Tech giants merge to challenge US, Chinese tech companies
Driven by the current rise of US and Chinese tech mega-firms, Japanese telecom corporation Softbank announced a merger between their Yahoo! Japan unit and South Korea's Naver Corp's messaging app operator Line Corp, a venture worth a total of 30 billion USD. Softbank Corp, also known as Z Holdings, will remain a subsidiary of Softbank Group Corp while retaining Mizuho Securities as a financial advisor.
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Trump approves of Oracle’s effort to buy TikTok
President Donald Trump voiced support on Tuesday for Oracle Corp. to buy the U.S. operations of TikTok, adding a fresh wrinkle to the bidding for the Chinese-owned video-sharing app. Oracle, a giant in business software, has had preliminary discussions about teaming with some of ByteDance’s existing minority investors to buy TikTok’s U.S. operations but it isn’t clear how advanced the talks are, said people familiar with the matter.
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Gold prices dropped 6%, the worst single-day decline in seven years
Gold prices fell more than 6% yesterday, the worst one-day decline in seven years as investors’ risk appetite returned, boosting U.S. stocks. Spot gold tumbled as much as 6% to $1,927.30 per ounce, down sharply from Friday’s record intraday high of $2,089.20. On Wednesday morning during Asia hours, spot gold fell further, last trading at $1880.16
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China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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CNBC
China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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