China freezes new Tencent apps


It has also been ordered to stop updates of existing apps
Newsfeed25 Nov 2021
    Photo credit: AFP Photo


    MAINLAND CHINA & HONG KONG

    Tencent Holdings (700 HK) has been ordered to stop rolling out new apps, as China’s tech industry regulator reviews their compliance with new privacy laws introduced this month, according to people with knowledge of the matter.

    The Ministry of Industry and Information Technology (MIIT) has also ordered a temporary halt to updates of existing apps, though current versions of products can still be downloaded and used, the people said, asking not to be identified as the information has not been made public. Tencent, which owns the WeChat super-app and QQ messaging service, said in a statement that it is working to enhance user protection features within its apps and regularly cooperates with relevant government agencies to ensure compliance.

    China on 1 November began implementing a new Personal Information Protection Law that more tightly governs how tech companies handle user data, part of a broader effort by Beijing to rein in its Internet giants and wrest control over the vast reams of data they collect. Tencent has been targeted by the MIIT because nine of its products were found on four previous occasions to violate data protection rules, triggering the freeze, the people said.

    Earlier this year, Tencent suspended new user registrations for WeChat, citing unspecified technical upgrades. That suspension lasted roughly a week before the Shenzhen-based tech firm resumed new sign-ups. – Bloomberg News.

    On Wednesday (24 November), the Hang Seng Index added 0.14% to 24,685.50 while the Shanghai Composite Index climbed 0.10% to 3,592.70.

     

    REST OF ASIA

    Singapore expects gross domestic product to expand 3% to 5% next year, a slower pace than this year as its rebound from the worst of the pandemic steadies.

    The first official forecast for 2022 compares with about 7% this year, the Ministry of Trade and Industry said Wednesday (24 November), reflecting the impact from easing pandemic restrictions and a stabilising global economy.

    Manufacturing and trade will remain strong on robust external demand, Gabriel Lim, permanent secretary in the trade ministry, said at a briefing, adding downside risks globally include supply bottlenecks and a resurgence in infections. Travel, consumer, and construction will show recovery, though activity levels may not reach pre-Covid levels next year, he said.

    The growth outlook comes as the city-state seeks to move on from its biggest surge in virus cases, which had complicated its rollback of social curbs. While the island continues to open up its borders amid a fall in infections, the government has signalled a further easing of restrictions within the country is unlikely this year. – Bloomberg News.

    South Korea’s Kospi Index dipped 0.39% to 2,982.12 in early Thursday trading. It closed 0.10% lower at 2,994.29 the previous session.

    Australia’s S&P/ASX 200 Index slipped 0.07% to 7,394.30, adding to its loss of 0.15% to 7,399.40 the previous session.

    The Taiwan Stock Exchange Weighted Index lost 0.13% to 17,642.52.

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