Australia’s Labour Market Weakens as November Employment Drops Sharply 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
EssilorLuxottica Bets on AI-Powered Smart Glasses as Competition Intensifies 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
DiDi, the Chinese vehicle for hire company headquartered in Beijing, has been fined by its country’s own cybersecurity authority. The company is being ordered by the Cyberspace Administration of China (CAC) to pay a hefty $1.19 billion or 8.026 billion yuan for breaching data security law.
According to CNBC, DiDi was also penalized for violation of personal information protection law and China’s network security laws. It was revealed on Thursday, July 21, that the announcement of the penalty marks the conclusion of a year-long investigation. While the probe was ongoing for about a year, the ride-hailing giant was also unable to add new users.
In addition, the cybersecurity administration also imposed a separate one million yuan fine each on two executives - Didi’s chairman and chief executive officer, Cheng Wei, and company president, Liu Qing. The publication could not reach the company for comments, but in its statement that was posted online, the company shared it accepted the regulators’ decision.
"We will take this as a warning and pay equal attention to both security and development," BBC News quoted the company as saying in a post via China’s Weibo social media platform.
At any rate, it is not clear if the fine also means that DiDi can now resume accepting new users or if it can return to the app stores in China. The probe on the company was first announced last year, not long after DiDi went public on the New York Stock Exchange (NYSE).
The cybersecurity regulators went after the company after it proceeded with its IPO plans despite having issues with the regulatory board concerning data security. As a result, less than six months after filing for IPO, DiDi said it would be delisting from the NYSE and would list in Hong Kong instead.
Didi's shares reportedly stopped trading on the New York Stock Exchange since then. For its decision, the CAC explained on Thursday that it found conclusive evidence related to security law violations against DiDi. Finally, in accepting the penalty, the firm said it would be carrying out comprehensive and in-depth self-examination to avoid any offense again.
