ByteDance has told a Mumbai court that freeze on its bank accounts by authorities in a probe of alleged tax evasion is harassment of the internet company and was done illegally, reported news agency Reuters. The Income Tax department in March ordered HSBC and Citibank to freeze bank accounts of ByteDance India as they are probing a few of the financial dealings. Chinese internet firm has challenged the freeze on bank accounts in a local court.
Digital payments will account for a 71.7 % share of all transactions in India by 2025, said a report by ACI Worldwide, a provider of payment solutions to enterprises. The rest (28.3%) will be by cash and cheques. The report claimed that in 2020 India was ahead of China with 25.5 bn real-time payments transactions, compared to Beijing’s 15.7 bn. In 2020, instant payments accounted for 15.6 %, electronic payments 22.9 % and cash and cheques 61.4 %, the report said.
Chinese technology company Xiaomi will unveil a new self-developed computer chip on March 29. The announcement was made on Friday on Xiaomi’s official Weibo account, a Chinese Twitter-like social media platform. No details of the yet to be launched chip are available so far. The announcement has come at a time when Xiaomi is diversifying its revenue streams from the smartphone business having razor-thin profit margins.
The Chinese army has put a blanket ban on the entry of Tesla vehicles in its office premises, following security concerns over cameras installed on the cars, as per a Reuters report said citing two people. The experts believe that the ban is similar to the USA’s move against Chinese telco Huawei citing national security. Share of Tesla, which sold around 1.5 lakh cars or 30% of its total deliveries in China in 2020, ended up 0.3% after falling 4.4% during the trade.
Qualcomm CEO Steve Mollenkopf, while speaking remotely at the China Development Forum event, said that chip shortages, which has caused disruptions across several industries worldwide, is easing up. Mollenkopf said that the demand for older chips is easy to fulfil. The demand for chips has soared during the past few months, panic buying further added to the shortage leading to the rise in costs of all types of microchips.
Chinese authorities summoned Alibaba, Tencent, ByteDance and eight other local tech firms over concerns of ‘deepfake’ tech on their content platforms. The country’s cyberspace administrator, in a statement, said that the officials of the public security ministry had a meeting with the tech firms to discuss “security assessments” and potential problems with deepfakes and audio social apps. Deepfakes use AI to create hyper-realistic but fake videos or audios.
A China-based hacking group is targeting telecom service provider across the globe in an attempt to steal 5G tech and related sensitive information. Telcos in Southeast Asia, Europe and the US are attacked by cybercriminals, which was discovered by the researchers at McAfee. At least 23 telecom firms, so far, have come under attack, but it is not clear how many of these attempts were successful. The group behind the campaign is known as Operation Dianxun.
Ant Group’s global investors, as per news agency Reuters, have valued the China-based fintech giant at over $200 bn. The calculation is based on Alibaba backed company’s 2020 performance. The valuation is 33% above Ant’s 2018 fundraising, but far below the $315 bn, had the company was listed in “the world’s largest IPO”. Investor and experts had hoped for a huge crashed after the authorities scuppered the $37 bn IPO days ahead of listing in Nov.
Beijing has asked Alibaba to dispose of its media assets, said a Wall Street Journal report. Alibaba, having a key interest in online retail, has stakes in Chinese Twitter- called Weibo, Hong Kong-based newspaper South China Morning Post and others. The report said that the Chinese government see such influence as a potential challenge to the Chinese Communist Party authority and its own powerful propaganda assets.