Connect with us

Published

on

BEIJING – Following a series of high-profile crackdowns on Chinas tech giants over the past two years, the worst appears to be over.

Last week, a top regulatory official said in an interview that the rectifying of bad practices by big tech firms is basically complete. Meanwhile, Chinas top anti-graft watchdog, the Central Commission for Discipline Inspection (CCDI), notably left out the mention of platform companies, a catch-all term referring to tech firms, in a statement following its first meeting of the year.

But those in the industry say it cannot be taken for granted that tech firms are now in the clear. Firms will also have to navigate a new normal under the watchful eyes of regulators, they say, where growth can be deemed excessive at the drop of a hat, resulting in heavy penalties.

In an interview with the official Xinhua news agency published last weekend, head of China Banking and Insurance Regulatory Commission Guo Shuqing said the government will promote the healthy development of Internet firms in a bid to prop up private businesses.

The special rectification of the financial business of 14 platform companies is basically completed, and a few remaining problems are also being resolved promptly, he said without going into details.

Following that, normalised supervision will be implemented to encourage platform companies to operate in compliance with regulations.

In yet another sign that the tech firms are no longer an area of concern, the term platform companies was left out of the CCDIs post-meeting communique. In contrast, the 2022 edition said the anti-graft watchdog would focus on investigating the corruption behind capitals disorderly expansion and platform monopolies.

While this is official confirmation that were off the hook in a way, it really doesnt matter any more because the damage has already been done, said a government relations executive at a major tech firm.

She, like the other industry insiders The Straits Times spoke to, declined to be named, so they could speak openly about government policy.

Over the past two years, everyone can see how rules can change at the drop of a hat. One minute youre preparing for a foreign listing and the next moment youre under investigation, she said.

There are also these new rules we now have to abide by, which makes doing business very difficult. The era of high growth is over.

Another tech executive who oversees game development said the climate has become increasingly inhospitable for companies who want to expand internationally.

Any company with a sizeable user base, meaning at least one million users, needs to apply for permission from the government to move data out of the country. Its untenable, he said.

Beginning in November 2020, the sector came under probe for a slew of practices including monopolistic behaviour and mishandling of their troves of user data, while others were taken to task for expanding into financial services.

Most of the countrys biggest firms ranging from tech giant Alibaba to food delivery platform Meituan to Tencent, which runs the countrys biggest chat app, WeChat have come under probe and been slapped with billions of yuan worth of fines. More On This Topic Jack Ma: Alibaba tycoon who soared on China's tech dreams grounded by regulators China tech stocks winning back investors after awful year Hardest hit, however, appears to be ride-hailing platform Didi, previously best known for edging Uber out of the Chinese market. Since its New York listing was scuppered by Chinese regulators in July 2021, its app has been taken off all app store platforms, rendering it unable to register new users till this day.

It was part of a drive to better regulate the tech industry, which has done extremely well over the past two decades under lax supervision.

But for many tech firms, the cautionary tales of Alibaba and Didi have been enough to put a damper on any expansion plans.

I had a foreign colleague who was initially brought on to help with our international expansion, but after we saw what happened to Didi, where even their mainland business was hit, none of us even dare think of anything beyond our borders, the gaming executive said. More On This Topic Didi shows China's tech giants must first answer to Beijing As Beijing takes control, Chinese tech companies lose jobs and hope

Continue Reading

Entertainment

Molly-Mae Hague: New documentary will ‘answer a lot of questions’ about Tommy Fury split

Published

on

By

Molly-Mae Hague: New documentary will 'answer a lot of questions' about Tommy Fury split

Molly-Mae Hague has said her new fly-on-the-wall documentary will “answer a lot of questions” surrounding her recent break-up with Tommy Fury.

The couple, who met during the 2019 series of ITV2 reality show Love Island, announced they were going separate ways in August last year.

The split sparked rumours that Fury, 25, had cheated on Hague, also 25, which he later denied.

Speaking at the launch of the first three episodes of a new Amazon Prime documentary Molly-Mae: Behind It All, the influencer said she is “very honest” about the breakdown of her relationship with the boxer, which she said has been “incredibly hard”.

“It is real life,” Hague said. “Tommy and I have a baby together, and it’s a really hard thing that we have both gone through.”

Molly-Mae and Tommy Fury. Pic: Hannah Young/Shutterstock
Image:
Molly-Mae and Tommy Fury. Pic: Hannah Young/Shutterstock

The couple have faced scrutiny that the break-up may have been a publicity stunt, as it coincided with the launch of Hague’s clothing line, Maebe and Fury’s book, Lightning Can Strike Twice: My Life as a Fury.

They were then pictured celebrating New Year’s Eve together, leading to fans speculating if they had got back together.

When questioned on it, Hague said accusations their break-up was planned is the most “frustrating thing”.

“I wish it could have been a publicity stunt because it would have been a lot easier,” she said.

“Going through all of this with the turmoil of a break-up has been incredibly hard, to have those comments, and I do see the comments, I see all of them.”

Molly-Mae

She added: “Our relationship has always been in the public eye but to deal with this break-up with millions of eyes watching it is hard and it is complicated.

“The reason why I don’t comment on it or speak about it on my YouTube publicly is simply because we are both navigating it ourselves, we both are figuring it out as adults and parents.

“I really do think the documentary is going to answer a lot of questions and we do touch on [the New Year’s] situation. The last thing I want is any confusion, and I don’t want people to feel confused by things that are going on.

Molly-Mae Hague and Tommy Fury split after five years together
Image:
The couple share one-year-old daughter Bambi

“When I agreed to do this documentary I agreed to do it fully, the highs, lows, good days and bad days it has all got to be in there.”

It comes as Fury told Men’s Health that the reason behind their break-up was because he had a “problem with alcohol”.

“I couldn’t be the partner that I wanted to be anymore,” he told the magazine, adding: “Cheating was never a thing. You can ask Molly this yourself. It was the drink, and the drink is not a good thing.”

‘I did struggle with motherhood’

The new documentary also gives viewers behind-the-scenes access to Hague figuring out how to juggle being a mother to one-year-old Bambi, who she shares with Fury, and launching a new business.

“It’s not a secret that I did struggle at the start of my motherhood journey,” Hague said.

“It’s been an ongoing struggle for me, but right now I am in such an incredible place with being a mum and motherhood is all I could have dreamed of.

Molly-Mae documentary
Image:
Cameras followed the influencer for five months for the documentary

“I really want to work on my fashion brand this year and focus on being a mum. I want to leave a lot of the things that happened last year in last year and focus on the positives.”

She added that ahead of the documentary coming out, she feels like she needs to get her “thick skin into play”.

Read more from Sky News:
Tommy Fury reveals real reason for split
Singer Linda Nolan dies
Trainee gas engineer, 20, wins £7.5m

“These three episodes are what they are, and I hope [the public] enjoy them. The reason we did the series in two drops was because a lot of the things we touch on in the first three episodes are very current and ongoing, and it is real life and I really wanted to share the honesty with my audience and explain things to them.

“It just felt like the right thing to do.”

Molly-Mae: Behind It All episodes 1-3 launch exclusively on Prime Video on 17 January. The latter three episodes will drop in spring 2025.

Continue Reading

Politics

Sir Keir Starmer to sign 100-year ‘friendship’ deal with Ukraine in first Kyiv visit since becoming PM

Published

on

By

Sir Keir Starmer to sign 100-year 'friendship' deal with Ukraine in first Kyiv visit since becoming PM

Keir Starmer will sign a century-long partnership with Ukraine today, as the prime minister makes his first visit to the war-torn country in an effort to shore up support for Kyiv – just days ahead of the arrival of Donald Trump in the White House.

Sir Keir said the 100-year agreement underpinned Britain’s “steadfast support” for Ukraine as he reiterated European unity in the face of Russian aggression. The treaty and political declaration will be laid in parliament in the coming weeks.

“Putin’s ambition to wrench Ukraine away for its closest partners has been a monumental strategic failure. Instead, we are closer than ever and this partnership will take that friendship to the next level,” said the prime minister.

“The power of our long-term friendships cannot be underestimated. Supporting Ukraine to defend itself from Russia’s barbaric invasion and rebuild a prosperous, sovereign future, is vital to the government’s security and Plan for Change.”

War latest: Moscow ‘planned terror attacks’ on airlines across world

The PM’s visit is part of a wider effort on the part of European leaders to shore up support for Kyiv as they ramp up discussions over regional security ahead of the handover of power in Washington. President Volodymyr Zelenskyy met with Prime Minister Donald Tusk of Poland on Wednesday.

The flurry of diplomatic activity comes as the conflict between Ukraine and Russia has intensified ahead of the inauguration of president-elect Trump, with Vladimir Putin trying to take as much territory as possible ahead of expected peace talks.

More from Politics

On Wednesday, Ukraine’s state energy company was forced into emergency cuts after a massive Russian military attack.

Russia controls around a fifth of Ukraine after nearly three years of war and says any deal to end the conflict must take that into account.

In September 2022, it proclaimed four regions that it only partly controls as part of its own territory, which was condemned by the United Nations General Assembly (UNGA) as an “attempted illegal annexation”.

While President Joe Biden was steadfast in the US’s continuing support of Ukraine’s military effort, Trump has made it clear he wants to end the conflict quickly, hastening discussions about what a settlement might look like between Kyiv and Moscow.

In November, President Zelenskyy said for the first time in an interview with Sky News that Ukraine was prepared to temporarily cede territory to Russia to end the war if the conflict was frozen along current lines.

He added after a ceasefire was agreed, Kyiv could negotiate for the return of seized territory.

Please use Chrome browser for a more accessible video player

Volodymyr Zelenskyy spoke to Sky’s Stuart Ramsay in Kyiv back in November about how a ceasefire could work.

Sir Keir has also changed his tone, from insisting allies must “double down” on support for Ukraine for “as long as it takes” at the November G20 summit, to saying British policy was now “to put Ukraine in the strongest possible position for negotiations”.

The prime minister will want to reiterate to President Zelenskyy that nothing is off the table, as the duo discuss the ongoing conflict, the impending Trump presidency and what a settlement could look like.

As part of the partnership deal, the UK will bolster military collaboration on maritime security through a new framework to strengthen the Baltic, Black and Azov seas.

President Zelenskyy has reportedly told journalists the two leaders will discuss the possibility of British troops joining a post-war peacekeeping force, as other European leaders such as French President Emmanuel Macron – who visited the PM at his Chequers country residence last week – and Tusk have similar conversations.

Ukraine relies on US support to continue the conflict, given it provides the bulk of military aid. But Trump has made it clear he is reluctant to keep funding the war, saying during the election campaign he would end it “within 24 hours” of taking office.

Ukrainian President Volodymyr Zelensky is greeted by Prime Minister Sir Keir Starmer as he arrives in Downing Street, London, ahead of meetings with the Prime Minister and Nato Secretary General Mark Rutte, at number 10. Picture date: Thursday October 10, 2024. PA Photo. See PA story POLITICS Ukraine. Photo credit should read: Jonathan Brady/PA Wire
Image:
Ukrainian President Volodymyr Zelensky visited Downing Street back in October.

He has subsequently acknowledged that ending the conflict will be more difficult, but his administration is keen to press ahead: Trump has said he will arrange a call with Putin soon after his inauguration on 20 January, while the new US envoy to Ukraine, retired lieutenant General Keith Kellogg, said last week he wanted a solution to the war in the first 100 days of office.

The discussion around peacekeeping forces is part of a wider conversation among European allies about what security guarantees should be put in place for Ukraine, including buffer zones and the threat of more weapons for Ukraine in the absence of NATO membership.

Read more:
Starmer rules out emergency budget
PM says government will ‘look at way’ to stop Adams payout

President Zelenskyy has said any guarantees must be backed up by the US as the prospect of a NATO membership invitation fades from view.

Ukraine becoming a member of NATO is a clear red line for Moscow, with Putin describing Kyiv joining the security alliance as “an unacceptable threat”.

Last week, Trump acknowledged Moscow’s longstanding opposition to Ukraine’s ambition to join NATO, given it would mean “Russia has somebody right on their doorstep, and I can understand their feeling about that”.

European leaders are concerned Trump will force Ukraine into an unjust peace deal, and they will be shut out of the negotiations which will shape the security of the continent for many years.

NATO chief Mark Rutte last month cautioned Trump over his plans for a peace deal, warning it would lead to the West’s enemies “high fiving” and would only serve to embolden China, North Korea and Iran.

The PM has come under criticism from Conservative rivals for not visiting Ukraine sooner, with former defence secretary Grant Shapps saying he was “astonished” is has taken the PM six months in power to visit the country.

However, Sir Keir has met the Ukrainian leader six times, as well as hosting him twice at Number 10 since taking office in July.

Continue Reading

World

Biden warns of an ‘oligarchy’ of wealth and power threatening US democracy

Published

on

By

Biden warns of an 'oligarchy' of wealth and power threatening US democracy

President Joe Biden has warned of a “dangerous concentration of power” among a few wealthy people in the United States in his farewell address to the nation.

Without naming president-elect Donald Trump, Mr Biden said: “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead.”

During his speech from the Oval Office in the White House, the president said there was “a dangerous concentration of power in the hands of a few ultra-wealthy people” and warned of “dangerous consequences if their abuse of power is left unchecked”.

Please use Chrome browser for a more accessible video player

Joe Biden’s farewell speech in full

Although he did not give names, some of the world’s richest individuals and tech titans have flocked to Mr Trump’s side, particularly since his election win in November.

Elon Musk, the world’s richest man, spent more than $100m helping Mr Trump get elected, and Meta CEO Mark Zuckerberg and Amazon CEO Jeff Bezos have also donated to Mr Trump’s inauguration.

Pic: AP
Image:
Donald Trump and Elon Musk. Pic: AP

While Mr Biden was giving his speech, Mr Trump, Mr Musk and vice president-elect JD Vance dined with Microsoft’s CEO Satya Nadella at Mar-a-Lago, according to news outlet Semafor.

During his address Mr Biden also warned of a “tech-industrial complex” he said was bringing an “avalanche of misinformation and disinformation, enabling the abuse of power”, following social media company Meta scrapping its fact-checking programme in the US and loosening its hate speech guidelines.

The president said the US Constitution should be amended to say no president should have immunity for crimes committed in office, after the Supreme Court granted Mr Trump protection last year from criminal liability over his role in trying to undermine his loss to Mr Biden in 2020.

Analysis: Trump doing his best to undermine Biden as outgoing president tries to polish his legacy

Biden takes credit for Israel-Hamas ceasefire deal

Mr Biden also took credit for the ceasefire deal between Israel and Hamas that will see the release of Israeli hostages for hundreds of Palestinian prisoners.

“This plan was developed and negotiated by my team, and it will be largely implemented by the incoming administration,” he said.

“That’s why I told my team to keep the incoming administration fully informed, because that’s how it should be – working together as Americans.”

He made the remarks after Mr Trump claimed credit for the breakthrough in negotiations

During his farewell speech Mr Biden said: “It will take time to feel the impact of all we’ve done together, but the seeds are planted and they’ll grow and they’ll bloom for decades to come.”

President Joe Biden, left, and Democratic presidential nominee Vice President Kamala Harris speak about the administration's efforts to lower prescription drug costs during an event at Prince George's Community College in Largo, Md., Thursday, Aug. 15, 2024. (AP Photo/Susan Walsh)
Image:
Mr Biden with Vice President Kamala Harris. Pic: AP

Mr Biden beat Mr Trump to become president in 2020, but decided to run for re-election in 2024 at the unprecedented age of 80.

He was later forced out of the race following a disastrous debate with Mr Trump and his replacement, Vice President Kamala Harris, went on to lose every battleground state to Mr Trump.

Continue Reading

Trending