Market Talk – July 30, 2021 | Armstrong Economics armstrongeconomics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from armstrongeconomics.com Daily Mail and Mail on Sunday newspapers.
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China denied on Friday it was planning to hit e-commerce giant Alibaba with a record fine of almost $1 billion for allegedly flouting monopoly rules, as authorities turned up the pressure on the country’s vast technology sector. Alibaba, China’s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people. The market’s regulator denied it was planning to fine the company almost $1 billion for anti-competitive behavior, as reported by the Wall Street Journal, who cited unnamed sources “familiar” with the matter.
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The US Federal Communications Commission (FCC) said on Thursday it began revoking China Telecom’s authorization to operate in the United States as it took further steps to crack down on China’s role in US telecommunications. FCC Chairman Ajit Pai noted several US government agencies had recommended the revocation citing national security concerns. In April, the FCC had warned it might shut down the US operations of three state-controlled Chinese telecommunications companies, citing national security risks, including China Telecom Americas as well as China Unicom Americas, Pacific Networks Corp, and its wholly owned subsidiary ComNet (USA) LLC.