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The largest Chinese IT companies - Tencent and Alibaba - dominate in such sectors of the Chinese economy as online retail, electronic payments, social networks, taxi services and entertainment market. They divide the sphere of influence into halves, and now their rivalry will affect the banks of China, the finversia.ru project wrote. Tencent and Alibaba ask investors, who work with them, not to invest in competitor's projects. The Financial Times, referring to sources, cites the example of the agreement “on non-admission of competitive actions”, which the financial unit of Alibaba Ant Financial forced the banks to sign. Sources noted that technology companies do not want to hire bankers who work for a competitor.
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
The self-driving car company Waymo LLC and Fiat Chrysler Automobiles NV (FCHA.MI) signed a partnership deal on Wednesday to fully develop self-driving cars, pickups, and SUVs. Waymo, an Alphabet Inc. (GOOGL.O) unit, and Fiat Chrysler said ...
After a record decline seen last quarter, Britain’s economy is expected to grow at its most rapid pace in decades. The recovery is likely as large portions of the economy resumed operations after coronavirus-related lockdowns were lifted. Despite ...
Oil prices steadied on Tuesday, stuck in narrow ranges as investors pinned hopes on fuel demand recovery amid renewed lockdowns due to rising coronavirus cases. Prices were supported by positive news on vaccine development as medical institutions ...
On Monday, U.S. international banking giant Goldman Sachs (G.S.) said that it would resume negotiations with the Malaysian government this week to hammer out a multi-billion dollar financial settlement lost in a scandal at sovereign fund 1Malaysian ...
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