Jul 8, 2018

Tencent plots IPO for its online music business

Photo: Chesnot/Getty Images

Chinese tech giant Tencent is planning an IPO for its music company — Tencent Music Entertainment Group — reports Bloomberg, citing a company filing. Tencent has reportedly been in talks with banks to advise the IPO that could raise $1 billion or more.

The backdrop: Tencent's music platforms are key in connecting popular American artists to China's massive market. Per the Financial Times, Tencent Music Entertainment Group could be worth over $30 billion after its IPO. The company's competitor — and one of its investors — Spotify recently went public and has a valuation of $31 billion.

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Energy deputy secretary nominee in hot water after contradicting Trump

Mark Menezes speaks at a forum in Addis Ababa, Ethiopia, June 12. Photo: Minasse Wondimu Hailu/Anadolu Agency/Getty Images

Trump administration officials are internally raising concerns about President Trump’s nominee for Energy deputy secretary, who appeared to openly contradict the president on nuclear waste storage at Nevada’s Yucca Mountain last week.

Driving the news: While speaking at a House Energy and Commerce subcommittee hearing last Wednesday, Mark Menezes told members of the panel that the Trump administration is still interested in storing nuclear waste at Yucca Mountain and that “what we're trying to do is to put together a process that will give us a path to permanent storage at Yucca."

Exclusive: Pompeo says new China media restrictions "long overdue"

Photo: Mark Wilson/Getty Images

The State Department announced Tuesday that it has designated five Chinese state media outlets as "foreign missions," meaning that they will be treated as arms of the Chinese government.

Driving the news: In his first public statement on the new designation, Secretary of State Mike Pompeo tells Axios that the five outlets are "clearly controlled by the [Chinese Communist Party], and we are simply recognizing that fact by taking this action.”

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