Money

The US sends American companies based in Hong Kong a stern warning

Published

3 years ago

July 14, 2021

The US sends a stern warning to American companies based in Hong Kong, as China establishes its dominance in the financial sector

US authorities are sending a warning to American companies in Hong Kong amid growing concerns over China’s reach. The US has raised concerns about China’s ability to gain access critical American company data.

This comes as the most recent indication of Biden’s growing fears about Hong Kong’s independence. These concerns have continued growing since Beijing launched a crackdown on local pro-democracy demonstrations in 2019.

The US also appears to be concerned about the new regulations allowing Beijing to intercept anyone who it believes isn’t complying with anti-China sanctions.

The warning follows Trump’s decision last year to decrease trade privileges in Hong Kong. The US previously awarded these privileges in recognition of the territory’s independence from Beijing.

China crackdown intensifies

However, American companies in Hong Kong aren’t the only ones suffering as of recent times. This comes after Wechat and Alipay removed Didi’s main app.

Wechat and Alipay which have over 1 billion users. Wechat and Alipay are ‘super-apps’, meaning users can open and use other apps without leaving. Didi shares have dipped 20 percent since the removal.

While Didi’s half-billion existing users will still be able to order rides, for now, China’s cybersecurity crackdown adds to the uncertainty surrounding all the nation’s internet companies.

Chinese regulators asked Didi as early as three months ago to delay its landmark U.S. IPO because of national security concerns involving its huge trove of data.

Didi Removed From WeChat And Alipay Apps As China Crackdown Intensifies

Money

China has pledged to “significantly increase” debt to jumpstart its economy

Published

18 hours ago

October 14, 2024

ticker NEWS

Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

Leaders

Niche accountants proving essential to e-commerce success

Published

6 days ago

October 9, 2024

ticker NEWS

Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

#featured

Money

Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

Published

6 days ago

October 9, 2024

ticker NEWS

Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending