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Tag: china (page 1 of 13)

Irish data protection Commission probes TikTok for data handling

Two probes have been initiated by Ireland’s Data Protection Commission, which will look into TikTok’s data handling. The commission is the EU’s main regulator for apps like TikTok and will examine the app’s data protection requirements, while also checking transfers of data by TikTok to China. The Commission has the authority to levy fines of up to 4% of the companies revenues, and the probes go on to show another instance of possible data theft by China.

Source: Techcrunch

China adopts intensive searching measures for crypto miners in hiding

China is now targeting miners who tried to disguise themselves as data researchers or storage facility workers, to continue cryptocurrency mining. Inspections in several provinces intensified, as regulators try to detect Illegal mining activity in colleges, data centers, and research institutions. The decision could further reduce China’s influence on the global crypto market, of which it was the dominant player until recently.

Source: Telecom Live

As China tightens gaming restrictions, Tencent leads losses of $ 60B

With Chinese regulators taking a tough stance on the world’s biggest gaming industry, investor fears have led to losses of up to $60B in value for Tencent Holdings and Netease Inc. Announcements by regulators declaring that China will slow down approvals for all online games also accelerated a stock selloff by investors, contributing to further losses. Amidst the crackdown on tech firms, investors are concerned, and the industry may face more losses.

Source: Business Times

China restricts gaming to weekends for under 18

China, in a surprise announcement, has announced that users under the age of 18 are only allowed one hour of online gaming time, on Fridays, Saturdays, and Sundays, between 8 to 9 pm. The Chinese government continues to blame videos games for Myopia, as well as the deterioration of the mental and physical health of minors, hence resulting in stringent rules. However, minors have found workarounds already, such as using an adult’s ID, etc.

Source: Techcrunch

China restricts big companies, pressurises them to take on social responsibility

While Chinese authorities have been increasing the restrictions on many companies, they have also pressurized the companies to take up social responsibility, such as respecting workers’ rights. The Supreme People’s Court of China declared “996” system of working from 9 am to 9 pm, 6 days a week, illegal last week. With companies like Alibaba and Didi setting up workers’ unions, the focus is being put on people’s well-being in China.

Source: Techcrunch

National security fears prompt China to roll out new “Data Laws”

Flagging “national security” as the reason, China has rolled out new restrictive data laws to rein in the country’s giant tech sector. Laying down responsibilities for data handling, the laws specifies fines up to $1.55M, for a range of offenses like data leaks, failure of verification, etc. Cross-border data transfer is also tough, with organisations forbidden to hand over data to foreign law authorities without the content of Beijing.

Source: Money Control

Beijing reveals draft of new “algorithm regulations”

Chinese regulatory authorities have unveiled a 30-point draft of the new “algorithm regulations”. If approved, the algorithms in Chinese apps will have to follow rules such as “upholding national interest”, “not entice users to be addicted”, “inform users about algorithm logic”, etc. The companies will also be required to hand over the algorithms to police and regulators, in case of investigations, or if they influence public opinion.

Source: Yahoo News

 

Huawei granted US approval to buy chips to grow auto business: Report

License applications worth thousands of dollars have been approved by the US for China’s blacklisted tech giant Huawei. Auto chips, which are the ones approved, are less complex, making the approval process easier. The move has not been welcomed by all, however, with Republican Senator Tom Cotton, accusing the Biden administration of easing the pressure on “Chinese Spy” Huawei.

Source: Live Mint

Chinese markets take $560 B hits in a week, as companies fear regulations

With Chinese regulators clamping down on various industries, stocks in China’s markets took a major hit. The Hang Seng stocks fell 1.8%, with a weekly drop of 5.8%. The Shanghai Composite fell 1.1%, Alibaba 2.6%, while Tencent is at a 14-month low. With new rules being announced seemingly daily, investors are fast losing confidence, and the result shows in the market with $560B wiped off Chinese markets within a week.