FTC Blocks Edwards Lifesciences’ JenaValve Acquisition in Major Antitrust Ruling 
Vitol to Ship First U.S. Naphtha Cargo to Venezuela Under New Oil Supply Deal 
Walmart to Join Nasdaq-100 Index as It Replaces AstraZeneca Following Exchange Move 
HSBC Expands UAE Presence With New Asset Management Business and Onshore Funds 
Supreme Court to Hear Cisco Appeal on Alien Tort Statute and Human Rights Liability 
GM Takes $6 Billion EV Write-Down as Electric Vehicle Demand Slows in the U.S. 
China’s AI Sector Pushes to Close U.S. Tech Gap Amid Chipmaking Challenges 
Stellantis to End Plug-In Hybrid Sales in the U.S. as Demand Shifts Toward Traditional Hybrids 
Elon Musk Says X Will Open-Source Its Algorithm Amid EU Scrutiny 
Trump Weighs Blocking Exxon Investment as Venezuela Deemed “Uninvestable” 
Nvidia Appoints Former Google Executive Alison Wagonfeld as First Chief Marketing Officer 
Hanwha Ocean Shares Rise on Plans to Expand U.S. Shipbuilding Capacity 
UBS Upgrades L’Oréal to Buy, Sees Strong Sales Momentum and 20% Upside 
xAI Cash Burn Highlights the High Cost of Competing in Generative AI 
Johnson & Johnson Secures Tariff Exemption by Agreeing to Lower Drug Prices in the U.S. 
Rio Tinto–Glencore Talks Spark Pressure on BHP as Copper Fuels Mining Mega Deals 
Donald Trump just signed a new executive order that prohibits the use of Chinese software applications. It was reported that at least eight Chinese apps have been named, and it includes Jack Ma’s Ant Group’s Alipay.
Trump forbids apps from China
So far, the eight banned software are payment apps, which the American president says pose a big threat to the country’s security. With this move, Donald Trump incited new tensions with China before the new president Joe Biden takes office on Jan. 20.
“The continuing activity of the PRC and the CCP to steal or otherwise obtain United States persons’ data makes clear that there is an intent to use bulk data collection to advance China’s economic and national security agenda,” Trump stated via press release after signing the new EO. “In light of these risks, many executive departments and agencies (agencies) have prohibited the use of Chinese connected software applications and other dangerous software on Federal Government computers and mobile phones.”
In a separate message of the POTUS to the congress, it was stated that as the executive order is put in place, eight Chinese apps are set to be blocked. As determined by the Secretary of Commerce, future transactions with Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office will not be allowed anymore. The ban will take effect in 45 days, so Donald Trump will not be in the White House by that time.
Jack Ma’s Alibaba company hurt over ban on Alipay
Alipay is one of the Chinese payment apps that was expelled in the U.S. This is a product of the Alibaba group, and Benzinga reported that the company is seeing a bad time as Trump’s new EO is implemented.
Alipay has more than 1.2 billion users around the world, and as the U.S. transactions will have to be halted, Alibaba will suffer a great loss since the number of users will definitely decline by a lot.
This is an added burden to Jack Ma as well because he is also currently facing an antitrust probe in his own country. Meanwhile, with Alipay’s situation, it was reported that Ant Group could be forced to uncover part of its equity holdings.
