1/29/2021 Financial News:China’s Local Fiscal Deficit Expands To 13.44 Trillion;Construction Bank Fined 2.7 Million

Image source: https://www.reuters.com/article/instant-article/idUKKCN22A229

  1. China Construction Bank fined 2.7 million

Recently, the Chongqing Branch of China Construction Bank received another 2.7 million large fines, which involved “five crimes.” On January 27, the China Banking and Insurance Regulatory Commission announced on its website that the 2.7m penalty was fined by the Chongqing Banking and Insurance Regulatory Bureau for inadequate loan review and failure to effectively control the use of funds for small and micro fast loan.
https://news.stcn.com/sd/202101/t20210128_2783554.html

  1. China’s local fiscal deficit expands to 13.44 trillion yuan in 2020

Yesterday, the Ministry of Finance of the Communist Party of China announced the fiscal revenue and expenditure in 2020. In 2020, the central government of the Communist Party of China will still be in a surplus state, but the local fiscal deficit has further expanded to 13.44 trillion. The combined full-caliber deficit of the two is as high as 846.9 billion, an increase of 58.32% year-on-year.
https://twitter.com/caijingxiang/status/1354975933879341056

  1. The domestic oil price consecutively rises 6 times

Sino-Singapore Jingwei Client, today (29th), the second round of adjustment window for domestic refined oil prices in 2021 will open. Institutions generally predict that with the cumulative price adjustments at the end of 2020, domestic refined oil prices have the opportunity to usher in a “six consecutive rise”. This is the last price adjustment before the Spring Festival.
https://www.sohu.com/a/447362518_561670?scm=1002.590044.0.10646-1931&spm=smpc.ch15.content1-n-2.4.1611875314862RtrEGmN

  1. Faraday Future will be listed on the Nasdaq through a $3.4 billion merger transaction

Reuters, January 28-Electric vehicle manufacturer Faraday Future has agreed to go public through a merger with Special Purpose Acquisition Corporation (SPAC) Property Solutions Acquisition Corp. The combined entity is valued at US$3.4 billion and becomes a SPAC listing the latest company. SPAC is a shell company that raises funds through an initial public offering (IPO) and aims to acquire private companies. This was the most popular investment tools on Wall Street last year. For the acquired company, the merger is another way of listing different from the traditional IPO.
https://cn.reuters.com/article/faraday-future-m-a-spac-nasdaq-0128-idCNKBS29X1WR

  1. New Year in situ” cools down the Spring Festival transportation industry

On 28 Jan 2021, thousands of small retail investors, organizing through online forums like Reddit’s “WallStreetBets” board, are locked in a battle with hedge funds this week. The retail investors are backing stocks that have been heavily shorted by hedge funds, most notably GameStop ($GME) but also AMC ($AMC), BlackBerry ($BB), and Nokia ($NOK). And the hedge funds appear to be losing. The mainstream journalists have begun to demonize the little traders of Reddit, comparing them to Nazis and the Capitol rioters.

https://www.breitbart.com/tech/2021/01/28/bokhari-redditors-remind-america-that-wall-street-is-rigged/

  1. Risk Redditors Remind America that Wall Street Is Rigged

On 28 Jan 2021, thousands of small retail investors, organizing through online forums like Reddit’s “WallStreetBets” board, are locked in a battle with hedge funds this week. The retail investors are backing stocks that have been heavily shorted by hedge funds, most notably GameStop ($GME) but also AMC ($AMC), BlackBerry ($BB), and Nokia ($NOK). And the hedge funds appear to be losing. The mainstream journalists have begun to demonize the little traders of Reddit, comparing them to Nazis and the Capitol rioters.
https://www.breitbart.com/tech/2021/01/28/bokhari-redditors-remind-america-that-wall-street-is-rigged/

  1. Apple’s Tim Cook criticizes social media practices, intensifying Facebook conflict

Reuters – Apple Inc Chief Executive Officer Tim Cook on Thursday criticized polarization and misinformation on social media, intensifying a conflict between the iPhone maker and Facebook Inc. In remarks delivered at the Computers, Privacy and Data Protection conference, cook critiqued apps that he argued collect too much personal information and prioritize “conspiracy theories and violent incitement simply because of their high rates of engagement.”.
https://mobile.reuters.com/article/amp/idUSKBN29X2NB?__twitter_impression=true

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