Google Leaving China In April?
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Google Inc. (NASDAQ: GOOG) is being rumored to having decided to depart China sometime in April, as an announcement from the Internet giant is expected on Monday, according to a China Business News report on Friday.
A business agent for Google's China unit was cited by the news report stated that the search engine company had yet to confirm its plans to close its operations in the country early in April.
"We've gotten news saying Google will leave China on April 10, but this piece of news has not yet been confirmed by the Google side," stated the report from China Business News.
According to the employee from Google China that said the company will announce its plans to leave the world's fastest growing internet market on Monday, the plans for worker compensation upon the exit will also be made available.
It was unclear from the report as to whether the company will simply shut down its Chinese based google.cn search Web site, or if all operations within the country will cease. Google operates research services and a number of other Web sites within China.
Google has been in a stalemate with Chinese government regulators since the company said it would stop censoring search results in the country following a cyber-hack that was traced back to China earlier this year.
The major benefactor of the potential exit of Google from China has been Baidu Inc. (NASDAQ: BIDU), the leading search engine site in the country, which has seen shares jump more than 47 percent since the news surfaced that Google may be leaving the market.
Shares of Google are down 1.31 percent to $559.00 in premarket trade on Friday as shares continue their pull back from the last several trading sessions from strong gains a week prior.
A business agent for Google's China unit was cited by the news report stated that the search engine company had yet to confirm its plans to close its operations in the country early in April.
"We've gotten news saying Google will leave China on April 10, but this piece of news has not yet been confirmed by the Google side," stated the report from China Business News.
According to the employee from Google China that said the company will announce its plans to leave the world's fastest growing internet market on Monday, the plans for worker compensation upon the exit will also be made available.
It was unclear from the report as to whether the company will simply shut down its Chinese based google.cn search Web site, or if all operations within the country will cease. Google operates research services and a number of other Web sites within China.
Google has been in a stalemate with Chinese government regulators since the company said it would stop censoring search results in the country following a cyber-hack that was traced back to China earlier this year.
The major benefactor of the potential exit of Google from China has been Baidu Inc. (NASDAQ: BIDU), the leading search engine site in the country, which has seen shares jump more than 47 percent since the news surfaced that Google may be leaving the market.
Shares of Google are down 1.31 percent to $559.00 in premarket trade on Friday as shares continue their pull back from the last several trading sessions from strong gains a week prior.
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