CES: Industry Experts Discuss the Cryptocurrency Landscape

Cryptocurrency entrepreneurs convened in early December to record The Cryptocurrency Landscape session that CES 2021 released today. Panelists discussed how Wyoming has established legal and regulatory protocols for Bitcoin to make cryptocurrency activities compatible with existing banking regulations. They also discussed how institutions and businesses are getting more comfortable with cryptocurrency investments, how online payment services such as PayPal and Venmo have added Bitcoin to their transaction options, and how cryptocurrency’s provable scarcity makes it more attractive to investors and the general public as countries issue more currency to prop up their economies during the COVID shutdown. Continue reading CES: Industry Experts Discuss the Cryptocurrency Landscape

CES: Economic Council Chief Discusses Biden’s Tech Goals

Consumer Technology Association president and chief executive Gary Shapiro held a conversation with the incoming Biden administration’s designated director of the National Economic Council Brian Deese. In that position, Deese will advise President-elect Joe Biden on domestic and international economic policy and coordinate the administration’s economic agenda. “Taking the vision and direction of the president and turning it into an action plan across all agencies is particularly important at times of economic crisis,” he said. Continue reading CES: Economic Council Chief Discusses Biden’s Tech Goals

CES: Identifying Consumer Trends Shaping the New Normal

The Harris Poll’s CEO John Gerzema and Mastercard’s EVP of North America marketing and communications Cheryl Guerin presented data from their recent joint market research study of COVID-19’s impact on digital commerce. They grouped their findings around four key trends: The Touchless Revolution, The Betterment Boom, The Rise of Revenge Spending and The Uncalendared Year. The presentation was followed by a 30-minute discussion with panelists Julia Hammond of MDC Partners, DyShaun Muhammad of Uber, Lou Paskalis of Bank of America and Katie Riccio Puris of TikTok. Continue reading CES: Identifying Consumer Trends Shaping the New Normal

Chinese Regulators Rein in Jack Ma’s Alibaba and Ant Group

Alibaba founder Jack Ma has long been celebrated in China for his successful entrepreneurship that has made him that country’s richest individual. More recently, however, his troubles with the Chinese government led that country’s media to dub him an “evil capitalist” and “bloodsucking ghost.” Last week, China opened an antitrust probe into Alibaba and is investigating Ant Group, a fintech company Ma spun out of Alibaba. After nixing that company’s IPO, China is now telling Ma to fix its many perceived flaws. Continue reading Chinese Regulators Rein in Jack Ma’s Alibaba and Ant Group

SEC, State Attorneys Investigate Zoom Over China Contacts

After several months of investigation by the U.S. Securities and Exchange Commission and two U.S. Attorneys’ offices, Zoom Video Communications revealed that it has provided investigators with information regarding its interactions with China and other governments in addition to security and user privacy issues. A former employee based in China, Xinjiang Jin (also known as Julien Jin) has been charged by the Department of Justice for helping the Chinese government halt a remote commemoration of the Tiananmen Square uprising. Continue reading SEC, State Attorneys Investigate Zoom Over China Contacts

Chinese Researchers Create Quantum Computing Benchmark

China’s top quantum research group said its Jiuzhang quantum computer produced results in minutes that would take 2+ billion years by the world’s No. 3 powerful supercomputer. That exceeds Google’s prototype quantum computer which, last year, came up with a result in minutes that it estimated would take a supercomputer 10,000 years. The two quantum computers work differently: China’s University of Science and Technology’s computer manipulates photons, whereas Google’s builds quantum circuits via super-cold superconducting metal. Continue reading Chinese Researchers Create Quantum Computing Benchmark

EU Commission Recalibrates Its Positions with Big Tech, U.S.

The European Union is eagerly anticipating the inauguration of President-elect Joe Biden, even as it scrutinizes proposals targeting U.S. Big Tech behavior and, in some cases, business models in an effort to reestablish itself as the “global tech cop.” Although the Electoral College has yet to convene and vote and inauguration day isn’t until January 20, the European Commission and Council are already issuing policy papers on how they hope to partner with the new U.S. administration on numerous issues. Continue reading EU Commission Recalibrates Its Positions with Big Tech, U.S.

Global Competition Ramps Up in the Semiconductor Industry

In light of the U.S. ban on selling chips and chipmaking technology to China, that country has raised $38 billion so far this year with the goal of achieving self-sufficiency. According to S&P Global Market Intelligence, that number — achieved through public offerings, private placements and asset sales — is “more than double” the total raised in 2019. Corporate registration tracker Tianyancha stated that 50,000+ Chinese businesses related to semiconductors registered this year, four times the total five years ago. Meanwhile, Seoul-based Samsung is investing heavily in its own next-generation chip business, ramping up competition in the semiconductor sector. Continue reading Global Competition Ramps Up in the Semiconductor Industry

Government Extends Deadline for ByteDance to Divest TikTok

Although ByteDance’s TikTok missed a Thursday deadline to complete its deal with Oracle and Walmart, the Commerce Department did not enforce the shutdown order, citing last month’s preliminary injunction from U.S. District Judge Wendy Beetlestone. That suit was brought by three TikTok stars who charged that the government exceeded its authority by threatening the “robust exchange of informational materials.” President Trump initiated the effort to get TikTok to divest itself of its U.S. operations based on national security concerns. Now the deadline has been extended to November 27. Continue reading Government Extends Deadline for ByteDance to Divest TikTok

Alibaba, JD.com Set Record Earnings for China’s Singles Day

On China’s Singles Day, Alibaba Group reported it earned a record $75.1 billion this year, in part by extending the buying window to eleven days. This year, however, Alibaba, founded by Jack Ma, is under increasing pressure from regulators who suspended the dual IPOs of Alibaba’s Ant Group. Since then, according to Refinitiv data, the company’s shares on the New York market have dropped 16 percent, erasing $137 billion from its market value. Alibaba and JD.com said the U.S. was the top seller of goods to China. Continue reading Alibaba, JD.com Set Record Earnings for China’s Singles Day

TikTok Popularity Surge Continues as U.S. Ultimatum Looms

ByteDance, the Chinese parent company of TikTok, asked the U.S. Court of Appeals for the D.C. Circuit for more time to work out the preliminary deal to sell its U.S. operations to Oracle and Walmart. November 12 is the deadline for the deal to be completed. The company also stated it had been in discussions with the Committee on Foreign Investments in the United States (CFIUS), but “feedback had stopped” in recent weeks despite the approaching deadline. App Annie reports that TikTok’s substantial growth is expected to continue throughout 2021. Continue reading TikTok Popularity Surge Continues as U.S. Ultimatum Looms

Biden Administration to Face China’s Push for Tech Hegemony

When president-elect Joe Biden takes office, one challenge he will face is China’s aim to dominate technology. President Trump’s efforts to limit China’s abilities have only partially succeeded and, in fact, may have even accelerated the nation’s development in AI, 5G, biotechnology and chipmaking. China is already ahead of the United States in 5G. Experts say the U.S. should more forcefully confront China on issues including market access, forced technology transfers and human rights. Continue reading Biden Administration to Face China’s Push for Tech Hegemony

Kuaishou, Rival to ByteDance’s Douyin, Plans Hong Kong IPO

Although the Ant Group suspended its high-profile IPO last week, Kuaishou Technology, a popular short-video and streaming media platform founded in 2011, is moving ahead. According to sources, the company, whose platform competes with ByteDance’s Douyin (TikTok in China), aims to raise about $5 billion and reach a valuation of about $50 billion by filing for an initial public offering in Hong Kong as soon as January 2021. The company was founded by engineers Su Hua, formerly at Google China, and Cheng Yixiao, a Hewlett Packard veteran. Continue reading Kuaishou, Rival to ByteDance’s Douyin, Plans Hong Kong IPO

Chinese Regulators Suspend Ant IPO, Legislate New Hurdles

China put a halt to Ant Group’s two initial public offerings, leaving investors, employees and shareholders in a state of shock. The IPOs, described as “heavily oversubscribed,” was expected to raise at least $334.4 billion. The first inkling that things were going off the rails came Wednesday when some investors were informed their orders were canceled and monies would be refunded. The Shanghai Stock Exchange suspended the scheduled November 5 IPO, saying Ant might not be in compliance with new fintech regulations. Continue reading Chinese Regulators Suspend Ant IPO, Legislate New Hurdles

Huawei, Apple Drop in Rankings of Top Global Phone Makers

After attaining a position as No. 1 in global smartphone shipments in Q2, Huawei Technologies ceded that position to Samsung Electronics in Q3, according to International Data Corporation. IDC added that Huawei’s global shipments fell by 22 percent, a sign that U.S. efforts to disrupt its supply chain are having an impact. All vendors without a license from the U.S. Commerce Department have been banned from selling chips and other components to Huawei since September 15. Huawei’s domestic sales also fell 15+ percent in Q3. Continue reading Huawei, Apple Drop in Rankings of Top Global Phone Makers

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