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☆ China’s Covid Easing Fuels Stock-Market Hopes—and Fans Fears
▼ + stars: | 2022-12-06 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

Chinese stocks have recently been whipsawed by the country’s attempts—and its numerous struggles—to move past the Covid-19 pandemic. Investors say it is only the beginning of what is likely to be a long and tumultuous period, as Beijing tries to pivot from a zero-tolerance Covid policy characterized by lockdowns and numerous restrictions to living with the virus and limiting its damage to the economy. Economists and strategists say China’s path to reopening in the coming year is littered with hurdles that make it difficult for investors to predict the impact on domestic spending, corporate earnings and the country’s stock market.

☆ A Market Hype Cycle Winds Down
▼ + stars: | 2022-12-05 | by ( Andy Kessler | ) www.wsj.com time to read: +1 min

Last December, CEO Brian Armstrong bought a $133 million Los Angeles estate, while his venture backers bought up swaths of Malibu. Post-IPO shares are usually locked up for six months, so assuming they all sold Coinbase shares, that was a smart move. I’m a huge fan of venture capitalists, who put risk capital from investors with long time horizons (like foundations and endowments) into companies that invent the future. I’ve invested venture capital. But I’ve noticed that most of the returns from venture investing, mine included, came when everyone got too excited about future possibilities, deep into the hype cycle of new technology.

☆ LGBTQ students wrestle with tensions at Christian colleges
▼ + stars: | 2022-12-05 | by ( Associated Press | ) www.nbcnews.com time to read: +12 min

“It’s kind of a tightrope,” said John Scarano, campus ministry director at John Carroll University, a Jesuit school near Cleveland with “safe zone trainings” as part of its ministry to LGBTQ students. Last year, 33 LGBTQ students or former students at federally funded Christian schools filed a class-action lawsuit against the U.S. Department of Education, claiming the department’s religious exemption allows schools that receive federal dollars to unconstitutionally discriminate against LGBTQ students. In May, the Department of Education’s Office for Civil Rights launched a separate investigation for alleged violations of the rights of LGBTQ students at six Christian universities — including Liberty University. A high-stakes clash between students, faculty and the school’s board of trustees over hiring LGBTQ faculty is unfolding at Seattle Pacific University, a 131-year-old school affiliated with the Free Methodist Church. “I find that tragic.”To students like Fisher in Minnesota, concrete actions will show if LGBTQ people can truly be welcomed on Christian campuses.

[1/5] Pandemic prevention workers in protective suits walk in a street as coronavirus disease (COVID-19) outbreaks continue in Beijing, December 4, 2022. Daily tallies of new COVID infections have also dropped in some regions as authorities row back on testing. CHANGING MESSAGEAlongside the easing of local curbs, Vice Premier Sun Chunlan, who oversees COVID efforts, said last week the ability of the virus to cause disease was weakening. That change in messaging aligns with the position adopted by many health authorities around the world for more than a year. The eastern province of Zhejiang said it planned to largely end mass testing, while the metropolis of Nanjing dropped COVID tests for use of public transport.

☆ Fired startup CEO says he was tarnished as the 'LSD CEO' for accusing investors of anti-Asian bias, and now he's suing
▼ + stars: | 2022-12-05 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Iterable's former CEO Justin Zhu said he was removed due to racial bias, not his use of LSD in 2019. "The 'LSD CEO' label is deliberate, but it's a wrong characterization," Zhu told Insider. "While Andrew is half Asian American, I don't think his experiences — better, worse and similar — change what I went through," Zhu told Insider. One particularly tense encounter with investors took place in June 2020, Zhu told Insider, during an unusual meeting in person during the early months of the COVID-19 pandemic. Zhu's attorney, Charles Jung, told Insider that the goal of the lawsuit was to shed light on legal protections that allow workers to report their experiences of bias.

☆ India's Nov services activity growth hit 3-mth high, high inflation a concern
▼ + stars: | 2022-12-05 | by ( Indradip Ghosh | ) www.reuters.com time to read: +2 min

The S&P Global India services purchasing managers' index (INPMIS=ECI) rose to 56.4 in November from 55.1 in October, beating the 55.4 estimate in a Reuters poll. It remained above the 50-mark separating growth from contraction for a 16th straight month, its longest stretch of expansion since October 2016. However, growth is widely expected to slow in the coming quarters as high-interest rates hamper economic activity. "Evidence of stubborn inflation may prompt further hikes to the policy rate at a time when global economic challenges could negatively impact on India's growth," added De Lima. Stronger expansion in services activity alongside better-than-expected manufacturing growth boosted the composite index to a three-month high of 56.7 in November from 55.5 in October.

HONG KONG, Dec 5 (Reuters) - China may announce 10 new COVID-19 easing measures as early as Wednesday, two sources with knowledge of the matter told Reuters, supplementing 20 unveiled in November that set off a wave of COVID easing steps nationwide. Management of the disease may be downgraded as soon as January, to the less strict Category B from the current top-level Category A of infectious disease, the sources said on Monday, speaking on condition of anonymity. China will allow home quarantine for some of those testing positive, among the supplementary measures set to be announced, two sources told Reuters last week. COVID-19 could be downgraded to Category B management or even Category C, the expert told Yicai. read moreWriting by Ryan Woo; Editing by Alison Williams and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ U.S.-listed Chinese stocks rally as investors turn bullish on reopening shift
▼ + stars: | 2022-12-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Shares of Chinese companies listed in the U.S. jumped Monday after China loosened more Covid restrictions to accelerate the reopening of the economy. The index holds 65 companies whose common stocks are publicly traded in the U.S. The rally came as some big cities including Beijing and Shenzhen are taking steps to ease Covid testing requirements and quarantine rules amid an economic slowdown and public unrest. Morgan Stanley upgraded Chinese stocks to an overweight rating in light of the change in policy. The Hang Seng Tech Index, which represents the 30 largest technology companies listed in Hong Kong, surged 9.3% in Asia trading hours.

☆ China Loosens Covid Restrictions as Public Anger Simmers
▼ + stars: | 2022-12-04 | by ( Chun Han Wong | ) www.wsj.com time to read: 1 min

HONG KONG—Local authorities across China are paring back some of their strictest Covid-19 control measures, just days after public anger spilled over into rare protests against a zero-tolerance approach that has kept the country largely isolated for three years. In recent days, officials in major cities—including Beijing and other areas where protests broke out a week ago—said they were lifting some curbs on residents’ movements, such as by ending mandatory Covid testing for people who want to use public transport or enter parks and other public spaces.

☆ Beijing, Shenzhen loosen more COVID curbs as China fine-tunes policy
▼ + stars: | 2022-12-03 | by ( Brenda Goh | ) www.reuters.com time to read: +5 min

The southern city of Shenzhen announced it would no longer require people to show a negative COVID test result to use public transport or enter parks, following similar moves by Chengdu and Tianjin. A video showing workers in Beijing removing a testing booth by crane on to a truck went viral on Chinese social media on Friday. CHINA OUTLIERThree years into the pandemic, China has been a global outlier with its zero-tolerance approach towards COVID that has seen it enforce lockdowns and frequent virus testing. China reported 32,827 new local COVID-19 infections for Dec. 2, down from 34,772 a day earlier. As of Friday, China reported 5,233 COVID-related deaths and 331,952 cases with symptoms.

☆ Mother takes Pornhub parent company to court over 'traumatizing' rape videos of her teenage son uploaded to the site
▼ + stars: | 2022-12-03 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +5 min

A mother is taking MindGeek, who owns Pornhub, to court after a man was convicted of raping her son, filming the content, and uploading it to the site. Her lawyer told Insider that the videos uploaded to the site were "clearly" of a minor. In a statement to Insider, MindGeek said, "MindGeek is aware that a lawsuit has been filed in federal court in Alabama. As well as owning Pornhub, MindGeek owns a number of other adult entertainment sites, including xHamster, RedTube, and YouPorn. In December 2020, an allegation that Pornhub hosts videos depicting child pornography sparked both Visa and Mastercard to launch investigations into the site and drop ties with the company.

☆ Beijing, Shenzhen loosen more Covid curbs as China easing gathers pace
▼ + stars: | 2022-12-03 | by ( ) www.cnbc.com time to read: +1 min

(Photo by Kevin Frayer/Getty Images)Beijing residents cheered the removal of Covid-19 testing booths while Shenzhen followed other cities in announcing it would no longer require commuters to present their test results to travel, as an easing of China's virus curbs gathered pace. Three years into the pandemic, China has been a global outlier with its zero-tolerance approach towards Covid that has seen it enforce lockdowns and frequent virus testing. China began tweaking its approach last month, urging localities to become more targeted. Initial reactions, however, were marked with confusion and even tighter lockdowns as cities scrambled to keep a lid on rising cases. Then a deadly apartment fire last month in the far western city of Urumqi sparked dozens of protests against Covid curbs in a wave unprecedented in mainland China since President Xi Jinping took power in 2012.

☆ China Turns to Well-Worn Playbook to Keep Protesters Off Streets
▼ + stars: | 2022-12-02 | by ( Sha Hua | Josh Chin | ) www.wsj.com time to read: 1 min

Nearly a week after protests exploded across China over the country’s zero-tolerance Covid controls, Chinese authorities have restored a tense calm to the streets with a two-pronged strategy. Chinese leaders have moved to address the demands of protesters by signaling an easing of the country’s strict Covid policies. At the same time, police have deployed en masse to the sites of protests and hunted down activists, one by one, using the tools of the digital surveillance state.

☆ ABB’s $327 Million Bribery Settlement Arrives in U.S. Court
▼ + stars: | 2022-12-02 | by ( Dylan Tokar | ) www.wsj.com time to read: +5 min

The U.S. court hearing was part of a globally coordinated deal that extends to authorities in South Africa, Switzerland and Germany, with the apparent bulk of the fines being collected in South Africa. The settlement is the first that U.S. authorities have reached in coordination with authorities in that country. The Kusile Power Station, a coal-fired power plant in South Africa. Switzerland on Friday said it was issuing a fine of 4 million Swiss francs, equivalent to about $4.3 million dollars. The Justice Department said it anticipated a related settlement with German authorities, but didn’t indicate a time frame.

An ATM installation at Art Basel Miami Beach is displaying and ranking people's bank balances. An ATM is typically used in conjunction with a checking account, which would mean people have tens of thousands — even millions — readily accessible. A checking account shouldn't hold all your moneyA checking account is only one part of a smart banking setup. One checking account is for bills, and the other is for spending via debit card. One savings account is for your emergency fund, and the second is for other goals.

☆ Piper Sandler says Coinbase may capitalize on FTX bankruptcy, sees shares more than doubling
▼ + stars: | 2022-12-02 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

Piper Sandler is reaffirming its bullish outlook on Coinbase even amid chaos in the cryptocurrency space given the fallout at FTX. On the other hand, Robinhood reached profitability sooner than expected because of aggressive cost cutting, which Coinbase may want to consider, Repetto noted. Crypto winter contingency Still, signals point to the current crypto winter being near an ending point that could help boost Coinbase. "Using history as a guide and ignoring macroeconomic (interest rates), regulatory, geopolitical factors, we could be near a bottom in this crypto winter," said Repetto. And, if the crypto winter is not over soon, Piper Sandler noted that Coinbase CFO Alesia Haas said the company has contingency plans in place to weather the storm.

HONG KONG — Chinese authorities are moving to ease strict “zero-Covid” controls, in an apparent response to a nationwide wave of protests that have otherwise been suppressed. Police form a cordon in Beijing on Monday during a protest against China’s strict “zero-Covid” measures. Kevin Frayer / Getty ImagesChinese authorities have mostly stamped out the protests, with heavy police presence at protesters’ former gathering sites. Like other Chinese leaders, Jiang showed little tolerance for dissent, jailing activists and banning the Falun Gong religious movement. But the political environment has greatly tightened under Xi, leading some people in China to reassess Jiang’s legacy.

☆ China’s Covid Protesters Grapple With How—And How Far—to Push
▼ + stars: | 2022-12-01 | by ( Brian Spegele | ) www.wsj.com time to read: 1 min

BEIJING—With police trying to disperse a crowd of hundreds gathered in eastern Beijing on Sunday in a rare spontaneous protest against China’s zero-tolerance Covid controls, a college student pushed to the front to confront them. It was risky facing off against the authorities, but the student later said he felt the need to speak up against what he saw as the Chinese government’s stripping away of individual freedoms of its citizens.

☆ China’s Young Protesters Wrestle With How Far to Push: ‘We Don’t Want Covid Tests, We Want Freedom’
▼ + stars: | 2022-12-01 | by ( Brian Spegele | ) www.wsj.com time to read: 1 min

☆ University of Florida quarterback arrested and accused of sharing child sexual abuse images on Discord
▼ + stars: | 2022-12-01 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

University of Florida quarterback Jalen Kitna was charged Wednesday with distributing child exploitation material, accused of sharing images of sexual abuse on the messaging platform Discord, authorities said. Kitna, 19, faces two counts of the crime and three counts of possession of child pornography, Gainesville police said in a statement. The school’s University Athletic Association said Kitna, a freshman, was suspended indefinitely from its football program. The National Center for Missing and Exploited Children alerted local authorities Wednesday that someone shared an image depicting child abuse on Discord, the police department said. A preliminary analysis of Kitna's devices found three other images depicting child sexual abuse, according to the police department.

☆ Volatility in yuan spurs bets China will widen its band
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, Nov 30 (Reuters) - As macroeconomic risks induce unprecedented levels of volatility in China's yuan, investors are betting that authorities may widen the currency's tight trading band for first time since 2014 to allow market forces greater say. Day-to-day yuan volatility has been as high as 16% on some days in October, compared with a tame 1% to 4% range in the months and years before. Policy sources have told Reuters they have considered widening the trading band over the past few years to show their commitment to long-term market reforms. Rising volatility in yuan-rouble trading earlier this year prompted the central bank to double the trading band for the pair to 10% in March. Yet, most analysts who think a band widening is due also do not think it is imminent.

☆ Singapore's deputy prime minister calls FTX loss 'disappointing,' pledges to improve the process
▼ + stars: | 2022-11-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Lawrence Wong, Singapore's finance minister, speaks during the Bloomberg New Economy Forum in Singapore, on Thursday, Nov. 17, 2022. Bryan van der Beek | Bloomberg | Getty ImagesTemasek's investment loss of $275 million in the collapse of cryptocurrency exchange FTX was "disappointing" and damaging for Singapore, said Deputy Prime Minister and Finance Minister Lawrence Wong. What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage. "What happened with FTX therefore has not only caused financial loss to Temasek, but also reputational damage," Wong said. The FTX loss will also not impact the net investment returns of Singapore's reserves, which are "tied to the overall expected long term returns of our investment entities and not to individual investments."

☆ Protests in China: What to Know as Xi Jinping Maintains Covid Controls
▼ + stars: | 2022-11-29 | by ( Chun Han Wong | ) www.wsj.com time to read: 1 min

Public resentment against Chinese leader Xi Jinping ‘s zero-tolerance approach to Covid-19 flared into large protests in major cities across the country over recent days, a dramatic outburst of defiance fueled by frustration with the economic and social costs inflicted by recurrent lockdowns and disruptions to ordinary citizens’ daily lives. Here is a rundown of how the demonstrations began, why they pose a significant challenge to China’s Communist Party, and what impact the unrest is having within the country and beyond.

☆ How do real estate investors 'do the numbers?' An investor with 9 properties shares the method — and spreadsheet — that helps him identify a good deal and avoid the bad ones.
▼ + stars: | 2022-11-29 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +13 min

It's also correlated with risk: Generally, a high cap rate points to a riskier investment, since a high cap rate means a lower property value. A "good cap rate" depends on your market and how much risk you're willing to tolerate. To calculate cap rate, you need to know your NOI, which is your estimated annual rent minus your annual operating expenses. To calculate NOI, you subtract annual operating expenses from annual rent, which is an assumption based on rent prices in the area. He's not the only investor who focuses on cash flow: Mike Zuber, who owns over 100 units in Fresno, California, says that cash flow should be a top priority when evaluating investment properties.

The economic pain has intensified the pressure to ease pandemic restrictions to salvage the flagging economy and restore some semblance of normal life. The current Covid outbreak, the most widespread since the start of the pandemic in 2020, has painted Xi Jinping, China’s president, into a corner. He has refused to budge on the government’s strict Covid approach. If he loosens restrictions and infections skyrocket, there is the risk of mass casualties and an overwhelmed health care system. But keeping the current policies in place and limiting infections with widespread lockdowns would inflict further damage to an already slowing economy.

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