Chinese regulators have asked top executives at Didi to delist from the U-S stock exchange on security fears
China’s tech watchdog wants to take the Didi, a popular ride service off the New York Stock Exchange amid concerns about leaked of sensitive data.
There are several proposals under consideration, including a straight up privatisation, or a share-float in Hong Kong.
According to reports, the company ran afoul of Chinese authorities when it pressed ahead with its New York listing, despite the regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted.
Soon after, the CAC launched an investigation into Didi over its collection and use of personal data. It said data had been collected illegally and ordered app stores to remove 25 mobile apps operated by Didi.
Didi responded at the time by saying it had stopped registering new users and would make changes to comply with rules on national security and personal data usage and would protect users’ rights.
As of Wednesday’s close, Didi’s shares have fallen 42% to$8.11 since it went public in June.
It comes after Didi pressed ahead with its New York listing in June, even though the regulator had urged the company to put it on hold while a cybersecurity review was underway.
Didi has not responded to the recent claims.
World’s second-biggest fashion retailer blames Russia for 89% profit drop
The Swedish fashion giant H&M says profits have dropped 89 per cent
They blame cost inflation, slow consumer spending and one-off expenses related to its exit from Russia.
Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion.
The Russian exit accounted for half of the decrease in profits, according to the retailer.
H&M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.
How Disney beat Netflix at its own game
When it comes to streaming, there’s a new sheriff in town.
Disney+ has quickly become a major force in the streaming wars, adding over 14 million new subscribers in its latest quarter. That’s a big jump from the 3 million it had just three months prior.
In comparison, Netflix lost nearly 1 million subscribers in the same period.
So what happened? How did Disney+ overtake Netflix so quickly?
There are a few factors at play.
For one, Disney+ has a lot of content that people want to watch. As well as its acquisition of 21st Century Fox, the service has access to popular franchises like Star Wars, Marvel, and The Simpsons. That’s a big draw for people who are looking for something to watch.
In addition, Disney+ is much cheaper than Netflix. A subscription to Disney+ costs $6.99 per month, while a Netflix subscription starts at $8.99 per month. For people who are trying to save money, Disney+ is the more appealing option. Though Disney and Netflix have signalled they’re going to push up their prices.
Disney+ has been aggressive in marketing itself as the superior streaming service. The company has run a number of ads that compare its service favorably to Netflix. This has helped convince people to switch to Disney+.
The Disney effect
The Walt Disney Company launched Disney+ on November 12, 2019. The streaming service is available in the United States, Canada, the Netherlands, Australia, New Zealand, and Puerto Rico.
As of the second quarter of 2020, Netflix had nearly 221 million subscribers across 190 countries.
What is the market share of Netflix? In the United States, Netflix has a market share of 37%. That means it is the most popular streaming service in the country.
When was Netflix founded? Netflix was founded on August 29, 1997, in Scotts Valley, California.
What type of company is Netflix? Netflix is a publicly-traded company. Its stock is traded on the Nasdaq under the ticker symbol NFLX.
What is the headquarters of Netflix? The headquarters of Netflix is located in Los Gatos, California.
Disney is spending $1 billion per year on its streaming service.
What is the market share of Disney+? In the United States, Disney+ has a market share of 24%.
When was Disney+ launched? Disney+ was launched on November 12, 2019.
What type of company is Disney? Disney is a publicly-traded company. Its stock is traded on the New York Stock Exchange under the ticker symbol DIS.
How much does Disney stock cost? As of August 2020, the price of one share of Disney stock is $115.76.
What is the headquarters of Disney? The headquarters of Disney is located in Burbank, California.
The world’s largest online retailer gives staff a pay rise
Workers at Amazon’s warehouse and transportation hubs are set to receive a pay rise
The world’s biggest online retailer says wages will increase to over 19 dollars, which is up from 18.
It’s part of a plan to help the company attract and retain workers in a very tight labor market.
Of course, the peak shopping season is also getting underway.
Amazon says the price increase will cost its company nearly one billion dollar in the next year alone.
The minimum for workers on an hourly wage will stay at 15 dollars.
Russia will formally annex Ukraine regions Friday
“These are the guys?” Putin’s Dad’s army
Chinese leader Xi Jinping makes his return to the public eye
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
World3 days ago
Hurricane Ian barrels towards Florida
Business2 days ago
Apple hack? distressing and offensive language alert
Business3 days ago
The best airlines to fly ECONOMY in 2023
Ticker Views1 day ago
How close to a full scale nuclear war are we really?
Business3 days ago
Do Kwan wanted by Interpol over Terra collapse
Business2 days ago
‘Sorry’ – Optus hacker releases statement changing demands
Tech3 days ago
UK set to fine TikTok for breaching children safety
Business1 day ago
Optusdata hacker mocked on social media for clumsy attack