IT

China isn't approving video game licenses right now

China isn't approving video game licenses right now

The Chinese tech conglomerate said that its net income for the three months that ended in June was 17.9 billion yuan ($2.6 billion), a decline of 2% compared to the same period a year ago.

Revenue rose 30 percent to 73.68 billion yuan (8.4 billion pounds), lagging 16 analysts' average estimate of 77.5 billion yuan (8.8 billion pounds). With over 600 million gamers, China is the world's. The company derived a third of its revenue from games in the last quarter, down from 56% in the second quarter of 2014. The number of users for its popular messenger-to-payment app WeChat added 9.9 percent to 1.06 billion. The interesting parts of it are the details about Riot's declining playerbase and Tencent's own pursuit of mobile gaming, which have supposedly caused both companies to butt heads a couple of times in the past.

What happened: A stock price tumble wiped out over $15 billion in Tencent's market value amid concerns about its gaming revenue. Observers point to the regulatory woes as the cause, but they also believe that the effect will be temporary, and that Tencent will likely be able to adjust.

The biggest game of the year Fortnite can't even be accessed online at the moment there, and others like Monster Hunter are embroiled in controversy. First half revenues show a 39 percent growth year-on-year to 147.2 billion yuan (~$21.2 billion). Games approved before the end of March can be released, but not necessarily in all formats or monetizable versions. "For new game approvals, there will continue to be a drag", she said.

Tencent's smartphone game business reported a decline of 19 per cent to 17.6 billion yuan from the prior quarter, as it failed to get approval to charge fees for popular tactical tournament games and new game releases were delayed.

Will lifting United States sanctions resolve Turkey's economic crises?
Following the Qatar news, the lira firmed briefly to 5.8699 from 6.04 to the dollar, before easing back to 6.0500 by 1658 GMT. And the day earlier, two Greek soldiers held by Turkey since March for illegally crossing the border were also freed.

Tencent's core business, communications, is likewise hitting growth ceilings.

Still, it's rare for company officials to publicly suggest Beijing is to blame for anything, which is why it stood out that Tencent called out government actions for its profit weakness, said Asia Society senior fellow Isaac Stone Fish.

Quoting unnamed sources, Bloomberg said approvals for online, console and mobile games have been stalled for months by regulatory personnel changes linked to President Xi's ongoing consolidation of power, leaving developers stranded.

Gaming for now remains its bread and butter.

Tencent shares, which are listed in Hong Kong, have fallen 19% from HK$411.8 three months ago to HK$336 at the close of business Wednesday.


  • Trump Homes In on 'the Fake News Media' as 'Opposition Party'

    Trump Homes In on 'the Fake News Media' as 'Opposition Party'

    The Chronicle wrote that one of its most important values is independence, and going along with the crowd went against that. A month after taking the oath of office, Trump labelled the news media "the enemy of the American people".

    Omarosa's Recording Is a 'Violation'

    She told Sean Spicer to stop calling on me. "He doesn't know how to control himself". "First of all, he is known to be an entertainer, to exaggerate", she said.
    Erdogan warns Turkey's partnership with US 'in jeopardy'

    Erdogan warns Turkey's partnership with US 'in jeopardy'

    Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence". The Turkish president on Friday dismissed such concerns and called for people to defend the currency.
  • Trump signs $716 bil. defense bill to modernize military

    Trump signs $716 bil. defense bill to modernize military

    Trump's claim that he could recognize Crimea as part of Russian Federation if he wanted. The budget also fully funds development of the B-21 bomber.
    Study Warns E-cigarettes More Harmful Than Previously Thought

    Study Warns E-cigarettes More Harmful Than Previously Thought

    British scientists have expressed "great reservations about the widespread view that electronic cigarettes are safe". But since e-cigarettes have been around for only a decade, the effects of long-term vaping aren't known, he noted.
    Halep holds off Stephens challenge to claim Rogers Cup crown

    Halep holds off Stephens challenge to claim Rogers Cup crown

    Due to rain delays, she then had to return that same day to play Venus Williams, also pulling double duty, who she beat 6-2 6-2. The Romanian broke the 15th-seeded Barty in the opening game and broke again for a 4-1 lead en route to taking the first set.
  • Bin Laden raid commander to Trump: revoke my security clearance too

    Bin Laden raid commander to Trump: revoke my security clearance too

    President Donald Trump has revoked the security clearance of ex-CIA director John Brennan , in an unprecedented move. Trump said that in addition to Brennan, the security clearances of nine other former officials are under review.
    Liverpool must get better to mount Premier League title challenge, warns Klopp

    Liverpool must get better to mount Premier League title challenge, warns Klopp

    Bernardo Silva assured the win on 64 minutes with a thumping finish past a helpless Cech. No team has successfully defended the English title since Manchester United in 2008-09.
    Pence outlines US Space Force plan for 'next battlefield'

    Pence outlines US Space Force plan for 'next battlefield'

    They said the Pentagon report was the start of a "multi-year process that we think will result in a safer, stronger America". That includes everything from satellites enabling the Global Positioning System to sensors that help track missile launches.
  • Australian politician calls for 'Muslim ban', and 'final solution

    Australian politician calls for 'Muslim ban', and 'final solution

    Responding to Anning's comments in a speech to the Lower House, Shadow Multicultural Minister Tony Burke called the words "bile". An Essential poll in April reported that 64 per cent of respondents believe immigration over the past 10 years is too high.
    Trump signs defense spending bill to delay F-35 delivery to Turkey

    Trump signs defense spending bill to delay F-35 delivery to Turkey

    The president said the defense policy measure signals that the U.S.is "on the move once again and we are not backing down". Trump said that Patton's words "still ring true", noting that the American military was the most powerful in the world.
    England beat India by an innings and 159 runs

    England beat India by an innings and 159 runs

    Stuart Broad speaking to Test Match Special: "We had the best of the conditions, but used a lot of skills to make the most of it". Kohli, who did not participate when India took the field at the start of play because of a stiff back, was in obvious discomfort.