In a first, China removes profit repatriation tax for U.S. investor
For the first time, the Chinese government has exempted a U.S. venture firm from having to pay a hefty 10 percent withholding tax for repatriating profits, in a major move that could spur another major wave of U.S. investment in China.
Patrick McGovern (pictured here), head of IDG Ventures, the venture arm of major publishing group International Data Group (IDG), disclosed the Chinese move in a recent interview with VentureBeat. He said the Chinese government made… Continue Reading
Roundup: Apple breaks DRM, DoubleClick bids, IDG scuffle, Photobucket and more
The latest action
Apple to release EMI music without anti-piracy technology — In agreement with music label EMI, Apple is making EMI songs available without digital rights management (DRM) through its iTunes music store. The music will be higher quality, and tracks will cost $1.29, or 30 cents more than the standard 99 cents. This means you can take those songs and put it on any device you want to, a significant development.
Google allegedly joins Microsoft in… Continue Reading
IDG to open new SF-based venture capital firm
Pat McGovern, chairman of the global media company IDG, said IDG will probably invest in a new San Francisco-based venture capital firm focused on local investments.
IDG has several regional venture funds, including China, Vietnam and Boston, and this latest effort in San Francisco will be IDG’s second fund effort here. However, there has been a reshuffling, and this new fund will be run by a new team. McGovern said IDG will invest about 10 percent… Continue Reading