BEIJING (AP) — Chinese regulators have ordered ride-hailing platforms to correct unfair market tactics amid a broad crackdown on the internet sector that has spooked investors and shaved billions off the valuations of some of China’s biggest technology companies. The transport ministry, internet watchdog and other regulators on Wednesday ordered 11 such platforms by year’s […]
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Hugely popular online games and celebrity culture in China are the latest targets in the ruling Communist Party’s campaign to encourage the public to fall in line with its vision for a powerful, more wholesome country. The message? Play less, study and work more. Rules that take effect Wednesday cut the amount of game time […]
China is banning children from playing online games for more than three hours a week, the harshest restriction so far on the game industry as Chinese regulators continue cracking down on the technology sector. Minors in China can only play games between 8 p.m. to 9 p.m. on Fridays, weekends and on public holidays starting […]
Documents revealed on Thursday in Epic Games’ antitrust lawsuit against Google exhibit allegations of how the search engine giant conducted underground deals with other companies to sustain Google’s Play Store supremacy on the app ecosystem. Premier Device Program, the social network’s offer to Android manufacturers to give exclusive rights to adopt Google’s Play Store as […]
China is tightening control over data gathered by companies about the public under a law approved Friday by its ceremonial legislature, expanding the ruling Communist Party’s crackdown on internet industries. The data protection law follows anti-monopoly and other enforcement actions against companies including e-commerce giant Alibaba and games and social media operator Tencent that caused […]
The Chinese government revealed on Wednesday a five-year plan sketching the state’s scheme to strengthen its regulation grasp on much of its economy. The documentation, referencing Chairman Mao, came as a follow-up to Beijing’s recent regulations wave targeting the nation’s various industries and sectors. Beijing’s plan clarifies that additional rules will be endorsed to empower […]
After doubling its value in only six months, Reddit, the social networking site often labeled as the front page of the internet, is now worth more than $10 billion after earning $410 million in funding. The company announced the milestone through an in-depth interview with The New York Times, in which Reddit’s co-founder and CEO Steve Huffman disclosed how the company managed to raise its value in a short […]
China’s tech sector hustles to free itself from trustbusters’ noose by self-correcting its behavior in a bid to get ahead of any impending regulatory rage from Beijing. The country’s tech sector has played its latest card in what seems to be a never-ending battle between authorities and the industry. Some of China’s biggest companies […]
South Korean developer of Player Unknown’s Battlegrounds’ (PUBG), Krafton, initial public offering recorded a 20 percent drop on Tuesday following a crackdown due to a state-led media attack on the gaming industry. This is considered the biggest initial decline of a South Korean IPO after LG Philips LCD collapse in the same market 17 years ago. Krafton’s loss came after it reduced its IPO target by more than 10 percent last month following regulatory demands […]
Chinese telecom giant Huawei experienced fatal losses in Q2 2021 revenues, while South Korea-based telecom provider, KT Corporation, acquired on Tuesday a remarkable increase in profits during the same period. The two-year old U.S. sanctions imposed on the Chinese firm pounded both its network infrastructure and smartphone sales. The consumer electronics business was the company’s […]