China weighs anti-trust probe into Alipay, WeChat Pay

China weighs antitrust probe into Alipay, WeChat Pay

China's top anti-trust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank, which says the digital payment giants have used their dominant positions to quash competition, sources with knowledge of the matter said. The State Council's anti-trust committee has been ...

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Tencent to buy China’s no-2 search engine

Tencent to buy China’s no-2 search engine

(ATF) Sogou said this week it received a preliminary non-binding offer from Tencent to acquire the company, which would make it a wholly-owned subsidiary of Tencent once the takeover is completed. After that, the search company will delist from trading in New York. Tencent intends to acquire, in cash, all ...

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Huawei overtakes Samsung as top smartphone seller

Huawei overtakes Samsung as top smartphone seller

China's Huawei has overtaken Samsung to become the number-one smartphone seller worldwide in the second quarter on the back of strong domestic demand, industry tracker Canalys said on Thursday. Canalys said the embattled firm, which is facing US sanctions and falling overseas sales, shipped 55.8 million devices – overtaking Samsung ...

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HSBC hammered over Huawei legal fight in Canada

HSBC hammered over Huawei legal fight in Canada

(ATF) HSBC is in very hot water in China, accused by state media of providing key information that led to the arrest and detention of Huawei CFO Meng Wanzhou. Meng, the daughter of company founder Ren Zhengfei, is under house arrest in Vancouver and facing a hearing in the Canadian ...

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Chinese banks urged to switch from SWIFT as US sanctions loom

Chinese banks urged to switch away from SWIFT as U.S. sanctions loom

China should prepare for potential US sanctions by increasing use of its own financial messaging network for cross-border transactions in the mainland, Hong Kong and Macau, according to a report from the Bank of China's investment banking unit. Chinese state lenders have been revamping contingency plans in anticipation of US ...

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China’s AI industry to balloon as new infrastructure unfolds

China’s AI industry to balloon as new infrastructure unfolds

(ATF) A new report lays out China’s plan for the development of Artificial Intelligence (AI), especially within the context of the country's massive new infrastructure plans. Under the wave of new infrastructure, the development of artificial intelligence is being accelerated in multi-directional ways and with various in-depth collaboration projects in ...

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China reviewing the conduct of its pharma companies

China reviewing the conduct of its pharma companies

(ATF) China plans to launch a nationwide improvement of its health system in a bid to lower pharmaceutical costs, state media outlet CCTV said. The National Medical Insurance Bureau has asked for public comment until July 31 on a bill titled "Guiding Opinions on Establishing a Medical Price and Credit ...

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