LBLV Beijing asks Didi to withdraw from U.S. exchanges 2021/26/11
LBLV provides an overview of economical news.
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The main economical news for Friday, Nobember 26:
0:00 New variant of coronavirus sinks stock markets
1:08 Beijing asks Didi to withdraw from U.S. exchanges
2:00 Oil plummets over fears of surplus and new strain
2:59 Italy’s antitrust agency fines Google and Apple
1. New variant of coronavirus sinks stock markets
Asian stock markets saw their steepest autumn in three months on Friday after the regain of a new, possibly vaccine-resistant variant of the coronavirus caused investors to rush into safe-haven bonds, the yen and the dollar. The MSCI Asian stock index outside Japan fell 2%, the steepest drib since August. In Hong Kong, Online Casino South Africa and beverage stocks fell, while travel stocks suffered in Sydney and Tokyo. Japan’s Nikkei index slid 3%. S&P 500 futures fell 1% and EURO STOXX 50 futures dropped 2%. Little is known about this new variant, found in South Africa, Botswana and Hong Kong, but scientists say it has an unusual combination of mutations and may be able to evade immune response or make it more transmissible. British authorities believe it is the most significant variant to date, fright it could resist vaccines, and have got rushed to impose travel restrictions, as Japan did on Friday.
2. Beijing asks Didi to withdraw from U.S. exchanges
Chinese regulators have got asked the management of taxi ordering service Didi Global Inc. to develop a plan to delist from U.S. stock exchanges because of concerns about data security, Bloomberg reports. Regulators want the company’s shares to stop trading on the New York Stock Exchange because of concerns about leaks of confidential information. Both a buyback followed by a delisting and an option in which the company would float in Hong Kong and only then leave the NYSE are being considered, sources said. If the company chooses the first of all option, the proposed buyback price will not be lower than the offering price to avoid lawsuits and shareholder dissatisfaction. Shares in Japan’s SoftBank grouping Corp. and China’s Tencent Holdings, which take hold minority stakes in Didi, fell 4.92% and 3.1% respectively.
3. Oil plummets over fears of surplus and new strain
Oil prices fell more than 2% on Friday on fears that global oversupply could increase in the first of all quarter after the coordinated release of strategic oil inventories by major U.S.-led consumers spooked investors. Black Au also suffered along with other financial markets on concerns that a new strain of the coronavirus could slow economical growth and stifle movement again. Brent crude futures fell 2.6% to $80.08 a barrel and WTI crude fell 3.24% to $75.85 a barrel. Major consuming countries, including the U.S., China, India and Japan, are set to release millions of barrels of oil from strategic reserves to try to bring prices downwards. For its part, the grouping of experts advising OPEC+ expects that unlocking state reserves will increase the global oil surplus by 1.1 million bpd, an OPEC source said on condition of anonymity.
4. Italy’s antitrust agency fines Google and Apple
Italy’s antitrust regulator has fined Alphabet Google and iPhone maker Apple €10 million ($11.23 million) each for “aggressive practices” related to the commercial use of user data. The agency said in a statement that the two technology groups failed to provide “clear and timely information” about how they collect and use the data of those who use their services. A fine is the maximum amount the regulator can apply in such cases, the report said. According to the regulator, when users create their Google account, the system is set up in such a way that the terms of use of the data are set in a way that can be accepted. In Apple’s case, users have got no choice in the matter.