Market TrendsByteDance proposes US IPO for TikTok to woo White House
ByteDance has agreed to list TikTok on a US stock market at some point after its proposed partnership deal with American software group Oracle, as part of its effort to satisfy the Trump administration’s national security concerns with the video-sharing app.
Market TrendsModerna signals slower timeline for Covid-19 vaccine
Moderna could have to wait until as late as December to analyse data from its Covid-19 vaccine trial, longer than would be necessary to meet the Trump administration’s hopes of issuing an emergency approval ahead of the US election.
Positive Environmental EventsUber goes green
Uber is committing to become a fully zero-emission platform by 2040, with 100 per cent of rides taking place in zero-emission vehicles, on public transit, or with micromobility. They’re also setting an earlier goal to have 100% of rides take place in electric vehicles (EVs) in US, Canadian, and European cities by 2030.
Market TrendsCFTC panel red-flags climate change risk to financial system
Climate change threatens not only fires, drought and surging seas but profound risks to the financial system, a federal advisory panel has warned in a first-of-its-kind report from a Wall Street regulator. The finding was published on Wednesday by a special climate subcommittee to the Commodity Futures Trading Commission, which has oversight for the US futures and swaps markets. The body reached outside its turf to recommend changes in corporate disclosure, investments and central bank asset purchases, the domain of other federal agencies.
Money LaunderingMoney-launderers use Chinese online shopping sites to funnel cash offshore
Money launderers have used some of China’s leading online shopping sites to transfer billions of dollars to offshore gambling sites, police raids have revealed.
Negative events of ExecutivesTycoon Behind Kangde Xin’s Massive Fraud Moves Closer to Prosecution
Four former senior executives of troubled Kangde Xin Composite Material Group Co. Ltd., including its founder and actual controller Zhong Yu, are set to face criminal trial for their alleged roles in an 11.5 billion yuan ($1.7 billion) fraud that triggered a series of bond defaults and a debt crisis at the company.
Market TrendsJD.com’s Fintech Unit Plans to Spend $230 Million to Get Second Payment License
Chinese e-commerce giant JD.com Inc.’s fintech unit plans to spend 1.6 billion yuan ($230 million) to get its hands on a second payment license, sources familiar with the matter told Caixin, as it seeks to expand its growing financial services business for brick-and-mortar merchants.
Actual Controller ChangeBank of America Names New China President
Bank of America Corp. has appointed Zhang Wenjie as president of its China branch, according to an internal notice seen by Caixin. The position was vacant for three and a half years.
Market TrendsMajor Chipmakers Seek U.S. Approval to Supply Huawei
Multiple suppliers of Huawei Technologies Co. Ltd. have sought exemptions to Washington’s latest sanctions that would allow them to continue selling products to the Chinese telecom-gear giant.