Baidu must change culture or face bankruptcy says CEO
China's internet watchdog has ordered Baidu, the country's largest search engine with 80% market share, to change its advertising system, including a 30% limit on advertising per page and overhauling its medical-related paid-search business. The week-long investigation followed the death of a student who found a cancer treatment in an online search using their system. Baidu's CEO said in an internal memo that the company faced bankruptcy within 30 days if didn't change its culture and stop its "obsession with KPI's" (key performance indicators). Analysts expect a near-term revenue decline as medical-related advertising contributed 30% to the search engine's total advertising revenue.

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