China ‘plans to ban’ US IPOs for data-heavy tech firms, and proposes algorithm controls – business live
Rolling coverage of the latest economic and financial newsLatest: New proposals for how algorithms usedAlgorithms must comply with law, social ethics and fairness…No disrupting public order, unfair pricing, or harming minorsEarlier:WSJ: China may ban companies with large amounts of sensitive consumer data from US floatsNew rules could thwart China tech firms from listing in the USMarkets await Jackson Hole symposiumFurlough ‘cliff edge’ at Liberty Steel could put jobs at risk 1.15pm BST In other tech news…shares in Just Eat Takeaway have tumbled 5.5% in London today after New York’s City Council approved legislation to permanently cap commissions delivery apps can charge restaurants. The move is a blow to Just Eat’s Grubhub, one of New York’s biggest food delivery apps, as well as rivals like DoorDash and Uber Eats.By limiting, without expiration, the fees charged to restaurants by third-party food delivery services, we are ensuring that mom-and-pop shops have a real opportunity to recover and thrive. 12.51pm BST In yet another blow to China’s tech sector, Beijing’s top court said today the country’s notorious “996” overtime policy is illegal.Under 996, employees work 9am to 9pm, six days a week — part of an engrained culture of overwork that has been particularly prevalent at fast-growing technology companies.China’s Supreme People’s Court said the overtime practice of ‘996,’ working 9 a.m. to 9 p.m. six days a week, is illegal, taking aim at the controversial policy that is common among many Chinese technology firms https://t.co/OvtSW0vqNF pic.twitter.com/eDQRmwbk1U Related: ‘Touching fish’ craze sees China’s youth find ways to laze amid ‘996’ work culture The strengthening of labour rights followed years of dissent among tech workers over the so-called 996 system, which had been held up for many years as a badge of pride and a source of competitive advantage. Jack Ma, the founder of Alibaba, once told his employees that they needed to be prepared to work 12 hour days at his company, and described 996 as “a blessing”.But an anti-996 campaign has taken hold at China’s big tech companies after complaints of gruelling conditions and deaths blamed on overwork. In response companies including ByteDance, owner of short video platform TikTok, and the internet group Tencent have recently cut back working hours.China’s top court takes aim at ‘996’ working culture in blow to tech groups https://t.co/bljLJFTVGL Continue reading…
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