Uber has been ordered to pay a 300,000 euro ($336,600) penalty, adding to the challenge of a court-ordered partial shutdown imposed on its...

Stock Market

Uber Must Pay $336,600 Penalty on Top of Brussels Near-Shutdown

The Department of Energy (DOE) said, that the United States has launched an auction for 32 million barrels of crude from four strategic...


U.S. to Sell 32 million Barrels of Crude Oil from 4 SPR Sites

The energy ministry said the United Arab Emirates will show complete commitment and cooperation with the OPEC+ agreement.


UAE Will Offer Complete Support to OPEC+ Decisions

Asian shares fell lower as the dollar went up on Thursday. Investors are looking towards hike rate policies...

Stock Market

Asian Shares Decline as Dollar Goes Higher

The Turkish Lira began on its recovery after reaching record lows caused by the President’s interest rate cuts.

Stock Market

Turkish Lira Finally Rebounds After Months of Lows

Stock Markets

9 Sept 2021

NetEase and Tencent Shares Collapse as China Froze the Approvals of New Games

NetEase and Tencent Shares Collapse as China Froze the Approvals of New Games

The Index Today

Shares of NetEase and Tencent Holdings Ltd collapse on Thursday due to the freezing of the new game approvals in Beijing, according to the report from South China Morning Post.

According to the news, Tencent closed at 8.4% lower in Hong Kong and NetEase fell 7% in premarket trading on Nasdaq, in response to the extra pressure being exerted on the companies as Beijing pursues a broader crackdown aimed at bringing powerful tycoons to heel and curbing income inequality.

The decision had a descending impact on shares of other Chinese companies. Pinduoduo traded 4% lower in premarket, Alibaba ADR 3.3%, JD.com ADRs fell 4.3% and Didi Global ADRs fell 3.7%.

This is not new to the Tencent and NetEase as they already have struggled with such bans before. In the previous reports, last 2018 the authorities froze new game approvals on concerns that playing online games was hurting children’s eyesight.