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Showing posts with the label Tech Companies.

News | Business | Tech Companies: Alibaba, JD set new records to rack up record $115 billion of sales on Singles Day as regulations loom

  Arjun Kharpal 2-3 minutes - CNBC Alibaba said its total gross merchandise value (GMV) over the Singles Day event, which spanned 11-days, totalled 498.2 billion yuan or $74.1 billion. That beat last year’s 268.4 billion yuan figure. Alibaba But it was also overshadowed by huge stock price falls for both Alibaba and JD.com which came after Chinese regulators released draft rules that, for the first time, defines what constitutes anti-competitive behavior. Investors fear that China’s technology giants could get caught up in a tough regulations which could damage their business. Alibaba’s Hong Kong-listed stock was around 3% higher on Thursday while JD.com’s Hong Kong-listed shares were up over 7%, showing signs of a rebound. Foreign brands, lower tier cities For both Alibaba and JD.com, foreign brands were a big focus. Chinese shoppers who would usually be going abroad to buy foreign products, were expected to purchase them in C

News | Business | Tech Companies.Facebook, Twitter and Google face questions from US senators

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  6-7 minutes - Source: BBC image copyrightGetty Images The chief executives of Facebook, Twitter, and Google faced more than three and a half hours of questions from US senators on Wednesday. At present, the companies cannot be sued over what their users post online, or the decisions they make over what to leave up and take down. Some politicians have raised concerns this "sweeping immunity" encourages bad behaviour. But the chief executives say they need the law to be able to moderate content. Facebook's Mark Zuckerberg, Twitter's Jack Dorsey and Google's Sundar Pichai were summoned before the Senate after both Democrats and Republicans agreed to call them in for questioning. 'A loophole' Senators are worried about both censorship and the spread of misinformation. And some industry watchers agree the legislation - known as Section 230 - needs to be revisited. "[It] allows digital businesses to let users post things bu

News | Business | Tech Companies: Samsung sees sales surge from rival Huawei's ban

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  3-4 minutes - Source: BBC image copyrightGetty Images Samsung Electronics has reported record revenues of $59bn (£45.4bn) in its third quarter. The strong revenues were fuelled by a 50% jump in smart phone sales, while profits from microchips rocketed 82%. The Korean tech giant posted a third quarter net profit of $8.3bn, a 49% increase over the same period last year. Samsung's mobile and chip businesses were likely boosted by US sanctions against its Chinese rival Huawei. The increase in sales likely reflects Samsung eating into Huawei's market share as US restrictions hit the Chinese telecommunications giant. Huawei has been stockpiling chips ahead of possible US sanctions. In August, the US department of commerce said it would impose sanctions on any foreign company that sold chips to Huawei without first obtaining a license. The Trump administration has targeted a number of Chinese technology firms over national security concerns, includin

News | Business | Tech Companies.: Jack Ma's Ant Group set for record $34bn market debut

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  3-4 minutes - Source: BBC image copyrightGetty Images image captionJack Ma's Ant shares are reportedly worth $17bn Chinese financial technology giant Ant Group looks set to make the world's largest stock market debut. Ant, backed by Jack Ma, billionaire founder of e-commerce platform Alibaba, is to sell shares worth about $34.4bn (£26.5bn) on the Shanghai and Hong Kong stock markets. Advisers to Ant set the share price on Monday amid reports of very strong demand from major investors. The previous largest debut was Saudi Aramco's $29.4bn float last December. Ant, an online payments business, is only selling about 11% of its shares. But the pricing values the whole business at about $313bn. Mr Ma's Ant shares are reportedly worth about $17bn, taking his net worth to close to $80bn and confirming him as China's richest man. Ant runs Alipay, the dominant online payment system in China, where cash, cheques and credit cards have long be

News | Business | Tech Companies: Ant Group to raise $34.5 billion, valuing it at over $313 billion, in biggest IPO of all time

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  Arjun Kharpal 2-3 minutes - CNBC The Ant Group logo and the Alibaba Group logo are displayed at the company’s headquarters in Hangzhou, China. Qilai Shen | Bloomberg | Getty Images Ant Group will raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares on Monday, making it the biggest listing of all time. The Chinese financial technology giant previously said it would split its stock issuance equally across Shanghai and Hong Kong , issuing 1.67 billion new shares in each location. Ant Group’s Shanghai-listed shares will be priced at 68.8 yuan each. The issuing of 1.67 billion shares will raise 114.94 billion yuan or $17.23 billion, according to the exchange rate listed in the official filings. The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion. The listing will raise a total of just under $34.5 billion,

News | Business | Tech Companies: Facebook launches cloud games but says Apple won't allow it on iOS

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  Salvador Rodriguez 6-7 minutes - Source: CNBC Facebook founder Mark Zuckerberg speaks at Georgetown University in a ’Conversation on Free Expression” in Washington, DC on October 17, 2019. Andrew Caballero-Reynolds | AFP | Getty Images Facebook announced on Monday the launch of cloud gaming on its desktop website and Android app but said it’s unable to bring the games to iOS due to Apple’s “arbitrary” policies. Facebook’s web and Android users can try free-to-play games in seconds without leaving the social network. Users play a game that’s streamed from Facebook’s data centers without having to first download the game onto their devices. The idea is similar to services offered by Microsoft and Google , but without the console-quality games offered by those services. The exclusion of Apple devices from Facebook cloud gaming is the latest shot fired in a long-running feud between the companies The war of words dates to a commen

News | Business | Tech Companies: TikTok parent ByteDance in early IPO talks to list businesses including short video app Douyin

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  Arjun Kharpal 2 minutes - Source: CNBC Douyin logo on a stand at The First International Artificial Products Expo Hangzhou on October 18, 2019 in Hangzhou, Zhejiang Province of China. ByteDance runs Douyin, the Chinese version of TiKTok. VCG | Visual China Group | Getty Images Chinese technology giant ByteDance is in early stage talks to list some of its businesses including Douyin, a person familiar with the matter told CNBC. Last week, ByteDance spoke with investment bankers to explore the possibility of an initial public offering (IPO) for some of its divisions, the person said, without wanting to be named because the discussions were private. Earlier this year, ByteDance spoke to both the Shanghai and Hong Kong stock exchanges, the person said. No timeline or listing venue has been decided. ByteDance, which is headquartered in Beijing, declined to comment on this story when contacted by CNBC. Reuters first reported that

News | Business | Tech Companies: Nokia says it's focused on tech and customers, but political fights complicate things

  Saheli Roy Choudhury 3-4 minutes - Source: CNBC SINGAPORE — Against a backdrop of rising tensions between the United States and China, Finnish telecom equipment maker Nokia  says it’s focusing on areas it can control — such as its technology and customers, a senior executive said Wednesday.  “From Nokia’s perspective, we have to focus on the areas that we can control. What we can control are our own technology, our own go-to market and making sure that the service providers that we are supporting have continuous services and supply of the equipment and technology into their customer base,” Jae Won, head of Asia Pacific and Japan at Nokia, said on CNBC’s “ Squawk Box Asia. ”  “The various geopolitical issues does provide some complications but as far as we are concerned, we focus on the technology that we can develop and we focus on the customers and the business opportunities that 5G and Industry 4.0 will provide for the future

News | Business | Companies | Tech: Tesla shares fall as Musk dampens Battery Day expectations

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  Ryan Browne 2 minutes - Source: CNBC Tesla CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai on Jan. 7. Aly Song | Reuters Tesla shares sank more than 6% Tuesday morning after CEO Elon Musk sought to manage expectations ahead of the electric carmaker’s Battery Day presentation. Musk’s company is expected to announce on Tuesday details about a new type of battery cell it has developed. Analysts had hoped the technology could help Tesla maintain its edge over rivals in the electric vehicle space, but Musk dampened such hopes Monday when he cautioned about hurdles to reaching mass production . “Important note about Tesla Battery Day unveil tomorrow,” Musk  tweeted , often his go-to for communications about the company. “This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.” Musk said Te

News | Business | Tech Companies | Stock Price: The six biggest tech stocks have lost more than $1 trillion in value in three days

Todd Haselton 2 minutes - Source: CNBC The six biggest tech stocks have lost more than $1 trillion over the last three days alone, but it’s really just a dent coming off a huge rally that peaked last week. Apple , which hit a $2 trillion market cap on Aug. 19, is down about $325 billion in that time period. Microsoft ’s down $219 billion, Amazon fell $191 billion, Alphabet cratered by $135 billion, and Tesla , which fell 21% on Tuesday to mark its worst single-day loss in its history , is down $109 billion in the last three days. Finally, Facebook is off by $89 billion. “In general, if you think about the market cap loss over the last 3 days for Apple, it’s about $325 billion. To help put that in perspective, that’s about 1.5 Salesforces , and equivalent to Apple’s projected revenues for the next calendar year,” Jefferies’ Jared Weisfeld told CNBC’s “Fast Money” on Tuesday. Despite the huge number, it’s worth keeping in perspective

News | Tech Companies: Huawei loses out to Nokia, Ericsson in building Singapore's main 5G networks

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Saheli Roy Choudhury 4-5 minutes - Source: CNBC The R&D center on cloud computing and intelligence technology of Huawei, located at China-Singapore Eco-City in Tianjin Binhai new area. Zhang Peng | LightRocket | Getty Images Chinese telecommunications equipment giant Huawei lost out to Nokia and Ericsson in building Singapore’s main 5G networks, but may be involved in the broader ecosystem at a reduced capacity. Local telcos were given the final approval on Wednesday by the country’s regulator, Infocomm Media Development Authority (IMDA), to start building the two nationwide networks. They were provisionally selected in April and had to complete the regulatory process. 5G refers to the fifth generation of high-speed mobile internet that aims to provide faster data speeds and more bandwidth to carry growing levels of web traffic. Singapore Telecommunications  said it is in talks with Sweden’s Ericsson to be the main