GENEVA—The United States said on Wednesday that China’s industrial policies “skew the playing field” against imported goods and services, as well as their foreign providers, and that Washington would pursue all means to secure reforms. In addition to industrial subsidies, other “unfair trade practices” include preferential treatment for state enterprises, data restrictions, inadequate enforcement of…
US Takes Aim at China’s ‘Unfair Trade Practices’ at WTO Review
October 20, 2021
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Alibaba, JD Fall in Hong Kong on Regulatory Worries, Nio Rivals Xpeng, Li Auto Continue to Surge
Shares of Alibaba Group Holding Limited, JD.Com Inc., Baidu Inc., and Tencent Holdings Inc. fell in Hong Kong on Monday, while Xpeng Inc. and Li Auto Inc. traded higher. What’s Moving Chinese e-commerce giant Alibaba’s shares traded 0.5 percent lower at HKD 160.30 in Hong Kong, while technology company Baidu’s shares have lost 2.0 percent…
SEC Chief Says the US Won’t Follow China in Banning Cryptocurrencies
October 6, 2021
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Securities and Exchange Commission (SEC) Chair Gary Gensler told Congress on Tuesday that his agency would not follow China’s lead in implementing a ban on cryptocurrencies. Speaking before the United States House of Representatives Committee on Financial Services, Gensler was asked by Rep. Ted Budd (R-N.C.), a supporter of cryptocurrencies, whether the SEC would move to prohibit the…
Fed Watchdog to Probe Trades by Central Bank Officials
The Federal Reserve said Monday that its internal watchdog will probe whether trading activity by some of the central bank’s senior officials was legal and in line with the Fed’s ethics rules. The Fed announced in a statement that it was engaged in talks with its Office of Inspector General (OIG) about the review, which…
German Electricity Producer Forced to Shut Down Power Plant After Running out of Coal
The global energy crisis forced one German electricity producer to shut down its power plant last week after it ran out of hard coal. Steag GmbH, which operates six large-scale hard coal plants in Germany, was forced to close its Bergkamen A plant located in the western part of the country due to shortages, a Steag spokesperson told Bloomberg….
US Charges Ex-Wall Street Quantitative Analyst With Insider Trading
September 24, 2021
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NEW YORK—A former Wall Street quantitative analyst was charged on Thursday with insider trading for making nearly 2,900 trades after learning his employer would soon make the same trades for clients, known as front-running. The U.S. Department of Justice said Sergei Polevikov, 48, of Port Washington, New York, generated more than $8.5 million of illegal…
Former Mylan Executive Pleads Guilty to Insider Trading
A former information technology executive at Mylan pleaded guilty on Friday to insider trading for using tips from the drugmaker’s chief information officer (CIO) to trade in its stock, generating $4.27 million of illegal profit, authorities said. Dayakar Mallu, 51, admitted to conspiring to commit securities fraud, and to an unrelated charge of helping prepare…
Stocks End With Tiny Gains, Enough to Nudge Nasdaq to Record
Stocks inched mostly higher on Wednesday, enough to nudge the Nasdaq composite index to an all-time high. Markets continue to remain quiet ahead of Friday’s jobs report and the Labor Day holiday in the United States on Monday. The S&P 500 index rose 1.41 points, less than 0.1 percent, to close at 4,524.09. The Dow…
Stocks Rise on Wall Street, Holding Near Their Record Highs
Stocks rose on Wall Street Monday and remained near record highs set last week after investors welcomed an update from the Federal Reserve. The central bank signaled that it will maintain low interest rates as the economy continues recovering from the pandemic. Markets have been choppy as investors tried to gauge how much and how…
UK Trade With EU Slumps as Brexit Takes Its Toll: ONS
The impact of Brexit on trading with Europe has been laid bare by official figures revealing that UK trade in goods with EU countries has plunged by nearly a quarter. The Office for National Statistics (ONS) said that total trade in goods with EU countries tumbled by 23.1 percent in the first quarter of 2021,…
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