A California federal judge has rejected Yelp's attempt to avoid a lawsuit filed by the state of Texas. The lawsuit accuses Yelp of posting misleading information about crisis pregnancy centers on its platform. The judge, Trina Thompson, stated that federal courts cannot intervene in state actions enforcing their laws unless bad faith is proven. While acknowledging doubts about the Texas Attorney General's good faith, the judge found Yelp's evidence insufficient. The dispute arose from Yelp's notices warning users about limited medical services at these centers, leading Texas to claim a violation of unfair business practices. Yelp asserts its right to free speech and plans to defend against the lawsuit.
A U.S. bill aimed at restricting dealings with Chinese biotech firms like WuXi AppTec and BGI has faced a delay in the Senate. The bill, sponsored by Senator Gary Peters, seeks to prevent federal agencies from contracting with certain Chinese biotech companies due to concerns about national security and data access. The Senate committee did not advance the bill as expected, and it is now scheduled for consideration at a later date. The proposed legislation has led to a 21% drop in WuXi AppTec's shares. A companion bill in the House, accusing the companies of assisting China's military, also awaits committee movement. The Chinese biotech firms deny such allegations and express concerns about the impact of the legislation on their business in the U.S.
India plans to generate $1.7 billion through goods and services tax (GST) on online gambling in the fiscal year 2024-25. The government introduced a 28% tax on funds collected by online gaming companies from customer bets, aiming to address addiction concerns. In the current fiscal year ending on March 31, the expected tax collection is 75 billion rupees, up from 16 billion rupees the previous year. The government anticipates a stable industry but will review the tax framework by April, with no immediate plans to change tax rates. Overall GST collections average 1.7 trillion rupees monthly, with an expected increase to 1.80-1.85 trillion rupees in the next fiscal year.
Many frustrated Chinese citizens are expressing their economic concerns on the U.S. Embassy's social media account in Beijing. A seemingly unrelated post about protecting wild giraffes garnered 130,000 comments and 15,000 reposts, with users venting about the sluggish economy and weak stock market. Some comments even jokingly requested missiles to bomb the Shanghai Stock Exchange. The U.S. embassy has become a platform for Chinese retail equity investors to voice their grievances, with authorities often censoring negative online comments related to the economy. Despite efforts by the Chinese government to boost market confidence, recent positive messages have been met with skepticism and mockery on social media.
Foxconn, the world's largest contract electronics manufacturer and key iPhone assembler for Apple, anticipates a slightly better performance in 2024 despite facing a shortage of chips for AI servers. Chairman Liu Young-way acknowledged a successful previous year, despite a significant write-off related to their stake in Sharp Corp. However, he expressed optimism for the current year's outlook, emphasizing the demand for AI servers while acknowledging potential challenges due to global economic uncertainties. Foxconn highlighted the need for increased production capacity for server chips to meet strong demand, suggesting the possibility of establishing new factories. Apple, in contrast, recently projected a decline in iPhone sales and lower overall revenue, attributing it to challenges in the Chinese market. Liu Young-way noted the limitations in chip production capacity, indicating the potential requirement for new facilities to meet growing demand. Foxconn's full financial outlook for 2024 will be disclosed in the upcoming fourth-quarter earnings report.