12/26/2020 Financial News: Alibaba eventually will be state-owned? Apple is censoring political Apps in its Communist China App Store

Image source: https://www.forbes.com

1.Communist China is cracking down on Jack Ma’s ever-growing tech empire. Chinese regulators said Thursday they had launched an anti-monopoly investigation into Alibaba, the nation’s biggest tech company, and separately, other watchdogs said they would hold talks with Alibaba’s affiliate fintech company Ant Group. It’s yet another sign of the nation’s increased scrutiny of tech giant.

2.Apple is censoring political Apps in its Communist China App Store. Campaign for Accountability (CfA), a nonprofit watchdog group that runs the Tech Transparency Project (TTP), released a report questioning Apple’s role in the censorship of politically sensitive apps on its Communist China App Store. Although the company claims that the majority of apps removals in the Chinese market were related to apps deemed illegal under Chinese law, including porn and gambling apps, a review by TTP found that nearly a third of all apps missing from the Communist China App Store relate to hot button topics blocked by CCP’s censors, including privacy tools, Tibetan Buddhism, Falun Gong, and the Hong Kong protests.

3.The Dow Jones Industrial Average rose 70.04 points, or 0.23%, to 30,199.87, the S&P 500 gained 13.05 points, or 0.35%, to 3,703.06 and the Nasdaq Composite added 33.62 points, or 0.26%, to 12,804.73. Shares of Alibaba Group dropped 13.3% to close at $222.00, suffering the biggest one-day decline since going public in September 2014.

4.British Prime Minister Boris Johnson held a news conference on Dec. 24 announcing the Brexit deal reached. It gives the U.K. control over its money, borders, laws and fishing grounds. One sector that appears to be disappointed is the fishing industry with both sides voicing their discontent at the new arrangements. Under the terms of the deal, the EU will give up a quarter of the quota it catches in U.K. waters, far less than the 80% Britain initially demanded. The system will be phased in over 5 1/2 years, after which quotas will be reassessed.

5.Lucas Kunce, the national security director at the American Economic Liberties Project, told Hill.TV that CCP has “strategically captured our entire supply chain” over the years, making the U.S. more “vulnerable.” The U.S. cannot make prom dresses, Bibles, weapons systems or U.S. dollars “without some components or resources coming from CCP.”

6.On Dec 23, Vietnam imposed anti-dumping duties on some coil or sheet cold-rolled steel products that originated from CCP for five years starting Dec 28. The anti-dumping tax would range from 4.43% to 25.22%. Meanwhile, Malaysia has imposed anti-dumping duties on certain flat-rolled steel products from CCP, South Korea and Vietnam for five years. The tax would range between 2.18% to 18.88% for products from CCP, and the duties came into effect on Dec 12.

By 【Financial Team-Tracy】

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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