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Google to Invest $500 Million in Chinese E-commerce Giant

18Jun By Gauri SinghNo Comments

FUNDING

Google to Invest $500 Million in Chinese E-commerce Giant

The biggest multinational tech company Google announced on Monday that it will invest an amount of $500 million in Chinese second largest e-commerce platform called JD.com. Both the companies have mentioned this funding as an association that will help in the promotion of JD.com products on Google’s shopping service. In return for the funds, Google will receive more than 27 million newly issued Class A ordinary shares of JD.com at an issue price of $20.29 per share. This would also be helpful for the Chinese company to expand its existence beyond China and Southeast Asia to other markets in the US and Europe. "This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers throughout the world," stated Jianwen Liao, JD.com's chief...

9Jun By Gauri SinghNo Comments

CHINA

What is SCO Summit? How It Will Help Countries Like India, China & Russia

The Shanghai Cooperation Organisation (SCO) is an organization of countries which was introduced on 15th June 2001 in Shanghai, China. The organization was inaugurated by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. It came into force on 19th September 2003. Currently, an SCO summit is organized in Qingdao, China which is ought to be attended by representatives of all the member countries along with our country’s Prime Minister Narendra Modi. Modi on Saturday morning departed for China to attend the two-day long 18th Shanghai Cooperation Organisation (SCO). WHAT IS SCO? The Shanghai Cooperation Organisation (SCO) is an international alliance that consists of 8 member states and 3 observers from Eurasia. SCO was born for collaboration between...

Meet The World’s Fastest Supercomputer Launched By IBM

9Jun By Gauri SinghNo Comments

Tech

Meet The World’s Fastest Supercomputer Launched By IBM

The International Business Machines Corporation (IBM) along with the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL) announced the launch of its latest and world’s fastest supercomputer named ‘Summit’. Summit was revealed at Friday at Oak Ridge National Laboratory in Tennessee. The supercomputer highlights a peak performance of tremendous 200,000 trillion calculations per second. That as fast as each of the planet's 7.6 billion people doing 26 million calculations per second on a hand calculator. IBM has declared that ‘Summit’, at present, is the most powerful and intelligent scientific computer in the world. The production and working on the supercomputer has been carried for decades and it seems their efforts have well succeeded. The features of the computer are th...

8Jun By Gauri SinghNo Comments

CHINA

China Plans to Import American Goods Worth $70 Billion

China has reportedly offered to buy agricultural and energy products worth $70 billion approximately from the United States as long as the Trump administration is not moving forward to impose tariffs against the country. This offer popped up during a meeting in Beijing held this weekend between Commerce Secretary Wilbur Ross and the Chinese economic adviser Liu He. The offer revolved all around a package that included that the Chinese companies would buy more of US farm and energy products such as soybeans, corn, natural gas, crude oil, coal and manufactured goods. The estimated value of the package, in this matter, was around $70 billion in the first year as stated previously. China's state-backed newspaper Xinhua said that China is willing to increase imports from other countries, ...

Ant Financial Raises $14 Billion From National And International Investors

8Jun By Gauri SinghNo Comments

FUNDING

Ant Financial Raises $14 Billion From National And International Investors

China’s biggest online payment platform Ant Financial Services Group which operates the Alipay mobile payment service, in its recent funding, has raised a huge amount of around $14 billion, with the aim to expand its platform across the globe and bring in latest technologies. Ant Financial which is controlled by Jack Ma is an Alibaba affiliated fintech firm. The investment of the firm is being reviewed as the biggest-ever single fundraising globally by any private sector company. In a statement, Ant Group told that the funding comprised of both U.S. dollar and Chinese yuan tranches, where the dollar share made up over $10 billion and the yuan tranche was mainly contributed by the existing shareholders. "Now, with the help of our partners, we are going to accelerate our strategy," Ant...

6Jun By Lavina TolaniNo Comments

CHINA

China’s ZTE Signs US Agreement to put itself Back in Business

ZTE Corp, China's leading telecommunication equipment maker has signed an agreement in principle that would lift a US Commerce Department ban on buying from US suppliers, as informed from the sources. ZTE had to cease its major operations post a seven-year ban imposed on the company in April when it breached the 2017 agreement and was caught shipping goods illegally to North Korea and Iran. The U.S. action which was first reported earlier in March had turn devastating for ZTE as China’s second-biggest telecom equipment maker relied heavily on U.S companies such as Qualcomm and Intel for up to a third of its components. While ZTE has refrained itself from commenting on the matter, a commerce department spokesperson has said that "no definitive agreement has been signed by both part...

Walmart Sells 80% Stake in its Brazilian Business

5Jun By Gauri SinghNo Comments

USA

Walmart Sells 80% Stake in its Brazilian Business

The American Multinational Retail Corporation Walmart Inc. has announced to sell the majority of its stake that is 80% stake in its Brazilian business operations to a private equity company Advent International Corp. decreasing its existence in countries where it is battling and struggling for profitability. Walmart is a US-based retail company which is the world’s largest firm in terms of revenue generation. The company is now on the tracks of exploring and expanding overseas by selling assets in lower-growth markets and investing in high-profit opportunities like India and China. Walmart expects to keep a 20% stake but, the terms and financial details of the deal have not been revealed as of now. The retail company, however, has expressed an expectation of recording a non-cash net ...

3Jun By Gauri SinghNo Comments

CHINA

China Signs a Deal worth $390 billion with Belt and Road Countries

China has signed a contract regarding trade deals with the member countries of its enterprising 'Belt and Road Initiative'. As reported by the Chinese Ministry of Commerce, the deal worth USD 390 billion has been signed in the first four months of this year. The Belt and Road Initiative (BRI) is an expansion programme initiated in 2013 by the Chinese government the objective of which is to maintain connectivity and cooperation between Eurasian countries. The BRI's aim is to build trade and infrastructure networks linking economies around the whole world along the ancient Silk Route. At present, over 100 countries and international organizations have supported and became a part of this initiative. Gao Feng, the commerce ministry spokesperson confirmed the news and quoted,"China and coun...

World’s Highest-Valued AI Company Raises $1.2 Billion Within 2 Months

2Jun By Gauri SinghNo Comments

FUNDING

World’s Highest-Valued AI Company Raises $1.2 Billion Within 2 Months

China's leading artificial intelligence company, SenseTime has raised $620 million in its latest Series C+ round of fundraising, being the world's highest-valued AI company at a valuation of more than $4.5 billion. The company had raised $600 million last month Alibaba-led investors and Singapore’s state investment firm and now is back with an upraise. The latest funding of the startup is being carried on in association with some well-known and noteworthy companies - Fidelity International, Hopu Capital, Silver Lake and Tiger Global. SenseTime confirmed that Qualcomm, which formerly sponsored the firm, was also in this round. The new investment brought the amount raised to more than $1.2 billion and tripling its valuation in under a year. SenseTime is at present valued at over $4.5 bill...

1Jun By Lavina TolaniNo Comments

CHINA

China to Cut Import Tariffs on Consumer Goods By July 1

The Finance Ministry of China has announced to slash import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, a move that would boost imports as a part of efforts to open up the economy. This move will be in line with Beijing's pledge to its trade partners-including US that China will push efforts to increase imports offering a boon to global brands looking to extend their reach in China. A detailed list of products that will be affected by the new tax rates has been published by the finance ministry. Import tariffs on footwear, apparel, kitchen supplies will be halved to an average of 7.2 percent from 15.9 percent while refrigerators and washing machines tariffs will be reduced to 8 percent, from 20.5 percent. Skincare and cosmetic p...

26May By Lavina TolaniNo Comments

CHINA

WeChat Bans ‘Sugar Daddy’ Dating Service in China

An online dating application in China which lets wealthy older people to connect with young lovers has been subject to restrictions after a surge in popularity in the country as reported by state media on Friday. Called SeekingArrangement or "Sugar Daddy", is dating app has now been suspended from WeChat -- a popular Chinese messaging service similar to WhatsApp. The app was becoming intensely popular and was the most downloaded app on Apple Store China this week. The suspension came after Global Times a state run organisation linked with Communist Party in China-urged the government to shut down app's operations for promoting "sugar dating", a practice in which wealthy elite suitors are matched with with younger people in exchange for economic benefits or gifts. Lawyers in the co...

OYO is Expanding Operations in China and Indonesia

23May By Sheldan RungasamyNo Comments

BUSINESS

OYO is Expanding Operations in China and Indonesia

OYO, the leading hotel aggregator, has taken a huge step towards expansion, after opening hotels in China and Indonesia making it one of the few Indian consumer technology companies expanding businesses in the world’s second largest economy. The developments come only eight months after the Gurugram-headquartered company raised $10 million funds from China Lodging Group, one of the largest multi-brand hotel groups in the world. Seemingly, the deal provided much more than capital value as it provided a strategic partnership to OYO for its international expansion plans. Commenting on the investment, Founder and CEO of OYO, Ritesh Agarwal said, Addressing consumers in India and Chine – two of the world’s fastest-growing markets – through our combined strengths opens up a very large and...