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News | Business | Companies | Tech: PayPal gets into crypto with new features for trading and shopping

  Ryan Browne 3-4 minutes - Source: CNBC The PayPal application on an Apple iPhone.  Andrew Harrer | Bloomberg | Getty Images LONDON — PayPal on Wednesday announced a new feature that will allow users to buy, hold and sell cryptocurrencies, becoming the latest large financial services provider to show an interest in the space. The company said in a press release that its new cryptocurrency service would launch in the U.S. in the coming weeks and will initially feature bitcoin , ethereum , bitcoin cash and litecoin . By early 2021, the company also plans to let customers use crypto to shop with its network of 26 million retailers. Shares of PayPal climbed over 3% in early New York trading. Bitcoin’s price meanwhile rose almost 5% to trade at around $12,440, according to data from CoinDesk. “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficie

News | Business | Companies | Retail Market: Alibaba to buy controlling stake in hypermarket chain Sun Art in $3.6 billion deal

  2 minutes - Source: CNBC Logo and mascot ‘Ali cattle’ at the headquarters of Alibaba Group in Hangzhou. Zhang Peng | LightRocket | Getty Images Alibaba Group Holdings said on Monday it will invest $3.6 billion to boost its stake in hypermarket operator Sun Art Retail Group, gaining further ground in China’s booming retail market. The e-commerce giant is hoping to further leverage its digital presence to support Sun Art’s 481 hypermarkets and three mid-size supermarkets in China as the coronavirus pandemic accelerates the shift by customers online. Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art. “As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully

News | Business | Companies | Tech | The Ant Group: Ant Group wins approval from Chinese regulators for the Hong Kong leg of its blockbuster IPO

  Arjun Kharpal 2 minutes - Source: CNBC The Ant Group Co. logo and the Alibaba Group Holding Ltd. logo are displayed behind a reception desk at the company’s headquarters in Hangzhou, China, on Monday, Sept. 28, 2020. Qilai Shen | Bloomberg | Getty Images GUANGZHOU, China — Ant Group has won approval from the Chinese securities regulator for the Hong Kong leg of its initial public offering (IPO), moving it one step closer to listing, CNBC has confirmed. The financial technology giant, which is 33% owned by Alibaba and controlled by billionaire Jack Ma, is seeking to list in Shanghai and Hong Kong in a concurrent IPO . The China Securities Regulatory Commission has given the green light for the Hong Kong portion, a person familiar with the matter told CNBC. A hearing with the Hong Kong stock exchange, a key part of the approval process, will take place on Monday, the person said. IFR first reported the news. Ant Group declined t

News | Business | Companies | Tech: Tech investors predict Nvidia's $40 billion Arm acquisition will be blocked

  Sam Shead 3-4 minutes - Source: CNBC Jensen Huang, president and CEO of Nvidia, speaks during the Computex Show in Taipei on May 30, 2017. SAM YEH | AFP | Getty Images LONDON – Nvidia’s $40 billion acquisition of chip designer Arm will most likely be blocked, according to two technology investors and artificial intelligence experts. In the “ State of AI” report published Thursday, Nathan Benaich and Ian Hogarth list eight predictions for the industry over the next 12 months. One of those predictions is: “Nvidia does not end up completing its acquisition of Arm.” The U.S. chip giant announced earlier this month that it intends to buy Arm from SoftBank but the acquisition has been criticized by British lawmakers, Arm co-founder Hermann Hauser and others. Two of the main concerns from critics are that Nvidia will destroy Arm’s business model and make Arm staff redundant in the U.K. Nvidia was not immediately available to comment w

News | Business | Companies | UK Cosmetics Firms: L'Oreal launches make-up recycling across UK shops

Lora Jones  4-5 minutes - Source: BBC Image copyright Maybelline Cosmetics giant L'Oreal is introducing make-up recycling bins across 1,000 UK stores in an environmental push. Its Maybelline brand and recycling firm TerraCycle will install the recycling points in branches of Tesco, Boots, Sainsbury's and Superdrug. L'Oreal's UK boss said the firm wants to "lead the way" in creating beauty recycling habits. But Greenpeace said without reducing single-use plastic production, firms "cannot claim they are doing enough". From Thursday, consumers can drop off empty make-up products from any brand at the recycling bins in participating Tesco and Superdrug stores, which can be found online . Boots and Sainsbury's will f

News || Business | Companies | Asset Managers | Robo-advertisers: Robo-advisers make slow progress gaining ground with investors

Rheaa Rao 5-6 minutes - Source: FT Many large asset managers have shelled out time and money to develop robo-advisers. But, while assets invested in them are growing, only a small proportion of investors actually use such digital services, according to a report by data and analytics firm Hearts & Wallets. Just 8 per cent of US households report having money in such services, which typically rely on portfolios made of ETFs,, the report says. The company produced its report based on a survey of 5,641 households in July 2019. That amounts to roughly 10m households nationwide, according to Hearts & Wallets. The company came up with that figure by examining quantitative data, as well as statistics from the US Census Bureau, Federal Reserve Flow of Funds and Survey of Consumer Finances, a company official said. Robos collectively managed $631bn in assets in the US as of June 30, or 13 per cent more than they did a

News | Business | Companies | Tech & Investment: US tech firm plans to create 160 jobs in NI

Richard Morgan 3 minutes - Source: BBC Image copyright Getty Images A US-headquartered technology and investment firm is to establish a centre of excellence in Belfast with a plan to create 160 new jobs. Invest Northern Ireland has offered more than £1m of support for PEAK6, which aims to have the roles in place over the next four years. The company has already started to recruit software engineers. The Department for the Economy has said the roles will contribute £8.5 million in additional salaries to the economy. Economy Minister Diane Dodds welcomed the announcement. She said: "Our strength in financial technology, cloud solutions and emerging areas such as artificial intelligence and machine learning, continues to attract businesses to

News | Business | Companies | Tech: Samsung shares could rise 50% as chip business gets a boost and Huawei struggles in smartphones

Arjun Kharpal 5-6 minutes - Source: CNBC Samsung Galaxy Z Fold 2 Samsung Analysts are bullish on Samsung after the company unveiled a foldable phone on Tuesday and U.S. semiconductor company Nvidia said its next-generation gaming chip will be manufactured by the South Korean electronics giant. They see Samsung’s shares trading at 70,376.32 Korean won ($59.35) in the next 12 months. That represents a 29% upside from Wednesday’s trading price, according to an average target price collated by Refinitiv. Some analysts are even more bullish on Samsung. Daiwa Capital Markets’ SK Kim has a 12-month price target of 82,000 Korean won, a more than 50% rise from Wednesday’s trading price. New orders for Samsung’s chip manufacturing operations or foundry, next-generation smartphone launches and a recovery in memory pricing next year are factors behind the analysts’ optimism. “For SEC (Samsung Electronics), we maintain our positive view as we expect a favour

News | Business | Companies | Tech | Smartphones Industry: Samsung heir faces fresh charges over 2015 merger

2-3 minutes - Source: BBC Image copyright Getty Images Samsung heir Lee Jae-yong is facing fresh charges of over his role in a 2015 merger deal at the tech giant. South Korean prosecutors accused Lee, 52, of using stock and accounting fraud to try to gain control of the Samsung Group - claims Mr Lee denies. In 2017, Lee, was found guilty of separate charges in relation to the deal, including bribery, but his five-year prison sentence was suspended. He is unlikely to be held in custody as he awaits trial on the new charges. The prosecution, however, disregarded a recommendation from a citizen's panel that Lee should not be charged. In June, state prosecutors sought to arrest Lee for the second time over the controversial merger in 2015 of two Samsung businesses, Samsung C&T

News | Business | Companies | Tech: TikTok denies it's in talks with rival app Triller over potential bid for its U.S. operations

Saheli Roy Choudhury 4 minutes - Source: CNBC TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. Dado Ruvic | Reuters Chinese -owned TikTok is not in talks to sell its U.S. business to rival short-video-sharing app Triller, the company told CNBC on Monday. “We can confirm that we are not and will not be in talks with them. Still, we are flattered by how much they admire TikTok,” a spokesperson for TikTok said. Still, Triller executive chairman Bobby Sarnevesht insisted that the bid had been submitted. “We have confirmation that the chairman (Zhang Yiming) and people pretty high up at ByteDance are aware of it, and, we have correspondence going,” he told CNBC’s “ Squawk Box Asia ” on Monday. His comments came after  Bloomberg News reported that  London-based Centricus Asset Management and U.S. app Triller were seeking to buy TikTok’s operations in the U.S., Australia, New Zealand

News | Business | Companies | Tech: Walmart is teaming up with Microsoft on TikTok bid

2 minutes - Source: CNBC ByteDance Ltd.’s TikTok app is displayed in the App Store on a smartphone in an arranged photograph taken in Arlington, Virginia, on Monday, Aug. 3, 2020. Andrew Harrer | Bloomberg | Getty Images Walmart  said it’s teaming up with Microsoft in a bid for TikTok. The retail giant confirmed to CNBC that it’s interested in buying the tech company. Walmart shares are up more than 2% on the news. TikTok is nearing an agreement to sell its U.S., Canadian, Australian and New Zealand operations in a deal that’s likely to be in the   $20 billion to $30 billion range, sources say. With Walmart’s confirmation, it joins several others bidding on the tech company, including Oracle. In a statement, the big-box retailer said TikTok’s integration of e-commerce and advertising “is a clear benefit to creators and users in those markets.” “We believe a potential relationship with Tik Tok US in partnership with Microsoft could add this key func

News | Business | Companies | UK Retail: UK companies from retail to betting benefit from online spree

George Russell, Sarah Provan, Harry Dempsey, Adam Samson, Naomi Rovnick 32-41 minutes - Source: FT Updated at 8/26/2020, 11:34:47 AM BST Amy Kazmin in New Delhi India’s cash-strapped states are struggling to pay the salaries of public sector employees – including critical frontline healthcare workers – as the impact of the coronavirus pandemic wreaks havoc with the country’s public finances. Prosperous states such as Maharashtra, Punjab and Karnataka are among those now struggling to pay their wage bills, including to healthcare workers and staff of educational institutions. State governments have accused the central governments of failing to dispense funds promised to them when the country adopted a new value-added tax system – the so-called Goods and Services Tax – several years ago. Tensions between states and Prime Minister Narendra Modi’s central government over the overdue funds are dominating a heated m

News| Business | Companies TikTok boss quits as Trump's ban looms

3-4 minutes Image copyright Getty Images TikTok chief executive Kevin Mayer has quit after just two months in the job ahead of an impending ban by US President Donald Trump. The Chinese-owned firm has been accused of being a threat to US national security by the Trump administration. Mr Mayer joined TikTok in June after leaving his role as Disney's head of streaming services. TikTok was given 90 days to be sold to an American firm or face a ban in the US. "In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," Mr Mayer said in a letter to employees. "Against this backdrop, and as we exp