Advertisements Chinese tech conglomerate Alibaba has bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country, the media reported on Saturday. According to South China Morning Post, more than… Read More ›
China
Chinese App TikTok Begins Laying Off People Amid Restructuring: Report
Advertisements Chinese short-video making app TikTok has started sacking employees worldwide as part of “a much larger re-organisation effort”. Owned by ByteDance and banned in India for last two years, TikTok has created a significant user base, crossing 1 billion… Read More ›
Chinese Tech Firms Pledge To Ban NFTs, Cryptocurrency Marketplaces
Advertisements Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces. According to the South China Morning Post, Tencent and Ant Group joined a… Read More ›
TikTok’s Parent Company Shuts Game Development Studio, Lays Off Over 100 Employees
Advertisements China-based ByteDance has shut down a game development studio, laying off more than 100 employees, media reports said. ByteDance, TikTok’s parent company, shut down the ‘101 Studio’ in Shanghai it had acquired three years ago. “TikTok owner ByteDance is disbanding… Read More ›
China steps up fixed-asset investment to steady COVID-hit economy
Advertisements China’s state planner said on Thursday it had approved 10 fixed-asset investments worth 121 billion yuan ($18.1 billion) in May, a more than six-fold jump from April, as policymakers seek to get economic growth back on track after a… Read More ›
TikTok owner ByteDance cuts investment team amid China crackdown
Advertisements TikTok owner ByteDance is shrinking its investment team and dissolving a sub-group focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday. ByteDance had divided its external investment arm… Read More ›
Tencent says Beijing likely to support metaverse – as long as it obeys China rules
Advertisements Chinese social media giant Tencent Holdings expects Beijing to allow ‘metaverse’ virtual environment services, now the talk of Silicon Valley, to operate in China – provided they fall in line with Chinese rules. In some of its first public… Read More ›
China import fair sees USD 70.72 Bn worth of ‘intentional’ deals signed
Advertisements The fourth China International Import Expo (CIIE) saw $70.62 billion worth of “intentional” deals signed, down 2.6% from last year, state broadcaster CCTV said, citing an organiser of the event that closed on Wednesday. It cited Sun Chenghai, deputy… Read More ›
Indian Startups Gain Impetus As Global Capital Shifts From China
Advertisements Indian technology startups, which are mopping up record inflows of venture capital, will gain further as global capital moves away from Chinese tech companies that are weathering a regulatory onslaught. Not one or two, but as many as 1,000… Read More ›