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Photo: Feature China/Barcroft Media via Getty Images

The clouds still aren't parting for Ant Group, Alibaba's fintech arm, which has been caught up in a major antitrust push by China's regulators.

Driving the news: U.S. mutual fund Fidelity Investments halved its valuation of Ant after the Chinese regulatory crackdown, the Wall Street Journal reports.

  • Filings show Fidelity estimated the company's worth at $144 billion in February — down from a $295 billion valuation last August.

Details: Last November, regulators halted Ant's IPO, projected to be the largest in history, at the last minute, and Ant hasn't caught a break since.

  • They then slapped Ant parent company Alibaba with a $2.8 billion fine.
  • Ant was forced to restructure and spin out its products into different entities.

The big picture: China is seeking to avoid the structural economic problems monopolies have created in the U.S., while simultaneously looking to prevent companies from accruing enough power to challenge the Chinese Communist Party's decisions.

  • And China's Big Tech firms are trying to use the government's antitrust crackdown against each other, urging regulators to go after rivals.
  • But the "battle royale between companies could end up even further empowering the Chinese government, which already keeps a tight grip over online content," the New York Times' Li Yuan notes.

Go deeper: Antitrust scrutiny is a growing concern for China's Big Tech

Go deeper

CDC: Vaccinated people should get tested after exposure even if they show no symptoms

A person gets a COVID-19 test outside The Late Show with Stephen Colbert at the Ed Sullivan Theater in New York City. Photo: Noam Galai/Getty Images

The Centers for Disease Control and Prevention has revised its COVID-19 testing guidance for fully vaccinated people, recommending tests after exposure even if they don't show any symptoms.

Flashback: The agency previously said that fully vaccinated people did not need tests after coming into contact with an infected person unless they experienced symptoms.

Ubisoft workers demand company accountability in open letter

Photo: Frederic Brown / Getty Images

Close to 500 current and former employees of “Assassin’s Creed” publisher Ubisoft are standing in solidarity with protesting game developers at Activision Blizzard with a letter that criticizes their company's handling of sexual misconduct.

Why it matters: Ubisoft and Activision Blizzard workers are framing the actions as part of a bigger movement meant to have lasting change in the industry and its culture.

Heat dome roasts Northwest, Central states as "derecho" threat looms in Midwest

Weather map showing a sprawling heat dome centered over Kansas on July 30, 2021. (WeatherBell.com)

The latest in a series of relentless heat waves is bringing dangerously hot temperatures to a the Central U.S. on Wednesday, and will contribute to a severe thunderstorm outbreak across the Upper Midwest. The heat will expand in scope toward the end of the week.

The big picture: Heat watches, warnings and advisories are in effect across 19 states, from Portland, Oregon east to Minneapolis, and running all the way south to New Orleans. Temperatures of between 10°F and 15°F above average in these areas along with high humidity poses a public health threat.