28 Burst results for "Aunt Group"
"aunt group" Discussed on Bloomberg Radio New York
"Brother is going after Jack Ma's tech empire as part of a string of crackdowns Beijing and post a record $2.8 billion fine on Alibaba for abusing its market dominance. And ordered it to stop making merchants choose between Alibaba and competing platforms. Here's company vice chair and co founder Joad Sigh with this penalty decision. We've You know, received a good guidance on some of the specific issues under the anti monopoly law. China also ordered an overhaul of Aunt Group, which has expanded into payments, banking, wealth, management and insurance over the years. I don't think the government wants this story to dominate through 2021. Specifically, they've been guiding media to report on how They government's program. Political platform economy, They're pro the innovation. That's Duncan Clark, chairman of B D a China. The revamp believes ants main business is intact. But the new directive makes it harder for the firm to direct traffic from its payment service. Ali Bay, which has a billion users toe, other ant financial services, including wealth management. Consumer lending and even on demand, neighborhood services and delivery. Here's Robbie Men on from the Monetary Authority of Singapore and I'll philosophy is simple. You carry out similar activities similar risks as he bank Then you're subject to similar rules and similar requirements. This week, Chinese regulators also summoned 34 of the country's largest tech companies, from 10 Cent to TIC Tac owner Bite dance, warning them to curb their excesses, joining a global rush by governments to regulate big tech Once again, Alibaba's jokes, I globally The trend is that regulators will be four king to look at some of the areas where you could have unfair competition. Sam Palmisano knows what it is to run a tech giant. The government wants to regulate from his time as CEO of IBM when the U. S government and the European Commission were both pursuing IBM. We asked him to evaluate the Chinese moves to restrict big tech and how they compare with US efforts. If you go back, I'll start with China first and then get the United States but it's get back in the early stages of technology or in emerging economic opportunities. You have broadly governments always trying to provide incentives or clear a path for companies. And that started really instant tack in China. And basically, I was over there a lot when I was working, and it was clear from the central banking system that they want to be able to get. More liquidity going to small businesses in the stone on state owned enterprise bikes were really focused on been tries to large companies. So they gave ah lot of flexibility in the regulation, So let these guys get gully. And they did a phenomenal job. They get really big and must make it really big. The government decides that we need to bring him back into the banking system and therefore create the holding company and subject them to more regulation. And the thing that really struck me that after there was that record fine imposed against Alabama, Alabama thanked the regulators for the fine. I don't remember IBM back in your day, thanking the federal government for pursuing them. Well, wait. As I used to say when I was a CEO, I'm elected every year by the shareholders who, so it's a different system, you know here versus there, but I really mean it. I mean, I could see that why? If you are operating in China, you need to maintain a close relationship in partnership with the government because they can impact your business either positively negatively in a very direct way in a very quick and direct way. Does that suggest that China may have an easier time if you can call it easy? Really getting their control over the big tech companies in China. Because of that different relationship than, for example, Washington would have with the big tech here in United States. You think about it, You know, it's not. It's not. It's not a district government of anyway. It's a centralized government in complete control. So if she should make decides, he doesn't want to stop by pl Oh, there he just stops T I p r. They're right. They don't have to go through the process. There's bad checks and balances and those sorts of things So therefore the government does have a lot of control and a lot of lot of the early stage Government conference. I should say governments are actually active shareholders in those companies. On overtime. They divests and sometimes they don't example being the love of what we did with selling the PC business is well known for. But the early stage of that relationship the Chinese government have about 25% share up with Bono. They divested overtime, but nonetheless that they come in and out of companies at the same time President. She's made it very clear he wants to compete in the world stage when it comes to attack. He's made that a priority of here's does. He have to be somewhat concerned about going too far and really curtailing big tech in China because it will be his competitive with, for example, United States Keys in his innovation. Right, And there's a lot of the areas that they don't have the same expertise and experience in take entrepreneurship. I mean, there are a lot of great entrepreneurs in China but not necessarily intact in China, So therefore there's going to be a encouragement by I believe by the Chinese government for foreign investment in entrepreneurial endeavors, even on other places they're trying to control foreign investment. So you'll see this sort of almost like it's a split perspective ours but interactions some areas. I can say they wouldn't indigenous innovation, but they need foreign help, and that's how they'll pursue it. My opinion look at Hong Kong, for example, they're getting more control of Hong Kong, but they're putting tax incentives to attract hedge funds and wealthy people to Hong Kong. Seriously. This is that they kind of kind of interest of each other. The communist system of socialism, person tracking hedge funds and large wealthy people or their very pragmatic, you know, depending upon their goals, they will adjust. Well, it seems that's Farley's Perhaps we working in Hong Kong because you see a lot of new money managers crew being created in Hong Kong and a lot of big banks, including U. S banks, increasing their personnel Hong Kong despite all the civil unrest there instead of us to do that, like You know, the company's learn like we will You operate with it in any system that you operate within, Um, you know, in some ways, and I know that sounds crazy, but there's more stability and essentially control of governments than there is in our system. Because every four years you know a whole new set of priorities, so you could argue that once you adjust to their systems and you work with in their systems, there's much more stability over time. And from a business perspective gives you more certainty of investment. If you go back in history, the federal government in the United States has tried to regulate technology IBM Certainly they went after they went after Microsoft. You think looking back and it did curtail innovation. You talked about China having to be careful. It didn't curtail innovation. There's no doubt about it. If you look at all of us that went through it. What happens is that as you're going through the process as they're trying to split you up there in the trust. You are so focused on those cases of the government involvement you stand. You tend to miss shifts in the technology and that happened ever happen. IBM Microsoft 18th. He almost. I mean, you could test you these things. And that could happen here that the more government involvement that there happens to be. You will curtail innovation, and that's a trade off. I don't know that governments look at it that way, and I really don't think they Worry about that, because their view will be that look, we created more competitors. So yes, Your company's not his innovative. It's a bus before. But look at all these other countries that were created because we the baby bells get UT example. You know, alternatives, the IBM Microsoft in the PC..
Alibaba Faces $2.8 Billion Fine From Chinese Regulators
"Tech giant Alibaba's being fined $2.8 billion for what Beijing calls monopolistic behavior, NPR's Emily Fang says the fine comes is Chinese leaders reportedly are investigating how the company and its charismatic founder Became so powerful Alibaba's troubles really began after its founder, Jack Ma, I'll give a speech criticizing Chinese financial regulators from Muslim on Turner's like him. The I. P O of a second company of financial technology firm called Aunt Group was then abruptly canceled, and his executives called into meetings with regulators. Ma has now not been seen in the public eye since last October.
Alibaba Faces $2.8 Billion Fine From Chinese Regulators
"Tech giant Alibaba has been slapped with a nearly $3 billion fine. Chinese regulators say the company has engaged in anticompetitive behavior. NPR's Emily Fang reports. The fine comes as Chinese leaders are reportedly investigating how Alibaba and its founder became so powerful Alibaba's troubles really began after its founder, Jack Ma, give a speech criticizing Chinese financial regulators from Muslim entrepreneurs like him. Hypo of a second company financial technology firm called Aunt Group was then abruptly canceled, and his executives called into meetings with regulators. Ma has now not been seen in the public eye since last October.
"aunt group" Discussed on Bloomberg Radio New York
"Now, the C S I 300 the Chinese benchmark has had a pretty astounding drop over the past few weeks, losing over a trillion dollars in market cap. Part of that is because of China's crackdown on Fintech and even broader technology companies in general, we want to talk right now about that in depth with Brendan A'Hearn. Chief investment officer at Crane shares. Brendan Let's focus in on on 10 Cent, for example, those shares down for a second day as regulators turned their sights to pony mas business empire $62 billion wipe out in those shares that Is really Is really mirroring what we're seeing across the broader tech technology and fintech industry in China. Why Yeah. I mean, you have a $77,000 fine and a $60 billion plus loss and market cap, But it is It's it's one. You have the uncertainty of we know that some of these Chinese Internet companies don't play nice in the sandbox with one another Thies anti competitive practices are going away. And then in the case of 10 Cent, they do have AH, healthy. Fintech operation. You know, they really have a duopoly in mobile payments with Aunt Group and then if I think we do, we are seeing a bit of a cyclical value rally, and that's that led to a little bit of Pretty pretty severe correction here, though I think in the long run, you know, medium long term run these growth geared companies are where investors are going to be focused, but clearly facing a little bit of a hail wind in the nasty correction and market rotation. So Brendan, I followed Ali Baba, the company and the stock really closely since its inception, and one of things I've always been amazed about is Jack Ma's ability to quote unquote manage the Chinese government and the regulatory oversight in such a way that he could grow his business to the extent that he has It seems like he's lost his touch. What do you think is going on? There's relates to the relationship between Ali Baba and intense sentence on the other big companies and the Chinese government. Well, I think he's coming had become too big to fail. And the fintech part of their businesses have really skirted the regulatory of from the banking side, even though they do a lot of things that banks do, And so I think, because they've done so well, they're receiving a little bit more regulatory oversight, which which is not not not necessarily a bad thing, because You know, the policy makers need these companies as much as the company's maybe need this operating environment, So so I think they well get along in the medium to long term run. Though we this uncertainty on exactly what this regulation is gonna look like, You know, Um, markets kind of shoot. First ask questions later. People like, uh, by the way, if I lose my touch, I wanted to be after I've amassed $50 billion because because I'll be cool with it at that point. No, I'm sure he's not cool with it. Jack Ma pony, Ma these, um Tech billionaires are also hugely innovative forces for this country, and China still wants to be on top of the game when it comes to tech right so they can't completely corral these people. 100%. I mean, the latest the 14 5 year plan it domestic consumption, domestic consumption, domestic consumption. Where is that gonna happen? These Internet companies write the e commerce companies. So so I think I think it's like what we saw with aunt groups. I po getting pulled. There's a rationale for this that these companies have become too big to fail. Getting in front of problems is something that's done proactively from a regulatory perspective in China. But but again, the country the policymakers need these companies as well. And Brennan, if if you're us investor, and I am aware that the Ali Baba shareholder list in the 10 Cent, and it's all the big investment funds Western investment funds, I think, Is it fair to say they went into these investments, knowing that the quote unquote China risk Is always there, and it's just something you have to deal with. It's certainly I mean, the companies do trade at a valuation discount to their U. S counterparts. For that reason, at the same time, you know next Wednesday after the Hong Kong close, we have 10. Cents of earnings release for Q four. The other players to four results have been simply outstanding. You know where Where do you find these rates of growth? And these very large companies? It's in China. So so I do think you know this crowded there was a little bit of a crowded trade from both. They retail as well as professional investor in these names, this reopening cyclical value come back. You've got a fund that trade somewhere. It's coming out of some of these growth companies. At the same time, Um you just can't find growth rates like like what we see in these companies, and I think the market is indiscriminately basically taken all these names to the wood shed. But the 10 cents Baba is JD's ex cetera. He's a real companies, not not just revenue net income cash flow, and I think for long term investors, you've got a great entry point. Brendan, thank you so much. We appreciate it. Brendan Ahearn, chief investment officer for Crane chairs based in New York City. We always go to him. We'll talk about some of these big Chinese names and again. The Hold on quote China Risk word any given time The Chinese government can come in and, you know, make material change to the regulatory framework. Maybe the competitive landscape on dares not much that these companies can do other than try to adapt and that's kind of what we're seeing here. I think for some of these Chinese companies as we hear from Ali Baba, as we hear from 10 Cent that they will adapt. On. They will be good citizens of their countries, and so we'll have.
"aunt group" Discussed on Bloomberg Radio New York
"S pushes ahead with shots. We have some mixed news this morning on the global vaccine front. We get the details from Bloomberg's ready to young. Novavax has positive data on its vaccine. A late stage trial in the U. K showed its shot was about 96% effective against Corona virus symptoms. Meantime, AstraZeneca shot is seeing several setbacks. Thailand is the latest nation to temporarily suspend its use pending an investigation into whether it may trigger blood clots and Bloomberg News has learned. Astro will now supply less than half the plant number of vaccines to the European Union. By June. We need a young Bloomberg daybreak. I related Thank you. Meanwhile, Novavax is up 20% this morning we turn to the markets now where two of the three major stock indexes entered the day and record territory again. Maurin this live report from Bloomberg. John Tucker, John Karen, the president's massive covert relief plan. Healthy S and P 500. Dow Jones industrial average closed at new highs. It also sparked another sharp rally. Protect stocks, the NASDAQ 100 soaring over 2.5%. After being in Correction territory earlier this week. Now it's just a little more than 5% from its own record. Those gains may consolidate in today's cash session. Yield your back and focus with the benchmark 10 Year Treasury topic 1.6% earlier this morning in New York. I'm John Tucker. Bloomberg Daybreak. Man. John NASDAQ futures have been falling overnight. That's after China put 10 Cent Holdings on Notice. Asia's largest conglomerate, was censured by Beijing's antitrust watchdog today as the government expands a crackdown. The big And with Jack Moss and group like Aunt Group 10 Cent will likely be required to establish a financial holding company to include its banking, insurance and payment services. Any and futures are lower S and P futures down. 23 points down futures down 16 NASDAQ futures down 241 That's still off the lows of the morning, but it's still down 1.9%. Straight ahead. Your latest local headlines plus a check of sports, and this is Bloomberg. It's 5 33 on Wall Street. Michael Barr is here with more on what's going on in New York and around the world. Good morning, Michael Good morning. Nathan. New York Governor Andrew Cuomo is facing an impeachment inquiry led by the state's own Democratic lawmakers as allegations of his misconduct. Mt. Pressure to unseat him hit a new high after allegations emerged that he groped a female aide. Under her blouse..
NYSE Says Again It Will Delist Three Chinese Telecom Stocks
"The trump administration is in its final days. But that doesn't mean that they're not still pressing ahead with their aggressive china policy when it comes to tech president trump has signed an executive order banning transactions with aunt groups ali pay tencent's wechat pay and q. Q. as well as five other chinese payment apps quoting reuters lee order argues that the united states must take aggressive action against developers of china software applications to protect national security it tasks the commerce department with defining which transactions will be banned under the directive within forty five days and targets tencent holdings q. q. And we chat pay as well quote by accessing personal electronic devices such smartphones tablets and computers chinese connected software applications can access and capture vast swaths of information from users including sensitive personally identifiable information and private information. The executive order states such data collection quote would permit china to track the locations of federal employees and contractors and build dossiers of personal information the document ads and quote so as i've said several times when it relates to the subject i still haven't developed a definitive opinion about this whole tech cold war with china. Smart people. I know really do believe that. China's tech ambitions are set to the us's dominance in various ways and so must be meaningfully countered the problem. I'm having though is at least these last few years. The trump administration in my opinion hasn't put together a coherent argument about what they're doing. Or why so. It's hard for me to even form an opinion. That's not me being political. That's just me being someone in the tech industry that feels this whole posture. Vis-a-vis china by the government has been maddeningly inconsistent. So far case in point after pressure from the us government. The new york stock exchange said it would delist the stocks of three chinese companies china mobile china telecom and china unicom in order to satisfy an executive order imposing restrictions to prevent american companies and individuals from investing in companies identified as being affiliated with the chinese military. Now that was always the plan they were going to list these three companies and then two days ago the nyse reverse course and said it would no longer dealers those companies now today. they're reversing the reverse quoting cnbc. The exchange reversed that decision on monday causing much confusion treasury secretary mnuchin told the exchange that he disagreed with the original reversal. A senior administration official told. Cnbc's eamon jabar's the mis's said the latest reversal was due to new guidance. From treasury's office of foreign assets control that said people in the us could not engage in certain transactions with the three companies as of next monday trading of the three securities will be suspended at four pm eastern time on monday the exchange said and quote. See what. I mean confusing as all get out isn't it. China mobile is a one hundred billion dollar company. I believe they've been listed on the nyse for more than a decade. As i said before around these issues capitalism requires a clear set of rules that everyone involved in the great game of capitalism can understand if you don't know what the parameters of engaging and capitalism are then that's not capitalism so i guess one of the bigger questions going into the new year does president biden have as big an ax to grind with china tech as president trump. Did and will we get a more coherent position. Vis-a-vis chinese tech
Alibaba founder Jack Ma is lying low for the time being, but he's not missing
"Stock just jumped five percent yesterday on word. Their ceo is not dead. Wow this year. The huge fundamental difference of doing business in china versus the united states. All right so jacqueline. You're talking here about the other jack jack. Ma former teacher present billionaire current location. Jack of jack ma. The former english teacher jack ma. He is a hard worker seventeen miles a day on a bike uphill to learn english. Both ways he also applied for job at kfc twenty three other people and he was the only one who didn't get the job. So what we're saying is jack. Ma falls off his bike. He gets back on the bike and then he founded alibaba twenty one years ago and that became the amazon of china. Now we mentioned jack mas hard working he actually evangelize is the nine nine six workweek which is nine. Am tonight pm. Six days a week for a total of seventy two hours and sounds absolutely awful opposite of the four day workweek way. Bigger the four day workweek knackers today. You could argue. That alibaba is more innovative. Then america's amazon. Yeah it's basically it's google. It's amazon it's fedex. It's pay pal all that rolled into one with a nice bow on an app alibaba stock however is down thirty percents since october on some really bizarre and kind of scary news all right. So this one's kind of strange. It all started back in october. When ant financial a different company the pay pal of china was prepping for the biggest. Ipo effort alibaba under the leadership of jack ma. They invested early in aunt group because they saw the need for digital payments in the ecommerce future so alibaba owned thirty percent of aunt. So anti peo- was going to be a big payday for alibaba. therefore jack ma. that's because aunt has one billion customers. They offer every financial service imaginable. He has eight. It's pretty much like the pizza hut buffet for fintechs picture. The little kale in between all the cottage is when jack ma made a fatal mistake he criticized. The chinese. Government does knackers in the us. You perfectly are allowed to criticize the government. Actually do it all the time. Even though you're not a huge fan of the damage that's okay not everyone's a fan of the dam and you're allowed to complain about the dmv because you are protected by the first amendment of the constitution freedom of speech though not a write in china. That's why it was a big deal in october. When jack ma at a conference during a speech criticized chinese regulators for stifling tech innovation with outdated regulation get this is the result the ant. Ipo that huge biggest ipo ever. It was blocked by authorities. And they called in jack ma for questioning they wanted to make an example of him speaking out against china so they actually ordered group to return to their payment origins. Because of what. Jack ma set and jack ma hasn't been seen in public since then and for good measure. The chinese government decided to launch an antitrust investigation against alibaba. After jack ma said what he said. Oh it's drop alibaba stock mar- oh and by the way w just told cnbc. Jack ma is alive. He's just laying low right now keeping a low profile. We're glad to hear that he's alive. But it's a little strange for a stock to jump because he's alive fleet
What happened To Jack Ma
"Development between chinese companies in the. Us is only part of the larger tech story in china. Late in two thousand twenty. China joined the us in europe in a global big tech reckoning when it released series of proposals to rein in the chinese fintech sector new rules on how online leaders could operate and the government increased scrutiny on players like ten cents at jd dot com in an effort to curb anti competitive behaviour. Then china effectively blocked would become the largest ipo ever. A public listing. The chinese fintech aunt group shortly thereafter china's markets regulator opened antitrust probe into e commerce giant alibaba aunt groups largest shareholder and one of the most valuable tech firms in the world amid all this chinese officials had met jack. Ma co founder of ant group and co founder and former chairman of alibaba. He's still one of companies largest shareholders. He's china's biggest business. Celebrity enriches tech tycoon. He's regarded globally as a symbol of china's success up until recently he was a pretty visible character. Even starring as a judge on a popular reality show. But jack ma hasn't been seen publicly two months. We're all starting to wonder where he's gone back in october. A financial forum in shanghai mom spoke out against chinese regulators claiming they're conservative approach hindering innovation. He envisions a different financial system for china. Global onlookers are growing more and more concerned at the chinese communist party would rather those visions remain unrealised. Here's becky quick. joining us. Right now is leeland. Miller china beige book international. Ceo and leland. Obviously it's just speculation at this point but it does come after. Some clearly heightened tensions between jack ma alibaba and chinese regulators. Yeah i mean the question right now is whether jack is is managing a very low profile for his own good or whether he's been brought in a dark room in his having new terms of alibaba dictate to him. A nobody knows nobody will know until till the government comes out with a statement I think right now you know. Jack is sort of muttering himself. Oops and it's oops on some of the things he's done in recent months in terms of antagonizing government regulators but this is something that the alibaba ecosystem has been something that has been antagonizing state banks and the state run financial system for years and years. So it's it's not altogether surprising that he's he's become under more pressure right now and he has a target on his back now that he's been completely vulnerable. You're not talking about the retail side of alibaba. You're talking about the financial side what they've been doing. And why don't you explain that a little bit to people why it's such a threat to the chinese banking system. This is a point that That i've made years ago when alibaba. Cbs's guest commentator for the alibaba ipo in two thousand fourteen and everyone was talking about spectacular. This company is and it's true. It's spectacular innovative companies. But the is alibaba's not one company. It's actually two companies It is a retail firm. Which is a chinese national champion. I think that's what people think of when eight when they think of alibaba most of the time. But it's also a giant financial firm and it has been innovating behind the scenes of chinese finance for years whether it's on my mutual funds whether it's e payments these are systems that have been beating the tar out of the state banking system. Alibaba for yle was allowed through you. It's it's mutual fund to to offer these very very high rates where the state banking system couldn't and over time china beige book. You can see that. There's been migration deposit flight from the state banks over the alibaba system. So jack has got an enormous number of people who really dislike him inside the chinese banking system and this is a problem that happens in beijing step in and they'd regulate the alibaba are force them to bring the rates down but this has been a tension not for months but for years. So so this is this. Is jack finding himself. Boehner and having lot of enemies on the inside leland. Just in terms of of what that means for the chinese population. I mean it's it's a good thing. It's it's helped so many people in china who wouldn't have been able to get loans otherwise wouldn't have been able to do some of those things so i have a hard time thinking that that in itself has been the biggest problem or why the communist party might down on him But you know some of the things that he said very recently have been incredibly antagonistic. Just in terms of things you're not allowed to say in china that he said right in one rule is you don't antagonize the chinese communist party and expect good things to happen but but look wall. What alibaba has been doing been innovative. It's been good for chinese consumers and households and the chinese economy keep in mind the vested interests that are affected by this. You have these technocrats. Bureaucrats have the bankers who have watched their their fiefdom less and less important over time. and so even. If this is good for china writ large. This is a real question. Mark to where the banking system falls in this new world order now. If jack had his way he was sweep the banking system aside and replace it so it may be good for china. But it's not good for a lot of party. People who are in the top of the power chain which means that jack better tread carefully at this point. It's raised a lot of questions about what this means for international companies trying to do business in china whether they be tech companies or something else but we also have at the same time the nyse announcing that it is not going to move forward with its plans to deliver those three. Chinese companies says it did this after having discussions with regulators. But you've got to think it's it's got more to do with who's going to be in the oval office come january twentieth a biden administration versus a trump administration. What what does the setup for just in terms of the us relationship with china. Yeah look i don't think biden particularly wants to touch this issue so he's keeping his hands off it but this is really about inattention by the trump team. I mean they put a rule in place and they sort of went off and pay no attention. You know certain certain agencies like treasury behind the scenes hoping to weaken this. And and that's what they did and so if you don't if you put out a bunch of rules and then you don't fall through on them. You're going to have a lot of questions over how they should be interpreted and at this point. They're so little clarity on what the administration was asking for. And what the executive orders called for and and what executive orders in the pipeline. That these That nyse in and a bunch of other financial entities basically said. We don't understand what's going on here and we're not going to implement them and they got soft backing behind the scenes from treasury not to implement them and so here you are. Everything is sort of falling apart in terms of some of these latest trump moves in the last days of the trump administration. Bring them back to what investors might be looking for. Is this a situation. Where manufacturing companies anybody. Who's making things that they're selling Either from china or to china. How is this going to play out. You have any ideas. I think that the biden administration has come in with severe restraints in terms of what they can do. They want to use political chits. They have on domestic issues. They they know that biden has had years and years and years of being called week on china when he was vice president. And so they're not gonna be able to do any heavy lifting on the china side particularly in the early days. So i think that from this standpoint biden wants to sort of he won't be able to pointing back he doesn't want to do a whole lot. And so you know you're going to be on a glide path at least until he gets both staff in you know three to six months from now but in terms of investment with china. This really has to play out. The chinese are certainly gonna come in and try to have a honeymoon. Period with a biden administration promising kinds of climate goodies. The question is who are going. To policymakers. That are gonna be in charge of china policy for for for the biden administration. And are they going to have authority within his realm in order to push back congress for certainly be at their backs but but this is some this issues. These china issues. That i think biden would like to ignore for as long as possible in his first six months. There are a lot of china hawks in congress. That would probably make that pretty difficult to ask. What what should we be watching. What are the key points or the key events. A lot of it has to whether whether cova continues to to suck all the oxygen out of the room you know code will be will be issue number one. But you're right on congress you're gonna you know you have some very fire. Republicans you also some fire. Democrats who who are who are who are quite animated on the china issue. There's a bipartisan agreement. Right now that china needs to be dealt with rather rather tough fashion. So i think that you're going to have a lot of pressure from congress. Which is why i think biden wants to have nothing to do with it. He's gonna let some a lot of some of the trump stuff glide he's gonna want to avoid the issue as much as possible. It's going to become harder and harder. As the beijing olympics comes into sight year and a half from now There is going to be a lot of push both domestically internationally to boycott the olympics A year plus from now and this is going to become extremely hot topic not yet but later this year and so i think he's got a pass for at least a few months but later this year. I think it's going to get a lot lot lot tougher on the environment on china again. I can't believe the olympics in beijing are only a year and a half or so away. A leland it's good to talk to you. We will see him
"aunt group" Discussed on KIRO Radio 97.3 FM
"Really critical moment way are at the point of being overwhelmed by this disease, so I think it gives us a bit of hope, but I think we've got some tough weeks ahead. CBS is Debra Rodriguez tells us the pandemic is forced changes for Inauguration Day, His inaugural committee says. Mr Biden and the incoming first lady will receive a presidential escort from 15th Street to the White House. But the parade will be virtual to keep people safe during the pandemic. It will include yet to be announced Musical Act poets and dad's troops paying homage to heroes on the co big crisis front lines. The presidential escort will include representatives of every branch of the military and the U. S. Army banned British judge blocked Wikileaks founder Julian Osanai from being sent to the U. S to face espionage charges. Cassandra's lawyer, Jennifer Robinson, she made that funding on the base of the prison conditions that he would face once returned to the United States. On the combination of the suicide risk to Mr Sands personally because of his particular medical conditions on his depression, Where is one of the world's richest men? CBS is Vicki Barker on a mystery in the Far East. Chinese billionaire Jack Ma hasn't been seen in public in two months shortly after giving a speech criticizing China's banking rules. Whether he's in hiding or in detention isn't clear. Ma founded. The Alibaba and Aunt Group in its worth An estimated $50 billion was down 4 46. This is CBS New CBS News Radio is your home for breaking news with our team of reporters around the country and the world. We give you the coverage you can trust. Real time traffic.
"aunt group" Discussed on 860AM The Answer
"Americans a year ago, we're gearing up for an impeachment trial, Nancy Pelosi was sitting on the article of impeachment All fake, all silly, all stupid and the most partisan and Bankrupt impeachment, American history and Adam Schiff and Nancy Pelosi. We have a lot of debt owed to them because of The inability of Americans to focus on the threat coming on China that Robert O'Brien and Matt Pottenger detailed is bringing to the president early in January, saying there's going to be the most important national security crisis of your administration, and they were right. And they were opposed by some of the globalists and the administration didn't want upset China And now to get to the bottom of this and you get to the bottom of why Shutdowns have been so onerous. And vaccine distribution so spotty, But that scene it's an amazing It's a miracle we've got to have in the United States. Another one, the United Kingdom, China says it as one. But who believes China on anything? I wouldn't take a Chinese virus vaccine, Would you really would you? The other headlines of the day about China. By the way, The Wall Street Journal. I'll come back to their planning, a quote rectification drive to bring Jack Ma's Aunt Group to hell. Beijing is going after financial text most lucrative units. Because it is a communist country. We forgot that for 40 years were not. I told you yesterday The Wall Street Journal story pushed back on Jeez vision for China spreads beyond the United States, not far enough. The EU the European Union, China have agreed to a new investment treaty. That is bad news. I'll talk with Congressman Mike Gallagher about that a little bit later today in Great Britain, though the arrival of another vaccine that means the West It's United Kingdom and the United States that got in the three vaccines that work and the rest of the world waits upon us. Israel's got the most rapid Coben inoculation drive. You've gotten a bunch of stuff from five year they've inoculated a half million of their Citizens in nine days, and that is terrific. But we got to do better in the United States that the local government level The public health options have to take over and say your committees are nice. We're done with committees were doing a B C D and we're doing it at these places and we're doing it in this order and posted on the website and tell people where they can go and get rolling. Then, later in the show is we'll have to talk about to conclude the run down The Wall Street Journal. Shocker. How clogs club back into style. Really? Chuckie clogs have become improbably trendy. With a brand like Chanel Mermaid and believe atone. Now look, Dwayne never stopped wearing clock. He has been clogging for 20 years that this radio show 20.5 years of this radio show you wearing clogs this morning. In fact, if we could go to the weather camp time we got the weather can So Dwayne has never stopped wearing clogs, but actually, they've gone out of style except for Eccentrics like drink. And so we will talk about the return of clogging as the show progresses today, But Georgia go and vote David Perdue and Kelly Lepers. Stop.
Apple Reportedly Booting Thousands of Video Games From Its China App Store
"They've launched an antitrust investigation into the ecommerce giant baba and they'll seven alibaba's affiliate aunt group for discussions on competition and consumer rights taken together. The two actions mark the strongest enforcement moves by beijing yet against the country's biggest tech giant and its billionaire founder. Jack ma alibaba didn't immediately respond to requests for comment and group acknowledged that it had received a meeting notice from regulators and said it would seriously study and strictly comply with all regulatory requirements. The federal communications commission's ongoing sale of wireless licenses has garnered a record. Sixty nine point eight billion dollars so
"aunt group" Discussed on Daily Tech News Show
"You just shut down their IPO. Apparently, it's funny because it's like it wasn't like that sick of a burn from Jack ma he was saying this is what the president said that success doesn't have to come from, you know, the person at the top of government and you know, Chinese Finance has no system. Meaning there are many options and look at Aunt group success as a measure of that. So yeah the seems Petty arguments between power and wage. If I'm the person who has set themselves up permanently to develop the best systems in the world through Chinese Innovation. And you say my country has no system and you're a threat to me cuz of the richest man in the company country. I kind of I kind of see why she would react to that. Well Facebook is rolling out something new. It's called Vanishing mode across messenger and Instagram after a message is viewed by another party and the chat window is closed. The message will no longer be accessible all participants a conversation will have to opt-in that's really important to vanish mode before it becomes active in a conversation the apps will notify you if there's some kind of screen shot taken while in that game mode and the feature is not available in group chats. So it's only between two different people vanish mode is available on messenger in the US and some other countries now and it's going live off. In Instagram in the US and some other countries starting very soon. So vanish mode implies like, oh I can send this it'll vanish from both of the devices and no one will ever know. I'll even know if they took a screenshot Shannon. I'm sure this means it's bulletproof and there there's no way that that message. Oh, yeah, totally bulletproof. Welcome to things that sparked my concern from reading this article in the first one, which I mentioned was the screenshots they say, yeah, you get notified of screenshots, but there's still a screenshot being taken. And again if somebody is choosing not to take a screenshot on their phone, they could still take the phone point a camera at it and take a picture of the screen on a different device. So it's not like you're going to know I'm bulletproof a hundred percent that somebody is not taking a screenshot or if they are and the second one was Facebook does say that you can report people for conduct violations even yep. They are using vanish mode. So my question would be and I don't know the answer to this. How do how long do they keep a copy of the vanish mode conversation in how are they able to track reports and be able to review those reports to find out if people are actually in violation of some kind of code of conduct. Yeah, so they must be some and decrypted. Yeah, exactly and and you know, they've been doing encrypted encrypted conversations for quite some time..
An Alibaba Beatdown
"Alibaba. Closing the books on a record shattering singles day sales event. The tech giant says gross merchandise value. Seventy four point one billion dollars over the eleven day event but check out what happened to baba shares in hong kong trade. They fell nearly ten percent following a massive crackdown on the company. By the chinese government. Deirdre bosa is here with the very latest on this story. Deebo well in years past melissa. Single day has been all about those huge numbers that show the reach of china's internet giants. This time though that may be seen as more of a riskier. Flex justice singles was getting underway. Beijing's antitrust watchdog put countries tech giant's notice issuing draft rules aimed at rooting out monopolistic practices. Now the news hits the biggest names. Not just alibaba tencent. Jd dot com as well in hong kong by between seven and ten percent in. Just one session now. Alibaba is you know has already been under pressure. Since aunt groups halted ipo. The fintech also faces a changing regulatory landscape. More broadly guys regulatory pressure could be signaling. A new era for chinese tech. Not unlike what we're seeing for our own. American tech companies alibaba president michael evans told me earlier today. That transparency will be key. We need regulatory transparency. So that investors the company regulators. Everyone else can see the transparency and understand the rules by which the game will be played. That's where we're at over the last decade or more. The giants have been seen as national champions evidence of china's tech prowess surpassing even their american counterparts by some measures like users and growth. But now melissa. The draft rule suggests that beijing thinks that they have become too big and wants to rein them in perhaps giving a new crop of companies a chance to content back over to you all right deirdre. Thank you deirdre bosa for us tim. I'll go straight to you on this. I mean it was once thought that as national champions firms like alibaba and by intense they were backed effectively by the chinese government. And here we are in a very different position which violators of that. New regulation could be forced to divest of assets of intellectual property A whole host of measures. That would be very punitive so Deebo brought up a pretty good point also just that this anti regulated. This is the doj quivalent. We should say what that's meant for. Companies in our country mega cap texas Largely been nothing. But let's be clear about that As a guy that's invested in emerging markets for a long time and has seen governments dismantle companies. It got too big or too influential whether it's oil companies in russia whether it's been power companies in brazil. The national champions in china are just that i think the regulator has to evolve on the fly. I don't think they're gonna be telling these companies apart. And i think this is an opportunity. Remember china wants these companies to be global and dominant and they want them to work with the next wave of chinese tech companies. They're coming and yes they'll be competitive Influences but i think this is an opportunity but still the context of this is that these tech regulations came a week after the government forces suspension of the ant financial ipo karen which forced you as an investor in alibaba to actually reevaluate because it. It changed the rules to the point. Where aunt may not be as valuable as it once was. I think that's true. I think aunt will be unlikely in the short term to be as valuables. It was the very best cases. there's no new regulations. I don't think that's the most likely outcome. But you gotta think about how far the stock has fallen. And i think you know i agree with just about everything tim said of them. Being national champions. I think they're trying to this is really a spanking for jack. Ma and i think that ultimately i don't know how much of a difference it'll make in their in how powerful they are so when i look at how much the stock has come down if i own none. I would buy it right here. I don't own none. I own a fair amount. So i didn't add today. My next by next action probably would be to add. And i think that i don't know how long it's gonna take to resolve this but in my experience. Panicking on news like this has never been the right thing to do. So maybe this time it is the right thing to do but we look at what happened with the the internet companies. The gdp are we looked at having the antitrust with google stock traded up. We look what happened with facebook. Stock traded up. So i'm not gonna panic out of it. I may be the last one out when they dismantled the whole thing. But if i owned on abide here
"aunt group" Discussed on KQED Radio
"We'll be talking all things Barcelona shortly here on Newsday. Thanks very much. And now it's a time for business and joining us is let's hear from is it? I believe it is. Andrew. What is it? Not It certainly is. I'm like a coiled spring here waiting for you. It's been a weird time. I know. I always say, you know, markets don't like uncertainty, but actually shares that I'm quite well overnight on Wall Street and here in Asia because Presidential election may not have been resolved yet, but it could be a lot more uncertain, so that's no way to put that to one side. What is a big story here in Hong Kong? Is this thing that didn't happen today? We were expecting today to have the world's biggest initial public offering off shares $40 Billion.40 billion dollars worth of shares trading for the first time in a company called and financial Started by the Chinese billionaire Jack Mark, but it hasn't happened now. David Kuo from the smart investors on the line from Singapore. This is quite an embarrassment. Why there's this thing Thiss massive A sale not to go ahead. Well, frankly, Andrew, it's because on group was getting too big on DH. I think the Chinese government and the the Finance Ministry was getting a bit concerned about the sorry Jiro that on financial would become Andi. What Jack Martin wants to do. Andrew is to liberalize borrowing and spending in China. But as we know China is a command economy, so it wants to have control over what people can borrow and spend. And consequently, there They are right, Logan. I mean and financial on one side, and then we've also got the regulators on the other. I mean, these include the Finance Ministry, the Chinese Finance, Stability and Development Committee nickel Off course, the banking regulators, so that's the problem. It's embarrassing to for Hong Kong and Shanghai because one of the things that Hong Kong and Shanghai was supposed to benefit the stock markets from the deterioration relationship between America and China on that, rather than big companies going to New York to list They would. They would make their debut on the stock market here in Hong Kong and in Shanghai on DH. This's doesn't make Hong Kong look very good as a sensible place now, Tio perhaps to sell shares for big companies. How is it going to affect Hong Kong's reputation? We're pretty badly and you have to wonder Andrew. If Aunt Group had decided to list in America over our nasty, aka one of the other exchanges over there, whether or not the flotation would have got away but because they decided to list on Shanghai and Hong Kong, and there is this cup close connection between Shanghai and Hong Kong itself. Then, of course, you know, Hong Kong and Shanghai are subject to the regulations from China. So if aunt had decided instead of appeasing the Chinese government and said, okay, we just Want a flotation. We'll do it over in America. I think the AIPO would've gone gone ahead without any problems. I mean, we tend to think perhaps when people talk about tech giants and billionaires who have perhaps got too much control, people focus on Americans, you know, like the heads of Facebook off Amazon off Google. It seems that you know, perhaps here the Chinese are beginning to realize that if you want to be number one in technology, you you might have to give big billionaires an awful lot of power. It's not really that good. If then, the Chinese government then says No, You can't do it after all. Okay. I mean, that's a really interesting point, Andrew and the question is is Aunt Group a technology company? Or is it a financial institution? I mean, the mere fact that it is allowing people to transfer money from one place to another to borrow money to spend money through its many channels and to actually do credit checks on its clients. Is it really a technology company anymore? And this is the sticking part Because the Chinese regulators are saying you're not really a technology company. You're just a finance company. So therefore we want to regulate u the same ways we regulate banks and credit cards were not going to let you get away by saying that we're a technology outfit, and so we can do whatever we want. But lots of banks look like technology companies. Maura now they they've got their their absolute mobile phones. They aren't thanks to Kobe as well. You know, you don't actually have to go into a branch any more. You could do a zoom call with your financial advisor, and the regulators say that's OK. So it is a bit unfair than really on aunt. It really depends on how you want to look at things. I mean, we can't even go so far as to say our phone companies really, just a communications device, or are they really a financial institution as well Because many of us do so many things through our mobile phones, and so consequently I think China has made a stand, and it's saying that and financial simply because off what it is doing Is no longer a technology company. You can say what you want. But the mere fact that you are taking people's money and that money should really be going to the banks instead of which it is going into and financial. You are a financial institution and because you're holding so much off the country's consumers money, then, of course, you know you need to be regulated in the same way that any other financial institution.
"aunt group" Discussed on Bloomberg Radio New York
"Races. We know now that in New Jersey Senator Cory Booker has won re election easily to a second six year term. Associated Press called the race shortly after polls closed in New Jersey around 8 P.m. Eastern, by the way, he was being challenged by Republican Rick Maeda. No other results to pass along either in some of the congressional races that we've been following not only in New Jersey but New York and Connecticut as well. Let's take a moment to get you caught up on market action. We're keeping a very close eye on shares in Ali Baba right now in Hong Kong. During the New York session, Ali Baba ADRs dropped 8%. Now this company owns about a third of the Chinese Fintech firm Aunt Group. It was to have debuted this week in an Ai Po in Shanghai and in Hong Kong. But yesterday After a meeting with company executives of the Chinese government halted that AIPO. The move comes after regulators warned aunt that had faced increased scrutiny and would be subject to the same restrictions. Of capital and leverage as the banks on the mainland right now. Overall, the market in Hong Kong has drifted a little higher, but not by much. Hang sang is up just about 2/10 of 1% on the Chinese mainland, though Shanghai composite down 1/10 of 1% he and sold the Cosby A had a half of 1%. And Sydney. The sex 200 is down about 8/10 of 1% and in Tokyo. The Nikkei 2 25 is up by more than 1.5%..
"aunt group" Discussed on WNYC 93.9 FM
"In Los Angeles on kind of result it is Tuesday. Today, the third of November. Good as always, to have you along, everybody. So you know, it's funny. I started the program yesterday, promising no election news because we can all use a break at this point right and had felt pretty good. We're going to stick with it today. Except for maybe the next 45 seconds because there is an election related note or two that we ought to get in front of you. Number one and no. I know the stock market is not the economy, but it can tell us some things. And what stocks have been telling us with their gains the past couple of days is that they are all right with what the polls were showing that sooner or later, there is going to be a relief bill later, probably. And that is going to drive economic growth, which is what markets want. Of course, economic growth is note. Number two brought to us by the bond market. The yield on the 10 year Treasury note and remember because it's been a while since we've done a bond market story. But generally speaking when bond yields that is, interest rates go up, that is a sign of economic growth to come. So the yield on the 10 year today and this is going to sound ridiculous because interest rates are still historically low. But the 10 year today hit almost 9/10 of a percent. Sounds like nothing I know. But it was a half a percent half a percent interest. As recently as August, So that's a pretty big move. And that is also it for the news of the economics of this election in the program today more tomorrow When or if, I suppose we know how this whole thing turned out Spoiler alert. We're probably not going to know. American markets are not, of course, the on ly markets and Chinese investors had been planning something of a celebration this week, the world's biggest initial public offering ever. To be set in Shanghai and Hong Kong, the company going public and I think we mentioned this last week is Ant Financial, a giant in Chinese fintech financial technology. That was the case until this morning. That is Chinese regulators kind of out of nowhere suspended. The I P o not happening at all. Not clear what's going on. But his marketplaces Scott Tongue reports. What we do know is that the Chinese government is still very much in charge of the world's second largest economy. Aunt group is no small insect in the Chinese economy. It's phone APP is used by 700 million people. Martin Short's MPA is with the Peterson Institute for International Economics in China. They don't use credit cards. They link their bank account into this digital wallet, and then they scan barcodes everywhere to pay for things. They can also shop online through it taken by gold and investment products. Get loans get insurance two weeks ago and controlling stake holder Jack Ma blasted Chinese financial regulators for red tape and for not understanding companies like his into many, Jack Ma crossed a line and the government is assumed to have struck back by freezing the AIPO for now. China market analyst Fraser Howie is the author of Red Capitalism. The status pattern made by the party is proud of me. Even though Jack's a member of the party business cannot be devolved from politics in China. Social media in China is now filled with cracks about Aunt's getting crushed in this old movie clip of Jack Ma, playing a kung fu master apologizing to the cops always says The lesson for international investors is beware of the China market in the interference of the state. Imagine, he says, You're like the risk manager at some $100 billion Midwest Pence and fund and last week, someone said, we've got again to China. Look what's happening. You're gonna turn around and say, turn around and say no way. Another cautionary message has to do with Chinese innovation, Martin Zampa says in the US it's normal for a tech CEO to tell Washington bureaucrats to back off. But when Jack Ma says that in China he's put in this place. The pendulum continues to swing towards control and away from the freedom. Which encourages innovation, he says Chinese authorities fear that Aunt group could make borrowing too easy and put the financial system and risk. I'm Scott Tongue for marketplace. Yes, sure. The election is the main event on the calendar this week, But it is not the on ly thing. The Fed meets tomorrow and Wednesday. The October jobs report comes Friday and corporate earnings reports keep on happening, including AMC, the much beleaguered theater chain. Brutal is a good word to use for those earnings. Revenue down 90% losses over $900 million But perhaps as marketplace, Jasmine guard reports a glimmer of hope is well, This might sound like a table read for a World War two movie, We shall fight on the seas and oceans. We shall fight in the air. We shall defend our island. Actually, that's AMC CEO President Adam aren channeling Winston Churchill on an earnings call yesterday unusual, but it's been a rough time for theaters. A few weeks ago, emcee rival Cinna World Shut down. It's US regal theater locations, And now there are rumors that AMC might be on the verge of bankruptcy analyst Neil Mac er of Morningstar says, with rising covert cases, forcing Blockbuster premieres into next year. There's no clear solution for struggling theatres there sort of in this weird middleman position where they don't have a lot of control over when they can reopen and when they can generate revenue from those screens, But a recent historic deal with Universal may keep AMC afloat. The deal allows Universal to release films on demand as early as 17 days after they premiere on the big screen in pre pandemic times. It was months before you could watch a blockbuster at home. In exchange for the quick transition from the silver screen, too. Home screen's AMC gets an undisclosed cut. Shaun Robbins is an analyst with Box office pro when this deal was announced a few months ago. It was considered bad news for theatrical, but I think that lacks the context of the fact that this is an empty market. So in a way, what was kind of perceived to be bad news is actually now a little bit of a saving grace for theaters. Movies like the animated film of the Crude's new age about a family of cave men will be released. Under this hybrid scheme. November 25th. I thought people died off years ago way happy meat. So the $900 million question is Will the AMC Universal deal be enough to keep AMC alive? Industry watchers say it's not clear.
China postpones Ant’s colossal IPO after closed-door talk with Jack Ma
"American markets are not, of course, the on ly markets and Chinese investors had been planning something of a celebration this week, the world's biggest initial public offering ever. To be set in Shanghai and Hong Kong, the company going public and I think we mentioned this last week is Ant Financial, a giant in Chinese fintech financial technology. That was the case until this morning. That is Chinese regulators kind of out of nowhere suspended. The I P o not happening at all. Not clear what's going on. But his marketplaces Scott Tongue reports. What we do know is that the Chinese government is still very much in charge of the world's second largest economy. Aunt group is no small insect in the Chinese economy. It's phone APP is used by 700 million people. Martin Short's MPA is with the Peterson Institute for International Economics in China. They don't use credit cards. They link their bank account into this digital wallet, and then they scan barcodes everywhere to pay for things. They can also shop online through it taken by gold and investment products. Get loans get insurance two weeks ago and controlling stake holder Jack Ma blasted Chinese financial regulators for red tape and for not understanding companies like his into many, Jack Ma crossed a line and the government is assumed to have struck back by freezing the AIPO for now. China market analyst Fraser Howie is the author of Red Capitalism. The status pattern made by the party is proud of me. Even though Jack's a member of the party business cannot be devolved from politics in China. Social media in China is now filled with cracks about Aunt's getting crushed in this old movie clip of Jack Ma, playing a kung fu master apologizing to the cops always says The lesson for international investors is beware of the China market in the interference of the state. Imagine, he says, You're like the risk manager at some $100 billion Midwest Pence and fund and last week, someone said, we've got again to China. Look what's happening. You're gonna turn around and say, turn around and say no way. Another cautionary message has to do with Chinese innovation, Martin Zampa says in the US it's normal for a tech CEO to tell Washington bureaucrats to back off. But when Jack Ma says that in China he's put in this place. The pendulum continues to swing towards control and away from the freedom. Which encourages innovation, he says Chinese authorities fear that Aunt group could make borrowing too easy and put the financial system and risk. I'm Scott Tongue for marketplace.
"aunt group" Discussed on Adventures in Finance: A Real Vision Podcast
"If you've got money invested in the market anywhere around the world you would be forgiven for being nervous about what's about to happen over the next few hours even days and possibly weeks. All major indexes were up on tuesday equity markets earn joining a very bullish move. I think the us election has helped. Investors look beyond the covid nineteen crisis a bit european and asian markets. Were also higher. There is so much uncertainty around the boot due to the unprecedented nature of this year. Lets take through it. It's taking place during a once in a generation pandemic were expected to see a record. High turnout we're seeing more early voting than ever before. This year's campaigns have awesome spent more money to than ever before markets are focused on whether one party wins both the white house in control of congress. It's an outcome that could determine the size and speed of a new stimulus package if president trump wins along with the senate. Is there a lame duck spending package or will house speaker. Nancy pelosi make them wait until next year. If it happens at all if biden wins with the senate do we rally in anticipation of a massive spending bill or do we sell off for the next two months as people locking in twenty twenty capital gains tax rates and you know earnings numbers. Get cut ahead of a possible. Corporate tax rate increase in twenty twenty one also a lot of is on how emerging markets may benefit from the election outcome abidin win and the assumption around a larger stimulus package. You might see the dollar drop. But if trump wins a second term likelihood of more trade tensions and protectionism you could see the dollar. Strengthen investors will be paying close attention to early results from florida. North carolina georgia and arizona. All four of these states went to president trump. in twenty sixteen and biden victory could signal. The president is heading for defeat. markets will react accordingly. I think if biden wins one or more of these states all of this should really be in the bag by the time. European markets are set to trade. Attention will then also turn to michigan. Pennsylvania and wisconsin. These states are expected to take longer to count their votes. You know given the volume of mail in ballots. The worst case scenario of course could be contested outcome with some kinds of legal challenge than not only. Do we see an end to this. Market rally but volatility will increase so to be continued folks in other news a stunning turnaround for aunt group china's largest financial technology company. It was expected to go public on thursday. In a dual listing on both the hong kong stock exchange and shanghai star market. But it was suspended by chinese regulators. Today move comes. After the people's bank of china and three other financial regulator summoned aunt cofounder and billionaire. Jack ma in two other and group executives for questioning on monday just over a week ago map publicly criticized chinese regulators for stifling innovation by being too risk averse there were quote major issues that might cause it to quote not meet the listing conditions or disclosure requirements. It's very last minute. Changes spending this late in the ipo process is really unprecedented. This is the first time that chinese regulators have taken such dramatic actions on the eve of such a large ipo this exacerbates the brewing conflict between large chinese tech companies and powerful regulators..
"aunt group" Discussed on KCRW
"I started the program yesterday, promising no election news because we can all use a break at this point right and had felt pretty good. We're going to stick with it today. Except for maybe the next 45 seconds because there is an election related note or two that we ought to get in front of you. Number one, then No, I know the stock market is not the economy, but it, Khun, tell us some things. And what stocks have been telling us with their gains the past couple of days is that they are all right with what the polls were showing that sooner or later, there is going to be a relief bill later, probably. And that is going to drive economic growth, which is what markets want. Of course, economic growth is note. Number two brought to us by the bond market. The yield on the 10 year Treasury note and remember because it's been a while since we've done a bond market story. But generally speaking when bond yields that is, interest rates go up, that is a sign of economic growth to come. So the yield on the 10 year today and this is going to sound ridiculous because interest rates are still historically low. But the 10 year today hit almost 9/10 of a percent. Sounds like nothing I know. But it was a half a percent half a percent interest as recently as August, So that's a pretty big move. And that is also it for the news of the economics of this election in the program today more tomorrow When or if, I suppose we know how this whole thing turned out Spoiler alert. We're probably not going to know. American markets are not, of course, the on ly markets and Chinese investors had been planning something of a celebration this week, the world's biggest initial public offering ever. To be set in Shanghai and Hong Kong, the company going public and I think we mentioned this last week is Ant Financial, a giant in Chinese fintech financial technology. That was the case until this morning. That is Chinese regulators kind of out of nowhere suspended. The I P o not happening at all. Not clear what's going on. But his marketplaces Scott Tongue reports. What we do know is that the Chinese government is still very much in charge of the world's second largest economy. And group is no small insect in the Chinese economy. It's phone APP is used by 700 million people. Martin Short, Zampa is with the Peterson Institute for International Economics in China. They don't use credit cards. They link their bank account into this digital wallet, and then they scan barcodes everywhere to pay for things. They can also shop online through it taken by gold and investment products. Get loans get insurance two weeks ago and controlling stake holder Jack Ma blasted Chinese financial regulators for red tape and for not understanding companies like his into many, Jack Ma crossed a line and the government is assumed to have struck back by freezing the AIPO for now. China market analyst Fraser Howie is the author of Red Capitalism. The status pattern might join the party is proud of me. Even though Jack's a member of the party business cannot be devolved from politics and China social media in China is now filled with cracks about aunt's getting crushed. In this old movie clip of Jack Ma, playing a kung fu master. Apologizing to the cops always says The lesson for international investors is beware of the China market in the interference of the state. Imagine, he says, You're not at the risk manager at some $100 billion Midwest pens and fund and last week, someone said, we've got again to China. Look what's happening. You're gonna turn around and say, turn around and say no way. Another cautionary message has to do with Chinese innovation, Martin for Zampa says in the US it's normal for a tech CEO to tell Washington bureaucrats to back off. When Jack Ma says that in China he's put in this place. The pendulum continues to swing towards control and away from the freedom which encourages innovation. He says Chinese authorities fear that Aunt group could make borrowing too easy and put the financial system and risk. I'm Scott Tongue for marketplace. Yes, sure. The election is the main event on the calendar this week, But it is not the on ly thing. The Fed meets tomorrow and Wednesday. The October jobs report comes Friday and corporate earnings reports keep on happening, including AMC, the much beleaguered theater chain. Brutal is a good word to use for those earnings. Revenue down 90% losses over $900 million But perhaps as marketplace, Jasmine guard reports a glimmer of hope is well, This might sound like a table read for a World War two movie, We shall fight on the seas and oceans. We shall fight in the air. We shall defend our island. Actually, that's AMC CEO President Adam aren channeling Winston Churchill on an earnings call yesterday unusual, but it's been a rough time for theaters. A few weeks ago, emcee rival Cinna World Shut down. It's US regal theater locations, And now there are rumors that AMC might be on the verge of bankruptcy analyst Neil Mac er of Morningstar says, with rising covert cases, forcing Blockbuster premieres into next year. There's no clear solution for struggling theatres there sort of in this weird middleman position where they don't have a lot of control over when they can reopen and when they can generate revenue from those screens, But a recent historic deal with Universal may keep AMC afloat. The deal allows Universal to release films on demand as early as 17 days after they premiere on the big screen in pre pandemic times. It was months before you could watch a blockbuster at home. In exchange for the quick transition from the silver screen, too. Home screen's AMC gets an undisclosed cut. Shaun Robbins is an analyst with Box office pro when this deal was announced a few months ago. It was considered bad news for theatrical, but I think that lacks the context of the fact that this is an empty market. So in a way, what was kind of perceived to be bad news is actually now a little bit of a saving grace for theaters. Movies like the animated film of the Crude's new age about a family of cave men will be released. Under this hybrid scheme. November 25th. I thought people died off years ago way happy meat..
Jack Ma's Ant Group: World's biggest market debut suspended
"The top of his report about really? What is our top story are most red Story number one. On the Bloomberg terminal about China, suspending the Shanghai and Hong Kong debut of Aunt groups $35 billion offering. It was supposed to be the world's biggest IPO was supposed to happen Thursday. But it's not you knew about it. Thanks to Bloomberg New Economy editorial director Andy Brown. He's written and talked About how Antz biggest obstacles maybe the Chinese government and he is with us again on the phone in New York City, and I am so glad you're here. You know this headline hit and I think for a lot of people, it was a bit shocking. But you did write about this and kind of gave us all a heads up in a column he wrote last month. Why is it though China is doing this. You know, Jack Ma has always had an uneasy, ambiguous relationship with Chinese authorities he wants with his famously quoted saying, Love the government. But don't marry them. In other words, keep your distance, and regulators have never quite known what to make of Jack Ma. On the one hand, they look at him as the big opportunity. He's clearly a disruptive He's bringing a lot of small and medium sized enterprises into the formal economy. Putting capital that way. On the other hand, there's always being the sense among regulated that he's an accident waiting to happen. They haven't been able to decide and yesterday or today, rather They did. They decided that he's too much of a risk. And they're reining him in well. And why wait, though? Kind of to the 11th hour. You know, Andy, this is obviously a company that they've been looking at for some time. Why is it You know, is it just because Thie AIPO finally said to them we've got we've got a really now look at this more closely and maybe do something about it. Well, he made me He made a terrible a terrible political mistake. It was at a conference recently in Shanghai lit into Chinese and international financial regulators basically called them all a bunch of rusty old folks holding back innovation, stunting the dreams of young people. No, not under not understand. He said that the Basel accord with an old people and old people, he said banks in China were basically had a had a pawnshop mentality and settle this at a conference where the headline of the keynote speaker with one Cheap son He's one of the most powerful man in China, formerly he was the anti corruption czar. It is also one of the godfathers of the Chinese banking system. And once she Shawn's line at that conference with completely opposite his line was we have to be cautious. Safety First and Jack Mark comes in and says, We gotta rip it all up and start again. Long Qi Sean. Obviously, his arguments have won the day. Yeah, I
"aunt group" Discussed on KOA 850 AM
"Hire her back initiative. CIA Wednesday at 87 Central on the CW. On Sunday. It's the annual MTV video Music Awards with performers, including BTS Does a cat J. Calvin and more Find out who takes home. This year's trophies live at 87 Central on MTV. And that's your TV tip off on I heart radio. It'll be the biggest AIPO ever and Wall Street isn't even getting a taste. China's financial tech giant Thie Aunt Group is planning to go public soon with evaluation of $313 billion and it expects to raise more than 34 billion in cash. It'll trade separately on exchanges in Hong Kong and Shanghai. But ants controlling owner Jackman notes. This is the first time such a big guy Po was priced outside New York something they wouldn't have dared to consider even three years ago. A stormy holiday shopping and especially shipping season could be ahead. The pandemic accelerating online shopping on boxing, a shipping craze with more demand than the capacity to deliver. With the holiday shopping season upon US experts say it's the perfect storm for ship again in shipping didn't could be the Grinch that steals Christmas this year. David Spitz is the CEO of ChannelAdvisor, a company that helps brands and retailers sell products online. This year. What are you telling people when it comes to ordering and how far ahead? Do we need order? I would say getting most of your shopping done before the Thanksgiving holiday is probably the safest thing to do. But what about the sales that we typically see Black Friday? Cyber Monday? Super Saturday? I think you'll see a lot more promotional activity trying to get consumers to purchase earlier in the holidays for exactly this reason as NBC's Vicky Million Reports to avoid delivery delays, consider bulbous by online pick up in store. Apple's iPhone 12 line Up could be a big seller. A wallet hub survey says 44%. More Americans planned to buy the 12 and they did the 11, mostly because of five G, Arby's and Duncan might be under the same umbrella soon. Dunkin Brands, which also includes Baskin Robbins, ice cream, is in talks to be acquired by inspire brands, but the talks could still fall apart..
"aunt group" Discussed on WNYC 93.9 FM
"Avalere a automatically integrates with more than 700 of the most widely used AARP and e commerce Solutions. Lera Tax compliance done right. I'm David Brancaccio. The new Supreme Court Justice Amy Cockney Barrett is set to begin work today she was sworn in last night by President Trump on the White House is South Lawn. Among the many cases that'll across her desk soon are ones involving big money. Here's marketplaces Kristen Schwab. First comes the Affordable Care act scheduled to be argued a week after the election. The challenge centers on whether the A is unconstitutional after a 2017 change that got rid of penalties for people who didn't sign up for health insurance. During confirmation hearings, Barrett told senators she's not hostile to the though she has criticized rulings in favor of it in the past, at the end of November comes the census and whether undocumented immigrants should be counted, which determined state funding levels and representation in Congress. Last year at the court barred the Trump administration from adding a new question asking people about their citizenship. Justice Ruth Bader Ginsburg, who Barrett has replaced was part of a slim five for a majority. I'm Kristen Schwab for marketplace. Fintech is finance meets technology. A unicorn is a startup that gets really big. There's news that Aunt Group of China colossal Fintech unicorn is Headed for the biggest listing of a new stock in history and grouped as many things including Allie Pay a kind of papal plus a credit rating agency. The word from Hong Kong today is that interest was so great in the forthcoming aunt stock. Among institutional investors. That aunt was able to close its order book a day early, Pretty much sold out. The initial offering of stock could be worth $34 billion. The realization that the pandemic has entered a new tough phases. One reason cited for bringing the Dow Jones industrial average down by 650 points yesterday. 2.3% stocks were down a bit in Europe today with the DAX in Germany down 3/10 of a percent U. S. Stock index futures are up this morning with the Dow future. Now up, 60 points to 10%. The S and P future of 4/10 percent. There's news just now orders for expensive, long lasting goods. Durables went up 1.9% in September. That's more than triple the increase noted in August. And the view from Germany today. Volkswagen CEO says the auto industry does not need more government stimulus to get it through the pandemic. Herbert DCIS, seeing sales return more quickly than expected, he told the Financial Times today. This is if there isn't a second lock.
"aunt group" Discussed on KCRW
"Avalere a automatically integrates with more than 700 of the most widely used AARP and e commerce Solutions. Avalere a tax compliance down right? I'm David Brancaccio. The new Supreme Court Justice Amy Cockney Barrett is set to begin work today she was sworn in last night by President Trump on the White House is South Lawn. Among the many cases that'll across her desk soon are ones involving big money. Here's marketplaces Kristen Schwab. First comes the Affordable Care act scheduled to be argued a week after the election. The challenge centers on whether the A is unconstitutional after a 2017 change that got rid of penalties for people who didn't sign up for health insurance. During confirmation hearings, Barrett told senators she's not hostile to the though she has criticized rulings in favor of it in the past. At the end of November comes the census and whether undocumented immigrants should be counted, which determined state funding levels and representation in Congress last year at the court barred the Trump Administration from adding a new question asking people about their citizenship. Justice Ruth Bader Ginsburg, who Barrett has replaced was part of a slim five for majority. I'm Kristen Schwab for Marketplace. Fintech is finance meets technology. A unicorn is a startup that gets really big. There's news that Aunt Group of China colossal Fintech unicorn is Headed for the biggest listing of a new stock in history and grouped as many things including Allie Pay a kind of papal plus a credit rating agency. The word from Hong Kong today is that interest was so great in the forthcoming aunt stock. Among institutional investors. That aunt was able to close its order book a day early, Pretty much sold out. The initial offering of stock could be worth $34 billion. The realization that the pandemic has entered a new tough phases. One reason cited for bringing the Dow Jones industrial average down by 650 points yesterday. 2.3% stocks were down a bit in Europe today with the DAX in Germany down 3/10 of a percent U. S. Stock index futures are up this morning with the Dow future. Now up, 60 points to 10%. The S and P future up 4/10 percent. There's news just now. Orders for expensive, long lasting goods. Durables went up 1.9% in September. That's more than triple the increase noted in August. And the view from Germany today. Volkswagen CEO says the auto industry does not need more government.
"aunt group" Discussed on Bloomberg Radio New York
"In Hong Kong and here in Singapore. I'm Juliet Solly. And I'm Brian Curtis here in Hong Kong sunlight selling in some of the trading and equity markets we see across Asia will get the details. In a moment with the prisoner. We've got an hour to go still before we get to the Hong Kong and Shanghai opens. So that's coming up. But for now, the top stories well. Treasury Secretary Steve Mnuchin says he and House Speaker Nancy Pelosi have made a significant compromise in an effort towards reaching a deal on fiscal stimulus. He said President Trump told him to keep negotiations until a deal was done. Early. Mnuchin pointed to political dynamics, undermining the months long negotiations with Democrats, and he implied that Democrats may be holding back out of optimism on controlling the Senate after the election. This would allow them to speed through their own bill. Meanwhile, House Speaker Nancy Pelosi had said Democratic priorities would be cut in any deal based on the current White House offer. I want this very much now because people need help now, but its no use giving them a false thing. Just because the president wants to put Check with his name on it in the mail that we should not be doing all we can tell people pay the rent for food on the table, dinner and hands benefits that they don't lose their jobs if they're state and local Both Pelosi and Treasury Secretary Mnuchin expected to speak again tomorrow. The Trump administration is said to be seeking to blacklist China's Aunt Group. We get the story from Bloomberg's Tom Mackenzie. It's not clear when the U. S government agencies that decide whether to add a company to the so called entity list will review the matter..
"aunt group" Discussed on Bloomberg Radio New York
"And if the speaker is willing to look at those things on a piece by piece basis, then we're willing to look at it. It became very obvious over the last couple of days that a comprehensive bill was just going to get to a point where it didn't have really much Republican support at all. It was more of a Democrat, lead bill. Meanwhile, House Speaker Nancy Pelosi rejected pressure from the president to GreenLight a bill authorizing $1200 individuals stimulus checks. She said it was insufficient to address the crisis. Pelosi did sign and openness to a standalone airline relief bill during a phone conversation with Treasury Secretary Steven Mnuchin. The two have agreed to talk again tomorrow. Last week, the House had attempted to pass an extension of age for airlines by unanimous consent. But the plan was rejected by Republicans because they hadn't been consulted. At the same time in Washington, the Trump administration it seems to be exploring restrictions on Chinese payment platforms belonging to Aunt group and tense had holdings were told the administration views these platforms as a threat to U. S National security. Here's Bloomberg's Nick Wadhams. They're afraid These ABS. These platforms could be used to soak up user data, banking details and things like that. So even though L e pay, for example, is not widely used in the United States. There's a fear that as the digital payment system spread that China's Communist Party could gain more access to that data now, and group is the owner of the Ali Pay e payment system. As Nick just alluded to, and group is preparing for this duel listing. It's an AI po that will list in both Shanghai and Hong Kong. And it's potentially worth about $35 billion. This offering, by the way could give Aunt Group and overall valuation of $250 billion Well, President Trump has posted a new video of him standing outside the White House, saying that he feels great. Let's get to it, Baxter. He has all the global news in San Francisco..
Alibaba's Ant Group files for IPO in Hong Kong, Shanghai
"Earlier today China's Anti Group filed for an initial public offering in Hong Kong Shanghai it could become the largest IPO in history bigger than facebook bigger than Saudi. Arabia's state owned oil company even bigger than Alibaba the Chinese tech giant that originally berthed aunt group as a mobile payments company called Alipay now and does not have much presence in the US particularly after the trump administration blocked efforts a couple of years ago. To buy money transfer company money gram but in China, it is the financial technology company with a huge footprint in everything from payments to lending to investing to wealth management, it's even got a joint venture in food delivery and according to its IPO prospectus and profits are up more than one thousand percent between the first half of two, thousand nineteen and the first half of two, thousand, twenty hitting three point two, billion dollars. Company that in the past would have rushed to list shares in New York much like Alibaba didn't twenty fourteen but aunt instead turned its back on the big apple and that matters for two reasons I, it's a passive aggressive escalation of China tensions too. It's an effort by China to prove that Hong. Kong. Can remain a global financial hub in spite of a new national security law that undercuts the conditions that help turn Hong Kong into a global financial hub in the first place in short. And it's IPO are as important to geopolitics as they are to capital markets or tech markets, and all three will be paying very close attention as the listing gets closer
"aunt group" Discussed on Bloomberg Radio New York
"Or 79 cents at 43 41 a barrel Comex gold is down 2/10 percent, or $4 in 1935 20 announced the euro 1.1834 against the dollar British pound 1.3167 And the innocent one of 6.32. And that's a Bloomberg business. Flash Tom and Paul Caron Moscow. Thank you so much. We appreciate that, Jack Ma. You know him from Ali Baba, the Amazon of China, if you will, with the market cap about $750 billion Well, it turns out he has another company, Aunt group and financial. It's kind of the end of the payments business for China just extraordinarily big. It is also going public. Give us a sense of that. We welcome our guest here because the interesting thing here, Toms you think about and is it's just such a huge company that a lot of people don't know about that Crystal see? Bloomberg deals reporter for Bloomberg knows all about it. Crystal. Thanks so much for joining us here. Tell us what we need to know. About Aunt Group. Yes, And you can think about it as like the crown drew of the Alibaba Empire. Ali Baba is partly an e commerce company. But this payment part really is The money generated like they generates so much revenue and the most recent filing they recently file yesterday with the Hong Kong and Shanghai authorities to go public. And they refused that they have made 33 billion in profit for the first half of the year and which is unlike a lot of the companies we see going public these days. We don't see a lot of profitable companies. The Ali Baba is definitely not one of those so and has been around for a long time. It's been one of the most most popular payments up in China. And they have 700 million and active users. And if you compare that to PayPal, which has about three bit 300 million, you can see that it's like really, really big on by powerful company and in the country. So the issue for and is I mean, let's think about the size your evaluation of maybe $225 billion here. Do we know how much Jack Ma owns of this company? So, Yeah, This is a huge company. This is wave heard from sources. This evaluation is not quite set. Yet. They're still in the process of setting it with perfect sources that the valuation could be 225 billion, which means the idea could be roughly 30 billion. Making it the biggest deal on record. The biggest shareholder is owned by the is the executive of Alibaba, which owns roughly a third of the company. It is unclear how much Jack Ma says, but the It's a huge tongue. We can't we can't assume that what's the government owned? So I don't think it was quite closed and it's quite some nuance to it right. Like we know this is how they come if this is how the government in China works, But I mean, I don't think we will quite find out how much the Chinese government owns that We can Probably comfortably assumed that they have an influence in the company. Even without the chef, Okay, remember Ali Baba, with Cayman Island accounting, and there were some real issues about transparency of accounting, and particularly intangibles is the same issue here Or is it different because it's on calling transaction. Yeah, so they want us not have any tangible assets. So this is entirely payment. You can give it as like the Chinese version of paper out the Chinese own house, then model they signed on vendors they sign up like users. Andi. Everything is recorded online and is essentially an E wallets on DH couple that with Alibaba's incomers capability that that has been that has been quite a powerful tool for them. I mean, absolutely fascinating, and the idea that Morgan Stanley, Citigroup and J. P. Morgan and believe play This is in Hong Kong. Not in Shanghai. Crystal. Where do they fit into this? I mean, they're just going, You know, you know Chinese takeout lunches. Teo, be part of this show. Are they actually going to participate and the distribution and of these in the advancement of these shares? Yeah, that's actually they're interesting. So I mean, this is one listing is a dural listings in Hong Kong and Shanghai. But I think in some way we should look at it as to let things because a lot of these Take both rocket banks like the moment Stanley Jaffe Morgan, the Citigroup. They some of them don't have the capability of underwriting views and in mainland China, so they have a separate lead underwriter in China, which is CC and financial. Andi, we I mean, it's it's hard for her. It's hard for like a Citigroup princes to break into the China market. You know, it's because the years they were not allowed to have any own entity in China only into recently that they were allowed to have, like old for 50% share. You took your education of Baptist in Hong Kong. How do you perceive the change in Hong Kong now? I mean, what's the insight? Combining your private equity skills with, you know, being in Hong Kong for years. Oh, well, that's that's an interesting question. I mean, it looked like the market anything like China is opening up the international investors. We see we see a lot of us left, the Chinese company decided to go back to either Hong Kong or like have a second listing in China. So in that regard I do think China seems to be opening up that way, but I mean, looking at, you know, the Hong Kong situation. I mean, politically, you cannot know that. I mean, I mean the idea. Of of the radical changes we've seen in Hong Kong. I'm using that word, not editorially. But just you know what we've observed. And And what do the major banks do? Or is the shock here? Five years out, is a complete renaissance of the Hong Kong Stock Exchange. Do this investment in private Equity construction. Where what do you report on where they'll be in five years? Just guessing it right now. Well, if I'm looking at where things are right now, I do see some sort of a disconnect between what a political environment is on wet and whether your political buyers that environment is and when investments Investment sentiment sitting So I think investors even international investors, actually especially international, still very bullish. To Hong Kong and China. They do see Hong Kong like a gateway to China on DH mean they're going to be the capital outflow. You know, people think it's unsafe apart money in Hong Kong and instead go for Like a signature for or, you know, like finding you hopped somewhere else in Asia. I mean, that that is that remains to be seen. I mean, that's entirely possible. Do you think people are some Some people are getting nervous, but largely, they remain very bullish to us. This whole China story. So thanks so much for joining us. It's really fascinating story. It's just time. This company is just so huge. And most people don't even know about it. Yeah, yeah, I'll go with that that they don't know about it. But Again. This is my right is a is a a condensed statement. To say it is the Chinese papal. Yeah, and then some, and then some. So anyway, crystal see, Thanks So much for joining us Bloomberg deals reporter on the anti poet. It's the Chinese pay pal, but it's kind of saying, like Ali Baba is the Chinese amazon dot com. But there's so much more time there in tow all different types of businesses. And I think that Future for.
News in Brief 5 April 2019
"This is the news in brief from the United Nations clashes between the Myanmar military and armed separatists. That reportedly involved a deadly helicopter bombing raid on civilians in Rakhine state earlier this week have been condemned by the UN human rights office away, Chr the conflict between the military who are known as the top Madore and the Arikan army dates back around a decade in the latest violence. Sources say that two military helicopters flew over a village in booty Dong township in Rakhine state firing on Mahinda Muslims who attending cows and their paddy fields speaking Geneva, OH Chr spokesperson, Ravina, Shanta, sunny said that the attacks may constitute war crimes these particular killings. Are we have been able to verify with some certainty? This is why we putting it out there that there was a helicopter attack that bombs were dropped. And that these seven civilians were killed the mainly-buddhist Erica army was formed almost a decade ago in response to economic and social injustice grievances. These distinct from these systematic discrimination and violence suffered by Ranga Muslims that forced hundreds of thousands to flee to neighboring Bangladesh in the summer of two thousand seventeen Tunisia where there's been a spike of violence and displacement against civilians. That's been largely attributed to armed extremists, including Boko haram. The UN's humanitarian coordinating on orcher won't on Friday that more than eighty people were killed last month alone in the differentiation of southeast Asia that borders, Nigeria, and Chad that compares to a total of one hundred seven killed in the whole of two thousand eighteen and eight teams are concerned that aunt groups on our targeting the most vulnerable people in the region, including already internally displaced, people known as ID pays and refugees. His spokesperson Jens locker one may understand. Why armed groups of various sorts fight each other. But why they seem to increasing the attack civilians to the point where we now have eight civil. In one month alone. That is unclear we try to respond to the needs of those who survive on our displaced who are hosted in many instances by host communities who are already hosting more than one hundred thousand ide- piece to help people fleeing the violence or partners have distributed food and water for thousands of people as well as shelter kits nonfood items and psychosocial support and finally to the Democratic Republic of the Congo or DRC. Whether it's been a marked increase in the number of Ebola cases in the past week, according to the World Health Organization WHO the outbreak in the troubled far northeast of the country has recorded more than one hundred seventy new infections the increase in cases, highlights the difficult environment health responders have to work in every day WHO says in reference to pockets of community mistrust and the threat of violence from more than one hundred armed groups in the region in total. There have been eleven hundred confirmed and probable cases of. Ebola since the outbreak started last August of which six hundred ninety people died women account for nearly six in ten patients while children make up almost three and ten WHO says while the number of healthcare workers who have contracted the virus has also risen to eighty one including twenty seven deaths. Daniel Johnson U N news.