(Bloomberg) -- Tencent Holdings Ltd. dived more than 10% after U.S. President Donald Trump ordered a ban on WeChat and “transactions” with the company that threatened to stifle its global business.China’s largest gaming and social media company shed more than $45 billion of market value after sliding by the most since October 2011 on an intraday basis. The vaguely worded executive order could potentially hammer not just the use of WeChat and WeChat Pay in the U.S. but extend to business relationships with some of America’s largest corporations.Tencent ranked as the world’s biggest games publisher by revenue in 2019, according to Newzoo data, and it collaborates with U.S. industry leaders like Activision Blizzard Inc. and Electronics Arts Inc. It also holds a large stake in Fortnite maker Epic Games Inc. and owns League of Legends developer Riot Games Inc. Though some confusion remains about the extent of the ban, at its most extreme it would prevent any U.S. entities from transacting with Tencent, effectively freezing billions of dollars of commerce.Trump’s order on WeChat came after a similar injunction against ByteDance Ltd.’s TikTok, the viral video service the White House accuses of jeopardizing national security. But Tencent is at the heart of communications between people and businesses within China and abroad, as the operator of WeChat.“A ban on WeChat would be consequential because it would practically shut down communication between the U.S. and China,” said Graham Webster, China Digital Economy Fellow at think tank New America. “There are real data, privacy, and security concerns but they go well beyond these two Chinese apps and these orders just wrap the real issues up in political theatre.”(Updates with latest share action from the first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Republicans and Democrats still remain sharply divided over a replacement for the coronavirus relief bill that expired last week.When the last stimulus bill expired at the end of July, so did the $600/week boost to unemployment benefits that millions of out-work Americans have relied on since the beginning of the pandemic. Extending those benefits still remains a point of contention as Republicans offer a $400/week concession and Democrats stay firm at $600, among other disagreements, Politico reports.The Democratic-controlled House passed its version of the next relief bill a while ago, with $600/week boost that would last until the end of the pandemic. Republicans control the Senate, though, and at first indicated there would be no unemployment boost at all in the next phase bill they'd support. They then upped their offer to $200/week, and as of Tuesday, have proposed a $400/week boost that will last until Dec. 15, Politico reports via a meeting between party leaders and White House officials. But Senate Majority Leader Mitch McConnell (R-Ky.) also said Tuesday he would back a $600 enhancement if President Trump does as well, and Trump seemingly indicated his support last week.Also in contention is funding for child care. Democrats want $50 billion for this, while Republicans prefer $15 billion, and the two sides have moved on to closer issues for now. Republicans also think Democrats are also looking for lots of funding for mail-in voting, but Senate Minority Leader Chuck Schumer (D-N.Y.) has reportedly made it clear states can use election funding for whatever they see fit. A debate over pensions meanwhile remains "a different breed of cat" altogether, House Speaker Nancy Pelosi (D-Calif.) reportedly said. Read more about the state of stimulus talks at Politico.More stories from theweek.com The problem with the rush to disband the Minneapolis police New Lincoln Project ad crowns Jared Kushner 'Secretary of Failure' The Republican problem no one knows how to solve
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