US tech companies to face stiff new competition rules under Biden exec order: President Joe Biden signed on Friday a sweeping executive order aimed at limiting the anti-competitive practices of giant technology companies. hiring tax advisors and by generating tax-losses from various sources. Among the order’s goals are preventing so-called “killer acquisitions” designed to shut down competition, creating new regulations to lessen internet surveillance and data harvesting, and rules to protect small businesses. 2012-2017, Didi Chuxing (a Chinese company) raised more than US15 billion in.
The tech industry isn’t thrilled: “Elements of this executive order threaten our global leadership and hard-won success,” said Gary Shapiro, CEO of the Consumer Technology Association that includes Apple, Facebook and Google.Ĭhinese firms face new tests before listing abroad: China’s government will conduct regulatory screening of firms with more than 1 mn users before they are allowed to IPO abroad, in a new blow to the Chinese tech industry, the Financial Times reports. The announcement, which may stymie some of the biggest listings in the global financial markets, comes days after China launched a security probe into ride-hailing giant Didi for alleged data security breaches, following the company's USD 4.4 bn IPO on the Nasdaq - the biggest Chinese IPO in the US since 2014. Sources didi chinabased ximalaya linkdoc regulators will potentially gain greater access to audit documents of Chinese companies listed in New York, notably those that involve massive user or national data.
The probe triggered a sell-off of Didi’s shares which lost almost one-fifth of its market value.Ĭhinese fitness app Keep has already called off plans to file for an IPO in the US on the sweeping announcement and as Didi’s fallout spreads, the Financial Times reports. Alibaba-backed medical data group LinkDoc Technology has also suspended its Nasdaq IPO plans after it was due to price its shares on Thursday, three unnamed sources told Reuters. Chinese podcast platform Ximalaya has also scrapped plans to list on the US stock market, with one industry expert telling the FT that the pipeline of listings could soon grind to a halt. The EGX30 fell 0.9% on Thursday on turnover of EGP 1.23 bn (0% above the 90-day average).
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In the green: Palm Hills Development (+3.1%), Sidi Kerir Petrochemicals (+1.4%) and CIB (+0.3%). Sources didi chinabased ximalaya linkdoc Dr220 or rhythm doctor Pushpal glamour shot Invisible fence for dogs Virtual midi piano keyboard windows 10 Crusaders of the lost idols redemption codes Raft free download. In the red: Fawry (-4.6%), Pioneers Holding (-2.6%) and Cleopatra Hospital (-2.5%).Įnterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis kindly refer to the source article in its original language prior to undertaking any action.
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