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TikTok’s parent ByteDance plans $1 bn investment in India in next 3 years

21Apr By Press Trust of IndiaNo Comments

BUSINESS

TikTok’s parent ByteDance plans $1 bn investment in India in next 3 years

New Delhi: Unfazed by the ban on TikTok in India, the popular Chinese short video app's parent ByteDance remains "very optimistic" and plans to invest $1 billion in the country over the next three years. ByteDance — touted to be among the world's most valuable startups with investors like SoftBank, General Atlantic, KKR and Sequoia on board also offer platforms like Helo and Vigo Video in India. Speaking to PTI, ByteDance Director (International Public Policy) Helena Lersch said the company has been strengthening its content moderation policies over the last many months. "We are obviously disappointed by the current developments, but we are also very optimistic that we will resolve this issue. We remain committed to our Indian users. As a company, we are looking to invest $1 bill...

Google blocks TikTok app in India, Apple still running it

17Apr By AdityaNo Comments

News

Google blocks TikTok app in India, Apple still running it

After an Indian court decision, Google blocked video app TikTok in India from its App store. After refusal on the ban by southern Tamil Nadu court on the request by China's Bytedance Technology TikTok app future is now uncertain in India. As per the latest information, the app was still available on Apple's platforms but was no longer available on Google's Play store in India. The state court had on April 3 asked the federal government to ban TikTok, saying it encouraged pornography and made child users vulnerable to sexual predators. Its ruling came after an individual launched a public interest litigation calling for a ban. The federal government had sent a letter to Apple and Google to abide by the state court's order, according to an IT ministry official. “We have fa...

Tencent raises $6 bn funding through bond sales

4Apr By AnkitaNo Comments

CHINA

Tencent raises $6 bn funding through bond sales

Shenzhen-based internet giant Tencent raises USD 6 billion in the bond sale. This is one of the biggest money collection through bond sales in Asia this year. Tencent confirmed this news in a filing to the Hong Kong stock exchange on Thursday with the biggest 10-year tranche of USD 3 billion priced at 3.975 percent. The social media giant in china also sold a five-year tranche of USD 2 billion in fixed and floating rate, USD 500 million in seven-year notes, and USD 500 million in 30-year notes. The dollar bond offering marks the biggest sale in Asia excluding Japan so far this year, according to data compiled by Bloomberg News, when sources tipped the offering to raise around USD 5 billion earlier this week. "The market is keenly anticipating Tencent's jumbo offering given the...

Trump says Google CEO Sundar Pichai committed to US, not Chinese military

28Mar By Press Trust of IndiaNo Comments

USA

Trump says Google CEO Sundar Pichai committed to US, not Chinese military

US President Donald Trump said that Google CEO Sundar Pichai, whom he'd previously accused of indirectly boosting China's military, has reassured him that he is "totally committed" to US security. "Just met with @sundarpichai, President of @Google, who is obviously doing quite well," Trump tweeted after a White House meeting. "He stated strongly that he is totally committed to the US Military, not the Chinese Military." Earlier this month Trump complained that Google's business activities in China were "helping China and their military. "There was also criticism from General Joseph Dunford, chairman of the Joint Chiefs of Staff, who told Congress "the work that Google is doing in China is indirectly benefiting" China's armed forces. America's top military officer has also urged U...

20Jan By Press Trust of IndiaNo Comments

CHINA

Coffee Clash Brewing in China: Startup Luckin takes on Starbucks

AFP: When Starbucks came to China two decades ago it promised to open a new store every 15 hours. Now a homegrown Chinese company Luckin Coffee plans to build a high tech-driven shop every three and a half hours to dethrone the US giant. The Chinese upstart is burning through millions of dollars to lure customers with steep discounts, challenging Starbucks' dominance by targeting office workers and students who prefer to have their java on-the-go or delivered to their doorstep. They could really benefit from wholesale coffee roasters similar to Iron and Fire based in the UK so they're really able to take on the competition. While Starbucks and British rival Costa Coffee offer lounging spaces for people to work or meet friends, most Luckin outlets are more like "delivery kit...

Tata’s JLR to shed 4,500 Jobs Worldwide Amid Slumping Sales in China, Brexit Concerns

11Jan By AnkitaNo Comments

Automobile

Tata’s JLR to shed 4,500 Jobs Worldwide Amid Slumping Sales in China, Brexit Concerns

Jaguar Land Rover, owned by Indian conglomerate Tata Motors announced around 4,500 job cuts worldwide after the dwindling sales in China and concerns about UK's competitiveness post Brexit. The JLR's manufacturing is centred in the UK, with additional plants in China, Brazil, Austria and Slovakia. In India, the company has an assembly unit in Pune. As per the report, the substantial majority of the 4,500 job cuts will be from JLR's 40,000-strong UK workforce. Most of the cuts will be in office roles as the company wants to simplify its management structure, it said. China is JLR's biggest and hitherto most profitable market. In China it has hired 4,000 workers since 2014. The JLR has been saying for more than a year that Brexit uncertainty would eventually take its toll on ...

31Dec By Gauri SinghNo Comments

CHINA

Online Consumption in China Goes High-end

Consumers in China are increasingly opting for smart and quality products online as robots and imported goods are gaining popularity as stated by a report. The report was announced by e-commerce giant Alibaba's Taobao village and think tank Aliresearch. It showed the consumption trend in the first 11 months of 2018 in the nearly 3,000 county-level administrations in China. Robot vacuum sales in the top 10 Chinese counties topped 100 million yuan ($14.6 million) during the period, while the stir-fry robot has become a popular smart kitchenware genre, according to the report. Agricultural drones sales online are also noted in counties in the northeast regions, as farmers in the traditional agricultural base modernize their production. The report also marks the rapid sales growth...

29Dec By Gauri SinghNo Comments

CHINA

Huawei, Alibaba, Xiaomi top Fortune List of China’s Most Innovative Companies

China has announced its list of the most innovative companies in the country and Huawei was ranked first among the most innovative company in China, followed by Alibaba and Xiaomi, in a list published by Fortune China. The Chinese-language edition of Fortune released its ranking of "China's most innovative companies for 2018" on Wednesday after surveying 359 companies, including many of China's top 500 companies and the country's firms in the world's top 500. The survey was done in partnership with the consultancy firm A.T. Kearney. The list highlighted dozens of innovative companies in sectors as diverse as telecommunications, smart homes, retail, manufacturing, logistics, banking, and healthcare. China broke into the list of the world's top 20 most-innovative economies in July,...

26Dec By Gauri SinghNo Comments

CHINA

China to Pay an Increasingly Vital Part in US companies’ Growth Plans

China has become an integral part of the growth plans of many US businesses, not just because of its sheer size but also due to its strategic importance. "China is actually becoming the leader in many markets and technologies that we are interested in," said Shafer, referring to digital platforms in China that help companies engage with customers. Huff, a political veteran, made these remarks in an exclusive interview after China's annual Central Economic Work Conference in Beijing. During the meeting China's top leadership reviewed the country's economic work in 2018, analyzed the current economic situation and arranged economic work for the coming year. A former California State Senator, serving from 2008 to 2016, Huff said that periodic review of real-world results from a coun...

25Dec By Gauri SinghNo Comments

CHINA

China Aims to Build up 212 National Logistic Hubs

China plans to build 212 national logistic hubs and form a national logistics hub network in line with the advanced economic system by 2035. About 30 hubs will be established by 2020 and another 150 will be built by 2025, reducing the ratio of total logistics expenses to GDP to about 12 percent, according the overall arrangement and construction plan for national logistic hubs. The plan released by the National Development and Reform Commission and the Ministry of Transport on Monday also named 127 qualified cities to host the project of building six kinds of hubs, including land port, harbor port, airport, service-oriented port, commerce and trade-oriented port and land border port. Air express, high-speed rail express, cold-chain express, e-commerce express and cross-border com...

JD.com Launches P2P Online Lending Products

25Dec By Gauri SinghNo Comments

Tech

JD.com Launches P2P Online Lending Products

E-commerce giant JD.com has become the first Chinese tech tycoon to launch peer-to-peer online lending products. "Hefeng online lending" or literally "Hefeng Wangdai", a platform providing information service on P2P online lending under JD.com, sold out all the products within seconds after it started operation on Sunday. This made JD the first BATJ or Baidu, Alibaba, Tencent and JD, to enter peer-to-peer online lending market. The P2P online lending platform provide one-month, three-month, six-month and 12-month products with 5 percent, 5.5 percent, 6 percent and 6.5 percent annual return rates. The lending benchmark was 1,000 yuan ($144.96) and almost all the borrowed money was expected to be used for daily consumption. Peer-to-peer online lending has experienced serious ...

24Dec By Gauri SinghNo Comments

CHINA

China to Expand Advanced Manufacturing Domestic Market

China's top economic planner has pledged to strengthen the advanced manufacturing sector and foster a stronger domestic market amid efforts to stabilize economic growth. He Lifeng, head of the National Development and Reform Commission, said China will narrow the gap in major technical equipment capabilities to tap into the huge domestic market potentials in this sector. Efforts will also be made to accelerate upgrading of traditional industries to make them more digitalized, connected and smart, which will also unleash gigantic domestic market potentials. China will also speed up development of world-class technological innovation centers to foster new growth drivers, and expand investment in infrastructure related to key areas such as poverty relief, agriculture and energy to s...