Canada Announces Ban On Use Of WeChat And Kaspersky Applications On Government Mobile Devices
Portfolio Pulse from Benzinga Newsdesk
The Canadian government has announced a ban on the use of WeChat and Kaspersky applications on government mobile devices, according to a statement cited by Reuters.
October 30, 2023 | 3:10 pm
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NEGATIVE IMPACT
The ban on WeChat, owned by Tencent Holdings (TCEHY), could negatively impact the company's operations in Canada.
Tencent Holdings owns WeChat. The ban on WeChat in Canada could limit the company's user base and revenue in the country, potentially negatively impacting its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
The ban on WeChat and Kaspersky applications may not have a direct impact on the iShares MSCI Canada ETF (EWC) as it is a broad-based ETF.
EWC is a broad-based ETF that tracks the performance of the Canadian market. While the ban may affect specific tech companies, it is unlikely to have a significant impact on the overall Canadian market and hence EWC.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20