SoftBank Group founder Masayoshi Son has developed a plan to create an Internet company that could rival Big Tech companies Amazon and Google. Son wants to combine Yahoo Japan with Line Corp., a public company that SoftBank and South Korean corporation Naver Corp. plan to take private. The two would then be merged in a joint venture dubbed Z Holdings, scheduled to close by October 2020 given shareholder approval. The combined companies would share engineering resources and data and invest in artificial intelligence. Continue reading Yahoo Japan and Line to Merge, Plan For New ‘Super App’

When Walmart started a bank in the early 2000s, states passed laws to ban branches and Congress drafted a law to ban retailers from opening banks. Almost ten years later, Walmart threw in the towel, with its president for financial services Jane Thompson vowing the company would never try it again. That hasn’t stopped Google from announcing it will begin to offer checking accounts next year. Uber wants to open Uber Money, a bank for its drivers (and perhaps riders) and Facebook debuted Facebook Pay. Continue reading Big Tech Firms Pursue Financial Services Despite Setbacks

JPMorgan Chase has developed an e-wallet for Airbnb, Amazon, Lyft and the like, to allow them to offer customers virtual bank accounts, car loans and home rental discounts. In doing so, these online marketplaces and gig economy companies will end up spending less on payment processing fees to third parties — including JPMorgan. That might sound counterintuitive, but the catch is that the companies can only avail themselves of the offerings if they let JPMorgan handle all the payment processing and cash exchanges. Continue reading JPMorgan Intros E-Wallet for Gig Economy, Online Markets

California attorney general Xavier Becerra filed a lawsuit in California Superior Court to obtain Facebook documents and email correspondence between chief executive Mark Zuckerberg and chief operating officer Sheryl Sandberg. Becerra revealed that, over an 18-month period, Facebook has “ignored or resisted” his dozens of requests for these documents. Meanwhile, internal Facebook documents recently made public revealed the company was more interested in defeating rivals than improving customer privacy. Continue reading California Attorney General Sues Facebook For Documents

Beijing-based ByteDance plans to debut a paid music service for its video app TikTok in fall 2019, aimed at poorer countries where the industry’s dominant services, Apple Music and Spotify, have not yet taken root. Executives at India’s two largest labels, T-Series and Times Music, reported that ByteDance has already acquired rights. TikTok and its Chinese equivalent Douyin, have been downloaded more than 500 million times; TikTok popularized the world’s No. 1 song for the past month, “Old Town Road.” Continue reading ByteDance Targets Emerging Markets with Music Service

Mark Zuckerberg, who runs Facebook, Instagram, WhatsApp and Messenger, stated his intent to focus on private and encrypted communications that can be deleted after a certain amount of time. This new goal is opposite the originally stated purpose of Facebook, which was built around public posts in what he said would resemble a digital town square. Zuckerberg said the first step towards this new goal for Facebook would be to integrate Instagram, WhatsApp and Messenger, to enable cross-application messaging. Continue reading Mark Zuckerberg States Intent to Upend Facebook’s Basics

In a hearing on Wednesday, lawmakers on both sides of the aisle agreed on the need for legislating privacy for online users, but not everyone is on the same page as to what such laws should cover. Amazon and Google executives, whose companies depend on user data for revenue, warned that some kinds of regulation could have the unintended consequence of limiting the services they’re able to provide. What has become clearer is that hammering out the details of the legislation could take a long time. Continue reading Tech Execs Address Concerns About Data Privacy Regulation

Chinese tech giant Tencent Holdings is focused on eSports, hosting arena competitions that could boost revenue from its games such as “League of Legends,” importing game titles from abroad, and purchasing the services that stream the games. The company, well known for its WeChat messaging app, is already the world’s largest videogame company by revenue. According to analysts, Tencent dominates China’s $38 billion game market, and recorded an estimated $18 billion in global sales in 2017, about half its total revenue. Continue reading Tencent Plans to Dominate eSports by Owning the Ecosystem

Chinese smartphone manufacturer Xiaomi plans to launch its IPO in Hong Kong in what is anticipated to be the world’s biggest IPO in 2018. The filing with the Hong Kong stock exchange did not reveal the size or projected valuation of the offering, but sources say the company hopes to raise at least $10 billion. A source also reported that the listing will value the company at “less than the $100 billion figure previously suggested.” Xiaomi’s filing also uncovered some financial details for the first time. Continue reading Xiaomi Plans Hong Kong IPO, China Reins In Tech Companies

Less than one day after Snap Inc. posted disappointing quarterly results and its stock subsequently plunged, the company revealed that Chinese Internet titan Tencent Holdings recently purchased a 12 percent stake in Snap. Chinese tech companies such as Tencent, Alibaba Group and Baidu have been investing in U.S. firms. According to Morningstar analyst Ali Mogharabi, Snap’s main problems include declining user growth and competition from the more established Instagram. Disappointing ad revenue is reportedly also disappointing investors. Continue reading Chinese Tech Giant Tencent Buys 12 Percent Stake in Snap

Messenger Day, Facebook’s version of Snapchat Stories that launched six months ago, may not be experiencing the same growth as similar offerings from Instagram or WhatApp, but it now touts 70 million daily users. Messenger Day enables users to share photos and video slideshows. While its latest daily usage is significant, it only took Instagram Stories two months to reach 100 million users, and two weeks less for WhatsApp Status to attract 175 million (both have since surpassed the 250 million daily user mark). Continue reading Facebook Messenger Day Now Attracts 70 Million Daily Users

The National Football League and China’s Tencent Holdings have signed a deal to give the latter exclusive rights to livestream games and other NFL content online for three years. Tencent will stream the games and other content for free on its flagship social media app, WeChat, as well as other mobile and desktop platforms. WeChat has more than 960 million monthly active users. The NFL first made a move into China in 2009 when it produced a 16-episode reality TV series in which a Taiwanese pop band explored football culture. Continue reading Tencent Signs Deal With NFL to Livestream Games in China

Facebook has made several efforts over the years to encourage China to lift the 2009 block against its social platform and many of its apps. In May, the company approved a photo-sharing app called Colorful Balloons that doesn’t have the Facebook name attached but is similar in look, function and feel to Facebook’s Moments app. According to an unnamed source, a local Chinese company debuted the app without any hint of a Facebook affiliation. China imposes strict censorship on the Internet, including on news websites and apps. Continue reading Facebook Takes New Tack by Approving Social App in China

Social media giant Facebook announced it now has 2 billion monthly active users. The new milestone comes five years after reaching 1 billion users, and 13 years after Mark Zuckerberg first launched the platform. According to TechCrunch, Facebook leads social apps based on number of logged-in users, “above YouTube’s 1.5 billion, WeChat’s 889 million, Twitter’s 328 million and Snapchat’s estimated 255 million.” Facebook’s WhatsApp and Messenger each have 1.2 billion users, while its Instagram photo-sharing app recently exceeded 700 million. Continue reading Facebook Reaches New Milestone of 2 Billion Monthly Users

Tencent, parent company of China’s biggest social network WeChat and, by revenue, the biggest global online game business, is also an entertainment titan, with China’s biggest online businesses in music, literature, comics and animation. Tencent Pictures, which invested in last weekend’s smash hit “Wonder Woman,” and “Kong: Skull Island,” is key to Tencent’s effort to become a global player in feature filmmaking. The company is also investing heavily in Silicon Valley projects so as not to miss out on the next big thing. Continue reading China’s Tencent Invests in Feature Films, U.S. Tech Startups