Month: August 2022

Chinese tech giant posts first ever revenue decline

Tencent recorded its first-ever quarterly decline in year-over-year revenue as tougher gaming regulations in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. Here’s how Tencent fared in the second quarter, compared to consensus estimates from Refinitiv: Revenue: 134.03 billion Chinese yuan (19.78 billion dollars) against 134.6 billion yuan …

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China heatwave: Sichuan shuts factories to save power

Sichuan is a key manufacturing location for the semiconductor and solar panel industries and power rationing will hit factories owned by some of the world’s largest electronics companies, including Apple (AAPL) Foxconn supplier and Intel (INTC). The province is also China’s mining hub for lithium – a key component of electric car batteries – and …

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Hearing aids: FDA finalizes rule that should usher in cheaper devices

Instead of getting a prescription, seeing a hearing professional, and getting a custom fitting, people with mild to moderate hearing loss will be able to purchase hearing aids directly from a store or online. The move will make hearing aids much more widely available across the country, FDA Commissioner Dr. Robert Califf said. About 1 …

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Exclusive: Tencent plans to divest Meituan stake worth $24 billion

Tencent seeks to initiate sale of Meituan stake this year – sources Sale seeks to appease regulators and monetize 8-year-old betting sources Sale of stake likely to be made as a block transaction – sources This decision comes after the sale by Tencent of JD.com and the participations of SEA Meituan shares sink 10%; Tencent …

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Prosecutors Struggle to Catch Up to a Tidal Wave of Pandemic Fraud

In the midst of the pandemic the government gave unemployment benefits to the incarcerated, the imaginary and the dead. It sent money to “farms” that turned out to be front yards. It paid people who were on the government’s “Do Not Pay List.” It gave loans to 342 people who said their name was “N/A.” …

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FDA moves to make hearing aids available over the counter

Comment this story Comment The Food and Drug Administration on Tuesday decided to make hearing aids cheaper and easier to buy over-the-counter without a prescription or medical exam — a long-awaited goal by nearly 30 million consumers. “Starting in mid-October, Americans will be able to purchase more affordable hearing aids over the counter at pharmacies …

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