CRACKDOWN ON EDUCATION COMPANIES SPARKS SHARP SELL-OFF FOR CHINESE STOCKS
During the morning trading in Hong Kong on July 26, investors sold shares of companies listed in Shanghai and Shenzhen in the amount of 12.8 billion yuan ($2 billion).
The unrest in the market arose after Beijing announced new bans against companies in the field of education. Against the background of the actions of the authorities, the shares of three major Chinese educational platforms fell by 54-98%.
FIRST INDIAN UNICORN IS GOING PUBLIC
The food delivery service Zomato, founded in 2008, was the first of the Indian "unicorns" to enter the stock exchange.
Zomato management launched an IPO to raise $1.3 billion for further development. The company's shares rose by 80% on the first day of trading after its listing on the Mumbai Stock Exchange. Now the food delivery service is estimated at $13 billion.
FACEBOOK AND GOOGLE STOCKS ROCKET TO RECORDS AS ONLINE AD MARKET HEATS UP
Facebook (FB) shares rose by 5.3% to $369.79 per unit, as a result of which the company's capitalization exceeded $1 trillion.
The class A shares of Alphabet (GOOGL), the owner of Google, rose by 3.6% to $2660.3 per unit, and the market capitalization exceeded $2 trillion. Over the past year, Alphabet shares have risen by 73%, and Facebook — by 57%.
FACEBOOK CREATES EXEC TEAM TO WORK ON A DIGITAL UNIVERSE
The "metaverse" is a virtual world where people can gather for games, socializing or work. Its concept is closely related to virtual and augmented reality technologies that are currently being developed by Apple, Google, Amazon, and Microsoft.
It may take five or so years to create a "metaverse". Mark Zuckerberg pointed out that it will be available to owners of different devices — PCs, game consoles, and mobile gadgets.
ALIBABA SUED IN U.S. BY LUXURY BRANDS OVER COUNTERFEIT GOODS
Products seized from violators of the law are put up on the auction site Sifa Paimai. This resource belongs to the Chinese Internet giant, it was launched in 2012.
For example, last November, a Himalayan Birkin bag made of white crocodile leather was sold here for $63.7 thousand. The same bag at Sotheby's auction went for $139.9 thousand.
AMAZON GETS RECORD $888 MILLION EU FINE OVER DATA VIOLATIONS
This is a record fine for such violations in Europe. The largest fine before that was received by Google in 2019 – €50 million.
The commission made the decision after an investigation launched in 2018 due to a complaint by the French privacy protection group La Quadrature du Net. Amazon plans to appeal.
ALPHABET ALMOST TRIPLED ITS NET PROFIT IN THE SECOND QUARTER
The revenue of the corporation Alphabet, which owns Google, in the second quarter of 2021 increased by 62% compared to the same indicator in 2020. Revenue for the quarter ended June 30 was $61.88 billion, and net profit was $19.36 billion.
Advertising revenue on YouTube increased from $3.81 billion in the second quarter of 2020 to $7.01 billion for the same period in 2021.
TOKENIZED SECURITIES EXCHANGE CURRENCY.COM JOINS CRYPTOUK
Along with Currency.com, the executive participants in CryptoUK are Crypto.com, CryptoCompare, BSB Group, Electroneum, eToro, Ripple, Simmons & Simmons, and others.
Together with other members of the association, the crypto exchange will provide information to regulatory authorities to facilitate the development of new regulatory norms in the crypto sector.