Didi's shares lost $21.5 billion in three trading sessions last week following a regulatory crackdown in its home market. Bloomberg
Didi's shares lost $21.5 billion in three trading sessions last week following a regulatory crackdown in its home market. Bloomberg
Didi's shares lost $21.5 billion in three trading sessions last week following a regulatory crackdown in its home market. Bloomberg
Didi's shares lost $21.5 billion in three trading sessions last week following a regulatory crackdown in its home market. Bloomberg

China's online regulator orders removal of 25 Didi mobile apps


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China's cyberspace administration will remove 25 mobile apps operated by Didi Global from app stores as the government stepped up a crackdown on the ride-hailing giant.

The apps in question used data illegally collected by Didi and include those for its delivery service, camera device and finance services, the Cyberspace Administration of China said.

Last week, just days after Didi's $4.4 billion listing on the New York Stock Exchange, the cyberspace regulator ordered app stores to remove Didi's main ride-hailing app.

It also told Didi to stop registering new users as it launched a probe into the company, citing national security and the public interest.

Didi shares trimmed gains to around 4 per cent after the latest announcement on Friday, having earlier been trading up more than 9 per cent.

The company lost about $21.5 billion in market value in three sessions this week on fears of a fallout from China's increased scrutiny on domestic technology companies and firms listed overseas.

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

South Africa's T20 squad

Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.

UAE currency: the story behind the money in your pockets
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Updated: July 10, 2021, 7:22 AM