Big Chinese companies that have the data of more than 1m users will need to pass a security review before issuing shares on overseas stock exchanges, the country’s internet regulator said on Saturday. The announcement from the Cyberspace Administration of China came less than a week after the State Council, China’s cabinet, and the Chinese
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Joe Biden is set to sign a sweeping executive order to curb the power of big business by stamping out anti-competitive practices that harm smaller rivals. The White House on Friday unveiled 72 measures in Biden’s order, which include a ban on non-compete clauses for workers and span industries from technology and transportation to healthcare and
US government bonds rallied and global stock markets dropped sharply, as worries about inflation were replaced by concerns that the global economic recovery from coronavirus has peaked. The yield on the 10-year Treasury bond, which moves inversely to its price, fell 0.04 percentage points to 1.276 per cent. The move put the world’s benchmark bond
Brussels wants to set up a new anti-money-laundering authority with direct supervisory powers as it seeks to crack down on illicit finance following a series of scandals. The European Commission will this month table legislation to create the Anti-Money Laundering Authority (AMLA) according to draft proposals seen by the Financial Times. It should set up operations
Didi shares tumbled in pre-market trading on Wall Street, leading a decline in Chinese companies listed in New York following a clampdown by Beijing’s internet watchdog that rattled investors. Didi, which uses so-called American depository receipts to trade in the US, dropped 25 per cent in early dealings, a day after the Cyberspace Administration of
Beijing has broadened a crackdown on tech platforms, targeting more US-listed companies after ordering the removal of ride-sharing group Didi Chuxing from Chinese app stores in a move that sent tech shares tumbling. The Cyberspace Administration of China on Monday announced it was investigating Boss Zhipin, an online recruitment company, and Chinese truck-hailing apps Yunmanman
China’s cyber security regulator has ordered that Didi be taken off domestic app stores just days after the ride-hailing giant raised $4.4bn in the biggest public listing this year. Didi’s app has “problems of seriously violating laws on collecting and using personal information”, the Cyberspace Administration of China said on Sunday evening, two days after
Opec and its allies failed to reach an agreement on raising oil production on Friday as talks hit a deadlock for a second day, with the UAE remaining opposed to a deal that does not address concerns over its own output target. As oil prices traded close to the highest level in three years, around
The US labour market created 850,000 jobs in June, as the world’s largest economy continued to heal from the Covid-19 shock and hiring caught up with the unrelenting demand for workers. Non-farm payrolls data released by the Bureau of Labor Statistics on Friday came in well above economists’ expectations of 720,000 jobs created for the
The US and Japan have been conducting war games and joint military exercises in the event of a conflict with China over Taiwan, amid escalating concerns over the Chinese military’s assertive activity. US and Japanese military officials began serious planning for a possible conflict in the final year of the Trump administration, according to six
Elevated inflation will compel the Federal Reserve to raise US interest rates at least twice by the end of 2023, according to a new poll of leading academic economists for the Financial Times. The inaugural survey conducted by the FT and the Initiative on Global Markets at the University of Chicago’s Booth School of Business
Negotiators in Paris are battling to persuade holdout nations to sign up to a global deal on corporate taxation this week as they become increasingly concerned that the compromises needed to get countries on board will water down the final agreement. China, India, eastern European countries and developing nations have all raised objections to the
China’s strengths as a cyber power are being undermined by poor security and weak intelligence analysis, according to new research that predicts Beijing will be unable to match US cyber capabilities for at least a decade. The study, published on Monday by the International Institute for Strategic Studies, comes as a series of hacking campaigns
The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges. The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a
Former Minneapolis police officer Derek Chauvin was sentenced to more than 22 years in prison on Friday for the murder of George Floyd, whose death became a watershed moment in the national debate over race and policing. The 270-month sentence handed down by Judge Peter Cahill was 10 years longer than state guidelines had suggested,
Panasonic has sold its entire stake in longstanding battery partner Tesla for about ¥400bn ($3.6bn) as it seeks to raise cash to finance its biggest-ever overseas acquisition. The Japanese conglomerate, which has a $5bn joint battery manufacturing venture with Tesla in Nevada, said the sale would not affect its partnership with the US electric vehicle
Lithuania’s foreign minister has called a Franco-German initiative to push for a summit between the EU and Russian president Vladimir Putin “irresponsible” and a case of “historical myopia”, in a sign of the deep divergences within the bloc over how to address worsening relations with the Kremlin. Gabrielius Landsbergis was speaking to the Financial Times
Businesses across Europe are experiencing the largest increases in orders and activity for many years, creating growing supply shortages and driving up prices, according to a closely watched survey. Eurozone business activity expanded at the fastest rate for 15 years in June after lockdown measures were lifted, while UK business activity also remained buoyant, according
A senior Federal Reserve official said the US economy was not yet ready for the central bank to start pulling back its hefty monetary support, even though the outlook has become rosier. The comments from John Williams, the president of the Federal Reserve Bank of New York, were delivered on Monday amid high sensitivity in
Armin Laschet, frontrunner to become Germany’s next chancellor, has warned of the dangers of a new cold war against China, agreeing with Angela Merkel that Beijing was as much a partner as a systemic rival. Laschet was speaking to the Financial Times after US president Joe Biden’s first official trip to Europe, which was dominated