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NewsWrap: China iTunes App Store accepts RMB, Harvard Innovation Lab, Facebook IPO, China Mobile’s User Acquisition Rate, Kindle Fire Teardown Analysis

NewsWrap brings you the latest today in Tech News from China and the world at large. Today we look at the changes to the China iTunes App Store, Harvard’s new startup incubator, Facebook’s IPO, China Mobile’s growth, and the Kindle Fire’s teardown analysis.

China iTunes App Store Now Supports Local Currency Payment

Apple released a big upgrade over the weekend. For the first time the iTunes App Store is capable of accepting payments in renminbi. They accept local bankcards from over a dozen major Chinese banks.


Harvard Running Startup Incubator

Harvard Innovation Lab is an incubator designed for students on campus to feed their desire to build their own startup. Known as the i-lab, it offers classrooms, large meeting rooms, one-on-one coaching, workshops and training with mentors. The coaching and training comes from partnerships with business associations like the Massachusetts Small Business Development Center Network. It’ll be interesting to see what, if anything, comes out of this project.


Rumors of Facebook’s Imminent IPO Spread

Business Insider is reporting that a source close to Facebook employees emailed them saying that “a Facebook S1 filing is coming real soon. Possibly as soon as next month.” The article points out that this isn’t really news Facebook has to IPO or at least go public in the near future because it’s beyond the SEC’s 500 shareholder limit. But the rumor is definitely sending employees within Facebook into a frenzy as the possibility of cashing in on their net worth seems more tangible.


China Mobile Adds New Subscribers at Amazing Rate

According to new data, China Mobile has been adding two subscribers every second of the last year. This information, while impressive, is not surprising with information the company has released over the course of the year.


Kindle Fire Teardown Study: Fire Costs $201.70 to Make

This confirms the suspicions that Amazon expects to lose money up front in hopes of selling a large quantity. They also hope that they will make more money on digital sales. It might just work out for them as Amazon is allegedly seeing higher demand for the Fire than they expected and reportedly has ordered another million units to meet demand.


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