Tech news

Round-up of South Korean financial markets: ** South Korean shares gained for a second straight session, buoyed by Samsung Electronics and other tech stocks, and as the country reported a drop in COVID-19 cases. The won strengthened, while the benchmark bond yield dropped. ** The benchmark KOSPI closed up 17.69 points, or 0.74%, at 2,401.91 on Tuesday, following a 0.67% gain in the previous session. ** Samsung Electronics surged 3.89% to extend gains to a second session after the chip giant won a $6.64 billion supply contract from U.S.-based Verizon. ** Peer SK Hynix rose 1.28% and the sub-index for electric and electronics also jumped 3.03%. ** The country reported 136 new cases, as of Monday, after the rate fell to a three-week low of 119. The daily tally has steadily dropped since reaching a peak last month after the government imposed unprecedented social distancing rules. ** "Today's KOSPI rally is entirely about Samsung Electronics ... A series of news of (Samsung's) … [Read more...] about Samsung-led tech rally boosts South Korea shares for second session

Chinese tech veterans, including former executives at Huawei and SMIC, are planning to launch a "domestic replacement" fund by the end of the year to help create China's next tech giant and support Chinese companies sanctioned by Washington. Venture capital firm China Europe Capital aims to raise 5 billion yuan ($731.46 million) for the fund which will invest in start-ups specialising in technologies including semiconductor, 5G and artificial intelligence, said Zhang Jun, the firm's chairman and a former vice president at telecom equipment maker Huawei. The fund launch comes amid a government-backed investment boom in China's technology sector as Beijing competes with Washington in an increasingly acrimonious "tech war". Relations between the world's two largest economies have nosedived in recent months as they butt heads over the coronavirus pandemic, Hong Kong and trade. "China and the U.S. are in a Great Power rivalry that will end only when there's a knockout," Zhang told … [Read more...] about China tech veterans to launch ‘domestic replacement’ fund amid US sanctions

Japanese shares ended higher on Thursday as better-than-expected machinery orders data and Wall Street's rebound from a three-day losing streak bolstered investor sentiment. The benchmark Nikkei share average closed 0.88 per cent higher at 23,235.47, with 197 advancers on the index against 25 decliners. The broader Topix gained 1.21 per cent to 1,624.86, marking the highest close since Sept. 3. Both the indexes clawed back from a 1-1/2-week low marked in the previous session. Wall Street's main indexes closed higher overnight as investors jumped back in to take advantage of the pullback in tech-related stocks. Also underpinning gains, Japan's core machinery orders, a leading gauge of capital spending, rebounded in July from a sharp fall in the previous month. The Cabinet Office's data showed July's core machinery orders grew 6.3 per cent. Among sectors and shares, shippers, glass and ceramics and other financial were among the top performing sectoral sub-indexes on the main … [Read more...] about Nikkei ends higher on upbeat machinery orders, US tech rebound

KOLKATA: Moody’s Investor Service has affirmed Bharti Airtel’s Ba1 corporate family rating (CFR) and revised the outlook to `stable’ from `negative,’ following clarity around adjusted gross revenue (AGR) dues payment timelines and improved profitability of the Sunil Mittal-led telco’s India mobile services business. The global ratings agency said Airtel’s core India mobile business has benefited from a combination of reduced competition, steady 4G customer adds and tariff hikes taken last December. “The ratings affirmation and change in outlook to stable reflect improving profitability at Bharti's core Indian mobile business, because of a moderation in industry competition, an increase in its 4G customer base, and a tariff hike from December 2019,” Annalisa DiChiara, Moody’s senior vice president, said in a media statement Friday. Staggered payment resolution related to AGR liabilities, she said, “is a positive … [Read more...] about Moody’s has ‘good news’ for Airtel

NEW DELHI: With digital payments constantly growing, financial service providers need to collaborate with fintech developers to build "resilient front-ends" to safeguard consumer interest in view of rising cyber frauds, a top finance ministry official said on Monday. Speaking at a FICCI event on FinTech, K Rajaraman, Additional Secretary in the Finance Ministry, said an area that "needs to be highlighted is cyber security and fraud prevention. Now that there is an explosion in the use of digital platforms. A lot of the activities of fintech have been focused on how to provide resilient front-ends for the financial services providers". Financial service providers must not hesitate to actually collaborate with fintech (financial technology) innovators for beefing up cyber security and fraud prevention, he said. Citing an example of recent cyber attack on New Zealand's stock market, he said, cyber security should get continuous attention from all stakeholders. Last month, New Zealand's … [Read more...] about Fintech companies need to focus on providing resilient front-ends for financial service providers: Government