FirstFT: Tencent imposes restrictions on children’s games

Tencent announces new restrictions After Chinese internet group came under heavy pressure from state media, it called gambling “mental opium” for the length of time minors could play online games .

In a social media post, the company said it would implement measures after “authorities” demanded greater protection for minors in games and businesses to exercise their “social responsibility.”

Tencent’s stake, which generated RMB 39.1 billion ($ 6 billion) in the first quarter and accounted for 30% of total revenue, fell 10.8% in Hong Kong, then cut losses at nearly 6.6%. I did. .. This caused stock prices to fall by almost a quarter last month. The company’s market value was reduced by $ 400 billion from its January high.

New volatility has emerged after Chinese tech stocks recorded the worst month since the global financial crisis in July following unprecedented regulatory campaigns on tech sectors such as education, ridesharing and social media.

• Other places of Chinese technology: The Alibaba e-commerce group also reported slow growth. sign up for the latest #techft newsletter.

5 other articles in the news

1. Report found woman sexually harassed by New York governor Andrew Cuomo violated federal and state laws. Sexual harassment for many women, The successful investigation is over. State Attorney General Letitia James, who appointed an investigator, said the investigation revealed a “very disturbing but clear situation” in the toxic workplace. President Joe Biden called on his former ally, Cuomo, to: Resign .. (FT, AP)

2. Singapore grants first crypto license The city-state is set to give regulatory consent for the first time on a crypto exchange, as it will be an important battleground for the digital asset industry to attract watchdogs to its global financial hub.

• Other crypto news: The chairman of the United States Securities and Exchange Commission seeks a new authority to protect investors in the “Wild West” cryptocurrency market. Meanwhile, the IMF cautions against using crypto as follows: Legal tender Before El Salvador plans to do so from September.

3. Pakistan complains about Washington’s cold shoulders Pakistan’s national security adviser is US President Joe Biden. Failure to contact Prime Minister Imran Khan As Washington seeks help to prevent the Taliban from hijacking Afghanistan after US troops withdraw.

“If the phone is a concession, if the security relationship is a concession, Pakistan has options,” Pakistan’s national security adviser Moeed Yusuf told the Financial Times. interview At the Pakistani Embassy in Washington.

4. Missing Belarusian activist found hanged in Kiev park VitalyShishov was found hanging from a tree near his home in Ukraine on Tuesday. Local police said his death could have passed for suicide. Earlier this week, Belarusian opposition leader Subiatrana Chikanoskaya moved west.

5. Bolsonaro investigated for allegations of fraudulent elections Brazilian President Jair Bolsonaro’s legal affairs doubled after investigation began

Summary of the Tokyo Olympics

• Simone Bilès won the bronze medal a week after retiring from several beam competitions to focus on her sanity.

• Karsten Warholm broke his own world record in the best men’s 400-meter hurdles race of all time.

• Game We are approaching the biggest sporting event in the world. Maybe someday we’ll see some proper Olympic video games.

• NOT. International Olympic Committee The investigation has started He joined the Belarusian Olympic Commission after sprinter Chris Zina Zimanoskaya accused his country’s authorities of trying to force her to leave Tokyo.

addition ‘Tokyo Olympics” To myFT for all game coverage, and ours “Alternative medal table”..

Coronavirus digest

• New York City Is proof of vaccination required Mayor Bill de Blasio announced a variety of indoor activities on Tuesday, from dining to health clubs and concerts.

• Chinese Authorities believe the main chain of transmission in the country’s recent outbreak is due to the contaminated aircraft from Russia.

• NOT. White House Will be announced New moratorium on evictions After the expiration of the previous ban on the eviction of peasants this weekend.

• NOT. IMF Agreement with $ 650 billion Grant of special drawing rights to boost pandemic finances in low- and middle-income countries. (FT, Reuters)

Register now for us Coronavirus Business Update Follow the newsletter and the latest trends Our live blog.

The day before

Service PMI data China, Eurozone, France, Germany, India, Japan, UK and US are releasing a Buyers Index today.

Profits of Japanese companies Automakers Toyota and Honda, which are big days for Japanese corporate profits, are releasing first quarter results today in addition to Sony and Softbank.

1st anniversary of the explosion of the port of Beirut August 4 marks the year following the explosion in Lebanon, which killed at least 220 people. Earlier this month, Middle East correspondent Chloe Cornish was in Year from Hell country.

What else are you reading

Conditions for large-scale financing in China The country is the world’s largest lender to the government. Between 2008 and 2019, the China Development Bank and the China Export-Import Bank lent $ 462 billion. However, the terms of these loans to sovereign borrowers are secretly hidden. until now.

Don’t be optimistic about the population decline You may find that the effects of a pandemic on reproduction are instantaneous. But he focused on the long-term decline in the number of babies that women are almost everywhere, writes Sara O’Connor.

Goldman Sachs is hitting billions of dollars through companies wanting to contract Banks achieved record wealth management returns in the previous quarter, thanks to the Wall Street group’s capital investment activities. But instead of expanding, Goldman Making your business smaller To please regulators and to investors.

Is Joe Biden’s Presidency Vulnerable to Inflation? The pandemic recovery in the United States has been very active after Joe Biden approved $ 1,400 in direct payments to low- and middle-income households, and vaccinations prompted the lifting of restrictions and spikes in spending. The only otherwise encouraging image stain: higher than expected inflation.

‘It’s summer vacation season About four years after being attacked by Hurricane Irma on Necker Island, Sir Richard Branson Resume’s private 74-acre oasis is guest. Meanwhile, James Max asks if he owns a villa. Worth it … Maybe going to someone else’s private island is worth it.