The shocks of 2022 have caused a recession for large parts of the world, and several geopolitical and economic factors are contributing to the uncertainty. The Federal Reserve’s rate hikes are creating job losses, while the labor market and corporate balance sheets remain strong. Analysts predict that the recession will be relatively mild, but it …
The Global Economy of 2023 is Going to be a Wild Ride Read More »
Genesis, the crypto lender owned by DCG, filed for bankruptcy protection, the latest collapse to follow FTX’s implosion in November. This is the latest blow to Barry Silbert’s DCG empire, as the filing follows months of speculation over whether Genesis would enter bankruptcy protection. Other sizeable claims included a $78 million loan payable from Donut, …
Crypto Lender Genesis Files for Bankruptcy in Latest Blow to Barry Silbert’s DCG Empire Read More »
Notorious cryptocurrency mogul Sam Bankman-Fried (SBF) said in a Bahamian court today that he no longer intends to fight extradition to the United States after previously opposing it. However, the plan caught his lawyers by surprise, leading to chaos in the courtroom — and a judge eventually sent the FTX founder back to prison. Cryptocurrency …
FTX Founder Sam Bankman-Fried Changes His Mind on Extradition to US Read More »
BEIJING — The People’s Bank of China pledged to implement a prudent and precise monetary policy on Wednesday. The People’s Bank of China stated that it would maintain reasonable and sufficient liquidity in the financial system through various monetary policy tools such as open market operations. The People’s Bank of China stated it would strengthen …
China’s Central Bank Pledges Precise, Solid Implementation of Prudent Monetary Policy Read More »
China said on Friday it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan ($69.8 billion) in long-term liquidity to prop up the faltering economy. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio for banks …
China’s Set to Release US$70 Billion to Boost Economy Read More »
In less than a month, Twitter lost some 5,000 employees or 67% of its workforce. This haemorrhage is due to the decisions of its new owner Elon Musk. But he wasn’t done: In an email sent to the platform’s 3,700 employees on November 16, Musk asked them to choose between working long hours to help …
China’s securities watchdog rolled out five measures on Monday to facilitate equity financing for real estate firms in the latest in a string of efforts to bolster the property market. Mergers, acquisitions, restructuring, supporting financing, and refinancing will resume for eligible listed companies in the property sector, said a spokesperson for the China Securities Regulatory …
China Adjust Equity Financing to Underpin the Housing Market Read More »
China’s JD.com said on Tuesday it would cut the salaries of more than 2,000 senior managers by 10% to 20% next year to help pay for improved benefits for other staff amid the government’s “common prosperity” drive to reduce income inequality. The e-commerce giant plans to allocate 10 billion yuan ($1.40 billion) for a fund …
The digital transformation of the Chinese lifestyle services and retail industry is increasing rapidly. One of the leading Chinese life service platforms Meituan (Chinese: 美团, HK:03690), released its earnings report for Q3 2022 on 25 November. Meituan achieved revenue of CNY 62.62 billion (USD 8.69 billion) in the third quarter, up 28.2% year-on-year; profit reached …
Meituan Revenue Up 28.2% YoY to CNY 62.6 Billion in Q3 2022 Read More »
XPeng (NYSE:XPEV – Get Rating) was downgraded by investment analysts at Jefferies Financial Group from a “hold” rating to an “underperform” rating in a research note issued on Monday, The Fly reports. Several other analysts have also issued reports on XPEV. UBS Group raised shares of XPeng from a “neutral” rating to a “buy” rating …
