11/27/2020 Financial News: State-owned banks suspend opening position in precious metal products, Apple asks Taiwanese contract manufacturer shift out of CCP

Image Source: Sohu
  1. The price of bitcoin and a great number of digital assets plunged in value during the early morning trading sessions on November 26, 2020. Bitcoin’s price dropped from a high of $19,319 on Wednesday evening only to lose over $2,000 during the course of the morning hours (EST) on Thursday morning. The second-largest crypto-asset ethereum (ETH) has lost over 12%, and the cryptocurrency XRP shed over 21.18% . Bitcoin drops may relate to Coinbase CEO warns of ‘Rushed’ wallet regulation.
  2. Apple is reportedly asking Foxconn, its largest Taiwanese contract manufacturer, to shift some production of iPad and MacBook products to Vietnam and lessen the tech giant’s exposure to the CCP-U.S. trade war. Meanwhile, Apple is also making a major push for India as well, with Taiwan’s Foxconn, Pegatron, and Wistron all shifting segments of their production to the southern Asian country.
  3. Alibaba Group Holding Ltd and Tencent Holdings Ltd have each held separate talks with Baidu Inc to acquire a controlling stake in video streaming service iQIYI Inc. But the discussions have stalled with little hope of recommencing soon as they balk at a valuation of around $20 billion demanded by Baidu and as both companies, which have their own video streaming services, face heightened scrutiny by CCP’s antitrust regulators.
  4. CCP’s three major state-owned banks:  Industrial and Commercial Bank of China 、China Construction Bank and Bank of Communications announced on Nov. 27, they will suspend the opening of new accounts for their precious metal investment products amid increased volatility in global and domestic precious metal prices.
  5. Downstream clients sued that Dawn, the first Dawn shares of masks fell to the limit. On Nov. 26, Dawn was reported by a meltblown cloth company in Zhejiang that the 600 tons of meltblown materials it had purchased had been inspected by a professional testing agency. The samples contained “di-tert-butyl peroxide (DTBP)”. “The maximum exceeds the national standard limit by more than 100 times.

By 【G-Translators – Financial and Law Team-Tracy】

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