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Bloomberg China’s government has expanded its antitrust crackdown beyond Jack Ma’s technology empire, launching an investigation into suspected monopolistic practices by food-delivery behemoth Meituan. The State Administration for Market Regulation (SAMR) announced the investigation, which began recently, in a statement. The antitrust watchdog is looking into alleged abuses including forced exclusivity arrangements known as “pick one of two.” The company ...

Bloomberg As global banks make inroads into China’s $15 trillion asset management market, China International Capital Corp is launching a counter-offensive spanning from overseas acquisitions to hiring. CICC is searching for potential targets among medium-sized, Asia-focused managers including stock houses and hedge funds, said Frank Xu, head of asset management. Without takeovers, the size of his business line is already ...

Bloomberg Ronnie Screwvala pioneered cable television in India in the 1980s and then built a unicorn that was acquired by Walt Disney Co. At 64, the entrepreneur’s latest venture UpGrad is speeding towards a landmark $1 billion valuation. The higher education and upskilling startup raised $120 million from Singapore-based investor Temasek Holdings Pte, according to its co-founder. That’s the first ...

Bloomberg With the US dragging its feet in offering India help to combat the world’s worst virus crisis, China is moving to drive a wedge between the democratic security partners. In a barrage of editorials, political cartoons and social-media posts in recent days, the Communist Party-backed Global Times newspaper blasted the US for failing to provide aid while calling on ...

Bloomberg Prime Minister Mario Draghi goes to Parliament to present details of his 235 billion-euro ($284 billion) plan to re-engineer Italy’s economy that will be a test of the European Union’s (EU’s) post-pandemic recovery fund. Draghi’s plan taps 191.5 billion euros in EU grants and loans plus 30 billion euros in domestic funding and other small amounts of separate EU ...

Bloomberg Finland’s government is set to resume talks on its economic stance after coming close to a breakup during the weekend. The negotiations intended to hammer out a spending framework for the next four years ended up exposing tensions within the five-party coalition half way through its term. Social Democrat Prime Minister Sanna Marin and the left-leaning parties are pushing ...

Bloomberg Business sentiment rises to near record levels at the start of 2021 on an improving outlook for both domestic and foreign demand, according to the Bank of Canada. The results its latest quarterly survey of executives show business conditions continuing to improve, with many firms no longer worried about pandemic uncertainty. Managers reported stronger sales outlooks, investment intentions and ...

Abu Dhabi / WAM The UAE was ranked first in the world in several global competitiveness indicators that measure the development and quality of the communications infrastructure around the world in 2020. In a report issued by the Telecommunications and Digital Government Regulatory Authority under the title “UAE is a pioneering country in the Information and Communications Technology (ICT) sector ...

NEW YORK / WAM The UAE renewed its support for a peaceful, comprehensive, and just resolution to the Palestinian question in line with relevant UN resolutions, the Madrid Principles, the Arab Peace Initiative, and the Quartet road map. In a written statement submitted to the UN Security Council for the open debate on the situation in the Middle East, including ...

ABU DHABI / WAM The UAE’s Golden Jubilee Committee and Federal Youth Authority on Sunday launched the ‘Early Dreamers’, an initiative that invites all citizens and residents of the UAE to share stories of the individuals who have helped – and continue to help – shape the nation over the years. The initiative is being rolled out in phases, starting ...