11/25/2020 Financial News: CCP propaganda lost their American newspapers allies, CBIRC approves bankruptcy filing by Baoshang Bank

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  1. The Dow Jones Industrial Average rose 454.97 points, or 1.54%, to 30,046.24, hit a record high above 30,000; the S&P 500 gained 57.82 points, or 1.62%, to 3,635.41also set a record closing high and the Nasdaq Composite added 156.15 points, or 1.31%, to 12,036.79. Tesla Inc jumped 6.43% to boost its market value to over $520 billion.
  2. Electric vehicle stocks have been all the rage in 2020 due to the success of Tesla.  That euphoria has spilled over to the electric vehicle charging space, with shares of Blink Charging surging nearly 200% in the close of November 20. Shares of Blink are up 1,118% year-to-date. Blink Charging surged as much as 48.3% in Monday trades, reaching an intra-day market valuation of $1.05 billion. On Nov 23, DPW Holdings just made a big announcement. The company plans to roll out its EV charging stations at fast-food chains around the United States. Unsurprisingly, DPW stock is surging as a result.
  3. CCP propaganda China Daily paid the U.S. newspapers millions of dollars for advertisements recent years, but less U.S. newspapers cooperate with China Daily since Trump government designated six additional CCP-based propaganda outlets as foreign missions earlier this year.
  4. On Nov 24, the government of India has blocked 43 new CCP mobile apps in the country, including shopping website AliExpress、AliSuppliers、Alibaba Workbench and Alipay Cashier. The government had banned 59 apps on June 29, 2020, and on September 2 it had banned 118 more apps.
  5. Telecom companies in Britain face hefty fines if they don’t comply with strict new security rules under a new law proposed in Parliament on Nov 24 that is aimed at blocking high-risk equipment suppliers like CCP’s Huawei. The Telecommunications (Security) Bill tightens security requirements for new high speed 5G wireless and fiber optic networks, with the threat of fines of up to either 10% of sales or 100,000 pounds ($134,000) a day for companies that don’t follow the rules.
  6. On Novenmebr 23, the China Banking and Insurance Regulatory Commission (CBIRC) approves bankruptcy filed by Baoshang Bank. Earlier this month, Baoshang Bank had experienced a “non-viability trigger event”and it wrote off a 6.5 billion yuan ($980 million) subordinated capital bond after regulators recognized it as insolvent, and won’t pay the remaining 585.6 million yuan of interest on the note.

By 【Financial and Law Team-Tracy】

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