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That abrupt U-turn unleashed COVID on a 1.4 billion population which has been shielded from the virus since it first erupted in China's Wuhan city in 2019. The outbreak is now overwhelming hospitals and crematoriums as it rips through the population, where many elderly are still not fully vaccinated. "This is a very pertinent suggestion, return to the home town...or put the health of the elderly first," wrote one user. The country did not report COVID fatalities data on Tuesday and Wednesday. But concerns about China's outbreak has prompted more than a dozen countries to demand negative COVID test results from people arriving from China.

☆ Sam Bankman-Fried's trading firm borrowed $65 billion from FTX via a 'secret backdoor' to fund donations and a luxury lifestyle, bankruptcy court hears
▼ + stars: | 2023-01-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Bankruptcy lawyers revealed Sam Bankman-Fried's Alameda had access to $65 billion from FTX. The customer loans were made available via a backdoor created by FTX cofounder Gary Wang, they said. It was $65 billion." Dietderich told the court that with the $65 billion back door, Alameda "bought planes, houses, threw parties, made political donations." The court heard how FTX had so far recovered $5 billion of cash, crypto, and securities, with "plans to monetize over 300 other non-strategic investments" worth $4.6 billion.

[1/12] Angela Bassett poses with her award for Best Supporting Actress in a Motion Picture for "Black Panther: Wakanda Forever" at the 80th Annual Golden Globe Awards in Beverly Hills, California, U.S., January 10, 2023. REUTERS/Mario AnzuoniBEVERLY HILLS, Calif., Jan 10 (Reuters) - "Black Panther" actress Angela Bassett won a supporting actress award on Tuesday at the first Golden Globe awards since a scandal knocked the glitzy Hollywood ceremony off television. Bassett was honored for playing Queen Ramonda in "Black Panther: Wakanda Forever," a sequel that was rewritten after the death of star Chadwick Boseman. Ke Huy Quan was named best supporting actor in a drama film for his role of Waymond Wang in "Everything Everywhere All at Once." Among those voters, nearly 52% are racially and ethnically diverse, including 10% who are Black, according to the HFPA.

☆ Exclusive: TikTok freezes hiring for U.S. security deal as opposition mounts
▼ + stars: | 2023-01-06 | by ( Echo Wang | ) www.reuters.com time to read: +5 min

Jan 6 (Reuters) - TikTok has stopped a hiring process for consultants that would help it implement a potential security agreement with the United States, according to two people familiar with the matter, as opposition to such a deal among U.S. officials grows. As part of these negotiations, TikTok has been putting together a program to assure the U.S. government that it would comply with their security agreement. In its explanation to consultants for the move, TikTok cited "recent developments", without elaborating, one of the sources said. A spokeswoman for TikTok confirmed that the company had paused the hiring process for third-party security vendors because CFIUS has not yet approved the security agreement. TikTok had hoped it would have reached a deal with the U.S. government by now, the spokeswoman added.

☆ Wall St ends 2022 with biggest annual drop since 2008
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 (.SPX) has shed 19.4% this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq (.IXIC) is down 33.1%, while the Dow Jones Industrial Average (.DJI) has fallen 8.9%. The S&P 500 growth index has fallen about 30.1% this year, while the value index (.IVX) is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 134 new lows.

☆ Wall St set to end challenging year with steep drop
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) are among the worst drags on the S&P 500 growth index (.IGX), down between 28% and 66% in 2022. The S&P 500 growth index has fallen about 30.5% this year, while the value index (.IVX) is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 116 new lows.

☆ Wall St ends firmer, growth stocks lead in thin trading
▼ + stars: | 2022-12-29 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

All 11 S&P 500 sector indexes rose, with communication service (.SPLRCL) and technology (.SPLRCT) as the biggest winner with gains of nearly 3%. The Fed's aggressive interest rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. Tesla Inc (TSLA.O) shares rose after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness." For 2022, Tesla's 66% slump and Amazon.com's 50% drop played a big part in the S&P 500 consumer discretionary sector's 38% loss. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 75 new highs and 160 new lows.

☆ China central banker calls for strengthening property sector policies
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 24 (Reuters) - A top advisor to the People's Bank of China on Saturday called for strengthening of real estate policy in light of sluggish economic growth over the past several years as China has pursued its zero-COVID policy. China has in recent weeks ramped up support for the industry to relieve a liquidity squeeze that has stifled companies in the sector, including lifting a ban on fundraising via equity offerings for listed property firms. The property sector has also got a slight boost from China's abandonment of the zero-COVID policy. But sluggish demand is still a major constraint on full recovery. Reporting by Shuyuan Wang in Beijing and Josh Horwitz in Shanghai; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

But some government officials, including at the U.S. Department of Defense, the Federal Bureau of Investigation and the Central Intelligence Agency, remain opposed to a security deal, according to the sources. TikTok has also proposed to form a "proxy" board that would run the USDS division independent of ByteDance, the sources said. This division is headed on an interim basis by Andrew Bonillo, a former U.S Secret Service agent, and until a security deal with the U.S. is reached it reports to TikTok Chief Executive Shou Zi Chew. TikTok has been also seeking to hire independent auditors and monitors who would be paid by the company but report to CFIUS, according to the sources. However, it is unclear whether Biden's administration will eventually sign off on a security deal with TikTok.

☆ Gary Wang, the mysterious FTX cofounder, is cooperating with prosecutors. Here's what we know about the key player in the failed crypto empire.
▼ + stars: | 2022-12-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . Throughout his time at FTX, Wang maintained a limited online presence and steered clear of media interviews, leaving the limelight to his cofounder, Sam Bankman-Fried. But at FTX, Wang was a somewhat reclusive figure, per reports. Fraud charges and guilty pleaUnlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion. "All of the sudden that snapped into he was leaving that day, back to the US and implicitly mostly stopped working," Bankman-Fried told the news outlet.

☆ Bankers not expecting quick recovery as IPO volumes plunge to lowest level since 2008
▼ + stars: | 2022-12-20 | by ( Pablo Mayo Cerqueiro | Echo Wang | ) www.reuters.com time to read: +5 min

With questions swirling around monetary policy and the prospect of a looming recession, IPO advisers are not holding their breath on a near-term recovery in the equity capital markets. Global share sales plunged this year as the IPO market froze and hundreds of companies postponed stock market debuts, as Russia's invasion of Ukraine and interest rate hikes from central banks weighed on the broader economy. “It’s all about rates - the price of money changed and it has affected everything," said James Palmer, head of EMEA equity capital markets (ECM) at Bank of America. A return by long-only investors to capital markets deals is seen as key for any recovery, after a year in which hedge funds have taken a lead role as buyers of new issuance. "When the stock market is going like this, people typically don't buy new issuance," said Joshua Bonnie, co-head of Simpson Thacher & Bartlett's global capital markets practice.

[1/4] People wait in line at a coronavirus disease (COVID-19) test centre in Xinyang, China, this still image obtained from social media video released December 15, 2022. China reported 2,157 new symptomatic COVID-19 infections for Dec. 15 compared with 2,000 a day. There is particular concern about China's hinterland in the run up to China's Lunar New Year holiday starting on Jan. 22. The COVID scare in China also led people in Hong Kong, Macau and in some neighbourhoods in Australia to go in search for fever medicines and test kits for family and friends on the mainland. JP Morgan on Friday revised down its expectations for China's 2022 growth to 2.8%, which is well below China's official target of 5.5% and would mark one of China's worst performances in almost half a century.

It’s quite remarkable.”In his first five-year term on the Standing Committee, Wang ran the party's secretariat, an organ responsible for day-to-day affairs. In Xi's third leadership term, Wang is on track to be in charge of the Chinese People's Political Consultative Conference, an advisory body. "All the major slogans, from Jiang Zemin to Hu Jintao to Xi Jinping, seem to have come from Wang Huning," Lam said. 'AMERICA VS. AMERICA'Where most Standing Committee members have experience such as running a major city or province, Wang is an academic. During 1989's pro-democracy student protests, Wang told Xia not to stand with the students, a warning Xia did not heed.

☆ This biotech stock can jump more than 90%, Barclays says
▼ + stars: | 2022-12-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Little-known Insmed could take off as one of its drugs with conditional approval and another in development show promise, according to Barclays. Analyst Leon Wang initiated the stock as overweight with a price target of $37, which presents a 94.9% upside from Wednesday's close. The company focuses on pulmonology-focused commercial biotech, with two major medications for bronchiectasis, which is when airways in lungs are widened, and a lung disease. Assuming strong data out of the third trial, Wang said the medication could hit the market in 2025. He said Insmed will likely surpass sales guidance, which was already set for a 30% year-over-year increase, in 2022.

“The world changed overnight, and that’s really amazing,” said Echo Ding, 30, a manager at a tech company in Beijing. They said it’s good, so then it’s good … that’s what I feel right now. In Beijing, authorities on Wednesday said a health code showing a negative Covid-19 test would still be required for dining in at restaurants or entering some entertainment venues – in conflict with the national guidelines. Now, with the new rules she knew she could largely go out freely, but instead she stayed at home to “wait and see.”“We are still waiting and watching. It is not the case that people all rushed out once the seal is off,” she said.

[1/2] Chinese Yuan and U.S. dollar banknotes are seen behind illuminated stock graph in this illustration taken February 10, 2020. His contract manufacturing business with Russia has been small in the past, but now he's preparing to invest in warehousing there. He sees a win-win situation in Chinese exporters reducing their currency risks and payment becoming more convenient for Russian buyers. The U.S. Treasury declined to comment on the yuan's growing presence in Russia. ($1 = 7.2074 Chinese yuan renminbi)Editing by Vidya Ranganathan and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

Deals for European football clubs this year, beginning with the sanctions-driven sale of Chelsea Football Club by Russian oligarch Roman Abramovich in May, have fetched top dollar. Those complaints were aired again this month by superstar player Cristiano Ronaldo, who parted ways with Manchester United for the second time. Spokespeople for the six members of the Glazer family that are major Manchester United shareholders could not be reached for comment. More deals are in the works, with Manchester United arch rival Liverpool Football Club also exploring a sale. In August, Elon Musk tweeted: "I'm buying Manchester United ur welcome" only to then clarify he meant it as a joke.

☆ U.S. regulator warns of pump-and-dump IPOs, many from China
▼ + stars: | 2022-11-17 | by ( Echo Wang | ) www.reuters.com time to read: +1 min

NEW YORK, Nov 17 (Reuters) - The U.S. Financial Industry Regulatory Authority (FINRA) warned on Thursday it was seeing a number of small initial public offerings (IPOs), including many from China, which constituted pump-and-dump schemes that investors should stay away from. Most of these initial public offerings raise less than $25 million for companies worth less than $100 million, FINRA said. FINRA said criminals also try to entice people to invest in these IPOs through texting or social media. Nasdaq and the New York Stock Exchange said separately on Thursday that would scrutinize small-cap IPOs more. "You're dealing with market manipulations, small companies, small float, so they got to figure out what happened," said Drew Bernstein, co-chairman of Marcum Bernstein & Pinchuk, a China-focused accounting firm.

☆ China is easing its Covid measures. Here’s how market pros are playing it
▼ + stars: | 2022-11-15 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

China announced a shortening of its quarantine requirements last week, while simplifying travel rules and adjusting its monitoring regime. China has stood firm on its zero-Covid policy even as countries around the world adopt a "live with the virus" approach. Fund manager Brian Arcese believes the market reaction reflects the "underlying fundamentals that earnings will really start to improve." Meanwhile, Arcese, who is a portfolio manager at Foord Asset Management, said the firm has a China exposure of about 20%. It should benefit from the re-opening of China as tourism gradually recovers to pre-Covid levels," he added.

☆ Xi shook up the power order in China, but the world should expect little change — because Xi is still the complete puppet master, 2 experts say
▼ + stars: | 2022-11-08 | by ( Matthew Loh | ) www.businessinsider.com time to read: +7 min

Last month, Xi Jinping announced who would join him to be the top seven officials in China. Kevin Frayer/Stringer/Getty ImagesBoosted to the second-in-command spot by Xi, Li is thought to be one of the president's closest protégés. Having been the lowest-ranked member of the previous standing committee, Zhao has jumped four positions to get to his current role. It indicates to me that Xi Jinping is satisfied with the work that Zhao has done," said Loh. "Xi Jinping makes it very clear.

Xi Jinping consolidated his power in China with a reshuffle of the politburo standing committee. He also used the event to unveil the new members of the politburo standing committee. He is a new entry to the standing committee, and at 60, is its youngest member. He is another new member of the politburo standing committee and will help lead the central commission for discipline inspection. He previously worked as the party leader in Yan'an, which once served as the headquarters of the party before it took control of the whole country.

Then, two men led Mr. Hu — who appeared reluctant to go — out of Beijing’s Great Hall of the People. Was Mr. Hu, 79, suffering from poor health, as Chinese state media would later report? When the aide finally succeeds in coaxing Mr. Hu from his chair, Mr. Li, the No. As the two aides begin guiding Mr. Hu away from his seat, the older leader stops to say something to Mr. Xi. The state broadcaster’s news program that night showed footage of Mr. Hu voting, and then his empty seat later in the ceremony, without explanation.

☆ Intel's Mobileye unit valued at $22 bln as shares cruise higher
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +3 min

The debut comes after a turbulent period when Mobileye settled for merely a third of the $50 billion valuation it was targeting earlier in its IPO. But there was a lot of value in gaining that public company platform now,” said Dan Galves, chief communications officer at Mobileye. Galves added it is important for Mobileye to generate product visibility now as that filters back to customers. Before being acquired by chipmaker Intel in a $15.3 billion deal in 2017, Mobileye had been listed on the New York Stock Exchange since 2014. Mobileye develops autonomous driving technologies and competes with Alphabet Inc's (GOOGL.O) Waymo, General Motors Co's (GM.N) Cruise and other automakers who have moved to design in-house driving assistance technology.

☆ Intel unit Mobileye prices IPO above range to raise $861 mln
▼ + stars: | 2022-10-26 | by ( Echo Wang | ) www.reuters.com time to read: +2 min

Mobileye said in a press release it has priced 41 million shares at $21 per share. The IPO values Mobileye at $16.7 billion, a far cry from the $50 billion valuation that Intel was initially hoping to achieve. FROZEN MARKETSHundreds of companies have postponed IPO plans this year due to volatility in capital markets. read moreIntel will retain a large stake, including all the Class B shares Mobileye plans to issue, according to a filing with the U.S. Securities and Exchange Commission. Mobileye first went public in 2014 at a roughly $5 billion valuation, before Intel acquired it for $15.3 billion in 2017.

☆ Intel unit Mobileye prices IPO above range to raise $861 mln -source
▼ + stars: | 2022-10-25 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Mobileye priced 41 million shares at $21 per share, the source said, requesting anonymity ahead of an official announcement. The IPO values Mobileye at $16.7 billion, a far cry from the $50 billion valuation that Intel was initially hoping to achieve. FROZEN MARKETSHundreds of companies have postponed IPO plans this year due to volatility in capital markets. read moreIntel will retain a large stake, including all the Class B shares Mobileye plans to issue, according to a filing with the U.S. Securities and Exchange Commission. Mobileye first went public in 2014 at a roughly $5 billion valuation, before Intel acquired it for $15.3 billion in 2017.

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