News Snapshot:
Shares in the Chinese technology company Alibaba have fallen sharply after reports said regulators wanted to break up Alipay, the payments app with more than 1 billion users owned by Jack Ma’s Ant Group. Beijing is seeking to create a separate app for the company’s highly profitable loans businesses, in the latest crackdown on China’s technology sector by the state’s authorities. Chinese regulators are reportedly concerned at the financial risk building in the economy; Alipay’s loans business helped issue about 10% of the country’s non-mortgage consumer loans last year. Regulators have already ordered Ant Group to separate the back end...
