Shares in Chinese banks plunged after Goldman Sachs downgraded some ratings due to high local government debt. According to a July 11 Bloomberg report, shares in China’s banking sector are on the cusp of historically low valuations. Bloomberg Intelligence’s index of Chinese bank stocks is down 14 percent from this year’s high in May, wiping…
Chinese Banks’ Ratings Downgraded as Local Governments Struggle With Debt
July 13, 2023
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Don’t Let Them Eat Cake
Commentary Sugar, of all things, may not seem a very apt symbol of liberty under siege, but who imagined what another commodity, tea, would come to mean to the American colonists in 1773? We read in grammar school how the Sons of Liberty dressed as Indians and hid themselves on board three ships carrying tea…
Harris: ‘Unwavering’ US Commitment to Philippines
Vice President Kamala Harris is in the Philippines, reaffirming Washington’s “unwavering” defense commitment to the country. Debris from a Chinese rocket launch has been retrieved by the Philippine Navy. But later, the material was “forcibly seized” by a Chinese vessel. Former New York City Mayor Michael Bloomberg is apologizing for criticism of China. The critique…
Odds of Recession Rise to 100 Percent Despite Biden’s Claims of a ‘Strong’ Economy: Bloomberg Economics
The chances that the U.S. economy will tip into recession at some point in the next 12 months have jumped to 100 percent, according to a model projection from Bloomberg Economics, with the grim forecast standing in sharp contrast to the Biden administration’s upbeat tone on the economy ahead of the midterms. The updated recession…
CCP Uses TikTok to Gather Overseas User Data: Studies
According to an Australian cybersecurity firm investigation, TikTok, the overseas version of Douyin, collects massive amounts of user data. The TikTok app on Apple’s iOS system connects to servers in mainland China, while on Android’s system, it collects data from all other running and installed apps. A TikTok data investigation white paper report released by…
ECB’s Kazimir Calls for Ending Bond Buying in August: Bloomberg
FRANKFURT—European Central Bank policymaker Peter Kazimir on Friday joined a growing camp of rate-setters in favor of ending the ECB’s bond-buying program, which was designed to boost inflation in the eurozone. In an interview with Bloomberg, Kazimir said the Asset Purchase Programme (APP) could end in August but this should not be seen as paving…
Bloomberg Loses Landmark Privacy Case in UK Supreme Court
Bloomberg has lost an appeal in the UK Supreme Court in a landmark privacy case over the media company’s reporting of a high-profile financial investigation. Five judges on Wednesday dismissed the appeal brought by Bloomberg over the publication of information about a U.S. citizen under investigation by a UK legal enforcement body prior to charge. A previous…
Bloomberg Responds After Publishing Erroneous ‘Russia Invades Ukraine’ Headline
Bloomberg News apologized after it published and kept the headline “Russia Invades Ukraine” on its homepage on Feb. 4 “We prepare headlines for many scenarios and the headline ‘Russia Invades Ukraine’ was inadvertently published around 4 p.m. ET today on our website. We deeply regret the error. The headline has been removed and we are…
Bloomberg Media CEO Justin Smith Steps Down
Bloomberg Media Chief Executive Officer Justin Smith is stepping down, effective immediately, to start a new media firm, Smith wrote in a tweet on Tuesday. “After 8 years at Bloomberg Media, and more than 25 years in quality journalism, I’ve decided to pursue a personal dream, and a market opportunity, to launch a new kind…
ECB to Mull Upping Regular Bond Purchases After Emergency Scheme: Bloomberg
FRANKFURT—The European Central Bank will discuss whether to raise its regular bond purchases when its pandemic-fighting scheme ends, ECB policymaker Madis Muller said in an interview published on Wednesday. “I realise that it would be a problem if there is a very sharp cliff effect at the end of the pandemic emergency purchase programme (PEPP),”…
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