06 July

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Didi shares slump as much as 25% as China crackdown dents sentiment By Reuters

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By Scott Murdoch and Thyagaraju Adinarayan HONG KONG/LONDON (Reuters) -Didi Global Inc shares slumped as much as 25% in U.S. pre-market trade on Tuesday, ahead of its first session since Chinese regulators ordered the company's app be taken down days after its $4.4 billion listing on the New York Stock Exchange. The ride-hailing giant's app was ordered to be removed from mobile app stores in China on Sunday by the Cyberspace Administration of China (CAC) which followed an official investigation into the company's handling of customer data. The U.S. market was closed on Monday for the...

06 July

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Kanzhun ADRs Slump as Regulators Give It the Didi Treatment By Investing.com

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By Dhirendra Tripathi Investing.com – The American Depositary Receipts of Chinese online recruitment firm Kanzhun (NASDAQ:BZ) tumbled by more than 10% in Tuesday’s premarket trading as its main app was subjected to a regulatory clampdown similar to that on ride-hailing giant Didi Global (NYSE:DIDI) The Cyberspace Administration of China has stopped it from onboarding any more users until it is satisfied that its data collection and retention complies with national law. “The company plans to conduct a comprehensive examination of cybersecurity risks and continue to enhance its cybersecurity awareness and technology capabilities,” Kanzhun said in a...

06 July

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Empathy bootcamp? UK banks seek payback on $105 billion COVID loans By Reuters

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By Lawrence White and Iain Withers LONDON (Reuters) - As payback time approaches for more than 75 billion pounds ($104 billion) of emergency state-backed loans, Britain's banks must tread a delicate path with businesses propped up during the pandemic. Faced with trying to limit losses for themselves and taxpayers but also avoid a repeat of the aftermath of the 2008 financial crisis, when banks were vilified and forced to pay millions of pounds in redress for heavy handed debt repayment tactics, lenders are pledging that this time will be different. With the first COVID loan repayments...

06 July

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Risks linked to UK’s $2.8 trillion debt mountain are growing – OBR boss By Reuters

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LONDON (Reuters) -Britain's 2 trillion-pound ($2.8 trillion) debt mountain is becoming more exposed to inflation and interest rate shocks which are themselves becoming more frequent, Richard Hughes, chairman of the country's budget watchdog, said. Hughes said the Office for Budget Responsibility expected the current rise in inflation - which could surpass 3% according to the Bank of England - would be temporary as the economy bounced back after its pandemic lockdowns. But the government's debt stock was increasingly vulnerable to the risk of higher inflation and interest rates, standing at 100% of gross domestic product with...

06 July

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Argo Blockchain considers secondary listing on NASDAQ By Investing.com

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By Samuel Indyk Investing.com – Argo Blockchain (LON:ARB) has said it Is mulling a secondary listing in the US on NASDAQ, but has yet to make any firm decision regarding the timing. The London-listed cryptocurrency miner said any proposed listing is subject to market and other conditions, and there can be no assurance as to whether or when the proposed listing may be completed. The news comes alongside the regular monthly update from Argo, where they announced they had mined 167 Bitcoin or Bitcoin equivalent in June, versus 166 in May. Based on cryptocurrency...

06 July

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British Airways reaches settlement with customers over 2018 data breach By Reuters

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(Reuters) - British Airways has resolved a legal action related to a data breach in 2018 on confidential terms, and those affected will receive a settlement, court-appointed solicitors said on Tuesday. British Airways, owned by IAG (LON:ICAG), revealed a breach of its security systems in 2018 that led to the leak of personal data of 420,000 staff and customers. ...

06 July

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EU says will step up legal action if UK does not respect agreement By Reuters

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BRUSSELS (Reuters) - The European Union will have no choice but to step up its legal proceedings against Britain if London does not fall in line with its obligations on Northern Ireland under the Brexit agreement, European Commissioner Maros Sefcovic said on Tuesday. "Unfortunately, the unilateral measures the UK government took in March contradicted this ...

06 July

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Twitter loses immunity over user-generated content in India By Reuters

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By Aditya Kalra and Sankalp Phartiyal NEW DELHI (Reuters) - Twitter Inc (NYSE:TWTR) no more enjoys liability protection against user-generated content in India as the U.S. microblogging giant has failed to comply with new IT rules, the Indian government said in a court filing. The statement is the first time Prime Minister Narendra Modi's administration has officially said Twitter has lost its immunity after repeatedly criticising the company for non-compliance. The dispute and the public spat has raised concern that American firms will find it difficult to do business amid a more stringent regulatory...

06 July

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Black box retrieved from crashed Philippines Air Force plane By Reuters

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By Karen Lema (Reuters) - Philippine authorities have retrieved a black box from an Air Force plane that crashed at the weekend, killing more than 50 people, Military Chief Cirilito Sobejana told Reuters on Tuesday. The pilot in command, who had several years of experience flying a C-130 aircraft, was among those who died in the crash on Jolo island, Sobejana said by telephone. The military chief said a black box was retrieved on Monday and should enable investigators to listen to the conversations of the pilots and crew before the plane crashed. "I spoke...

06 July

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Dollar awaits Fed minutes, kiwi aloft on rate expectations By Reuters

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By Tom Westbrook SINGAPORE (Reuters) - The New Zealand dollar rose on Tuesday after a strong business survey pulled forward rate hike expectations there to as soon November, while its Australian counterpart crept higher ahead of its own crucial central bank policy meeting later in the day. The U.S. dollar and other majors were mostly steady as investors wait on the minutes from the Federal Reserve's meeting in June when it surprised markets with a hawkish shift. They are due to be published on Wednesday. The euro held at $1.1860, more or less where it left...

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News

Didi shares slump as much as 25% as China crackdown dents sentiment By Reuters

Kanzhun ADRs Slump as Regulators Give It the Didi Treatment By Investing.com

Empathy bootcamp? UK banks seek payback on $105 billion COVID loans By Reuters

Risks linked to UK’s $2.8 trillion debt mountain are growing – OBR boss By Reuters

Argo Blockchain considers secondary listing on NASDAQ By Investing.com

British Airways reaches settlement with customers over 2018 data breach By Reuters

EU says will step up legal action if UK does not respect agreement By Reuters

Twitter loses immunity over user-generated content in India By Reuters

Black box retrieved from crashed Philippines Air Force plane By Reuters

Dollar awaits Fed minutes, kiwi aloft on rate expectations By Reuters

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