Paytm, a popular payment app in India, faces government restrictions on business because of its Chinese connections, local media say. India is ramping up scrutiny and restrictions on other Chinese tech companies, too, amid concerns about security and geopolitics. Henry Wilkins has the story from Mumbai. Voice of America
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US President Joe Biden will continue to use TikTok to help his re-election campaign even after signing legislation that will force the Chinese owner of the video-sharing platform to divest the app because of security concerns. A Biden campaign official said the app — which has been downloaded by 170mn Americans, more than half the population — was one of the ways the president would ensure his message was being…
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A Chinese woman has been charged in the UK with two counts of criminal possession of cryptocurrency. Yadi Zhang, also known as Zhimin Qian, is accused of acquiring, using or possessing criminal property, namely cryptocurrency, from October 1, 2017 until Tuesday this week in London and elsewhere in the UK. Zhang, who denies the charges brought by the Crown Prosecution Service, made an initial appearance at Westminster Magistrates Court on…
A breakdown in the international rule of law is being accelerated through rapid advancement in technology and artificial intelligence, which risks a “supercharging” of human rights violations. That’s according to the new annual report by rights group Amnesty International. Henry Ridgwell has more. Voice of America
State Department — While Washington and Beijing are divided over a range of thorny issues, U.S. Secretary of State Antony Blinken began his second visit to China this week focusing first on the importance of direct engagement. It is something, he says, that is essential for addressing key issues affecting people from both countries and the world. People-to-people ties In a relaxed setting Wednesday, amid efforts to strengthen people-to-people ties, Blinken attended a playoff game between the Chinese Basketball Association’s Shanghai Sharks and Zhejiang Golden Bulls. Earlier, a crowd of…
Joe Biden has signed into law a bill that requires TikTok’s Chinese owner to sell the social media app’s US operations or face a ban, after the Senate passed the legislation. The law, part of a foreign aid package for Ukraine, Israel and Taiwan, sets the clock ticking on a potential ban for a platform that is hugely popular in the US. Here is a guide to the TikTok legislation and what may happen next. How does the legislation pave the way for a sale or ban? The bill gives…
Stay informed with free updates Simply sign up to the Indian business & finance myFT Digest — delivered directly to your inbox. India’s central bank has banned Kotak Mahindra Bank from issuing credit cards or taking on new digital and mobile banking customers, marking the regulator’s latest crackdown on the country’s fast-growing consumer finance industry. The Reserve Bank of India said it found “serious deficiencies” in IT risk and security governance over two consecutive years at Kotak Mahindra, a prominent private sector lender that was founded by Uday Kotak, one…
President Joe Biden on Wednesday signed into law an initiative that could force TikTok’s Chinese parent company to divest the video-sharing platform, adding to already strained relations between Washington and Beijing. The legislation, passed by the US Senate on Tuesday, is part of a $95bn security package principally made up of funding for Ukraine, Israel and Taiwan. It is also set to ban TikTok from app stores unless the platform is sold by its Beijing-based owner ByteDance, igniting a debate about free speech and data security. The overwhelming support for…
“It’s like a first date,” says Sanaz Toossi about the UK premiere of her play English. “I might be about to meet the love of my life or I might go home crying.” English has already had several productions in the US and won her the 2023 Pulitzer Prize for drama — all the more remarkable considering it’s her debut play. The play opens soon at the Royal Shakespeare Company in Stratford-upon-Avon, before a run at London’s Kiln Theatre, and Toossi is “slightly terrified” about how it will land in…
Many foreign-invested importers of Taiwanese goods in mainland China, including those in the market for components for phones and PCs that are assembled for re-export, have moved operations to Southeast Asia or further afield because of trade schisms between Beijing and Washington, analysts said US officials have placed import tariffs on goods from mainland China since 2018, while also restricting American business with a growing list of Chinese technology firms. The US Department of Commerce’s Bureau of Industry and Security updated its export controls in 2022 to stop China from…