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Photo by Zhang Peng/LightRocket via Getty Images

Meituan Dianping, a Chinese provider of on-demand services, reportedly is in talks to buy bike-sharing company Mobike for around $3.7 billion, according to Chinese newspaper Caixin. Other local media reports say that the price remains subject to change, and that Didi Chuxing and SoftBank are trying to make a last-second play.

Why it matters: Because this isn't really about Meituan Dianping and Mobike, so much as it is about the battle between Tencent (a major holder in both companies) and Alibaba (which backs rival bike-share company Ofo).

It also could be a very quick and cash-rich return for Mobike shareholders, including many in the U.S., which invested around $1 billion in less than two years.

Looking ahead: A Mobike buy could boost Meituan Dianping's top line ahead of its expected IPO, but also could wreak some havoc on its bottom line.

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Google's parent shuts down effort to deliver internet via balloons

Image: Loon

Alphabet is shutting down Loon, one of its "moonshots," which aimed to deliver internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's most remote spots and proved useful in the aftermath of disasters that shut down traditional infrastructure.

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What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 2 hours ago - Politics & Policy

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