Updated Jan. 8, 2021 4:14 am ET
Shares in China’s three major telecommunications companies dropped in Hong Kong on Friday, after index compilers said they would remove the stocks from their benchmarks due to a U.S. government investment ban.
The removals come after a period of uncertainty about whether the shares would be covered by the ban and flip flops by the New York Stock Exchange about whether to delist American depositary receipts issued by the three companies, China Mobile Ltd. , China Telecom Corp. and China Unicom (Hong Kong) Ltd.
Guidance from the Treasury Department this week made it clear that the publicly traded units would be covered, as well as their closely held parent companies, which the U.S. government has already named as helping the Chinese military.
Privacy regulators say the system benefits companies, freeing them from facing investigations by different authorities in the 27-member union, potentially for the same violation.
While the GDPR’s one-stop shop was designed to streamline interactions between companies and regulators, it has caused bottlenecks and frustration. The Irish regulator’s decision to fineTwitter Inc. €450,000 ($546,000) in December was delayed several months because of disputes with regulators in other EU countries, which wanted a larger penalty. The Hamburg authority, for instance, recommended a fine between €7 million and €22 million. The violation was related to a security hole that Twitter disclosed in January 2019.
With its lawsuit, the Consumentenbond wants the Netherlands court system to require the local data protection authority to investigate a privacy complaint filed in 2018 against Google. The complaint alleges that
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As the year draws to a close, global investors face increasing risks related to China, even as the country offers long-term opportunities.
No one got a harsher reminder of that fact this past week than Jack Ma, the billionaire founder of Chinese e-commerce giant
Alibaba Group Holding (ticker: BABA), as China’s government decided on Christmas Eve to crack down on the sprawling and hugely successful business.
Beijing launched an antitrust investigation into Alibaba, while Ant Group, the company’s finance unit, was summoned to meet with banking watchdogs to discuss financial regulations. In other words, Alibaba must play by China’s rules.
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SolarWinds has said close to 18,000 organizations could have been affected by malware inserted within updates to its Orion software. Bronte Wittpenn/Bloomberg
SolarWindsissued a security advisory providing detailed information on steps customers should take in response to the continuing attack on the company’s widely used Orion IT management system and confirming that two separate pieces of malware are now corrupting some installations.
The company has previously said that close to 18,000 organizations could have been vulnerable as a result of malware inserted into Orion software updates earlier this year.
As SolarWinds explains in the advisory, issued Thursday, the original cyberattack inserts a vulnerability now known as Sunburst into the Orion software. That attack, the company said, “could potentially allow an attacker to compromise the server on which the Orion products run.”