Apr 7, 2017

Chinese news app raises $1 billion

Toutiao, a Chinese personalized news recommendation app, reportedly raised around $1 billion in Series D funding at an $11 billion valuation from firms like Sequoia Capital China and CCB International.

Why it matters: Because 2017 is quickly becoming the year of Chinese tech unicorns. It's not that they didn't exist previously (and, technically, this particular round appears to have closed at the end of 2016), but it feels like we're witnessing a stampede.

Bottom line: "Besides developing better ways of determining what posts to recommend to users, [Toutiao] has created an artificial reporter, called Xiaoming, that's capable of generating short news reports on European soccer games. It is also working on ways to identify users that might be able to answer specific questions, with a view to offering a service similar to Yahoo Answer or Quora." ― MIT Technology Review

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Fear of coronavirus pandemic escalates

Photo: Abdulgani Basheer/AFP/Getty Images

In the blink of an eye, we've entered a new phase on the coronavirus.

The big picture: Italy, Iran and South Korea are at "decisive" points in their responses, the World Health Organization said on Thursday.

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Stocks fall 4% as sell-off worsens

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.

The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It's the S&P 500's quickest decline into correction territory in the index's history, per Deutsche Bank.

Go deeperArrowUpdated 2 hours ago - Economy & Business