The top business news that is making headlines now starts from Apple, reports coming are that more than 90 policy and rights groups wrote a letter to Apple, to persuade the iPhone maker to desist plans for scanning children’s messages for nudity and adults’ phones for images of child sex abuse, which Reuters reported.
The group wrote in their letter “Though these capabilities are intended to protect children and to reduce the spread of child sexual abuse material, we are concerned that they will be used to censor protected speech, threaten the privacy and security of people around the world, and have disastrous consequences for many children.”
Here are the Top 5 Business News that made headlines today
1) Xiaomi in talks with China Evergrande to buy its EV unit stake
Embattled Chinese property developer Evergrande Group is in talks with smartphone maker Xiaomi and Shenzhen state-backed investment firms as it looks to sell part of a 65% stake in its electric vehicle (EV) unit, Reuters reported.
The Evergrande New Energy Vehicle (NEV) Group had a market capitalization of $12.5 billion on Thursday. Smartphone maker Xiaomi has been ramping up investments in EV suppliers after it unveiled its EV ambition with an investment of $10 billion in March.
2) Russia fines Google for not removing illegal content
A Moscow court on Thursday again fined Google for failing to remove banned content as foreign tech giants face mounting pressure in Russia.
On Thursday, the Tagansky district court slapped Google with three fines totaling six million rubles ($80,850) for the violation, AFP reported.
3) Baidu Sells $1 Billion of Bonds Amid China Tech Crackdown
Baidu Inc. sold $1 billion of bonds in a two-part sustainable deal, according to people familiar with the matter, marking the first major global debt offering by a Chinese tech firm since Beijing escalated a crackdown on private enterprise.
The Internet search giant, an investment-grade issuer, priced 5.5-year and 10-year notes at 83 basis points and 113 basis points, respectively, above comparable Treasuries, Bloomberg reported.
4) Amazon plans to open large physical retail stores in U.S.
Amazon.com Inc is planning to open several large physical retail stores in the United States that would operate like department stores, the Wall Street Journal reported.
5) India’s MRPL shuts 60,000 bpd crude unit for 35 days
India’s Mangalore Refinery and Petrochemicals Ltd has shut a 60,000 barrels per day (bpd) crude unit for about 35 days at it 300,000 bpd plant in southern India for maintenance, two sources familiar with the matter said.
The shutdown began on Aug. 15 and will last until September 18, they said. The refiner has also shut some secondary processing units including a hydrogen generation unit and delayed coker for maintenance, Reuters reported.