China is flooding Silicon Valley with cash, as 26 percent of U.S. unicorns are currently backed by investors from Greater China, while venture capital investment in U.S. companies is down, according to a report.Among the 32 investors that have backed U.S. startups, Chinese internet giants like Alibaba and Tencent, as well as Chinese venture capitalists, are dominant, noted CB Insights, a New York-based investment research firm. Chinese investors have participated in over 40 American tech deals per quarter since 2014, and joined in major 2015 financing deals with the likes of Uber, Lyft and Air...
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2016
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Bank card association China UnionPay on Monday announced standards for Quick Response (QR) code payment services, a move that will cause a stir in the nation’s mobile payment sector, which is dominated by Internet giants Alibaba Group Holding and Tencent Holdings.Industrial and Commercial Bank of China and China Minsheng Bank, members of UnionPay, have been conducting trials of QR code payment services based on UnionPay standards, a spokesman for UnionPay told the Global Times on Monday.The date that UnionPay chose to announce the standards has also revealed the company’s ambitions in the mobi...
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2016
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Google’s data centres and the offices for its 60,000 staff will be powered entirely by renewable energy from next year, in what the company has called a “landmark moment”.The internet giant is already the world’s biggest corporate buyer of renewable electricity, last year buying 44% of its power from wind and solar farms. Now it will be 100%, and an executive said it would not rule out investing in nuclear power in the future.Oman said it had taken Google five years to reach the 100% target, set in 2012, because of the complexity involved with negotiating power purchase agreements.The company’...
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2016
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A slower increase in salaries in 2016 across China confirms the country is experiencing an economic slowdown, but that a drop in salaries is unlikely, experts said Tuesday.Compared to 2015 salary guidelines, those for 2016 have grown at a slower rate in most of the 19 provinces and regions that have so far published their annual guidelines for firms.Shanghai has reduced its wage increase to 8 percent from last year’s 10 percent.Salary guidelines are issued by local governments as a reference to help firms decide how much they should increase their employees’ salaries. They are based on labor m...
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2016
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Amazon has revealed plans for a grocery shop without a checkout process, where customers will instead pay for the goods they have selected via an app.The Just Walk Out shopping experience uses the same types of technologies found in self-driving cars. The system detects when items are taken or returned to shelves and tracks them in a virtual shopping trolley. Once the shopper leaves the store, their Amazon account will be charged and receipt sent to them.The first shop is expected to open to the public in Seattle in the US in early 2017."Grocery retail is a crowded sector, and customers h...
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2016
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