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☆ New Rules to Overhaul Electric Grids Could Boost Wind and Solar Power
▼ + stars: | 2024-05-13 | by ( Brad Plumer | ) www.nytimes.com time to read: +1 min

Federal regulators on Monday approved sweeping changes to how America’s electric grids are planned and funded, in a move that supporters hope could spur thousands of miles of new high-voltage power lines and make it easier to add more wind and solar energy. The new rule by the Federal Energy Regulatory Commission, which oversees interstate electricity transmission, is the most significant attempt in years to upgrade and expand the country’s creaking electricity network. A big reason for the slow pace of grid expansion is that operators rarely plan for the long term, the commission said. The nation’s three main electric grids are overseen by a patchwork of utilities and regional grid operators that mainly focus on ensuring the reliability of electricity to homes and businesses. When it comes to building new transmission lines, grid operators tend to be reactive, responding after a wind-farm developer asks to connect to the existing network or once a reliability problem is spotted.

Organizations: Federal Energy Regulatory Commission

Sam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. On Friday, advanced nuclear fission company Oklo, for which Sam Altman serves as chairman, started trading on the New York Stock Exchange. Oklo's business model is based on commercializing nuclear fission, the reaction that fuels all nuclear power plants. "I don't see a way for us to get there without nuclear," Altman told CNBC in 2023. It's not Altman's only foray into nuclear energy or other infrastructure that could power large-scale AI growth.

Persons: Sam Altman, Altman, Oklo, Bill Gates, Jeff Bezos, Jacob DeWitte, hasn't, we've, DeWitte, It's, Helion, OpenAI Organizations: Economic, New York Stock Exchange, AltC, U.S . Air Force, Microsoft, Amazon, CNBC, U.S . Nuclear Regulatory Commission, NRC, DeWitte, Nvidia Locations: Davos, Switzerland, Idaho, OpenAI's San Francisco, U.S, Saudi Aramco, Rain

☆ PG&E Seeks Approval to Sell Stake in Its Power Operations
▼ + stars: | 2024-04-30 | by ( Ivan Penn | More About Ivan Penn | ) www.nytimes.com time to read: +1 min

Pacific Gas & Electric announced plans on Tuesday to sell a minority stake in its power-generation business, part of its strategy to reduce electricity rates, continue wildfire prevention and further develop clean energy. The exclusive deal with the global investment firm KKR is part of PG&E’s plan to transfer its nonnuclear power generation to a newly formed subsidiary, Pacific Generation. The proposals for the subsidiary and the KKR stake require approval by the California Public Utilities Commission and the Federal Energy Regulatory Commission. KKR, which manages $59 billion in assets, operates a global infrastructure business with expertise in the utility and renewable energy industry. PG&E said in a statement that the investment firm’s access to capital gave it the ability to take a long-term approach in its strategies.

Persons: ” Carolyn Burke Organizations: Gas & Electric, KKR, Pacific, California Public Utilities Commission, Federal Energy Regulatory Commission

☆ How a climate tech founder is growing his advisory board, including Larry Summers
▼ + stars: | 2024-04-20 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

But meeting that lofty challenge is increasingly not just a function of Kemper's gained expertise in renewables and clean technology from stints at the UN and financing clean energy projects in developing countries before founding Palmetto, he told us recently. Building the proper sounding board is critical for any leader, especially as challenges and opportunities for business are emerging quicker than ever. For Kemper, his approach has been to build a network around him where "the world is kind of one degree away." Kemper said Summers' expertise will be crucial as the company looks to navigate the continually murky waters of economic policy moving forward. Decarbonization is not only vital for environmental sustainability but also for stabilizing global long-term economic growth," Summers said in a statement.

Persons: Chris Kemper, Kemper, Kemper's, You've, Neil Chatterjee, Nirav Tolia, Monica Williams, Larry Summers, Bill Clinton's, President Obama, Summers, Larry, there's Organizations: Palmetto, UN, U.S . Federal Energy Regulatory, Equity, National Economic Council, President, World Bank

☆ New data centers require billions of dollars in utility system upgrades. You may end up paying for it.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +15 min

A record surge of data center construction is underway to provide the computing and storage that underpins society's fast-expanding digital footprint and powers artificial intelligence. In areas of the country where data centers have clustered, utilities have unveiled plans to spend billions of dollars to keep up. asked David Springe, the executive director of the National Association of State Utility Consumer Advocates. "Then you have the data centers that are having exponential load growth," Nelson said. Data centers also don't deliver the number of long term jobs – a key yardstick for public benefits – that other industries do.

Persons: Mike DeWine, David Springe, they're, Ryan Augsburger, Augsburger, Ron Nelson, Strategen, ratepayers, Nelson, Steve Helber, That's, PJM, David Lapp, Lapp, Jeffrey Shields, Shields, Kantele Franko, Shelby Moore, Meta, behemoth Blackstone, QTS, John Gavan, Daniel Tait, Tait Organizations: Amazon, Ohioans, Business, Wall, Boston Consulting Group, National Association of State, Consumer, Ohio Manufacturers ' Association, Web Services, Energy, Dominion Energy, Federal Energy Regulatory Commission, Tech, Wall Street titans, American Electric Power, Buckeye Power, AEP, Buckeye, AEP Ohio, Staff, Intel, Policy Institute Locations: Ohio, ratepayers, Chester , Va, Virginia, PJM, Chicago, New Jersey, New York City, Maryland, West Virginia, Pennsylvania, Columbus , Ohio, Denver, New Albany , Ohio, Minnesota, Columbus, Mississippi

☆ U.S. Postal Service Proposes Raising Stamp Prices Again
▼ + stars: | 2024-04-10 | by ( Mike Ives | More About Mike Ives | ) www.nytimes.com time to read: +1 min

The United States Postal Service on Tuesday proposed an overall increase of nearly 8 percent on the price of postage, the latest in a series of stamp hikes over the past three years. The new prices would take effect in July, pending approval from an independent regulatory commission. Among other changes, a Forever stamp would cost 73 cents instead of 68 cents, and the price of a domestic postcard would rise to 56 cents from 53 cents. The Postal Service has faced financial issues for years because it is required to fund retiree health care benefits for its employees in advance. It’s also facing headwinds, like other postal services globally, as fewer people send mail.

Persons: It’s Organizations: United States Postal Service, Postal Service

☆ The US Postal Service wants to hike stamp prices again in July. Here’s how much you’ll pay
▼ + stars: | 2024-04-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Stamp prices are set to increase — again. If approved by the Postal Regulatory Commission, the change would take effect in July, raising the cost of mailing services products by nearly 8%. Stamp prices alone have soared 36% since 2019 when they used to cost 50 cents. The Postal Service last raised First-Class stamp prices by two cents in January, just a few months after it raised prices three cents in July 2023. Other changes include domestic postcard prices increasing from 53 cents to 56 cents and international postcard prices increasing from $1.55 to $1.65.

Persons: ”, General Louis DeJoy, DeJoy, Trump Organizations: New, New York CNN, US Postal Service, Postal Regulatory Commission, Postal Service, USPS Locations: New York

☆ Opinion | America’s Energy Needs and Climate Goals
▼ + stars: | 2024-03-28 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Energy Appetite in U.S. Endangers Goals on Climate” (front page, March 18):The projected new growth in power demand does present new challenges, but we have the policy tools to address them and still achieve U.S. climate goals. New power sector standards from the Environmental Protection Agency and a long-needed new transmission rule from the Federal Energy Regulatory Commission will help the grid become more resilient and reliable. Utilities, regional grid operators and federal energy agencies need to plan ahead and better assess future power needs. And it’s not just power demand challenging the power sector: Climate change is posing unprecedented challenges to the reliability and resilience of the grid. Climate will remain at the center of the challenges facing the grid in the 21st century, and it must remain at the center of our solutions, too.

Organizations: Environmental Protection Agency, Federal Energy Regulatory Commission

☆ China Evergrande Founder Accused of Exaggerating Revenue by $78 Billion
▼ + stars: | 2024-03-19 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

China Evergrande Group exaggerated its revenue by more than $78 billion and committed securities fraud over two years before its spectacular collapse in 2021, a top Chinese regulator said. The China Securities Regulatory Commission accused Hui Ka Yan, the founder of Evergrande, of “making decisions and organizing fraud,” the company reported in a filing to the Shanghai and Shenzhen stock exchanges on Monday night. Xia Haijun, a former chief executive, was fined $2 million and also banned from financial markets, along with several other executives. The New York Times reported in December that questionable accounting and poor oversight led to Evergrande’s demise. Over the years before it defaulted on its debt, Evergrande had been treating money it received for apartments as revenue even though at times it had not built those apartments, the Times reported.

Persons: Hui Ka Yan, Hui, Xia Haijun, Evergrande Organizations: China, Group, China Securities Regulatory Commission, New York Times, Times Locations: Shanghai, Shenzhen

☆ Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.
▼ + stars: | 2024-03-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Beijing has accused Evergrande of inflating revenue by $78 billion in 2019 and 2020. Regulatory authorities have fined Evergrande's founder and banned him from the securities market for life. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt just seems to get worse and worse for fallen Chinese real-estate giant Evergrande.

Persons: —, it's, Hengda, Hui Ka Yan, Xu Jiayin Organizations: Service, China Securities Regulatory Commission, Business Locations: Beijing, China —

☆ Evergrande: China accuses troubled property developer of committing financial fraud in $78 billon case
▼ + stars: | 2024-03-19 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Chinese regulators have accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case. Xu Jiayin, founder and chairman of the Evergrande Group, was fined 47 million yuan ($6.5 million) for the overstatement and other alleged violations. The regulator said Hengda had fabricated 214 billion yuan ($30 billion) in sales for 2019, which accounted for half of that year’s revenue. Another 350 billion yuan ($48.6 billion) in sales for 2020, accounting for 78% of revenue, were also falsified. “Xu Jiayin had made decisions, organized, and implemented the financial fraud … Xia Haijun had organized, arranged and prepared the falsified financial reports… their means were really bad and the circumstances were grave,” the regulator said.

Persons: Evergrande, Xu Jiayin, ”, Hengda, Xu, Xia Haijun, “ Xu Jiayin Organizations: Hong Kong CNN, China Securities Regulatory Commission, Shenzhen Stock Exchange, Evergrande Locations: China, Hong Kong

☆ China Evergrande's flagship unit, founder punished for securities fraud
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. It comes days after the China Securities Regulatory Commission, or CSRC, vowed to crack down on securities fraud, and protect small investors with "teeth and horns". Last September, Evergrande said its founder was being investigated over suspected crimes.

Persons: Hui Ka Yan, Evergrande Organizations: Group, China Evergrande Group, Evergrande, Hong Kong High Court, China Securities Regulatory Commission Locations: Shenzhen, Guangdong Province of China, China

Tech firms and Silicon Valley billionaires have been pouring money into nuclear energy for years, pitching the sustainable power source as crucial to the green transition. While generative AI has grown at lightning speed, nuclear power projects are heavily regulated and usually advance at a plodding pace. That's raising questions about whether advances in nuclear energy can cut emissions as swiftly as energy-guzzling AI and other fast-growing technologies are adding to them. The nuclear power industry hasn't meaningfully expanded its share of the U.S. energy mix for decades. By one estimate, up to 800 gigawatts of new nuclear power will be needed by 2050 to meet current green energy targets.

Persons: Sarah Myers West, Myers, Sam Altman, OpenAI, Altman, Jacob DeWitte, Oklo, hadn't, You've, DeWitte, Oklo's Organizations: Silicon, CNBC, Helion Energy, Microsoft, federal Nuclear Regulatory Commission, Air Force, NRC, Idaho National Laboratory, Energy Department, Pew Research Locations: Idaho, Ohio, United States, Alaska, U.S, Ukraine, Fukushima, Japan

(Photo by WANG Zhao / AFP) (Photo by WANG ZHAO/AFP via Getty Images)BEIJING — China's top securities regulator vowed to "strictly" crack down on market manipulators, while stating that protecting small investors was a "core task." Wu outlined measures deemed necessary to improve the quality of listed companies and increase returns on investment. They include: encouraging listed companies to improve stability, timeliness and predictability of dividend payouts, stricter delisting rules, and expanding inspections of listed companies. "China's market is the second largest in the world, but it's not as strong," Wu said, adding the recent market volatility exposed deep-seated issues. At the same press conference, Pan Gongsheng, governor of the People's Bank of China, also pledged support for overseas listings for high-quality Chinese companies.

Persons: Wu Qing, WANG Zhao, WANG ZHAO, Wu, it's, Pan Gongsheng Organizations: China Securities Regulatory Commission, National People's Congress, Getty Images, People's Bank of Locations: China, Beijing, AFP, BEIJING, People's Bank of China

☆ How Hedge Funds Are Betting on Electricity and the Changing Power Grid
▼ + stars: | 2024-03-05 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +19 min

A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.

Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia

☆ Support for Nuclear Energy Grows in Congress
▼ + stars: | 2024-03-01 | by ( Brad Plumer | ) www.nytimes.com time to read: +1 min

The House this week overwhelmingly passed legislation meant to speed up the development of a new generation of nuclear power plants, the latest sign that a once-contentious source of energy is now attracting broad political support in Washington. It received backing from Democrats who support nuclear power because it does not emit greenhouse gases and can generate electricity 24 hours a day to supplement solar and wind power. It also received support from Republicans who have downplayed the risks of climate change but who say that nuclear power could bolster the nation’s economy and energy security. “It’s been fascinating to see how bipartisan advanced nuclear power has become,” said Joshua Freed, who leads the climate and energy program at Third Way, a center-left think tank. “This is not an issue where there’s some big partisan or ideological divide.”The bill would direct the Nuclear Regulatory Commission, which oversees the nation’s nuclear power plants, to streamline its processes for approving new reactor designs.

Persons: “, ”, Joshua Freed Organizations: Atomic Energy Advancement, Nuclear Regulatory Commission Locations: Washington

☆ Berkshire Hathaway is one of the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2024-02-25 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The S & P 500 broke the 5,100 for the first time on Friday, and ended the week 1.7% higher. Stocks with a 14-day RSI greater than 70 are considered overbought, meaning they could be at risk of a pullback. General Electric is one of the most overbought names in the S & P 500, with a 14-day RSI of 87.3. Other overbought names include Leidos Holdings and Juniper Networks . Here are the S & P 500's most overbought stocks: Software company Palo Alto Networks has had a difficult week.

Persons: Warren Buffett, Berkshire Hathaway, Ralph Lauren Organizations: Berkshire, Nvidia, Wednesday, Dow Jones, Nasdaq, CNBC, Stock, U.S . Nuclear Regulatory Commission, GE, Leidos Holdings, Juniper Networks, Software, Palo Alto Networks, billings, Paramount, Akamai Technologies, Deere, Co

☆ Jim Cramer praises GE following U.S. regulatory approval to develop nuclear fuel
▼ + stars: | 2024-02-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +1 min

GE's Verona Nuclear Fuel business said Wednesday it received approval from the U.S. Nuclear Regulatory Commission to manufacture, ship, and analyze the performance of higher enrichment fuel. GE YTD mountain GE stock performance year to date. "[General Electric] just keeps going higher," Cramer said Wednesday. While that's mainly due to demand for its aircraft engines, Cramer added that investors "love any way to be able to make nuclear fuel work." GEHC shares have gained 7% year to date compared to an S & P 500 gain of 4.5% in 2024.

Persons: CNBC's Jim Cramer, Cramer, GEHC Organizations: Verona Nuclear, U.S . Nuclear Regulatory Commission, GE, GE Healthcare, CNBC, GE Aerospace, Club Locations: Verona, GEHC

☆ Biden Taps Phillips as Federal Energy Regulatory Commission Chair
▼ + stars: | 2024-02-09 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

The Political Peril of the Biden ProbeAn unredacted report on Biden’s handling of classified materials recommended closing the case without charges. But the political consequences from its blunt portrayal of the president are likely far from over.

Organizations: Biden

BANGKOK (AP) — Share were mostly higher in Asia on Thursday after the S&P 500 neared the 5,000 level for the first time. Hong Kong’s benchmark fell while Shanghai advanced after China replaced its top stock market regulator. Late Wednesday, China's top stock regulator was replaced by a former chairman of the Shanghai Stock Exchange as part of those efforts. On Thursday, the Shanghai Composite index gained 1.3% to 2,865.90 and the Shenzhen Components index in China's smaller main market also added 1.3%. The S&P 500 gained 0.8%, coming within a fraction of a point of the 5,000 level before ending the day at 4,995.06.

Persons: Wu Qing, Yi Huiman, Hang Seng, Australia's, SET, Snapchat Organizations: Shanghai Stock Exchange, China Securities Regulatory Commission, Communist Party, Nikkei, Ford, Dow Jones, Nasdaq, . New York Community Bancorp, Signature Bank, Ford Motor, Enphase Energy, CVS Health, Corp, Vans, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, China, Tokyo, Beijing, Shenzhen, Seoul, India, Wall

☆ The biggest winners and losers from the new sports streaming service
▼ + stars: | 2024-02-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. ESPN, Warner Bros., and Fox announced plans this week for a new sports streaming service set to launch this fall . That could put an end to cable TV as we know it , Nathan McAlone, Business Insider's deputy media editor, writes. Ashley Rodriguez, BI's media editor, has a breakdown of the six biggest questions about this new sports streamer . Games on YouTubeTV, for example, are noticeably delayed compared to cable TV broadcasts .

Persons: —, Katie Notopoulos, David Jensen, Nathan McAlone, it's, Ashley Rodriguez, Peter Kafka, BI's, Peter, Nathan, Ashley —, We've, Ashley, Fox, Rick Wilking, Reuters Leon Cooperman, Marc Rubinstein, Yi Huiman, Xi Jinping, Jordan Hart, It's, Justin Metz, Blackstone, Bob Iger, Donald Trump, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, ESPN, Warner Bros, Fox, ESPN2, ABC, FOX, Peter : Media, Nathan, Warner Bros ., NFL, Cable, Comcast, Paramount, Reuters, Signature Bank, New York Community Bancorp, Securities, Commission, that's, Apple Vision, Microsoft, BI, of Foreign Labor, Apollo, KKR, Bain Capital, Disney, Epic Games, ConocoPhillips, US Locations: New, China, Beijing, New York, London

He replaced Yi Huiman, who presided over months of turmoil as share markets slumped, losing trillions of dollars of value. Earlier this week, the CSRC said that it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. A state investment fund pledged to step up buying of exchange-traded funds and regulators also imposed limits on short-selling. Prolonged weakness in the property market and share prices has dented consumer confidence, hindering that transition. Given the selloff in the stock market, “many could be tempted to take their loss and walk away in the slightest recovery.

Persons: Wu Qing, Yi Huiman, Swissquote, Wu, “, Xi Jinping, ” Ozkardeskaya Organizations: Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency, Investors, ”, Authorities Locations: BANGKOK, Wu, China, Shanghai, Shenzhen, Beijing

☆ Xi just fired China's top markets regulator. It shows his focus is still on control above all else.
▼ + stars: | 2024-02-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChina's extended stock market rout was so bad that leader Xi Jinping was set to personally pay attention to it — and it looks like his solution was to fire the country's top markets regulatory late on Wednesday. After all, there were suggestions earlier that authorities are considering a stabilization fund to rescue the flailing stock market. Stock markets in China and Hong Kong have accelerated losses into 2024. The analysts at the Eurasia Group aren't the only ones who say China needs to double down on economic reforms to shore up its economy.

Persons: —, Xi Jinping, Wu Qing, Xi, Eswar Prasad, China's Organizations: Service, China Securities Regulatory, Bloomberg, Business, Eurasia Group, Eurasia Group aren't, Cornell University, International Monetary Fund, Nikkei, Index, Hong Kong Stock Exchange Locations: China, Hong Kong, Beijing

BEIJING (AP) — China replaced the head of its market watchdog Wednesday in an apparent attempt to restore confidence in financial markets following a prolonged downturn. Official media said Wu Qing, a former chairman of the Shanghai Stock Exchange, would replace Yi Huiman as chairman and Communist Party chief of the China Securities Regulatory Commission. Chinese stocks have been trading near 5-year lows despite various measures to stabilize the markets. Earlier this week, the CSRC said it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. The appointment came during a week that has seen wild swings in share prices and despair among investors who have seen their investments evaporate.

Persons: Wu Qing, Yi Huiman, Wu, “, Butcher ”, Swissquote, ” Ozkardeskaya, Yi, monthslong Organizations: BEIJING, Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency Locations: China, Shanghai, Shenzhen, Beijing

☆ China replaces head of securities regulator after stock market meltdown
▼ + stars: | 2024-02-07 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has replaced the head of its securities regulator, as public anger over the meltdown in the stock market grows. Wu, 59, was also the chairman of the Shanghai Stock Exchange, the largest stock exchange in mainland China, between 2016 and 2018. Chinese stock markets have stabilised this week but they had a dire 2023 and have been the world’s worst performer this year. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. On Wednesday, mainland Chinese stock markets logged a second straight day of gains.

Persons: Wu Qing, Yi Huiman, Wu, “, Evergrande Organizations: Hong Kong CNN, China Securities Regulatory Commission, Xinhua, Shanghai Stock Exchange, Embassy, Central Huijin Investment, Shenzhen Component Locations: Hong Kong, China, Shanghai, Beijing, Shenzhen, United States

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