of rising threats like terrorism, irking some foreign governments and business groups who say that the controls affect trade. Mobile app...

Chinese Tech Giant Baidu Planning of Mass-Producion of Driverless Cars

28Jun By AdityaNo Comments

CHINA

Chinese Tech Giant Baidu Planning of Mass-Producion of Driverless Cars

Chinese tech giant Baidu today said it plans to begin mass-production of driverless cars in five years as part of its efforts to get ahead of its US rivals Google and Tesla Motors in the autonomous vehicle technology. President Zhang Yaqin said Baidu will carry out road tests of driverless cars in 10 Chinese cities, with the aim to commercialise the technology in three years and realise mass production in five years. The move is a significant step for the Beijing-based tech company trying to get ahead of Google in building autonomous cars, and is marshalling the resources to advance the effort. During the ongoing Annual Meeting of the New Champions 2016, or Summer Davos, in Tianjin, Zang told state-run Xinhua news agency that the core technology of Baidus driverless cars, was the "B...

Alipay Could Acquire Stakes in German Banking Software Wirecard

27Jun By PriyankaNo Comments

CHINA

Alipay Could Acquire Stakes in German Banking Software Wirecard

Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba, about it taking a stake of up to 25 percent in the German banking software company, a newspaper reported on Sunday. Without citing its sources, the Bild am Sonntag weekly said Wirecard was in confidential talks with Alipay about it taking a stake of up to 25 percent, and possibly more later. A Wirecard spokeswoman declined to comment on the specifics of the report but confirmed that the company was in strategic talks with various partners, without elaborating. A source familiar with the matter said Ant Financial, which operates the Alipay platform, was not talking to Wirecard about an investment. In December, the two companies agreed to a deal to provide mobile phone payment servi...

25Jun By reutersNo Comments

CHINA

China Tightens Controls on Baidu Search Engine & Others

China's internet regulator said on Saturday that search engines should tighten management of paid-for ads in search results, making clear which results are paid for and limiting their numbers. The Chinese government already exercises widespread controls over the internet and has sought to codify that policy in law. Chinese regulators last month imposed limits on the number of lucrative healthcare adverts carried by Baidu Inc following the death of a student who underwent an experimental cancer treatment which he found using China's biggest internet search engine. Wei Zexi, 21, died in April of a rare form of cancer, and the case sparked widespread public anger. The Cyberspace Administration of China said search engines should investigate the "aptitude" of clients offering paid-for ...

23Jun By AdityaNo Comments

CHINA

McDonald’s Going To Auction China, HK stores, Could Fetch Up to $3 Billion Deal

McDonald's has received more than half a dozen bids for its China and Hong Kong stores, including offers from Beijing Tourism Group, Sanpower and ChemChina, in an auction that could fetch up to $3 billion, people familiar with the matter said. Buyout firms including Bain Capital, TPG Capital and Carlyle Group are also participating in the auction with a view to teaming up with Chinese strategic bidders, the people said. "Given the difficulties Western chains have had recently with public perception, local players have become a serious competitive threat," said Elizabeth Friend, consumer foodservice analyst at Euromonitor International. Oak Brook, Illinois-based McDonald's has hired Morgan Stanley to run the sale of about 2,800 restaurants in China, Hong Kong and South Korea, Reute...

23Jun By Press Trust of IndiaNo Comments

CHINA

Chinas 4G Users Touches 530 Million, Worlds Largest

High-speed network 4G has become immensely popular in China as the number of its users shot to 530 million in Q1 this year, exceeding the number of 4G users in the US and Europe put together, a senior official said today. China has the worlds largest 4G network, covering all cities and major towns, Chen Zhaoxiong, vice minister of industry and information technology told the 2016 China Internet Conference. China had around two million 4G base stations at the end of March, he added. Chinas mobile Internet users hit 619 million at the end of last year, accounting for a bit more than 90 per cent of the total netizens. The Internet has become a critical element of Chinas economic development, he said. The size of the Internet economy amounted to 1.12 trillion yuan (USD 171 billi...

Alibaba Expects $900 Billion Transaction Volumes By 2020

14Jun By AdityaNo Comments

CHINA

Alibaba Expects $900 Billion Transaction Volumes By 2020

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake produ...

5Jun By Press Trust of IndiaNo Comments

CHINA

Uber Aims to Overtake China Market Leader Didi in 2017

Ride-hailing app Uber expects to continue on a "rapid growth" path in China, hoping to surpass market leader Didi Chuxing in 2017, Uber China's head of strategy said on Friday. The company has been in fierce competition with Didi Chuxing, which is backed by Internet giants Alibaba Group and Tencent, across China. Uber's market share in China has grown to about 30% now from 1% in 2015, Liu Zhen said at The Wall Street Journal's Converge technology conference in Hong Kong. Both companies have spent heavily to subsidise fares to gain market share in the country, raising speculation in local media that they might ultimately join forces. Didi itself teamed up with a former local rival last year. "I heard the noise a lot and got asked that a lot about this (a tie-up with Didi)," ...

Chinese Search Engine Baidu to Pay USD 4.9 Lakh For Unfair Competition

27May By AnkitaNo Comments

CHINA

Chinese Search Engine Baidu to Pay USD 4.9 Lakh For Unfair Competition

A court in Shanghai has ordered Chinese search engine Baidu to pay 3.23 million yuan (USD 490,000) to a Shanghai company for unfair competition. In April, Shanghai Hantao Information Consultancy Co. Ltd, operator of Dianping.com, sued Baidu and another online company Jietusoft, for copying comments and business information from Dianping.com onto Baidu's online applications and Jietusofts online map service, which caused huge losses to Dianping.com. Hantao demanded over 90 million yuan in compensation. The Pudong District Peoples Court yesterday ruled that Baidus action has decreased the number of Dianping.coms users and directed the flow to its apps, which has not only caused losses to Dianping.com, but also violated the principles of business ethics and honesty, state-run Xinhua ...

US Regulators Investigating Alibaba’s Financial Model

26May By NitishNo Comments

CHINA

US Regulators Investigating Alibaba’s Financial Model

U.S. regulators are investigating Alibaba Group Holding Ltd's accounting practices to determine whether they violated federal laws, the Chinese e-commerce giant said, sending its shares tumbling nearly 7 percent on Wednesday. Alibaba said the Securities and Exchange Commission launched the investigation earlier this year. Questions about its growth rate and its relations with affiliated companies have dogged the firm for years. It was not immediately clear what prompted the SEC investigation. Alibaba said that it was cooperating with the authorities and that the SEC advised it the investigation should not be seen as an indication the company had violated federal securities laws. The SEC focused on the accounting for logistics firm Cainiao Network, which is around 47 percent-owned ...

24May By Press Trust of IndiaNo Comments

CHINA

China Apprehensive of Tim Cook’s Plans For India: Chinese Media

As Apple CEO Tim Cook spoke of plans to expand manufacturing operations in India, China apprehends that it could lead to possible exodus of Apple production chain and loss of tens of thousands of jobs, Chinese state-run media said. "It seems the time has come for China to consider whether it is ready for the possible exodus of Apple Inc's production chain," an article in Global Times said, referring to Cook's comments during his India tour. Cook had discussed with Prime Minister Narendra Modi the "possibilities of manufacturing". "Cook shared Apple Inc's future plans for India. He spoke of the possibilities of manufacturing and retailing in India. He appreciated the breadth of young talent in India and said the youth have significant skills which Apple would like to tap," an offic...

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

16May By Press Trust of IndiaNo Comments

CHINA

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

Chinese merchants will soon be able to sell their goods in 185 countries and regions through e-commerce giant Amazon's online marketplace, state media reported today. Amazon signed a deal with a cross-border e-commerce pilot zone in Hangzhou, east China's Zhejiang Province, to let traders use its site to sell to its 285-million active paying customers worldwide. Amazon's global logistic network will deliver goods from China to 185 countries and regions, state-run Xinhua news agency reported. Cross-border sales account for nearly one fourth of total revenue from third party merchants in Amazon's global marketplaces. The number of Chinese traders there doubled in first quarter from a year ago. Zhejiang province is looking to cross-border e-commerce to shore up trade, which shed 0...