Jul 22, 2019 - Economy & Business

Malaysian video subscription service iflix raises $50 million pre-IPO

Illustration: Rebecca Zisser/Axios

Iflix, a Malaysia-based streaming video subscription service focused on Southeast Asia and the Middle East, raised over $50 million in what it refers to as pre-IPO funding.

Why it matters: Netflix needs to expand in emerging markets, as its recent subscriber numbers suggest saturation in its core geographies. Iflix, which claims to have nearly doubled active users to 17 million in the past 6 months, presents one of several homegrown hurdles.

Fidelity International led, and was joined by return backers Catcha Group, Hearst, Sky and EMC.

The bottom line: "iflix is setting the stage for a listing, set to take place either on the Australian Securities Exchange or the NYSE, which could value the company at more than $1 billion," writes Ardi Wirdana of DealStreetAsia.

Go deeper: Netflix stock sinks after U.S. subscriber loss

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Zachary Basu, Bethany Allen-Ebrahimian

Updated 7 mins ago - World

U.S. sanctions Chinese officials over Uighur human rights abuses

Photo: Xinhua/Liu Jie via Getty Images

The Treasury Department announced Thursday that the U.S. has sanctioned four Chinese Communist Party officials and the Xinjiang Public Security Bureau for human rights abuses against Uighur Muslims and other ethnic minorities in Xinjiang.

Why it matters: The sanctions designations, pursuant to the Global Magnitsky Act passed by Congress in 2016, mark a significant escalation in the Trump administration's response to the Chinese government's detainment of over 1 million Uighurs in internment camps.

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Axios

Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 2 p.m. ET: 12,118,667 — Total deaths: 551,271 — Total recoveries — 6,649,930 — Map.
U.S.: Total confirmed cases as of 2 p.m. ET: 3,081,383 — Total deaths: 132,570 — Total recoveries: 953,420 — Total tested: 37,431,666 — Map.
Public health: Cases rise in 33 states — Florida reports highest single-day coronavirus death toll since pandemic began.
Science: World Health Organization acknowledges airborne transmission of coronavirus.
Travel: Young adults are most likely to have moved due to coronavirus.

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Felix Salmon

31 mins ago - World

China's extraterritorial threat

Illustration: Aïda Amer/Axios

All multinational companies and executives need to worry about breaking U.S. law, no matter where they're based or doing business. Now, they need to worry about Chinese law, too.

Why it matters: The projection of U.S. norms and laws around the world has been an integral (and much resented) part of America's "soft power" since 1945. As China positions itself to replace the USA as global hegemon, expect it to become increasingly assertive along similar lines.