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Baidu invests US$200 million in Chinese AI firm Neusoft to develop smart city solutions

Chinese search engine giant Baidu is investing 1.44 billion yuan (US$202 million) in industrial artificial intelligence (AI) firm Neusoft Holdings to develop smart city, health care and education infrastructure.“Neusoft is an industry leader in … smart cities … and AI cloud for hospitals and the education sector,” said Baidu in a statement on Tuesday. “The collaboration between Baidu and Neusoft … is cooperation between an internet firm and a solutions provider to explore leading AI technology… Source link

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Google to pay up to US$200 million to settle investigation into alleged violations of children’s privacy by YouTube

This story is published in a content partnership with POLITICO. It was originally reported by Margaret Harding McGill on politico.com on August 30, 2019.Google has agreed to pay between US$150 million and US$200 million to resolve a Federal Trade Commission investigation into YouTube over alleged violations of a children’s privacy law, according to a person familiar with the matter.The FTC voted 3-2 along party lines to approve the settlement, sending it over to the Justice Department as part… Source link

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Chinese tariffs risk US$200 billion of US gas investments, may spoil America’s ambition to become top global exporter

China’s sharp retaliatory tariff hike on US liquefied natural gas (LNG) will make it challenging for US exporters to secure purchase commitments and project financing, analysts say.A 25 per cent tariff starting June 1 – up from 10 per cent in September – will make it uneconomical for Chinese buyers to import from the US, forcing US sellers to seek long term purchase commitments elsewhere, a prerequisite for getting project financing.The hike, part of Beijing’s retaliatory tariff increase on US… Source link

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Global 

US-China trade war escalates as Donald Trump increases tariffs on US$200 billion of Chinese goods to 25 per cent

Tariffs on US$200 billion of Chinese goods have been increased from 10 per cent to 25 per cent as the United States followed through with the threat issued by US President Donald Trump earlier this week.The move, in accordance with a document registered by the Office of the United States Trade Representative (USTR), marks a serious escalation in the US-China trade war and stands to have far-reaching economic impact on exporters and importers from both countries.“The increase in additional… Source link

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US ‘preparing to return US$200 million of 1MDB-linked funds to Malaysia’

US authorities are preparing to return about US$200 million of funds allegedly misappropriated from troubled state fund 1MDB to Malaysia, according to people familiar with the matter.The total includes about US$140 million from the sale of a stake in New York’s Park Lane Hotel and some US$60 million from a settlement paid by the producer of the Wolf of Wall Street movie, said two of the people, who asked not to be named as the details are private. The transfer could happen as soon as next week,… Source link

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It’s ‘Luckin’ good as Chinese Starbucks challenger sees valuation double with another US$200 million

Chinese coffee chain operator Luckin Coffee has raised US$200 million in its latest funding round, doubling the valuation of the Starbucks challenger in just five months. The B round of fundraising was led by its existing investors including Singapore sovereign wealth fund GIC, China International Capital Corporation, Joy Capital and Centrium Capital, the company said in a statement on Wednesday. The latest investment follows a July A round when Luckin raised US$200 million at a valuation of US$1 billion, bringing the Xiamen-based start-up unicorn status in the six months since…

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Alibaba pledges to help global merchants export US$200 billion of goods to China in next five years

Alibaba Group announced a commitment to help import US$200 billion worth of goods from more than 120 countries over the next five years, as part of its efforts to promote globalisation and meet the rising demand of Chinese consumers for high-quality international goods. “Globalisation is one of Alibaba’s most critical long-term growth strategies. We are building the future infrastructure of commerce to realise a globalised digital economy where trade is possible for every country around the world,” Zhang said in a statement. “Leveraging Alibaba’s innovative technology and robust ecosystem, we…

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Ecommerce 

Hong Kong travel start-up Klook lands US$200 million funding to expand to US, Europe

Hong Kong online travel agency Klook said on Tuesday that it has landed US$200 million in funding, with plans to expand to the US and Europe as it looks set to hit US$1 billion in bookings this year. The company, which operates a platform that sells travel experiences and tickets for a variety of attractions, will use the fresh funds to expand its operations in the US and Europe, adding more services and activities in the region to its Klook platform as well as opening a US office by the…

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Global 

Donald Trump wants new tariffs on US$200 billion in Chinese imports ‘as early as next week’

US President Donald Trump wants to move ahead with a plan to impose tariffs on US$200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter. Companies and members of the public have until September 6 to submit comments on the proposed duties, which cover everything from selfie sticks to semiconductors. The president plans to impose the tariffs once that deadline passes, according to the people familiar with the matter, who spoke on condition of anonymity because the discussions…

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