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Tencent boss vows ‘compliance’ with China regulators

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Beijing – Tencent’s billionaire founder Pony Ma —
China’s second richest man — has met anti-monopoly regulators and agreed his
firm will be “as compliant as possible”, after rival tech giant Alibaba was
battered by legal woes.

Tencent, which owns the super-app WeChat and a lucrative gaming empire, is
the latest tech conglomerate to fall into the crosshairs of China’s regulators.

They have launched a blitz on apparent anti-competitive practices,
threatening to slice up supersized firms whose reach now stretches into the
daily finances of the public.

Tencent’s Ma, also known as Ma Huateng, said he would “actively cooperate
with regulatory authorities and be as compliant as possible” during a news
briefing late Wednesday on Tencent’s annual results, reported Chinese
financial outlet Yicai.

Martin Lau, Tencent’s president and executive director, also said they had
met the government several times to discuss anti-monopoly efforts and hoped to
create a “healthy environment” to foster innovation.

“Tencent has throughout attached high importance to compliance,” he was
quoted as saying.

The company’s shares slumped 5.1 percent in New York trade Wednesday, while
its Hong Kong-listed stock was more than two percent lower.

The Chinese government is also discussing plans to establish a state-backed
entity to oversee how big e-commerce and payment companies use data collected
from millions of consumers, Bloomberg News reported Thursday citing people
familiar with the matter.

China’s current data and privacy protection allows individuals to decide
how companies can use their information, but enforcement is lax owing to a
lack of transparency.

The move would be the latest by officials who are looking to reel in the
country’s tech sector.

Authorities last year halted a record 34 billion dollars initial public offering
by fintech provider Ant Group, owned by Tencent’s nearest rival Alibaba.

They called in its billionaire founder Jack Ma and then opened an
investigation into Alibaba business practices deemed anti-competitive.

Ant was then instructed to transform into a financial holding company that
is subject to more regulatory restrictions.

Since then, the normally flamboyant and outspoken Ma has kept a low profile
as the dragnet widens to include competitors.

Alibaba has been under pressure to divest its media assets as government
officials are worried about its growing public influence, the Wall Street
Journal reported last week.

In the past few months, regulators have also fined more than a dozen tech
firms — including Tencent — for practices such as undisclosed acquisitions.
Last week they summoned 11 tech firms for talks on cybersecurity. (AFP)

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Fashion

Video: Anne Barge SS22 collection

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Video: Anne Barge SS22 collection

In this video, fashion label Anne Barge has presented its SS22
collection at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: VRAI Magazine via YouTube

Photo credit: VRAI Magazine, YouTube

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Fila collaborates with Flock Together initiative on capsule

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Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

Sportswear label Fila has unveiled a collaboration with birdwatching initiative Flock Together in the form of an apparel and footwear capsule, to be exclusively sold through LN-CC.

In a range of hike-wear gear made for urban exploring, the collection intends to bring people into nature and engage with their community. The selection includes a reinvented version of the Fila Trailblazer hiking shoe and two shearling fleece designs.

The colourways of the line are inspired by the Kingfisher bird, with a scannable near field communication (NFC) tag present in the hiking shoe that takes buyers to a dedicated page outlining the best places in the UK to spot a Kingfisher.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together

15 percent of all sales of the collection will go towards the Flock Together community fund.

Buying and creative director at LN-CC, Reece Crisp, expressed his enthusiasm over the collaboration in a release, stating: “We’re super excited for LN-CC to be part of this project.

“Flock Together encompasses everything that’s great about community and wellness, two driving forces that are integral to LN-CC too.

“Flock Together’s growth has been both a reaction to, and antidote from, a difficult eighteen months by bringing people together and encouraging outdoor consciousness, so we are honoured to share our platform in amplifying its much-needed positivity while working with Fila in creating this tribute to the Kingfisher.”

Flock Together, founded back in the 2020 covid-19 lockdowns, brings BIPOC together to engage in birdwatching and other nature-oriented activities.

It has previously partnered on an event with Timberland, hosting a range of spoken word presentations at the nature reserve, Woodbury Wetlands. Sponsored by the apparel label, the event aimed to promote the voices in its growing community adjacent to guiding guests through the nature reserve.

Image: Fila x LN-CC x Flock Together
Image: Fila x LN-CC x Flock Together
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Fashion

Video: Jenny Yoo SS22 collection

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Video: Jenny Yoo SS22 collection

In this video, fashion label Jenny Yoo has presented its SS22 collection
at New York Bridal Fashion Week (NYFW).

Watch the video below.

Do you want to see more clothing collections? Click here to view the FashionUnited Marketplace.

Video: Jenny Yoo via YouTube

Photo credit: Jenny Yoo, YouTube

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