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Chinese Regulations Begin to Hit Internet Stocks. Why This Could Be Just the Start.

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Alain Jocard/AFP via Getty Images

China fined

Alibaba Group Holding

and two

Tencent Holdings

-backed companies on Monday, the latest indication that Chinese internet companies may face heightened regulatory scrutiny that could loom over their stocks in the near-term.

China’s State Administration for Market Regulation levied fines of 500,000 yuan (about $76,500)—small, but the maximum allowed under antimonopoly laws—against Alibaba (ticker: BABA) and China Literature and Shenzhen Hive Box Technology, both backed by Tencent (700.Hong Kong). Regulators said the companies didn’t submit the proper disclosures for past acquisitions. The regulators also said that they would investigate other deals.

The fines come weeks after Chinese regulators unveiled draft antitrust guidelines that analysts said were aimed at the country’s large internet behemoths. Analysts expect more regulatory moves ahead.

“The [Communist] Party has realized that fintech has prospered in the regulatory gray area between finance and technology,” says Rory Green, an

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Ethereum Price May Hit All-Time High Soon: Here’s Why

KEY POINTS

  • The number of transactions grew alongside the price of Ethereum
  • Volume in spot cryptocurrency exchanges is recovering
  • Open interest for Ethereum options appears bullish

While all eyes are on Bitcoin, the second-largest cryptocurrency has been making some effort to reclaim the $600 range, which might catapult Ethereum to a new all-time high, according to analysts.

Ethereum closed Sunday at $590, its highest in the last five days. Analysts predicted a new consolidation phase that will only be broken once $600 is breached. 

A number of on-chain factors appear to favor an upsurge in Ethereum’s price. First, there has been a significant increase in the growth of transactions and transfers in the Ethereum blockchain, Cointelegraph reported. The chart showed that transaction growth (and slump) correlates with the price.

Cointelegraph also noted the increase in the number of people withdrawing their ETH from cryptocurrency exchanges. This can be attributed not

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Singapore oil tanker hit by explosion caused by ‘external source’ off Saudi Arabia

The incident, which occurred at approximately 00:40 local time, caused “an explosion and subsequent fire onboard,” the company said, as well as hull damage. It remains unclear at this time what the “external source” was.

“The Master immediately ceased all discharge operations and enacted emergency procedures onboard,” the statement added.

The crew has extinguished the fire with assistance from the shore fire brigade and tug boats, and all 22 seafarers have been accounted for with no injuries. Hafnia said “it is possible that some oil has escaped from the vessel, but this has not been confirmed and instrumentation currently indicates that oil levels on board are at the same level as before the incident.”

Cooling procedures and inerting of cargo space have been started to avoid any more potential fires, while ship stability is being assessed before continuing with any further operations, the company added.

Inerting is the introduction of

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Nifty, Sensex hit record highs as Burger King nearly doubles in market debut

BENGALURU (Reuters) – Indian shares pared some gains after hitting record highs in early trade on Monday, with Burger King India soaring almost 100% in its market debut.

A broker trades on his computer terminal at a stock brokerage firm in Mumbai, India, January 20, 2016. REUTERS/Shailesh Andrade/Files

By 0451 GMT, the blue chip NSE Nifty 50 index was up 0.25% to 13,548.10 and the benchmark S&P BSE Sensex was up 0.26% to 46,217.30, after each hitting record highs earlier in the session.

Both indexes were on track to end higher for the seventh out of last eight sessions.

Indian shares have posted six straight weeks of gains, boosted by record inflows from foreign institutional investors (FIIs), progress on COVID-19 vaccines globally and signs of a nascent economic recovery in the country.

Burger King India, which runs the franchise of Restaurant Brands International Inc’s U.S. chain Burger King, was trading

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Japan business sentiment improves as economy emerges from pandemic’s hit – BOJ survey

By Leika Kihara and Kaori Kaneko

TOKYO, Dec 14 (Reuters)Japanese business sentiment improved for the second straight quarter in October-December, a key central bank survey showed on Monday, a welcome sign for the economy as it continued to emerge from the initial hit of the coronavirus pandemic.

But companies slashed their capital expenditure plans for the year ending in March, as a recent resurgence of infections reinforce expectations any recovery in the world’s third-largest economy will be fragile.

The headline index for big manufacturers’ sentiment improved to minus 10 in December from minus 27 in September, the Bank of Japan’s closely watched “tankan” survey showed. It compared with a median market forecast for a reading of minus 15.

Big non-manufacturers’ sentiment also recovered to minus 5 from minus 12 in September, roughly matching a Reuters poll of minus 6, the survey showed.

Big firms plan to cut

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